TCREUR_Public/080711.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, July 11, 2008, Vol. 9, No. 137

                            Headlines


B E L G I U M

LEVI STRAUSS: May 25 Balance Sheet Upside-Down by US$387.1 Mln


B U L G A R I A

KREMIKOVTZI AD: Signs Production Contract With ArcelorMittal
PETROL AD: Fitch Affirms Senior Unsecured Notes Rating at B-


F R A N C E

HEULIEZ SA: Argentum Motors Acquires 60% Stake for EUR10 Million


G E R M A N Y

BENQ MOBILE: Seeks Talks with Siemens on Asset Claims
CLASEN GMBH: Claims Registration Period Ends July 23
TBN VERSORGUNGSTECHNIK: Claims Registration Period Ends July 22
TS CO.MIT: S&P Puts Class F Notes on Watch Negative
WEST VIDEO: Claims Registration Period Ends July 22


G R E E C E

ARIES MARITIME: PwC SA Expresses Going Concern Doubt

I T A L Y


ALITALIA SPA: EU Court Upholds Commission's 2001 Aid Ruling  
ALITALIA SPA: Minister Says Sale Adviser to Complete Relaunch
FIAT SPA: Enjoys 16% Increase in Maserati Sales in the U.S.


K A Z A K H S T A N

FOBOS-TRADE LLP: Creditors Must File Claims by Aug. 20
JANAR-ASTYK LLP: Claims Deadline Slated for August 20
KOMETA & K-2005: Claims Filing Period Ends Augus 20
OIL SYLKARA: Claims Registration Ends Aug. 20
ORALSTROY-UST LLP: Creditors Must File Claims by Aug. 20

PINE LLP: Creditors Must File Claims by August 20
SHYGIS NORD: Claims Deadline Slated for August 20
TARAZ FIN: Claims Filing Period Ends August 20
TYAJ EKSKAVATSIYA: Creditors' Claims Due on Aug. 20


K Y R G Y Z S T A N

KYRGYZ COTTON: Creditors Must File Proofs of Claims by Aug. 22


N E T H E R L A N D S

E-MAC NHG V: Moody's Cuts Class B Notes Ratings to Ba3


R U S S I A

BIYSKAYA CHEMICAL: Creditors Must File Claims by August 17
BUILDING ASSEMBLY 44: Court Starts Bankruptcy Supervision
BUILDER LLC: Moscow Bankruptcy Hearing Slated for September 9
DAL-DOCKYARD LLC: Court Names V. Koval as Insolvency Manager
ELSOKS CJSC: Perm Bankruptcy Hearing Slated for September 8

EUROCHEM OJSC: Fitch Lifts Issuer Default Rating to BB from BB-
GPK BAYKAL: Court Names A. Glagolev as Insolvency Manager
HORIZON-5 CJSC: Court Starts Bankruptcy Supervision Procedure
NIVA-SERVICE: Orel Bankruptcy Hearing Slated for July 30
NOVIKOVSKIY OPEN: Creditors Must File Claims by August 17

OKTYABRSKIY FACTORY: Asset Sale Slated for July 18
POLUS-K CJSC: Creditors Must File Claims by August 17
ST-SIBERIAN BUILDING: Court Names Y. Yarygin to Manage Assets
SAMREK CJSC: Perm Bankruptcy Hearing Slated for September 19
START LLC: Creditors Must File Claims by August 17

STROY—SIB-KOMPLEKT: Creditors Must File Claims by August 17
VENTRELT HOLDING: Fitch Assigns 'BB-' LT Foreign and Local IDRs


S P A I N

MADRID RMBS II: S&P Puts Class E Notes' BB Ratings on Watch Neg.


S W I T Z E R L A N D

ALLIANCE BOOTS: Moody's Withdraws Ratings on Business Reasons
BANQUE DE COMMERCE: Fitch Holds 'BB+' Issuer Default Rating
BEAT-IT RECORDS: Proofs of Claim Filing Deadline is July 19
BIJOU GASTRO: Luzern-Stadt Court Starts Bankruptcy Proceedings
CARB. LLC: Creditors Have Until July 19 to File Proofs of Claim

COLUMBIA ART: Zug Court Commences Bankruptcy Proceedings
CP CALENDARIUM: Zug Court Starts Bankruptcy Proceedings
DALMADI & CO: Zug Court Begins Bankruptcy Proceedings
GOMITOLO STRICKERIA: Creditors' Proofs of Claim Due by July 19
STIEFEL IMMO: Proofs of Claim Filing Period Ends July 19

FERRANTE ROLLLADEN: Creditors' Proofs of Claim Due by July 20
GASCOIGNE MELOTTE: Proofs of Claim Filing Deadline is July 20
HAMMER-POSTEN JSC: Deadline to File Proofs of Claim Set July 20
KONTZE HAUS: Luzern-Stadt Court Opens Bankruptcy Proceedings
LUNESA JSC: Creditors Must File Proofs of Claim by July 20

PHILIPS BETEILIGUNG: Proofs of Claim Filing Deadline is July 20


U K R A I N E

APOCALYPSE-PLUS LLC: Creditors Must File Claims by July 23
AXILON LLC: Creditors Must File Claims by July 23
CRYSTAL-FLOR LLC: Creditors Must File Claims by July 23
DELIVERY-KODYMA: Creditors Must File Claims by July 23
GP LLC: Creditors Must File Claims by July 23

GUDVILL CJSC: Proofs of Claim Deadline Set July 23
LIUTIS LLC: Creditors Must File Claims by July 23
LUGANSK COAL: Creditors Must File Claims by July 23
YUZHNOUKRAINSK HOUSE-BUILDING: Creditors' Claims Due July 23
WHOLESALETRADE SERVICE: Creditors Must File Claims by July 24


U N I T E D   K I N G D O M

ALLIANCE BOOTS: Moody's Withdraws Ratings on Business Reasons
BRADFORD & BINGLEY: UK Banks to Sub-Underwrite Rights Issue  
CHASE HOMES: Brings In Joint Administrators from Ernst & Young
CHASE MIDLAND: Appoints Joint Administrators from Ernst & Young
CORNFLAKE.CO.UK LTD: Brings In Joint Administrators from Vantis

EUROJERSEY LTD: Taps Tenon Recovery to Administer Assets
GRANDRED LTD: Appoints Administrator from Tenon Recovery

* Fitch: UK Asset Management Sector Shifts to Multi-Boutique Biz
* Moody's Says Global Speculative-Grade Default Rate Up to 2.0%

* BOOK REVIEW: As We Forgive Our Debtors


                            *********


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


LEVI STRAUSS: May 25 Balance Sheet Upside-Down by US$387.1 Mln
--------------------------------------------------------------
Levi Strauss & Co. reported Tuesday financial results for the
second quarter ended May 25, 2008.

The company's consolidated balance sheet at May 25, 2008, showed
US$2.9 billion in total assets, US$3.2 billion in total
liabilities, and US$5.1 million in temporary equity, resulting
in a US$387.1 million total stockholders' deficit.

