TCREUR_Public/080709.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, July 9, 2008, Vol. 9, No. 135

                            Headlines


F R A N C E

DELPHI CORP: Inks Pact Resolving JPMorgan's US$1.8 Million Claim


G E R M A N Y

ABACENT PERSONALSERVICE: Claims Registration Period Ends July 21
AUSTRIA-NATURSCHLAF GMBH: Claims Registration Ends July 23
AUTOHAUS AM STADTPARK: Claims Registration Period Ends July 23
BETZ EINRICHTUNGS: Claims Registration Period Ends July 20
CA-KO VERWALTUNGS: Claims Registration Period Ends July 20

FRESENIUS MEDICAL: Fitch Affirms BB Issuer Default Rating
FRESENIUS SE: APP Pharmaceuticals Deal Cues Fitch's Neg. Outlook
FREUND HEIZUNGS: Claims Registration Period Ends July 23
HEINRICH BRANDHOFF: Claims Registration Period Ends July 20
IKB DEUTSCHE: Three Bidders Still in Hunt for KfW's Stake

IM-PRESS PROMOTIONS: Creditors' Meeting Slated for August 12
KABEL DEUTSCHLAND: Fitch Affirms 'BB-' IDR with Stable Outlook
MUSIC FOR MASSES: Claims Registration Period Ends July 21
P. + V. PROJEKTENTWICKLUNGS: Claims Registration Ends July 21
PHARMACURO DEUTSCHLAND: Claims Registration Period Ends July 21

PM-IMMOBILIENCONSULTING: Claims Registration Period Ends July 21
PROTEC PROCESS: Claims Registration Period Ends July 20
PROTEK BAUTRAGER: Claims Registration Period Ends July 30
S-CORE 2008-1: Moody's Rates Classes E & F Notes at Low-B
SEGMENT GMBH: Creditors Meeting Slated for July 22

TREND AUTOMOBILE: Claims Registration Period Ends July 23
Z-REISEN GMBH: Claims Registration Period Ends July 21
* Fitch Says New RMBS Regulations Deemed to Lead Longer Workout


I T A L Y

ALITALIA SPA: May Avert Bankruptcy if Sale Pushes Through


K A Z A K H S T A N

ASKOM-KOHAN LLP: Creditors' Claims Due on Aug. 13
COMTEK STROY: Claims Deadline Slated for Aug. 15
DRAGON MOTOR: Claims Registration Ends Aug. 13
INVENT COM: Claims Deadline Slated for Aug. 15
KONSTANTINOPOL SEB: Claims Filing Period Ends Aug. 13

TRANS STROY: Creditors Must File Claims by Aug. 15
VOLAND & K: Creditors Must File Claims by Aug. 13
K Y R G Y Z S T A N
JALALABAT ARAK: Proofs of Claim Filing Period Ends August 22
KYRGYZ DIPLOMATIC: Creditors Must File Proofs of Claim by Aug. 8

VIMPEL-COMMUNICATIONS: Hikes Stake in Kazakh Unit to 75%


N E T H E R L A N D S

FRESENIUS FINANCE: Fitch Affirms BB Unsecured Sr. Debt Rating


R U S S I A

ASEKEEVSKAYA: Creditors Must File Claims by August 17
COMSTAR-UNITED: Acquires Ural Telephone for RUR1.015 Billion
INVESTMENT TRADE: Moody's Changes B2 Rating Outlook to Positive
MAG-CHER-MET: Creditors Must File Claims by August 7
MOTOR TRANSPORT 3: Creditors Must File Claims by August 7

PRESTIGE-R LLC: Court Starts Bankruptcy Supervision Procedure
RUBIN-T CJSC: Creditors Must File Claims by August 17
SAMSONOVSKOE CJSC: Creditors Must File Claims by August 7
SEVERSTAL OAO: Completes US$140-Million WCI Steel Takeover
SEVERSTAL OAO: WCI to Redeem Notes Following Takeover Completion

STEEL-CONSTRUCTION: Court Names A. Kovylev as Insolvency Manager
VIMPEL-COMMUNICATIONS: Hikes Stake in Kazakh Unit to 75%
VOLGATELECOM OJSC: Igor Volfson Sits as Mordovia Unit Director
* Moody's Assigns Ba2 Currency Ratings to Omsk Oblast


S P A I N

REAL SOCIEDAD: Files for Administration to Remain Afloat
* Fitch Says Most Investment-Grade Spanish RMBS Can Bear Stress
* Spanish Bankruptcies More than Double in First Half 2008


S W I T Z E R L A N D

911-MEDIA LLC: Creditors Must File Proofs of Claim by July 18
ALLUMO JSC: Creditors Have Until July 17 to File Proofs of Claim
ANSELMI GASTRO: Proofs of Claim Filing Deadline is July 18
AURELIUS CONSOLIDATED: Creditors' Proofs of Claim Due by July 17
GEISER INFORMATIK: Deadline to File Proofs of Claim Set July 17

GLANZ UND GLORIA: Proofs of Claim Filing Period Ends July 18
MARINE OIL: July 18 Set as Deadline to File Proofs of Claim
MODAN INFORMATIK: Creditors' Proofs of Claim Due by July 18
SILKROAD CAPITAL: Proofs of Claim Filing Deadline is July 18
TRANSLIFT SCHWEI: Luzern-Land Court Opens Bankruptcy Proceedings


U K R A I N E

BANK KHRESCHATYK: Fitch Holds B- Long-Term Issuer Default Rating
BIARS LLC: Creditors Must File Claims by July 18
GOSPODAR LLC: Creditors Must File Claims by July 18
MANAGEMENT OF COMPLEX: Creditors Must File Claims by July 18
NESKERMAN LLC: Creditors Must File Claims by July 18

RASHEL LLC: Creditors Must File Claims by July 18
REKSONKIT LLC: Creditors Must File Claims by July 18
SHABELNIKI LLC: Creditors Must File Claims by July 18
SPHERE V: Creditors Must File Claims by July 18
UTAH-JAZZ LLC: Creditors Must File Claims by July 18

VITALIS LLC: Creditors Must File Claims by July 18


U N I T E D   K I N G D O M

AASCENT FINANCE: Administrators Ask CPF to Manage Loan Book  
BNP PARIBAS: Moody's May Lower Ba1 Rating After Review
CHEYNE ABS: S&P Rates Class C Notes at B- with Neg. Watch
CHEMTURA CORP: Opts to Remain Stand-Alone, Abandons Sale Talks
CHEMTURA CORP: S&P Keeps Watch on BB Ratings on Aborted Sale

CITY LOFTS: Brings In Ernst & Young as Administrators    
EMI GROUP: Names Elio Leoni-Sceti Music Unit CEO
FERRYWAYS LTD: Claims Filing Period Ends July 30
INCHGREEN LTD: David Elliott Leads Liquidation Procedure
JAPANZ INTERNATIONAL: Claims Filing Period Ends September 17

MARKS & SPENCER: Poor Sales Prompt Closure of Taiwan Stores
REFCO INC: Administrators to Make Distributions to Creditors
REFCO INC: Ex-CEO Bennett Gets 16-Year Prison Term for Fraud
REFCO INC: RCM Administrator Gets US$1,000,000 Bonus Payment
STAIRWELL LTD: Claims Filing Period Ends September 26

WHITEHALL BUILDING: Brings In Liquidators from Vantis


                            *********


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


DELPHI CORP: Inks Pact Resolving JPMorgan's US$1.8 Million Claim
----------------------------------------------------------------
Delphi Corp. and its debtor-affiliates, JP Morgan Chase Bank,
N.A. and Brazeway, Inc., have reached a stipulation resolving
their issues with respect to some claims.

On Jan. 6, 2006, JPMorgan, as assignee of Brazeway, filed
Claim No. 14052, asserting an unsecured non-priority claim for
US$1,308,594, and an unsecured priority reclamation claim for
US$572,708.

The Debtors sought, inter alia, to reduce the amount of the
Priority Reclamation Claim from US$572,708 to US$101,906, with
the difference added to the amount of the Unsecured Claim.

On Oct. 26, 2007, the Court ordered the reduction of the
Reclamation Claim.  JPMorgan and Brazeway asked the Court to
reconsider its order reducing the Reclamation Claim.

In connection with their Joint Plan of Reorganization, the
Debtors served notice of their intent:

  (1) to assume Brazeway Purchase Order No. D0550061360 and pay
      the cure amount of US$963,013,

  (2) to assume Brazeway Purchase Order No. D0550028808 and pay
      the cure amount of US$155,373, and

  (3) to assume Brazeway Purchase Order No. D0550028990 and pay
      the cure amount of US$716,761, for total cure payments of
      US$1,835,146.

JPMorgan and Brazeway received one cure election notice for
Purchase Orders Nos. D0550028808 and D0550028990 for a total of
US$872,133.82, and responded to the election notice that they
agreed with the cure amount and elected to receive the cure
amount in cash upon the Debtors' emergence from Chapter 11.  
They received a second cure election notice for Purchase Order
D0550061360, with a cure amount of US$963,013 to be paid in cash
upon the Debtors' emergence from Chapter 11, to which they did
not object.

On March 19, 2008, the Court entered an order modifying certain
claims to implement cure payments identified in the Debtors'
Claims Objection, in which, inter alia, the amount of the Agreed
Cure Claim was stated to be US$974,040, and the amount of the
Unsecured Claim was reduced to US$907,263.

The amount of the Agreed Cure Claim exceeds the amount of the
March 19 Cure Claim.

The parties acknowledge and agree that the March 19 Order should
be amended as to Claim # 14052.  They agree that, with respect
to the claims, the final amounts are:

   Claim No./Type         Original Claim        Final Amount
   --------------         --------------        ------------
   14052/Cure Claim           US$974,039        US$1,835,146

   14052/Unsecured Claim        907,262               46,155
   Reclamation Claim

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,
represent 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)


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


ABACENT PERSONALSERVICE: Claims Registration Period Ends July 21
----------------------------------------------------------------
Creditors of abacent personalservice Koblenz GmbH have until
July 21, 2008, to register their claims with court-appointed
insolvency manager Jens Lieser.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 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 Koblenz
         Hall 123
         Main Court
         Karmeliterstrasse 14
         56068 Koblenz
         Germany

The Court will verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Sept. 12, 2008, at the same
venue, while creditors may constitute a creditors' committee or
opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Jens Lieser
         Josef-Goerres-Platz 5
         56068 Koblenz
         Germany
         Tel: 0261/304-790
         Fax: 0261/911-4729
         E-mail: info@lieser-rechtsanwaelte.de
         Web site: http://www.lieser-rechtsanwaelte.de  

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

The Debtor can be reached at:

         abacent personalservice Koblenz GmbH
         Carl-Zeiss-Strasse 10
         56070 Koblenz
         Germany


AUSTRIA-NATURSCHLAF GMBH: Claims Registration Ends July 23
----------------------------------------------------------
Creditors of AUSTRIA-NATURSCHLAF GmbH have until July 23, 2008,
to register their claims with court-appointed insolvency manager
Andreas Stratenwerth.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Aug. 13, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Andreas Stratenwerth
         Lemgoer Str. 4
         33604 Bielefeld
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against AUSTRIA-NATURSCHLAF GmbH on June 16, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         AUSTRIA-NATURSCHLAF GmbH
         Attn: Mark Binder, Manager
         Teutoburger Str. 71 a
         33758 Schloss Holte-Stukenbrock
         Germany


AUTOHAUS AM STADTPARK: Claims Registration Period Ends July 23
--------------------------------------------------------------
Creditors of Autohaus am Stadtpark GmbH have until
July 23, 2008, to register their claims with court-appointed
insolvency manager Markus M. Merbecks.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Sept. 3, 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 Chemnitz
         Hall 28
         Fuerstenstrasse 21-23
         09130 Chemnitz
         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 M. Merbecks
         Leipziger Strasse 58
         09113 Chemnitz
         Germany
         Tel: (0371) 444610
         Fax: (0371) 4446111
         E-mail: merbecks@merbecks.de

The District Court of Chemnitz opened bankruptcy proceedings
against Autohaus am Stadtpark GmbH on June 5, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Autohaus am Stadtpark GmbH
         Attn: Manuela Haustein, Manager
         Muellerstr. 31-33
         09113 Chemnitz
         Germany


BETZ EINRICHTUNGS: Claims Registration Period Ends July 20
----------------------------------------------------------
Creditors of Betz Einrichtungs GmbH have until July 20, 2008, to
register their claims with court-appointed insolvency manager
Bardo Sigwart.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Mainz
         Hall 75
         Building B
         Ernst-Ludwig Strasse 7
         55116 Mainz
         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:

         Bardo Sigwart
         GF 144
         Ahornweg 12, D
         55218 Ingelheim
         Germany
         Tel: 06132/88949
         Fax: 06155/66297

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

The Debtor can be reached at:

         Betz Einrichtungs GmbH
         Attn: Bernd Kiedrowicz, Manager
         Am Kronberger Hof 4
         55116 Mainz
         Germany


CA-KO VERWALTUNGS: Claims Registration Period Ends July 20
----------------------------------------------------------
Creditors of Ca-Ko Verwaltungs GmbH have until July 20, 2008, to
register their claims with court-appointed insolvency manager  
Andreas Amelung.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 1240
         First Floor
         Luxemburger Str. 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:

         Andreas Amelung
         Wankelstr. 9
         50996 Cologne
         Germany
         Tel: 02236885880
         Fax: +4922368858838

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

The Debtor can be reached at:

         Ca-Ko Verwaltungs GmbH
         Zur Brittaniahuette 12
         51469 Bergisch Gladbach
         Germany

         Attn: Charlotte Engels, Manager
         Muelheimer Str. 44 a
         51469 Bergisch Gladbach
         Germany


FRESENIUS MEDICAL: Fitch Affirms BB Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has changed Germany-based health care group
Fresenius SE's Outlook to Negative from Stable and affirmed its
ratings.  The ratings of its subsidiary Fresenius Medical Care
AG & CO.  KGaA and of the group's respective debt instrument are
also affirmed.

