TCREUR_Public/080708.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, July 8, 2008, Vol. 9, No. 134

                            Headlines


A U S T R I A

GERTRAUD LUDWIG: Claims Registration Period Ends July 30
GOLFSPORT PRODUCTIONS: Claims Registration Period Ends July 22
HENGSTSCHLAGER KOMMUNIKATIONSAGENTUR: Claims Filing Ends July 29
KURT KOLLER: Claims Registration Period Ends July 18
M.R. GASTSTATTENBETRIEB: Claims Registration Period Ends July 28


E S T O N I A

ARIGATO: Declared Bankrupt by Parnu County Court


F R A N C E

DELPHI CORP: Court Approves Stattec's Assumption of 54 Contracts
QUIKSILVER INC: S&P Holds BB- Credit Ratings on Weak Results


G E R M A N Y

ARGUS SIEBENTE: Claims Registration Period Ends July 20
BENQ CORP: Mulls Siemens Suit Over Insolvent German Unit
CZ GASTRO: Claims Registration Period Ends July 22
F & D BAU: Claims Registration Period Ends July 22
FRESENIUS SE: Inks US$5-Bln Merger Deal with APP Pharmaceuticals

FRESENIUS SE: Moody's May Lower Ba1 Ratings After Review  
HAJOHN - TRADE: Claims Registration Period Ends July 22
HOEVER REINIGUNGSTECHNIK: Claims Registration Ends July 22
INGENIEURGESELLSCHAFT LANG: Claims Registration Ends July 22
JEANS AND YOUNG: Claims Registration Period Ends July 22

SAND TECHNOLOGY: Equity Deficit Over C$1 Million at April 30
X-RITE INC: Extends Promissory Note Maturity to July 30, 2008
STUCK-DEKOR GRABAWA: Claims Registration Period Ends July 18
THEATERTAINMENT GMBH: Claims Registration Period Ends July 18
WIMACO GMBH: Claims Registration Period Ends July 18


I R E L A N D

STOCKERYALE INC: To Appeal Nasdaq Decision to Delist Securities


I T A L Y

FIAT SPA: CEO Confirms Profit Target for 2008 & 2009
PARMALAT SPA: Class Suit Settlement Receives Initial Approval


K A Z A K H S T A N

ATYRAU HIM: Claims Deadline Slated for August 15
BUTTER AND CHEESE: Claims Registration Ends August 15
HIGH TECHNOLOGY: Creditors Must File Claims by August 15
INTER LUX: Claims Deadline Slated for August 15
MEREYSTROY LLP: Creditors Must File Claims by August 15
STROY MET: Creditors' Claims Due on August 15

TREE-7 LLP: Claims Filing Period Ends August 15


K Y R G Y Z S T A N

ATCF CONSULTING: Creditors Must File Claims by August 13
IMPEX TRADE: Claims Filing Period Ends August 8


L U X E M B O U R G

HAYES LEMMERZ: Fitch Holds B Default Rating with Stable Outlook


N E T H E R L A N D S

EXIDE TECH: Moody's Lifts Corporate Family Rating to B3
HEXION SPECIALTY: Hunstman Wants Merger Deal Extended to Oct. 2


R U S S I A

AGRO-INVEST LLC: Tula Bankruptcy Hearing Slated for October 22
ALEUS CJSC: Creditors Must File Claims by August 7
DON-STEEL LLC: Creditors Must File Claims by August 7
HARVEST LLC: Creditors Must File Claims by August 7
MOBILE TELESYSTEMS: Inks Partnership with MySpace Russia

NORTH-1 LLC: Kurgan Bankruptcy Hearing Slated for September 10
PROSPECT LLC: Voronezh Bankruptcy Hearing Slated for Sept. 10
SUKHINICHSKAYA SEL-KHOZ-TEKHNIKA: Claims Filing Ends August 7


S W I T Z E R L A N D

ARTESUN LLC: Creditors Must File Proofs of Claim by July 17
BERYLL HOLDING: Deadline to File Proofs of Claim Set July 17
BONVITA VERSANDHANDEL: Creditors' Proofs of Claim Due by July 16
CONTUR-TM LLC: Proofs of Claim Filing Deadline is July 16
ESTATIA JSC: Zug Court Commences Bankruptcy Proceedings

IMPERIA TECHNICAL: Creditors' Proof of Claim Due by July 16
MALIMAG LUZERN: Proofs of Claim Filing Deadline is July 16
PAPACHARISIOU LLC: Proofs of Claim Filing Period Ends July 17
RPW JSC: Creditors Have Until July 17 to File Proofs of Claim
VMS MENU: Creditors Must File Proofs of Claim by July 17


U K R A I N E

ALFA-BANK UKRAINE: High Industry Risks Cue S&P's B+ Ratings
ARDONEKS LLC: Creditors Must File Claims by July 17
CHEESES OF UKRAINE: Creditors Must File Claims by July 17
COMMODITY EXCHANGE: Creditors Must File Claims by July 17
CREATIVITY LLC: Proofs of Claim Deadline Set July 17

DNIEPRO NONMETALLIC: Proofs of Claim Deadline Set July 17
KALINA LLC: Creditors Must File Claims by July 17
MOTOR TRANSPORT: Creditors Must File Claims by July 17
PROMAGRO LLC: Creditors Must File Claims by July 17
OLIMP LLC: Creditors Must File Claims by July 17

OLIMP OJSC: Proofs of Claim Deadline Set July 17
SOUTH BUILDING: Creditors Must File Claims by July 17
SPECIAL INDUSTRIAL: Creditors Must File Claims by July 17


U N I T E D   K I N G D O M

BLUE CITY: Fitch Places 'BB' Ratings Under Negative Watch
BOSS INDUSTRIAL: Taps Vantis to Administer Assets
BRADFORD & BINGLEY: Releases Enlarged Rights Issue Details
BRADFORD AND BINGLEY: Fitch Affirms 'BB+' Support Rating Floor
C G FRANKLIN: Brings In Liquidators from Tenon Recovery

CHASE NORTON: Appoints Joint Administrators from PwC
CHRISTIAN STEPHENSON: Calls In Liquidators from Tenon Recovery
CLARIS LIMITED: Moody's Withdraws Rating on Series 62/2005 Notes
COREL CORP: May 31 Balance Sheet Upside-Down by US$11.7 Million
DALZIEL PARK: Goes Into Liquidation Prior to Police Raid

DRAGON INT'L: Discussions to Save "Valleywood" Continue
EMI GROUP: Elio Leoni-Sceti May Head Music Unit
EMI GROUP: Music Unit Names Billy Mann as A&R Labels President
EOS AIRLINES: UK Court Rules US Case as Foreign Main Proceeding
FORD MOTOR: Offers Buyout Options to Louisville Site Workers

HUNTSMAN CORP: Board OKs Oct. 2 Extension of Hexion Merger Deal
IPS PACKAGING: Appoints Joint Administrators from Vantis
IAP WORLDWIDE: Moody's Cuts Probability of Default Rating to D
LUDGATE FUNDING: Fitch Holds Two Low-B Ratings with Neg. Outlook
NATIONAL BANK: Fitch Holds 'BB+' Long-Term Issuer Default Rating

NORTHERN ROCK: Dividend Non Payment Cues Fitch's Rating Actions
ONE STOP: Claims Filing Period Ends August 8
PANALOC LTD: Creditors' Meeting Slated for July 16
POLYWARM PRODUCTS: Taps Liquidators from Baker Tilly
RYDERS AUTOSERVICE: Appoints Joint Administrators from BDO Stoy

SCS UPHOLSTERY: Sells A Share & Sons to Parlour Product Holding
SO:LEISURE LTD: Liabilities Prompt Liquidation
STAFF FINDERS: Creditors' Meeting Slated for July 21
STEINWAY MUSICAL: Amends Recovery Ratings on Unsecured Debt
SURREY ELECTRICAL: Claims Filing Period Ends August 26

TEX UK: Appoints Liquidators from Baker Tilly
VICTORIA PUB: Peter Hollis Leads Liquidation Procedure
WESTCHURCH ASSOCIATES: Taps Smith & Williamson as Administrators
WINDOWORLD LTD: Taps Liquidators from Vantis Business Recovery
WINSHILL SCAFFOLDING: Brings In Tenon Recovery as Administrators

* Moody's Sees Neg Outlook for Airlines Due to High Fuel Prices
* S&P Peeks at How Passenger Airlines Cope with Fuel Cost Hike
* Fitch: UK Economy Among Most Exposed to Credit Crunch Impact
* Firms to Face Difficulties in Accessing Credit, Deloitte Says
* Chambers Listing Admits 136 Greenberg Lawyers in 2008 Edition

* Large Companies with Insolvent Balance Sheet


                            *********



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


GERTRAUD LUDWIG: Claims Registration Period Ends July 30
--------------------------------------------------------
Creditors owed money by LLC Gertraud Ludwig (FN 284796v) have
until July 30, 2008, to file written proofs of claim to court-
appointed estate administrator Herbert Hochegger at:

          Dr. Herbert Hochegger
          c/o Dr. Bernhard Eder
          Brucknerstrasse 4/5
          1040 Vienna
          Austria
          Tel: 505 78 61
          Fax: 505 78 61-9
          E-mail: office@hoch.co.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 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 5, 2008 (Bankr. Case No. 3 S 61/08b).  Bernhard Eder
represents Dr. Hochegger in the bankruptcy proceedings.


GOLFSPORT PRODUCTIONS: Claims Registration Period Ends July 22
--------------------------------------------------------------
Creditors owed money by LLC GOLFSPORT PRODUCTIONS & Co KG (FN
235176) have until July 22, 2008, to file written proofs of
claim to court-appointed estate administrator Heinz
Kassmannhuber at:

          Dr. Heinz Kassmannhuber
          c/o Dr. Gerwald Schmidberger
          Stelzhamerstrasse 11
          4400 Steyr
          Austria
          Tel: 07252/50 300
          E-mail: office@sks-law.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 3:15 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 Kronstorf, Austria, the Debtor declared
bankruptcy on June 5, 2008 (Bankr. Case No. 14 S 37/08a).   
Gerwald Schmidberger represents Dr. Kassmannhuber in the
bankruptcy proceedings.


HENGSTSCHLAGER KOMMUNIKATIONSAGENTUR: Claims Filing Ends July 29
----------------------------------------------------------------
Creditors owed money by KEG Hengstschlager Kommunikationsagentur
(FN 206981i) have until July 29, 2008, to file written proofs of
claim to court-appointed estate administrator Gerhard Rothner
at:

          Dr. Gerhard Rothner
          c/o Mag. Gudrun Pixner
          Hopfengasse 23
          4020 Linz
          Austria
          Tel: 66 73 26-0
          Fax: 66 73 20 29
          E-mail: g.rothner@wildmoser-koch.com    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Aug. 12, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Linz
          Hall 522
          Linz
          Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on June 5, 2008 (Bankr. Case No. 17 S 23/08v).  


KURT KOLLER: Claims Registration Period Ends July 18
----------------------------------------------------
Creditors owed money by KEG Kurt Koller (FN 146991p) have until
July 18, 2008, to file written proofs of claim to court-
appointed estate administrator Gerhard Petrowitsch at:

          Dr. Gerhard Petrowitsch
          Kadagasse 11
          8430 Leibnitz
          Austria
          Tel: 03452/82837
          Fax: 03452/828377
          E-mail: office@ra-petrowitsch.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on July 24, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Room 222
          Second Floor
          Graz
          Austria

Headquartered in St. Andra im Sausal, Austria, the Debtor
declared bankruptcy on June 5, 2008 (Bankr. Case No. 26 S
62/08z).  


M.R. GASTSTATTENBETRIEB: Claims Registration Period Ends July 28
----------------------------------------------------------------
Creditors owed money by LLC M.R. Gaststattenbetrieb (FN 243535s)
have until July 28, 2008, to file written proofs of claim to
court-appointed estate administrator Markus Weixlbaumer at:

          Mag. Markus Weixlbaumer
          Hofgasse 7
          4020 Linz
          Austria
          Tel: 77 62 34 22
          Fax: 77 62 34
          E-mail: hackl.hatak@aon.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Aug. 11, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Linz
          Room 522
          Fifth Floor
          Linz
          Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on June 5, 2008 (Bankr. Case No. 12 S 44/08w).  


=============
E S T O N I A
=============


ARIGATO: Declared Bankrupt by Parnu County Court
------------------------------------------------
The Parnu County Court in Estonia has declared sports club
Arigato bankrupt, Eesti Paevaleht writes for the Baltic Business
News.

BBN relates that Arigato, owned by AS Haabersti family health
center, ran into financial difficulties after Estonian Gas
cut fuel supply in the sports club due to unpaid bills.

The sports club, BBN discloses, owed creditors EEK1.63 million.  
Floorin, which filed the bankruptcy petition, and the Tax
Customs board are among the company's creditors.  

The first court session to evaluate creditors' claims is set
Aug. 26, 2008, BBN adds.


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


DELPHI CORP: Court Approves Stattec's Assumption of 54 Contracts
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized the assumption and assignment of 54 prepetition
executory contracts to Strattec Security Corporation, Witte-
Velbert GmbH & Co. Kg, Vehicle Access Systems Technology LLC,
and certain of their affiliates, in connection with the Debtors'
sale of certain assets related to their power products business
to Strattec et al. for US$10,000,000.

As disclosed in the Troubled Company Reporter on June 13, 2008,
the Debtors entered into a master sale and purchase agreement
with the Strattec buyers for the sale of certain assets related
to the power products business.  Under the agreement, the
Strattec buyers would purchase the power products business for
US$7,800,000, subject to certain adjustments.

The assumed U.S. contracts are important to the operation of the
power products business, and the Strattec buyers would not
purchase the power products business unless the assumed U.S.
contracts are transferred to them.  Thus, the Debtors'
assumption of the assumed U.S. Contracts and assignment of the
contracts to the Strattec buyers is necessary to enable the
Sellers to consummate the sale of the power products business to
the Strattec buyers.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle     
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.

(Delphi Bankruptcy News, Issue No. 134; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)  


QUIKSILVER INC: S&P Holds BB- Credit Ratings on Weak Results
------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Quiksilver Inc., including its 'BB-' corporate credit rating,
will remain on CreditWatch with negative implications where
they were placed on April 1, 2008, due to weak first-quarter
results.  The Huntington Beach, Calif.-based apparel company had
about US$938 million in debt outstanding at April 30, 2008.

According to the company's recent 10Q filing, Quiksilver expects
to sell its Rossignol business, which together with its golf
business (sold in December 2007), accounted for about
US$157 million of sales for the six months ended April 2008.
These businesses are classified as discontinued operations.  In
connection with the reclassification of the Rossignol business,
the company also recorded an impairment charge of about US$240
million.  In recent periods, the Rossignol business has been
problematic, with a very weak snow season in Europe last winter
that depressed sales and EBITDA significantly.  As a result,
Quiksilver's operating performance and credit measures suffered.

"We will meet with management to further discuss Quiksilver's
operating trends and forecasts to resolve the CreditWatch," said
Standard & Poor's credit analyst Susan H. Ding.

                       About Quiksilver:

Quiksilver, Inc. (NYSE:ZQK) is an outdoor sports lifestyle
company, which designs, produces and distributes a diversified
mix of branded apparel, wintersports equipment, footwear,
accessories and related products.  The company's apparel and
footwear brands represent a casual lifestyle for young-minded
people that connect with its boardriding culture and heritage.
The reputation of Quiksilver's brands is based on different
outdoor sports.  The Company’s Quiksilver, Roxy, DC and Hawk
brands are synonymous with the heritage and culture of surfing,
skateboarding and snowboarding, and its beach and water oriented
swimwear brands include Raisins, Radio Fiji and Leilani.  The
Company continues to make snowboarding equipment under its DC,
Roxy, Lib Technologies, Gnu and Bent Metal labels.  The
company's products are sold in over 90 countries in a wide range
of distribution, including surf shops, skate shops, snow shops,
its proprietary Boardriders Club shops and other company-owned
retail stores, other specialty stores and select department
stores.

Quiksilver's corporate and Americas' headquarters are in
Huntington Beach, California, while its European headquarters
are in St. Jean de Luz, France, and its Asia/Pacific
headquarters are in Torquay, Australia.  The company has two
subsidiaries located in Mexico.


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


ARGUS SIEBENTE: Claims Registration Period Ends July 20
-------------------------------------------------------
Creditors of Argus Siebente Immobilien-Verwaltung GmbH have
until July 20, 2008, to register their claims with court-
appointed insolvency manager Hans-Gerd Jauch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

        Hans-Gerd Jauch
        Sachsenring 81
        50677 Cologne
        Germany
        Tel: 0221/33660130
        Fax: +492213366085

The District Court of Cologne opened bankruptcy proceedings
against Argus Siebente Immobilien-Verwaltung GmbH on June 4,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Argus Siebente Immobilien-Verwaltung GmbH
         Sachsenring 81
         50677 Cologne
         Germany


BENQ CORP: Mulls Siemens Suit Over Insolvent German Unit
--------------------------------------------------------
Martin Prager, BenQ Mobile GmbH & Co.'s insolvency administrator  
is preparing a "three digit million" euro damages suit against
Siemens AG, Karin Matussek of Bloomberg News reports, citing
Sueddeutsche Zeitung.