The company recorded net income of US$701,000 in the second
quarter compared to net income of US$45.7 million for the same
period in 2007, primarily reflecting lower net sales, and higher
costs related to ERP stabilization efforts and retail expansion.  
Lower operating income of US$51.8 million was partially offset
by reduced interest expense and other financing costs in the
period.

Net sales were US$915.1 million during the three months ended
May 25, 2008, compared with net sales of US$997.3 million for
the same period in 2007.

Lower net revenues reflected reduced sales in the Americas'
region, partly offset by reported net revenue increases in
Europe and Asia Pacific.  Net revenues in Europe and Asia
Pacific were down slightly on a constant currency basis.  The
revenue decline in the Americas is largely attributable to the
impact of the difficult U.S. economic environment, shipping
issues related to the transition of the U.S. business to a new
enterprise resource planning system (ERP), lower performance in
the U.S. Dockers(R) business and early shipments executed in the
first quarter in anticipation of the second-quarter U.S. ERP
implementation.

"We expected the second quarter to be tough, and it was," said
John Anderson, president and chief executive officer.  "The
retail environment in the United States remained challenging.  
In addition, our transition to a new enterprise resource
planning system in the United States negatively affected our
results.  Increasingly difficult economic conditions in many
markets worldwide are impacting consumer spending, but our
brands remain strong.  We are pleased with the continued strong
growth of our emerging markets and our retail network around the
world.

"Given the slowing macroeconomic indicators we are seeing
globally and our continued investment to stabilize our ERP
system, we expect the rest of the year to be challenging.  
Nonetheless, we are taking decisive actions to position the
company well for when market conditions improve," added Mr.
Anderson.

                 Second Quarter 2008 Highlights

Gross profit in the second quarter decreased to US$437.4 million
compared with US$463.1 million for the same period in 2007.  
Gross margin increased to 46.7 percent of revenues for the
quarter compared with 45.6 percent of revenues in the second
quarter of 2007.  Gross margin benefited from a higher-margin
product mix, lower sourcing costs and increased company-operated
store sales.

Selling, general and administrative expenses for the second
quarter increased to US$385.5 million from US$344.8 million in
the same period of 2007.  Approximately half of the increase
reflects the effect of currency; the remainder of the increase
reflects the substantial costs related to the ERP stabilization
efforts in the United States and the company's global retail
expansion compared to the prior year.

Operating income for the second quarter was US$51.8 million
compared with US$118.3 million for the same period of 2007,
reflecting lower net revenues, and higher selling, general and
administrative expenses.

Interest expense for the second quarter decreased to
US$41.1 million compared to US$55.8 million in the second
quarter of 2007.  The decrease was primarily attributable to
lower average interest rates and lower debt levels during the
quarter due to the company's debt refinancing actions last year.

"This was clearly a difficult quarter," said Hans Ploos van
Amstel, chief financial officer.  "Despite the operational
challenges, we continued to reduce our debt and paid a dividend
to our stockholders.  Our balance sheet gives us the flexibility
to weather the economic cycle and invest in our brands to build
our business for the long term."

                  Balance Sheet and Cash Flow

After paying the previously announced US$50.0 million cash
dividend to common stockholders and reducing long-term debt by
US$54.0 million, the company ended the second quarter with cash
and cash equivalents of US$123.8 million, a decrease of US$32.1
million from Nov. 25, 2007.  Cash provided by operating
activities was US$121.3 million for the first half of 2008,
compared with US$126.4 million for the same period in 2007,
primarily reflecting lower net income offset by lower payments
for interest.  Total long-term and short-term debt was US$1.9
billion at the end of the second quarter.

                   Unused Availability Under
             Revolving Tranche of Credit Facility

In 2007, the company amended and restated its senior secured
revolving credit facility; the maximum availability is now
US$750.0 million secured by certain of the company's domestic
assets and certain U.S. trademarks associated with the Levi's(R)
brand and other related intellectual property.

The amended facility includes a US$250.0 million term loan
tranche.  Upon repayment of this US$250.0 million term loan
tranche, the secured interest in the U.S. trademarks will be
released.  

As of May 25, 2008, the company had borrowings of US$214.6
million under the term loan tranche and the company's total
availability, based on other collateral levels as defined by the
agreement, was approximately US$319.9 million.  The company had
no outstanding borrowings under the revolving tranche of the
credit facility, but had utilization of other credit-related
instruments such as documentary and standby letters of credit.  

As a result, unused availability was approximately US$239.6
million as of May 25, 2008.

As of May 25, 2008, the company had cash and cash equivalents
totaling approximately US$123.8 million, resulting in a net
liquidity position (unused availability and cash and cash
equivalents) of US$363.4 million.

Full-text copies of the company's consolidated financial
statements for the quarter ended May 25, 2008, are available for
free at http://researcharchives.com/t/s?2f47

                     About Levi Strauss & Co.

Headquartered in San Francisco, California, Levi Strauss & Co.
-- http://www.levistrauss.com/-- is one of the world's leading
branded apparel companies.  The company designs and markets
jeans, casual and dress pants, tops, jackets and related
accessories, for men, women and children under the Levi's(R),
Dockers(R) and Signature by Levi Strauss & Co.(TM).  The company
markets its products in three geographic regions: Americas,
Europe and Asia Pacific.

                         *     *     *

Moody's Investors Service placed Levi Strauss & Co.'s long term
corporate family and probability of default ratings at 'B1' in
March 2007.  The ratings still hold to date with a positive
outlook.


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


KREMIKOVTZI AD: Signs Production Contract With ArcelorMittal
------------------------------------------------------------
Kremikovtzi AD has signed a contract to manufacture steel from
raw materials supplied by ArcelorMittal, Novinite reports.

Under the deal, Kremikovtzi will produce around 60,000 tons of
steel per month, Novinite relates.  The figure could increase
following introduction of technology improvements.

ArcelorMittal said the deal would keep Kremikovtzi operational
while undergoing insolvency proceedings and until the transfer
of ownership is completed.

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.

The Sofia City Court postponed until the end of July 2008 a
decision on whether to declare Kremikovtzi insolvent.
ArcelorMittal plans to acquire Kremikovtzi after it is legally
declared bankrupt.

Arcelor was ready to invest US$150 million as working capital
and a further US$30 million for wages.  Arcelor then intends to
see through the insolvency proceedings of Kremikovtzi and take
charge of the company after all creditor claims are paid.

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.


PETROL AD: Fitch Affirms Senior Unsecured Notes Rating at B-
-----------------------------------------------------------
Fitch Ratings has affirmed Bulgaria-based fuel distributor
Petrol AD's Long-term Issuer Default rating and senior unsecured
rating for its EUR100 million notes due in 2011 at 'B-'.  The
Outlook for the Long-term IDR has been changed to Stable from
Negative.  The Recovery Rating is affirmed at 'RR4'.

The change in Outlook reflects the company's improved liquidity
position, lower gross debt, reduced litigation risk and more
transparent business relationship with Lukoil Bulgaria, Petrol
AD's major fuel supplier, following the closing of a settlement
agreement with Lukoil Bulgaria.