This follows the company's agreement to purchase APP
Pharmaceuticals Inc., a leading manufacturer of generic I.V.
drugs in North America, for a cash consideration of
US$3.7 billion plus an additional US$900 million of net debt
assumed and a Contingent Value Right.  

These rating actions have been taken:

Fresenius SE:

  -- Long-term Issuer Default rating affirmed at 'BB'; Outlook
     changed to Negative from Stable

  -- Short-term IDR affirmed at 'B'

  -- Senior unsecured debt rating affirmed at 'BB'

Fresenius Finance B.V.:

  -- Senior unsecured debt rating for guaranteed senior notes
     affirmed at 'BB'

Fresenius Medical Care AG & CO. KGaA (FMC):

  -- Long-term IDR affirmed at 'BB' with Negative Outlook

  -- Short-term IDR affirmed at 'B'

  -- Senior unsecured debt rating affirmed at 'BB'

Fresenius Medical Care Capital Trusts:

  -- Subordinated rating for guaranteed trust preferred
     securities affirmed at 'B+'

"Although the acquisition causes a temporary deterioration in
Fresenius's debt protection measures in the short-term, it is
slightly positive for its business profile by adding a high-
margin business with good sales growth potential," said Britta
Holt, a Director in Fitch's Corporate group.

The acquisition price could be adjusted by a CVR leading to a
cash payment for Fresenius of up to US$6 per share in 2011, if
an undisclosed cumulative adjusted EBITDA target for 2008, to
2010 is achieved by APP.  The potential 2011 payout of up to
around US$1 billion will be treated as debt in 2011, if it
materializes.  The transaction is subject to regulatory approval
and is expected to be completed at end-2008 or the beginning of
2009.  Even if the transaction does not go ahead, Fitch may keep
the Outlook Negative if significant acquisition risk is still
perceived.

The acquisition of APP Pharmaceuticals is in line with
Fresenius's strategy to further gain exposure to generic
intravenous drugs, which are generally more difficult to
manufacture and characterized by high profitability.  It also
gives Fresenius subsidiary, Kabi, access to the US market, where
it is not yet present.  Through the addition of APP, Fresenius
also obtains the rights for generic heparin, a drug that is
often used in dialysis.  Given APP's dominant market position in
this drug, this might lead to regulatory hurdles, although Fitch
views them as likely to be manageable.

While Fitch does not envisage major restructuring/integration
costs post completion, there is no headroom for further
acquisition within the current credit metrics.  A return of the
Outlook to Stable will be subject to the finalization of the
financing structure indicated to Fitch, which is expected to
include a mix of debt and equity, as well as Fresenius's de-
leveraging profile in 2009 and beyond.  A downgrade might be
considered if Fresenius's final financing structure includes
less equity than expected and if de-leveraging suffers material
delays.

The ratings are supported by Fresenius's global number one
market position in dialysis products and services, a non-
cyclical and steadily growing business with relatively
predictable cash flows.  Its vertical integration generates cost
advantages, and builds on its reputation for providing quality
and technological advances.  Negative rating factors are the
group's over-reliance on dialysis, which accounted for 68% of
fiscal year 2007 EBITDA, and activity in dialysis is subject to
private insurers' and governments' reimbursement policies.  
Increased leverage following the APP acquisition is also another
factor weighing on the ratings.


FRESENIUS SE: APP Pharmaceuticals Deal Cues Fitch's Neg. Outlook
----------------------------------------------------------------
Fitch Ratings has changed Germany-based health care group
Fresenius SE's Outlook to Negative from Stable and affirmed its
ratings.  The ratings of its subsidiary Fresenius Medical Care
AG & CO.  KGaA and of the group's respective debt instrument are
also affirmed.

This follows the company's agreement to purchase APP
Pharmaceuticals Inc., a leading manufacturer of generic I.V.
drugs in North America, for a cash consideration of
US$3.7 billion plus an additional US$900 million of net debt
assumed and a Contingent Value Right.  These rating actions have
been taken:

Fresenius SE:

  -- Long-term Issuer Default rating affirmed at 'BB'; Outlook
     changed to Negative from Stable

  -- Short-term IDR affirmed at 'B'

  -- Senior unsecured debt rating affirmed at 'BB'

Fresenius Finance B.V.:

  -- Senior unsecured debt rating for guaranteed senior notes
     affirmed at 'BB'

Fresenius Medical Care AG & CO. KGaA (FMC):

  -- Long-term IDR affirmed at 'BB' with Negative Outlook

  -- Short-term IDR affirmed at 'B'

  -- Senior unsecured debt rating affirmed at 'BB'

Fresenius Medical Care Capital Trusts:

  -- Subordinated rating for guaranteed trust preferred
     securities affirmed at 'B+'

"Although the acquisition causes a temporary deterioration in
Fresenius's debt protection measures in the short-term, it is
slightly positive for its business profile by adding a high-
margin business with good sales growth potential," said Britta
Holt, a Director in Fitch's Corporate group.

The acquisition price could be adjusted by a CVR leading to a
cash payment for Fresenius of up to US$6 per share in 2011, if
an undisclosed cumulative adjusted EBITDA target for 2008, to
2010 is achieved by APP.  The potential 2011 payout of up to
around US$1 billion will be treated as debt in 2011, if it
materializes.  The transaction is subject to regulatory approval
and is expected to be completed at end-2008 or the beginning of
2009.  Even if the transaction does not go ahead, Fitch may keep
the Outlook Negative if significant acquisition risk is still
perceived.

The acquisition of APP Pharmaceuticals is in line with
Fresenius's strategy to further gain exposure to generic
intravenous drugs, which are generally more difficult to
manufacture and characterized by high profitability.  It also
gives Fresenius subsidiary, Kabi, access to the US market, where
it is not yet present.  Through the addition of APP, Fresenius
also obtains the rights for generic heparin, a drug that is
often used in dialysis.  Given APP's dominant market position in
this drug, this might lead to regulatory hurdles, although Fitch
views them as likely to be manageable.

While Fitch does not envisage major restructuring/integration
costs post completion, there is no headroom for further
acquisition within the current credit metrics.  A return of the
Outlook to Stable will be subject to the finalization of the
financing structure indicated to Fitch, which is expected to
include a mix of debt and equity, as well as Fresenius's de-
leveraging profile in 2009 and beyond.  A downgrade might be
considered if Fresenius's final financing structure includes
less equity than expected and if de-leveraging suffers material
delays.

The ratings are supported by Fresenius's global number one
market position in dialysis products and services, a non-
cyclical and steadily growing business with relatively
predictable cash flows.  Its vertical integration generates cost
advantages, and builds on its reputation for providing quality
and technological advances.  Negative rating factors are the
group's over-reliance on dialysis, which accounted for 68% of
fiscal year 2007 EBITDA, and activity in dialysis is subject to
private insurers' and governments' reimbursement policies.  
Increased leverage following the APP acquisition is also another
factor weighing on the ratings.


FREUND HEIZUNGS: Claims Registration Period Ends July 23
--------------------------------------------------------
Creditors of Freund Heizungs- und Sanitartechnik - Klempnerei
GmbH have until July 23, 2008, to register their claims with
court-appointed insolvency manager Dr. Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 3, 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 Chemnitz
         Hall 24
         Fuerstenstrasse 21-23
         09130 Chemnitz
         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. Stephan Thiemann
         Leipziger Str. 62
         09113 Chemnitz
         Germany
         Tel: (0371) 262010
         Fax: (0371) 2620111
         E-mail: chemnitz@pluta.net

The District Court of Chemnitz opened bankruptcy proceedings
against Freund Heizungs- und Sanitartechnik - Klempnerei GmbH on
June 5, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Freund Heizungs- und Sanitartechnik
         Klempnerei GmbH
         Attn: Reinhold Freund, Manager
         Bahnhofstr. 9
         09465 Sehmatal-Sehma
         Germany


HEINRICH BRANDHOFF: Claims Registration Period Ends July 20
-----------------------------------------------------------
Creditors of Heinrich Brandhoff GmbH have until July 20, 2008,
to register their claims with court-appointed insolvency manager
Dr. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on 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 Dortmund
         Meeting Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Dr. Winfrid Andres
         Stefanstrasse 2
         44135 Dortmund
         Germany

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

The Debtor can be reached at:

         Heinrich Brandhoff GmbH
         Attn: Rita Brandhoff, Manager
         Kupferstrasse 6
         44577 Castrop-Rauxel
         Germany


IKB DEUTSCHE: Three Bidders Still in Hunt for KfW's Stake
---------------------------------------------------------
Kreditanstalt fur Wiederaufbau Bankengruppe has narrowed the
number of potential buyers for its 45.5% stake in IKB Deutsche
Industriebank AG from nine to three, Thomson Financial News
reports, citing IKB CEO Guenther Braeunig.

According to Mr. Braeunig, Thomson Financial News relates, sale
negotiations are "intensifying" but refused to specify when a
deal could be concluded.

IKB also plans to commence its capital increase in August 2008,
the company CEO was also cited by  Thomson Financial News as
saying.

                       About IKB Deutsche

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

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

                         *     *     *

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


IM-PRESS PROMOTIONS: Creditors' Meeting Slated for August 12
------------------------------------------------------------
The court-appointed insolvency manager for Im-Press Promotions
GmbH & Co. KG Germany, Ralf Hildebrandt, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:30 a.m. on Aug. 12, 2008.

The meeting of creditors and other interested parties will be
held at:
             
         The District Court of Koblenz
         Hall 111
         Main Court
         Karmeliterstrasse 14
         56068 Koblenz
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:30 a.m. on Sept. 9, 2008, at the same
venue.

Creditors have until July 22, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Ralf Hildebrandt
         Bahnhofstrasse 2a
         56068 Koblenz
         Germany
         Tel: 0261/914-9726
         Fax: 0261/914-9727
         E-mail: info@bl-law.de
         Web site: http://www.bl-law.de/

The District Court of Koblenz opened bankruptcy proceedings
against Im-Press Promotions GmbH & Co. KG Germany on May 20,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Im-Press Promotions GmbH & Co. KG Germany
         Schoenbornsluster Str. 4
         56070 Koblenz
         Germany


KABEL DEUTSCHLAND: Fitch Affirms 'BB-' IDR with Stable Outlook
--------------------------------------------------------------
Fitch Ratings has affirmed Kabel Deutschland Vertrieb und
Service GmbH & Co AG's Long-term Issuer Default Rating at 'BB-',
with a Stable Outlook.  The agency also affirmed the company's
senior secured bank facilities at 'BB+'.  At the same time,
Fitch affirmed the holding company Kabel Deutschland GmbH's
senior notes at 'BB-'.

The IDR reflects KDS's well-established and stable subscriber
base, as well as its low, but predictable and increasing,
blended ARPU resulting from the solid take-up of new services
(pay-TV, broadband and telephony) provided to its large
subscriber base. However pay-TV and Internet take-up will be
watched very closely.   This is because of the competitive
situation in Germany remains intense and KDG still needs to
prove that it can compete effectively with DT and other market
players.  Total growth of RGUs will be a leading indicator in
this respect and Fitch will monitor this closely.  Any marked
slowdown may lead to a negative outlook or potentially a
downgrade.