BenQ spokeswoman Regina Petzch said Mr. Prager wrote to a Munich
court with regards to filing a suit against Siemens after
settlement talks failed, Bloomberg News relates.

Bloomberg discloses BenQ acquired its German mobile unit from
Siemens before it became insolvent.

                         About BenQ

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc.
-- http://www.benq.com/-- is principally engaged in
manufacturing developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, camera phones, and other products.

In June 2007 the company announced that it will change its name
to Qisda.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.  A
Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a
buyer for the company by the Dec. 31, 2006 deadline.

                     *     *     *

BenQ Corp. carries Taiwan Ratings Corp.'s long-term twBB+
and short-term twB corporate credit ratings.  The outlook on the
long-term rating is negative.


CZ GASTRO: Claims Registration Period Ends July 22
--------------------------------------------------
Creditors of CZ Gastro GmbH have until July 22, 2008, to
register their claims with court-appointed insolvency manager
Hans-W. Goetsch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Aug. 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wiesbaden
         E 36 A
         Building E
         Moritzstrasse 5
         Hinterhaus
         65185 Wiesbaden
         Germany

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

The insolvency manager can be reached at:

         Hans-W. Goetsch
         C/o Blersch/Goetsch/Partner Insolvenzverwaltungen
         Taunusstrasse 7a
         65183 Wiesbaden
         Germany
         Tel: 0611 / 180 89-100
         Fax: 0611 / 180 89-189
         E-mail: mail@bgp-insol.de

The District Court of Wiesbaden opened bankruptcy proceedings
against CZ Gastro GmbH on May 2, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         CZ Gastro GmbH
         Schuetzenhofstr. 3
         65183 Wiesbaden
         Germany

         Attn: Christoph Zumbaum, Manager
         Wiesenstrasse 27a
         65187 Wiesbaden
         Germany


F & D BAU: Claims Registration Period Ends July 22
--------------------------------------------------
Creditors of F & D Bau Verwaltungs GmbH have until July 22,
2008, to register their claims with court-appointed insolvency
manager Dr. Karsten Foerster.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 a.m. on Aug. 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Karsten Foerster
         Herbert-Jensch-Strasse 111
         15234 Frankfurt (Oder)
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against F & D Bau Verwaltungs GmbH on June 19, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         F & D Bau Verwaltungs GmbH
         Hinterstrasse 12 D
         15306 Seelow
         Germany


FRESENIUS SE: Inks US$5-Bln Merger Deal with APP Pharmaceuticals
----------------------------------------------------------------
Fresenius SE and APP Pharmaceuticals Inc. entered into a
definitive merger agreement in which Fresenius will
acquire APP for approximately US$5.6 billion.

Under the terms of the agreement, Fresenius will acquire the
outstanding common stock of APP for US$23.00 in cash per share
plus a contingent value right or CVR that could deliver up to an
additional US$970 million if the financial results of the
company
meet certain targets.  The cash consideration of US$23.00 per
share
and potential for total value of US$29.00 per share represents a
premium of 29% and 63% over the company's closing stock price on
July 3, 2008.

Based on the cash purchase price of US$23.00 per share, the
transaction values the fully diluted equity capital of APP at
approximately US$3.7 billion; and with the CVR, if fully
realized, at a value of US$4.6 billion.  Fresenius will also
assume all of APP's outstanding debt which totals approximately
US$940 million, net of cash.  

"We are proud to have consistently provided injectable
pharmaceutical products of the highest quality to patients in
the acute care setting over the past decade," Patrick Soon-
Shiong M.D., founder and chairman of APP, said.  "In Fresenius
we have found a partner with the same commitment to quality and
dedication to patient care."  

"The combined company will allow for the rapid globalization of
APP's portfolio with the same high levels of quality and patient
commitment for which we have become known, while at the same
time providing a more comprehensive and complementary offering
of injectable pharmaceuticals, devices and delivery systems to
customers worldwide," Mr. Soon-Shiong stated.

APP will join Fresenius as part of its Fresenius Kabi division.
Through the acquisition of APP, Fresenius Kabi enters the US
pharmaceutical market and achieves a leading position in the US
injectable generics market.  The presence of Fresenius combined
with APP's extensive market penetration in the U.S. will create
substantial opportunities for growth for both companies.

"APP is a fast-growing, highly profitable company with a strong
management team that has an excellent market position in the
U.S.  Our firm very much shares APP's dedication to quality and
medical excellence for the benefit of patients," Dr. Ulf Mark
Schneider, chairman of the management board of Fresenius SE
commented.  "The acquisition provides significant growth
opportunities for Fresenius Kabi."

"With the APP platform, Fresenius Kabi will be able to market
its product range in the U.S. Fresenius Kabi's international
marketing and sales network will allow us to sell APP's products
globally," Mr. Schneider added.  "We welcome APP employees to
our team and very much look forward to serving the North
American healthcare community."

"We are excited about joining the Fresenius family of businesses
and the opportunities this combination will provide for
expanding our commitment to patient care on a global basis," Tom
Silberg, president and chief executive officer of APP, said.  
"Fresenius is widely recognized as a leader in global healthcare
products and services.  This combination builds on the strengths
of both companies and the potential to focus on long-term
growth, product pipeline and innovation."

The transaction is subject to certain closing conditions,
including regulatory approvals, and approvals under the Hart-
Scott-Rodino Antitrust Improvements Act of 1976.  The
controlling stockholders of APP have executed a written consent
providing the requisite stockholder approval for the merger.  

The terms of the transaction provide for the payment by APP of a
termination fee in the event that APP terminates the transaction
to accept a superior proposal.

Goldman, Sachs & Co. and Lazard Frères & Co. LLC served as
advisors to APP Inc.  Fried Frank Harris Shriver & Jacobson LLP
served as legal advisor to APP.  Deutsche Bank advised Fresenius
on this transaction.  Skadden, Arps, Slate, Meagher & Flom LLP
served as legal advisor to Fresenius.

                  About APP Pharmaceuticals Inc.

Headquartered in Schaumburg, Illinois, APP Pharmaceuticals Inc.
is a hospital-based injectable pharmaceutical company, focusing
on oncology, anti-infective, anesthetic/analgesic and critical
care markets.  The company develops, produces and markets a
comprehensive portfolio of over 100 hospital-based injectable
products and operates three manufacturing facilities producing a
comprehensive range of dosage formulations, including
lyophilization.

At March 31, 2008, the company's balance sheet showed total
assets of US$1,087,100,000 and total liabilities of
US$1,160,010,000, resulting in a total stockholders' deficit of
US$72,910,000.

                         About Fresenius

Headquartered in Bad Homburg v.d.H., Germany, Fresenius SE --
http://www.fresenius.se/-- provides products and services for  
dialysis, hospital and outpatient medical care.  The Fresenius
Group had 116,203 employees worldwide.

Fresenius Kabi is the business of infusion therapy and clinical
nutrition in Europe and in its most important countries of Latin
America and Asia Pacific.  


As of July 8, 2008, Fresenius SE carries Moody's Investors
Service's Ba1 Corporate Family and Senior Unsecured Notes
ratings with stable outlook.  Fresenius's subsidiary, Fresenius
Medical Care AG & Co. also carries Ba1 Corporate Family, Baa3
Senior Secured Credit Facility, Ba2 Senior Unsecured Notes, and
Ba3 Trust Preferreds ratings with stable outlook

The company continues to carry Standard & Poor's Ratings
Services's 'BB' local and foreign issuer credit ratings with
positive outlook.


FRESENIUS SE: Moody's May Lower Ba1 Ratings After Review  
--------------------------------------------------------
Moody's Investors Service placed the Ba1 corporate family rating
of Fresenius SE and the Ba1 senior unsecured ratings of its
guaranteed subsidiary Fresenius Finance B.V. under review for
possible downgrade, following the announcement that Fresenius
Kabi, a business segment of Fresenius, has signed definitive
agreements to acquire APP Pharmaceutical's, Inc. for a total
cash consideration of US$3.7 billion for share capital plus
US$0.9 billion of net debt.  APP is a manufacturer of
intravenously administered generic drugs in North America.

While the current Ba1 corporate family rating for Fresenius SE
considered to some extent the risk of sizable opportunistic
acquisitions, as outlined in Moody's Credit Opinion published in
May 2008, Moody's expected any sizeable acquisitions to be only
partially debt financed, while management indicated that the
largest part of the APP acquisition financing will consist of
debt instruments.

The rating review will focus on:

   (1) the expected capital structure of the acquisition
       financing;

   (2) the time frame of de-leveraging by debt reduction and/or
       performance improvements of the group; and

   (3) the benefits of the acquisition on the group's overall
       business profile.

Moody's understands that the acquisition financing has been
fully committed.  Considering the magnitude of the potential
leverage increase, compared with additional profit and cash flow
contributions of APP and Fresenius Kabi's improved market
position in the North American market, Moody's believes that a
potential ratings downgrade is likely to be limited to one
notch.

The previous rating action for Fresenius SE was on May 18, 2008,
when Moody's upgraded the ratings for Fresenius from Ba2 to Ba1.

On Review for Possible Downgrade:

Issuer: Fresenius Finance BV

   -- Senior Unsecured Regular Bond/Debenture, Placed on Review
      for Possible Downgrade, currently Ba1

   -- Senior Unsecured Regular Bond/Debenture, Placed on Review
      for Possible Downgrade, currently 43 - LGD3

Issuer: Fresenius SE

   -- Probability of Default Rating, Placed on Review for
      Possible Downgrade, currently Ba1

   -- Corporate Family Rating, Placed on Review for Possible
      Downgrade, currently Ba1

Outlook Actions:

Issuer: Fresenius Finance BV

   -- Outlook, Changed To Rating Under Review From Stable

Issuer: Fresenius SE

   -- Outlook, Changed To Rating Under Review From Stable

The ratings of Fresenius Medical Care, a company in which
Fresenius SE has a 36% stake are not affected by today's rating
action, as Moody's assumes no changes in the company's dividend
policy, which in addition has restrictions under the
documentation of Fresenius Medical Care's senior secured credit
facility.

Fresenius SE is a global health care company with products and
services for dialysis (through Fresenius Medical Care);
healthcare services (Helios) and facilities management (Vamed);
and nutrition and infusion therapies (Fresenius Kabi).  For the
fiscal year ended on Dec. 31, 2007, Fresenius SE generated
consolidated sales of EUR11.4 billion.


HAJOHN - TRADE: Claims Registration Period Ends July 22
-------------------------------------------------------
Creditors of HAJOHN - TRADE GmbH Export-Import have until
July 22, 2008, to register their claims with court-appointed
insolvency manager Markus Neumann.

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 Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         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:

         Markus Neumann
         Gerichtsstr. 12
         32791 Lage
         Germany

The District Court of Detmold opened bankruptcy proceedings
against HAJOHN - TRADE GmbH Export-Import on June 6, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HAJOHN - TRADE GmbH Export-Import
         Attn: Johann Harder, Manager
         Hansastrasse 8-18
         33818 Leopoldshoehe
         Germany


HOEVER REINIGUNGSTECHNIK: Claims Registration Ends July 22
----------------------------------------------------------
Creditors of HOEVER Reinigungstechnik GmbH have until
July 22, 2008, to register their claims with court-appointed
insolvency manager Dirk Decker.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Aug. 25, 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 Schwerin
         Hall 7
         Demmlerplatz 14
         Germany  

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

The insolvency manager can be reached at:

         Dirk Decker
         Obotritenring 98
         19053 Schwerin
         Germany

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

The Debtor can be reached at:

         HOEVER Reinigungstechnik GmbH
         Attn: Roswitha Hoermann, Manager
         Goldberger Strasse 20
         19374 Zoelkow
         Germany


INGENIEURGESELLSCHAFT LANG: Claims Registration Ends July 22
------------------------------------------------------------
Creditors of IGL Ingenieurgesellschaft Lang mbH have until July
22, 2008, to register their claims with court-appointed
insolvency manager Justus Schneidewind.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Justus Schneidewind
         Behlertstrasse 28a
         14469 Potsdam
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against IGL Ingenieurgesellschaft Lang mbH on June
4, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         IGL Ingenieurgesellschaft Lang mbH
         Puschkinplatz 15
         15306 Seelow
         Germany


JEANS AND YOUNG: Claims Registration Period Ends July 22
--------------------------------------------------------
Creditors of Jeans and Young Fashion have until July 22, 2008,
to register their claims with court-appointed insolvency manager
Dr. Dieter Kuehne.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Aug. 1, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Memmingen
         Meeting Hall 103
         Ground Floor
         Buxacher Strasse 6
         Memmingen
         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. Dieter Kuehne
         Konrad-Zuse-Platz 1
         81829 Muenchen
         Germany
         Tel: 089/99299-0
         Fax: 089/99299-299

The District Court of Memmingen opened bankruptcy proceedings
against Jeans and Young Fashion on June 11, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Jeans and Young Fashion
         Attn: Wolfgang Drechsler, Manager
         Dresdener Str. 34
         87700 Memmingen
         Germany  


SAND TECHNOLOGY: Equity Deficit Over C$1 Million at April 30
------------------------------------------------------------
SAND Technology Inc. has reported results for the three-
month period ended April 30, 2008.

At April 30, 2008, the company's consolidated balance sheet
showed C$3,324,790 in total assets and C$4,446,525 in total
liabilities, resulting in a C$1,121,735 total stockholders'
deficit.

The company's consolidated balance sheet at April 30, 2008, also
showed strained liquidity with C$3,168,586 in total current
assets available to pay C$3,984,744 in total current
liabilities.

The company reported net income for the third quarter of fiscal
year 2008 of C$8,441 on revenues of C$1,905,984 compared with a
net loss of C$753,440 on revenues of C$1,559,407 for the third
quarter of fiscal year 2007.

"SAND is delighted to report that the company has had a
profitable third quarter.  The improvement in our net results in
comparison to the same period last year reflects the changes we
have made to the company to position it for growth in the years
ahead," said Arthur Ritchie, president and chief executive
officer of SAND.

"With the new array of functionality introduced in our product
line, we are anticipating increased market interest in our
SAND/DNA products, including the new SAND/DNA for SAP BI
offering.  We are particularly encouraged by the signing of
Procter and Gamble for our SAND/DNA for SAP BI product, and the
recent multi-million dollar contracts signed in the Financial
Services sector.  Also, we have been notified that SAND/DNA is
one of the software components included in a very large award
that has been granted to one of the world's largest Systems
Integrators for a solution to be installed in US government
organizations over the next decade," Mr. Ritchie added.  

"We are optimistic that the continued growth of our global
partner ecosystem, along with more aggressive marketing efforts
including participation in events such as SAP Sapphire with Sun,
TDWI, Storage Expo with Sun, and various webinars and seminars
with other partners such as SAP, HP, Cap Gemini, and Sapient,
will help us to realize our potential", he concluded.

                     About SAND Technology

Based in Westmount, Quebec, Canada, SAND Technology Inc. (OTC
BB: SNDTF) is an international provider of intelligent
information management software.  SAND/DNA Access allows for
retaining all potentially relevant data in a tiny footprint
while providing instant access to just what's required.  
SAND/DNA Analytics allows for complex what-if analysis to meet
any planned and unplanned business need.

SAND Technology has offices in the United States, Canada,
Germany and the United Kingdom.


X-RITE INC: Extends Promissory Note Maturity to July 30, 2008
-------------------------------------------------------------
X-Rite Incorporated disclosed an amendment to its Promissory
Note secured by a mortgage on the same facility, extending the
maturity to July 30, 2008.  The Promissory Note has an
outstanding balance due of US$8.7 million.  

The company has also reached an agreement for the sale of its
former headquarters and manufacturing facility located in
Grandville, Michigan for US$10 million.  

The terms of the sale of the property are subject to certain
conditions including a 60-day due diligence period.  The sale is
scheduled to close in 91 days.  The buyer has the ability to
extend the close under certain terms set forth in the sale
agreement.

"We are pleased that we have reached an agreement to sell the
former headquarters," David A. Rawden, interim chief financial
officer of X-Rite," stated.  "We have worked hard to find the
right buyer in this transaction and feel that this is another
positive step as we continue to improve the company's financial
health."

"We are also happy to report that we have agreed on an extension
of the Promissory Note as we continue to make progress in our
refinancing efforts," Mr. Rawden continued.

                   About X-Rite Incorporated

Based in Grand Rapids, Michigan, X-Rite Incorporated (Nasdaq:
XRIT) -- http://www.xrite.com/-- is a provider of color-
measurement solutions, offering hardware, software, color
standards and services for the verification and communication of
color data.  The company serves a range of industries, including
imaging and media, industrial color and appearance, retail color
matching, and medical.  X-Rite serves customers in more than 100
countries from its offices in Europe, Asia and the Americas.

                         *     *     *

As disclosed Troubled Company Reporter on June 13, 2008,
Standard & Poor's Ratings Services lowered its corporate credit
rating on X-Rite Inc. to 'CCC+' from 'B+'.  Ratings remain on
CreditWatch, where they were placed on April 3, 2008, after the
company's statement that it was not in compliance with certain
covenants in its secured credit facilities.  The CreditWatch
implications have been revised to developing from negative,
which means that the ratings could be raised, lowered, or
affirmed following the completion of its review.