The company announced that the settlement agreement was signed
on March 12, 2008, and confirmed to Fitch that it has been
recently finalized; only a minor remaining payment is to be
received from Lukoil Bulgaria by end-July 2008.  According to
the agreement, Petrol AD sold Lukoil Bulgaria assets consisting
of 75 petrol stations and the storage base in Sofia, for
EUR237 million (BGN474 million).  The agreement terminates the
15-year fuel supply contract, which had provoked disputes, and
clears all mutual legal claims.  New, more transparent, supply
contracts for Petrol AD filling stations and the wholesale
segment have been signed.

Fitch notes the improved liquidity position of Petrol AD, as
most of the proceeds from asset disposals were received from
Lukoil Bulgaria in cash, allowing Petrol AD to repay its working
capital facilities.  Petrol AD has sufficient liquidity to repay
its short-term debt, including the BGN15m bonds maturing in
November 2008.

The disposal of assets to Lukoil Bulgaria results in a 34%
reduction of oil product volumes sold, negatively affecting cash
flows.  The company's market share in the retail segment
decreased to 16.5%, from 21% before the disposal.  Petrol AD's
management intends to use the disposal proceeds to replace the
lost fuel volumes within several months.  The Stable Outlook
reflects Fitch's assumption that the lost volume and earnings
will be substituted by acquisitions made on the Bulgarian
market, as well as by investments in Petrol AD's network.  There
is, however, a high reinvestment risk connected with effective
spending of cash proceeds and successful replacement of the oil
products' volume.  Furthermore, there are certain constraints
for Petrol AD under the EUR100 million bond documentation
related to spending proceeds from asset disposals within one
year and required credit quality for temporary cash investments.  
Fitch will monitor the company's compliance with the bond
indenture.

Petrol AD has a weak financial profile and aggressive financial
policy, below-average accounting quality and sizeable capital
spending to replace the oil products' volume.  Its profitability
continues to be volatile.  Fitch believes that operating EBITDA
in fiscal year ended 2008 could be substantially lower than that
reported in 2007 (BGN40 million) due to cash flow loss driven by
asset disposals.  As a result, gross debt to EBITDA may
deteriorate beyond the limits for the current rating category,
but this is mitigated by the net cash position forecast at
fiscal year ended 2008 by Petrol AD.

The ratings continue to reflect the group's below-average
business profile due to its small size, exposure to a single
country and lack of vertical integration.  The ratings also
reflect weak corporate governance. Petrol AD's controlling
shareholder, Petrol Holding AD, is privately owned and both
companies engage in sizeable related-party transactions,
including inter-company loans, debt guarantees and purchasing of
treasury shares by Petrol AD's subsidiaries.


===========
F R A N C E
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HEULIEZ SA: Argentum Motors Acquires 60% Stake for EUR10 Million
----------------------------------------------------------------
Argentum Motors has closed a deal to acquire a 60% stake in
Heuliez S.A. for EUR10 milion, Lawrence J. Speer writes for
Automotive News.  

Argentum intends to invest an additional EUR10 million in the
next five years and hike its stake in Heuliez to 67%, Automotive
News reveals.

A TCR-Europe report disclosed the Tribunal de Grande Instance in
Bressuire, France,placed Heuliez SA under court protection on
Oct. 26, 2007.

The convertible-maker sought the court protection after General
Motors Corp.'s Opel division canceled the production of its
Tigra Twintop series.  

Based in Cerizay, France, Heuliez SA -- http://www.heuliez.com/
-- works as a production and design unit for various automakers.  
It specializes in producing short series for niche markets, such
as convertibles or station-wagons.


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G E R M A N Y
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BENQ MOBILE: Seeks Talks with Siemens on Asset Claims
-----------------------------------------------------
Mr. Martin Prager, BenQ Mobile GmbH & Co.'s insolvency
administrator, will commence a talk with Siemens AG over its
planned "three digit million" euro damages suit, the cellular-
news.com reports.

BenQ Mobile filed for insolvency protection in September 2006, a
year after the Taiwanese firm BenQ Corp., took over the
struggling unit from Siemens.


CLASEN GMBH: Claims Registration Period Ends July 23
----------------------------------------------------
Creditors of Clasen GmbH have until July 23, 2008 to register
their claims with court-appointed insolvency manager Peter-
Alexander Borchardt.

Claims will be verified at 11:00 a.m. on Aug. 13, 2008 at:

         The District Court of Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg
         Germany

Creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.

The insolvency manager can be reached at:

         Peter-Alexander Borchardt
         Deichstr. 1
         20459 Hamburg
         Germany
         Tel: 040/37 60100
         Fax: 040/37 601199
         E-mail: hamburg@htg-wp.de

The District Court of Lueneburg opened bankruptcy proceedings
against  Clasen GmbH on May 1, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Clasen GmbH
         Attn: Burkhard Stuhlemmer-Goessling, Manager
         Pulverweg 6
         21337 Lueneburg
         Germany


TBN VERSORGUNGSTECHNIK: Claims Registration Period Ends July 22
---------------------------------------------------------------
Creditors of TBN Versorgungstechnik GmbH have until July 22,
2008 to register their claims with court-appointed insolvency
manager Oliver Schartl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Oliver Schartl
         Schwanthalerstr. 32
         80336 Munich
         Germany
         Tel: 089-575110
         Fax: 089-54511-444

The District Court of Munich opened bankruptcy proceedings
against TBN Versorgungstechnik GmbH on May 26, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         TBN Versorgungstechnik GmbH
         Attn: Carsten Rosenkilde, Manager
         Ottobrunner Str. 13
         81737 Munich
         Germany


TS CO.MIT: S&P Puts Class F Notes on Watch Negative
---------------------------------------------------
(Germany)

Standard & Poor's Ratings Services has placed on CreditWatch
with negative implications its ratings on the class E and F
notes issued by TS Co.mit One GmbH, a German SME collateralized
loan obligation transaction.  The ratings on the remaining
classes of notes in the transaction are unaffected at this time.
  
These CreditWatch placements follow our full credit analysis of
the underlying portfolio of certificates of indebtedness
(Schuldscheine) issued by  German small and midsize enterprises
(SMEs). This analysis relies on an updated mapping of
Commerzbank AG's internal ratings for SME assets.  The mapping
was used to assess the most recent internal rating assigned to
each obligor in the portfolio and derive an updated rating
estimate from it.
  
At closing, the portfolio contained 396 certificates of
indebtedness relating to 372 obligors.  Following amortization,
defaults, and the removal of certain certificates due to
ineligibility, the total number of certificates reduced to
320 as of June 20, 2008.  Of these 320 certificates, 11 are
Schuldscheine which have already triggered a principal
deficiency event in the transaction.  
  
The underlying portfolio in TS Co.mit One has demonstrated weak
performance over the past two years. Cumulative defaults add up
to 4.5% (2.5% after the removal of ineligible certificates) of
the initial pool balance and the overall credit quality of the
portfolio has negatively migrated.  According to Commerzbank
AG's internal rating model, the weighted-average portfolio
rating stood at 3.0 at closing, whereas it now stands at 3.4,
i.e., two categories lower.
  