The IDR also reflects KDS's well-contained operating cost base,
which is expected to lead to EBITDA improvements.  Fitch also
recognizes the benefits of the acquisition of 1.1 million direct
subscribers from Level 4 operator, Orion; KDG is now able to up-
sell its premium products to a much larger subscriber base.  
This, in turn, should have immediate revenue benefits, given the
higher average revenue derived from subscribers previously
belonging to Level 4 operators.  Post-transaction, the share of
KDG's direct subscriber base increases to 7.4 million, or 82% of
total, compared to 72% previously.

The Stable Outlook factors in Fitch's expectation that KDG will
continue to benefit from new services up-take in a still under-
penetrated market (especially for broadband and digital TV)
compared to other European markets.  Despite higher expected
capital spend in the fiscal year 08/09, KDG's flexibility should
remain adequate, with sufficient headroom under its EUR325
million revolving facility.  

For fiscal year 2008/09, Fitch anticipates an improvement in
KDG's leverage measures, thanks to the material expansion in
EBITDA above the EUR550 million mark, as a result of its triple-
play strategy.  The Orion deal should be accretive to EBITDA,
with the 11 months impact (contribution in excess of EUR50
million) reflected in  fiscal year 2008/09.  However, Fitch
notes KDG's ratings are at the low end of their category, and
that any divergence from the current  fiscal year 2008/09
guidance could put pressure on the ratings.  More particularly,
this divergence could come from a weaker operating performance,
with a material failure to break-even at the free cash flow
level.

In the quarter to Dec. 31, 2007, KDG continued to deliver solid
year-on-year revenue growth of 10.2% (+9% in the previous
quarter) to EUR301 million, and a 10.6% improvement (+11.2% the
previous period) in adjusted EBITDA (defined by KDG as before
non-cash management compensation plan and restructuring
expenses).  This shows KDG's triple-play strategy launched in
2004 is delivering according to plan.  EBITDA margin remained
largely stable at 38.3% in third quarter 07/08, reflecting the
management's focus on cost control.  On a LTM-to-30 December
2007 basis, KDG generated negative FCF of EUR46.5 million from
negative EUR82 million in fiscal year 2006/07, despite a
EUR22 million increase in capex over the same period.  Despite
expected EBITDA growth for fiscal year 2007/08, planned
increases in capex (to around EUR320 million) and material cash
interest payments KDG's FCF is likely to remain in negative
territory.

KDG released its subscriber numbers for fiscal year 2007/08,
which showed a marked growth in premium services with total
revenue generating units up 58.1% yoy, driven by good momentum
in digital cable access (322.8 thousand RGUs), in Internet
(214.4 thousand RGUs) and in phone services (209.2 thousand
RGUs).  In total KDG added 893.2 thousand premium RGUs,
offsetting the decline of its analog access base (minus 663.3
thousand RGUs), which was either lost to Level 4 (whose strategy
is to dis-intermediate the relationship through head ends
overbuild) or migrated from analog to digital access.  
Acquisitions like the Orion deal should, however, help stem
wholesale subscriber losses as well as improve revenue and
earnings visibility.


MUSIC FOR MASSES: Claims Registration Period Ends July 21
---------------------------------------------------------
Creditors of Music for Masses Vermarktungs GmbH have until
July 21, 2008, to register their claims with court-appointed
insolvency manager Dr. Christoph Niering.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on Aug. 21, 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:

         Dr. Christoph Niering
         Brabanter Str. 2
         50674 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Music for Masses Vermarktungs GmbH on June 2, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Music for Masses Vermarktungs GmbH
         Cicerostr. 26
         10709 Berlin
         Germany


P. + V. PROJEKTENTWICKLUNGS: Claims Registration Ends July 21
-------------------------------------------------------------
Creditors of P. + V. Projektentwicklungs- und Vermarktungs- GmbH
have until July 21, 2008, to register their claims with court-
appointed insolvency manager Karina Schwarz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on Aug. 21, 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 Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg
         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:

         Karina Schwarz
         Klausenerstr. 24
         39112 Magdeburg
         Germany
         Tel: 0391/6286260
         Fax: 0391/6286266
         E-Mail: magdeburg@Rechtsanwaelte-Schwarz.de

The District Court of Magdeburg opened bankruptcy proceedings
against P. + V. Projektentwicklungs- und Vermarktungs- GmbH on
June 26, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         P. + V. Projektentwicklungs- und Vermarktungs- GmbH
         Brunnenweg 19
         39444 Hecklingen
         Germany


PHARMACURO DEUTSCHLAND: Claims Registration Period Ends July 21
---------------------------------------------------------------
Creditors of PharmaCuro Deutschland GmbH have until
July 21, 2008, to register their claims with court-appointed
insolvency manager Heike Simon.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 21, 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 Freiburg
         Hall I
         Holzmarkt 2
         79098 Freiburg i.Br.
         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:

         Heike Simon
         Munzinger Str. 1
         79111 Freiburg
         Germany
         Tel: 0761/4014380
         Fax: 0761/4014389
         Web site: http://www.kuebler-gbr.de/

The District Court of Freiburg opened bankruptcy proceedings
against PharmaCuro Deutschland GmbH on June 24, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

        PharmaCuro Deutschland GmbH
        Schlosstr. 16
        79232 March
        Germany


PM-IMMOBILIENCONSULTING: Claims Registration Period Ends July 21
----------------------------------------------------------------
Creditors of PM-Immobilienconsulting GmbH have until
July 21, 2008, to register their claims with court-appointed
insolvency manager Rainer M. Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Aug. 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

        Rainer M. Bahr
        Prager Strasse 34
        04317 Leipzig
        Germany
        Tel: 0341/486930
        Fax: 0341/4869393
        E-mail: Leipzig@hermann-law.co

The District Court of Leipzig opened bankruptcy proceedings
against PM-Immobilienconsulting GmbH on June 17, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         PM-Immobilienconsulting GmbH
         Erich-Zeigner-Allee 45
         04229 Leipzig
         Germany


PROTEC PROCESS: Claims Registration Period Ends July 20
-------------------------------------------------------
Creditors of ProTec Process Systems GmbH have until
July 20, 2008, to register their claims with court-appointed
insolvency manager Dr. Ralf Sinz.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on Aug. 6, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Siegen
         Meeting Hall 009
         Ground Floor
         Main Building
         Berliner Str. 21-22
         57072 Siegen
         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. Ralf Sinz
         Zeughausstrasse 28-38
         50667 Cologne
         Germany
         Tel: 0221/9212223
         Fax: 0221/9212221

The District Court of Siegen opened bankruptcy proceedings
against ProTec Process Systems GmbH on June 18, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ProTec Process Systems GmbH
         Birlenbacher Str. 19
         57078 Siegen
         Germany

         Attn: Dr. Roland Raschke, Manager
         Traubenweg 6
         64823 Gross-Umstadt
         Germany


PROTEK BAUTRAGER: Claims Registration Period Ends July 30
---------------------------------------------------------
Creditors of Protek Bautragergesellschaft mbH have until
July 30, 2008, to register their claims with court-appointed
insolvency manager Bert Buske.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         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:

         Bert Buske
         Alt Nowawes 67
         14482 Potsdam
         Germany

The District Court of Neuruppin opened bankruptcy proceedings
against Protek Bautragergesellschaft mbH on May 28, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Protek Bautragergesellschaft mbH
         Neuendorfstr. 18 a
         16761 Hennigsdorf
         Germany

         Attn: Dirk Mueller, Manager
         Kuckucksruf 18
         16761 Hennigsdorf
         Germany


S-CORE 2008-1: Moody's Rates Classes E & F Notes at Low-B
---------------------------------------------------------
Moody's Investors Service assigned these definitive ratings in
respect of the notes issued by S-CORE 2008-1 GmbH:

   -- Aaa to the EUR385,450,000 Class A1 Floating Rate Asset
      Backed Notes

   -- Aaa to the EUR32,450,000 Class A2 Floating Rate Asset
      Backed Notes

   -- Aa2 to the EUR7,950,000 Class B Floating Rate Asset Backed
      Notes

   -- A1 to the EUR6,100,000 Class C Floating Rate Asset Backed
      Notes

   -- Baa2 to EUR7,900,000 Class D Floating Rate Asset Backed
      Notes

   -- Ba3 to EUR13,600,000 Class E Floating Rate Asset Backed
      Notes

   -- B3 to EUR6,550,000 Class F Floating Rate Asset Backed
      Notes.

The ratings address the expected loss posed to investors by the
legal final maturity in January 2017.

The portfolio comprises loan receivables governed by German law
and denominated in Euro.  The debtors are German small to medium
sized companies.  The loan receivables provide for:

   (i) fixed interest rate payments throughout their entire
       term; and

  (ii) repayment in one single amount at maturity.

Generally, the loan receivables are not secured by any
collateral.  In case insolvency proceedings are opened against a
debtor, S-CORE would rank just pari passu to other senior
unsecured creditors of such debtor. Overall, the portfolio
consists of 270 loan receivables owed by 208 debtors.

S-CORE, the issuer, incorporated in Germany as a limited
liability company under the shield of the TSI, has issued seven
classes of rated Notes: Class A1, Class A2, Class B, Class C,
Class D, Class E and Class F Notes (the latter being used to
initially fund the Reserve Account).  The interest rate mismatch
between fixed rate portfolio assets and floating rate
liabilities (except for the Class F Notes which will pay a fixed
coupon) will be hedged using an interest rate swap.  All classes
are expected to mature on the date falling approximately seven
years after the issue date (which is in December 2014).  In case
not all Notes are redeemed in full on the expected maturity
date, the maturity of the Notes will extend until the legal
maturity in January 2017.

       
SEGMENT GMBH: Creditors Meeting Slated for July 22
--------------------------------------------------
The court-appointed insolvency manager for SEGMENT GmbH & Co.
Lynarstrasse KG, Hartwig Albers, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 11:00 a.m. on July 22, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:20 a.m. on Sept. 23, 2008, at the same
venue.

Creditors have until July 23, 2008. to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Hartwig Albers
         Luetzowstr. 100
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against SEGMENT GmbH & Co. Lynarstrasse KG on
June 3, 2008. Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         SEGMENT GmbH & Co. Lynarstrasse KG
         Attn: Thomas Doll, Manager
         Uhlandstr. 7/8
         10623 Berlin
         Germany

TREND AUTOMOBILE: Claims Registration Period Ends July 23
---------------------------------------------------------
Creditors of Trend Automobile GmbH have until July 23, 2008, to
register their claims with court-appointed insolvency manager
Markus M. Merbecks.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Sept. 3, 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 Chemnitz
         Hall 28
         Fuerstenstrasse 21-23
         09130 Chemnitz
         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 M. Merbecks
         Leipziger Strasse 58
         09113 Chemnitz
         Germany
         Tel: (0371) 444610,
         Fax: (0371) 4446111
         E-mail: merbecks@merbecks.de

The District Court of Chemnitz opened bankruptcy proceedings
against Trend Automobile GmbH on June 5, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Trend Automobile GmbH
         Atn: Udo Haustein, Manager
         Muellerstr. 31-33
         09113 Chemnitz
         Germany


Z-REISEN GMBH: Claims Registration Period Ends July 21
------------------------------------------------------
Creditors of Z-Reisen GmbH have until July 21, 2008, to register
their claims with court-appointed insolvency manager Marco
Martin.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on Aug. 21, 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:

         Marco Martin
         Apostelnkloster 17-19
         50672 Cologne
         Germany

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

The Debtor can be reached at:

         Z-Reisen GmbH
         Remscheider Str. 14
         51103 Cologne
         Germany


* Fitch Says New RMBS Regulations Deemed to Lead Longer Workout
---------------------------------------------------------------
Fitch Ratings says new regulations governing residential
mortgage book sales to third parties - "Gesetz zur Begrenzung
der mit Finanzinvestitionen verbundenen Risiken"
(Risikobegrenzungsgesetz) - are expected to lead to a longer
workout process for German residential mortgage loans.  
Consequently, Fitch will extend its foreclosure timing
assumptions for newly originated mortgage loans.

"The new law will result in longer workout periods for
residential mortgage loans.  However, this does not have a
negative impact on existing RMBS transactions as the changes
will only apply to newly originated loans," says Uli Maute,
Associate Director in Fitch's Structured Finance team in
Frankfurt.

Agreed on June 27, 2008, by the parliament (Bundestag) and
passed on July 4, 2008, by the upper house (Bundesrat), the new
law comprises a number of amendments designed to improve
transparency in loan agreements and to address borrower fears of
mistreatment by the mortgage book purchaser.  In addition, it
clarifies foreclosure practices for mortgage loans.

