TCREUR_Public/080710.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, July 10, 2008, Vol. 9, No. 136

                            Headlines


B E L G I U M

HUNTSMAN CORP: Hexion Balks at Extension Under Merger Pact
SOLUTIA INC: Registers US$600 Million Stock and Debt Securities
SOLUTIA INC: Sells Town & Country Property for US$42.7 Million
SOLUTIA INC: Signs US$182 Million Deal with Chinese Companies


B U L G A R I A

KREMIKOVTZI AD: Bond Trustee Seeks EU350 Million Compensation


F R A N C E

ALCATEL-LUCENT SA: To Publish Q2 2008 Results July 29
ARROW ELECTRONICS: Completes Buyout of Achieva Distribution Biz
ATARI INC: JH Cohn Expresses Going Concern Doubt
DELPHI CORP: Reaches Deal with U.S. Labor Dept. on ERISA Claim


G E R M A N Y

ADMI DIENSTLEISTUNG: Claims Registration Period Ends July 22
BEYOND INTERNATIONAL: Claims Registration Period Ends July 22
FRESENIUS SE: APP Acquisition Deal Cues S&P's Negative Outlook
LAAUSER GMBH: Creditors' Meeting Slated for July 17
MEIGO-GMBH: Claims Registration Period Ends July 22

MONTAGEN TRANSPORTE: Claims Registration Period Ends July 22
MUESING BAU: Claims Registration Period Ends July 23
NORD CAMP: Claims Registration Period Ends July 23
POOL VERWALTUNGS: Creditors' Meeting Slated for July 22
POSTENARENA SEBNITZ: Claims Registration Period Ends July 22

PROJEKTGESELLSCHAFT MUENSTERSTRASSE: Claims Filing Ends July 22
RNK DISKOTHEKEN: Creditors' Meeting Slated for July 22
SAM RESTAURANT: Claims Registration Period Ends July 22
SCHICHL CONSULTING: Claims Registration Period Ends July 22
SPIELIKUM SPIELSTUDIO: Claims Registration Period Ends July 23

WAG & S KOMMUNIKATIONS: Claims Registration Period Ends July 23
WESTLB AG: Completes Conditorei Coppenrath Repurchase
WITTICH WOHNEN: Claims Registration Period Ends July 23


H U N G A R Y

SANMINA-SCI CORP: Closes Australia-Mexico-Hungary Biz Transition


I T A L Y

ALITALIA SPA: Rescue Plan Entails up to EUR800 Million Cash Hike
ALITALIA SPA: Board Reviewing Independent Directors' Status
FIAT SPA: Inks Parts Collaboration Pre-Deal with BMW Group
FIAT SPA: To Lay-off Workers from Four Plants in Italy


K A Z A K H S T A N

AK-JOL LLP: Creditors Must File Claims by August 13
ARTEMIDA LLP: Claims Deadline Slated for August 19
AVTODOR: Claims Filing Period Ends August 15
DENSAULYK LLP: Creditors' Claims Due on August 19
ENERGOSTANDART LTD: Claims Registration Ends August 19

GEO METAL-SERVICE: Creditors Must File Claims by August 13
JALGIZ MUNAI: Claims Deadline Slated for August 20
RODAKS LLP: Claims Filing Period Ends August 13
SNET ATYRAU: Creditors' Claims Due on August 15
TAUEKEL-2000 LLP: Claims Registration Ends August 13


K Y R G Y Z S T A N

DJAMGYR LLC: Creditors' Meeting Slated for July 14
SHAHTOPROHODCHESKOYE UPRAVLENIYE: Asset Sale Slated for July 16


L U X E M B O U R G

BLUE EAGLE: Fitch Lifts DR Rating on Class D Notes to 'C/DR5'
MILLICOM INTERNATIONAL: Amends Articles of Association at EGM


N E T H E R L A N D S

CONCERTO I: Fitch Cuts DR Rating on Class C Notes to 'CCC/DR3'
HEXION SPECIALTY: Hits Huntsman's Merger Termination Extension
PUMA CLO I: Moody's Rates EUR11-Million Class E Notes at Ba3


R U S S I A

BEL-GOK CJSC: Creditors Must File Claims by August 17
COMSTAR-UNITED: Names Ivan Gavriletsky as Converiasvyaz Unit CEO
IMPULSE LLC: Court Starts Bankruptcy Supervision Procedure
KUBAN ON LINE: Creditors Must File Claims by August 17
LENINOGORSKOE PASSENGER: Claims Filing Period Ends July 17

MELKRUP OJSC: Moscow Bankruptcy Hearing Set September 2
METALLURG-STROY PLUS: Court Appoints L. Peshkov to Manage Assets
RADUGA CJSC: Court Starts Bankruptcy Supervision Procedure
RUSSIAN TRANSPORT: Creditors Must File Claims by July 17
SLADKOVSKOE CJSC: Creditors Must File Claims by August 17

SLK CJSC: Creditors Must File Claims by August 17
SOKOL LLC: Tambov Court Names V. Semenov as Insolvency Manager
TAPS OJSC: Creditors Must File Claims by July 17
TERMINAL OJSC: Creditors Must File Claims by August 17
URSA BANK: Boost in Franchise and Size Cues Fitch to Lift Rating

VERKHNEURALSKOE MILK: Court Starts Bankruptcy Supervision
VIMPEL-COMMUNICATIONS: Inks Deal to Form Viet Joint Venture


S W I T Z E R L A N D

ALLIANCE BOOTS: Moody's Cuts CFR to B2 & Junks Unsecured Notes
AREYA LLC: Creditors Have Until July 18 to File Proofs of Claim
AT QUAD: Creditors Must File Proofs of Claim by July 18
BARO-TECH LLC: Creditors' Proofs of Claim Due by July 18
DENOVO GROUP: Proofs of Claim Filing Deadline is July 19

FORNETTI SCHWEIZ: Proofs of Claim Filing Period Ends July 19
GENERAL MOTORS: Bankruptcy Fears Overblown, Analyst Says
GENERAL MOTORS: Denies Rumors on More Brands Sale to Cut Costs
KIOSK ZUM: Sissach Court Commences Bankruptcy Proceedings
NICO INVEST: July 18 Set as Deadline to File Proofs of Claim

NIGHTHAWK RADIOLOGY: S&P Affirms B+ Corporate Credit Rating
TRADELINK SWITZERLAND: Creditors' Proofs of Claim Due by July 19
WEYTEX LLC: Cantonal Court Commences Bankruptcy Proceedings
WILLY JENNY: St. Gallen Court Commences Bankruptcy Proceedings
ZAITEC INVESTMENTS: Proofs of Claim Filing Deadline is July 18


U K R A I N E

ADVERTISING PROMIS: Creditors Must File Claims by July 18
ARADON LLC: Creditors Must File Claims by July 18
CAPITAL-INVEST GROUP: Creditors Must File Claims by July 18
GARANT BUILDING-2007: Creditors Must File Claims by July 18
INVESTMENTS OF SYSTEM: Creditors Must File Claims by July 18

SOLVEKS-KIEV LLC: Creditors Must File Claims by July 18
SVO-2007 LLC: Creditors Must File Claims by July 18
TALGEIT PLUS: Creditors Must File Claims by July 18
TAVRIYA WHOLESALE: Creditors Must File Claims by July 18
TERMINAL-NIKOLAYEV LLC: Creditors Must File Claims by July 18

TOP-SERVICE-N: Creditors Must File Claims by July 18


U N I T E D   K I N G D O M

A & M LTD: Brings In Liquidators from Grant Thornton
ALLIANCE BOOTS: Moody's Cuts CFR to B2 & Junks Unsecured Notes
BALLANTYNE HOMES: Appoints Joint Administrators from Deloitte
CAPITAL PRINT: LDA Denies Non-Payment of Full Compensation  
BRADFORD & BINGLEY: Financial Services Authority Monitoring Bank

COUNTDOWN INTERNATIONAL: Taps Liquidators from BDO Stoy Hayward
ENERGYSOLUTIONS LLC: Moody's Assigns Ba3 Corporate Family Rating
HARBORNE APARTMENTS: Brings In Administrators from Deloitte
IBOND SECURITIES: S&P Lifts Ratings on Various Index Notes
LANMAN RESOURCES: Appoints Joint Administrators from Deloitte

PARADOR PROPERTIES: Goes Into Voluntary Liquidation
PARKIN PLUMBING: Calls In Liquidators from Tenon Recovery
PERSIMMON PLC: Cuts 2,000 Jobs Due to Poor Market Conditions
PRETZELS UK: Taps Vantis to Administer Assets
S&L PROPCO: Taps Joint Administrators from Ernst & Young

SIMPLY RESIDENTIAL: Appoints PwC as Joint Administrators
TATA MOTORS: S&P Holds Negative Watch on 'BB' Credit Rating
TAYLOR WIMPEY: Seeking Waiver for Future Bond Term Breach
TITAN EUROPE 2007-3: Standard & Poor's Rates Class G Notes at B-
TOWERHILL CLOTHING: Appoints Liquidators from KPMG

V-SOLUTIONS: Goes Into Voluntary Liquidation; Ceases Trading
VISTEON CORPORATION Completes UK Unit Sale to Linamar Corp.
ZERO PREFERENCE: Board to Propose Voluntary Winding Up on Aug. 8

* Upcoming Meetings, Conferences and Seminars


                            *********


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B E L G I U M
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HUNTSMAN CORP: Hexion Balks at Extension Under Merger Pact
----------------------------------------------------------
Hexion Specialty Chemicals, Inc. issued a statement in response
to Huntsman Corporation's decision to extend the merger
agreement termination date and to the counterclaims filed
against Hexion in the Delaware Court of Chancery.

As disclosed in the Troubled Company Reporter on July 3, 2008,
Huntsman's board of directors, unanimously, provisionally
authorized Huntsman Corp. to exercise its right to extend the
merger agreement with Hexion Specialty by an additional ninety
days to Oct. 2, 2008, as permitted by the terms of the merger
agreement.

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

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

Under the merger agreement, Huntsman is permitted to extend the
termination date until Oct. 2, 2008, only if its Board of
Directors determines in good faith that there is an objectively
reasonable probability that the transaction can be completed in
that time frame.

"We do not understand how Huntsman's Board of Directors could in
good faith make that determination," Craig O. Morrison, Hexion's
Chairman, President and CEO said.  "There is no factual basis to
conclude that the combined company would be solvent.  As a
result, the merger is not viable.  We also believe that Huntsman
has suffered a material adverse effect in its business.  
Nevertheless, we continue to meet our contractual obligations as
demonstrated by the European Commission's decision on Monday to
approve the Hexion-Huntsman merger."

"Huntsman's counterclaims are without merit," Mr. Morrison
further noted.  "Although we have asked repeatedly for
Huntsman's permission to unseal our Delaware complaint, and have
supplied Huntsman with background supporting the Duff & Phelps
opinion, they have so far refused to allow their shareholders to
see the factual basis for our claims.  We remain confident that
we will prevail."

"Hexion is very well positioned to service its customers and to
compete and grow globally," Mr. Morrison continued.  "We have a
long-dated, stable capital structure and have more than
US$475 million of liquidity."

                        Background

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

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

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

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

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

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

              Extension of Merger Termination Date

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

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

                Hexion's Lawsuit to Cancel Merger

On June 19, the TCR reported that Hexion and related entities
filed a suit in the Delaware Court of Chancery to cancel the
agreement.  Hexion said in the suit that it believes that the
capital structure agreed to by Huntsman and Hexion for the
combined company is no longer viable because of Huntsman's
increased net debt and its lower than expected earnings.  While
both companies individually are solvent, Hexion believes that
consummating the merger on the basis of the capital structure
agreed to with Huntsman would render the combined company
insolvent.

                     Comments and Responses

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

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

                      Huntsman's Countersuit

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

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

                   About Hexion Specialty

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

                   About Huntsman Corporation

Headquartered in Salt Lake City, Utah, Huntsman Corporation
(NYSE:HUN) -- http://www.huntsman.com/-- is a manufacturer of   
differentiated chemical products and inorganic chemical
products.  The company operates in four segments: Polyurethanes,
Materials and Effects, Performance Products and Pigments.  Its
products are used in a range of applications, including those in
the adhesives, aerospace, automotive, construction products,
durable and non-durable consumer products, electronics, medical,
packaging, paints and coatings, power generation, refining,
synthetic fiber, textile chemicals and dye industries.  The
company's European headquarters  is located in Belgium.

                          *     *     *

Moody's Investor Service placed Huntsman Corporation's corporate
family rating at Ba3 in June 2007.  The rating still holds to
date.


SOLUTIA INC: Registers US$600 Million Stock and Debt Securities
---------------------------------------------------------------
Solutia Inc. filed with the U.S. Securities and Exchange
Commission a Form S-3 registration statement under the
Securities Act of 1933 to register US$600,000,000 in debt
securities, guarantees of debt securities, common stock at par
value US$0.01 per share, preferred stock at par value US$0.01
per share, depository shares representing preferred stock,
warrants, stock purchase contracts, and stock purchase units.

Solutia may amend its Registration Statement, as necessary, to
delay its effective date until a further amendment is filed
specifically stating that the Registration Statement will become
effective in accordance with Section 8(a) of the Securities Act
of 1933, as amended, or until the statement will become
effective on a date SEC may determine.

Solutia's prospectus describes the general terms of the
securities and the general manner that the Company will offer
them.  Securities may be sold directly, through agents, dealers
or underwriters designated from time to time, or through a
combination of these methods.  Solutia reserves the right to
accept or reject, in whole or in part, any proposed purchase of
securities.

A full-text copy of the Prospectus is available at no charge at
http://ResearchArchives.com/t/s?2f3c

The net proceeds from the sale of Solutia's debt and equity
securities for the repayment of indebtedness, to finance
acquisitions or for general corporate and working capital
purposes, according to Jeffry N. Quinn, Solutia chief executive
officer and chairman of the board.  The net proceeds may be
invested temporarily or be applied to repay short-term or
revolving debt until used for the stated purpose, he adds.

The Prospectus supplement for any series of debt securities that
may be offered will state the price and terms of the securities.

Mr. Quinn notes that the material terms of Solutia's certificate
of incorporation and by-laws authorizes it to issue a total of
600,000,000 shares of capital stock, consisting of:

   -- 500,000,000 shares of Common Stock, par value US$0.01 per
      share; and

   -- 100,000,000 shares of Preferred Stock, par value US$0.01
      per share.

As of March 31, 2008, 60,763,046 shares of Common stock and zero
shares of Preferred Stock have been issued and outstanding.  The
transfer agent and registrar for Solutia's Common Stock is
American Stock Transfer & Trust Company.

                       About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB: SOLUQ) (NYSE:
SOA-WI) -- http://www.solutia.com/-- and its subsidiaries,     
manufactures and sells chemical-based materials, which are used
in consumer and industrial applications worldwide.  The
company's regional headquarters are located in Belgium, Malaysia
and Brazil.

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  Solutia emerged from chapter 11 protection
Feb. 28, 2008.   

(Solutia Bankruptcy News, Issue No. 128; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).

                         *     *     *

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


SOLUTIA INC: Sells Town & Country Property for US$42.7 Million
--------------------------------------------------------------
Solutia Inc. has sold its 260,000-square-foot office building in
Town & Country, Mo., to Bluerock Real Estate, LLC, for
US$42,750,000.

Through this agreement, Solutia is able to free up cash to pay
down debt and for our core business operations while keeping
our headquarters at the current site through a long-term lease,
said James M. Sullivan, senior vice president and chief
financial
officer, Solutia Inc.  Of the US$42,750,000 in proceeds, Solutia
used approximately US$19,500,000 to pay off the current mortgage
and the remainder for general corporate purposes.

Solutia's corporate headquarters will continue to occupy
120,000 square feet of the building under a 10-year renewable
lease with Bluerock.  Pfizer Inc. and Savvis, Inc. also lease
office space in the building.

Solutia and its real estate advisor, Colliers Turley Martin
Tucker, began marketing the site earlier this year.  The site is
located at 575 Maryville Centre Drive, approximately 18 miles
west of downtown St. Louis.

                       About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB: SOLUQ) (NYSE:
SOA-WI) -- http://www.solutia.com/-- and its subsidiaries,     
manufactures and sells chemical-based materials, which are used
in consumer and industrial applications worldwide.  The
company's regional headquarters are located in Belgium, Malaysia
and Brazil.

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  Solutia emerged from chapter 11 protection
Feb. 28, 2008.   

(Solutia Bankruptcy News, Issue No. 128; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).

                         *     *     *

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


SOLUTIA INC: Signs US$182 Million Deal with Chinese Companies
-----------------------------------------------------------
According to STLtoday.com, Solutia Inc. Chief Executive Officer
Jeffry Quinn signed US$182,000,000 in contracts with certain
Chinese companies on June 16, 2008.

Mr. Quinn was among local industry leaders who signed deals with
Chinese companies during a meeting at the Ritz-Carlton Hotel in
Clayton, STLtoday reports.

Solutia said that 58% of its revenue growth between 2006 and
2001 will come from China, according to STLtoday.  Solutia
exports nylon resins and polymers to China from its Pensacola,
Florida facility, STLtoday notes.