At the same time, S&P lowered the ratings on the company's
first-and second-lien term loans.  The first-lien term loan
rating was lowered to 'B-' from 'BB-', and the second-lien term
loan rating was lowered to 'CCC' from 'B'.  The recovery ratings
for the term loans remain unchanged.

As reported in the Troubled Company Reporter on May 15, 2008,
Moody's Investors Service lowered X-Rite Inc.'s corporate family
rating to Caa1 from B2.  Moody's also lowered the rating on the
company's first lien senior secured credit facilities to B3 from
B1 and the rating on the second lien term loan to Caa3 from
Caa1.  

All ratings remain under review for possible downgrade.  As part
of this action, Moody's also affirmed the company's SGL-4
speculative grade liquidity rating.


STUCK-DEKOR GRABAWA: Claims Registration Period Ends July 18
------------------------------------------------------------
Creditors of Stuck-Dekor Grabawa GmbH have until July 18, 2008,
to register their claims with court-appointed insolvency manager
Robert Fliegner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         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:

         Robert Fliegner
         Gruenewalder Str. 29-31
         42657 Solingen
         Germany
         Tel: 0212/2494 200
         Fax: 0212/2494 201

The District Court of Wuppertal opened bankruptcy proceedings
against Stuck-Dekor Grabawa GmbH on June 13, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Stuck-Dekor Grabawa GmbH
         Neuwerk 3-5
         42659 Solingen
         Germany


THEATERTAINMENT GMBH: Claims Registration Period Ends July 18
-------------------------------------------------------------
Creditors of Theatertainment GmbH have until July 18, 2008, to
register their claims with court-appointed insolvency manager
Hans-Peter Burghardt.

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 Paderborn
         Meeting Hall 230a
         Second Floor
         Bogen 2-4
         33098 Paderborn
         Germany

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

The insolvency manager can be reached at:

         Hans-Peter Burghardt
         Bunsenstr. 3
         32052 Herford
         Germany
         Tel: 05221/6930731
         Fax: 05221/6930691

The District Court of Paderborn opened bankruptcy proceedings
against Theatertainment GmbH on May 14, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Theatertainment GmbH
         Am Plan 15
         15831 Diedersdorf
         Germany


WIMACO GMBH: Claims Registration Period Ends July 18
----------------------------------------------------
Creditors of Wimaco GmbH have until July 18, 2008, to register
their claims with court-appointed insolvency manager Dr.
Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Sept. 10, 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 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 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. Christoph Schulte-Kaubruegger
         Genthiner Strasse 48
         10785 Berlin
         Germany

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

The Debtor can be reached at:

         Wimaco GmbH
         Attn: Herrn Winfried Hudi, Manager
         Damwildsteig 44
         14612 Falkensee
         Germany


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


STOCKERYALE INC: To Appeal Nasdaq Decision to Delist Securities
---------------------------------------------------------------
StockerYale Inc. will file an appeal of the Staff Determination
to delist the company's stocks from The NASDAQ Capital Market.

On June 26, 2008, the company received notification from The
NASDAQ Stock Market that the company remains out of compliance
with the US$1.00 minimum per share bid requirement for continued
listing.  

The company was originally notified on Dec. 28, 2007, that the
company failed to satisfy the US$1.00 minimum bid requirement
set forth in NASDAQ Marketplace Rule 4450(a)(5) and that it had
180 days to cure this deficiency.

The appeal request will automatically stay the delisting until
the panel reaches a decision.  Pending the decision by the
panel, the company's common stock will remain listed under the
ticker symbol "STKR" on The NASDAQ Capital Market.  NASDAQ will
hold a hearing to consider an appeal approximately 45 days after
the appeal is made, and it may take up to 30 days after the
hearing to make a decision.

At the hearing, the company intends to present a plan to regain
compliance with the minimum bid price requirement in order to
maintain its NASDAQ listing.  There can be no assurance that the
Panel will grant the Company's request for continued listing.

The company anticipates that its plan will consist of a request
for additional time, not to exceed 180 days from June 26, 2008,
for the company to regain compliance without effecting a reverse
stock split, provided that if the company does not achieve
compliance by a certain date within this additional time, the
company may effect a reverse split.

The company cannot provide any assurance that the panel will
allow the company to remain listed or that the company's actions
will prevent the delisting of its common stock from The NASDAQ
Capital Market.

                      About StockerYale Inc.

Headquartered in Salem, New Hampshire, StockerYale Inc. (NASDAQ:
STKR) -- http://www.stockeryale.com-- is an independent  
designer and manufacturer of structured light lasers, LED
modules, and specialty optical fibers for industry leading OEMs.  
In addition, the company manufactures fluorescent lighting
products and phase masks.  The company serves markets including
the machine vision, industrial inspection, defense,
telecommunication, sensors, and medical markets.  StockerYale
has offices and subsidiaries in the U.S., Canada, and Ireland.


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


FIAT SPA: CEO Confirms Profit Target for 2008 & 2009
----------------------------------------------------
Fiat S.p.A. chief executive Sergio Marchionne confirmed the
company's profit and cash flow objective for years 2008 and
2009, Giselda Vagnoni writes for Reuters.

According to Mr. Marchionne, Reuters relates, the company will
meet its forecasts for this and next year despite rising oil
prices, weakening economy and increasing raw material prices.

As previously reported in the TCR-Europe, Mr. Marchionne said
Fiat still holds over 30% of the Italian car market, despite a
17% drop in sales in June 2008.  Fiat also held an 8% share in
the European car market.

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

                         *     *     *

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


PARMALAT SPA: Class Suit Settlement Receives Initial Approval
-------------------------------------------------------------
The Hon. Lewis A. Kaplan of the U.S. Bankruptcy Court for the
Southern District of New York has granted preliminary approval
to a settlement between Parmalat S.p.A. and its former
shareholders, Bloomberg News reports.

Under the terms of the proposed settlement, Parmalat will issue
10.5 million existing shares to the investors participating in
the class action, Bloomberg News relates.  Parmalat also
shoulder up to EUR1 million of the cost of notifying the class
members of the settlement.

Former Parmalat investors had filed a class suit against the
company and its banks, including Citigroup and Bank of America
Corp.

Judge Kaplan set a Sept. 24, 2008, fairness hearing for the
case, which might lead to the final approval of the settlement

The case is In Re Parmalat, 04-md-1653, U.S. District
Court, Southern District of New York (Manhattan).

                       About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A.
-- http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  On June 21, 2007, the U.S. Court granted
Parmalat permanent injunction.


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


ATYRAU HIM: Claims Deadline Slated for August 15
------------------------------------------------  
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Atyrau Him Neft Trub Prom 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


BUTTER AND CHEESE: Claims Registration Ends August 15
-----------------------------------------------------  
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Butter and Cheese Base Halal
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 North Kazakhstan
         Kazakhstanskaya Pravda Str. 120-9
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


HIGH TECHNOLOGY: Creditors Must File Claims by August 15
--------------------------------------------------------  
LLP High Technology Telecommunication Central Asia has declared
insolvency.  Creditors have until Aug. 15, 2008, to submit
written proofs of claims to:

         LLP High Technology
         Telecommunication Central Asia
         Office 2
         Third Floor
         Jelotoksan Str. 111a
         Almaty
         Kazakhstan


INTER LUX: Claims Deadline Slated for August 15
-----------------------------------------------  
Joint Kazakh-Venezuelan Enterprise Inter Lux has declared
insolvency.  Creditors have until Aug. 15, 2008, to submit
written proofs of claims to:

         Joint Kazakh-Venezuelan
         Enterprise Inter Lux
         Jybek Joly Str. 106
         Almaty
         Kazakhstan


MEREYSTROY LLP: Creditors Must File Claims by August 15
-------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Mereystroy 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


STROY MET: Creditors' Claims Due on August 15
---------------------------------------------  
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Stroy Met Petropavlosk insolvent on
May 23, 2008.

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Kazakhstanskaya Pravda Str. 120-9
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


TREE-7 LLP: Claims Filing Period Ends August 15
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Tree-7 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
===================


ATCF CONSULTING: Creditors Must File Claims by August 13
--------------------------------------------------------
LLC ATCF Consulting has declared insolvency.  Creditors have
until Aug. 13, 2008, to submit written proofs of claim to:

         LLC ATCF Consulting
         Manas Ave. 40
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 61-20-00


IMPEX TRADE: Claims Filing Period Ends August 8
-----------------------------------------------
LLC Trade House Impex Trade has declared insolvency.  Creditors
have until Aug. 8, 2008, to submit written proofs of claim to:

         LLC Trade House Impex Trade
         Gvardeisky Side Street 31
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 44-34-71


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


HAYES LEMMERZ: Fitch Holds B Default Rating with Stable Outlook
---------------------------------------------------------------
Fitch Ratings has affirmed these Issuer Default Ratings and
outstanding debt ratings for Hayes Lemmerz International Inc.
and subsidiaries:

Hayes Lemmerz International, Inc.
-- IDR at 'B'.

HLI Operating Company, Inc. (HLI Opco)
-- IDR at 'B';
-- Senior secured revolving credit facility at 'BB/RR1'.

Hayes Lemmerz Finance - Luxembourg S.A. (European Holdco)
-- IDR at 'B';
-- Senior secured revolving credit facility at 'BB/RR1';
-- Senior secured Euro term loan at 'BB/RR1';
-- Senior secured Euro synthetic LOC facility at 'BB/RR1';
-- Senior unsecured Euro notes at 'B-/RR5'.

The Rating Outlook is Stable.  Approximately US$646 million of
on
balance sheet debt is covered by Fitch's ratings.

The ratings reflect HAYZ's leading position in the global wheel
market, geographic and customer diversity, significant progress
in restructuring operations, good credit metrics for the rating,
and solid liquidity position.  Fitch's concerns include the
impact that extreme commodity cost increases could have on
working capital and margins, an expectation of negative free
cash flow in the current fiscal year including restructuring
costs, some exposure to the weak North American commercial and
light vehicle market, and the tightening of a leverage covenant
at the beginning of 2009.

The Stable Outlook rests on HAYZ' geographic diversity, which
helps to offset the decline of sales in the North American
market this year.  In 2007, HAYZ generated 80% of its revenues
outside of the U.S.  After the closure of HAYZ's Gainesville,
Georgia aluminum passenger car wheel facility this year, which
yields negative EBITDA and cash flow, the company will be even
less exposed to the U.S. market and operating results will be
favorably affected.  Fitch also expects that Commercial truck
volume will rebound next year in North America, which should
further help results.

While HAYZ has a good history of recovering commodity cost
increases, the Outlook could be negatively affected by higher
commodity costs which require additional financing for working
capital and which could affect margins if the company is unable
to achieve full cost recovery.  In contrast, HAYZ's Outlook
could be positively affected if higher free cash flow were to
materialize from consistent operating improvements and increased
volumes, leading to more significant debt reduction.  HAYZ's
senior secured credit facility leverage covenant tightens from
4.0 times to 3.0x at the beginning of 2009, putting some
pressure on the company to reduce leverage.  HAYZ has no
significant debt maturities until 2014, but it could reduce term
loan borrowings.

Going forward, HAYZ is expected to benefit from its steel wheel
technology, moves to lower cost countries and growth from non-
Detroit 3 customers, especially in regions of increasing vehicle
demand such as Eastern Europe, India, and Brazil.  In 2007
fiscal year Eastern Europe made up a larger percent of HAYZ'
sales than the U.S.

The Recovery Ratings and notching in the debt structure reflect
Fitch's recovery expectations under a scenario in which
distressed enterprise value is allocated to the various debt
classes.  The analysis is based on a going concern scenario
rather than liquidation.  Fitch estimates that in a distressed
scenario, HAYZ' enterprise value could significantly deteriorate
and secured debt holders would most likely still receive full
recovery.  As a result, the senior secured facilities are rated
'RR1' (91% to 100% recovery).  The senior unsecured Euro notes
are rated 'RR5' (11% to 30%) to reflect the junior position of
the senior unsecured debt holders' claim relative to the senior
secured debt holders.

Including the cash and marketable securities balance of
US$106.8 million, total liquidity at the end of HAYZ first
quarter on April 30, 2008 was US$249 million.  At quarter-end,
HAYZ had no borrowing under its US$125 million secured revolver
and US$25 million available under its U.S. securitization
facility.  As of April 30, Fitch calculates that HAYZ debt-to-
LTM EBITDA rose modestly to 4.0 times, from 3.8x at the end of
its fiscal year ending January 30.  

Fitch's calculated debt-to-EBITDA metric is more conservative
than the company's reported debt-to-LTM adjusted EBITDA figure.

HAYZ is the world's largest producer of automotive and
commercial highway steel and aluminum wheels, having operations
in 13 countries and approximately 8,000 employees.  HAYZ is
today a wheels-focused company after divestures of its
components segment businesses over the last several years.  96%
of HAYZ 2007 fiscal year revenue came from global wheel sales
and 80% of the company's revenue came from outside the U.S.


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


EXIDE TECH: Moody's Lifts Corporate Family Rating to B3
-------------------------------------------------------
Moody's Investors Service has upgraded the Corporate Family and
Probability of Default Ratings of Exide Technologies, Inc. to B3
from Caa1.

In a related action, Moody's raised the ratings on the company's
asset based revolving credit facility to Ba2 from Ba3, the
senior secured term loans to Ba3 from B1, and the senior secured
junior-lien notes to B3 from Caa1.  The outlook is stable.

The upgrade reflects Exide's improved credit metrics that have
been achieved as a result of cost reduction initiatives and
successful pricing actions which have offset the impact of
increasing lead costs on the company's operations.  These
actions have reduced financial risk and positioned the company
to generate credit metrics consistent with the B3 rating over
the intermediate term.  While Exide benefits from its geographic
and customer diversification, it remains exposed to cyclical
industry conditions, and commodity pricing pressures.

The stable outlook reflects Moody's expectation that Exide will
generate free cash flow in the near term as a result of its
restructuring and pricing initiatives and that financial
metrics, which have improved meaningfully over the past year,
will remain supportive of the B3 rating.  While demand for
automotive batteries will remain cyclical, particularly for OEM
applications, Exide's performance should benefit from its
diversification; 80% of revenue is derived from industrial and
aftermarket transportation battery sales and about 60% of
revenue is derived from non-US sources.  The cost of lead, which
is a principal material used in battery fabrication, has been
volatile, and during periods of peak commodity prices has been a
significant drain on Exide's liquidity.  Yet with improved pass
through of raw material costs in customer pricing arrangements,
Exide should be better able to sustain profits. For the fiscal
year ended March 31, 2008, Debt/EBITDA (using Moody's standard
adjustments) was approximately 4.4x and interest coverage
(EBIT/Interest) approximated 1.1x. Exide's liquidity is adequate
and should also provide stability for the rating; cash on hand
at 3/31/08 was US$90 million and the company had US$136 million
of availability under its revolving credit facility.

Ratings upgraded:

Exide Technologies, Inc.

   -- Corporate Family Rating to B3 from Caa1;

   -- Probability of Default Rating to B3 from Caa1;

   -- US$200 million asset based revolving credit facility, to
      Ba2 from Ba3

   -- US$290 million of senior secured junior-lien notes due
      March 2013 to B3 (LGD3, 44%) from Caa1;

Exide Technologies, Inc. and its foreign subsidiary Exide Global
Holdings Netherlands CV:

   -- US$130 million senior secured term loan at Exide
      Technologies, Inc. to Ba3 (LGD2, 15%) from B1;

   -- US$165 million senior secured term loan at Exide Global
      Holdings Netherlands CV to Ba3 (LGD2, 15%) from B1.

The last rating action was on March 4, 2008.

Exide Technologies, Inc.'s existing US$60 million floating rate
convertible subordinated note due September 2013 are not rated
by Moody's.

In a January 2008 Special Comment, Moody's outlined the changes
to its Loss-Given-Default methodology to recognize the favorable
recovery experience of asset-based loans relative to other types
of senior secured first-lien loans.  The terms of Exide's ABL
meet the eligibility requirements outlined in the Special
Comment and, therefore, its rating is Ba2, which is one notch
higher than would otherwise have been indicated by the LGD
waterfall.

Exide, headquartered in Alpharetta, GA, is one of the largest
global manufacturers of lead acid batteries, with net sales
approximating US$3.7 billion.  The company manufactures and
supplies lead acid batteries for transportation and industrial
applications worldwide.


HEXION SPECIALTY: Hunstman Wants Merger Deal Extended to Oct. 2
---------------------------------------------------------------
Huntsman Corporation's board of directors, unanimously,
provisionally authorized the company to exercise Huntsman's
right to extend the merger agreement with Hexion Specialty
Chemicals Inc. by an additional ninety days to Oct. 2, 2008, as
permitted by the terms of the merger agreement.  Huntsman
expects to deliver a formal notice of the extension to Hexion on
July 4, 2008.

Huntsman also filed its answer and counterclaims to the Hexion
suit in Delaware and has asked the court to expedite the
proceedings, including by granting expedited discovery and
trial.

Huntsman asked the Delaware court to declare that the premature
and inappropriately released Duff & Phelps opinion does not
excuse Hexion from its obligations, that it will in fact be
possible to provide Hexion's lenders with assurance of solvency,
and to declare that no material adverse effect has occurred
under the merger agreement.  Huntsman asked the court to enjoin
Hexion from continuing to breach the merger agreement and to
order Hexion to specifically perform its obligations under the
merger agreement.