Cumulative defaults grossed up to EUR22.8 million (EUR9.9
million after the removal of ineligible certificates) and were
caused by the default of 18 certificates of indebtedness. The
entire exposure was credited to the transaction's principal
deficiency ledger and has gradually been cleared through excess
spread and recoveries.
  
It should be noted that the originator repurchased six defaults
(with a total exposure of EUR10.6 million) out of the 18 at par
plus accrued interest due to ineligibility. As of June 20, 2008,
the principal deficiency ledger balance stood at zero.
  
S&P's credit analysis has demonstrated that the scenario default
rates derived by modeling the current portfolio in CDO Evaluator
are higher than the scenario default rates at closing.  S&P also
noted the expected recovery rates as stated by the originator in
the transaction's investor reports.  In combination with the
actual performance of the portfolio, both factors have lead to
an updated assessment of expected defaults and losses at the
various rating levels.  
  
S&P has concluded that the enhancement available to the class E
and F notes might not be sufficient to withstand the stresses at
the respective rating levels. S&P's full review of the
transaction will rely on an updated cash flow analysis.  The
results of this rating review are expected within the next few
months.

                         Ratings List

         Class               Rating
                     To                  From
                     --                  ----
  
TS Co.mit One GmbH
EUR503 Million Floating-Rate Asset-Backed Notes
  
         E           BB/Watch Neg        BB
         F           B/Watch Neg         B


WEST VIDEO: Claims Registration Period Ends July 22
---------------------------------------------------
Creditors of West Video Woelk GmbH have until July 22, 2008 to
register their claims with court-appointed insolvency manager  
Stefanie Kaufmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Sept. 15, 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 Ludwigshafen am Rhein
         Meeting Hall 13
         Wittelsbachstr. 10
         67061 Ludwigshafen am Rhein
         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:

         Stefanie Kaufmann
         Roxheimer Str. 17
         67240 Bobenheim-Roxheim
         Germany

The District Court of Ludwigshafen/Rhein opened bankruptcy
proceedings against West Video Woelk GmbH on June 19, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         West Video Woelk GmbH
         Attn: Heinz Westkemper, Manager
         Affenstein 29
         67246 Dirmstein
         Germany
         

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G R E E C E
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ARIES MARITIME: PwC SA Expresses Going Concern Doubt
----------------------------------------------------
PricewaterhouseCoopers S.A. in Athens, Greece, expressed
substantial doubt about the ability of Aries Maritime Transport
Limited to continue as a going concern after it audited the
company and its subsidiaries' financial statements for the year
ended Dec. 31, 2007.  The auditing firm reported that the
company has incurred a net loss, has a net working capital
deficit and has not met certain of its financial covenants of
debt agreements with lenders.

                       Indebtedness

The company had short-term debt outstanding of US$284.8 million
at Dec. 31, 2007, compared to long-term debt outstanding of
US$284.8 million at Dec. 31, 2006, and US$183.8 million at
Dec. 31, 2005.  

The company is obligated under the interest coverage ratio
covenant relaxation granted by the company's lenders in March
2008, which was extended in June 2008, to reduce the outstanding
borrowings under the credit facility from the level of US$284.8
million to US$200 million, funded by entering into contracts for
the sale of additional vessels by Aug. 31, 2008.  In June 2008,
the company completed the sale of three vessels, which reduced
the company's outstanding borrowings to US$223.7 million, and
expects to enter into contracts for the sale of one or more
vessels by Aug. 31, 2008, and to be in compliance with the its
obligation to reduce its outstanding borrowings to US$200
million.

As of Dec. 31, 2007, borrowings under the company's fully
revolving credit facility bore an annual interest rate,
including the margin, of 6.96%.

The company entered into a US$360 million fully revolving credit
facility in April 2006, with Bank of Scotland and Nordea Bank
Finland as lead arrangers.  The company used the fully revolving
credit facility to refinance the company's old US$140 million
drawn term loan; refinance the company's old revolving
acquisition facility, which was drawn to the extent of US$43.8
million at Dec. 31, 2005, and which was further drawn in
February 2006 in the amount of US$50.5 million to complete the
purchase of the vessel Stena Compassion; and to complete the
purchase of the Stena Compassion.  The fully revolving credit
facility has a five-year term and is subject to fixed reductions
during the five years.

The fully revolving credit facility may also be used to the
extent of US$5.0 million for general corporate purposes.  As of
Dec. 31, 2007, this amount remains undrawn.

Under the original terms of the fully revolving credit facility,
for the first thirty months of the facility, if the total amount
borrowed under the facility exceeds 65% of the fair market value
of the collateral vessels, the company will be unable to borrow
further amounts under the facility until the company either
prepay some of the debt or the fair market value of the
collateral vessels increases.  The company will be able to
borrow further amounts under the facility again once the total
amount borrowed under the facilities no longer exceeds 65% of
the fair market value of the collateral vessels.  For the second
thirty months of the fully revolving credit facility, if the
total amount borrowed under the facility exceeds 60% of the fair
market value of the collateral vessels, the company will be
unable to borrow further amounts under the facility until the
company either prepay some of the debt or the fair market value
of the collateral vessels increases.  

The company will be able to borrow further amounts under the
facility again once the total amount borrowed under the
facilities no longer exceeds 60% of the fair market value of the
collateral vessels.  If a vessel becomes a total loss or is
sold, no further amounts may be borrowed under this agreement,
except for advances for additional ships already approved by the
lenders, until the company have applied the full sale or
insurance proceeds in repayment of the facility, unless the
lenders otherwise agree.

The company's obligations under the fully revolving credit
facility are secured by a first-priority security interest,
subject to permitted liens, in all vessels in the company's
fleet and any other vessels the company subsequently acquire.  
In addition, the lenders will have a first-priority security
interest in all earnings from and insurances on the company's
vessels, all existing and future charters relating to the
company's vessels, the company's ship management agreements and
all equity interests in the company's subsidiaries.  The
company's obligations under the fully revolving credit facility
agreement are also guaranteed by all subsidiaries that have an
ownership interest in any of the company's vessels.

The US$327 million remaining commitment as of Dec. 31, 2007,
contained in the credit agreement was subject to six scheduled
semi-annual reductions of US$11 million each, from April 2008,
with the residual commitment of US$261 million to be reduced to
zero or repaid in full in one installment in April 2011.  In
March 2008, the commitment was reduced to US$290 million and is
subject to the remaining five semi-annual reductions of US$11
million each and therefore the residual commitment was reduced
to US$235 million.

Indebtedness under the fully revolving credit facility bears
interest at an annual rate equal to LIBOR plus a margin equal to
1.125% if the company's total liabilities divided by the
company's total assets, adjusting the book value of the
company's fleet to its market value, is less than 50%; 1.25% if
the company's total liabilities divided by the company's total
assets, adjusting the book value of the company's fleet to its
market value, is equal to or greater than 50% but less than 60%;
1.375% if the company's total liabilities divided by the
company's total assets, adjusting the book value of the
company's fleet to its market value, is equal to or greater than
60% but less than 65%; and 1.5% if the company's total
liabilities divided by the company's total assets, adjusting the
book value of the company's fleet to its market value, is equal
to or greater than 65%.  The interest rate on overdue sums will
be equal to the applicable rate plus 2%.