Under the new law, residential mortgage loans granted after the
effective date of the Risikobegrenzungsgesetz can now only be
terminated when the borrower is in arrears with at least two
loan instalments and also when arrears add up to at least 2.5%
of the initial nominal loan amount.  Based on a standard
residential loan with an interest rate of 5% p.a., the loan will
be terminated when the borrower is in arrears with five monthly
installments, compared to three to four months previously.

Second, for newly originated mortgage loans a notice period of
six months will apply before the foreclosure process on the
property can be started by the lender.  Previously, property
liens (Grundschulden) could be declared as immediately due and
enforceable.

"When analysing future RMBS transactions, Fitch will distinguish
between loans granted before and after the new law became
effective," adds Susanne Matern, Senior Director and Head of
Fitch's Structured Finance team in Frankfurt.  "For loans
granted after the effective date, Fitch will adjust its
assumptions on workout periods."

Fitch will shortly publish its foreclosure timing assumptions
for loans that fall under the new regulations.


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


ALITALIA SPA: May Avert Bankruptcy if Sale Pushes Through
---------------------------------------------------------
Alitalia S.p.A. could avoid entering extraordinary
administration if the Italian government successfully sell its
49.9% stake in the national carrier, Flavia Rotondi and Marco
Bertacche write for Bloomberg News citing Industry
Minister Claudio Scajola.

As previously reported in the TCR-Europe, Intesa Sanpaolo
S.p.A., the government's adviser for the sale of its stake in
Alitalia, is reviewing placing the carrier into administration.

Under the Marzano law -- which governs administration procedures
for large companies, Alitalia's core business would be separated
from its debt and place them under a new company.  Parmalat
Finanziaria S.p.A. and Cirio Finanziaria S.p.A. were
restructured under the Marzano law.  Intesa may propose to sell
Alitalia's unprofitable operations under an emergency
administration procedure.

                         About Alitalia

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

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


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


ASKOM-KOHAN LLP: Creditors' Claims Due on Aug. 13
-------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Askom-Kohan insolvent on May 26, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Aiteke bi Str. 50-32
         050000, Almaty
         Kazakhstan
         Tel: 8 777 223 62-01


COMTEK STROY: Claims Deadline Slated for Aug. 15
------------------------------------------------  
LLP Construction Company Comtek Stroy has declared insolvency.  
Creditors have until Aug. 15, 2008, to submit written proofs of
claims to:

         LLP Construction Company Comtek Stroy
         Micro District Aksai-1, 3-28
         Almaty
         Kazakhstan


DRAGON MOTOR: Claims Registration Ends Aug. 13
----------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Dragon Motor insolvent on May 20, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Aiteke bi Str. 50-32
         050000, Almaty
         Kazakhstan
         Tel: 8 777 223 62-01


INVENT COM: Claims Deadline Slated for Aug. 15
----------------------------------------------  
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Invent Com 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
         Tel: 8 (71222) 32-90-02


KONSTANTINOPOL SEB: Claims Filing Period Ends Aug. 13
-----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Konstantinopol Seb insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


TRANS STROY: Creditors Must File Claims by Aug. 15
--------------------------------------------------  
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Trans Stroy Complect Atyrau 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


VOLAND & K: Creditors Must File Claims by Aug. 13
-------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Voland & K insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Almatinskaya Str. 35
         Pokrovka
         Ilyisky
         Almaty
         Kazakhstan
         Tel: 8 777 226-20-31


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


JALALABAT ARAK: Proofs of Claim Filing Period Ends August 22
------------------------------------------------------------
OJSC Jalalabat Arak Zavodu has declared insolvency.  Creditors
have until Aug. 22, 2008, to submit written proofs of claim to:

         OJSC Jalalabat Arak Zavodu
         Alykulov Str. 1
         Jalalabat
         Kyrgyzstan


KYRGYZ DIPLOMATIC: Creditors Must File Proofs of Claim by Aug. 8
----------------------------------------------------------------
Representation of State Enterprise Kyrgyz Diplomatic Service on
South Region has declared insolvency.  Creditors have until
Aug. 8, 2008, to submit written proofs of claim to:

         Kyrgyz Diplomatic Service on South Region
         Lenin Str. 275-7
         Osh
         Kyrgyzstan
         Tel: (+996 3222) 2-83-25


VIMPEL-COMMUNICATIONS: Hikes Stake in Kazakh Unit to 75%
--------------------------------------------------------
OJSC Vimpel-Communications has exercised its option to acquire
an additional 25% less one share of Limnotex Developments Ltd.
for US$561.8 million.

Limnotex is the parent company of LLP KaR-Tel, VimpelCom's
operating subsidiary in Kazakhstan.  As a result of the
exercise, VimpelCom's share in Limnotex increased from 50% plus
one share to 75%.

The increase in VimpelCom's stake in Limnotex implements
VimpelCom's original plan to increase its economic interest in
KaR-Tel following the initial period of ownership.  KaR-Tel
continues to demonstrate strong financial results with good
opportunity for growth. Therefore, as the option price was tied
to KaR-Tel's financial results, VimpelCom exercised the option
to capture the benefit of future growth.

To ensure a path to complete ownership over KaR-Tel, VimpelCom
has agreed on put and call option arrangements with respect to
the remaining 25% share in Limnotex which is held by Crowell
Investments Limited.

                         About VimpelCom

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

                          *     *     *

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

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


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


FRESENIUS FINANCE: Fitch Affirms BB Unsecured Sr. Debt Rating
-------------------------------------------------------------
Fitch Ratings has changed Germany-based health care group
Fresenius SE's Outlook to Negative from Stable and affirmed its
ratings.  The ratings of its subsidiary Fresenius Medical Care
AG & CO.  KGaA and of the group's respective debt instrument are
also affirmed.

This follows the company's agreement to purchase APP
Pharmaceuticals Inc., a leading manufacturer of generic I.V.
drugs in North America, for a cash consideration of US$3.7
billion plus an additional US$900 million of net debt assumed
and a Contingent Value Right.  These rating actions have been
taken:

Fresenius SE:

  -- Long-term Issuer Default rating affirmed at 'BB'; Outlook
     changed to Negative from Stable

  -- Short-term IDR affirmed at 'B'

  -- Senior unsecured debt rating affirmed at 'BB'

Fresenius Finance B.V.:

  -- Senior unsecured debt rating for guaranteed senior notes
     affirmed at 'BB'

Fresenius Medical Care AG & CO. KGaA (FMC):

  -- Long-term IDR affirmed at 'BB' with Negative Outlook

  -- Short-term IDR affirmed at 'B'

  -- Senior unsecured debt rating affirmed at 'BB'

Fresenius Medical Care Capital Trusts:
  -- Subordinated rating for guaranteed trust preferred
     securities affirmed at 'B+'

"Although the acquisition causes a temporary deterioration in
Fresenius's debt protection measures in the short-term, it is
slightly positive for its business profile by adding a high-
margin business with good sales growth potential," said Britta
Holt, a Director in Fitch's Corporate group.

The acquisition price could be adjusted by a CVR leading to a
cash payment for Fresenius of up to US$6 per share in 2011, if
an undisclosed cumulative adjusted EBITDA target for 2008, to
2010 is achieved by APP.  The potential 2011 payout of up to
around US$1 billion will be treated as debt in 2011, if it
materializes.  The transaction is subject to regulatory approval
and is expected to be completed at end-2008 or the beginning of
2009.  Even if the transaction does not go ahead, Fitch may keep
the Outlook Negative if significant acquisition risk is still
perceived.

The acquisition of APP Pharmaceuticals is in line with
Fresenius's strategy to further gain exposure to generic
intravenous drugs, which are generally more difficult to
manufacture and characterized by high profitability.  It also
gives Fresenius subsidiary, Kabi, access to the US market, where
it is not yet present.  Through the addition of APP, Fresenius
also obtains the rights for generic heparin, a drug that is
often used in dialysis.  Given APP's dominant market position in
this drug, this might lead to regulatory hurdles, although Fitch
views them as likely to be manageable.

While Fitch does not envisage major restructuring/integration
costs post completion, there is no headroom for further
acquisition within the current credit metrics.  A return of the
Outlook to Stable will be subject to the finalization of the
financing structure indicated to Fitch, which is expected to
include a mix of debt and equity, as well as Fresenius's de-
leveraging profile in 2009 and beyond.  A downgrade might be
considered if Fresenius's final financing structure includes
less equity than expected and if de-leveraging suffers material
delays.

The ratings are supported by Fresenius's global number one
market position in dialysis products and services, a non-
cyclical and steadily growing business with relatively
predictable cash flows.  Its vertical integration generates cost
advantages, and builds on its reputation for providing quality
and technological advances.  Negative rating factors are the
group's over-reliance on dialysis, which accounted for 68% of
fiscal year 2007 EBITDA, and activity in dialysis is subject to
private insurers' and governments' reimbursement policies.  
Increased leverage following the APP acquisition is also another
factor weighing on the ratings.


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


ASEKEEVSKAYA: Creditors Must File Claims by August 17
-----------------------------------------------------
Creditors of OJSC Machine-Technological Station Asekeevskaya
have until Aug. 17, 2008, to submit proofs of claim to:

         A. Fazlyev
         Insolvency Manager
         Post User Box 220
         Ufa
         450080 Bashkortostan
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A47 -1633/2008-14 GK.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Machine-Technological Station Asekeevskaya
         Asekeevo
         Orenburg
         Russia


COMSTAR-UNITED: Acquires Ural Telephone for RUR1.015 Billion
------------------------------------------------------------
COMSTAR – United TeleSystems JSC has acquired a 100% stake in
LLC Strategy, owner of 100% of the share capital of CJSC Ural
Telephone Company, an alternative telecommunications operator in
Ekaterinburg and the Sverdlovsk region, for a total cash
consideration of RUB1.015 billion (around US$43.4 million).  The
Company was acquired from individuals.

UTC is the leading player in the alternative fixed-line
communications market in Ekaterinburg and the Sverdlovsk region.
The operator provides local and zonal connection services, as
well as broadband Internet access based on the ADSL and Ethernet
technologies, for residential and corporate subscribers. The
services are supported by the fully digital connection network.

UTC owns 800 kilometers of its own fiber-optic connection
network which currently covers most of the territory of
Ekaterinburg, as well as the largest towns of the Sverdlovsk
region.  The Company has over 4,000 points of presence in the
Sverdlovsk region.

UTC has a numbering capacity of 150,000 telephone numbers in
Ekaterinburg, of which 61,000 are installed numbers.  The
Company also has 13,000 telephone numbers in the other towns of
the Sverdlovsk region, of which 5,500 are installed numbers.  
The Company has a modern technical infrastructure and allows for
expanding the operations without significant additional
investments.  UTC services more than 50,000 telephone numbers,
with about half of these numbers being provided to corporate
subscribers.

UTC reported revenues of US$20.7 million, up by 43% year-on-
year, with EBITDA of US$4.7 million and an EBITDA margin of 23%
as at Dec. 31, 2007.  The Company's net debt amounted to
US$5.1 million at the time of signing the contract.

"We have acquired one of the leading alternative operators in
Russia in line with the Group's regional development strategy,"
Sergey Pridantsev, President and Chief Executive Officer of
Comstar UTS, commented.  "The acquisition of UTC allowed us to
significantly expand our presence in the telecommunications
market of the Ural Federal District, where we are already
operating in the Tyumen region, the Khanty-Mansi and the Yamalo-
Nenets Autonomous Areas. Ekaterinburg is one of the largest and
most economically developed cities in Russia, and we are
entering this market as a leading player among alternative
telecommunications operators."

"Ural Telephone Company will be focused on providing broadband
Internet access services and increasing sales in the highly
profitable corporate segment," Viktor Koresh, Vice President for
the Development of the Group's Operations, added.  "The Company
also plans to launch IP-TV services and provide long-distance
connection.  We expect to have a significant increase in
revenues from providing broadband Internet services to
residential subscribers in the Sverdlovsk region due to the low
Internet penetration among local households which accounts to
around 8%."

                      About Comstar-UTS

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

                           *    *    *

Comstar-United TeleSystems carries Moody's long-term Corporate
Family Rating of Ba3 with positive outlook.

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


INVESTMENT TRADE: Moody's Changes B2 Rating Outlook to Positive
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on the B2
long-term local and foreign currency deposit ratings of
Investment Trade Bank to positive from stable.