"We look at China not as a place to outsource production and
find cheap labor, but as a vibrant market that needs and desires
the quality products that Solutia produces around the world,"
STLtoday quoted Mr. Quinn.

Solutia manufactures tinted window films and, through a joint
venture, heat-transfer fluid in China, according to STLtoday.

Solutia also recently announced that it is seeking to expand its
Crystex(R) insoluble manufacturing capacity in the Asia-Pacific
region.  Crystex is a vulcanizing agent used in the tyre
industry.

                  St. Louis RCGA Press Release

Chinese Vice Premier Wang Qishan became the highest Chinese
government official yet to visit St. Louis in connection with
the proposal to create an air cargo hub and commercial center
here to facilitate trade between China and the United States.

The Vice Premier arrived on a flight direct from Beijing.  After
his meetings at St. Louis, he went on to Washington, D.C. for
discussions with Secretary of the Treasury Henry Paulson.

"We are extremely pleased to be hosting this visit by Vice
Premier Wang," said Richard C. D. Fleming, President and Chief
Executive Officer of the St. Louis Regional Chamber & Growth
Association (RCGA).  "His presence here speaks volumes about how
seriously the Chinese are exploring the notion of making St.
Louis their Midwestern port of entry to the United States."

While in St. Louis, Vice Premier Wang met with Sens. Christopher
S. "Kit" Bond and Claire McCaskill, as well as with Congressmen
Russ Carnahan, William "Lacey" Clay, Todd Akin, and JoAnn
Emerson, and with Mo. Lt. Gov. Peter Kinder, Missouri House
Speaker Rod Jetton, St. Louis Mayor Francis Slay, St. Louis
County Executive Charlie Dooley, and others, including Robert A.
Reynolds Jr., RCGA's chairman and chairman, president, and chief
executive officer of Graybar.  The meetings took place at the
Ritz-Carlton Hotel in Clayton, and were followed by a luncheon
where the Vice Premier made remarks that were open to the media.

In conjunction with Vice Premier Wang's visit, Chinese
government officials signed four agreements with local and state
businesses and organizations.  The agreements were with the
United Soybean Board, United States Soybean Export Council, and
the American Soybean Association; the Missouri Department of
Agriculture; Emerson (NYSE: EMR); and Solutia, Inc. (NYSE: SOA).

Solutia signed memorandums of understanding with three companies
for the purchase of Solutia's Vydyne(R) nylon resin, which is
used by Chinese manufacturers of automotive, electrical,
consumer, and industrial products.

The three companies, and the size of the respective contracts,
are Guangzhou Kingfa Science and Technology Co. Ltd.,
US$84,000,000; Hangzhou Yongchang Nylon Co. Ltd., US$56,000,000;
and Liaoning Yinzhu Chem-Tex Group Co., US$42,000,000.

                    About the St. Louis RCGA

The St. Louis Regional Chamber & Growth Association is the
chamber of commerce and economic development organization for
the 16-county, bi-state region.  With nearly 4,000 member
companies, RCGA members constitute 40% of the regional work
force.  The mission of the RCGA is to unite the region's
business community, and to engage dynamic business and civic
leadership to develop and sustain a world-class economy and
community.

                       About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB: SOLUQ) (NYSE:
SOA-WI) -- http://www.solutia.com/-- and its subsidiaries,     
manufactures and sells chemical-based materials, which are used
in consumer and industrial applications worldwide.  The
company's regional headquarters are located in Belgium, Malaysia
and Brazil.

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  Solutia emerged from chapter 11 protection
Feb. 28, 2008.   

(Solutia Bankruptcy News, Issue No. 128; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).

                         *     *     *

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


===============
B U L G A R I A
===============


KREMIKOVTZI AD: Bond Trustee Seeks EU350 Million Compensation
-------------------------------------------------------------
Law Debenture Trust Corporation, trustee for Kremikovtzi AD's
seven-year 12% notes due 2013, has filed a EUR350-million
lawsuit against the Bulgarian steel mill and Bulgaria Steel
Finance B.V. at the U.K. High Court, Caroline Byrne writes for
Bloomberg News.

Law Debenture claims Kremikovtzi breached the terms of the
notes, which made them immediately payable, Bloomberg News
relates.  The trustee further claims that Kremikovtzi failed to
pay interest to noteholders despite receiving notices from March
to May.  

According to Bloomberg News, Law Debenture is seeking the
EUR325-million principal amount plus EUR23.2 million interest.

"The auditors were not able then to satisfy themselves
that reported balances in the financial statements were properly
recorded and valued," Bloomberg News cites the claim.

Law Debenture named noteholders QVT Fund LP and York Credit
Opportunities Fund LP in the claim.

The case is Law Debenture Trust Corp. v. Bulgaria Steel
Finance B.V., No. HC08C1494, Docket ID: X1Q6L00QLDO2

As previously reported in the TCR-Europe, a Bulgarian court on
April 30, 2008, appointed administrators at Kremikovtzi AD in
relation with the steel mill's deteriorating financial position,
published reports say.

Headquartered in Sofia, Bulgaria, Kremikovtzi AD --
http://www.kremikovtzi.com/-- is a single-site steel producer
in Bulgaria that reported BGN896 million in revenues in 2006.
It explores and produces iron and ore fields.

                       *     *     *

Kremikovtzi AD carries Moody's Investors Service corporate
family rating of Caa3 with a developing outlook.


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


ALCATEL-LUCENT SA: To Publish Q2 2008 Results July 29
-----------------------------------------------------
Alcatel-Lucent S.A will publish its second quarter 2008 results
on July 29, 2008.

Patricia Russo, CEO of Alcatel-Lucent, and Hubert de Pesquidoux,
Chief Financial Officer, will present the second quarter 2008
results during a live audio Webcast and conference call for
financial analysts and media, which will be held at 1:00 p.m.
CET.

                     About Alcatel-Lucent
  
Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.

                           *     *     *

Alcatel-Lucent continues to carry Ba3 Corporate Family and
Senior Debt ratings, Not-Prime for short term debt, as well as
B2 ratings for subordinated debt with negative outlook from
Moody's Investors Service.  The ratings were were affirmed in
April 2008.   

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt still carry Standard & Poor's Ratings Services'
BB rating.  Its Short-Term Corporate Credit rating stands at B.


ARROW ELECTRONICS: Completes Buyout of Achieva Distribution Biz
---------------------------------------------------------------
Arrow Electronics Inc. completed its acquisition of the
components distribution business from parent company Achieva
Ltd., a value-added electronic components distributor in Asia
Pacific.

As reported in the Troubled Company Reporter-Europe on
March 10, 2008, Arrow Electronics signed a definitive agreement
pursuant to which Arrow will purchase the components
distribution business from parent company Achieva Ltd.  The
transaction was subject to approval by the shareholders of
Achieva Ltd.

Arrow anticipated the transaction will be immediately accretive
to earnings in the first twelve months by US$.01 to US$.03 per
share and will meet the company's acquisition objectives for
return on invested capital.

"With this acquisition, we have gained a highly experienced
management team and strengthened our position in the ASEAN  or
Association of Southeast Asian Nations and greater China
regions," William E. Mitchell, chairman and chief executive
officer of Arrow Electronics Inc., said.  "The company's
technical focus will enhance our existing demand creation
abilities and position Arrow for continued profitable, above-
market growth in the Asia Pacific region."

                       About Achieva Ltd.

Achieva Ltd. is focused on creating value for its partners
through technical support and demand creation activities.  The
company's product range covers semiconductor components as
application specific integrated circuits, programmable logic
devices, digital signal processing chips and microchip-
controller units.  With over 200 employees, the company has a
presence in eight countries:  Singapore, Taiwan, China, India,
Malaysia, Philippines, Thailand, and Korea, and primarily serves
small and medium sized customers in the data communications,
telecommunications, lighting, industrial and digital consumer
end markets.

                     About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics Inc. --
http://www.arrow.com/-- provides products, services and  
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

                          *     *     *

Arrow Electronics senior subordinated stock continues to carry
Moody's Investors Service's Ba1 rating.  The company's senior
preferred stock is rated at Ba2.


ATARI INC: JH Cohn Expresses Going Concern Doubt
-------------------------------------------------
J.H. Cohn LLP raised substantial doubt about Atari Inc.'s
ability to continue as a going concern after it audited its
financial statements for the year ended March 31, 2008.  The
auditor pointed to the company's significant operating losses.

                     Management Statement

During fiscal 2007, the company sold a number of intellectual
properties and development facilities in order to obtain cash to
fund its operations.  During 2007, the company raised around
USUS$35.0 million through the sale of the rights to the Driver
games and certain other intellectual property, and the sale of
the company's Reflections Interactive Ltd. and Shiny
Entertainment studios.  By the end of fiscal 2007, the company
did not own any development studios.

The reduction in the company's development activities has
significantly reduced the number of games the company publish.  
During fiscal 2008, the company's revenues from publishing
activities were USUS$69.8 million, compared with USUS$104.7
million during fiscal 2007.

For the year ended March 31, 2007, the company had an operating
loss of USUS$77.6 million, which included a charge of USUS$54.1
million for the impairment of the company's goodwill, which is
related to the company's publishing unit.  For the year ended
March 31, 2008, the company incurred an operating loss of around
USUS$21.9 million. The company has taken significant steps to
reduce its costs such as the May 2007 and November 2007
workforce reduction of around 20% and 30%, respectively.  The
company's ability to deliver products on time depends in good
part on developers’ ability to meet completion schedules.  
Further, the company's releases in fiscal 2008 were even fewer
than the company's releases in fiscal 2007.  In addition, most
of the company's releases for fiscal 2008 were focused on the
holiday season.  As a result the company's cash needs have
become more seasonal and the company faces significant cash
requirements to fund its working capital needs.

Although, transactions provided cash financing that should meet
the company's need through the company's fiscal 2009 second
quarter (i.e., the quarter ending Sept. 30, 2008), management
continues to pursue other options to meet the company's working
capital cash requirements but there is no guarantee that the
company will be able to do so, if the proposed transaction in
which majority stockholder, Infogrames Entertainment S.A., would
acquire the company is not completed.

Historically, the company have relied on IESA to provide limited
financial support, through loans or, in recent years, through
purchases of assets.  However, IESA has its own financial needs,
and its ability to fund its subsidiaries’ operations, including
the company's, is limited.  Therefore, there can be no assurance
the company will ultimately receive any funding from IESA, if
the proposed transaction in which IESA would acquire Atari is
not completed.

The company continues to explore various alternatives to improve
the company's financial position and secure other sources of
financing which could include raising equity, forming both
operational and financial strategic partnerships, entering into
new arrangements to license intellectual property, and selling,
licensing or sub-licensing selected owned intellectual property
and licensed rights.  The company continues to examine the
reduction of working capital requirements to further conserve
cash and may need to take additional actions in the near-term,
which may include additional personnel reductions.

                           Financials

The company posted a net loss of USUS$23,646,000 on net revenues
of USUS$80,131,000 for the year ended March 31, 2008, as
compared with a net loss of USUS$69,711,000 on net revenues of
USUS$122,285,000 in the prior year.

At March 31, 2008, the company's consolidated balance sheet
showed USUS$33,433,000 in total assets and USUS$53,845,000 in
total liabilities, resulting in USUS$20,412,000 stockholders'
deficit.  

The company's consolidated balance sheet at March 31, 2008, also
showed strained liquidity with USUS$25,076,000 in total current
assets available to pay USUS$37,872,000 in total current
liabilities.

A full-text copy of the company's 2008 annual report is
available for free at http://ResearchArchives.com/t/s?2f44

                        About Atari Inc.

New York City-based Atari, Inc., is a publisher of video game
software that is distributed throughout the world and a
distributor of video game software in North America.  Most of
the products it publishes and distributes are games developed by
or for Infogrames Entertainment S.A., or IESA, a French
corporation listed on Euronext, which owns approximately 51% of
its stock.


DELPHI CORP: Reaches Deal with U.S. Labor Dept. on ERISA Claim
--------------------------------------------------------------
The Hon. Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York has approved a stipulation between
Delphi Corporation and the Secretary of the United States
Department of Labor.

On July 31, 2006, the Secretary, on behalf of the Delphi
Personal Savings Plan for Hourly Rate Employees in the United
States, filed Claim No. 15135 against Delphi, which asserts an
unsecured non-priority claim in an unliquidated amount arising
from alleged violations of the Employee Retirement Income
Security Act of 1974 in connection with the investment of
certain stock dividends held in the Plan's General Motors US$1-
2/3 Par Value Common Stock Fund from 2000 to 2003 and certain
remedial actions taken in connection therewith in 2004 and 2005.  

The Debtors objected to Claim No. 15135 in their 19th Omnibus
Claims Objection.  The Secretary disputed the Objection.

On Aug. 2, 2007, the Secretary, on behalf of the Plan, filed
Claim No. 16638, which amended Claim No. 15135 and asserted an
unsecured non-priority claim of US$3,233,000.  The Debtors
objected to Claim No. 16638 in their 21st Omnibus Claims
Objection.

On Oct. 25, 2007, the Bankruptcy Court issued an order
disallowing and expunging Claim No. 16638 in its entirety and
providing that Claim No. 15135 will remain on the Debtors'
claims register.

On March 31, 2008, the Secretary, on behalf of the Plan, filed
Claim No. 16815, which replaced the Original Claim and asserted
an unsecured non-priority claim of US$3,232,133 arising from
alleged violations of ERISA in connection with the investment of
certain stock dividends held in the Plan's General Motors US$1-
2/3 Par Value Common Stock Fund from 2000 to 2003 and certain
remedial actions taken in connection therewith in 2004 and 2005.

On May 12, 2008, Delphi presented to the Secretary a petition
under Section 502(l)(3)(B) of ERISA, 29 U.S.C. Section
1132(l)(3)(B), and 29 C.F.R. Section 2570.85, seeking a waiver
of any civil penalty arising from the Secretary's recovery from
Delphi of any applicable recovery amount on account of the
Claim.  On May 19, 2008, the Secretary granted the Petition.

On June 12, 2008, to resolve the 19th Omnibus Claims Objection
with respect to the Original Claim, Delphi and the Secretary
entered into a settlement agreement.

The Settlement Agreement provides for these terms:

   -- Delphi, without admitting or denying the allegations made
      by the Secretary concerning the Claim, acknowledges and
      agrees that the Claim will be allowed as a general
      unsecured claim against Delphi for US$1,623,392.

   -- The Secretary assigned to Delphi in its capacity as a Plan
      fiduciary any unexpired Rights received by the Secretary
      or the U.S. Department of Labor on account of the Claim
      prior to the execution of the Settlement Agreement by the
      Secretary and Delphi.

   -- Any other consideration distributed by the Debtors on
      account of the Claim will be distributed directly to
      Delphi in its capacity as a Plan fiduciary.

   -- Delphi will distribute any Consideration it receives at no
      cost to the Plan in accordance with the agreed allocation
      plan.

   -- Delphi agrees to cause certain third parties to deliver to
      Delphi in its capacity as a Plan fiduciary a cash payment,
      and to distribute the Third-Party Payment at no cost to
      the Plan in accordance with the Allocation Plan.

   -- The Plan will release and waive any right to assert
      against the Third Parties any claim, cause of action,
      demand, or liability of every kind and nature whatsoever,
      including those arising under contract, statute, or common
      law, whether or not known or suspected at this time, which
      relate to the Claim or any matters giving rise to the
      Claim.

   -- To the extent the distribution of Consideration in the
      form of securities to the Plan or the Plan Releases could
      be construed as prohibited transactions under ERISA, the
      transactions qualify as exempt transactions under        
      Prohibited Transaction Exemption 79-15, provided that the
      Court authorizes the transactions.

Delphi believes it is authorized to enter into the Settlement
Agreement either because the Claim involves ordinary course
controversies or pursuant to the Court's orders under Sections
363, 502, and 503 of the Bankruptcy Code and Rule 9019(b) of the
Federal Rules of Bankruptcy Procedure.

The parties' Court-approved stipulation provides that:

   1. The Claim will be allowed for US$1,623,392 and will be
      treated as an allowed general unsecured non-priority claim
      against the estate of Delphi and will not be subject to
      reconsideration pursuant to Section 502(j) of the
      Bankruptcy Code.

   2. Within five business days after the Secretary receives
      written notice from Delphi that Delphi, in its capacity as
      a Plan fiduciary, has received the Third-Party Payment,
      the Secretary will withdraw with prejudice its responses
      to the 19th Omnibus Claims Objection.

   3. Delphi will distribute the Consideration to the Plan in
      accordance with the Settlement Agreement.

   4. The Plan will implement the Plan Releases.

               U.S. Labor Department's Statement

The U.S. Department of Labor and Delphi Corp. have obtained
approval of settlement by the U.S. bankruptcy court in New York
that allows the government to recover more than US$2.2 million
in retirement plan assets owed to the Delphi Personal Savings
Plan for Hourly Employees in the United States.

"This settlement will ensure that assets are available to pay
future retirement benefits for these workers," said Secretary
of Labor Elaine L. Chao.