The counterclaims made by Huntsman in the filing include breach
of contract, breach of good faith and fair dealing, defamation,
injurious falsehood, and commercial disparagement, among others.

"After actively evaluating the situation, our board has
concluded that if Apollo Management L.P causes Hexion to honor
its contractual obligations, Hexion will obtain the antitrust
approvals and the merger can and will close by Oct. 2, 2008,"
Peter Huntsman, president and CEO, stated.  "Apollo and Hexion
continue to assert their ongoing intention that Hexion will do
the work necessary to complete the transaction, and we are
asking the Delaware court to make those more than hollow words."

"I have been deeply disappointed in the actions of Leon Black
and Josh Harris these past two weeks," Jon M. Huntsman, founder
and chairman of Huntsman Corporation, added.  

However, I believe, as does the rest of our board, that all of
the conditions to closing this merger can and will be satisfied,
and that the conditions to Hexion's commitment letter with its
lenders can and will be satisfied as well," Mr. Huntsman stated.  
"As I have said repeatedly, we will take every available action
on behalf of our shareholders to cause Hexion to live up to the
merger agreement."

                             The Deal

As reported by the Troubled Company Reporter on July 13, 2007,
Huntsman Corporation  agreed to a definitive merger agreement
with Hexion Specialty Chemicals Inc., pursuant to a transaction
with a total value of approximately US$10.6 billion, including
the assumption of debt.

Under the terms of the agreement, Hexion will acquire all of the
outstanding common stock of Huntsman for US$28 per share in
cash.  The agreement also provides that the cash price per share
to be paid by Hexion will increase at the rate of 8% per annum
beginning 270 days from July 12, 2007.

Huntsman has terminated the merger agreement with Basell AF
believing that the Hexion transaction was a superior proposal.  
The Hexion deal was unanimously approved by the board of
directors of Huntsman.  

The transaction is subject to customary closing conditions,
including regulatory approval in the U.S. and in Europe, well as
the approval of Huntsman shareholders.  Entities controlled by
MatlinPatterson and the Huntsman family and a Huntsman
charitable trust, who collectively own approximately 57% of
Huntsman's common stock, have agreed to vote in favor of the
transaction.

The transaction is not subject to a financing condition and
commitments have been obtained by Hexion for all necessary debt
financing from affiliates of Credit Suisse and Deutsche Bank AG.  
Hexion will have up to 12 months, subject to a 90 day extension
by the Huntsman board under certain circumstances, to close the
transaction.

Merrill Lynch & Co. and Cowen and Company LLC acted as financial
advisors to Huntsman.  Vinson & Elkins L.L.P. and Shearman and
Sterling LLP acted as legal advisors to Huntsman.

                Extension of Merger Termination Date

On Jan. 29, 2008, the TCR reported that Hexion informed Huntsman
that it will exercise its right to extend the termination date
by 90 days from April 5 to July 4, 2008.  

On April 5, 2008, Hexion Specialty Chemicals Inc. exercised an
option under its merger agreement with Huntsman Corporation
dated as of July 12, 2007, extending the merger agreement
termination date by 90 days, to 5:00 p.m. Houston time on July
4, 2008.

                 Hexion's Lawsuit to Cancel Merger

On June 19, 2008, the TCR reported that Hexion and related
entities filed a suit in the Delaware Court of Chancery to
cancel the agreement.  Hexion said in the suit that it believes
that the capital structure agreed to by Huntsman and Hexion for
the combined company is no longer viable because of Huntsman's
increased net debt and its lower than expected earnings.  

While both companies individually are solvent, Hexion believes
that consummating the merger on the basis of the capital
structure agreed to with Huntsman would render the combined
company insolvent.

                       Comments and Responses

Hexion said that the company and Apollo Management L.P. received
a letter from Peter Huntsman, Huntsman Corporation's president
and CEO, stating that their actions were inconsistent with the
terms of the merger agreement.  

Huntsman is violating its obligations to Huntsman Corp. by
seeking to cancel the transaction, Bloomberg relates according
to Mr. Huntsman.  Mr. Huntsman reportedly stated that the
actions appear to be a blatant attempt to deprive its
shareholders of the benefits of the Merger Agreement that was
agreed to nearly a year ago.

                       Huntsman's Countersuit

Reports say Huntsman has filed a countersuit against Apollo
Management and two of its founders in Texas state court,
alleging interference with its merger with Hexion Specialty
Chemicals, an Apollo company.  Huntsman is seeking a jury trial
in Texas to determine liability for "actual damages exceeding
USD 3 bn," plus exemplary damages," according to Plasteurope
(Germany).

In response, Hexion said: "It is unfortunate that Huntsman has
chosen to file a baseless lawsuit against Apollo and to
personally sue two of its principals.  Huntsman's Texas suit
violates a clear provision of the merger agreement which
requires that any litigation be brought exclusively in the State
of Delaware.  As we alleged in our suit, due to Huntsman's
underperformance, we believe that consummating the merger on the
basis of the capital structure agreed to with Huntsman would
render the combined company insolvent.  In fact, Huntsman's suit
does not dispute that the combined company would be insolvent.  
We believe Huntsman's lawsuit is wholly without merit."
                   
                    About Huntsman Corporation
  
Huntsman Corp. (NYSE:HUN) -- http://www.huntsman.com/--   
manufactures and markets differentiated and commodity chemicals.  
Its operating companies manufacture products for a variety of
global industries including chemicals, plastics, automotive,
aviation, textiles, footwear, paints and coatings, construction,
technology, agriculture, health care,  detergent, personal care,
furniture, appliances and packaging.  Originally known for
pioneering innovations in packaging and, later for rapid and
integrated growth in petrochemicals, Huntsman today has 13,000
employees and operates from multiple locations worldwide,
including Argentina, Belarus, Japan, Luxembourg, Malaysia, Spain
and the United Kingdom, among others.  The Company had 2007
revenues of approximately US$10 billion.

                     About Hexion Specialty

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

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

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


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


AGRO-INVEST LLC: Tula Bankruptcy Hearing Slated for October 22
--------------------------------------------------------------
The Arbitration Court of Tula will convene at 10:00 a.m. on Oct.
22, 2008, to hear the bankruptcy supervision procedure on LLC
Agro-Invest.  The case is docketed under Case No. A68-2153/
08-50/B.

The Temporary Insolvency Manager is:

         P. Klimenko
         Office 304
         Mikheeva Str. 17
         300045 Tula
         Russia

The Court is located at:

         The Arbitration Court of Tula
         Hall 35
         Sovetskaya Str. 112
         Tula
         Russia

The Debtor can be reached at:

         LLC Agro-Invest
         Popovka 1st
         Chernskiy
         301073 Tula
         Russia


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

         G. Taran
         Temporary Insolvency Manager
         Nikitina Str. 114
         630039 Novosibirsk
         Russia
         Tel/Fax: 267 0641

The Arbitration Court of Novosibirsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A45-6066/2008-56/7.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Aleus
         Ordynskiy
         Russia


DON-STEEL LLC: Creditors Must File Claims by August 7
-----------------------------------------------------
Creditors of LLC Don-Steel (TIN/ KPP 6150030573/615001001, OGRN
1026102216766) have until Aug. 7, 2008, to submit proofs of
claim to:

         I. Ananyev
         Insolvency Manager
         Post User Box 2552
         344111 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov will convene at 10:30 a.m. on
Aug. 19, 2008, to hear the bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under
Case No. A53-19279/2006-S1-30.

The Court is located at:

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

The Debtor can be reached at:

         LLC Don-Steel
         Polevaya Str. 4
         Novocherkassk
         Rostov
         Russia


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

         A. Vasilyev
         Insolvency Manager
         Buynakskaya Str. 2/56
         344037 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov will convene at 10:30 a.m. on
Aug. 5, 2008, to hear the bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under
Case No. A53-21626/2007-S1-33.

The Court is located at:

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

The Debtor can be reached at:

         LLC Harvest
         Engelsa Str. 32
         Belaya Kalitva
         Rostov
         Russia


MOBILE TELESYSTEMS: Inks Partnership with MySpace Russia
--------------------------------------------------------
Mobile TeleSystems OJSC and MySpace Russia have entered into a
partnership to develop and promote solutions for the subscribers
of MTS Russia.

Under the terms of the partnership, MTS and MySpace will develop
an exclusive service for the subscribers of MTS Russia that will
become part of MTS' WAP-portal.  In addition, the companies are
planning to launch an MTS-branded community on MySpace Russia
website to drive usage and support the partnership.

Mr. Pavel Roytberg, product and service development director of
MTS Russia, said, "We are looking forward to introducing over 60
million customers of MTS in Russia, the largest subscriber base
in the country, to the leading social network, MySpace."

Mr. Roytberg continued, "This partnership fits well into our
strategy of providing Web 2.0 and social networking capabilities
for our subscribers.  The new service from MySpace on our WAP-
portal will also allow us to explore innovative marketing
initiatives, such as viral marketing.  The pairing of the
leading mobile and social networking brands will bring increased
portability and greater access to customers of both MTS and
MySpace and enrich the mobile user experience."

Mr. Aleksandr Turkot, general director of MySpace Russia, noted,   
"MySpace is known for its networking and creative solutions
which revolutionized social networking.  It is a place for
everyone – whether you are a global celebrity or an aspiring
artist.  This partnership with MTS is a key strategic move for
MySpace, allowing us to give Russian customers unprecedented
access to networking via their mobile phones.  Our brands are
built on providing high quality communication and networking
experience and our partnership will allow us to develop many new
exciting services for our customers."

MTS is the leader in value-added services in Russia, with a 32%
market share of VAS revenues and a 43.2% share of mobile content
revenues in first quarter of 2008.  The partnership with MySpace
builds on MTS' commitment to developing advanced content and
data solutions for  customers to allow mobile access to
communication and information sources previously only available
at home.

In January 2008, MTS became the first Russian company to receive
a nomination in the 13th Annual Global Mobile Awards hosted by
the GSM Association for its WAP-portal designed specifically for
children.

                  About Mobile TeleSystems

Headquartered in Moscow, Russia, OJSC Mobile TeleSystems
(NYSE:MBT) -- http://www.mtsgsm.com/-- provides wireless        
telecommunications services operator in Russia, Ukraine,
Uzbekistan, Turkmenistan, Armenia, and Belarus.

                         *      *      *

Mobile TeleSystems continues to carry a Long-term Issuer
Default rating of 'BB+', National Long-term rating of 'AA(rus)'
and Short-term IDR of B from Fitch Ratings, with stable outlook.    
The ratings were assigned April 2008.

Mobile TeleSystems also carries Ba2 Corporate Family and
Probability-of-Default ratings from Moody's Investors
Service, which says the outlook is positive.


NORTH-1 LLC: Kurgan Bankruptcy Hearing Slated for September 10
--------------------------------------------------------------
The Arbitration Court of Kurgan will convene at 1:30 p.m. on
Sept. 10, 2008, to hear the bankruptcy supervision procedure on
LLC North-1.  The case is docketed under Case No. A34-1435/2008.

The Temporary Insolvency Manager is:

         Y. Plotnikov
         Dzerzhinskogo Str. 40
         640027 Kurgan
         Russia
         Tel/Fax: 8 (3522) 579-735

The Court is located at:

         The Arbitration Court of Kurgan
         Sovetskaya Str. 192
         640003 Kurgan
         Russia

The Debtor can be reached at:

         LLC North-1
         Dzerzhinskogo Str. 62
         Kurgan
         Russia


PROSPECT LLC: Voronezh Bankruptcy Hearing Slated for Sept. 10
-------------------------------------------------------------
The Arbitration Court of Voronezh will convene at 10:30 a.m. on
Sept. 10, 2008, to hear the bankruptcy supervision procedure on
LLC Prospect.  The case is docketed under Case No.
A14-3093-2008-18/27b.

The Temporary Insolvency Manager is:

         V. Ovsyannikov
         Post User Box 2
         Post Office 62
         394062 Voronezh
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Prospect
         Pugacheva Str. 67a
         Voronezh
         Russia


SUKHINICHSKAYA SEL-KHOZ-TEKHNIKA: Claims Filing Ends August 7
-------------------------------------------------------------
Creditors of OJSC Sukhinichskaya Sel-Khoz-Tekhnika have until
Aug. 7, 2008, to submit proofs of claim to:

         V. Smagin
         Insolvency Manager
         Post User Box 9046
         Obninsk
         249039 Kaluga
         Russia

The Arbitration Court of Kaluga commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A23-2817/07B-8-144.

The Court is located at:

         The Arbitration Court of Kaluga
         Staryj Torg Square 4
         Kaluga
         Russia

The Debtor can be reached at:

         OJSC Sukhinichskaya Sel-Khoz-Tekhnika
         Sukhinichi
         Kaluga
         Russia


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


ARTESUN LLC: Creditors Must File Proofs of Claim by July 17
-----------------------------------------------------------
Creditors owed money by LLC Artesun are requested to file their
proofs of claim by July 17, 2008, to:

         Silvan Trinkler
         Liquidator
         JSC BTTC
         Hafenstrasse 50 A
         8280 Kreuzlingen
         Switzerland

The company is currently undergoing liquidation in Kreuzlingen.  
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 28, 2008.


BERYLL HOLDING: Deadline to File Proofs of Claim Set July 17
------------------------------------------------------------
Creditors owed money by JSC BERYLL HOLDING are requested to file
their proofs of claim by July 17, 2008, to:

         Klaus Breiner
         Liquidator
         Churerstrasse 65B
         8808 Pfaffikon
         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.


BONVITA VERSANDHANDEL: Creditors' Proofs of Claim Due by July 16
----------------------------------------------------------------
Creditors owed money by LLC Bonvita Versandhandel are requested
to file their proofs of claim by July 16, 2008, to:

         Martin Dettling
         Kempfhofweg 10a
         8049 Zurich
         Switzerland

The company is currently undergoing liquidation in Eschenbach
SG.  The decision about liquidation was accepted at a
shareholders' meeting held on May 27, 2008.


CONTUR-TM LLC: Proofs of Claim Filing Deadline is July 16
---------------------------------------------------------
Creditors owed money by LLC Contur-TM, Wolfhalden are requested
to file their proofs of claim by July 16, 2008, to:

         Urban Thaler
         Augusti 621
         9427 Wolfhalden
         Switzerland

The company is currently undergoing liquidation in Wolfhalden.  
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 6, 2006.


ESTATIA JSC: Zug Court Commences Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC ESTATIA on March 4, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The company can be reached at:

         JSC ESTATIA
         6300 Zug
         Switzerland


IMPERIA TECHNICAL: Creditors' Proof of Claim Due by July 16
-----------------------------------------------------------
Creditors owed money by JSC Imperia Technical Services are
requested to file their proofs of claim by July 16, 2008, to:

         Phlippe H. M. Schnadt
         Liquidator
         Gartenstrasse 3
         6304 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on May 6, 2008.


MALIMAG LUZERN: Proofs of Claim Filing Deadline is July 16
----------------------------------------------------------
Creditors owed money by JSC Malimag, Luzern are requested to
file their proofs of claim by July 16, 2008, to:

         Hugo Walz
         Liquidator
         Obere-Weinhalde 49
         6010 Kriens
         Switzerland

The company is currently undergoing liquidation in Luzern.  Th
decision about liquidation was accepted at a general meeting
held on Nov. 6, 2007.


PAPACHARISIOU LLC: Proofs of Claim Filing Period Ends July 17
-------------------------------------------------------------
Creditors owed money by LLC Papacharisiou are requested to file
their proofs of claim by July 17, 2008, to:

         Hauptstrasse 45
         5312 Dottingen
         Switzerland

The company is currently undergoing liquidation in Dottingen.  
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 22, 2008.


RPW JSC: Creditors Have Until July 17 to File Proofs of Claim
-------------------------------------------------------------
Creditors owed money by JSC RPW are requested to file their
proofs of claim by July 17, 2008, to:

         Rudolf P. Winzenried
         Rainweg 17
         3074 Muri bei Bern
         Switzerland


The company is currently undergoing liquidation in Muri bei
Bern.  The decision about liquidation was accepted at an
extraordinary general meeting held on May 29, 2008.


VMS MENU: Creditors Must File Proofs of Claim by July 17
--------------------------------------------------------
Creditors owed money by JSC VMS Menu Service are requested to
file their proofs of claim by July 17, 2008, to:

         Niederlindach
         3038 Kirchlindach
         Switzerland

The company is currently undergoing liquidation in Kirchlindach.  
The decision about liquidation was accepted at an extraordinary
general meeting held on May 29, 2008.


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


ALFA-BANK UKRAINE: High Industry Risks Cue S&P's B+ Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'B+' long-
term and 'B' short-term counterparty credit ratings, and 'uaA'
national scale rating, to Ukraine-based Alfa-Bank Ukraine.  The
outlook is stable.

"The ratings on ABU reflect high economic and industry risks,
its substantial lending and deposit concentrations, and
challenges related to rapid business growth," said Standard &
Poor's credit analyst Ekaterina Trofimova.  "Offsetting these
negative factors are shareholder support, as well as the bank's
good domestic franchise, adequate capitalization, healthy
industry lending diversification, and below-peers' maturity
mismatches."