Moody's has also affirmed ITB's E+ bank financial strength
rating and Not-Prime short-term deposit rating.  The outlook on
the BFSR is stable.

At the same time, Moody's has upgraded to A3.ru from Baa1.ru the
bank's long-term national scale credit rating.  The NSR carries
no specific outlook.

The positive outlook on ITB's deposit ratings reflects primarily
Moody's expectation that equity participation by its new foreign
shareholders -- Starr International Company, Inc. (19.99%), and
J.C. Flowers & Co. and FPK Capital (19.99%) -- will result in
material improvement in the bank's capital adequacy as well as
in a progress in risk management practices and corporate
governance.  After transaction closing and new share issuance,
ITB's total equity will increase by RUR5 billion (US$212
million) and will amount to approximately RUR8 billion (US$340
million).  The transaction, which is subject to regulatory
approvals, is expected to be completed within three months. The
current shareholders will retain their controlling stake in the
bank.

According to Moody's, the outlook change and the NSR upgrade is
also supported by the following expected positive developments:

   (i) ITB's improving franchise, including a steady growth of
       market shares in the retail and SME segments;

  (ii) its increasing geographic diversification of business
       outside the home region ( the City of Moscow); and

(iii) reduction in the credit risk concentrations.

Moody's notes that any possible future upgrade of ITB's B2 long-
term deposit ratings is contingent on its ability to manage the
potentially high credit risks of activity under its present
business model focused on SME and retail lending in the Russian
regions, which is relatively new to the bank.  Moody's also
highlights the challenges faced by ITB as regards withstanding
the intensifying competition from key players in both corporate
and retail markets.  Additionally, any significant deterioration
in the bank's liquidity or profitability could result in Moody's
changing the positive outlook on the ratings back to stable.

The date of Moody's prior rating action on ITB was 5 July 2007,
when the rating agency assigned the first-time global ratings of
E+/B2-Not Prime to the bank.

Headquartered in Moscow, the Russian Federation, ITB reported
total assets of US$1.1 billion under IFRS as at year-end 2007.


MAG-CHER-MET: Creditors Must File Claims by August 7
----------------------------------------------------
Creditors of CJSC Mag-Cher-Met (TIN 7445014219) have until
Aug. 7, 2008, to submit proofs of claim to:

         S. Zaikin
         Insolvency Manager
         Post User Box 84
         Central Post Office
         Kyshtym
         456870 Chelyabinsk
         Russia
         Tel: 89049423878

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-20156/2007-48-328.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Mag-Cher-Met
         Borisa Ruchyeva Str. 8a
         Magnitogorsk
         455045 Chelyabinsk
         Russia


MOTOR TRANSPORT 3: Creditors Must File Claims by August 7
---------------------------------------------------------
Creditors of OJSC Motor Transport Enterprise 3 have until
Aug. 7, 2008, to submit proofs of claim to:

         V. Kiselev
         Insolvency Manager
         Groznenskaya Str. 2
         443004 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A55-15383/2007.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Motor Transport Enterprise 3
         Groznenskaya Str. 2
         443004 Samara
         Russia


PRESTIGE-R LLC: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Ryazan commenced bankruptcy supervision
procedure on LLC Prestige-R.  The case is docketed under Case
No. A54-1056/2008 S20.

The Temporary Insolvency Manager is:

         A. Aleksandrov
         440066 Penza
         Rakhmaninova Str. 1
         Russia

The Court is located at:

         The Arbitration Court of Ryazan
         Pochtovaya Str. 43/44
         Ryazan
         Russia

The Debtor can be reached at:

         LLC Prestige-R
         Oktyabrskaya Str. 5
         Ryazan
         Russia


RUBIN-T CJSC: Creditors Must File Claims by August 17
-----------------------------------------------------
Creditors of CJSC Rubin-T have until Aug. 17, 2008, to submit
proofs of claim to:

         L. Vasilyev
         Insolvency Manager
         Apt.6
         Karbysheva Str. 7
         392006 Tambov
         Russia

The Arbitration Court of Tambov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A64-3588/07-10.

The Court is located at:

         The Arbitration Court of Tambov
         Penzenskaya Str. 67/12
         392020 Tambov
         Russia

The Debtor can be reached at:

         CJSC Rubin-T
         Moskovskaya Str. 23A
         Tambov
         Russia


SAMSONOVSKOE CJSC: Creditors Must File Claims by August 7
---------------------------------------------------------
Creditors of CJSC Samsonovskoe (TIN 2289000866) have until
Aug. 7, 2008, to submit proofs of claim to:

         I. Pavlova
         Insolvency Manager
         Post User Box 24
         Biysk
         659316 Altay
         Russia
         Tel: (3854) 34-32-91

The Arbitration Court of Altay commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. AO3-10687/07-B.

The Debtor can be reached at:

         CJSC Samsonovskoe
         Lenina Str. 17
         Samsonovo
         Shipunovskiy
         658377 Altay
         Russia


SEVERSTAL OAO: Completes US$140-Million WCI Steel Takeover
----------------------------------------------------------
OAO Severstal has completed acquisition of WCI Steel Inc., a
market leader in the production of value-added steel products
based in Warren, Ohio.  WCI Steel will be known as Severstal
Warren, Inc.

Severstal acquired all of the outstanding equity of WCI for a
total cash consideration of US$140 million.

WCI's total annual steel-making capacity of 1.22 million metric
tons is focused on high-quality, custom flat-rolled steel for
use in demanding applications.  Together with Severstal's
current US operations, WCI will solidify the Company's position
as one of North America's leading producers of high-quality
flat-rolled steel for the automotive, appliance, furniture,
construction and energy markets.

Citi and Raymond James acted as financial advisors and Skadden,
Arps, Slate, Meagher & Flom LLP acted as legal counsel to
Severstal.

"Steel production in Warren has long contributed high-quality
products to a region that is at the historical center of steel
making in the U.S., Gregory Mason, CEO of Severstal
International and COO of OAO Severstal, said.  "Severstal is
ready to carry that tradition forward in a way that is
consistent with our strategy for growth and investment in North
America; a strategy that views the experience and talent of the
people at WCI Steel as a key part of Severstal's continued
success."

In connection with the acquisition, WCI has called for
redemption all of the US$100 million aggregate principal amount
outstanding of its 8% Senior Secured Notes due 2016 (CUSIP No.
92927H AA 7).

On July 7, 2008, a copy of the irrevocable notice of redemption
was mailed to record holders of the Notes by:

         Wilmington Trust Company
         Rodney Square North
         1100 Market Street
         Wilmington
         DE 19890

Wilmington is the trustee under the indenture governing the
Notes.  The Notes will be redeemed on Aug. 6, 2008.

                        About WCI Steel

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


                        About Severstal

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

                        *     *     *

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

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

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


SEVERSTAL OAO: WCI to Redeem Notes Following Takeover Completion
----------------------------------------------------------------
In connection with the OAO Severstal's US$140-million
acquisition of WCI Steel Inc., the latter has called for
redemption all of the US$100 million aggregate principal amount
outstanding of its 8% Senior Secured Notes due 2016 (CUSIP No.
92927H AA 7).

On July 7, 2008, a copy of the irrevocable notice of redemption
was mailed to record holders of the Notes by:

         Wilmington Trust Company
         Rodney Square North
         1100 Market Street
         Wilmington
         DE 19890

Wilmington is the trustee under the indenture governing the
Notes.  The Notes will be redeemed on Aug. 6, 2008.

                        About WCI Steel

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

                       About Severstal

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

                        *     *     *

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

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

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


STEEL-CONSTRUCTION: Court Names A. Kovylev as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Murmansk appointed A. Kovylev as
Insolvency Manager for CJSC Steel-Construction.  He can be
reached at:

         A. Kovylev
         Vidanskaya Str. 15V
         Petrozavodsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A42-1429/2008.

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         CJSC Steel-Construction
         Kominterna Str. 10
         Murmansk
         Russia


VIMPEL-COMMUNICATIONS: Hikes Stake in Kazakh Unit to 75%
--------------------------------------------------------
OJSC Vimpel-Communications has exercised its option to acquire
an additional 25% less one share of Limnotex Developments Ltd.
for US$561.8 million.

Limnotex is the parent company of LLP KaR-Tel, VimpelCom's
operating subsidiary in Kazakhstan.  As a result of the
exercise, VimpelCom's share in Limnotex increased from 50% plus
one share to 75%.

The increase in VimpelCom's stake in Limnotex implements
VimpelCom's original plan to increase its economic interest in
KaR-Tel following the initial period of ownership.  KaR-Tel
continues to demonstrate strong financial results with good
opportunity for growth. Therefore, as the option price was tied
to KaR-Tel's financial results, VimpelCom exercised the option
to capture the benefit of future growth.

To ensure a path to complete ownership over KaR-Tel, VimpelCom
has agreed on put and call option arrangements with respect to
the remaining 25% share in Limnotex which is held by Crowell
Investments Limited.

                         About VimpelCom

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

                          *     *     *

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

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


VOLGATELECOM OJSC: Igor Volfson Sits as Mordovia Unit Director
--------------------------------------------------------------
OJSC VolgaTelecom has disclosed that Igor Volfson has been
appointed deputy to the General Director of the joint-stock
company – director of regional subsidiary in Mordovia Republic.  

Mr. Volfson replaces Ivan Shubin.  He had been the first deputy
of the regional subsidiary's director – chief engineer of
VolgaTelecom's regional subsidiary in Udmurtia Republic.  

The decision of Igor Volfson appointment was agreed upon by
VolgaTelecom's Board of directors.

Igor Volfson replaced as deputy to the General Director of the
joint-stock company – director of VolgaTelecom's regional
subsidiary in Mordovia Republic. Ivan Shubin holds the office of
counsellor to the regional subsidiary's director.

                       About VolgaTelecom

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

                         *     *     *

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

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


* Moody's Assigns Ba2 Currency Ratings to Omsk Oblast
-----------------------------------------------------
Moody's Investors Service assigned global scale local and
foreign currency ratings of Ba2 to the Oblast of Omsk.  The
rating outlook is stable.  At the same time, Moody's Interfax
Rating Agency, which is majority-owned by Moody's, affirmed Omsk
Oblast's Aa2.ru national scale rating.

"The ratings are supported by favorable socio-economic
indicators and the current prudent budget policy of the regional
authorities.  The Oblast's government has proved its ability to
manage the initial shock of departure of its key taxpayer
without a significant increase in debt burden," says Alexander
Proklov, a Moody's senior analyst and lead analyst for the
region.

"The Oblast faced a significant shortfall in corporate income
tax in 2006 after JSC Gazprom Neft relocated its headquarters to
St. Petersburg.  This was partially offset by additional federal
transfers and budget loans," Mr Proklov adds.

Although the Oblast's operating balances have weakened
substantially, Moody's considers that a growth in personal
income tax, fuel and alcohol excises and corporate property tax
mitigated the Oblast's tax revenue shortage in 2006-2007.  The
Oblast's government is expecting an increase in federal capital
transfers and investments to celebrate the 300th anniversary of
Omsk City foundation in 2016, which could ease the Oblast's
essential infrastructure needs.

In this context, Moody's notes that Omsk Oblast's debt burden
remains low, with a direct debt-to-operating revenue ratio of
14.0% at year-end 2007.  Guaranteed debt and debt of state-owned
companies is immaterial, while one-third of the direct debt is
represented by federal budget loans with a maturity date in
2011.  However, the rating agency notes that the Oblast's
government is covering fiscal gaps with short-term bank loans,
and the volume of short-term debt is increasing, which may pose
a refinancing risk in case of banking liquidity shortage.

In Moody's view, a number of factors, such as further
improvement in budget management and sustainable growth in tax
revenue combined with a developing operating environment could
improve the Oblast's credit profile in future.  Conversely,
significant budget imbalance and a mounting debt burden could be
factors that are capable of worsening the Oblast's
creditworthiness in the medium term.

"Increasing operating expenditure and expanding infrastructure
needs means that the Oblast's government has to prove its
commitment to the strong budget policy in the coming years,"
concludes Mr Proklov.

Omsk Oblast is situated in the South of Eastern Siberia and has
2 million inhabitants (1.4% of Russia's population). The
Oblast's gross regional product per capita is approximately 75%
of Russian national.  The secondary sector plays a key role in
the local economy, contributing approximately 50% to the
Oblast's GRP.  Key local enterprises and taxpayers are food, oil
processing, petrochemical and transport companies.


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


REAL SOCIEDAD: Files for Administration to Remain Afloat
--------------------------------------------------------
Real Sociedad de Futbol has filed for opening of administration
proceedings, Reuters reports.