The company paid a one-time arrangement fee of about
US$2.3 million at the initial drawdown of the facility together
with the first year's agency fee of US$50,000, and pay,
quarterly in arrears, a commitment fee equal to 0.5% per annum
of the unused commitment of each lender under the facility.  The
company may prepay all loans under the credit agreement without
premium or penalty other than customary LIBOR breakage costs.  
In April 2008, the company paid a one-time fee of US$362,500 for
an amendment to the credit agreement.

In the event that such disposal of vessels is not completed by
Aug. 31, 2008, the lenders may extend the compliance date to
Sept. 30, 2008 subject to legally binding sale contract(s)
having been executed by August 31, 2008.  The company has
entered into agreements to sell three of its vessels for net
proceeds of US$61.04 million.  As of June 25, 2008, the company
has US$223.71 million of outstanding borrowings under the fully
revolving credit facility.

On April 17, 2008, the lenders approved an amendment to the
working capital ratio financial covenant to exclude from its
calculation voluntary and mandatory prepayments.    

                     Subsequent Events

Ship Management Agreements

On Jan. 9, 2008, the company's subsidiary the vessel-owning
company of the M/V Saronikos Bridge entered into an annual ship
management agreement with Barber Ship Management Singapore Pte
Ltd,, which is cancellable by either party with two months'
notice.

On January 23, 2008, the company's subsidiary the vessel-owning
company of the M/V CMA CGM Seine entered into an annual ship
management agreement with Barber, which is cancellable by either
party with two months' notice.

Sale of Vessels

On March 3, 2008, the company announced that it reached an
agreement to sell the vessel Arius to an unrelated party for net
proceeds of US$21.8 million.  The vessel was delivered to their
new owners on June 10, 2008, and the company realized a gain of
US$10.1 million. The company paid 1% of the purchase price as
sales commission to Magnus Carriers.

On March 25, 2008, the company announced that it reached an
agreement to sell both the MSC Oslo and its sister ship, the
Energy 1, to an unrelated party for net proceeds totaling about
US$40 million.  The vessels were delivered to their new owners
on April 30, 2008, and June 2, 2008, respectively, and the
company realized a gain of US$5.3 million.  The company paid 1%
of the purchase price as sales commission to Magnus Carriers.

CFO Resignation

In March 2008, the company announced the resignation of Richard
J.H. Coxall from his position as chief financial officer and
director.  In June 2008, the company announced the appointment
of Ioannis Makris as the company's chief financial officer.

Credit Facility

In March 2008, the company received consent from the its lenders
to a further relaxation of the interest rate coverage ratio
under the company's fully revolving credit facility that imposes
additional restrictions.  On April 17, 2008, the lenders
approved an amendment to the working capital ratio financial
covenant to exclude from its calculation voluntary and mandatory
prepayments.

Interest Rate Hedge and Restricted Stock

In April 2008, the Company canceled two existing swap agreements
and entered into two new swap agreements.  On April 11, 2008,
the board of directors of the company resolved to accelerate the
vesting of the 100,000 shares unvested as of Dec. 31, 2007, of
200,000 restricted shares awarded during 2007 under grants of
restricted stock to the company's directors.  All shares that
had not vested became vested on April 11, 2008.

                        Financials

The company posted a net loss of US$8,733,000 on revenues from
voyages of US$99,423,000 for the year ended Dec. 31, 2007, as
compared with a net income of US$2,199,000 on revenues from
voyages of US$94,199000 in the prior year.

At Dec. 31, 2007, the company's consolidated balance sheet
showed US$425,491,000 in total assets, US$318,372,000 in total
liabilities, and US$132,588,000 in total stockholders' equity.  

The company's consolidated balance sheet at Dec. 31, 2007,
showed strained liquidity with US$22,430,000 in total current
assets available to pay US$29,622,000 in total current
liabilities.

A full-text copy of the company's 2007 annual report is
available for free at http://ResearchArchives.com/t/s?2f0d

                  About Aries Maritime

Headquartered in Athens, Aries Maritime Transport Limited
(NasdaqGS: RAMS) -- http://www.ariesmaritime.com/-- through its  
subsidiaries, operates as a shipping company that owns and
charters ocean-going vessels worldwide. It owns products tankers
and container vessels that transport various refined petroleum
products in segregated and coated cargo tanks. The company
transports cargoes, including gasoline, jet fuel, kerosene,
naphtha, heating oil, and edible oils, as well as finished and
semi-finished goods from manufacturing centers to industrial and
consumer end-users. Aries Maritime Transport Limited is a
subsidiary of Aries Energy Corporation.


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


ALITALIA SPA: EU Court Upholds Commission's 2001 Aid Ruling  
-----------------------------------------------------------
The Court of First Instance of the European Union has confirmed  
a European Commission's decision in 2001 to set 10 conditions
for state aid granted to Alitalia S.p.A., various reports say.

According to Reuters, the Italian government granted around
US$2.2 billion in financial aid to Alitalia between 1996 and
2000.  The Commission approved the state aid subject to several
conditions.  Alitalia had appealed the Commission decision.

The court said, "Alitalia has failed to demonstrate the
existence of either procedural defects or substantive errors in
the criteria and conditions for granting the aid."

Bloomberg News relates that the court's ruling means that
Alitalia isn't eligible for further aid until 2011.

Alvaro Ramos, a lawyer at Howrey LLP, told Bloomberg News that
the ruling will negatively affect Alitalia's position at a
current Commission probe over a EUR300-million emergency
financing provided by Italy to its national carrier.

"This decision by the court is a blow to the case because it
really puts into question Alitalia's capacity to survive,"
Mr. Ramos was quoted by Bloomberg News as saying.  "Alitalia
faces a serious problem."

A Commission spokesman, however, said the ruling is not linked
to the current probe, Reuters relates.

                          About Alitalia

Based in Rome, 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: Minister Says Sale Adviser to Complete Relaunch
-------------------------------------------------------------
Italian Industry Minister Claudio Scajola expressed confidence
that Intesa Sanpaolo S.p.A. could complete Alitalia's S.p.A.'s
restructuring, Thomson Financial News reports.

Mr. Scajola said Italy will work on Intesa Sanpaolo's rescue
plan for Alitalia, Thomson Financial News relates.  The
government has tapped Intesa Sanpaolo as adviser for the sale of
its 49.9% stake in Alitalia.

As recently reported in the TCR-Europe, Intesa Sanpaolo's draft
rescue plan for Alitalia includes nearly a billion euro capital
increase and redundancies for thousands of employees.

Around 10 local businessmen will inject between EUR700 million
and EUR800 million in fresh capital into Alitalia while up to
5,000 employees might lose their jobs.  Intesa Sanpaolo chief
executive Corrado Passera, however, said 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

Based in Rome, 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: Enjoys 16% Increase in Maserati Sales in the U.S.
-----------------------------------------------------------
Fiat S.p.A. posted a 16% increase in Maseratis sales in the U.S.
despite a 15% drop in luxury car sales and a 10% decrease in
total vehicle sales, Bloomberg reports.