On March 31, 2008, ABU reported assets of US$3.2 billion (under
IFRS-compliant management accounts) and ranked among the top 10
banks in Ukraine with a market share of about 3%.

The stable outlook balances the bank's continued progress in
strengthening its commercial franchise, profitability, and risk
management with its structural weaknesses related to its
industry and economic risks and financial profile.

"An upgrade of the sovereign ratings will not necessarily lead
to a similar rating action on the bank, unless accompanied by an
improvement of the bank's stand-alone creditworthiness," said
Ms. Trofimova.

This would require the bank to show stronger profitability,
better funding and business diversification, and sustained
adequate asset quality and capitalization.  In the event of
deterioration of the stand-alone assessment on the bank from its
current level, the support uplift may be widened and limit  
counterparty credit ratings downside.  A substantial weakening
of the expected support from the group would lead to a rating
downgrade.   


ARDONEKS LLC: Creditors Must File Claims by July 17
---------------------------------------------------
Creditors of LLC Ardoneks (code EDRPOU 343674822) have until
July 17, 2008, to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
June 3, 2008.

The Debtor can be reached at:

         LLC Ardoneks
         Apartment 77
         Krasnopolskaya Str. 6
         49000 Dnipropetrovsk
         Ukraine


CHEESES OF UKRAINE: Creditors Must File Claims by July 17
---------------------------------------------------------
Creditors of LLC Trading-Production Company Cheeses of Ukraine
(code EDRPOU 24160270) have until July 17, 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 May 13, 2008.
The case is docketed as 15/102-b.

The Debtor can be reached at:

         LLC Trading-Production Company Cheeses of Ukraine
         Garmatnaya Str. 38
         03067 Kiev
         Ukraine


COMMODITY EXCHANGE: Creditors Must File Claims by July 17
---------------------------------------------------------
Creditors of Commodity Exchange Carsale (code EDRPOU 32093300)
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 5/295/08.

The Debtor can be reached at:

         Commodity Exchange Carsale
         Apartment 21
         Heroes of Stalingrad Avenue 75-V
         Nikolaev
         Ukraine


CREATIVITY LLC: Proofs of Claim Deadline Set July 17
----------------------------------------------------
Creditors of LLC Production-Commerce Firm Creativity (code
EDRPOU 21416466) have until July 17, 2008, to submit proofs of
claim to:

         The Economic Court of Chernovcy
         O. Kobylianska Str. 14
         58000 Chernovcy
         Ukraine

The Economic Court of Chernovcy commenced bankruptcy supervision
procedure on the company on May 5, 2008.  The case is docketed
as 10/109/b.

The Debtor can be reached at:

         LLC Production-Commerce Firm Creativity
         Golovnaya Str. 198-A/35
         58000 Chernovcy
         Ukraine


DNIEPRO NONMETALLIC: Proofs of Claim Deadline Set July 17
---------------------------------------------------------
Creditors of State Production Enterprise Dniepro Nonmetallic
Industry (code EDRPOU 00292273) have until July 17, 2008, to
submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company on April 25, 2008.
The case is docketed as B 29/39-08.

The Debtor can be reached at:

         State Production Enterprise
         Dniepro Nonmetallic Industry
         Kirov Avenue 43
         49101 Dnipropetrovsk
         Ukraine


KALINA LLC: Creditors Must File Claims by July 17
-------------------------------------------------
Creditors of LLC Production-Trading Firm Kalina (code EDRPOU
24894433) have until July 17, 2008, to submit proofs of claim
to:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent on May 19, 2008.
The case is docketed as 10/67-08.

The Debtor can be reached at:

         LLC Production-Trading Firm Kalina
         Nahimov Str. 5
         Bar
         23000 Vinnica
         Ukraine


MOTOR TRANSPORT: Creditors Must File Claims by July 17
------------------------------------------------------
Creditors of OJSC South Special Atom Energy Assembly Subsidiary
Company Motor Transport Enterprise (code EDRPOU 30140751) have
until July 17, 2008, to submit proofs of claim to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on July 18, 2007.
The case is docketed as B-48/81-07.

The Debtor can be reached at:

         OJSC South Special Atom Energy Assembly Subsidiary
         Company Motor Transport Enterprise
         Moscow Avenue 131
         Kharkov
         Ukraine


PROMAGRO LLC: Creditors Must File Claims by July 17
---------------------------------------------------
Creditors of LLC Promagro (code EDRPOU 32949991) have until
July 17, 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 has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as B-48/120-07.

The Debtor can be reached at:

         LLC Promagro
         Apartment 48
         Svetlaya Str. 6
         Kharkov
         Ukraine


OLIMP LLC: Creditors Must File Claims by July 17
------------------------------------------------
Creditors of LLC Olimp (code EDRPOU 31852776) have until
July 17, 2008, to submit proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on
May 29, 2008.  The case is docketed as 12/2/08.

The Debtor can be reached at:

         LLC Olimp
         Stroitelnaya Str. 23
         69077 Zaporozhje
         Ukraine


OLIMP OJSC: Proofs of Claim Deadline Set July 17
------------------------------------------------
Creditors of OJSC Trading House Olimp (code EDRPOU 13407200)
have until July 17, 2008, to submit proofs of claim to:

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy supervision
procedure on the company on April 1, 2008.  The case is docketed
as 22/35b.

The Debtor can be reached at:

         OJSC Trading House Olimp
         Sosiura Str. 137A
         91000 Lugansk
         Ukraine


SOUTH BUILDING: Creditors Must File Claims by July 17
-------------------------------------------------------------
Creditors of LLC South Building Mechanisation-3 (code EDRPOU
34462659) 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 5/290/08.

The Debtor can be reached at:

         LLC South Building Mechanisation-3
         Naberezhnaya Str. 42
         Galitsynovoye
         Nikolaev
         Ukraine


SPECIAL INDUSTRIAL: Creditors Must File Claims by July 17
---------------------------------------------------------
Creditors of LLC Special Industrial Technical Resource (code
EDRPOU 33240536) have until July 17, 2008, to submit proofs of
claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on June 11, 2008.
The case is docketed as 24/115-b.

The Debtor can be reached at:

         LLC Special Industrial Technical Resource
         Reuters Str. 35-A
         01034 Kiev
         Ukraine


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


BLUE CITY: Fitch Places 'BB' Ratings Under Negative Watch
---------------------------------------------------------
Fitch Ratings has placed Blue City Investments 1 Ltd.'s notes
due November 2016 on Rating Watch Negative, as:

  -- US$262.5 million Class A3 (XS0267260346): 'BBB-';
     placed on RWN

  -- US$143 million Class B1 (XS0259701018): 'BB'; placed on RWN
  -- US$50.5 million Class C (XS0272445726): 'BB'; placed on RWN
  -- US$70m Class D (XS0273296243): 'BB'; placed on RWN

The transaction is the securitization of a US$925 million
financing package for the development of an upmarket
residential, hotel and leisure resort on the coast of the Indian
Ocean at Al Sawadi, located 90km to the west of Muscat, the
capital of The Sultanate of Oman.

The rated notes have been placed on RWN for two reasons.  First,
cumulative collected sales revenue on 7 May 2008, the sixth
interest payment date, was US$25.6 million, 47.9% below the
borrower's business plan projection of US$48 million, and 36%
below US$40 million, the level required by Residential Sales
Test 1.  Cumulative collected sales revenue also falls short of
Fitch's 'BBB-', 'BB' and Base Case sales revenue assumptions as
employed in its analysis.  Blue City Company 1 Limited can cure
the sales test breach by achieving business plan cumulative
collections of USD101m by the seventh IPD on Aug. 7, 2008.

However, recent residential sales and revenue collections
suggest this is unlikely, despite contingency plans outlined by
the borrower suggesting sales opportunities of up to US4240
million.  Although the breach that occurred on the first test
date of Residential Sales Test 1 on May 7, 2008 and the
potential failure to cure such breach on Aug. 7, 2008 does not,
in itself, cause restrictive operating sanctions to be levied on
the borrower, if sales performance does not improve
significantly over the coming months and quarters, the borrower
may eventually struggle to continue funding the construction
costs of the project.

Second, in November 2007, AAJ Holdings, the owner of 70% of the
shares in Al Sawadi Investment & Tourism Company LLC, the parent
company of BCC1, was asked by Cyclone LLC, the owner of the
remaining 30% of ASIT, to relinquish its shares in ASIT.  
Cyclone's request was declined by AAJ Holdings and the resulting
shareholder dispute continues to be heard in the Omani courts.
Fitch has been advised by the borrower's sales agent, Hamptons
International, that the shareholder dispute has already caused
difficulties in marketing the project as a result of negative
media coverage in the Gulf region, and is of the opinion that,
unless resolved quickly, the dispute may hamper BCC1's ability
to generate the required level of sales going forward.

Furthermore, while the board of directors of BCC1 is, on the
basis of information provided by the borrower to the agency, a
fully functional legal entity under Omani law and does not
currently comprise any members appointed by AAJ Holdings,
uncertainty exists with regard to the impact the outcome of the
shareholder dispute may have, if any, on the board's
functionality going forward.

In May 2008, the CEO and managing director of BCC1, Mr. Fari
Akhlaghi, resigned and was replaced by Mr. Richard Russell.  
While Mr. Russell is a seasoned development management executive
with significant relevant experience, and while Mr. Akhlaghi has
been retained as an advisor to the board, it is too early to
judge the effect this change to senior management will have on
BCC1's operations.

Construction progress on the site remains on schedule, with the
enabling works completed on time in May 2008.  Land clearing and
landscaping activity related to the main construction works has
commenced, and AECO, the construction contractor, is
concurrently finalising the working drawings for the first stage
of construction from designs submitted by the project architect
and masterplanner, Foster & Partners.

The development constitutes phase 1 of Al Madina al Zarqa, an
ambitious US$15-20 billion project that envisages the creation
of a city covering 34sq km of coastal land with a population of
250,000 within the next 20 years.  As per the borrower's
business plan, phase 1 is expected to reach completion in
December 2012.  The financing and development of subsequent
phases does not form part of this transaction.


BOSS INDUSTRIAL: Taps Vantis to Administer Assets
-------------------------------------------------
Simon Elliott Glyn and Nicholas Hugh O'Reilly of Vantis Business
Recovery Services were appointed joint administrators of Boss
Industrial Mouldings Ltd. (Company Number 00827688) on June 25,
2008.

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

The company can be reached at:

         Boss Industrial Mouldings Ltd.
         c/o Vantis Plc
         P.O. Box 2653
         66 Wigmore Street
         London  
         W1A 3RT
         England


BRADFORD & BINGLEY: Releases Enlarged Rights Issue Details
----------------------------------------------------------
The Board of Directors of Bradford & Bingley Plc has confirmed
details of the Company's enlarged rights issue in order to raise
net proceeds of around GBP400 million.

The enlarged rights issue, which is supported by a number of the
Group’s largest shareholders including M&G Investment Managers,
Legal & General Investment Management, Insight Investment and
Standard Life Investments, will have an unchanged subscription
price of 55 pence per share.  The Group is also pleased to
confirm that Citi and UBS will continue to underwrite the
enlarged rights issue.  Citi and UBS are also acting as joint
sponsors and joint corporate brokers to the Company.

The Group will shortly issue a supplementary circular to
shareholders and publish a supplementary prospectus. The
extraordinary general meeting on July 7, 2008, will also be
adjourned for a short period to a later date, currently expected
to be in the week of July 14, 2008.

The Board proposes to issue approximately 828 million new shares
in connection with the enlarged rights issue (representing
approximately 57% of the enlarged share capital of the Group).

The new shares are being offered by way of rights to
shareholders on these basis:

    * 67 new shares for every 50 existing shares;

    * and so on in proportion to any other numbers of shares
      held and registered in their name at the record date.

Fractions of new shares will not be allotted to shareholders.

The rights issue is conditional upon:

  (i) the publication of a supplementary shareholder circular
      and supplementary prospectus;

(ii) the passing of the resolutions required in connection with
      the rights issue at the Extraordinary General Meeting;

(iii) admission of the new shares nil paid becoming effective by
      not later than 8:00 a.m. on July 22, 2008; and

(iv) the underwriting agreement between the Company, Citi and
      UBS otherwise having become unconditional in all respects
      and not having been terminated in accordance with its
      terms prior to admission of the new shares, nil paid.

Application will be made to the U.K. Listing Authority for the
new shares to be admitted to the Official List and to the London
Stock Exchange plc for the new shares to be admitted to trading
on its market for listed securities.

It is expected that the last date for acceptances will be in the
second half of August 2008.  The new shares will, when issued
and fully paid, rank equally in all respects with the existing
shares.

The Directors unanimously recommend that shareholders vote in
favor of the resolutions to be proposed at the Extraordinary
General Meeting, as they intend to do in respect of both the
shares they hold through the Bradford & Bingley Nominee Account
and their registered holdings.

Headquartered in Bingley, United Kingdom, Bradford & Bingley plc
-- http://www.bbg.co.uk/-- offers residential mortgages, and  
focus on a range of areas providing mortgages for individuals.
It focuses on its savings business and provides a range of
savings products through 197 branches and network of 140 third-
party branch-type agents, by phone, post and Online.


BRADFORD AND BINGLEY: Fitch Affirms 'BB+' Support Rating Floor
--------------------------------------------------------------
Fitch Ratings has maintained UK-based Bradford and Bingley's
Long-term Issuer Default 'A-' rating on Rating Watch Negative.  
This rating action follows the announcement by B&B that Texas
Pacific Group has terminated its agreement to acquire GBP179
million of B&B shares.

At the same time, the agency has affirmed the bank's other
ratings at Short-term IDR 'F2', Individual 'B/C', Support '3'
and Support Rating Floor 'BB+'.

Fitch views positively the enlarged rights issue which means
that the bank should still receive GBP400 million in new equity,
the same size injection as proposed in early June 2008, which is
fully underwritten and has the support of several of the bank's
largest shareholders.

The RWN is likely to be resolved when there is greater clarity
about the final outcome of the rights issue, the impact of the
slowing housing market on B&B's asset quality and the sustained
earnings capacity of the bank.  Fitch expects to resolve the RWN
within three months.

B&B reported a regulatory Tier 1 capital ratio of 8.6% at end-
2007 and plans to maintain its Tier 1 ratio in the range 8% to
10%, which Fitch considers acceptable.  B&B has pre-funded its
operations into 2009, and its funding and liquidity position is
supported by GBP2 billion of committed secured funding
facilities.  In 2008, the bank has expanded its customer deposit
base, which at end-2007 accounted for 49% of total funding.


C G FRANKLIN: Brings In Liquidators from Tenon Recovery
-------------------------------------------------------
T. J. Binyon and S. J. Parker of Tenon Recovery were appointed
joint liquidators of C G Franklin & Sons Ltd. (formerly Crosslyn
Properties Ltd.) on June 18 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


CHASE NORTON: Appoints Joint Administrators from PwC
----------------------------------------------------
Mark Hopkins, Rob Hunt and Matthew Hammond of
PricewaterhouseCoopers LLP, on July 3, 2008, were appointed as
joint administrators to Chase Norton Construction Limited, the
Meriden based construction business specializing in design &
build, refurbishment, fit-out and specialist works.

Chase Norton Construction is currently involved in a number of
contract sites around the Midlands.  It has an annual turnover
of approximately GBP40 million and employs 123 people from its
head offices in Meriden.

Chase Norton Construction was placed into administration by its
directors after it found itself in a position where it did not
have access to the working capital required to fully complete
the contracts in progress, a situation that had arisen as a
result of the wider group banking arrangements.

Mark Hopkins, joint administrator and director,
PricewaterhouseCoopers LLP said: "The administrators are
reviewing the position at the company in respect of the
contracts in progress and are in the process of contacting the
contract employers for each of the contract sites to advise them
of the administration.  We are also in discussion with a number
of parties who have expressed an initial interest in acquiring
the business and/or taking over some or all of the contracts in
progress."

"The lack of working capital available to the company also meant
that the employees had not been paid their salaries at the time
of our appointment as administrators.  Unfortunately due to the
lack of available funds, we have been forced to make a
significant number of the employees redundant keeping on only
those employees who are assisting us in the sale of business and
transfer of contracts."


CHRISTIAN STEPHENSON: Calls In Liquidators from Tenon Recovery
--------------------------------------------------------------
Christopher Ratten and Jeremy Woodside of Tenon Recovery were
appointed joint liquidators of Christian Stephenson Ltd. on  
June 26, 2008 for the creditors' voluntary winding-up  
proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Arkwright House
         Parsonage Gardens
         Manchester
         M3 2LF
         England


CLARIS LIMITED: Moody's Withdraws Rating on Series 62/2005 Notes
----------------------------------------------------------------
Moody's Investors Service withdrew the rating of one class of
notes issued by Claris Limited.  These notes were redeemed in
full at the request of the noteholder on July 4, 2008.

This rating action is:

Claris Limited:

   (1) Series 62/2005 EUR13,500,000 Tranche 1 Napa Valley V
       Synthetic CDO of ABS Floating Rate Notes due 2025

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


COREL CORP: May 31 Balance Sheet Upside-Down by US$11.7 Million
---------------------------------------------------------------
Corel Corporation reported Thursday financial results for its
second fiscal quarter ended May 31, 2008.