The company's board resolved that filing for administration was
the only way to guarantee its survival.

A statement on Real Sociedad's Web site said the club could no
longer meet its obligations, Reuters adds.


* Fitch Says Most Investment-Grade Spanish RMBS Can Bear Stress
---------------------------------------------------------------
Fitch Ratings said that the majority of investment-grade Spanish
RMBS ratings can withstand significant stress.  The agency
stress-tested the ratings against various hypothetical scenarios
of declining house prices and increasing defaults.

"The recent house price deceleration in the Spanish housing
market has not resulted in any major deterioration in the
performance of underlying mortgages in Spanish RMBS, which are
among Europe's best-performing transactions," said Rui Pereira,
Managing Director and Head of Spanish Structured Finance at
Fitch.  "However, a continuing weakening of house prices,
together with a worsening economic environment, would likely
increase defaults and losses in these transactions."

Fitch's stress tests show that the majority of the ratings are
stable in all scenarios.  However, expected rating volatility is
the highest in the 'severe' scenario, which takes into
consideration a 25% decline in house prices over the next 12
months.  Seasoned vintages are well-positioned to withstand even
the 'severe' stress scenario, while the more recent 2006-2007
vintages are more vulnerable and show greater rating migration
in the 'moderate' and 'severe' scenarios.

In Fitch's view, the trend of house price deceleration and
decline in certain regions is likely to continue, given the
oversupply of houses in the market, stretched mortgage
affordability and ongoing funding constraints for lenders.  
Fitch expects Spanish house prices to decline by up to 5% in the
following 12 months.

Fitch stress-tested the ratings of 330 tranches outstanding in
78 Fitch-rated RMBS transactions, rated from 2003 - 2007.


* Spanish Bankruptcies More than Double in First Half 2008
----------------------------------------------------------
The number of Spanish companies seeking protection from
creditors doubled in the first half of 2008 compared to the same
period in 2007, Sharon Smyth writes for Bloomberg News citing
Spanish credit insurer Credito y Caucion.

According to Credito y Caucion, Bloomberg News reports, courts
commenced bankruptcy proceedings against 1,010 Spanish companies
in the first half of 2008, compared to 483 firms in the same
period in 2007.

Credito y Caucion said around 24% of companies seeking
bankruptcy protection came from the construction industry, 13%
from the service sector and 20% from the real estate business.

The credit insurer attributed the increase to the slowdown in
Spanish residential real estate industry.


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


911-MEDIA LLC: Creditors Must File Proofs of Claim by July 18
-------------------------------------------------------------
Creditors owed money by LLC 911-media are requested to file
their proofs of claim by July 18, 2008, to:

         Dr. Rolf Messerli
         auf dem Sand
         3818 Grindelwald
         Switzerland

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


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

         Urs Steiger
         Oberer Muhlacker 11
         9450 Altstatten
         Switzerland

The company is currently undergoing liquidation in Steinhausen.  
The decision about liquidation was accepted at an extraordinary
general meeting held on May 13, 2008.


ANSELMI GASTRO: Proofs of Claim Filing Deadline is July 18
----------------------------------------------------------
Creditors owed money by LLC Anselmi Gastro are requested to file
their proofs of claim by July 18, 2008, to:

         Marco Anselmi
         Neue Jonastrasse 114
         8640 Rapperswil
         Switzerland

The company is currently undergoing liquidation in Bonstetten.  
The decision about liquidation was accepted at a shareholders'
meeting held on April 18, 2008.


AURELIUS CONSOLIDATED: Creditors' Proofs of Claim Due by July 17
----------------------------------------------------------------
Creditors owed money by JSC Aurelius Consolidated are requested
to file their proofs of claim by July 17, 2008, to:

         Hans Jakob
         Redingstrasse 22
         4052 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at a general meeting
held on April 28, 2008.


GEISER INFORMATIK: Deadline to File Proofs of Claim Set July 17
---------------------------------------------------------------
Creditors owed money by LLC Geiser Informatik are requested to
file their proofs of claim by July 17, 2008, to:

         Sageweg 1
         3044 Innerberg
         Switzerland

The company is currently undergoing liquidation in Wohlen bei
Bern.  The decision about liquidation was accepted at a
shareholders' meeting held on June 2, 2008.


GLANZ UND GLORIA: Proofs of Claim Filing Period Ends July 18
------------------------------------------------------------
Creditors owed money by LLC Glanz und Gloria are requested to
file their proofs of claim by July 18, 2008, to:

         Thomas Letsch
         Liquidator
         Grungasse 18
         8004 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a shareholders'
meeting held on April 11, 2007.


MARINE OIL: July 18 Set as Deadline to File Proofs of Claim
-----------------------------------------------------------
Creditors owed money by JSC Marine Oil Services Es are requested
to file their proofs of claim by July 18, 2008, to:

         BDO Visura
         Route de Fribourg 15
         1723 Marly 2
         Switzerland

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


MODAN INFORMATIK: Creditors' Proofs of Claim Due by July 18
-----------------------------------------------------------
Creditors owed money by  JSC Modan informatik zentrum are
requested to file their proofs of claim by July 18, 2008, to:

         Hans Rudolf Ryser
         Liquidator
         Industrie Neuhof 9
         3422 Kirchberg
         Switzerland

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


SILKROAD CAPITAL: Proofs of Claim Filing Deadline is July 18
------------------------------------------------------------
Creditors owed money by JSC Silkroad Capital are requested to
file their proofs of claim by July 18, 2008, to:

         Dr. T. Keese
         Poststrasse 4
         8808 Pfaffikon
         Switzerland

The company is currently undergoing liquidation in Freienbach.  
The decision about liquidation was accepted at a general meeting
held on Jan. 11, 2008.


TRANSLIFT SCHWEI: Luzern-Land Court Opens Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Service of Luzern-Land commenced bankruptcy
proceedings against JSC Translift Schweiz on June 6, 2008.

The Bankruptcy Service of Luzern-Land can be reached at:

         Bankruptcy Service of Luzern-Land
         6010 Kriens
         Switzerland

The company can be reached at:

         JSC Translift Schweiz
         Rainacherstrasse 47
         6012 Obernau
         Switzerland


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


BANK KHRESCHATYK: Fitch Holds B- Long-Term Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed Ukraine-based Bank Khreschatyk's
ratings at Long-term Issuer Default rating 'B-', Short-term IDR
'B', Support '5', Individual 'D/E', National Long-term 'BBB-
(ukr)' and Support Rating Floor 'No Floor'.  The Outlooks for
the Long-term IDR and National Long-term rating are Stable.

The ratings of Bank Khreschatyk reflect its small size, low, but
improving profitability, concentrated balance sheet and risks
associated with a rapid growth strategy, as well as certain
weaknesses in the operating environment.  However, they also
consider the bank's relatively low loan impairment levels and
still adequate capitalization.

Khreschatyk's profitability in 2007 was low, reflecting rapid
network expansion as the bank started to explore retail business
opportunities.  The regional expansion had been largely
completed by end-2007.  In 5M08 the bank's profitability
improved significantly, according to local accounts, as a result
of the lower cost base and increased interest rates on new
lending reflecting the general trend in the market.  Funding
restrictions have caused the loan portfolio to remain stagnant
in 5M08, with new loans being disbursed mainly only to replace
expired loans.

The City of Kiev was the controlling shareholder until 2006,
when it failed to gather the funds required to pay for the
shares it subscribed for under a share issue and lost its
majority stake.  Currently, up to 58% stake is indirectly
controlled by the Kyiv Investment Group, which holds stakes in a
large number of Ukrainian companies from various industries.  
Despite the loss of the controlling stake by the City, the bank
remains an important financial partner for the City due to its
deep presence in the Kiev region and existing business ties with
the City administration and local companies.

Khreschatyk was founded in 1993 and was Ukraine's 25th-largest
bank by assets at end-April 2008, according to the National Bank
of Ukraine.  At end-2007, the bank had 28 branches and 106
outlets covering all the regional centers in Ukraine.  Corporate
and municipal clients have traditionally represented the bulk of
business, although since 2006 Khreschatyk's strategic focus has
moved towards retail.  Khreschatyk has successfully managed to
expand its retail lending since then and at end-2007 it
comprised 22% of the total loan portfolio.


BIARS LLC: Creditors Must File Claims by July 18
------------------------------------------------
Creditors of LLC Biars (code EDRPOU 34620408) have until
July 18, 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 3, 2008.
The case is docketed as 23/170-b.

The Debtor can be reached at:

         LLC Biars
         Reuters Str. 35-A
         01034 Kiev
         Ukraine


GOSPODAR LLC: Creditors Must File Claims by July 18
---------------------------------------------------
Creditors of LLC Gospodar (EDRPOU 30215439) have until
July 18, 2008, to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent on May 27, 2008.
The case is docketed as 2/98-08-2009.

The Debtor can be reached at:

         LLC Gospodar
         Karantinnaya Str. 21/1
         65014 Odessa
         Ukraine


MANAGEMENT OF COMPLEX: Creditors Must File Claims by July 18
------------------------------------------------------------
Creditors of LLC Management of Complex Improvement (code EDRPOU
32875396) have until July 18, 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 19, 2008.  The case is docketed as 16/101/08.

The Debtor can be reached at:

         LLC Management of Complex Improvement
         Tverskaya Str. 10
         69000 Zaporozhje
         Ukraine


NESKERMAN LLC: Creditors Must File Claims by July 18
----------------------------------------------------
Creditors of LLC Neskerman (code EDRPOU 35222131) have until
July 18, 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 3, 2008.
The case is docketed as 23/165-b.  

The Debtor can be reached at:

         LLC Neskerman
         Mayakovsky Avenue 91-B
         02232 Kiev
         Ukraine


RASHEL LLC: Creditors Must File Claims by July 18
-------------------------------------------------
Creditors of LLC Rashel (code EDRPOU 35222110) have until
July 18, 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 3, 2008.
The case is docketed as 23/166-b.

The Debtor can be reached at:

         LLC Rashel
         Bratislavskaya Str. 8
         02156 Kiev
         Ukraine


REKSONKIT LLC: Creditors Must File Claims by July 18
----------------------------------------------------
Creditors of LLC Reksonkit (code EDRPOU 35182822) have until
July 18, 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 19, 2008.  The case is docketed as 16/100/08.

The Debtor can be reached at:

         LLC Reksonkit
         Artem Str. 26
         69063 Zaporozhje
         Ukraine


SHABELNIKI LLC: Creditors Must File Claims by July 18
-----------------------------------------------------
Creditors of Agricultural LLC Shabelniki (code EDRPOU 31718314)
have until July 18, 2008, to submit proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent on May 22, 2008.
The case is docketed as 01/5550.

The Debtor can be reached at:

         Agricultural LLC Shabelniki
         Gorky Str. 120
         Shabelniki
         Zolotonosha District
         Cherkassy
         Ukraine


SPHERE V: Creditors Must File Claims by July 18
-----------------------------------------------
Creditors of LLC Sphere V (code EDRPOU 34910788) have until
July 18, 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 21, 2008.  The case is docketed as 16/109/08.

The Debtor can be reached at:

         LLC Sphere V
         Kulturnaya Str. 43
         69027 Zaporozhje
         Ukraine


UTAH-JAZZ LLC: Creditors Must File Claims by July 18
----------------------------------------------------
Creditors of LLC Utah-Jazz (code EDRPOU 35034190) have until
July 18, 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 26, 2008.
The case is docketed as 49/84-b.

The Debtor can be reached at:

         LLC Utah-Jazz
         Artem Str. 21
         04053 Kiev
         Ukraine


VITALIS LLC: Creditors Must File Claims by July 18
--------------------------------------------------
Creditors of LLC Vitalis (code EDRPOU 34493116) have until
July 18, 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 3, 2008.
The case is docketed as 23/171-b.

The Debtor can be reached at:

         LLC Vitalis
         Smirnov Lastochkin Str. 1-3
         04053 Kiev
         Ukraine


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

  
AASCENT FINANCE: Administrators Ask CPF to Manage Loan Book  
-----------------------------------------------------------
Aascent Finance Co.'s administrators from Grant Thornton LLP
have asked Close Premium Finance to assist with the management
of its loan book and to offer to underwrite all new business,
Post Online reports.

"We are pleased that Grant Thornton has selected Close to manage
this situation and we look forward to working with them and
Aascent's brokers," Bob Golden, CPF chief executive officer, was
quoted by Post Online as saying.  

"This arrangement is underpinned by our stability of management,
technology and deep lines of funding.  We will be doing all we
can to assist brokers both short-term in maintaining their
client relationships, and in providing long term market leading
premium finance facilities."