Mr. Paul Faletti, vice president of sales at Maserati North
America, said that Maserati's growth can be attributed to new
models and an expanded network of 54 U.S. dealers.

Fiat withdrew Maserati out of the U.S. market in 1991 and came
back in 2002 with the Spyder coupe.  In 2004, it released the
Quattroporte, a model designed by the Ferrari team.

Mr. Bill Morell, sales manager at Foreign Cars Italia in
Charlotte, North Carolina, said, "Exclusivity is a big factor.  
When the client pulls up to the country club in a Maserati, it's
going to have a different impact than an S- Class."

                          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.


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


FOBOS-TRADE LLP: Creditors Must File Claims by Aug. 20
------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Fobos-Trade insolvent.

Creditors have until Aug. 20, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Dostoevsky Str. 72
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 32-91-97


JANAR-ASTYK LLP: Claims Deadline Slated for August 20
---------------------------------------------------  
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Janar-Astyk insolvent.

Creditors have until Aug. 20, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Jumabaev Str. 109-407
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


KOMETA & K-2005: Claims Filing Period Ends Augus 20
---------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Kometa & K-2005 insolvent.

Creditors have until Aug. 20, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan
         Tel: Kostanai region,


OIL SYLKARA: Claims Registration Ends Aug. 20
---------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Oil Sylkara insolvent.

Creditors have until Aug. 20, 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


ORALSTROY-UST LLP: Creditors Must File Claims by Aug. 20
--------------------------------------------------------  
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Oralstroy-Ust insolvent.

Creditors have until Aug. 20, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Zaton Chapaeva, 63
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (7112) 27-51-67


PINE LLP: Creditors Must File Claims by August 20
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Pine insolvent.

Creditors have until Aug. 20, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District Taugul-1, 57-7
         Almaty
         Kazakhstan


SHYGIS NORD: Claims Deadline Slated for August 20
-------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Shygis Nord insolvent.

Creditors have until Aug. 20, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan
         Tel: Kostanai region,


TARAZ FIN: Claims Filing Period Ends August 20
----------------------------------------------   
LLP Taraz Fin Invest has declared insolvency.  Creditors have
until Aug. 20, 2008, to submit written proofs of claims to:

         LLP Taraz Fin Invest
         Micro District Jailau 4
         Taraz
         Jambyl
         Kazakhstan


TYAJ EKSKAVATSIYA: Creditors' Claims Due on Aug. 20
---------------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Tyaj Ekskavatsiya insolvent.

Creditors have until Aug. 20, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Dostoevsky Str. 72
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 32-91-97


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


KYRGYZ COTTON: Creditors Must File Proofs of Claims by Aug. 22
--------------------------------------------------------------
LLC Kyrgyz Cotton Service has declared insolvency.  Creditors
have until Aug. 22, 2008, to submit written proofs of claim to:

         LLC Kyrgyz Cotton Service
         Kurmanjan Datka Str. 182
         Osh
         Kyrgyzstan


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


E-MAC NHG V: Moody's Cuts Class B Notes Ratings to Ba3
------------------------------------------------------
Moody's Investors Service downgraded two classes of RMBS notes
and placed on review for downgrade four classes of RMBS notes
issued by the following four E-MAC issuers:

E-MAC NL 2005-NHG II B.V.

   -- Senior Class A Mortgage-Backed Notes 2005 due 2038,
      Current rating Aaa, on review for possible downgrade

E-MAC NL 2006-NHG I B.V.:

   -- Senior Class A Mortgage-Backed Notes 2006 due 2039,
      Current rating Aaa, on review for possible downgrade

E-MAC Program B.V./Compartment NL 2007-NHG II:

   -- Senior Class A Mortgage-Backed Notes 2007 due 2046,
      Current rating Aaa, on review for possible downgrade

   -- Mezzanine Class B Notes 2007 due 2046, downgraded to Ba3
      from Baa3, remaining on review for possible downgrade

E-MAC Program B.V./Compartment NL 2007-NHG V:

   -- Senior Class A Mortgage-Backed Notes 2007 due 2041,
      Current rating Aaa, on review for possible downgrade

   -- Mezzanine Class B Notes 2007 due 2041, downgraded to Ba3
      from Baa3, remaining on review for possible downgrade

The rating actions were prompted by the weakening of GMAC RFC
Nederland B.V.'s capability to fulfill its repurchase obligation
in relation to loans non-eligible for the NHG guarantee.  In
addition, the transactions are exposed to risk arising from
GMAC's other obligations, such as the Cash Bond Administration.

Following the downgrade of GMAC RFC Nederland B.V.'s parent
company ResCap to Ca, on review for downgrade, Moody's said on
May 30, 2008 that notes issued by Dutch E-MAC NL or E-MAC
Programs were not yet affected by ResCap's downgrade, as
additional functions were to be put in place.  To date, no
remedy has been implemented to rectify this weakness.

Moody's notes that all loans in the underlying portfolios are
prime Dutch mortgage loans benefiting from an NHG-guarantee  
provided by WEW, a foundation mortgage guarantee fund for home
ownership in the Netherlands supported by the Dutch government.
All four transactions include eligibility criteria in the
transaction documents stating that securitised mortgage loans
should comply with NHG underwriting criteria.  For loans that do
not meet these criteria, the originator has a repurchase
obligation.  This documented representation states that the
seller will undertake to repurchase and accept re-assignment of
an NHG loan if the mortgage loan -- or part of the mortgage loan
-- no longer has the benefit of an NHG guarantee as a result of
an action taken or omitted by the seller.  The full check for
whether a loan is compliant with NHG criteria is only performed
when a claim is made to WEW.

After reviewing the loan-by-loan level data, the collateral
performance is, at this stage, in line with expectations. The
sample of WEW claims made by GMAC RFC Nederland B.V. so far is
quite limited and no information on potential repurchases in the
past are reported.  Considering the weakening of the seller's
strength to fulfill all of its repurchase obligations, Moody's
believes that there is some linkage between the ratings of the
four affected NHG transactions and the credit quality of the
seller.  This reason prompted this rating action.  In addition,
the transaction credit enhancement structure do not permit any
potential weakness in the structure.

Moody's will continue to closely monitor all these transactions,
in particular the stated completion of the back-up cash bond
administrator agreements as indicated in the May 30, 2008 press
release and any other implications on the ratings of the notes
due to the weakening credit quality of the servicer.  In
addition, a third party audit of the pool, specifically aimed at
checking the compliance of the securitised pool on a loan-by-
loan basis with the NHG eligibility criteria could provide
Moody's with comfort and reduce the existing uncertainty,
depending on the result of such audit.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transaction.  Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.


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


BIYSKAYA CHEMICAL: Creditors Must File Claims by August 17
----------------------------------------------------------
Creditors of OJSC Biyskaya Chemical Company have until Aug. 17,
2008, to submit proofs of claim to:

         V. Lyutov
         Insolvency Manager
         Post User Box 102
         656056 Barnaul-56
         Russia

The Arbitration Court of Altay commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A033-2132/05-B.