At May 31, 2008, the company's consolidated balance sheet showed
US$254.7 million in total assets and US$266.4 million in total
liabilities, resulting in an US$11.7 million total stockholders'
deficit.

The company's consolidated balance sheet at May 31, 2008, also
showed strained liquidity with US$71.8 million in total current
assets available to pay US$91.5 million in total current
liabilities.

GAAP net income in the second quarter of fiscal 2008 was
US$930,000, compared to GAAP net income of US$2.3 million in the
second quarter of fiscal 2007.

Revenues in the second quarter of fiscal 2008 were
US$67.0 million, compared to US$65.0 million in the second
quarter fiscal 2007.

Non-GAAP adjusted net income for the second quarter fiscal 2008
was US$9.5 million, compared to non-GAAP adjusted net income for
the second quarter of fiscal 2007 of US$9.8 million.  Non-GAAP
adjusted EBITDA in the second quarter of 2008 was US$14.9
million, compared to US$15.2 million in the second quarter of
2007.

"Corel performed well in the second quarter, reflecting the
diversity of the company's products and distribution channels
and the strength of its brand in key geographies," said Kris
Hagerman, interim chief executive officer, Corel Corporation.  
"We continue to successfully execute our core strategy which is
to drive profitable growth by pursuing opportunities in faster
growing markets, while delivering consistent growth and profits
from our more established product lines and channels.  As
Corel's results for the second quarter illustrate, we continue
to benefit from our highly diversified business model."

                        Working Capital

The company's working capital deficiency at May 31, 2008, was
US$19.7 million, an increase of US$4.5 million from the
Nov. 30, 2007, working capital deficiency of US$15.2 million.  

The company expects to continue generating positive cash flows
from operations over the next 12 months.  In February 2009, the
company is required to make a cash sweep payment against its
term loan payable based on excess cash flow, as defined in the
company's credit facility agreement, that is estimated to be
approximately US$17.0 million.

                Liquidity and Capital Resources

As of May 31, 2008, the company's principal sources of liquidity
are cash and cash equivalents of US$33.4 million and trade
accounts receivable of US$28.8 million.  As a part of its senior
credit facility, the company also entered into a five-year
US$75.0 million revolving line of credit facility, of which the
entire balance is unused as at May 31, 2008.

Full-text copies of the company's consolidated financial
statements for the quarter ended May 31, 2008, are available for
free at http://researcharchives.com/t/s?2f2a

                       About Corel Corp.

Corel Corp. (NASDAQ:CREL) (TSX:CRE) -- http://www.corel.com/--  
is one of the world's top software companies with more than 100
million active users in over 75 countries.  The company provides
high quality, affordable and easy-to-use Graphics and
Productivity and Digital Media software.  The company's products
products are sold through a scalable distribution platform
comprised of Original Equipment Manufacturers (OEMs), the
company's global e-Stores, and the company's international
network of resellers and retail vendors.

The company's award-winning product portfolio includes some of
the world's most widely recognized and popular software brands,
including CorelDRAW(R) Graphics Suite, Corel(R) Paint Shop
Pro(R) Photo, Corel(R) Painter(TM), VideoStudio(R), WinDVD(R),
Corel(R) WordPerfect(R) Office and WinZip(R).  The company's
global headquarters are in Ottawa, Canada, with major offices in
the United States, United Kingdom, Germany, China, Taiwan and
Japan.


DALZIEL PARK: Goes Into Liquidation Prior to Police Raid
--------------------------------------------------------
Dalziel Park Hotel and Conference Centre went into liquidation
days before a raid by the Scottish Drugs and Crime Enforcement
Agency money laundering experts, Glasgow Sunday Mail reports.

A police spokeswoman told Glasgow Sunday Mail "this is an
ongoing investigation."

Glasgow Sunday Mail relates an interim liquidator had been
appointed to the hotel, which was earlier brought to court due
to tax debts.

The hotel, however, remained open, Glasgow Sunday Mail adds.

Located in Motherwell, Scotland, Dalziel Park Hotel and
Conference Centre -- http://www.dalzielpark.com/-- is owned by  
Mario and Carlo Rea.


DRAGON INT'L: Discussions to Save "Valleywood" Continue
-------------------------------------------------------
According to Sion Barry of Western Mail, talks to come up with a  
refinancing deal for a complex of film and television studios
being developed by joint venture partners Dragon International
Studios Ltd. and Western Properties Ltd. are continuing.

The GBP300 million complex, known to many as "Valleywood," is
currently being constructed at the Llanilid opencast site
between Llantrisant and Bridgend in South Wales, United Kingdom.  
Dragon International hopes to finish the construction by 2010.

In March this year, however, a dispute with two of the JV's
creditors led to the bringing in of administrators.  As reported
by the Troubled Company Reporter on Mar. 27,  Robert Nicholas
Lewis and Ian David Green of PricewaterhouseCoopers LLP were
appointed joint administrators of Dragon International and
Westair Properties.

Messrs. Lewis and Green are working on a number of options,
Western Mail relates.  A refinancing deal is reportedly the
current favorite since it could potentially cover the amount
owed creditors in full.

"[I]n terms of refinancing we are currently taking to three
interested UK-based parties.  Refinancing would a positive
solution.  The four film studios are 99% complete and it would
not take much more investment to finalize them," Westmail quotes
Mr. Lewis as saying.

Western Mail, however, pointed out that a refinancing option
would be "more challenging" with the current credit crunch.

The administrators have a year since March to come up with a
proposal that the creditors will favor.  


EMI GROUP: Elio Leoni-Sceti May Head Music Unit
-----------------------------------------------
EMI Group Ltd. has included Elio Leoni-Sceti in its list of
candidates for the CEO post at its EMI Music unit, Ethan Smith
writes for the Wall Street Journal, citing people privy to the
company.

According to WSJ, Mr. Leoni-Sceti is currently executive vice
president for Europe at Reckitt Benckiser Plc.

The source added to WSJ that two or five more people are being
considered to fill the post.  

                    About EMI Group plc

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent     
music company, operating directly in 50 countries, with
licensees in a further 20 and employs around 5,500 people.  The
group has operations in Brazil and China among others.  In
August 2007 EMI was acquired by private equity firm Terra Firma.

At March 31, 2007, EMI Group's consolidated balance sheet
revealed GBP1.5 billion in total assets, GBP2.65 billion in
total liabilities resulting to GBP1.15 billion in shareholders'
deficit.


EMI GROUP: Music Unit Names Billy Mann as A&R Labels President
--------------------------------------------------------------
EMI Group Ltd.'s EMI Music unit has appointed Billy Mann as
president of A&R Labels - International.  The company also
appointed David Kassler as president of its Europe, Middle East
and Africa division.

They succeed Jean-Francois Cecillon who steps down from his
executive roles at the end of this week.

Mr. Mann assumes direct responsibility for artist development in
all countries outside North America and the U.K.  Mr. Mann will
work closely with Nick Gatfield who will join EMI Music as
president, A&R Labels - North America and UK, on July.

At EMI Music France, where Mr. Cecillon was president and CEO,
Nathalie Collin becomes chairman, reporting to David Kassler.

Guy Hands, executive chairman of EMI Group, said: "With Nick
leading our A&R offensive in North America and the U.K.,
complemented by Billy in the rest of the world, we have two
strong, artist-driven talents in place who will help steer EMI
into a new phase of creativity working in true partnership with
artists."

                    About EMI Group plc

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent     
music company, operating directly in 50 countries, with
licensees in a further 20 and employs around 5,500 people.  The
group has operations in Brazil and China among others.  In
August 2007 EMI was acquired by private equity firm Terra Firma.

At March 31, 2007, EMI Group's consolidated balance sheet
revealed GBP1.5 billion in total assets, GBP2.65 billion in
total liabilities resulting to GBP1.15 billion in shareholders'
deficit.


EOS AIRLINES: UK Court Rules US Case as Foreign Main Proceeding
---------------------------------------------------------------
The High Court of Justice, Chancery Division, Companies Court in
the United Kingdom ordered, under Europe's Cross Border
Insolvency Regulations 2006, that the Chapter 11 proceedings of
EOS Airlines Inc. be recognized as a foreign main proceeding.

The High Court also declared that the administration order given
by the U.S. Bankruptcy Court for the Southern District of New
York be restricted to the Debtor's assets located in the U.K.

Based in Purchase, New York, EOS Airlines, Inc. --
http://www.eosairlines.com/-- is a transatlantic airline. The   
company filed for Chapter 11 protection April 26, 2008 (Bankr.
S.D.N.Y. Case No.08-22581).  Stephen D. Lerner, Esq., at Squire
Sanders & Dempsey, LLP, represents the Debtor in its
restructuring efforts.  The Debtor selected Kurztman Carson
Consultants LLC as claims agent.  The U.S. Trustee for Region 2
appointed creditors to serve on an Official Committee of
Unsecured Creditors.  Joseph M. Vann, Esq., and Robert A.
Boghosian, Esq., at Cohen Tauber Spievack & Wagner P.C. in New
York, represent the Committee in this case.

Menzies Corporate Restructuring has been appointed as joint
administrators in the U.K.

When the Debtor filed for protection against it creditors, it
listed total assets of US$70,233,455 and total debts of
US$34,858,485.


FORD MOTOR: Offers Buyout Options to Louisville Site Workers
------------------------------------------------------------
Ford Motor Company has offered buyout packages for 300 employees
at its Louisville Truck Plant, which produces the F-Series Super
Duty pickup in Kentucky, John D. Stoll of The Wall Street
Journal reports.  The automaker informed the workers that it has
to cut the plant's workforce later this summer due to the drop
of consumer demand for heavier vehicles.

As disclosed in the Troubled Company Reporter on July 2, 2008,
total Ford Motor sales in June 2008 was down 28% to 174,091
units, compared to last year's June sales of 242,029.  Gasoline
prices increased a dollar (from US$3 to US$4 a gallon) during
the first half and this accelerated the decline in SUV and truck
sales.  In the first half, retail sales for the company's SUVs
declined 40% versus a year ago and retail sales for trucks and
vans declined 31%.

Mr. Stoll adds that Ford is paring that shift number in the
stamping, body and paint operations at the plant, which has been
one of the most lucrative plants in its vast production
footprint.

On June 30, 2008, the Troubled Company Reporter related that
Ford Motor initiated hourly employee buyouts to cut costs at
U.S. plants that produce sports utility vehicles and pickup
trucks as sales of these products drop.  The automaker has
started offering incentive packages to workers at Louisville
Assembly Plant, Kentucky Truck Plant, and transmission plants in
Batavia and Sharonville in Ohio.  The company had targeted
around 8,000 employees to be bought out plant-by-plant, with
around 4,200 people accepting the buyouts earlier this year.

                           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.


HUNTSMAN CORP: Board OKs Oct. 2 Extension of Hexion Merger Deal
---------------------------------------------------------------
Huntsman Corporation's board of directors, unanimously,
provisionally authorized the company to exercise Huntsman's
right to extend the merger agreement with Hexion Specialty
Chemicals Inc. by an additional ninety days to Oct. 2, 2008, as
permitted by the terms of the merger agreement.  Huntsman
expects to deliver a formal notice of the extension to Hexion on
July 4, 2008.

Huntsman also filed its answer and counterclaims to the Hexion
suit in Delaware and has asked the court to expedite the
proceedings, including by granting expedited discovery and
trial.

Huntsman asked the Delaware court to declare that the premature
and inappropriately released Duff & Phelps opinion does not
excuse Hexion from its obligations, that it will in fact be
possible to provide Hexion's lenders with assurance of solvency,
and to declare that no material adverse effect has occurred
under the merger agreement.  Huntsman asked the court to enjoin
Hexion from continuing to breach the merger agreement and to
order Hexion to specifically perform its obligations under the
merger agreement.

The counterclaims made by Huntsman in the filing include breach
of contract, breach of good faith and fair dealing, defamation,
injurious falsehood, and commercial disparagement, among others.

"After actively evaluating the situation, our board has
concluded that if Apollo Management L.P causes Hexion to honor
its contractual obligations, Hexion will obtain the antitrust
approvals and the merger can and will close by Oct. 2, 2008,"
Peter Huntsman, president and CEO, stated.  "Apollo and Hexion
continue to assert their ongoing intention that Hexion will do
the work necessary to complete the transaction, and we are
asking the Delaware court to make those more than hollow words."

"I have been deeply disappointed in the actions of Leon Black
and Josh Harris these past two weeks," Jon M. Huntsman, founder
and chairman of Huntsman Corporation, added.  

However, I believe, as does the rest of our board, that all of
the conditions to closing this merger can and will be satisfied,
and that the conditions to Hexion's commitment letter with its
lenders can and will be satisfied as well," Mr. Huntsman stated.  
"As I have said repeatedly, we will take every available action
on behalf of our shareholders to cause Hexion to live up to the
merger agreement."

                             The Deal

As reported by the Troubled Company Reporter on July 13, 2007,
Huntsman Corporation  agreed to a definitive merger agreement
with Hexion Specialty Chemicals Inc., pursuant to a transaction
with a total value of approximately US$10.6 billion, including
the assumption of debt.

Under the terms of the agreement, Hexion will acquire all of the
outstanding common stock of Huntsman for US$28 per share in
cash.  The agreement also provides that the cash price per share
to be paid by Hexion will increase at the rate of 8% per annum
beginning 270 days from July 12, 2007.

Huntsman has terminated the merger agreement with Basell AF
believing that the Hexion transaction was a superior proposal.  
The Hexion deal was unanimously approved by the board of
directors of Huntsman.  

The transaction is subject to customary closing conditions,
including regulatory approval in the U.S. and in Europe, well as
the approval of Huntsman shareholders.  Entities controlled by
MatlinPatterson and the Huntsman family and a Huntsman
charitable trust, who collectively own approximately 57% of
Huntsman's common stock, have agreed to vote in favor of the
transaction.

The transaction is not subject to a financing condition and
commitments have been obtained by Hexion for all necessary debt
financing from affiliates of Credit Suisse and Deutsche Bank AG.  
Hexion will have up to 12 months, subject to a 90 day extension
by the Huntsman board under certain circumstances, to close the
transaction.

Merrill Lynch & Co. and Cowen and Company LLC acted as financial
advisors to Huntsman.  Vinson & Elkins L.L.P. and Shearman and
Sterling LLP acted as legal advisors to Huntsman.

                Extension of Merger Termination Date

On Jan. 29, 2008, the TCR reported that Hexion informed Huntsman
that it will exercise its right to extend the termination date
by 90 days from April 5 to July 4, 2008.  

On April 5, 2008, Hexion Specialty Chemicals Inc. exercised an
option under its merger agreement with Huntsman Corporation
dated as of July 12, 2007, extending the merger agreement
termination date by 90 days, to 5:00 p.m. Houston time on July
4, 2008.

                 Hexion's Lawsuit to Cancel Merger

On June 19, 2008, the TCR reported that Hexion and related
entities filed a suit in the Delaware Court of Chancery to
cancel the agreement.  Hexion said in the suit that it believes
that the capital structure agreed to by Huntsman and Hexion for
the combined company is no longer viable because of Huntsman's
increased net debt and its lower than expected earnings.  

While both companies individually are solvent, Hexion believes
that consummating the merger on the basis of the capital
structure agreed to with Huntsman would render the combined
company insolvent.

                       Comments and Responses

Hexion said that the company and Apollo Management L.P. received
a letter from Peter Huntsman, Huntsman Corporation's president
and CEO, stating that their actions were inconsistent with the
terms of the merger agreement.  

Huntsman is violating its obligations to Huntsman Corp. by
seeking to cancel the transaction, Bloomberg relates according
to Mr. Huntsman.  Mr. Huntsman reportedly stated that the
actions appear to be a blatant attempt to deprive its
shareholders of the benefits of the Merger Agreement that was
agreed to nearly a year ago.

                       Huntsman's Countersuit

Reports say Huntsman has filed a countersuit against Apollo
Management and two of its founders in Texas state court,
alleging interference with its merger with Hexion Specialty
Chemicals, an Apollo company.  Huntsman is seeking a jury trial
in Texas to determine liability for "actual damages exceeding
USD 3 bn," plus exemplary damages," according to Plasteurope
(Germany).

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

                    About Hexion Specialty

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

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

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

                           *     *     *

As reported in the Troubled Company Reporter-Europe on June 20,
2008, Standard & Poor's Ratings Services ratings Huntsman Corp.
(BB-/Watch Neg/--) and Hexion Specialty Chemicals Inc. (B/Watch
Neg/--) remain on CreditWatch with negative implications, where
they were placed on July 5, 2007.

Moody's Investors Service's meanwhile reiterated that the debt
ratings and the corporate family ratings (CFR -- Ba3) for
Huntsman Corporation and Huntsman International LLC, a
subsidiary of Huntsman remain under review for possible
downgrade.