Headquartered in London, England, Aascent Finance Company --
http://aascent.com/-- specializes in the financing of  
commercial insurance.


BNP PARIBAS: Moody's May Lower Ba1 Rating After Review
------------------------------------------------------
Moody's Investors Service placed under review for downgrade two
credit default swaps entered into by BNP Paribas, London Branch.

These rating actions are:

BNP Paribas, London Branch:

   (1) EUR125,000,000 Series 16 Class 7B Credit Default Swap
       terminating in 2010

    -- Current Rating: Aa2, on review for downgrade
    -- Prior Rating: Aa2

   (2) EUR65,000,000 Series 16 Class 10D Credit Default Swap
       terminating in 2013

    -- Current Rating: Ba1, on review for downgrade
    -- Prior Rating: Ba1

The transaction will continue to be monitored and any further
rating action will be publicly disseminated.


CHEYNE ABS: S&P Rates Class C Notes at B- with Neg. Watch
---------------------------------------------------------
Standard & Poor's Ratings Services has lowered and kept on
CreditWatch with negative implications its credit rating on the
class C notes issued by Cheyne ABS Investments I PLC.  At the
same time, we placed the class A-1, A-2, and B notes on
CreditWatch negative.
  
This rating actions reflect the negative rating migration that
has occurred in the underlying portfolio.  They also incorporate
the revisions to our recovery rate assumptions for certain
collateralized debt obligations.
   
Cheyne ABS Investments I is a cash flow CDO of CDOs managed by
Cheyne Capital Management Ltd.
  
On April 15, 2008, the class A-2, B, and C notes in this CDO
were downgraded to reflect negative rating migration in the
underlying portfolio.  On May 7, 2008, the class C notes were
placed on CreditWatch negative.
   
                           Ratings List
  
         Class                      Rating
                    To                          From
  
Cheyne ABS Investments I PLC
US$178 Million Floating-Rate Notes
  
         C          B-/Watch Neg                BBB-/Watch Neg
         A-1        AAA/Watch Neg               AAA
         A-2        AA/Watch Neg                AA
         B          BBB+/Watch Neg              BBB+


CHEMTURA CORP: Opts to Remain Stand-Alone, Abandons Sale Talks
--------------------------------------------------------------
Chemtura Corporation's board of directors has terminated
discussions on a potential sale, merger or other business
combination after determining that these discussions are
unlikely at this time to result in an offer at a sufficiently
attractive price.

The board said that, after thoroughly exploring a potential
sale, merger or other business combination involving the entire
company, it has concluded that shareholders' interests will be
best served by continuing to operate as a stand-alone company
and focusing on its own growth and efficiency initiatives.  

On Dec. 18, 2007, Chemtura said that a special committee of its
board of directors and the company's financial advisor, Merrill
Lynch & Co., would explore a variety of strategic alternatives.

Presently, the board of directors has instructed management, the
special committee, and Merrill Lynch to continue active
consideration of the company's other strategic options,
including (among other options) select business divestitures,
value-creating acquisitions, joint ventures and changes in the
company's capital structure, which could include a stock
repurchase program.

While the company's evaluation of strategic alternatives
continues, there can be no assurance that this process will
result in any specific transaction.  The company does not expect
to disclose any further developments regarding the exploration
of strategic alternatives unless and until its board of
directors has approved a transaction or a strategic alternative.

              Sale Talks with Blackstone and Apollo

Around May 2008, Blackstone Group LP and Apollo Management LP
commenced discussions regarding an acquisition of Chemtura,
various reports said, citing people familiar with the deal.

According to the unnamed sources, it is uncertain that the deal
will push through given the size of Chemtura and the slumping
economy.

In December 2007, Moody's Investors Service placed Chemtura's
corporate family rating of Ba2 under review for possible
downgrade after reports that its "board of directors has
authorized management to consider a wide range of strategic
alternatives available to the company to enhance shareholder
value."

At the same time, Standard & Poor's Ratings Services placed its
'BB+' corporate credit and senior unsecured debt ratings of
Chemtura on CreditWatch with developing implications, after
reports that management is considering strategic alternatives,
including sale or merger of the company.

                    Sale of Oleochemicals Biz

The TCR related on Jan. 29, 2008, that Chemtura completed the
sale of its oleochemicals business and Memphis, Tenn.
manufacturing facility to PMC Group NA Inc. for an undisclosed
amount.  Proceeds from the transaction will be used to reduce
debt.

All 260 employees at the Memphis facility are expected to
transfer to PMC Group NA Inc.  The oleochemicals business had
revenues for 2007 of about US$175 million.

                   Sale of Fluorochemicals Biz

The TCR said on Feb. 11, 2008, that Chemtura completed the sale
of its Fluorochemicals business and related production facility
to E.I. du Pont de Nemours and Company in an all-cash deal for
an undisclosed amount.

Chemtura completed the divestiture of its organic peroxides
business in May, its EPDM business in June and its optical
monomers business in October 2007.

The about 25 employees who work for the Fluorochemicals
business have become employees of DuPont.  The Fluorochemicals
business had revenues for 2006 of about US$56 million.  Included
in the sale is the Fluorochemicals production unit at Chemtura's
El Dorado, Arkansas plant.  Chemtura retains ownership of its
other El Dorado facilities.

                   First Quarter 2008 Results

Chemtura reported net sales of US$909 million and a net loss of
US$21 million, for the first quarter of 2008 and net earnings on
a managed basis of US$23 million.  During the first quarter of
2007, the company had net sales of US$889 million and a net loss
of US$13 million.

As of March 31, 2008, the company had total assets of
US$4.4 billion, total liabilities of US$3.3 billion, and total
stockholders' equity of US$1.9 billion.  Cash and cash
equivalents were US$115 million as of March 31, 2008, compared
to US$77 million as of Dec. 31, 2007.

                      About Chemtura Corp.

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE: CEM) -- http://www.chemtura.com/-- manufactures and    
markets specialty chemicals, crop protection products, and pool,
spa and home care products.  The company has subsidiaries in the
United Kingdom, Netherlands, Australia, China, Japan, Chile and
Mexico, among others.


CHEMTURA CORP: S&P Keeps Watch on BB Ratings on Aborted Sale
------------------------------------------------------------
Standard & Poor's Ratings Services revised its CreditWatch
implications on Chemtura Corp. ('BB' corporate credit
and senior unsecured debt ratings) to negative from developing.  
The action follows the company's recent announcement that
shareholders' interests will be best served by terminating
discussions on a potential sale, merger, or other business
combination involving the entire company and by continuing to
operate Chemtura as a stand-alone entity.

"The CreditWatch with negative implications reflects our
concerns that cash flow protection measures will not strengthen
to, and be sustained at, levels appropriate for the current
ratings, given the challenging domestic economy, including
elevated energy costs," said Standard & Poor's credit analyst
Wesley E. Chinn.

The ratings on Chemtura incorporate the vulnerability of its
operating results to competitive pricing pressures, raw-material
costs, and cyclical markets.  They also reflect weak cash flow
protection measures as a result of poor profitability in certain
businesses.  These factors are tempered by a diversified
portfolio of specialty and industrial chemical businesses
(generating annual revenues of roughly US$3.7 billion), thus
presenting management with a range of options regarding
potential asset sales or other actions to improve the financial
profile.

Although the board has terminated discussions on a potential
sale or merger of the entire company, management is still
considering other strategic options, including business
divestitures, acquisitions, joint ventures, and stock
repurchases.  This calls into question financial policies. We
await 2008 second-quarter results (historically Chemtura's
strongest quarter) to ascertain whether meaningful earnings
progress can be achieved during this year and thus contribute to
a strengthening of the financial profile, including the key
funds from operations to debt ratio. S&P expects to resolve
the CreditWatch listing within the next two months, following a
meeting with management to review earnings and debt leverage
prospects.

                   About Chemtura Corporation

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE: CEM) -- http://www.chemtura.com/-- manufactures and   
markets specialty chemicals, crop protection products, and pool,
spa and home care products.  The company has subsidiaries in the
United Kingdom, Netherlands, Australia, China, Japan, Chile and
Mexico, among others.


CITY LOFTS: Brings In Ernst & Young as Administrators    
-----------------------------------------------------
The directors of City Lofts Group Limited, on July 4, 2008,
appointed Maggie Mills, Angela Swarbrick and Charles King,
partners and directors of Ernst & Young LLP, as administrators
of CLG.  

An application to Court has also been made for the appointment
of the same individuals as administrators of CLG's wholly-owned
subsidiary, City Loft Developments Limited.  

CLG is the holding company of the City Lofts group and CLD is
its principal subsidiary, which in turn owns a number of
subsidiaries or joint ventures which carry out the group's
development projects.  On June 30, 2008, by way of separate
procedure, receivers under the Law of Property Act 1925 were
appointed by Bank of Scotland in respect of assets owned by
certain subsidiaries of CLD in Birmingham, Cardiff, Leeds,
Liverpool, Newcastle and Nottingham.

It is anticipated that the administrators will review the
position of the two holding companies with the intention that
the group's current individual developments under construction
(other than those in respect of which LPA receivers have already
been appointed) should be able to continue unaffected so that
value is maintained in the wider group.

The individual operating companies that are carrying out the
group's current developments have not been placed into
administration.  In particular, City Lofts (Half Tide Dock)
Limited (Liverpool) and City Lofts (Sheffield) Limited
(Sheffield) are continuing to trade with the intention that
their respective developments should continue.  New directors
have been appointed to the boards of these operating companies,
in consultation with the lenders to the relevant developments,
in order to strengthen and support the boards and management of
these companies.

As previously reported in the TCR-Europe on July 4, 2008,
The Bank of Scotland appointed John Gershinson of Allsop as
receiver for the 250 unsold apartment units of City Lofts.

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


EMI GROUP: Names Elio Leoni-Sceti Music Unit CEO
------------------------------------------------
EMI Group Plc has appointed Elio Leoni-Sceti as Chief Executive
of its recorded music division, EMI Music.

Mr. Leoni-Sceti joins from Reckitt Benckiser, the FTSE30
consumer brand company, where he has been Executive Vice
President, Europe.  His stellar 16 year career with Reckitt
Benckiser has seen him lead some outstanding brand successes and
business turnarounds in the United States and across Europe.

Under his tenure as Global Head of Category (2001-05), the
company strengthened its recognized leadership in product
innovation and global branding, while creating a new culture of
integrated media and communication. In the last two years, as
Head of Europe, Elio accelerated business growth in Europe, and
built a stronger competitive position for its major brands.

"I am delighted that Elio is joining as Chief Executive of EMI
Music to lead the most exciting business transformation in the
music industry," Guy Hands, EMI Group chairman, said.  "His
career achievements and outstanding leadership qualities are
ideally suited to ensuring that EMI is a successful business.
Elio has the passion, drive and belief in the future of the
music industry to realize the ambitions we all have for EMI."

"Having completed the organizational restructuring at the end of
June and finalized our strategic work, Elio joins at the right
time to shape, drive and lead EMI to become the world's most
artist focused and consumer friendly music company.  With Elio's
arrival as Chief Executive, I will be stepping back to become
Non Executive Chairman of EMI.  I would like to thank all our
artists, staff and business partners for their continuing
support and hard work to effect the changes underway and the
positive results being achieved."

"This is a hugely exciting time for the music business and for
EMI," Mr. Leoni-Sceti said.  "EMI is the world's longest
established music company operating in over 40 markets globally
with a roster of some of the most successful artists in the
world."  

"They range from long established names such as The Beatles,
Pink Floyd, Queen and The Beach Boys to contemporary singers
such as Kylie Minogue, Lily Allen and Norah Jones.  Its current
successes include Coldplay and Katy Perry topping both the UK
and U.S. charts.  The potential that can be realised in this
industry is massive, music consumption is growing more than ever
across the world and I cannot wait to get started and to working
with EMI's artists and employees."

                       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.


FERRYWAYS LTD: Claims Filing Period Ends July 30
------------------------------------------------
Creditors of Ferryways (U.K.) Ltd. have until July 30, 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:

         David Merrygold
         Joint Liquidator
         PKF (UK) LLP
         16 The Havens
         Ransomes Europark
         Ipswich
         Suffolk
         IP3 9SJ

David Merrygold and Brian James Hamblin of PKF (UK) LLP were
appointed joint liquidators of the company on June 12, 2008, in
accordance with the joint administrators' proposals which were
approved by creditors on Aug. 23, 2007.


INCHGREEN LTD: David Elliott Leads Liquidation Procedure
--------------------------------------------------------
David Elliott of Moore Stephens LLP was appointed liquidator of
Inchgreen Ltd. on June 26 for the creditors' voluntary winding-
up procedure.