The Debtor can be reached at:

         OJSC Biyskaya Chemical Company
         Promyshlennaya zone
         Buysk
         659315 Altay
         Russia


BUILDING ASSEMBLY 44: Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Tatarstan commenced bankruptcy
supervision procedure on OJSC Building Assembly Enterprise 44.
The case is docketed under Case No. A65-28886/2007-SG4-49.

The Temporary Insolvency Manager is:

         A. Boltakov
         Post User Box 261
         Tatarstan Str. 20
         Kazan
         420021 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:

         A. Boltakov
         Post User Box 261
         Tatarstan Str. 20
         Kazan
         420021 Tatarstan
         Russia


BUILDER LLC: Moscow Bankruptcy Hearing Slated for September 9
-------------------------------------------------------------
The Arbitration Court of Moscow will convene at 10:00 a.m. on
Sept. 9, 2008, to hear the bankruptcy supervision procedure on
LLC Builder.  The case is docketed under Case No. A40-11575/08-
74-33B.

The Temporary Insolvency Manager is:

         I. Ovchinnikov
         Post User Box 37
         OPS-20
         302020 Orel
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Builder
         Prozvodstvennaya Str. 6
         119619 Moscow
         Russia


DAL-DOCKYARD LLC: Court Names V. Koval as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Primorye appointed V. Koval as
Insolvency Manager for LLC Dal-Dockyard.  He can be reached at:

         V. Koval
         Office 628
         Aleutskaya Str. 45
         Vladivostok
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A51-3421/08 11-76.

The Court is located at:

         Arbitration Court of Primorye
         Room 313
         Svetlanovskaya Str. 54
         Vladivostok
         Russia

The Debtor can be reached at:

         V. Koval
         Office 628
         Aleutskaya Str. 45
         Vladivostok
         Russia


ELSOKS CJSC: Perm Bankruptcy Hearing Slated for September 8
-----------------------------------------------------------
The Arbitration Court of Perm will convene on Sept. 8, 2008, to
hear the bankruptcy supervision procedure on CJSC Elsoks.  The
case is docketed under Case No. A50-3912/2008-B2.

The Temporary Insolvency Manager is:

         S. Ryabov
         Post User Box 199
         Lysva
         618900 Perm
         Russia

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         CJSC Elsoks
         N. Ostrovskogo Str. 65
         614007 Perm
         Russia


EUROCHEM OJSC: Fitch Lifts Issuer Default Rating to BB from BB-
---------------------------------------------------------------
Fitch Ratings has upgraded Russia-based OJSC EuroChem Mineral
and Chemical Company's Long-term Issuer Default rating and
senior unsecured debt rating to 'BB' from 'BB-'.  The Short-term
IDR is affirmed at 'B'.  The Outlook for the Long-term IDR is
Stable.

The upgrade reflects Fitch's view that Eurochem has achieved
and, more importantly, will maintain a credit profile
commensurate with a 'BB' rating through the next cycle.

The group's performance and credit metrics benefited from
exceptionally strong market fundamentals in 2007.  Sales grew
38% to RUR73.8 billion (around US$3 billion) in fiscal year
2007, driven by soaring fertilizer prices and, to a lesser
extent, strong demand and Eurochem's capacity upgrades.  Cost
inflation in Russia was more than offset by the rise in crop
nutrient prices and the group's EBITDA margin increased to 31.2%
from 22.1% yoy, positioning Eurochem amongst the most profitable
fertilizer producers globally.  

Fitch notes that the group's EBITDA margin exceeded 30% in both
fiscal year 2005 and fiscal year 2007. CFO doubled to RUR16.3
billion (around US$663 million) and capital expenditure was
maintained at a comparatively modest level of RUR7.6 billion
(around US$308 million).  Eurochem ended the year with a net
cash position of EUR2.2 billion (around US$88 million) and
GD/EBITDA at 0.6x, down from 1.2x at fiscal year ended 2006.
EBITDA/Interest also strengthened to 21.5x, up from 12.7x in
fiscal year 2006.

The Outlook reflects Fitch's belief that low grain inventories
globally, strong fertilizer demand and raw material cost push
will continue to support high fertilizer prices in 2008-09 and
should translate into strong earnings and cash flow generation
for Eurochem.  While new urea and ammonia capacity in the Middle
East could translate into downward pricing pressure post-2010,
Fitch notes that delays or cancellations due to considerable
bottlenecks in the region could result in a tighter market
balance than currently forecast.  The Outlook also encompasses
the group's strategic focus on productivity gains and vertical
integration, which are expected to partly offset general cost
inflation in Russia.

The ratings also recognize that Eurochem's investment strategy
will necessitate some degree of re-leveraging.  More
specifically, the group is in the first stages of development of
a potash mine in the Volgograd region, which, like any
exploration project, entails material risks and uncertainties.  
The cost of the five-year development (2007-12) has been revised
to US$1.9 billion, from US$1.1 billion initially, to factor in a
contingency reserve as well as rising equipment, metal and
labour costs.  Peak spending is forecast in 2009 and 2010.  
Total capex is expected to range between US$900 million and
US$1.0 billion in 2008-10 and also includes sizeable investments
towards the modernization and upgrading of the group's existing
facilities.  Eurochem is also expected to actively pursue
acquisitions in the near-to-medium-term.

Fitch, however, derives some comfort from the group's
conservative financial policy.  In particular, management is
committed to maintaining GD/EBITDA at or below 1.5x and
dividends will be adjusted to reflect the group's business and
financial needs.  Eurochem's debt structure and maturity profile
was noticeably enhanced in fiscal year 2007 through the issuance
of a five-year US$300 million eurobond, the proceeds of which
were used to refinance short-term loans.

The ratings continue to be supported by Eurochem's leading
market positions in the growing Russian fertilizer market and
its strong product and market diversification.  Fitch also takes
a positive view on the group's plan to diversify into potash, as
this strategy will in enhance Eurochem's business risk in the
long-term by providing further product diversification and
materially reducing its sensitivity to natural gas.


GPK BAYKAL: Court Names A. Glagolev as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Chita appointed A. Glagolev as
Insolvency Manager for CJSC GPK Baykal.  He can be reached at:

         A. Glagolev
         Post User Box 852
         672051 Chita-51
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A78-770/2008-B-17.

The Debtor can be reached at:

         CJSC GPK Baykal
         Apt. 57
         9 January Str. 53
         Chita
         Russia


HORIZON-5 CJSC: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on CJSC Building Production Management Horizon-5.  The
case is docketed under Case No. A41?-2-6144/08.