IPS PACKAGING: Appoints Joint Administrators from Vantis
--------------------------------------------------------
G. Mummery and N. H. O'Reilly of Vantis Business Recovery
Services were appointed joint administrators of IPS Packaging
Supplies Ltd. (Company Number 03277025) 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:

         IPS Packaging Supplies Ltd.  
         c/o Vantis Business Recovery Services
         43-45 Butts Green Road  
         Hornchurch
         Essex
         RM11 2JX
         England


IAP WORLDWIDE: Moody's Cuts Probability of Default Rating to D
--------------------------------------------------------------
Moody's Investors Service affirmed the ratings of the senior
secured first and second lien bank credit facilities of IAP
Worldwide Services, Inc.'s at Caa2, LGD2, 20% and Ca, LGD3 40%
respectively.  The company's Corporate Family rating was also
affirmed at Caa3, but the Probability of Default Rating was
lowered to D from Caa3.  

The rating actions follow the recent amendment and restatement
of the company's first and second lien credit facilities as part
of the company's financial restructuring.  Certain features of
the amendment, specifically with respect to the inclusion of an
option to make Payment-In-Kind interest payments are deemed to
constitute a distressed restructuring under Moody's assessment,
and result in the change of the Probability of Default Rating to
D.  All IAP ratings will be subsequently withdrawn.  In that
context, the outlook was changed to stable from negative.

IAP and its lenders amended and restated their existing credit
agreements during June.  The agreements had been in technical
default since the end of the third quarter of 2007.  As part of
the resolution, Cerberus Capital Management, IAP's controlling
shareholder, invested additional equity. Proceeds were used to
repay amounts outstanding under the revolving credit agreement
and to reduce the balance under the first lien term loan.
Significantly, under the terms of the amendment the company will
have an option to settle a portion of its interest on the first
and second lien obligations on a PIK basis.

Moody's considers the granting of an option to the borrower to
partially satisfy its interest payments by increasing the amount
of principal due rather than the previous contractual agreement
to do so wholly in cash to be a distressed restructuring.

Ratings with updated loss given default assessments:

   -- Corporate Family Rating, Caa3;

   -- Probability of Default, D;

   -- US$75 million first lien revolving credit, Caa2 (LGD-2,
      20%);

   -- US$406 million balance on the first lien term loan, Caa2
      (LGD-2, 20%);

   -- US$120 million second lien term loan to Ca (LGD-3, 40%).

Because of Moody's treatment of the amendment as a distressed
restructuring, the ratings will be withdrawn, and do not
represent Moody's views on IAP's obligations under the amended
and restated credit agreements.

The last rating action was on Jan. 30, 2008, at which time the
Corporate Family Rating was lowered to Caa3 from Caa1 and the
outlook was changed to negative upon a conclusion of a ratings
review initiated in October 2007.

IAP Worldwide Services, Inc., headquartered in Cape Canaveral,
FL, is a provider of facilities management, contingency support
and technical services to U.S. Military and government agencies.
Revenues in 2007 were approximately US$967 million.


LUDGATE FUNDING: Fitch Holds Two Low-B Ratings with Neg. Outlook
----------------------------------------------------------------
Fitch Ratings has affirmed all the notes of Ludgate Funding plc
Series 2006-01 FF1 and Ludgate Funding plc Series 2007-01 FF1.

As of the June 2008 interest payment date, Ludgate 06-1 drew on
its reserve fund for the third consecutive IPD.  The RF is now
equivalent to 0.08% of the original note balance, compared to a
target level of 0.40%.  At closing, 94.21% of the pool attracts
a variable rate with a margin over Bank of England base rate,
while another 5.79% attracts a fixed rate.  In contrast, the
notes earn a variable rate of interest, with margins referenced
to three-month LIBOR.  The RF draws in Ludgate 06-1 were
predominantly due to the lack of LIBOR- BBR hedge in the
transaction.  This risk although accounted for in Fitch's
initial analysis, is currently having a larger impact given the
unprecedented widening in the spread between BBR and three-month
LIBOR.

Fitch expects that if the large divergence between LIBOR and BBR
continues and significant losses are realized on sold
possessions in the next two IPDs, the transaction might
completely deplete its reserve fund.  If the reserve fund is
depleted, the Class E notes will have to depend on the liquidity
facility to pay interest.  A significant percentage of fixed-
and discount rate loans will revert to reversionary rates over
the next three IPDs.  As a result of the higher mortgage margin
received, the reserve fund is expected to start replenishing
after the next two IPDs.  Rating affirmations are based on
Fitch's expectation that even if the reserve fund gets depleted,
it is expected to start replenishing immediately afterwards.

The Class S notes retain a Negative Outlook, as they remain
highly exposed to a continued dislocation of BBR and LIBOR,
despite a lower rating.  In addition, the Outlooks for the class
D and E notes retain a Negative Outlook to reflect the size of
the reserve fund draw and the possibility of the reserve fund
depletion in the next two quarter.  Potential rating actions on
these junior notes will be dependent on both the basis risk
position and any deterioration in the performance of the pool in
coming months.

The basis risk of BBR and fixed-rate loans was hedged in the
Ludgate 07-1 transaction.  In addition, Ludgate 07-1 has a
discount margin reserve that partially compensates for the
discounts given to discount rate loans.  The discount margin
reserve at closing was equal to 0.50% of the initial note
balance and fixed amounts from this discount reserve are being
released over the first seven IPDs.  Ludgate 07-1 has been
performing in line with Fitch's expectations.

As of the April 2008 IPD, the pool performance of Ludgate 07-1
remains good, with loans in arrears by more than three months
equal to 1.13% of the current pool balance as of 28 February
2008.  No loans have been possessed and hence there are no
losses

The pool performance of Ludgate 06-1 remains good, with loans in
arrears by more than three months equal to 2.84% of the current
pool balance as of 30 April 2008.  There are currently 12 loans
in possession, equal to 0.92% of the current portfolio balance.  
None of the five possessed properties sold to date resulted in a
loss.

The rating actions are:

Ludgate Funding plc Series 2006-01 FF1:

  -- Class A2a (ISIN XS0274267862): affirmed at 'AAA'; Outlook
     Stable

  -- Class A2b (ISIN XS0274271203): affirmed at 'AAA'; Outlook
     Stable

  -- Class Ba (ISIN XS0274268241): affirmed at 'AA'; Outlook
     Stable

  -- Class Bb (ISIN XS0274271898): affirmed at 'AA'; Outlook
     Stable

  -- Class C (ISIN XS0274272359): affirmed at 'A'; Outlook  
     Stable

  -- Class D (ISIN XS0274272862): affirmed at 'BBB'; Outlook
     Negative

  -- Class E (ISIN XS0274269645): affirmed at 'BB'; Outlook
     Negative

  -- Class S (ISIN XS0274270221): affirmed at 'B'; Outlook
     Negative

  -- MERCs: affirmed at 'AAA'; Outlook Stable

Ludgate Funding plc Series 2007-01 FF1:

  -- Class A1a (ISIN XS0304500431): affirmed at 'AAA'; Outlook
     Stable

  -- Class A1b (ISIN XS0304502130): affirmed at 'AAA'; Outlook
     Stable

  -- Class A1c (ISIN XS0307157486): affirmed at 'AAA'; Outlook
     Stable

  -- Class A2a (ISIN XS0304503534): affirmed at 'AAA'; Outlook
     Stable

  -- Class A2b (ISIN XS0304504003): affirmed at 'AAA'; Outlook
     Stable

  -- Class Ma (ISIN XS0304504698): affirmed at 'AAA'; Outlook
     Stable

  -- Class Mb (ISIN XS0304505232): affirmed at 'AAA'; Outlook
     Stable

  -- Class Bb (ISIN XS0304508681): affirmed at 'AA'; Outlook
     Stable

  -- Class Cb (ISIN XS0304509739): affirmed at 'A'; Outlook
     Stable

  -- Class Da (ISIN XS0304510158): affirmed at 'BBB'; Outlook
     Stable

  -- Class Db (ISIN XS0304512105): affirmed at 'BBB'; Outlook
     Stable

  -- Class E (ISIN XS0304515546): affirmed at 'BB'; Outlook
     Stable

  -- Class S (ISIN XS0304519704): affirmed at 'BB-'; Outlook
     Stable

Rating Outlooks for European Structured Finance tranches provide
forward-looking information to the market.  An Outlook indicates
the likely direction of any rating change over a one- to two-
year period.


NATIONAL BANK: Fitch Holds 'BB+' Long-Term Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed National Bank of Egypt UK's ratings
at Long-term Issuer Default 'BB+', Short-term IDR 'B',
Individual 'C/D' and Support '3'.  The Outlook is Positive.

The Long-and Short-term IDRs of NBE UK reflect Fitch's view of
the moderate probability of support that would flow to the bank,
ultimately from the Egyptian authorities, via its 100% owner,
National Bank of Egypt (NBE, 'BB+'/Positive/'B').  They are
aligned with those of NBE and the Egyptian sovereign
('BB+'/Positive/'B').  The Positive Outlook on NBE UK reflects
that of the Egyptian sovereign.  This is based on NBE UK's
strategic and reputational importance to NBE and the Egyptian
authorities.  NBE UK's Individual rating reflects the bank's
moderate, though improving, profitability and concentrations on
both sides of the balance sheet.  However, it also recognizes
its strong balance sheet liquidity, good asset quality and
adequate capitalization.

Upside potential for NBE UK's IDRs and Individual rating could
arise from a stronger core franchise, greater scale and further
improvements in profitability.  Downside risk could arise from
deterioration in asset quality or a rise in concentrations.

NBE UK is a wholly owned subsidiary of National Bank of Egypt
('BB+'/Outlook Positive), the largest state-owned bank in Egypt.  
The bank is incorporated in the UK and supervised by the
Financial Services Authority.  NBE UK's activities include
money-market dealing, debt securities, international
syndications, commercial lending and trade finance.


NORTHERN ROCK: Dividend Non Payment Cues Fitch's Rating Actions
---------------------------------------------------------------
Fitch Ratings has withdrawn the ratings of Northern Rock's
GBP400 million preference shares and those of Saphir Finance
plc's perpetual securities secured on the preference shares.  
NR's preference shares and Saphir Finance plc's perpetual
securities were rated Long-term 'C'.  Fitch has also affirmed
the 'BB-' ratings of NR's other hybrid Tier 1 and Upper Tier 2
issues and removed the Rating Watch Evolving, where they were
originally placed on 19 February 2008.

The rating action follows NR's announcement that it will not
declare or pay a dividend on its non-cumulative callable
preference shares, which are owned by the Treasury Solicitor as
the nominee of H.M. Treasury.  As Saphir Finance plc no longer
owns the preference shares, it is unable to pay a dividend on
the perpetual securities secured on the preference shares.  The
withdrawal of the ratings reflects the lack of visibility
regarding the likely compensation for the holders of Saphir
Finance plc's perpetual securities and the public ownership of
NR's preference shares.

The removal of the RWE on the other hybrid securities reflects
NR's announcement that the non-payment of a dividend on the
preference shares will not trigger the dividend stopper on
parity securities, and this removes one element of the risk on
those parity securities.  NR retains discretion over whether to
pay coupons or interest on the other hybrid securities in the
event of non-compliance with capital regulations.  In view of
this continuing uncertainty and the risks emanating from NR's
restructuring, the Long-term rating of 'BB-' on these securities
is affirmed.

NR's issuer ratings are:
  -- Long-term Issuer Default: 'A-'; on Rating Watch Positive
  -- Short-term IDR: 'F1+'
  -- Individual rating: 'F'
  -- Support rating: '1'
  -- Support Rating Floor: 'A-'; on Rating Watch Positive


ONE STOP: Claims Filing Period Ends August 8
--------------------------------------------
Creditors of One Stop Window Centre (UK) Ltd. have until Aug. 8,
2008 to send in their full names, their addresses and
descriptions, full particulars of their debts or claims and the
names and addresses of their solicitors (if any), to:

         Robert Leonard Harry Knight
         Joint Liquidator
         Vantis Business Recovery Services
         Judd House
         16 East Street
         Tonbridge
         TN9 1HG
         England

Robert Leonard Harry Knight and Mark Newman of Vantis Business
Recovery Services were appointed joint liquidators of the
company by the members and creditors on June 24, 2008.


PANALOC LTD: Creditors' Meeting Slated for July 16
--------------------------------------------------
Creditors of Panaloc Ltd. will meet at 10:00 a.m. on July 16,
2008, at:

        Freemasons Hall  
        36 Bridge Street
        Manchester  
        M3 3BT
        England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on July 15, 2008, to:

         P. N. Dumbell  
         Joint Administrator
         KPMG Restructuring
         St. James Square
         Manchester  
         M2 6DS  
         England

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.  


POLYWARM PRODUCTS: Taps Liquidators from Baker Tilly
----------------------------------------------------
Lindsey Cooper and Adrian Allen of Baker Tilly Restructuring and
Recovery LLP were appointed joint liquidators of Polywarm
Products Ltd. on June 5 for the creditors' voluntary winding-up  
proceeding.

The joint liquidators can be reached at:

         Baker Tilly Restructuring and Recovery LLP
         Brazennose House
         Lincoln Square
         Manchester
         M2 5BL
         England


RYDERS AUTOSERVICE: Appoints Joint Administrators from BDO Stoy
---------------------------------------------------------------
Dermot Justin Power and Matthew Dunham of BDO Stoy Hayward LLP
were appointed joint administrators of Ryers Autoservice
International Ltd. (Company Number 01462110) 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:

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


SCS UPHOLSTERY: Sells A Share & Sons to Parlour Product Holding
---------------------------------------------------------------
KPMG Restructuring partners Mark Firmin and Richard Fleming, on
July 3, 2008, were appointed joint administrators of the listed
holding company ScS Upholstery Plc, and shortly afterwards sold
the entire share capital of its sole trading subsidiary, A Share
& Sons Ltd. (trading as ScS), to Parlour Product Holding
Limited, an affiliate of Sun European Partners LLP, for an
undisclosed sum.

Joint Administrator Mark Firmin said:  "I am delighted that we
have been able to complete a transaction that will enable the
trading business to carry on as normal.  This is very good news
for the 1,300 employees, customers and suppliers."

The sale comes just over a week after the trading in ScS
Upholstery Plc shares was suspended on the London Stock
Exchange.  The listing of its shares will now be canceled.

Mark Firmin said: "Efforts by the board and its advisors to find
a solvent solution for the holding company did not come to
fruition and the sale of the shares of the trading company
represents the next best solution; however, it is unlikely that
there will be sufficient monies to enable any distribution to
the shareholders of SCS Upholstery Plc."

A Share & Sons Ltd. trades as ScS from 96 stores throughout the
UK, which are not affected by the share sale.  It will be
business as usual for employees, customers and suppliers.

Headquartered in Sunderland, England, ScS Upholstery PLC --
http://www.scs.co.uk/-- sells fabric and leather upholstered   
furniture from its retail stores, which trade under the ScS
brand name.  The Company operates stores throughout the United
Kingdom.


SO:LEISURE LTD: Liabilities Prompt Liquidation
----------------------------------------------
So:Leisure Ltd. has gone into liquidation almost three months
after it closed its So:Luxe bar in Brayford Wharf North,
Lincolnshire Echo reports.

Lincolnshire Echo relates So:Luxe closed in April after it
failed to make any profit "for the best part of a year."  The
company is experiencing liability problems.

According a company representative, the bar, Lincolnshire Echo
discloses, had been sold.

Based in Woodhall Spa, England, So:Leisure Ltd. was founded in
2005 by the Cavalier Jones family.


STAFF FINDERS: Creditors' Meeting Slated for July 21
----------------------------------------------------
Creditors of Staff Finders UK Ltd. (Company Number 03304434)
will meet at 10:30 a.m. on July 21, 2008, at:

         Campanile Hotel
         Beverley Road
         Freetown Way
         Hull  
         HU2 9AN
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on July 18, 2008, to:

         M. C. Bowker
         Joint Administrator
         Tenon Recovery
         Insolvency Practitioners
         Lowgate House
         Lowgate
         Hull
         HU1 1EL
         England

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


STEINWAY MUSICAL: Amends Recovery Ratings on Unsecured Debt
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its issue-level
ratings and revised its recovery ratings on Steinway Musical
Instruments Inc.'s (B+/Stable/--) senior unsecured debt.

S&P have raised the issue-level rating on the 7% notes due 2014
to 'B+' (the same as the corporate credit rating on Steinway),
from 'B'.  They have revised the recovery rating on this debt to
'4', indicating that lenders can expect average (30%-50%)
recovery in the event of payment default, from '5'.

"The raised rating is based on our inclusion of the company's
assets in Steinway's recovery analysis under a discrete asset
valuation method," said Standard & Poor's credit analyst Patrick
Jeffrey.  "While we believe Steinway would be reorganized in the
event of a bankruptcy filing, we have valued the company's
assets on a discrete basis as we believe this methodology best
captures the overall value of the company."

The ratings on Waltham, Mass.-based Steinway Musical Instruments
Inc. are based on the company's high leverage, narrow product
offering, and the discretionary nature of spending on musical
instruments.  These factors are somewhat mitigated by Steinway's
well-established market position in both the concert hall and
institutional markets for musical instruments; its widely
recognized brand names, including Steinway & Sons, Bach, and
Selmer; and its geographic diversification.

                           Ratings List

Steinway Musical Instruments Inc.