The bankruptcy settlement resolves a claim brought by the Labor
Department on July 31, 2006, seeking to restore assets to the
savings plan lost as a result of investment activities.  The
claim and settlement resulted from an investigation by the
department's Employee Benefits Security Administration into
improperly invested dividends the company failed to properly
disclose or correct.  Between 2000 and 2003, dividends were
improperly invested in General Motors Corp. stock, rather than
in an income fund as required by Delphi's savings plan.

The investigation was conducted by the Detroit District Office
of EBSA's Cincinnati region. Employers and workers can reach the
regional office at 859-578-4680 or toll-free at 866-444-3272 for
help with problems relating to private sector retirement and
health plans.  In fiscal year 2007, EBSA achieved monetary
results of US$1.5 billion related to pension, 401(k), health and
other benefits for millions of American workers and their
families.

                     About Delphi Corp.

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. 135; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)  


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


ADMI DIENSTLEISTUNG: Claims Registration Period Ends July 22
------------------------------------------------------------
Creditors of Admi Dienstleistung GmbH have until July 22, 2008
to register their claims with court-appointed insolvency manager
Dr. Ferdinand Kiessner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 2, 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 Baden-Baden
         Hall 009a
         Ground Floor
         Gutenbergstr. 17
         76532 Baden-Baden
         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. Ferdinand Kiessner
         Eisenbahnstr. 19-23
         77855 Achern
         Germany

The District Court of Baden-Baden opened bankruptcy proceedings
against Admi Dienstleistung GmbH on June 12, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Admi Dienstleistung GmbH
         Attn: Achim Dinger, Manager
         Karl-Franz-Strasse 52 a
         77815 Buhl
         Germany


BEYOND INTERNATIONAL: Claims Registration Period Ends July 22
-------------------------------------------------------------
Creditors of BEYOND International Trading GmbH have until July
22, 2008 to register their claims with court-appointed
insolvency manager Dr. Olaf Buechler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on Aug. 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Meeting Hall B 405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Olaf Buechler
         Herrengraben 3
         20459 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against  BEYOND International Trading GmbH on June 13, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BEYOND International Trading GmbH
         Attn: Jiehong Wu, Manager
         Modering 1
         Haus A, 322
         22457 Hamburg
         Germany


FRESENIUS SE: APP Acquisition Deal Cues S&P's Negative Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Germany-based health-care companies Fresenius SE and its
subsidiary Fresenius Medical Care AG & Co. KGaA to negative from
positive.  At the same time, all ratings, including the 'BB'
long-term corporate ratings, were affirmed.

In addition, all ratings on APP Pharmaceuticals Inc. were
affirmed, including the 'BB' long-term corporate ratings.  The
outlook on APP is stable.

The outlook revision comes after FSE's unexpected proposal to
acquire Schaumburg, Illinois-based generic drug maker APP.

"The move signals potential downside to the rating quality from
a more aggressive financial policy at the FSE level as well as a
deterioration in debt protection measures," said Standard &
Poor's credit analyst Marketa Horkova.  "Although FME's stand-
alone credit quality is not directly affected by the
transaction, the outlook revision in line with that on FSE is a
consequence of our assessment of the relationship with FSE."

This includes the significant influence of FSE over FME as well
as the substance of their economic relationship.
The negative outlook reflects FSE's more aggressive financial
policy track record, and in addition, limited visibility on the
timing and the size of any future acquisitions.  The negative
outlook also reflects potential execution risk connected to any
potential equity issuance embedded in the transaction, given
present capital-market volatility.

The ratings could be lowered if the group fails to restore its
financial metrics in line with our expectations in 2009 either
due to operational under-performance, increased cost of
borrowings, unfavorable exchange-rate movements, or higher
leverage from add-on acquisitions.  S&P would consider
revising the outlook to stable if FSE can demonstrate that it
can operate within the stated guidelines.  A positive rating
movement is remote at present because of financial policy
limitations.

The outlook on FME follows that of FSE and reflects the parent-
subsidiary relationship.
                      
Headquartered in Bad Homburg v.d.H., Germany, Fresenius SE --
http://www.fresenius.se/-- provides products and services for   
dialysis, hospital and outpatient medical care.  The Fresenius
Group had 116,203 employees worldwide.

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


LAAUSER GMBH: Creditors' Meeting Slated for July 17
---------------------------------------------------
The court-appointed insolvency manager for Laauser GmbH & Co.
KG, Dr. Tibor Braun will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:30 a.m. on July 17, 2008.

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

         The District Court Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:30 a.m. on Aug. 12, 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:

         Dr. Tibor Braun
         Kriegerstrasse 3
         70191 Stuttgart
         Germany
         Tel: 0711/225583-0
         Fax: 0711/225583-20

The District Court of Heilbronn opened bankruptcy proceedings
against Laauser GmbH & Co. KG on June 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Laauser GmbH & Co. KG
         Polstermoebel und Tische
         Schleifwiesenstrasse 27
         71723 Grossbottwar
         Germany

         Attn: Joachim Enssle, Manager
         Schleifwiesenstrasse 27
         71723 Grossbottwar
         Germany


MEIGO-GMBH: Claims Registration Period Ends July 22
---------------------------------------------------
Creditors of Meigo-GmbH Gemuese-und
Obstverarbeitungsgesellschaft have until July 22, 2008, to
register their claims with court-appointed insolvency manager
Peter Scholl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Aug. 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         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:

         Peter Scholl
         Grosse Allee 1A
         07407 Rudolstadt
         Germany

The District Court of Gera opened bankruptcy proceedings against
Meigo-GmbH Gemuese-und Obstverarbeitungsgesellschaft on June 3,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Meigo-GmbH Gemuese-und Obstverarbeitungsgesellschaft
         Attn: AG Jena, Manager
         Meilitz 1
         07570 Wuenschendorf
         Germany


MONTAGEN TRANSPORTE: Claims Registration Period Ends July 22
------------------------------------------------------------
Creditors of Montagen, Transporte und Service GmbH Friedersdorf
have until July 22, 2008, to register their claims with court-
appointed insolvency manager Dieter Rasehorn.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.m. on Aug. 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dessau-Rosslau
         Hall 121
         Willy Lohmann Str. 33
         Dessau Rosslau
         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:

         Dieter Rasehorn
         Muehlweg 16
         06108 Halle
         Germany
         Tel: 0345/5220024
         Fax: 0345/5220026

The District Court of Dessau-Rosslau opened bankruptcy
proceedings against Montagen, Transporte und Service GmbH
Friedersdorf on June 5, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Montagen, Transporte und Service GmbH
         Friedersdorf
         Bahnhofstrasse 1
         06749 Friedersdorf
         Germany


MUESING BAU: Claims Registration Period Ends July 23
----------------------------------------------------
Creditors of Muesing Bau GmbH have until July 23, 2008, to
register their claims with court-appointed insolvency manager
Ulrike Hoge-Peters.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Sept. 3, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse 18057
         Rostock
         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:

         Ulrike Hoge-Peters
         Rosa-Luxemburg-Strasse 8
         18055 Rostock
         Germany

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

The Debtor can be reached at:

         Muesing Bau GmbH
         Attn: Sandra Eden, Manager
         Industriestrasse 14
         18069 Rostock
         Germany


NORD CAMP: Claims Registration Period Ends July 23
--------------------------------------------------
Creditors of Nord Camp Handels GmbH have until July 23, 2008, to
register their claims with court-appointed insolvency manager
Ygglev Stintzing.

Creditors and other interested parties are encouraged to attend
the meeting at 11:50 a.m. on July 2, 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 Flensburg
         Hall A 220
         Suedergraben 22
         Flensburg
         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:

         Ygglev Stintzing
         Rathausstrasse 1
         24937 Flensburg
         Germany

The District Court of Flensburg opened bankruptcy proceedings
against Nord Camp Handels GmbH on May 15, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Nord Camp Handels GmbH
         Attn: Angela Jensen, Manager
         Dorfstrasse 10
         24992 Klein-Joerl
         Germany


POOL VERWALTUNGS: Creditors' Meeting Slated for July 22
-------------------------------------------------------
The court-appointed insolvency manager for Pool
Verwaltungsgesellschaft mbH & Co. Beteiligungs KG, Christian
Koehler-Mawill present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:10 a.m. on
July 22, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:30 a.m. on Oct. 28, 2008 at the same
venue.

Creditors have until Sept. 2, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christian Koehler-Ma
         Kurfuerstendamm 26 a
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against  Pool Verwaltungsgesellschaft mbH & Co.
Beteiligungs KG on June 10, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Pool Verwaltungsgesellschaft mbH & Co. Beteiligungs KG
         Pohlstr. 20
         10785 Berlin
         Germany


POSTENARENA SEBNITZ: Claims Registration Period Ends July 22
------------------------------------------------------------
Creditors of Postenarena Sebnitz GmbH have until July 22, 2008,
to register their claims with court-appointed insolvency manager
Gunter Tarkotta.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Gunter Tarkotta
         Koenigsbruecker Str. 61
         01099 Dresden
         Germany
         E-mail: http://www.derra.de

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

The Debtor can be reached at:

          Postenarena Sebnitz GmbH
          Kirchstr. 8
          01855 Sebnitz
          Germany


PROJEKTGESELLSCHAFT MUENSTERSTRASSE: Claims Filing Ends July 22
---------------------------------------------------------------
Creditors of Projektgesellschaft Muensterstrasse GmbH & Co. KG
have until July 22, 2008, to register their claims with court-
appointed insolvency manager Peter Klein.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Aug. 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wiesbaden
         Hall E 36 A
         Third Floor
         Building E
         Moritzstrasse 5
         65185 Wiesbaden
         Germany

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

The insolvency manager can be reached at:

         Peter Klein
         Bahnhofstrasse 27-33
         65185 Wiesbaden
         Germany
         Tel: 0611-166 660
         Fax: 0611-166 6677

The District Court of Wiesbaden opened bankruptcy proceedings
against Projektgesellschaft Muensterstrasse GmbH & Co. KG on May
13, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Projektgesellschaft Muensterstrasse GmbH & Co. KG
         Gustav-Stresemann-Ring 3
         65189 Wiesbaden
         Germany


RNK DISKOTHEKEN: Creditors' Meeting Slated for July 22
------------------------------------------------------
The court-appointed insolvency manager for RNK Diskotheken
Management GmbH, Joachim Exner will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
1:40 p.m. on July 22, 2008.

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

         The District Court of Hof
         Meeting Hall 012
         Ground Floor
         Berliner Platz 1
         95030 Hof
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 1:00 p.m. on Sept. 30, 2008 at the same
venue.

Creditors have until Aug. 1, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Joachim Exner
         Ludwigstr. 50
         95028 Hof
         Germany
         Tel: 09281/8331080
         Fax: 09281/8331089

The District Court of Hof opened bankruptcy proceedings against
RNK Diskotheken Management GmbH on June 30, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         RNK Diskotheken Management GmbH
         Hans-Boeckler-Str. 24
         95032 Hof
         Germany

         Attn: Alexander Ederle, Manager
         Theodor-Storm-Sr. 4a
         95032 Hof
         Germany


SAM RESTAURANT: Claims Registration Period Ends July 22
-------------------------------------------------------
Creditors of Sam Restaurant GmbH have until July 22, 2008, to
register their claims with court-appointed insolvency manager
Dr. Helmut Hemmerling.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         Germany

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

The insolvency manager can be reached at:

        Dr. Helmut Hemmerling
        Heilbronner Str. 86
        70191 Stuttgart
        Germany

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

The Debtor can be reached at:

        Sam Restaurant GmbH
        Amalienstr. 93
        76133 Karlsruhe
        Germany


SCHICHL CONSULTING: Claims Registration Period Ends July 22
-----------------------------------------------------------
Creditors of Schichl Consulting GmbH have until July 22, 2008,
to register their claims with court-appointed insolvency manager
Stefan von der Ahe.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on Aug. 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leer
         Hall 101
         Woerde 5
         26789 Leer
         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:

          Stefan von der Ahe
          Dr.-Warsing-Str. 205
          26802 Moormerland
          Germany
          Tel: 04954/9570-0
          Fax: 04954/9570-60

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

The Debtor can be reached at:

          Schichl Consulting GmbH
          Hafenstrasse 6d
          26789 Leer
          Germany


SPIELIKUM SPIELSTUDIO: Claims Registration Period Ends July 23
--------------------------------------------------------------
Creditors of Spielikum Spielstudio GmbH Hohe Strasse have until
July 23, 2008, to register their claims with court-appointed
insolvency manager Dr. Christoph Schulte-Kaubruegger.

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

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Gerichtsplatz 22
         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. Christoph Schulte-Kaubruegger
         Koenigswall 21
         44137 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Spielikum Spielstudio GmbH Hohe Strasse on June 2, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Spielikum Spielstudio GmbH Hohe Strasse
         Martener Strasse 336
         44379 Dortmund
         Germany
         
         Attn: Hans-Joachim Kuettner, Manager
         Meile 79
         44379 Dortmund
         Germany


WAG & S KOMMUNIKATIONS: Claims Registration Period Ends July 23
---------------------------------------------------------------
Creditors of WAG & S Kommunikations GmbH have until
July 23, 2008, to register their claims with court-appointed
insolvency manager Vera Mai.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Aug. 20, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 24
         Justice Center
         Jagerallee 10 - 12
         14469 Potsdam
         Germany

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

The insolvency manager can be reached at:

         Vera Mai
         Kurfuerstendamm 66
         10707 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against WAG & S Kommunikations GmbH on June 13, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         WAG & S Kommunikations GmbH
         Attn: Hans-Juergen Gruettner, Manager
         Rund 1
         14532 Kleinmachnow
         Germany


WESTLB AG: Completes Conditorei Coppenrath Repurchase
-----------------------------------------------------
Conditorei Coppenrath & Wiese GmbH & Co. KG, Osnabrueck, has
been restored to full family ownership.  A consortium of banks
lead managed by WestLB granted the company an acquisition loan
to finance the repurchase of the remaining shares.

In the context of changes in the shareholder structure, WestLB
had acquired a 26.9% interest in Conditorei Coppenrath & Wiese
in 2005.  This interest has now been repurchased by the family
shareholders as planned.  The company mandated WestLB in
recognition of its long-standing and excellent business
relationship with the Bank, which continues after WestLB´s
withdrawal from the group of shareholders.

                         About WestLB

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

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

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

                          *     *     *

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


WITTICH WOHNEN: Claims Registration Period Ends July 23
-------------------------------------------------------
Creditors of WITTICH WOHNEN GmbH have until July 23, 2008, to
register their claims with court-appointed insolvency manager
Dr. Frank Kreuznacht.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 13, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Dr. Frank Kreuznacht
         Wolbecker Windmuehle 15 a
         48167 Muenster
         Germany
         Tel: 02506/821-0
         Fax: +492506821100

The District Court of Muenster opened bankruptcy proceedings
against WITTICH WOHNEN GmbH on May 16, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         WITTICH WOHNEN GmbH
         Alter Steinweg 22-24
         48143 Muenster
         Germany

         Attn: Sabine Wittich-Suk, Manage
         Schaferstr. 11
         59174 Kamen
         Germany


=============
H U N G A R Y
=============


SANMINA-SCI CORP: Closes Australia-Mexico-Hungary Biz Transition
----------------------------------------------------------------
Sanmina-SCI Corporation has completed and closed the transition
of its personal computing BTO/CTO operations and associated
logistics services in Australia, Hungary, Mexico and the United
States to Foxteq Holdings Inc., a member of Foxconn Technology
Group.  This closing is in accordance with the company's press
release on Feb. 19, 2008, announcing the signing of a definitive
agreement between Sanmina-SCI Corp. and Foxteq for the sale of
certain assets of its personal computing business and associated
logistics services.

"The closing of this deal signifies a new direction for the
company and will allow us to more fully concentrate on our core
strengths and targeted end markets," Chairperson and Chief
Executive Officer, Jure Sola commented.  "I want to thank our
personal computing customers for supporting us and our employees
for helping to make the transition as seamless as possible."

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is an   
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Hungary, Ireland,
Finland, Malaysia, Mexico, and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on
Feb. 5, 2008, Fitch has affirmed these ratings for Sanmina-SCI
Corporation:

  -- Issuer Default Rating at 'B+';
  -- Senior secured credit facility at 'BB+/RR1'.
  -- Senior unsecured notes at 'BB+/RR1';
  -- Senior subordinated debt at 'B/RR5'.

As reported, Moody's Investors Service placed Sanmina-SCI
Corp.'s long term corporate family and probability of default
ratings at 'B1' in December 2007.  Moody's outlook is stable.


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


ALITALIA SPA: Rescue Plan Entails up to EUR800 Million Cash Hike
----------------------------------------------------------------
Intesa Sanpaolo S.p.A. draft rescue plan for Alitalia S.p.A.
includes nearly a billion euro capital increase and redundancies
for thousands of employees, Reuters says citing an unsourced
Corriere della Sera report.

According to Corriere della Sera, around 10 local businessmen
will inject between EUR700 million and EUR800 million in fresh
capital into Alitalia.

The papers adds that up to 5,000 employees might lose their
jobs, but Intesa Sanpaolo chief executive Corrado Passera told
Reuters that the figures were "premature."