The liquidator can be reached at:

         Moore Stephens LLP
         Victory House
         Admiralty Place
         Chatham Maritime
         Kent
         ME4 4QU
         England


JAPANZ INTERNATIONAL: Claims Filing Period Ends September 17
------------------------------------------------------------
Creditors of Japanz International Ltd. have until
Sept. 17, 2008, to send in their full names, addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to:

         M. H. Abdulali
         Liquidator
         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent
         England

David Elliott of Moore Stephens LLP was appointed liquidator of
the company on June 26, 2008, for the creditors' voluntary
winding-up procedure.


MARKS & SPENCER: Poor Sales Prompt Closure of Taiwan Stores
-----------------------------------------------------------
Marks & Spencer Group Plc will close three stores in Taiwan by
the end of August because of poor sales, Tim Culpan writes for
Bloomberg News.

The U.K. retail chain jointly operates the Taiwan store with
President Chain Store Corp.  President Chain, Taiwan's largest
retail operator, owns 40 percent of the venture, Bloomberg News
says citing an M&S spokeswoman.

According to the report, the closure of the stores will be the
second time Marks & Spencer will leave the Taiwan market after
exiting in 2001.

“Taiwan customers prefer larger outlets than the smaller stores”
operated by Marks & Spencer, Lillian Lin, spokeswoman for
Taipei-based President Chain, told Bloomberg News in a phone
interview.  

The three stores will be closed once stocks have been cleared
and Marks & Spencer will immediately inform all employees,
suppliers and affected parties and resolve any outstanding
matters, a company statement cited by Bloomberg News said.

Meanwhile, the company issued a profit warning Wednesday last
week pointing to
deteriorating consumer confidence levels and challenging market
conditions.

The update resulted in a one-day loss of almost 25% for the
company's shares, according to Sarah Turner of MarketWatch.

For the first quarter of fiscal year 2008-09, the retailer said
its UK sales dropped 0.5% while its UK like for like sales
dropped 5.3%.

“In this quarter, pressures on consumer spending and increased
competitor pricing and promotional activity, coupled with
changes in consumer buying patterns, have resulted in a
significantly weaker performance,” Chairman Stuart Rose said in
an interim management statement.

The company expects market conditions to continue to remain
difficult.

                About Marks & Spencer Group plc

Headquartered in London, Marks and Spencer Group plc
http://www.marksandspencer.com/-- retails of clothing, food and  
home products in the United Kingdom and abroad.  The company is
the holding company of the Marks & Spencer group of companies.  

The company's International segment consists of owned businesses
in the Ireland, Hong Kong, Taiwan, Greece, a number of other
Balkan states, Switzerland, the Czech Republic, Slovakia, Latvia
and Lithuania, together with franchised operations.  


REFCO INC: Administrators to Make Distributions to Creditors
------------------------------------------------------------
The Plan Administrator for Refco Inc. and its subsidiaries and
affiliates, notified the U.S. Bankruptcy Court for the Southern
District of New York and parties-in-interest on the sixth
distribution, scheduled June 26, 2008, to holders of Allowed
claims against the Contributing Debtors.

The Plan Administrator for Refco Capital Markets, Ltd., also
notified the Court and parties-in-interest on the seventh
interim distribution of Assets in Place, set June 26, 2008, to
the creditors of RCM.  The RCM Plan Administrator is also
scheduled to make the fifth interim distribution of Additional
Property on June 26.

Steven Wilamowsky, Esq., at Bingham McCutchen LLP, in New York,
says that the Sixth Distribution with respect to interested
parties in the cases of Refco Inc. and its subsidiaries and
affiliates will result in:

  (i) holders of Allowed Class 5(a) Contributing Debtors General
      Unsecured Claims receiving a distribution of approximately
      2.99% of their Allowed Claim amounts, bringing aggregate
      distributions to approximately 36.40%;

(ii) contributions being made to the Disputed Claims Reserve at
      the same percentage for liquidated, but as yet unresolved
      Claims against the Contributing Debtors; and

(iii) additional contributions being made to the Disputed Claims
      Reserve to establish cushion reserves, for instance, in
      respect of unliquidated Claims, at an amount determined by
      the Plan Administrator to be reasonable under the
      circumstances.

A list of claims for the Sixth Distribution of Allowed Claims is
available at no charge at:

    http://bankrupt.com/misc/Refco6thAllowedClaims.pdf

The RCM Plan Administrator has made six interim distributions
from Assets in Place and four interim distributions from
Additional Property.  The six interim distributions from Assets
in Place aggregate to recoveries of about US$2,160,000,000 or
76.61% to holders of Allowed RCM Securities Customer Claims and
US$156,170,000 or 24.49% to holders of Allowed RCM FX/Unsecured
Claims.

The first four interim distributions from Additional Property
resulted in recoveries of US$197,500,000 or 14.06% to holders of
Allowed RCM Securities Customer Claims and US$118,780,000 or
18.84% to holders of Allowed RCM FX/Unsecured Claims.

According to Mr. Wilamowsky, Esq., the RCM Plan Administrator
currently intends to:

  (a) distribute approximately US$19,890,000 from Assets in
      Place;

  (b) distribute approximately US$18,310,000 in the aggregate
      from Additional Property; and

  (c) to reserve in the RCM Disputed Claims Reserve
      approximately US$22,560,000 cash out of the Assets in
      Place, and US$52,450,000 cash out of the Additional
      Property.

The aggregate cash available for the seventh interim
distribution from Assets in Place will be allocated as between
RCM Securities Customer Claims, pursuant to the terms of the RCM
Settlement Agreement.

From the aggregate available cash, the RCM Plan Administrator
will also maintain, replenish or adjust reserves previously
established.  The RCM Plan Administrator determines that all
reserves will have sufficient cash available to pay all allowed
claims.

A schedule of RCM Claims to receive distributions from reserve
deposits is available at no charge at:

    http://bankrupt.com/misc/RefcoRCMClaimsJune08.pdf

Mr. Wilamowsky discloses that from the first through seventh
interim distributions from Assets in Place and the first through
fifth interim distributions from Additional Property, the total
current distributions from Assets in Place and Additional
Property will result in:

  * RCM Securities Customers Claimholders receiving 91.80% of
    allowed claims, and

  * RCM FX/Unsecured Claimholders receiving approximately 44.57%
    of allowed claims.

                          About Refco

Headquartered in New York, Refco Inc. -- http://www.refco.com/  
-- is a diversified financial services organization with
operations in 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives.  The company has operations in Bermuda.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of Refco
Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.  (Refco Bankruptcy News, Issue No. 85; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


REFCO INC: Ex-CEO Bennett Gets 16-Year Prison Term for Fraud
------------------------------------------------------------
Judge Naomi R. Buchwald of U.S. District Court for the Southern
District of New York in Manhattan sentenced Phillip R. Bennett,
former chief executive officer, chairman, and controlling
shareholder of Refco Inc., to a 16-year prison term after
pleading guilty of defrauding Refco investors out of
US$2,400,000,000, published reports say.

"To sentence you, I don't have to paint you as a monster and I
have no intention of doing so," Judge Buchwald was quoted by the
Associated Press as saying.

"I made an unacceptable and appalling error in judgment,"
Mr. Bennett told the Court, according to Bloomberg News.  "I
took the wrong path and crossed a line I never should have
crossed."

Mr. Bennett was accused of hiding Refco's true financial
position from investors by moving more than US$1,000,000,000 in
debt off the company's books to Refco Group Holdings Inc, a
privately held entity owned by Mr. Bennett.  Mr. Bennett
admitted that he conspired with other unnamed Refco executives
to conceal the size of Refco's liabilities, and said he deceived
his auditors, investors and lenders.

Mr. Bennett told the Court that the scheme was an effort to save
Refco from bankruptcy.  He has paid US$1,200,000,000 to
eliminate Refco's debt and repay investors, said Gary Naftalis,
Esq., counsel for Mr. Bennett.

"Did he do wrong things? Absolutely," Mr. Naftalis told Judge
Buchwald.  "Has he stood tall and admitted it?  Yes."

"You are the architect of the Refco fraud," Judge Buchwald told
Mr. Bennett at his sentencing on July 3, 2008.  "Individuals who
commit crimes like yours are often staggeringly arrogant."

Judge Buchwald rejected a government request for Mr. Bennett to
report to prison immediately, and told him to remain at his home
in Somerset County, New Jersey under electronic monitoring.
Mr. Bennett has been out on a US$50,000,000 bail after his
arrest in 2005, and is expected to report to prison on
Sept. 4, 2008.

Bloomberg News notes some 16 corporate executives have been
sentenced to 20 years or more in jail since 2003.  These include
Enron Corp. ex-CEO Jeffrey Skilling, former WorldCom Inc.
Chairman Bernard Ebbers, and Bayou Group LLC's Samuel Israel,
who were sentenced for fraud.

                          About Refco

Headquartered in New York, Refco Inc. -- http://www.refco.com/  
-- is a diversified financial services organization with
operations in 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives.  The company has operations in Bermuda.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of Refco
Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.  (Refco Bankruptcy News, Issue No. 85; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


REFCO INC: RCM Administrator Gets US$1,000,000 Bonus Payment
------------------------------------------------------------
Marc S. Kirschner, the Plan Administrator for Refco Capital
Markets, Ltd., notified the U.S. Bankruptcy Court for the
Southern District of New York of a US$1,000,000 additional
compensation for his services as RCM Plan Administrator, for the
period from Feb. 10, 2007.  Mr. Kirschner said that the award is
supported by the Plan Committee, which consists of RCM's largest
creditors.

Mr. Kirschner performed his duties under the RCM Administration
Agreement, which include liquidating RCM's assets, paying RCM's
expenses, investing RCM's cash, calculating and paying
distributions to creditors of RCM, and dissolving and winding up
RCM.  In connection with this, Mr. Kirschner points out that
recoveries by RCM creditors have already substantially exceeded
those originally projected in the Disclosure Statement, and have
been distributed without any unnecessary delay.

Timothy B. DeSieno, Esq., at Bingham McCutchen LLP, in New York,
tells the Court that the RCM Plan Administrator's efforts were
extraordinary, in that they were over and above normal post-plan
effective date activities involving ongoing sales of RCM
securities and claims resolutions.

Pursuant to the Confirmation Order, the RCM Plan Administrator
was awarded compensation for his services at the hourly rate of
$850, plus reimbursement out of pocket expenses.  For the period
from Feb. 11, 2006, through April 30, 2008, the RCM Plan
Administrator submitted invoices for his fees and expenses,
reflecting services for 1,204.5 hours, and fees totaling
US$1,023,825, which have been paid by the Debtors' estates.  The
RCM Plan Administrator did not seek reimbursement of expenses.

In addition to the fees, the RCM Plan Administrator was also
entitled to apply to the Court for a bonus of up to US$500,000,
if certain conditions were met.

The RCM Plan Administrator believes that the award of a bonus of
US$1,000,000 as additional compensation -- in lieu a bonus
limited to US$500,000 as originally contemplated in the RCM
Administration Agreement -- is permitted by the Confirmation
Order as included as reasonable fees of the RCM Plan
Administrator.

Mr. DeSieno notes that pursuant to the Confirmation Order, the
payment of the reasonable fees and expenses of the RCM Plan
Administrator for post-Effective Date wind-down services will be
made in the ordinary course of business, and will not be subject
to the approval of the Bankruptcy Court.  However, any dispute
related to the RCM Plan Administrator's fees and expenses should
be brought before the Court.

                         About Refco

Headquartered in New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operations in 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives.  The company has operations in Bermuda.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of Refco
Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.  (Refco Bankruptcy News, Issue No. 85; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


STAIRWELL LTD: Claims Filing Period Ends September 26
-----------------------------------------------------
Creditors of Stairwell Ltd. have until Sept. 26, 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:

         M. H. Abdulali
         Liquidator
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent
         ST1 5TL
         England

M H Abdulali of Moore Stephens was appointed liquidator of the
company on June 26, 2008, for the creditors' voluntary winding-
up procedure.


WHITEHALL BUILDING: Brings In Liquidators from Vantis
-----------------------------------------------------
Robert Leonard Harry Knight and Mark Newman of Vantis Business
Recovery Services were appointed joint liquidators of Whitehall
Building Ltd. on June 27 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

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


                            *********

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. Zora Jayda Zerrudo Sala, Pius Xerxes Tovilla and
Joy Agravante, Julybien Atadero 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.


                 * * * End of Transmission * * *