                                To          From
                                --          ----
Corporate Credit Rating         B+/Stable/--
Senior Unsecured                B+          B
Recovery Rating                 4           5


               About Steinway Musical Instruments

Steinway Musical Instruments, Inc. --
http://www.steinwaymusical.com/-- (NYSE: LVB), through its   
Steinway and Conn-Selmer divisions, manufactures musical
instruments.  Its notable products include Bach Stradivarius
trumpets, Selmer Paris saxophones, C.G. Conn French horns,
Leblanc clarinets, King trombones, Ludwig snare drums and
Steinway & Sons pianos.  The company employs a workforce of over
2,300 and operates 14 manufacturing facilities in the United
States and Europe.


SURREY ELECTRICAL: Claims Filing Period Ends August 26
------------------------------------------------------
Creditors of Surrey Electrical Contracts Ltd. have until Aug.  
26, 2008, to detail their names and addresses (and solicitors if
applicable) together with particulars of their debts or claims,
in writing, or in person, to:

         Duncan R. Beat
         Liquidator
         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England

Duncan R. Beat of Tenon Recovery was appointed liquidator of the
company on June 24, 2008, for the creditors' voluntary winding-
up procedure.


TEX UK: Appoints Liquidators from Baker Tilly
---------------------------------------------
Philip Edward Pierce and Adrian David Allen of Baker Tilly
Restructuring and Recovery LLP were appointed joint liquidators
of Tex UK Ltd. on June 3 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Baker Tilly Restructuring and Recovery LLP
         2 Whitehall Quay
         Leeds
         LS1 4HG
         England


VICTORIA PUB: Peter Hollis Leads Liquidation Procedure
------------------------------------------------------
Peter Hollis of Vantis was appointed liquidator of The Victoria
Pub Co. Ltd. (formerly Vision Draw Ltd.) June 25 on for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

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


WESTCHURCH ASSOCIATES: Taps Smith & Williamson as Administrators
----------------------------------------------------------------
James Money and Stephen Cork and Henry Shinners of Smith &
Williamson Ltd. were appointed joint administrators of
Westchurch Associates Ltd. (Company Number 022779087) on June
23, 2008.

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

The company can be reached at:

         Westchurch Associates Ltd.
         5th Floor
         17 Hanover Square
         London
         W1S 1HU
         England


WINDOWORLD LTD: Taps Liquidators from Vantis Business Recovery
--------------------------------------------------------------
Glyn Mummery and Darren Wilson of Vantis Business Recovery
Services were appointed joint liquidators of Windoworld Ltd. on
June 24 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


WINSHILL SCAFFOLDING: Brings In Tenon Recovery as Administrators
----------------------------------------------------------------
Christopher Benjamin Barrett and Jeremy Woodside of Tenon
Recovery were appointed joint administrators of Winshill
Scaffolding Services Ltd. (Company Number 05462167) on June 27,
2008.

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

The company can be reached at:

         Winshill Scaffolding Services Ltd.
         c/o Tenon Recovery  
         Clive House
         Clive Street
         Bolton  
         BL1 1ET
         England


* Moody's Sees Neg Outlook for Airlines Due to High Fuel Prices
---------------------------------------------------------------
The outlook for the airlines sector is negative, due primarily
to high fuel costs and weakening consumer demand, says Moody's
Investors Service.  While the rise in the cost of oil is
directly affecting the financial health of all airlines in the
world, it is exerting disproportionately greater downward
pressure on the operations and financial performance of US-based
carriers.

"The weakening economic trend in the US including rising
unemployment, growth in personal debt and the stagnation of real
wages is likely to add additional stress to the airline industry
over the coming months," George Godlin, Moody's VP and senior
analyst, said.  "This will occur through reduction in travel
spending by business and leisure travelers, and upward pressures
on all costs if inflationary trends continue."

Although airlines have taken various actions to improve revenue
and costs, these actions are unlikely to preclude large losses
in the industry, says Moody's.  Revenue initiatives include the
unbundling of fees for checked baggage, charging for on-board
food and entertainment services and fee-based access to
telephonic reservations systems.  Initiatives to contain costs
include efforts to reduce fuel burn, lower airport operating
costs and streamline overhead.

Capacity reductions, in addition to having the potential to
lower costs, may facilitate some pricing opportunities if
sufficient capacity is taken out of the system by all airlines,
says Moody's.  

An attendant benefit to capacity reductions is the potential to
furlough employees and exit facility and equipment rentals.

Some airlines plan to reduce their capacity by retiring older,
less fuel efficient aircraft in their fleets.  Airlines that had
aircraft deliveries scheduled during 2008-2009 have deferred
deliveries and aerospace manufacturers like Boeing and Airbus
have been willing to accommodate the deferrals.

Consolidation may offer possible solutions to some of the
challenges that airlines face, including route consolidation and
liquidity management, says Mr. Godlin.  "However, airline
mergers have historically not been easy to execute, and the
expected benefits are often delayed or never realized."

In the current environment, mergers of airlines are not expected
to reduce risk and may in fact increase risk to the extent the
execution of a merger diverts attention away from the core
airline operations.  Consequently, Moody's believes the
complexities of executing a merger in the current environment,
combined with the risks of merging with a partner that may in
fact be financially weaker, reduces the likelihood of
significant additional airline merger announcements during 2008.

Near-term liquidity is a supporting factor for most airlines
holding large cash balances, notes the analyst.  "Yet the large
cash operating losses being incurred by many carriers could
rapidly erode this liquidity," says Mr. Godlin.  The industry's
performance during the seasonally weak fall and winter months
will be critical in assessing whether airlines are burning cash
at a faster or slower rate, and whether cash resources are being
preserved at adequate levels to sustain operations into 2009.

Several smaller airlines have already filed for bankruptcy
protection or have completely ceased operations this year, says
Moody's.  Unless the other airlines are able to fully recover
fuel costs in ticket prices, additional bankruptcies are likely
and could involve larger carriers.


* S&P Peeks at How Passenger Airlines Cope with Fuel Cost Hike
--------------------------------------------------------------
Standard & Poor's Ratings Services takes a look at how passenger
airlines are coping with soaring fuel costs in a report
published on RatingsDirect.
     
"Passenger airlines have probably been hurt more significantly
by high energy prices than any other sector, with several
factors coming into play," said Standard & Poor's credit analyst
Philip Baggaley.  

First, fuel represented a major operating expense for airlines
(20%-30% of operating expenses) even before oil prices began
their sharp increase over the past year.  Now that proportion is
over 40% for many airlines, having surpassed labor as the
largest single cost item.  Second, the cost of jet fuel is
a function not only of oil prices, but also of the added cost
(known as the "crack spread") to refine oil into aviation
kerosene.  That added cost has surged from historical levels of
US$5-US$10 per barrel to around US$30 recently.
   
The article notes that a third problem for passenger airlines is
that they have few or no contractual fuel surcharge mechanisms,
as do freight transportation companies.  Although airlines often
add a charge to ticket prices (especially on international
routes) that they describe as a fuel surcharge, there is no
automatic contractual provision to do so.  Rather, these fuel
surcharges are just another way of raising fares, and are thus
subject to the same competitive pricing dynamics as other fare
increases.
   
Although these fundamentals are common to all passenger
airlines, how they respond and the extent of the financial
damage that high fuel prices cause varies from case to case.  
The commentary, "How Two Airlines Are Trying To Offset The Drag
Of Ever-Rising Fuel Costs," examines the strategies that two
major airlines\- Delta Air Lines Inc. (B/Watch Neg/--) and
British Airways PLC (BBB-/Negative/--)\ - are following to
mitigate higher fuel prices.  The strategies include hedging,
seeking to raise fares, and pursuing reductions in non-fuel
costs.  British Airways has an advantage in that most of its
revenues are generated in currencies that have strengthened
against the dollar, such as the sterling and the euro, helping
to offset the higher cost of fuel (which is priced in dollars).


* Fitch: UK Economy Among Most Exposed to Credit Crunch Impact
--------------------------------------------------------------
Fitch Ratings, in its latest quarterly Global Economic Outlook
Special Report, said the UK economy was among the most exposed
of the advanced industrialized economies to the impact of the
global credit crunch and a likely US recession.

"Despite the rise in inflation we expect the next move in UK
interest rates to be downwards as the economy slows sharply,"
said Brian Coulton, Managing Director in the Sovereign Group.  
"Tighter credit conditions, slower consumer spending and weaker
external demand will reduce UK GDP growth to 1.1% next year,
easily the weakest since 1992.  The credit crunch appears to be
biting into the supply of household lending and house price
declines of at least 15% from their peaks seem likely."

The report notes Fitch remains pessimistic on the economic
outlook for the major advanced economies despite the fact that
GDP growth has held up better than expected so far this year.  
The agency's GDP growth forecasts for 2009 have been revised
downwards while inflation, unemployment and interest rate
projections have been revised upwards since the last GEO report
in April.

A 40% rise in oil prices since the April GEO is having the
combined effect of reducing real incomes in oil-consuming
advanced economies and limiting the scope for monetary policy
easing to offset the impact of market-driven credit tightening
on economic activity.  At US$140 per barrel it is becoming clear
that high oil prices - for a long time a factor that the world
economy seemed to be able to shrug off - are having a palpable
negative effect on demand prospects, not least through their
impact on consumer confidence.

The US economy looks to have avoided recession in H108 but Fitch
still sees this as a likely prospect in 2008.  The substantial
negative forces weighing on consumer spending have become more
pronounced in the last three months and, with the labor market
weak, Fitch expects consumer retrenchment to take over from the
housing market as the main drag on growth in the next 18 months.  
Fiscal policy easing and relatively robust exports - reflecting
emerging market demand and the weaker dollar - will mean the
downturn is less severe than the early 1990s but Fitch is
expecting sub-trend growth to be prolonged into 2010.

The euro area has shown more resilience as the German economy
has continued to surprise on the upside with an ongoing domestic
investment expansion and strong export demand from emerging
markets.  But headwinds are blowing strongly elsewhere in the
currency bloc, with both Spain and Italy having slowed sharply
and the French economy starting to exhibit all the signs of a
housing- and consumer-led slowdown.  The French economy holds
the balance to broader euro area prospects.

Inflation has re-surfaced and is currently running at 16-year
highs in both the euro area and the UK and is likely to breach
similar territory in the US in coming months as it heads above
5%.  Central banks are becoming increasingly vocal about the
risk of 'second-round' effects from high headline rates becoming
embedded in ongoing inflationary pressures.  The European
Central Bank has most to be concerned about as euro area growth
prospects have been less adversely affected by tighter credit
conditions and wage inflation has clearly been rising.  But the
forthcoming broader slowdown in the context of improved supply-
side potential in Germany means the ECB will remain on hold
after the latest 25bps increase.  The Fed has also become
increasingly vocal about inflation of late but the likely
recession will squeeze core inflation, meaning the Fed is
unlikely to start raising rates until early next year.


* Firms to Face Difficulties in Accessing Credit, Deloitte Says
---------------------------------------------------------------
Commenting on the publication of the Bank of England's second
quarter "Credit Conditions" report, Debbie Young, reorganization
services partner at Deloitte, said: "The latest survey shows
that the credit squeeze is intensifying, with both the demand
and availability of credit falling in the second quarter of
2008.  The corporate sector is coming under increased pressure,
as evidenced by rising corporate loan defaults.  The banks are
predicting defaults will continue to rise next quarter: a cruel
summer indeed.  As a result, an increase in the demand for
finance for balance sheet restructuring is expected; a tough
challenge given the scarcity and expense of credit.

"Since the credit crunch took effect, we have seen the
difficulties initially felt in financial services spread into
real estate and some areas of retail.  So far, the more serious
problems are contained to these sectors but businesses across
the board will be reassessing their credit lines given the
economic climate.  Companies should be looking to preserve the
relationships they have with their existing lenders, ensuring
they have an open and honest dialog, until the squeeze eases.  
Larger shareholders also become more important in times of poor
liquidity, evidenced by rights issues in the construction
industry.  There will still be banks with appetite to lend to
the right business, but this will be decided on a case by case
basis.  Where there are signs of distress, businesses will find
accessing credit much more difficult; a harsh reality in an
unforgiving economic climate."


* Chambers Listing Admits 136 Greenberg Lawyers in 2008 Edition
---------------------------------------------------------------
Chambers & Partners USA Guide, an annual listing of the leading
business lawyers and law firms in the world published in the
U.K., lists 136 Greenberg Traurig LLP lawyers in its 2008
edition.  The number of Greenberg Traurig lawyers listed in this
edition increased by more than 20% from the previous year.

Tampa shareholder Peter W. Zinober, a member of the firm's labor
and employment practice, was among the three Greenberg Traurig
lawyers recognized as Star performers.  

The ranking, the highest awarded by Chambers & Partners and
given only to lawyers with exceptional recommendations in their
field according to the publication, was also given to Florida
shareholders Gary M. Epstein, chair of the firm's corporate and
securities practice, and Patricia Menendez-Cambo, chair of the
firm's global practice.

In addition to Mr. Zinober, these Tampa lawyers, were
individually recognized by the publication: David B. Weinstein,
managing shareholder of the Tampa office and a member of the
firm's environmental and litigation practices; Robert A.
Soriano, a shareholder in the firm's business reorganization and
bankruptcy practice, and Richard C. McCrea, Jr. and Scott T.
Silverman, shareholders in the firm's labor and employment
practice.  The office has grown by 18 lawyers since its founding
in August 2006.

"We particularly value this recognition because it is based on
input from clients and peers who have a choice when selecting
providers of legal services, both here in Tampa and throughout
the United States," Mr. Weinstein said.

In Florida firm practices ranked under Band 1, the highest
possible, were: Bankruptcy and Restructuring, Corporate and M&A,
Environment, Immigration, Labor & Employment, Litigation:
General Commercial, Litigation: White-Collar Crime & Government
Investigations, Real Estate, Real Estate: Zoning and Land Use,
and Tax.

Additionally, Greenberg Traurig chief cxecutive officer Cesar L.
Alvarez was presented with a Lifetime Achievement Award at the
Chambers USA Awards for Excellence ceremony in New York City.  
Additionally, the firm's Florida Corporate and M&A: Latin
American Investment practice was the only such practice in the
state ranked under the directory's Band 1.

Chambers & Partners USA Guide selects lawyers for inclusion
based on thousands of interviews with practicing lawyers and
with clients around the world.  Firmwide, individual lawyers
received a No. 1 ranking in Bankruptcy and Restructuring;
Construction; Corporate and M&A Immigration; Labor & Employment;
Litigation: Appellate; Litigation: General Commercial;
Litigation: White-Collar Crime & Government Investigations;
Media & Entertainment: Music; Real Estate; Real Estate: Zoning
and Land Use; Tax; and Tax: Employee Benefits.

In addition to the individual rankings, Chambers & Partners
ranked 54 of the firm's areas of practice by geographic region.

                    About Greenberg Traurig

Headquartered in Miami, Florida, Greenberg Traurig LLP --
http://www.gtlaw.com/-- is an international, full-service law   
firm with more than 1,750 lawyers and governmental affairs
professionals in the United States, Europe and Asia.  

Greenberg Traurig serves clients from offices in: Albany, New
York; Amsterdam, The Netherlands; Atlanta, Georgia; Boca Raton,
Florida; Boston, Massachusetts; Chicago, Illinois; Dallas,
Texas; Denver, Colorado; Fort Lauderdale, Florida; Houston,
Texas; Las Vegas, Nevada; Los Angeles, California; Miami,
Florida; Morristown, New Jersey; New York City; Orange County,
California; Orlando, Florida; Philadelphia, Pennsylvania;
Phoenix, Arizona; Sacramento, California; Silicon Valley,
California; Tallahassee, FL; Tampa Bay, Florida; Tokyo, Japan;
Tysons Corner, Virginia; Washington, D.C.; West Palm Beach,
Florida; Wilmington, Delaware; and Zurich, Switzerland.  
Additionally, the firm has strategic alliances with these
independent law firms: Olswang, London and Brussels; Studio
Santa Maria, Milan and Rome; and Hayabusa Kokusai Law Offices in
Tokyo.


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

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


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


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


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

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


GERMANY
-------
Alno AG                   ANO        (21)         340      (61)
Babcock Borsig            BBX      (1608)         137   (1,309)
CBB Holding AG            COB        (43)         905      N.A.
Cinemaxx AG               MXC        (38)         178      (32)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG       (10)         111      N.A.
Kabel Deutschland                 (1,199)       2,280     (306)
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F      (13)         190      (68)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRC         (5)         662      (47)
Schaltbau Hold            SLT         (3)         240       14
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
TA Triumph-Adler          TWN        (72)         462      (53)

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

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

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

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


ITALY
-----
A.S. Roma S.p.A.          ASR        (12)         188      (49)
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Gruppo Coin S.p.A.        GC        (154)         801      (50)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
I Viaggi del
   Ventaglio S.p.A.       VVE        (64)         529      (88)
Lazio S.p.A.              SSL        (32)         254      (33)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Snia S.p.A.               SN         (12)         447       21
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


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


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


POLAND
------
Vista Altan               VAFK       (15)          174      (4)


ROMANIA
-------
Oltchim RM Valce          OLT         (7)         673     (417)
Rafo Onesti               RAF       (430)         353   (1,510)


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


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


SWITZERLAND
-----------
Fortune Management                   (85)         348      (37)


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


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


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

  
                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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