As reported in the TCR-Europe on July 1, 2008, the Italian
government has given Intesa Sanpaolo two months to complete a
rescue plan for Alitalia.  Finance Minister Giulio Tremonti
expects a solid business solution within next month.  Italy
tapped Intesa as its adviser for the sale of its 49.9%
stake in Alitalia.

                          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.


ALITALIA SPA: Board Reviewing Independent Directors' Status
-----------------------------------------------------------
Alitalia S.p.A.'s Board of Directors, undertook to ascertain the
requisites of independence set out in article 148, paragraph 3,
of legislative decree no. 58 of 24 February 1998 and in the Code
of Self-discipline, regarding Guglielmino and Tommaso Vincenzo
Milanese, the directors nominated by the Shareholders' Assembly
on June 28, 2008.

The curricula vitae of the two directors have been registered at
the head office and are available for consultation.

                         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.


FIAT SPA: Inks Parts Collaboration Pre-Deal with BMW Group
----------------------------------------------------------
Fiat Group Automobiles and the BMW Group and are considering the
possibility of co-operation in the areas of components and
architectures for their Mini and Alfa Romeo vehicles.

As part of possible cooperation, BMW Group will provide FGA with
support in launching the Alfa Romeo brand in the North American
market.

A Memorandum of Understanding to this effect has been signed by
Friedrich Eichiner, member of the Board of Management of BMW AG
responsible for Corporate and Brand Development, and Alfredo
Altavilla, Senior Vice President, Business Development, Fiat
Group Automobiles and CEO of Fiat Powertrain Technologies.

"We are currently examining with the Fiat Group possibilities
for the joint use of components and systems in Mini and Alfa
Romeo vehicles in order to achieve economies of scale and thus
cost reductions within the framework of our Number ONE
strategy," Mr. Eichiner said.

"The proposed co-operation with BMW is a significant cornerstone
of our strategy of alliances," Sergio Marchionne, CEO of Fiat
Group and Fiat Group Automobiles, said.  "We are delighted to
work with such an esteemed and respected partner in the
automotive industry with the clear objective of improving the
competitive position of both parties."

The two partners have agreed not to divulge details of the
possible collaboration.  The results of the cooperation
discussions will probably be achieved by the end of the year.

                            About Fiat

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

                         *     *     *

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


FIAT SPA: To Lay-off Workers from Four Plants in Italy
------------------------------------------------------
Fiat SpA has informed unions that it would lay off mostly office
workers from four plants in Italy due to shrinking car market,
the International Herald Tribune reports citing unnamed
spokesman.     

The process will be implemented in three one-week periods from
September to November 2008 at the Mira Fiori, Melfi, Pomigliani
and Termini Imerese plants, the report relates.

Production of Grande Punto, the Lancia Ypsilon and Fiat Chroma
will be affected by the slowdown.

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

                         *     *     *

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


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


AK-JOL LLP: Creditors Must File Claims by August 13
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Uptk Ak-Jol 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


ARTEMIDA LLP: Claims Deadline Slated for August 19
--------------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Artemida insolvent.

Creditors have until Aug. 19, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Tkachev Str. 17-185
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 52-86-96


AVTODOR: Claims Filing Period Ends August 15
--------------------------------------------  
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Avtodor 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


DENSAULYK LLP: Creditors' Claims Due on August 19
-------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Center Densaulyk insolvent May 16, 2008.

Creditors have until Aug. 19, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Dostyk ave. 44-99
         Almaty
         Kazakhstan
         Tel: 8 (7272) 91-43-47
              8 701 205 30-32
              8 777 223 07-71


ENERGOSTANDART LTD: Claims Registration Ends August 19
------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Energostandart Ltd. insolvent on May 29, 2008.

Creditors have until Aug. 19, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Dostyk ave. 44-99
         Almaty
         Kazakhstan
         Tel: 8 (7272) 91-43-47
              8 701 205 30-32
              8 777 223 07-71


GEO METAL-SERVICE: Creditors Must File Claims by August 13
----------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Geo Metal-Service insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Suleymanov Str. 17 (11a)
         Taraz
         Jambyl
         Kazakhstan
         Tel: 8 (7262) 43-76-49


JALGIZ MUNAI: Claims Deadline Slated for August 20
--------------------------------------------------  
LLP Jalgiz Munai Service has declared insolvency.  Creditors
have until Aug. 20, 2008, to submit written proofs of claims to:

         LLP Jalgiz Munai Service
         Abai Str. 10a
         Almaty
         Kazakhstan


RODAKS LLP: Claims Filing Period Ends August 13
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Rodaks 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


SNET ATYRAU: Creditors' Claims Due on August 15
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Snet 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


TAUEKEL-2000 LLP: Claims Registration Ends August 13
----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Tauekel-2000 insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Suleymanov Str. 17 (11a)
         Taraz
         Jambyl
         Kazakhstan
         Tel: 8 (7262) 43-76-49


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


DJAMGYR LLC: Creditors' Meeting Slated for July 14
--------------------------------------------------
Creditors of LLC Djamgyr will meet at 2:00 p.m. on July 14,
2008, at:

         LLC Djamgyr
         Kievskaya Str. 65
         Bishkek
         Kyrgyzstan

The Inter-District Court of Bishkek for Economic Issues declared
LLC Djamgyr (Case No. #ED-42/08MBc3) insolvent.  Subsequently,
bankruptcy proceedings were introduced at the company.

Zamirbek Toyaliev has been appointed temporary insolvency
manager.

Creditors must submit their proofs of claim and be registered
within seven days before the meeting with the temporary
insolvency manager.

Proxies must have authorization to vote.

Inquiries can be addressed to (+996 312) 55-04-63, (0-543) 11-
14-10.


SHAHTOPROHODCHESKOYE UPRAVLENIYE: Asset Sale Slated for July 16
---------------------------------------------------------------
The temporary insolvency manager of OJSC Shaft-Sinking
Administration Shahtoprohodcheskoye Upravleniye will hold a
public auction of the company' bankruptcy enterprise properties
at 11:00 a.m. on July 16, 2008, at:

         OJSC Shaft-Sinking Administration
         Shahtoprohodcheskoye Upravleniye
         Kydyr Ake Str. 17
         Karakol
         Issyk-Kul
         Kyrgyzstan

The assets for sale are:

   -- Lot 1-15: one and two rooms habitual houses, cottages,
      kindergarten, drug store, hospital, office, equipment.

The starting prices for the properties range from KGS3,185 to
KBS8,838 979.  The prices have been reduced by 50%.

Interested bidders have until July 15, 2008, to deposit
guarantee payment equivalent to 10% from the starting price of
the lot to the cashier of the enterprise.

Participants must submit their bids and necessary documents to:

         OJSC Shaft-Sinking Administration
         Shahtoprohodcheskoye Upravleniye
         Kydyr Ake Str. 17
         Karakol
         Issyk-Kul
         Kyrgyzstan

Inquiries can be addressed to (+996 312) 41-20-50, (+996 3922)
5-03-77, (0-777) 38-02-19.


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


BLUE EAGLE: Fitch Lifts DR Rating on Class D Notes to 'C/DR5'
-------------------------------------------------------------
Fitch Ratings has upgraded the Distressed Recovery ratings of
Blue Eagle CDO I S.A.'s notes due 2012.  The ratings of both
notes remain at 'C'.

   -- Class D (ISIN XS0120811384): upgraded to 'C/DR5' from
      'C/DR6' Combination Notes (ISIN XS0120811970): upgraded to
      'C/DR5' from 'C/DR6'

Following the payment date in June 2008, the Class D notes have
an outstanding balance of EUR17.01 million and the combination
notes have a balance of EUR16.57 million.  The remaining
portfolio consists solely of four Euro Disney loans due in
November 2009 with a par balance of EUR4.26 million.  The
upgrade of the DR ratings from 'DR6' (0% to 10% recovery
expectation) to 'DR5' (11% to 30% recovery expectation) reflects
Fitch's view of the likely recovery amounts on these outstanding
balances.

In December 2000, Blue Eagle I CDO S.A, a limited liability
company organized under Luxembourg law, issued EUR500 million of
various classes of fixed-rate and floating-rate notes and
invested the proceeds in a portfolio of investment- and
speculative-grade debt securities.


MILLICOM INTERNATIONAL: Amends Articles of Association at EGM
-------------------------------------------------------------
Millicom International Cellular S.A. held an Extraordinary
General Meeting of shareholders in Luxembourg.

Of a total of 108,050,731 shares, 77,664,279 shares were
represented at the EGM, either by shareholders being present or
by shareholders having completed a power of attorney form.  The
required quorum of 2/3 of the issued and outstanding share
capital was therefore met.

The EGM resolved to amend Article 21 of the articles of
association of Millicom.  For details of the proposed amendment
to Article 21, please refer to item I.  Of the agenda in the EGM
convening notice published by Millicom on June 4, 2008 available
at the company's Web site.

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

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

                            *     *     *

Millicom International Cellular S.A. continues to carry Moody's
Investors Service's Ba2 corporate family rating.  The rating was
previously at Ba3 and was upgraded by Moody's to its current
level in November 2007.  The company also carries B1 rating on
its existing senior notes from Moody's.  Moody's said the
outlook on the ratings is stable.


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


CONCERTO I: Fitch Cuts DR Rating on Class C Notes to 'CCC/DR3'
--------------------------------------------------------------
Fitch Ratings has downgraded the Class C Distressed Recovery
rating of Concerto I B.V. notes due 2012.  The ratings of all
the other classes of notes remain unchanged.

  -- Class C (ISIN XS0115802976): downgraded to 'CCC/DR3' from
     'CCC/DR2'

  -- Class D-1 (ISIN XS0115803354): 'C/DR6'
  -- Class D-2 (ISIN XS0115836107): 'C/DR6'
  -- Combination Note 2 (ISIN XS0116778191): 'C/DR6'

Following the trustee report on 30 June 2008, the Class C notes
have an outstanding balance of EUR16.65 million.  Following the
sale of the last portfolio asset in July 2008 the principal
proceeds account is expected to be EUR9.54 million.  The
downgrade of the DR ratings from 'DR2' (71% to 90% recovery
expectation) to 'DR3' (51% to 70% recovery expectation) reflects
Fitch's view of the likely recovery amount on this outstanding
balance, which is expected to be repaid at the next payment date
in September 2008.  The Class D-1, D-2 and Combination Note 2
are not expected to receive any further cashflows.

In August 2000, Concerto I B.V., a limited liability company
incorporated under Dutch law, issued EUR455.5 million of various
classes of fixed- and floating-rate notes and invested the net
proceeds in a portfolio of speculative-grade debt securities and
loans.

Fitch's Distressed Recovery ratings, introduced in April 2006
across all sectors of structured finance, are designed to
estimate recoveries on a forward-looking basis while taking into
account the time value of money.


HEXION SPECIALTY: Hits Huntsman's Merger Termination Extension
--------------------------------------------------------------
Hexion Specialty Chemicals, Inc. issued a statement in response
to Huntsman Corporation's decision to extend the merger
agreement termination date and to the counterclaims filed
against Hexion in the Delaware Court of Chancery.

As disclosed in the Troubled Company Reporter on July 3, 2008,
Huntsman's board of directors, unanimously, provisionally
authorized Huntsman Corp. to exercise its right to extend the
merger agreement with Hexion Specialty by an additional ninety
days to Oct. 2, 2008, as permitted by the terms of the merger
agreement.

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

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

Under the merger agreement, Huntsman is permitted to extend the
termination date until Oct. 2, 2008, only if its Board of
Directors determines in good faith that there is an objectively
reasonable probability that the transaction can be completed in
that time frame.

"We do not understand how Huntsman's Board of Directors could in
good faith make that determination," Craig O. Morrison, Hexion's
Chairman, President and CEO said.  "There is no factual basis to
conclude that the combined company would be solvent.  As a
result, the merger is not viable.  We also believe that Huntsman
has suffered a material adverse effect in its business.  
Nevertheless, we continue to meet our contractual obligations as
demonstrated by the European Commission's decision on Monday to
approve the Hexion-Huntsman merger."

"Huntsman's counterclaims are without merit," Mr. Morrison
further noted.  "Although we have asked repeatedly for
Huntsman's permission to unseal our Delaware complaint, and have
supplied Huntsman with background supporting the Duff & Phelps
opinion, they have so far refused to allow their shareholders to
see the factual basis for our claims.  We remain confident that
we will prevail."

"Hexion is very well positioned to service its customers and to
compete and grow globally," Mr. Morrison continued.  "We have a
long-dated, stable capital structure and have more than
US$475 million of liquidity."

                        Background

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

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

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

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

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

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

              Extension of Merger Termination Date

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

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

                Hexion's Lawsuit to Cancel Merger

On June 19, the TCR reported that Hexion and related entities
filed a suit in the Delaware Court of Chancery to cancel the
agreement.  Hexion said in the suit that it believes that the
capital structure agreed to by Huntsman and Hexion for the
combined company is no longer viable because of Huntsman's
increased net debt and its lower than expected earnings.  While
both companies individually are solvent, Hexion believes that
consummating the merger on the basis of the capital structure
agreed to with Huntsman would render the combined company
insolvent.

                     Comments and Responses

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

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

                      Huntsman's Countersuit

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

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

                   About Huntsman Corporation

Headquartered in Salt Lake City, Utah, Huntsman Corporation
(NYSE:HUN) -- http://www.huntsman.com/-- is a manufacturer of     
differentiated chemical products and inorganic chemical
products.  The company operates in four segments: Polyurethanes,
Materials and Effects, Performance Products and Pigments.  Its
products are used in a range of applications, including those in
the adhesives, aerospace, automotive, construction products,
durable and non-durable consumer products, electronics, medical,
packaging, paints
and coatings, power generation, refining, synthetic fiber,
textile chemicals and dye industries.  

                    About Hexion Specialty

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

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


PUMA CLO I: Moody's Rates EUR11-Million Class E Notes at Ba3
------------------------------------------------------------
Moody's Investor Service has assigned these ratings to the notes
issued by Puma CLO I B.V., a Dutch special purpose company:

   -- Aaa to the EUR211,500,000 Class A Senior Secured Floating
      Rate Notes due 2024;

   -- Aa2 to the EUR8,000,000 Class B Secured Deferrable
      Floating Rate Notes due 2024

   -- A2 to the EUR15,250,000 Class C Secured Deferrable
      Floating Rate Notes due 2024

   -- Baa3 to the EUR13,250,000 Class D Secured Deferrable
      Floating Rate Notes due 2024

   -- Ba3 to the EUR11,000,000 Class E Secured Deferrable
      Floating Rate Notes due 2024

The ratings address the expected loss posed to investors by the
legal final maturity date in 2024.

These ratings are based upon:

   1. an assessment of the credit quality and of the
      diversification of the assets to be included in the
      portfolio;

   2. an assessment of the eligibility criteria, reinvestment
      criteria and portfolio limits applicable to the future
      additions to the portfolio;

   3. the overcollateralization of the notes;

   4. the protection against losses through the subordination of
      the more junior classes of notes to the more senior
      classes of notes;

   5. the expertise of M&G Investment Management Limited in the
      management of leveraged finance portfolios; and

   6. the legal and structural integrity of the transaction.

This transaction is a high yield collateralized loan obligation
related to a Euro 300,000,000 portfolio comprised primarily of
European senior and mezzanine loans.  The portfolio is dynamic
and M&G Investment Management Limited will provide portfolio
management services to Puma CLO I B.V. in respect thereof.

The portfolio was approximately 90% ramped-up at closing, and is
expected to be fully ramped-up within six months after closing,
subject to compliance with the eligibility criteria and
portfolio guidelines (including, amongst other tests, the
diversity score, the weighted average rating factor, the
weighted average recovery rate, the weighted average spread and
the weighted average maturity of the assets in the portfolio).

This transaction was arranged by The Royal Bank of Scotland plc.


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


BEL-GOK CJSC: Creditors Must File Claims by August 17
-----------------------------------------------------
Creditors of CJSC Bel-Gok have until Aug. 17, 2008, to submit
proofs of claim to:

         V. Krotov
         Insolvency Manager
         Room 23
         Promyshlennyj Proezd 3
         308023 Belgorod
         Russia
         Tel: (4722) 34-13-74

The Arbitration Court of Belgorod commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A08-5269/07-14B.

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         CJSC Bel-Gok
         Lenina Str. 16
         Stroitel
         Belgorod
         Russia


COMSTAR-UNITED: Names Ivan Gavriletsky as Converiasvyaz Unit CEO
--------------------------------------------------------------
Comstar-United Telesystems JSC was appointed Ivan Gavriletsky as
general director of CJSC Coversia Svyaz, a subsidiary of JSC
Comstar-UTS in the Saratov region.

Formerly Deputy CEO and director of OJSC Volgatelecom's branch
in the city of Ulyanovsk, Mr Gavriletsky succeeded ?leg Korolkov
on this new position.

"Ivan Gavriletsky is known in the trade as a professional well
versed in the specifics of development in the regional
telecommunications market, with a many years' background in the
industry," Victor Koresh, VP, Regional, of Comstar-UTS.  "We
expect that with Gavriletsky in charge this operating company
will significantly increase its market share in the Saratov
region through development of multi-service offerings --
telephony, including DLD/ILD, broadband Internet. Another task
he will deal with is to complete the integration of Coversia
Svyaz into JSC Comstar-UTS."

                      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.


IMPULSE LLC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Smolensk commenced bankruptcy
supervision procedure on LLC Impulse.  The case is docketed
under Case No. A62-4896/2007.

The Temporary Insolvency Manager is:

         Y. Turkov
         Gagarina, 15
         Yartsevo
         215800 Smolensk
         Russia

The Court is located at:

         The Arbitration Court of Smolensk
         Pr. Gagarina 46
         214001 Smolensk
         Russia

The Debtor can be reached at:

         LLC Impulse
         Smolenskaya 26
         Vyazma
         215116 Smolensk
         Russia


KUBAN ON LINE: Creditors Must File Claims by August 17
------------------------------------------------------
Creditors of LLC Kuban On Line have until Aug. 17, 2008, to
submit proofs of claim to:

         A. Tochilov
         Insolvency Manager
         Uralskaya Str. 116
         Krasnodar
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-32-4770/2008-60/134-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC Kuban On Line
         Uralkaya Str. 116
         Krasnodar
         Russia


LENINOGORSKOE PASSENGER: Claims Filing Period Ends July 17
----------------------------------------------------------
Creditors of OJSC Leninogorskoe Passenger Motor Transport
Enterprise (TIN 1649001249) have until July 17, 2008, to submit
proofs of claim to:

         D. Kozhevnikov
         Temporary Insolvency Manager
         Post User Box 222
         Gvardeyskaya Str. 42
         Kazan
         420073 Tatarstan
         Russia

The Arbitration Court of Tatarstan will convene at 10:00 a.m. on
Sept. 3, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A65-7239/
2008-SG4-39.

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         OJSC Leninogorskoe Passenger Motor Transport Enterprise
         Agadullina Str. 25
         Leninogorsk
         423250 Tatarstan
         Russia


MELKRUP OJSC: Moscow Bankruptcy Hearing Set September 2
-------------------------------------------------------
The Arbitration Court of Moscow will convene on Sept. 2, 2008,
to hear the bankruptcy supervision procedure on OJSC Company
Melkrup (TIN 7728134620, KPP 772801001, OGRN 1027739004743).
The case is docketed under Case No. A40-16702/08-74-58B.

The Temporary Insolvency Manager is:

         V. Karnaukh
         Post User Box 80
         127322 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Moscow
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         OJSC Company Melkrup
         Krzhizhanovskogo Str. 6
         GSP-7
         117292 Moscow
         Russia


METALLURG-STROY PLUS: Court Appoints L. Peshkov to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Tatarstan appointed L. Peshkov as
Insolvency Manager for LLC Metallurg-Stroy Plus.  He can be
reached at:

         L. Peshkov
         Naberezhnye Chelny
         423834 Tatarstan
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A65-28369/2007-SG4-49.

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         LLC Metallurg-Stroy Plus
         Moskovskiy Pr. 118 (54/24-A)
         Naberezhnye Chelny
         423810 Tatarstan
         Russia


RADUGA CJSC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Tatarstan commenced bankruptcy
supervision procedure on CJSC Agricultural Company Raduga.  The
case is docketed under Case No. A65-6879/2008-SG4-49.

The Temporary Insolvency Manager is:

         T. Bikmukhametov
         Post User Box 2030
         420061 Tatarstan
         Russia

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         CJSC Agricultural Company Raduga
         Elabuga
         Tatarstan
         Russia


RUSSIAN TRANSPORT: Creditors Must File Claims by July 17
--------------------------------------------------------
Creditors of LLC Russian Transport Company have until July 17,
2008, to submit proofs of claim to:

         S. Krasnov
         Temporary Insolvency Manager
         Keramicheskiy Proezd 71-1-463
         127591 Moscow
         Russia

The Arbitration Court of Moscow will convene on Sept. 23, 2008,
to hear the company's bankruptcy supervision procedure.  The
case is docketed under Case No. A40-21042/08-71-46B.

The Court is located at:

         The Arbitration Court of Moscow
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         LLC Russian Transport Company
         Sholokhova Str. 6
         Moscow
         Russia


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

         D. Khomutov
         Insolvency Manager
         Office 2
         Kubano-Naberezhnaya Str. 100
         350063 Krasnodar
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-32-1431/05-38/755-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Sladkovskoe
         Zelenaya Str. 13A
         Tselinnyj
         Slavyanskiy
         353584 Krasnodar
         Russia


SLK CJSC: Creditors Must File Claims by August 17
-------------------------------------------------
Creditors of CJSC Surgutskaya Oil Industry Company SLK (TIN
8602058330) have until Aug. 17, 2008, to submit proofs of claim
to:

         E. Semenov
         Insolvency Manager
         160000 Vologda
         Sovetskiy Pr. 6-128
         Russia

The Arbitration Court of Khanty-Mansiyskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A75-6058/2007.

The Court is located at:

         The Arbitration Court of Khanty-Mansiyskiy
         Lenina Str. 54/1
         Khanty-Mansiysk
         Russia

The Debtor can be reached at:

         CJSC Surgutskaya Oil Industry Company SLK
         Surgut
         Russia


SOKOL LLC: Tambov Court Names V. Semenov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Tambov appointed V. Semenov as
Insolvency Manager for LLC Sokol.  He can be reached at:

         V. Semenov
         Post User Box 59
         394030 Voronezh
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A64-189/08-25.

The Court is located at:

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

The Debtor can be reached at:

         LLC Sokol
         3 Liniya Str. 18
         Tambov
         Russia


TAPS OJSC: Creditors Must File Claims by July 17
------------------------------------------------
Creditors of OJSC Zainskiy Combine of Building Materials Taps
have until July 17, 2008, to submit proofs of claim to:

         L. Safin
         Insolvency Manager
         Post User Box 143
         Kazan
         420039 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A65-7701/2008-SG4-39.

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         OJSC Zainskiy Combine of Building Materials Taps
         Zavodskaya Str. 16
         Zainsk
         423520 Tatarstan
         Russia


TERMINAL OJSC: Creditors Must File Claims by August 17
------------------------------------------------------
Creditors of OJSC Terminal have until Aug. 17, 2008, to submit
proofs of claim to:

         N. Fomin
         Insolvency Manager
         664025 Irkutsk
         Post User Box 131
         Russia
         Tel: (3952) 34-21-09

The Arbitration Court of Khabarovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A73-2858/2007-36.

The Debtor can be reached at:

         OJSC Terminal
         Mashinostroiteley Shosse 2
         682640 Amursk
         Russia


URSA BANK: Boost in Franchise and Size Cues Fitch to Lift Rating
----------------------------------------------------------------
Fitch Ratings has upgraded Russia-based URSA Bank's Long-term
Issuer Default rating to 'B+' from 'B'.  In addition, Fitch has
revised the Support Rating Floor to 'B-' from 'No Floor'.  
URSA's other ratings have been affirmed at Short-term IDR 'B',
Individual 'D' and Support '5'.  Following the upgrade, the
Outlook for the Long-term IDR has been changed to Stable from
Positive.

"The upgrade reflects a significant increase in URSA's franchise
and size, as well as improvement in region and loan product
diversification over the last two years.  The extended track
record of sound performance and a moderation of growth rates
against a background of higher capital ratios following the
September 2007 preference shares issue also support the rating
action," says Alexei Kechko, Director of Fitch's Financial
Institutions Group in Moscow.  "However, credit and operational
risks remain high after the recent rapid asset and loan growth,
asset quality could yet worsen as the loan book seasons and,
given the main shareholders' ambitious plans, growth rates and
risk appetite could remain significant in the medium-term."

URSA's ratings are also supported by the bank's prudent
liquidity management and low market-risk appetite.  However,
they also consider the exposure to risky unsecured retail
lending, the bank's moderate capital flexibility, potential
risks arising in case of future mergers with other banks
controlled by URSA's main shareholders and the still challenging
Russian operating environment.

Further franchise growth backed by sound performance without
asset quality deterioration would be a positive rating factor
for URSA.  At the same time, a renewal of very rapid growth, as
well as deterioration in the loan book not covered by returns
and provisions, would put negative pressure on the ratings.

The revision of the Support Rating Floor reflects Fitch's view
that, in case of need, there would be a greater probability of
support from the Russian authorities in light of the bank's
strengthened regional franchise and significant share of retail
deposits in Siberia.  However, the Support Rating Floor remains
below those of banks with 'B' Support Rating Floors - OJSC Alfa-
Bank ('BB'/Stable), MDM Bank ('BB'/Stable), Promsvyazbank
('B+'/Positive) and Bank Uralsib ('B+'/Stable) - given those
banks' still somewhat greater franchises and systemic
importance.

URSA was the 14th-largest bank in Russia by assets at end-Q108
and the largest independent regional bank, with its franchise
located primarily in Siberia and the Urals.  Its business is
equally focused on lending to retail customers and small- and
medium-sized companies.  Igor Kim and his two partners together
hold 52% of URSA's common stock.  The European Bank for
Reconstruction and Development (EBRD, 'AAA'/Stable) and two
other institutional owners have a combined 32% blocking stake.


VERKHNEURALSKOE MILK: Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Chelyabinsk commenced bankruptcy
supervision procedure on LLC Verkhneuralskoe Milk (TIN
7429010591, OGRN 1027401564464).  The case is docketed under
Case No. A76-1877/2008-36-22.

The Temporary Insolvency Manager is:

         A. Aleksandrov
         Post User Box 211
         456306 Miass
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Verkhneuralskoe Milk
         Dzerzhinskogo Str. 48
         Verkhneuralsk
         457672 Chelyabinsk
         Russia


VIMPEL-COMMUNICATIONS: Inks Deal to Form Viet Joint Venture
-----------------------------------------------------------
OJSC Vimpel-Communications has signed an agreement with Global
Telecommunications Corporation and GTEL TSC to form a joint
venture in Vietnam, RIA Novosti reports.

The JV, GTEL-Mobile JSC, will be owned 40% by VimpelCom, 51% by
GTEL, and 9% by GTEL TSC.  

"With a population of 86 million and a fast growing economy, the
Vietnamese market holds great promise for VimpelCom and we
believe the GTEL-Mobile growth dynamics make it an ideal place
for us to begin building our international growth platform,"
Alexander Izosimov, VimpelCom CEO was quoted by RIA Novosti as
saying.  

                         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.


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


ALLIANCE BOOTS: Moody's Cuts CFR to B2 & Junks Unsecured Notes
--------------------------------------------------------------
Moody's Investor Service has lowered the Corporate Family Rating
of Alliance Boots Holdings Ltd. (fka Alliance Boots plc) to B2
from B1, while the unsecured rating has been lowered to Caa1
from B2.  The outlook is stable.

This concludes the review that was initiated on July 17, 2007.
Subsequently, Moody's intends to withdraw all ratings at the
request of the issuer, as the company does not intend to seek a
rating for Alliance Boots GmbH, the new holding company of the
group.

The B2 Corporate Family Rating reflects the company's generally
solid market positions in both the wholesale and retail industry
for pharmaceutical products, and the company's strategies to
deal with changes in the industry.  At the same time, the rating
takes into account the very high indebtedness of the company,
which is not expected to decline in the near future, such that
the metrics remain weakly-positioned for the rating category.

Moody's nevertheless regards the company as retaining a strong
business profile in its core wholesale and retail markets.  The
company's results are published in the annual review of Alliance
Boots GmbH, which reported a solid growth in profits in the
financial year to March 31, 2008, with pro forma revenues of
GBP15.3 billion, a 4.8% increase (1.9% on a like-for-like
basis), and pro forma EBITDA of just over GBP 1billion, an
increase of 17.9%.  The company reported achieving GBP68 million
of merger cost savings during the year, notably from harmonizing
buying prices and reduced corporate costs.

The group as a whole operates in 20 countries (including
associated and joint ventures), while wholesale operations are
more internationally oriented as a result of the previous
acquisitive expansion strategy of Alliance UniChem Plc (prior to
its merger with Boots Group PLC in July 2006).

Moody's believes that the group is well-positioned to take
advantage of potential industry deregulation in European
countries and higher growth opportunities in some of the
countries where it retains associate and joint venture interests
(Turkey, China).  In the U.K., which remains its predominant
retail market, the company retains leading market shares in NHS
drug dispensation, OTC and other health and beauty products,
which Moody's views as having limited seasonality and generally
positive growth prospects.  Moody's notes, nevertheless, the
ongoing penetration of supermarkets into this sector, and their
potential to exert downward pressure on pricing and margins.  In
this regard Moody's views positively the company's strategy to
become a more service-oriented retailer, for example with its
Community Pharmacy concept.

The GBP300 million notes due May 2009, originally issued by The
Boots Company PLC, are now held at Alliance Boots Holdings
Limited, which contains all operating subsidiaries of the group
excluding France.  The notes and the term loans are held within
the same security group.  Alliance Boots GmbH, the reporting
entity going forward, is outside the restricted group. However,
Moody's understands that the security group contains
substantially all assets, earnings and debt of the group, which
removes the need to notch between the two entities at this time.  
Moody's notes, however, the existence of GBP1.5 billion in
intercompany loans from the holding companies into the security
group, which is being extended for nine years from July 2008.

The company's debt capital structure consists of a Revolving
Credit Facility (GBP820 million), Term loans B, D, E and F, and
a subordinated loan (GBP750 million), which in the aggregate
amount to GBP9.02 billion, with maturities between 2014 and
2017.  Facility E (GBP1 billion) is a property bridge and
Facility F (GBP 400 million) is a receivables bridge. Based on
pro forma accounts for the group, Moody's estimates that total
debt/EBITDA for financial year 2008, adjusted for leases,
remained in excess of 8x, which remains high for the rating
category and is the main constraint to the rating at this time.

The term loans are secured on all material assets in the U.K.,
France, the Netherlands and Luxembourg.  The RCF and term loans
B, E and F rank pari passu and are contractually senior to term
loan D, which is second lien, followed by the subordinated loan.   
The Caa1 rating of the GBP300 million unsecured notes due May
2009, two notches below the Corporate Family Rating, therefore
reflects their subordination to a substantial amount of secured
debt within the capital structure.

The company's liquidity is considered satisfactory.  As of
March 31, 2008, the company's main source of liquidity consisted
of its Revolving Credit Facility, which remained undrawn.  
Moody's notes that GBP200 million of this is committed in the
form of a bank guarantee for the pension scheme.  The company
retained GBP413 million in cash (excluding restricted cash). The
company's short-term financial liabilities amounted to GBP365
million (excluding collateralized loan obligations), while the
GBP300 million Eurobond matures in May 2009.  In light of the
company's high interest burden, in addition to ongoing capex
plans, should free cash flows not be sufficient to repay the
notes due 2009, Moody's would expect that the company will
either refinance these as permitted under the terms of its loan
agreements, or that it retains sufficient headroom within its
RCF to repay them.

Moody's views the rating as weakly-positioned in the current
rating category.  The stable outlook therefore reflects Moody's
view that while leverage remains high for the rating category,
the company's solid business profile and generally positive
growth prospects should result in a gradually improving credit
profile over the medium term.  The rating assumes that leverage
will trend below 8x over the next twelve to eighteen months in
order to avoid potential negative pressure on the rating or
outlook.

Alliance Boots is an international pharmacy-led health and
beauty group that was created in July 2006 through the merger of
Boots Group PLC and Alliance UniChem Plc.  In June 2007, the
company was acquired with funds controlled by Kohlberg Kravis
Roberts & Co. L.P. and Stefano Pessina, Alliance Boots' current
Chairman.  In FY2008 to March 31, 2008, Alliance Boots GmbH, the
holding company, reported pro-forma revenues and trading profit
of GBP15.3 billion and GBP771 million, respectively.

                      About Alliance Boots

Headquartered in London, Alliance Boots Holdings Limited  --
http://www.allianceboots.com/-- operates as a high street
retailer, pharmacist and pharmaceuticals wholesaler.  The
group's new holding company is based in Zug, Switzeland.

The company operates in the U.K., Norway, The Netherlands,
Ireland, Italy, Switzerland, Czech Republic, France, Russia,
Spain, Germany and Thailand.


AREYA LLC: Creditors Have Until July 18 to File Proofs of Claim
---------------------------------------------------------------
Creditors owed money by LLC Areya are requested to file their
proofs of claim by July 18, 2008, to:

         Dalipi Jasin
         Liquidator
         Untere Briggerstrasse 7
         8406 Winterthur
         Switzerland

The company is currently undergoing liquidation in  Winterthur.  
The decision about liquidation was accepted at an extraordinary  
shareholders' meeting on Feb. 25, 2008.


AT QUAD: Creditors Must File Proofs of Claim by July 18
-------------------------------------------------------
Creditors owed money by LLC AT Quad Tours are requested to file
their proofs of claim by July 18, 2008, to:

         Guido Trosch
         Liquidator
         Dachsweg 6
         4153 Reinach BL
         Switzerland

The company is currently undergoing liquidation in Therwil BL.  
The decision about liquidation was accepted at an extraordinary  
shareholders' meeting on Sept. 25, 2007.


BARO-TECH LLC: Creditors' Proofs of Claim Due by July 18
--------------------------------------------------------
Creditors owed money by LLC Baro-Tech are requested to file
their proofs of claim by July 18, 2008, to:

         Hauptstrasse 9
         6015 Reussbuhl
         Switzerland

The company is currently undergoing liquidation in Littau.  The
decision about liquidation was accepted at an extraordinary  
shareholders' meeting on Feb. 15, 2006.


DENOVO GROUP: Proofs of Claim Filing Deadline is July 19
--------------------------------------------------------
Creditors owed money by LLC DeNovo Group are requested to file
their proofs of claim by July 19, 2008, to:

         Peter Dinten
         Liquidator
         Gassli 2
         8049 Zurich
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at a shareholders'
meeting on January 10, 2007.


FORNETTI SCHWEIZ: Proofs of Claim Filing Period Ends July 19
------------------------------------------------------------
Creditors owed money by LLC Fornetti Schweiz are requested to
file their proofs of claim by July 19, 2008, to:

         e Trade Register of Zurich
         Alte Zurcherstr. 14
         8903 Birmensdorf
         Switzerland

The company is currently undergoing liquidation in Birmensdorf
ZH.  The decision about liquidation was accepted at a
shareholders' meeting on April 15, 2008.


GENERAL MOTORS: Bankruptcy Fears Overblown, Analyst Says
--------------------------------------------------------
JPMorgan analyst Himanshu Patel said in a conference call
Thursday that General Motors Corp. is not "in danger of an
imminent bankruptcy" and that bankruptcy fears have been
overblown, the Associated Press reports.

Mr. Patel, however, said GM will need to raise about
US$10,000,000,000 to weather the downturn in U.S. auto sales,
AP continues.

As reported by the Troubled Company Reporter-Latin Europe on
July 4, 2008, Merrill Lynch analyst John Murphy said a
bankruptcy filing for GM is not impossible "if the market
continues to deteriorate and significant incremental capital is
not raised."  Mr. Murphy, in a research note, said GM will need
to raise US$15,000,000,000 in capital to fund its operations for
the next two years.  Mr. Murphy, according to the reports,
warned GM is burning through cash faster than investors realize.

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

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

David Welch, in his post at BusinessWeek, noted that GM's stock
is trading at under US$10 a share and that the company's market
capitalization is roughly US$5,700,000,000.  Mr. Welch said
certain investors could buy control of GM for less than
US$3,000,000,000, pointing out that billionaire investor Kirk
Kerkorian could come up with that money, since he tabled a
US$4,500,000,000 bid for Chrysler LLC last year.  Mr. Kerkorian
is already invested in Ford, and hence not a candidate for a run
at GM, Mr. Welch added.

GM's shares slid to a 54-year low Wednesday due to bankruptcy
fears.  GM shares are up 3.6% to US$10.34 Thursday, AP notes.

Mr. Patel believes GM doesn't need cash immediately, since it
has enough to fund what Mr. Patel expects will be an
US$18,000,000,000 cash burn through 2009, AP relates.  Mr. Patel
also believes GM will attempt to raise funds and announce
further restructuring in the third quarter of 2008, AP adds.

                  About General Motors

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

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

                          *     *     *

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

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

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


GENERAL MOTORS: Denies Rumors on More Brands Sale to Cut Costs
--------------------------------------------------------------
Mark LaNeve, General Motor Corp.'s head of sales, denied
speculations that the largest U.S. car manufacturer intends to
sell or close more brands, an alternative that would streamline
costs, The Wall Street Journal relates, citing a letter to
dealers obtained by Down Jones Newswires.  The letter was in
response to a WSJ news story on Monday that cited unnamed
sources.

Mr. LaNeve's letter recounts that it has no plans to sell the
Saturn brands as the paper reported.  Although the company has
dropped the Ion, sales for the Aura, Vue, Outlook, and Astra is
going better.  As disclosed in the Troubled Company Reporter on
July 2, 2008, The Saturn division had strong sales in June with
Sky total sales up 62%, Aura up 41% and Vue up 40%.  The Astra
had sales of nearly 900 vehicles.  GM's popular crossover Buick
Enclave, GMC Acadia and Saturn Outlook together accounted for
more than 8,800 vehicle sales in the month as demand for the
vehicles continues to strain available supply.

As disclosed in the Troubled Company Reporter on June 26, 2008,
GM hired Citibank to evaluate strategic alternatives for the
automaker's Hummer brand, including the assessment of
prospective buyers, Reuters reports, citing GM's U.S. sales
chief Mark LaNeve.  GM CEO Rick Wagoner said the move is in
response to the rapid rise n oil prices and the resulting
changes in the U.S., changes that it believes are more
structural than cyclical.  Sales of the Hummer brand dropped 62%
in May, compared with May 2007 and sales of the brand were off
36% January through May.

Mr. LaNeve also stated in the letter to dealers that GM's June
sales were higher than Ford, Chrysler and Toyota on a year-over-
year basis.  Saturn sales were up 9% retail.  Mr. LaNeve urged
dealers to focus on sales and customers.  He insisted that due
to the automotive industry downturn, rumors abound.  He has
asked dealers to contact him directly for any questions.

A full-text copy of Mark LaNeve's Letter to GM Dealers obtained
by Dow Jones Newswires is available for free at:

     http://bankrupt.com/misc/MarkLaNeveLettertoDealers.doc

                      About General Motors

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

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

                         *     *     *

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

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

On June 23, 2008, Standard & Poor's Ratings Services placed
its corporate credit ratings on the three U.S. automakers,
General Motors Corp., Ford Motor Co., and Chrysler LLC, on
CreditWatch with negative implications.   GM and its senior
unsecured notes continues to carry S&P's B corporate credit
ratings.


KIOSK ZUM: Sissach Court Commences Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Sissach commenced bankruptcy
proceedings against LLC Kiosk zum Dorfbrunnen on June 10, 2008.

The Bankruptcy Service of Sissach can be reached at:

         Bankruptcy Service of Sissach
         4450 Sissach
         Switzerland

The company can be reached at:

         LLC Kiosk zum Dorfbrunnen
         Schulgasse 5
         4460 Gelterkinden
         Switzerland


NICO INVEST: July 18 Set as Deadline to File Proofs of Claim
-------------------------------------------------------------
Creditors owed money by JSC Nico Invest are requested to file
their proofs of claim by July 18, 2008, to:

         Claudia von Mentlen
         Liquidator
         via Cantonale
         Isola Verde/Casa Verde
         6516 Cerra Piano
         Switzerland

The company is currently undergoing liquidation in Engelberg.  
The decision about liquidation was accepted at a general meeting
on June 5, 2008.


NIGHTHAWK RADIOLOGY: S&P Affirms B+ Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
teleradiology provider NightHawk Radiology Services Inc. to
stable from positive.  At the same time, S&P affirmed their
ratings on the company, including the 'B+' corporate credit
rating.

"The outlook revision reflects NightHawk's tempered growth, as
well as increased pricing pressure from local competitors," said
Standard & Poor's credit analyst Rivka Gertzulin.

The speculative-grade rating on Coeur d'Alene, Idaho-based
NightHawk reflects the company's narrow business focus in the
competitive teleradiology services industry, low barriers to
entry in local markets, and indirect reimbursement risk.  These
risks are offset partially by NightHawk's leading position in
its industry, premium brand name, high customer retention rates,
high operating margins, and relatively conservative financial
risk profile.

Headquartered in Coeur d'Alene, NightHawk Radiology Services,
offers services to medical groups at over 1,350 hospitals in the
U.S. from centralized facilities located in the United States,
Australia and Switzerland.


TRADELINK SWITZERLAND: Creditors' Proofs of Claim Due by July 19
-------------------------------------------------------------
Creditors owed money by LLC TradeLink Switzerland are requested
to file their proofs of claim by July 19, 2008, to:

         JSC Invico Capital Corporation
         Kirchgasse 24
         8022 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary  
shareholders' meeting on May 8, 2008.


WEYTEX LLC: Cantonal Court Commences Bankruptcy Proceedings
-----------------------------------------------------------
The Cantonal Bankruptcy Service commenced bankruptcy proceedings
against LLC Weytex on June 3, 2008.

The Cantonal Bankruptcy Service can be reached at:

         Cantonal Bankruptcy Service
         4702 Oensingen
         Switzerland

The company can be reached at:

         LLC Weytex
         Rossmarktplatz 12
         4502 Solothurn
         Switzerland


WILLY JENNY: St. Gallen Court Commences Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Service of St. Gallen commenced bankruptcy
proceedings against JSC Willy Jenny on June 10, 2008.

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

         Bankruptcy Service of St. Gallen
         Stefan Klingl
         9001 St. Gallen
         Switzerland


The company can be reached at:

         JSC Willy Jenny
         Flurhofstrasse 160
         9006 St. Gallen
         Switzerland


ZAITEC INVESTMENTS: Proofs of Claim Filing Deadline is July 18
--------------------------------------------------------------
Creditors owed money by JSC Zaitec Investments are requested to
file their proofs of claim by July 18, 2008, to:

         Matthias Butz
         Liquidator
         Maiengasse 14
         4123 Allschwil
         Switzerland

The company is currently undergoing liquidation in Walchwil.  
The decision about liquidation was accepted at a general meeting
on June 9, 2007.


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




ADVERTISING PROMIS: Creditors Must File Claims by July 18
---------------------------------------------------------
Creditors of LLC Advertising Promis (code EDRPOU 35142968) 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 11, 2008.
The case is docketed as 24/111-b.

The Debtor can be reached at:

         LLC Advertising Promis
         Darvin Str. 10
         01004 Kiev
         Ukraine


ARADON LLC: Creditors Must File Claims by July 18
-------------------------------------------------
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on April 10,
2008.  The case is docketed as 24/796-b-43/519.

Creditors of LLC Aradon (code EDRPOU 32208837) have until
July 18, 2008, to submit proofs of claim to:

The Court is located at:

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

The Debtor can be reached at:

         LLC Aradon
         Pestel Str. 15
         01135 Kiev
         Ukraine


CAPITAL-INVEST GROUP: Creditors Must File Claims by July 18
-----------------------------------------------------------
Creditors of LLC Capital-Invest Group (code EDRPOU 34527380)
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 5, 2008.
The case is docketed as 43/459.

The Debtor can be reached at:

         LLC Capital-Invest Group
         Kikvidze Str. 1/2
         01103 Kiev
         Ukraine


GARANT BUILDING-2007: Creditors Must File Claims by July 18
-----------------------------------------------------------
Creditors of LLC Garant Building-2007 (code EDRPOU 34066086)
have until July 18, 2008, to submit proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on June 11, 2008.
The case is docketed as 5/291/08.

The Debtor can be reached at:

         LLC Garant Building-2007
         Lenin Avenue 171
         54055 Nikolaev
         Ukraine


INVESTMENTS OF SYSTEM: Creditors Must File Claims by July 18
------------------------------------------------------------
Creditors of LLC Investments of System Management (code EDRPOU
34614195) 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 5, 2008.
The case is docketed as 43/456.

The Debtor can be reached at:

         LLC Investments of System Management
         Kikvidze Str. 13
         01103 Kiev
         Ukraine


SOLVEKS-KIEV LLC: Creditors Must File Claims by July 18
-------------------------------------------------------
Creditors of LLC Joint Ukrainian-Bulgarian Enterprise Solveks-
Kiev (code EDRPOU 22974317) 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 6, 2008.
The case is docketed as 43/441.

The Debtor can be reached at:

         LLC Joint Ukrainian-Bulgarian Enterprise Solveks-Kiev
         Apartment 4
         Mikhaylovskaya Str. 16-A
         01001 Kiev
         Ukraine


SVO-2007 LLC: Creditors Must File Claims by July 18
---------------------------------------------------
Creditors of LLC SVO-2007 (code EDRPOU 35320712) have until
July 18, 2008, to submit proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on June 11, 2008.
The case is docketed as 5/296/08.

The Debtor can be reached at:

         LLC SVO-2007
         Apartment 43
         Peredovaya Str. 52-G
         Nikolaev
         Ukraine


TALGEIT PLUS: Creditors Must File Claims by July 18
---------------------------------------------------
Creditors of LLC Talgeit PLUS (code EDRPOU 35057684) 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 4, 2008.
The case is docketed as 24/99-b.

The Debtor can be reached at:

         LLC Talgeit Plus
         Cheshskaya Str. 1/22
         01042 Kiev
         Ukraine


TAVRIYA WHOLESALE: Creditors Must File Claims by July 18
--------------------------------------------------------
Creditors of LLC Tavriya Wholesale Trade (code EDRPOU 34659812)
have until July 18, 2008, to submit proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on June 11, 2008.
The case is docketed as 5/293/08.  

The Debtor can be reached at:

         LLC Tavriya Wholesale Trade
         Spasskaya Str. 1
         54001 Nikolaev
         Ukraine


TERMINAL-NIKOLAYEV LLC: Creditors Must File Claims by July 18
-------------------------------------------------------------
Creditors of LLC Terminal-Nikolayev (code EDRPOU 33310571) have
until July 18, 2008, to submit proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on June 5, 2008.
The case is docketed as 2/186/08.

The Debtor can be reached at:

         LLC Terminal-Nikolayev
         Dunayev Str. 55
         Nikolaev
         Ukraine


TOP-SERVICE-N: Creditors Must File Claims by July 18
----------------------------------------------------
Creditors of LLC Top-Service-N (code EDRPOU 34066055) have until
July 18, 2008, to submit proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on June 11, 2008.
The case is docketed as 5/292/08.

The Debtor can be reached at:

         LLC Top-Service-N
         Heroes of Stalingrad Avenue 91
         54025 Nikolaev
         Ukraine


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


A & M LTD: Brings In Liquidators from Grant Thornton
----------------------------------------------------
Alistair Wardell and Nigel Morrison of Grant Thornton UK LLP
were appointed joint liquidators of A & M (South Wales) Ltd. on
June 25 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

          A & M (South Wales) Ltd.
          Unit 1 & 3 Alloy Court Business Centre
          Alloy Industrial Estate
          Pontardawe
          Swansea
          SA8 4EN
          Wales


ALLIANCE BOOTS: Moody's Cuts CFR to B2 & Junks Unsecured Notes
--------------------------------------------------------------
Moody's Investor Service has lowered the Corporate Family Rating
of Alliance Boots Holdings Ltd. (fka Alliance Boots plc) to B2
from B1, while the unsecured rating has been lowered to Caa1
from B2.  The outlook is stable.

This concludes the review that was initiated on July 17, 2007.
Subsequently, Moody's intends to withdraw all ratings at the
request of the issuer, as the company does not intend to seek a
rating for Alliance Boots GmbH, the new holding company of the
group.

The B2 Corporate Family Rating reflects the company's generally
solid market positions in both the wholesale and retail industry
for pharmaceutical products, and the company's strategies to
deal with changes in the industry.  At the same time, the rating
takes into account the very high indebtedness of the company,
which is not expected to decline in the near future, such that
the metrics remain weakly-positioned for the rating category.

Moody's nevertheless regards the company as retaining a strong
business profile in its core wholesale and retail markets.  The
company's results are published in the annual review of Alliance
Boots GmbH, which reported a solid growth in profits in the
financial year to March 31, 2008, with pro forma revenues of
GBP15.3 billion, a 4.8% increase (1.9% on a like-for-like
basis), and pro forma EBITDA of just over GBP 1billion, an
increase of 17.9%.  The company reported achieving GBP68 million
of merger cost savings during the year, notably from harmonizing
buying prices and reduced corporate costs.

The group as a whole operates in 20 countries (including
associated and joint ventures), while wholesale operations are
more internationally oriented as a result of the previous
acquisitive expansion strategy of Alliance UniChem Plc (prior to
its merger with Boots Group PLC in July 2006).

Moody's believes that the group is well-positioned to take
advantage of potential industry deregulation in European
countries and higher growth opportunities in some of the
countries where it retains associate and joint venture interests
(Turkey, China).  In the U.K., which remains its predominant
retail market, the company retains leading market shares in NHS
drug dispensation, OTC and other health and beauty products,
which Moody's views as having limited seasonality and generally
positive growth prospects.  Moody's notes, nevertheless, the
ongoing penetration of supermarkets into this sector, and their
potential to exert downward pressure on pricing and margins. In
this regard Moody's views positively the company's strategy to
become a more service-oriented retailer, for example with its
Community Pharmacy concept.

The GBP300 million notes due May 2009, originally issued by The
Boots Company PLC, are now held at Alliance Boots Holdings
Limited, which contains all operating subsidiaries of the group
excluding France.  The notes and the term loans are held within
the same security group.  Alliance Boots GmbH, the reporting
entity going forward, is outside the restricted group.  However,
Moody's understands that the security group contains
substantially all assets, earnings and debt of the group, which
removes the need to notch between the two entities at this time.  
Moody's notes, however, the existence of GBP1.5 billion in
intercompany loans from the holding companies into the security
group, which is being extended for nine years from July 2008.

The company's debt capital structure consists of a Revolving
Credit Facility (GBP820 million), Term loans B, D, E and F, and
a subordinated loan (GBP750 million), which in the aggregate
amount to GBP9.02 billion, with maturities between 2014 and
2017.  Facility E (GBP1 billion) is a property bridge and
Facility F (GBP 400 million) is a receivables bridge.  Based on
pro forma accounts for the group, Moody's estimates that total
debt/EBITDA for financial year 2008, adjusted for leases,
remained in excess of 8x, which remains high for the rating
category and is the main constraint to the rating at this time.

The term loans are secured on all material assets in the U.K.,
France, the Netherlands and Luxembourg.  The RCF and term loans
B, E and F rank pari passu and are contractually senior to term
loan D, which is second lien, followed by the subordinated loan.   
The Caa1 rating of the GBP300 million unsecured notes due May
2009, two notches below the Corporate Family Rating, therefore
reflects their subordination to a substantial amount of secured
debt within the capital structure.

The company's liquidity is considered satisfactory.  As of
March 31, 2008, the company's main source of liquidity consisted
of its Revolving Credit Facility, which remained undrawn.  
Moody's notes that GBP200 million of this is committed in the
form of a bank guarantee for the pension scheme.  The company
retained GBP413 million in cash (excluding restricted cash).  
The company's short-term financial liabilities amounted to
GBP365 million (excluding collateralized loan obligations),
while the GBP300 million Eurobond matures in May 2009.  In light
of the company's high interest burden, in addition to ongoing
capex plans, should free cash flows not be sufficient to repay
the notes due 2009, Moody's would expect that the company will
either refinance these as permitted under the terms of its loan
agreements, or that it retains sufficient headroom within its
RCF to repay them.

Moody's views the rating as weakly-positioned in the current
rating category.  The stable outlook therefore reflects Moody's
view that while leverage remains high for the rating category,
the company's solid business profile and generally positive
growth prospects should result in a gradually improving credit
profile over the medium term.  The rating assumes that leverage
will trend below 8x over the next twelve to eighteen months in
order to avoid potential negative pressure on the rating or
outlook.

Alliance Boots is an international pharmacy-led health and
beauty group that was created in July 2006 through the merger of
Boots Group PLC and Alliance UniChem Plc.  In June 2007, the
company was acquired with funds controlled by Kohlberg Kravis
Roberts & Co. L.P. and Stefano Pessina, Alliance Boots' current
Chairman.  In FY2008 to March 31, 2008, Alliance Boots GmbH, the
holding company, reported pro-forma revenues and trading profit
of GBP15.3 billion and GBP771 million, respectively.

                      About Alliance Boots

Headquartered in London, Alliance Boots Holdings Limited  --
http://www.allianceboots.com/-- operates as a high street
retailer, pharmacist and pharmaceuticals wholesaler.  The
group's new holding company is based in Zug, Switzeland.

The company operates in the U.K., Norway, The Netherlands,
Ireland, Italy, Switzerland, Czech Republic, France, Russia,
Spain, Germany and Thailand.


BALLANTYNE HOMES: Appoints Joint Administrators from Deloitte
-------------------------------------------------------------
Richard Michael Hawes and Robin David Allen of Deloitte & Touche
LLP were appointed joint administrators of Ballantyne Homes Ltd.
(Company Number 4526965) on July 1, 2008.

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides  
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.  

The company can be reached at:

         Ballantyne Homes Ltd.
         c/o Deloitte & Touche LLP
         Queen Anne House
         69-71 Queen Square
         Bristol
         BS1 4JP
         England


CAPITAL PRINT: LDA Denies Non-Payment of Full Compensation  
----------------------------------------------------------
The London Development Agency denied it still owed GBP3.5
million to Capital Print & Display Ltd., Adam Hooker writes for
printweek.  The LDA, PrintWeek adds, reiterated it completed
full and final payment of compensation to the company for its
relocation to make way for London's 2012 Olympic park.

"Payments to Capital began in late 2006.  Final payment, which
consisted of around 20% of the total compensation package, was
made in the first week of June 2008," a spokesman for the LDA
told PrintWeek.  "The compensation was channeled through ours
and Capital's solicitors and everything has been documented."

PrintWeek relates suppliers and former staff were told Capital
was unable to meet obligations because the LDA failed to pay
the larger amount of the money owed to the company.

As reported in the TCR-Europe on July 4, 2008, the LDA commenced
an investigation into the financial collapse of Capital.

Capital went into administration on June 26, 2008.  Begbies
Traynor is serving as administrator for the company.

The company also failed to pay wages to more than 100
workers for June.


BRADFORD & BINGLEY: Financial Services Authority Monitoring Bank
--------------------------------------------------------------
Financial Services Authority is closely monitoring Bradford &
Bingley Plc after its failed deal with TPG Capital erased much
of the bank's share value, Reuters reports citing FSA chairman
Callum McCarthy.

According to Reuters, the FSA wants to avoid problems from the
global credit crunch, which is spreading across U.K.'s financial
sector following Northern Rock's near-collapse in 2007.

Following TPG Capital's pullout, B&B announced an enlarged
GBP400-million rights issue.  Under the enlarged rights issue,
it would issue around 828 million new shares and offer
shareholders 67 new shares for every 50 existing ones.

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


COUNTDOWN INTERNATIONAL: Taps Liquidators from BDO Stoy Hayward
---------------------------------------------------------------
C. K. Rayment and Martha H. Thompson of BDO Stoy Hayward were
appointed joint liquidators of Countdown International Group
Ltd. on June 23 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Countdown International Group Ltd.
         2276 Dunbeath Road
         Swindon
         SN2 8EA
         England


ENERGYSOLUTIONS LLC: Moody's Assigns Ba3 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the existing
first lien senior secured credit facility of EnergySolutions
LLC.  The corporate family rating and the probability-of-default
rating have each been assigned at Ba3.  Moody's also assigned a
Speculative Grade Liquidity Rating of SGL-2.  The rating outlook
is stable.  This is the first time Moody's has assigned ratings
to EnergySolutions.  The Loss Given Default Assessment of the
credit facility is 38-LGD3.

"The Ba3 CFR reflects Moody's belief that EnergySolutions'
formidable market position in its nuclear waste services markets
and the recurring revenue nature of the contracted customer base
should sustain funds from operations at levels that comfortably
cover its debt service obligations beyond the intermediate
term." said Jonathan Root, Moody's Analyst.

Since 2005, EnergySolutions has transitioned from a mostly
disposal-based company that was subject to significant demand
volatility, to a diversified service provider with the benefits
of reduced demand volatility and much greater scale in exchange
for lower operating margins.  Good liquidity and the belief that
the company's nuclear waste services are only modestly exposed
to cyclical downturns in the U.S. economy further support the
Ba3 CFR.  The relatively low margin nature of the company's
management fee-based service model and the potential of
fluctuating demand for the company's higher margin disposal
services constrain the rating as does the potential of higher
debt from ongoing acquisitive growth.

The stable outlook reflects the expectation of continuing
positive free cash flow generation over the intermediate term
that will be applied to delevering the capital structure.  The
stable outlook also reflects the meaningful cushions with
financial covenants that Moody's expects EnergySolutions to
maintain.  

The outlook could be changed to positive if EnergySolutions
sustains Debt to EBITDA below 2.5 times or EBIT to Interest
above 3.5 times.

The outlook could be changed to negative or the ratings directly
downgraded if EBIT to interest approached 2.0 times or if
EnergySolutions sustains negative free cash flow.

Additional debt-funded acquisitions that interrupted the
company's de-levering plans or reduced cushions with required
financial covenants could also weigh on the stable outlook.
Although not anticipated at this time, the loss of a majority of
the sites covered by the existing U.K. reactor management
contracts could also lead to a downgrade of the ratings.

Assignments:

  Issuer: EnergySolutions, LLC

    * Corporate Family Rating, Assigned Ba3

    * Probability of Default Rating, Assigned Ba3

    * Speculative Grade Liquidity Rating, Assigned SGL-2

    * Sr Secured Bank Credit Facility, Assigned Ba2, 38 - LGD3

    * Outlook of Stable

  Issuer: Duratek, Inc.

    * Senior Secured Bank Credit Facility, Assigned Ba2, 38-LGD3

EnergySolutions, headquartered in Salt Lake City, Utah, offers
customers a full range of integrated services and solutions,
including nuclear operations, characterization, decommissioning,
decontamination, site closure, transportation, nuclear materials
management, processing, recycling, and disposition of nuclear
waste, and research and engineering services across the nuclear
fuel cycle.


HARBORNE APARTMENTS: Brings In Administrators from Deloitte
------------------------------------------------------------
Andrew Philip Peters and Dominic Lee Zoong Wong of Deloitte &
Touche LLP were appointed joint administrators of Harborne
Apartments Ltd. (Company Number 05781575) on July 2, 2008.

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides  
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.  

The company can be reached at:

         Harborne Apartments Ltd.  
         Brook House
         Birmingham Road
         Henley-In-Arden
         B95 5QR
         England


IBOND SECURITIES: S&P Lifts Ratings on Various Index Notes
----------------------------------------------------------
Standard & Poor's Ratings Services has taken credit rating
actions on eight index trades issued by iBond Securities PLC.  
Specifically, S&P have lowered five ratings and raised three
ratings.
  
Following rating migration in the underlying reference
portfolios, the probability of default is now consistent with
the new ratings assigned to the various notes issued by iBond
Securities.
  
Index trades can be leveraged or unleveraged.  Leveraged trades
are identical to a typical synthetic collateralized debt
obligation, except the reference portfolio is a publicly known
index of names instead of a tailor made pool of names that was
negotiated between the seller of protection and the buyer.
  
Unleveraged index trades are analytically similar to a "first-
to-default" transaction where as soon as a credit event occurs
in the pool, the protection seller must make a payment to the
buyer.  For unleveraged trades S&P assigns the portfolio a
weighted-average rating, which indicates the "average credit
quality" to which an investor in an index is exposed.
  
The ratings on the notes issued by iBond Securities are
specifically linked to the performance of a static pool of
corporate names from the iBoxx 100 index.  The iBoxx 100 index
is part of the iBoxx group of indices.

                          Ratings List
  
                              Rating
                         To           From
  
Ibond Securities PLC
EUR500 million iBoxx 100 floating-rate credit-linked secured
notes, series 4A*

                         BBB-         A-
  
Ibond Securities PLC
EUR500 million iBoxx Corporate Component floating-rate credit-
linked secured notes, series 4B*

                         BBB-         A-
  
Ibond Securities PLC
EUR500 million iBoxx Diversified Component floating-rate credit-
linked secured notes, series 4C*

                         BBB          A-
  
Ibond Securities PLC
EUR500 million iTraxx Europe floating-rate credit-linked secured
notes series 5A*

                         BBB          BBB+
  
Ibond Securities PLC
EUR500 million iTraxx Europe HiVol floating-rate credit-linked
secured notes series 5B*

                         BB+          BBB-
  
Ibond Securities PLC
EUR250 million iBoxx CrossOver floating-rate credit-linked
secured notes, series 4D*

                         BB+          BB
  
Ibond Securities PLC
EUR500 million iTraxx Europe Crossover fixed-rate credit-linked
secured notes series 5C*

                         BB-          B+
  
Ibond Securities PLC
EUR500 million iTraxx Europe Crossover fixed-rate credit-linked
secured notes series 6A*

                         BB-          B+
  
*The rating is only addressing the weighted average default
probability of reference portfolio.


LANMAN RESOURCES: Appoints Joint Administrators from Deloitte
-------------------------------------------------------------
Robin David Allen and Stephen Anthony John Ramsbottom Deloitte &
Touche LLP were appointed joint administrators of Lanman
Resources Ltd. (Company Number 04348462) on July 2, 2008.

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides  
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.  

The company can be reached at:

         Lanman Resources Ltd.  
         Unit 3
         40 Kimpton Road
         Sutton
         Surrey
         SM3 9QP
         England


PARADOR PROPERTIES: Goes Into Voluntary Liquidation
---------------------------------------------------
Parador Properties has gone into voluntary administration as a
result of the downturn in the overseas property market, Homes
Overseas reports, citing a statement from Quay West
Communications, the company's PR company.

However, according to Quay West, Homes Overseas relates,
property purchases by any of Parador's clients are not affected
by the voluntary administration, saying the company "acted only
as an introductory agent."

Headquartered in Surrey, England, Parador Properties --
http://www.paradorproperties.com/-- is an overseas property  
specialist, with a wide choice of freehold homes in Spain and
Mallorca, Turkey, Cyprus, Portugal, Crete and Italy.


PARKIN PLUMBING: Calls In Liquidators from Tenon Recovery
---------------------------------------------------------
David Antony Willis and Matthew Colin Bowker of Tenon Recovery
were appointed joint liquidators of Parkin Plumbing and Heating
Engineers Ltd. on June 23 for the creditors' voluntary winding-
up proceeding.

The joint liquidators can be reached at:
         
         Tenon Recovery
         Cleveland Business Centre
         1 Watson Street
         Middlesbrough
         TS1 2RQ
         England


PERSIMMON PLC: Cuts 2,000 Jobs Due to Poor Market Conditions
------------------------------------------------------------
Persimmon Plc disclosed that the first six months of 2008 have
undoubtedly been the most challenging period in Persimmon's
recent history.

In the company's Interim Management Statement on April 24, 2008,
it reported that there had been a further deterioration in
market conditions from the beginning of April.  These poorer
market conditions have continued.  The significantly reduced
availability of mortgage funds and a reduction in consumer
confidence is restricting the level of sales activity and
the volume of total housing transactions across all markets in
the U.K.   
  
Consequently, its results for the six months to June 30, 2008,
reflect this more difficult market.  Legal completions achieved
were down by 31% during the period to 5,501 at an average
selling price of around GBP181,500 (1st half 2007: GBP189,255).  
Total sales revenue for the period was GBP1 billion, a reduction
of 34% on the first half of last year.  
  
As previously reported margins have been under increasing
pressure as a result of this significant downturn in the market.
it expect that the underlying operating margin (before goodwill
impairment and exceptional costs) for the first half will be  
around 14% (H1 2007: 20.8%).  This reflects the many pressures
it have experienced in the market since autumn 2007, to which it
have been responding.  
  
                            Overheads
  
Due to the likelihood of the poorer market conditions continuing
the company has taken further steps to restructure its business
and reduce overheads to a level, which is more appropriate to
its medium term expectations of annual new home sales volumes.  
This is in addition to the action already concluded in January
and February 2008.  
  
The company commenced this further restructuring of business in
May, and it is now almost complete.  It will result in the loss
of around 1,100 salaried staff in total since the beginning of
this year.  The company now has the appropriate level of
overheads to manage the anticipated lower level of business
efficiently.  
  
It is estimated that this restructuring process will generate a
cash saving of around GBP45 million per annum and an annualized
overhead saving in excess of GBP20 million.  
  
                                Land
  
As has been the case since August 2007, it continue to apply
extreme caution to further investment in land in order to
protect its balance sheet.  
  
Persimmon currently owns or controls around 76,000 plots as of
June 2007 -- 82,145 plots) for residential development, of which
around 80% were acquired prior to 2007.  Of these owned and
controlled plots around 27% have been acquired from successful
pull through from its strategic land portfolio.  This consented
land converted from strategic holdings provides land for
development at values which were below market values at the time
of purchase and offers some margin protection as it moves
forward in this more difficult market.  
  
Currently Persimmon  does not expect to announce any significant
write down of its land values when it announces its interim
results in August.  The company will, however, keep
the value of its land bank under constant review over the next
few months taking account of any further changes in trading
conditions.  
  
                  Stock and Work in Progress  
  
As previously reported, Persimmon has taken action to reduce its
build activity in the light of the lower rates of sale on its
sites.  These efforts have led to a sharp reduction in the
amount of new spend on its developments and it expects to
achieve a significant reduction in the level of stock and work
in progress over the next few months.    
  
                            Borrowings
  
Total net borrowings at the half year were around GBP900 million
which represents a gearing level of around 39%.  This level of
borrowings remains comfortably within its committed facilities
of GBP1.39 billion.  Persimmon expects its debt levels to
decrease as we proceed with its strategy of a significantly
reduced overhead, a reduced level of land spend and careful
management of work in progress investment appropriate to the
level of demand and mortgage availability.  
  
                          Forward Sales
  
Looking ahead into the second half of the year, Persimmon
currently has a forward sales order book of GBP650 million,
which is 8% ahead of the level of forward sales it had on
Jan. 1, 2008, albeit 30% lower than at the same date in 2008.

                         Private Housing  
  
Since the beginning of the year weekly visitor levels to its
developments have consistently been around 20% down on 2007
whilst private sale net reservations have been 45% lower.

Cancellation rates over the same period have averaged 26% (H1
2007: 17%).  Consequently, legal completions for the first six
months of 2008 were 39% lower than the same period in 2007.  
  
                         Social Housing
  
In line with its strategy, social housing completions in the
period increased by 27% over prior year levels.  Persimmon is
now working on a number of initiatives with Housing Associations
and other interested parties to accelerate the increase in
volumes of social housing sales achieved by Westbury
Partnerships and the wider business in the second half of 2008
and beyond.  
  
                            Outlook  
  
Persimmon's strategy is to maintain a presence in all markets
across the U.K. while reducing costs, overheads and debt in line
with current demand and market conditions.  Persimmon has
reappraised its business in the light of the significant
change in trading conditions and have taken action to address
the new challenges presented.  The company has a lower level of
overheads and structure appropriate for the current levels of
business, whilst at the same time remaining well placed to
achieve an increase in output whenever mortgage availability and
the overall market improves.  
  
                       About Persimmon Plc

Headquartered in Fulford York, United Kingdom, Persimmon Plc --
http://www.persimmonhomes.com/-- engages in house building in  
England, Wales and Scotland.  It trades under the brand names of
Persimmon Homes, Charles Church, City Developments, Westbury
Partnerships and Space4.


PRETZELS UK: Taps Vantis to Administer Assets
---------------------------------------------
Peter James Hughes-Holland and Frank Wessely of Vantis Business
Recovery Services were appointed joint administrators of
Pretzels UK Ltd. (Company Number 05721234) on June 24, 2008.

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

The company can be reached at:

         Pretzels UK Ltd.
         c/o Vantis Business Recovery Services
         81 Station Road
         Marlow
         Buckinghamshire
         SL7 1NS
         England


S&L PROPCO: Taps Joint Administrators from Ernst & Young
--------------------------------------------------------
Angela Swarbrick and Alan Robert Bloom of Ernst & Young LLP were
appointed, June 27, 2008, joint administrators of:
   
   -- S&L Propco Ltd. (Company Number 5570480);
   -- Yates Propco Ltd. (Company Number 05444647);
   -- Pumpster Property Acquisitions Ltd.
     (Company Number 05743655); and
   -- Pumpster Property Ltd. (Company Number 05297521).

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

The companies can be reached at:

         Pumpster Property Ltd.
         Fourth Floor
         Leconfield House
         Curzon Street
         London
         W1J 5JA
         England


SIMPLY RESIDENTIAL: Appoints PwC as Joint Administrators
--------------------------------------------------------
Mark David Arthur Loftus and Ian David Green of
PricewaterhouseCoopers LLP were appointed joint administrators
of Simply Residential Ltd. (Company Number 06007829) on July 1,
2008.

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

The company can be reached at:

         Simply Residential Ltd.  
         5A-7 Flixton Road
         Urmston
         Manchester  
         M41 5AW
         England


TATA MOTORS: S&P Holds Negative Watch on 'BB' Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services kept its 'BB' corporate
credit rating on India's Tata Motors Ltd. on CreditWatch with
negative implications, pending finalization of the long-term
financing plans for funding the company's purchase of Jaguar and
Land Rover from Ford Motor Co. (B/Watch Neg/--).  At the same
time, Standard & Poor's ratings on all Tata Motors' rated debt
remain on CreditWatch with negative implications.

The rating on Tata Motors was lowered on April 4, 2008, to 'BB',
from 'BB+', after the announcement of the agreement with Ford
Motor Co. for the purchase of Jaguar and Land Rover.  Tata
Motors has paid about US$2.3 billion in cash for Jaguar and Land
Rover (comprising brands, plants, and intellectual property
rights).  Ford has contributed US$600 million to the Jaguar-Land
Rover (JLR) pension plans.

"To fund the initial transaction, Tata Motors raised short-term
bridge facilities of US$3 billion, which it plans to repay
through a mix of fresh equity infusion, liquidation of
investments, and long-term debt," said Standard & Poor's credit
analyst Anshukant Taneja.

The company has obtained a board approval to raise up to US$1.05
billion through a rights issue of equity shares, up to US$750
million of optionally convertible preference shares, and US$500
million-US$600 million through a separate issuance of securities
in overseas markets.

The CreditWatch status is expected to be resolved as greater
clarity and certainty is established on the long-term financing
arrangements.

The likelihood of the rating being lowered further is low
assuming: (1) the overall credit metrics remain consistent with
the current rating; (2) the bridge facility is refinanced
through proposed equity inflows and long-term funds, and (3)
Tata Motors' capital expenditure commitments to its domestic
operations and to JLR remain broadly at the levels given by the
company.


TAYLOR WIMPEY: Seeking Waiver for Future Bond Term Breach
---------------------------------------------------------
Taylor Wimpey Plc plans to seek a waiver from its bondholders
for a possible breach of covenants for GBP380 million of
outstanding private placement notes, Anousha Sakoui writes for
the Financial Times.

According to FT, the company is also currently negotiating an
amendment to terms of its bank debt, which carries the same
covenants as the bonds.

FT suggests that while Taylor Wimpey said it was still in
compliance with the debt covenants even without an amendment to
the terms, it might -- with certain negative market scenarios  
-- breach one or more banking covenants at the first testing
date in 2009.

"Getting private placement noteholders' approval to a waiver of
covenants will be more of a challenge than with their mainstream
banking lenders," John Messenger, an analyst at ABN Amro, told
FT.

                       About Taylor Wimpey

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

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

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


TITAN EUROPE 2007-3: Standard & Poor's Rates Class G Notes at B-
----------------------------------------------------------------
Standard & Poor's Rating Services has lowered its credit ratings
on the class F and G notes issued by Titan Europe 2007-3 Ltd.
The class G notes remain on CreditWatch with negative
implications.  At the same time, S&P puts the class E and F
notes on CreditWatch negative.  The ratings on the other classes
in the transaction are unaffected.
  
The class G notes were initially placed on CreditWatch negative
as a consequence of our concerns regarding the increased
uncertainty about the  borrower's ability to repay the Auric
whole-loan principal balance in a timely  manner at loan
maturity in January 2009.
  
The Auric loan is secured by a currently vacant office property
in the City of London.  S&P understands that the borrower is
planning to redevelop the asset into a luxury hotel.  Since our
last media release in May 2008, the borrower has obtained
planning permission.  However, S&P's concerns remain regarding
the capacity to fully repay the whole loan in timely manner at
scheduled loan maturity.
  
In addition, the servicer has informed us that the sole tenant
for the Metro loan, ILVA Furniture Ltd., has gone into
administration.  ILVA Furniture occupies a single-let retail box
close to the MetroCentre in Gateshead.
  
The servicer has recently received an updated valuation, which
demonstrated a significant market value decline of 22.5%. The
updated loan-to-value ratio for the securitized loan is
therefore 94.49% and the whole-loan LTV ratio is 108.76%.
  
As a result, the potential for a default of this loan has
increased, either during the term or at loan maturity in January
2013.
  
Servicing advances are available for this transaction and can
cover shortfalls in interest and scheduled amortization under
the securitized loans, property protection advances, and certain
issuer third-party senior costs.  Servicing advances are not
available for servicing fees, special servicing fees, and
interest resulting from drawings.  Therefore, if a loan is
transferred into special servicing, there are scenarios under
which a shortfall in the timely payment of interest on the notes
may occur.
  
An appraisal reduction mechanism is in place to limit servicing
advances by automatically reducing the available drawings
following a loan event of default where the up-to-date whole-
loan LTV ratio exceeds 90%.
  
S&P continues to evaluate available information on the Auric and
Metro loans.  However, without a better understanding of the
strategy on both loans, the outcome is uncertain.  This has
resulted in the class G notes remaining on CreditWatch negative
and the placement of the class E and F notes on CreditWatch
negative.  S&P expects to resolve the CreditWatch placements and
publish a transaction update after receiving additional
information.

                         Ratings List
  
Titan Europe 2007-3 Ltd.
GBP778.82 Commercial Mortgage-Backed Floating-Rate Notes
  
         Class       To                   From
  
         F           B/Watch Neg          BB
         G           B-/Watch Neg         B/Watch Neg
         E           BBB-/Watch Neg       BBB-
           
Ratings Unaffected
  
         A1          AAA
         X           AAA
         A2          AAA
         B           AA
         C           A
         D           BBB


TOWERHILL CLOTHING: Appoints Liquidators from KPMG
--------------------------------------------------
David John Crawshaw and Myles Antony Halley of KPMG LLP
Restructuring were appointed joint liquidators of Towerhill
Clothing Ltd. on June 25 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

          KPMG LLP Restructuring
          Arlington Business Park
          Theale
          Reading
          RG7 4SD
          England


V-SOLUTIONS: Goes Into Voluntary Liquidation; Ceases Trading
------------------------------------------------------------
V-Solutions Ltd., the official company behind Vadim Computers,
has ceased trading and decided to go into voluntary liquidation.

Vadim Chobanu, director of Vadim Computers, disclosed one of the
reasons for this sudden action is the credit crunch that
unfortunately hit the electronics and PC hardware industry hard.

For the past year, Vadim Computers has been working hard on an
exclusive case design to launch this summer and expand its
activities into the US and European market.   All had been
finalized except money -- Vadim Computers' plan was to borrow
from the bank.  Unfortunately, the business plan put forward to
the bank was rejected.  According to Mr. Chobanu, the reason
given was that if Vadim Computers stays small as it is, it has a
better chance to survive the tough period everyone is
experiencing.  

"Alas, we did not foresee the possibility of any viable
prospects emerging which were to offer a suitable return on
investments to the shareholders and fair remuneration for
employees, were we to stay small," Mr. Chobanu said.

Following the rejection, Mr. Chobanu has been actively seeking
equity investment and recently there have been negotiations with
a city based capital investment company to helps us go forward
with all our plans.  He related the investors were very
enthusiastic about the whole deal, even after the due diligence
report it was verbally confirmed that the investors were willing
to offer more than Vadim Computers initially asked for and as
such it started to plan for the expansion, which include:

    * multiplay lan party event,
    * planning to increase marketing and PR activity, and
    * launch of new website.

However, Mr. Chobanu explained the investment agreement was
canceled at the last minute by the venture company, due to their
lack of knowledge in the Boutique PC market and the complex
business model it presented compared to other industries.

Mr. Chobanu as director analyzed Vadim Computers' new financial
position and the possible ways out of the created cash flow
deficit.  He revealed the business was slow for the past four
months, thus the balance sheet became negative.  He stated the
current shareholders had no other means to further invest into
the business and the only other solution forward was looking
again for new investment, although he stressed seeking a new
venture capital investment would put creditors in a less
reasonable prospect of being paid if another investment
arrangement would fail.

At an extraordinary shareholder' meeting held on July 7, 2008,
it was decided for V-Solutions Ltd. to cease trading and go into
voluntary liquidation, as continuing trading would be against
legislation.

Currently, the company is open to offers for the sale of the
brand.  In the mean time, BN Jackson Norton, insolvency
practitioners have been appointed as the company liquidators.
Not all the current orders could be completed unfortunately and
as such, the liquidators will deal with such customers direct.

Depending on the interest of the buying company, it would be
decided on the ways forward to honor the warranties, however,
Mr. Chobanu noted that its PCs also carry vendor's warranties
which in many cases are lifetime or longer than the life cycle
of a PC.

Mr. Chobanu confirmed that Blastflow brand and operations are
not affected by the liquidation of V-Solutions Ltd.

Headquartered in Harrow, England, V-Solutions Ltd. --
http://www.vadim.co.uk/-- sells custom computers, including  
gaming PCs, extreme gaming PCs, workstations, entertainment PCs
and home-office PCs.  Vadim Computers is a business name of V-
Solutions.


VISTEON CORPORATION Completes UK Unit Sale to Linamar Corp.
------------------------------------------------------------
Visteon Corporation has completed the sale of its Swansea,
United Kingdom, operation to Linamar Corporation.  

In October 2007, Visteon signed a non-binding Memorandum of
Understanding outlining the understanding and status of
discussions regarding the sale of its Swansea, United Kingdom
operation to Linamar Corporation.

TCR said that the sale, which supported Visteon's three-year
improvement plan, was subject to due diligence, certain third
party agreements, definitive documentation, anti-trust clearance
and corporate approvals.
   
The Swansea sale represents a significant milestone in Visteon's
effort to address non-core facilities and improve its financial
performance in connection with its three-year improvement plan.

"We are making solid progress in addressing the financial
performance of our UK operations and this is an important step
in that process," Donald J. Stebbins, Visteon president and
chief executive officer, said.  "This sale is the result of
significant efforts to find a viable alternative for the chassis
operations at the Swansea plant, which are not aligned with
Visteon's core product groups."

The Swansea operation, Visteon's largest operation in the UK,
generated negative gross margin of approximately US$40 million
on sales of approximately US$80 million during 2007.  The
company transferred certain Swansea-related assets to a newly
created and entity whose shares were acquired by Linamar for
nominal cash consideration.

Visteon expects to record losses approximating US$50 million in
connection with this transaction, of which approximately
US$15 million is expected to be reimbursed from the
restructuring escrow account.

In addition to the sale of Swansea, in the second quarter of
2008 Visteon also completed the planned closure of two non-core
fuel tank facilities in Germany and ceased production at its
operation in Bedford, Indiana, USA.  These actions bring the
number of completed actions to 23 of 30 identified restructuring
actions under Visteon's improvement plan.  

Furthermore, Visteon has disclosed its intention to close its
fuel tank facility in Missouri early in the third quarter of
2008, after which only six restructuring actions will remain.

Visteon continues to take additional actions to improve its cost
structure.  In June, the intended to close its interiors
facility in Durant, Mississippi, USA and consolidate production
into other existing facilities.  The company has also taken
steps to address its capital structure and reduce its near term
debt maturities.

In June, Visteon repurchased US$344 million in aggregate
principal amount of its senior notes due in 2010 and issued
US$206 million in aggregated principal amount of new senior
notes due in 2016.

"Our significant restructuring efforts have resulted in
fundamental improvements in our global operations as we continue
to focus on our core products," Mr. Stebbins said.  "We have
been focused on implementing our restructuring actions on
schedule and accelerating our plan wherever possible."  

"Although the automotive industry is facing very difficult times
in North America, this region represents less than 30 percent of
Visteon's total sales," Mr. Stebbins added.  "Production
decreases by North American automakers are being largely offset
by growth in other regions of the world, particularly in Asia.  
Our diversification by customer and geography, coupled with our
improvement actions, has allowed Visteon to continue to improve
its financial performance during the first half of 2008, despite
the difficult North American market.  This improved financial
performance will be discussed during Visteon's conference call
announcing our second quarter results."

                 About Linamar Corporation

Headquartered in Guelph, Ontario, Linamar Corporation (TSE:LNR)
-- http://www.linamar.com/-- designs, develops and manufactures   
precision-machined components, modules and systems for engine,
transmission, chassis and industrial markets.  It has 36
manufacturing locations, research and development centers and
sales offices in Canada, United States, Mexico, Germany, Hungary
and Japan, Korea and China.  The company is organized into six
groups: Engine, Transmission, Chassis, Europe, Asia-Pacific and
Industrial.  

                  About Visteon Corporation

Headquartered in Van Buren Township, Michigan, Visteon
Corporation (NYSE: VC) -- http://www.visteon.com/-- is an  
automotive supplier that designs, engineers and manufactures
innovative climate, interior, electronic and lighting products
for vehicle manufacturers, and also provides a range of products
and services to aftermarket customers.  The company also has
corporate offices in Shanghai, China; and Kerpen, Germany; the
company has facilities in 26 countries and employs approximately
40,000 people.

Visteon Corporation's balance sheet at March 31, 2008, showed
total assets of US$7.2 billion and total liabilities of US$7.3
billion resulting in a total shareholders' deficit of about
US$136 million.

                          *     *     *

Fitch Ratings has affirmed Visteon Corporation's ratings as: (i)
issuer default rating (IDR) at 'CCC'; (ii) senior secured bank
facilities at 'B/RR1'; and (iii) unsecured notes at 'CC/RR6'.
Fitch has also assigned a rating of 'CC/RR6' to Visteon's new
12.25% senior unsecured notes being issued as part of the
company's debt exchange offer.  The ratings cover approximately
US$2.8 billion in debt.  The rating outlook is negative.


ZERO PREFERENCE: Board to Propose Voluntary Winding Up on Aug. 8
----------------------------------------------------------------
The Board of Directors of The Zero Preference Growth Trust PLC
has announced that they are convening an Extraordinary General
Meeting of the Company to be held on Aug. 8, 2008.  The purpose
of the meeting is to ask Shareholders to approve proposals to
voluntarily wind up the Company in accordance with its Articles
of Association.

The Company had a revenue account deficit of GBP9.269 million as
of July 31, 2007 and is expected to make a loss in the current
financial year.  There will be no revenue profits available for
distribution and therefore the Directors will not be declaring a
Final Interim Dividend.

The Company was incorporated with a fixed life in order to
facilitate the return due to ZDP Shareholders under the
Company's Articles which was extended to Aug. 9, 2008, in 2004.

The Board is proceeding with proposals for Winding Up as
required by the Articles of Association.

Zero Preference Growth Trust Plc is an investment trust.  ZPGT
Trading Limited is a subsidiary undertaking of the Company,
which is engaged in the activity of investment dealing company.  
The Company's investment objective is to achieve capital growth
from a portfolio investment in zero dividend preference shares.  
The Company's investments are managed by Premier Asset
Management (Guernsey) Limited.


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

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

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


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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                     *      *      *

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.


                            *********

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 * * *