The Temporary Insolvency Manager is:

         A. Dyachenko
         Marksa Str. 13/1
         Kumertau
         453300 Bashkortostan
         Russia
         Tel: 8 (34761) 4-11-60; 4-79-45

The Court is located at:

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

The Debtor can be reached at:

         A. Dyachenko
         Marksa Str. 13/1
         Kumertau
         453300 Bashkortostan
         Russia
         Tel: 8 (34761) 4-11-60; 4-79-45


NIVA-SERVICE: Orel Bankruptcy Hearing Slated for July 30
--------------------------------------------------------
The Arbitration Court of Orel will convene at 11:00 a.m. on July
30, 2008, to hear the bankruptcy supervision procedure on LLC
Niva-Service.  The case is docketed under Case No. A48-1444/
08-206.

The Temporary Insolvency Manager is:

         B. Latyshev
         Leskova 19
         Orel
         Russia

The Court is located at:

         The Arbitration Court of Orel
         Gorkogo Str. 42
         302000 Orel  
         Russia

The Debtor can be reached at:

         LLC Niva-Service
         Moldavskaya Str. 23
         Orel
         Russia


NOVIKOVSKIY OPEN: Creditors Must File Claims by August 17
---------------------------------------------------------
Creditors of LLC Novikovskiy Open Pit have until Aug. 17, 2008,
to submit proofs of claim to:

         E. Shekhovtsova
         Insolvency Manager
         Dzerzhinskogo Str. 28
         680000 Khabarovsk
         Russia

The Arbitration Court of Sakhalin commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A59-1263/08-S4.

The Debtor can be reached at:

         LLC Novikovskiy Open Pit
         Novikovo
         Korsakovskiy
         Sakhalin
         Russia


OKTYABRSKIY FACTORY: Asset Sale Slated for July 18
--------------------------------------------------
The insolvency manager and bidding organizer for OJSC
Oktyabrskiy Factory of I\Oil and Gas Engineering Industry, will
open a public auction for the company's properties at 3:00 p.m.
on July 18, 2008 at:

         Insolvency Manager
         3rd floor
         Stepnaya Str. 1
         Oktyabrskiy
         Bashkortostan
         Russia

The company has set a RUR1,869,000 starting price for the asset
in auctions.

Interested participants have until July 17 to deposit an amount
of RUR186,000.

Bidding documents must be submitted to:

         Insolvency Manager
         3rd floor
         Stepnaya Str. 1
         Oktyabrskiy
         Bashkortostan
         Russia
         Tel: (34767) 4-21-34, 4-21-67

The Debtor can be reached at:

         OJSC Oktyabrskiy Factory of I\Oil and Gas Engineering          
         Industry
         Kosmonavtov Str. 65
         Oktyabrskiy
         Bashkortostan
         Russia


POLUS-K CJSC: Creditors Must File Claims by August 17
-----------------------------------------------------
Creditors of CJSC Polus-K (TIN 0814075686) have until Aug. 17,
2008, to submit proofs of claim to:

         M. Kamolov
         Insolvency Manager
         Gubarevicha Str. 6/7
         Elista
         358000 Komi
         Russia

The Arbitration Court of Komi commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A22-505/08/14-86.

The Court can be reached at:

         The Arbitration Court of Komi
         Room 407
         Ordzhonikidze Str. 49a
         Syktyvkar
         Russia

The Debtor can be reached at:

         CJSC Polus-K
         682640 Komi
         Russia


ST-SIBERIAN BUILDING: Court Names Y. Yarygin to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Chita appointed Y. Yarygin as
Insolvency Manager for LLC East-Siberian Building Company (TIN
7535014051, OGRN 1037550020188).  He can be reached at:

         Y. Yarygin
         Post User Box 1280
         Central Post Office
         672000 Chita
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A78-1512/2008 B-39.

The Debtor can be reached at:

         LLC East-Siberian Building Company
         Romanovskiy Trakt Str. 34
         672003 Chita
         Russia


SAMREK CJSC: Perm Bankruptcy Hearing Slated for September 19
------------------------------------------------------------
The Arbitration Court of Perm will convene at 10:30 a.m. on
Sept. 19, 2008, to hear the bankruptcy supervision procedure on
CJSC Samrek.  The case is docketed under Case No. A50-5028/
2008-B5.  

The Temporary Insolvency Manager is:

         L. Kayumova
         Vilyamsa Str. 4a-8
         614030 Perm
         Russia
         Tel/Fax: (342)273-1382

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         CJSC Samrek
         Tselinnaya Str. 23
         614056 Perm
         Russia


START LLC: Creditors Must File Claims by August 17
--------------------------------------------------
Creditors of LLC Start have until Aug. 17, 2008, to submit
proofs of claim to:

         K. Gorbunkov
         Insolvency Manager
         Office 2
         Leningradskaya Str. 2a
         Rasskazovo
         Tambov
         Russia

The Arbitration Court of Tambov will convene on Oct. 6, 2008, to
hear the bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No.
A64-6572/07-25.

The Debtor can be reached at:

         LLC Start
         Bazarnaya Square 45
         Rasskazovo
         Tambov
         Russia


STROY—SIB-KOMPLEKT: Creditors Must File Claims by August 17
-----------------------------------------------------------
Creditors of LLC Stroy—Sib-Komplekt have until Aug. 17, 2008, to
submit proofs of claim to:

         L. Kuznetsova
         Insolvency Manager
         Mira Str. 9/2
         Nefteyugansk
         628305 Tyumen
         Russia

The Arbitration Court of Khanty-Mansiyskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A75-5969/2007.

The Court is located at:

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

The Debtor can be reached at:

         LLC Stroy—Sib-Komplekt
         423810 Khanty-Mansiyskiy
         Russia


VENTRELT HOLDING: Fitch Assigns 'BB-' LT Foreign and Local IDRs
---------------------------------------------------------------
Fitch Ratings has assigned ratings to Ventrelt Holding Limited.  
Ventrelt is the intermediate parent of a privately owned group,
Rosvodokanal, part of the Russian Alfa-group, consisting of
seven regional water and waste water utility companies (Barnaul,
Kaluga, Krasnodar, Omsk, Orenburg, Tyumen and Tver).

The ratings are:-

  -- Long-term foreign and local currency Issuer Default
     ratings: 'BB-'

  -- Foreign and local currency senior unsecured rating: 'BB-'
  -- National Long-term rating: 'A+(rus)'
  -- The Long-term IDRs and National ratings have Stable
Outlooks.

Ventrelt's ratings reflect the fledgling tariff regulatory
framework for water utilities, the need to improve customer
collection rates, operating cost and capital expenditure risks,
untested recovery prospects upon termination of five-year
investment agreements with local municipalities, and other
issues related to relatively new privately owned water companies
operating in Russia.

Fitch regards the country's supportive cost-recovery tariff
framework for water companies as largely untested as to its true
independence or timely mechanisms for economically sound rights
of appeal from privatized operators who are fulfilling capex
requirements; however, future tariff increases are likely to be
unpalatable for consumers.

Other than the RUR1.35 billion Omsk Vodokanal acquisition-
related funding recently incurred (November 2007), group debt
primarily funds short-term build and working capital
requirements, including phased infrastructure expenses for
private developer-funded or federal-funded infrastructures.  The
group's debt is capped by covenants within a recently signed
RUR1.5 billion EBRD secured facility, including a maximum 4x net
debt/EBITDA for the group, whereas forecasts indicate ratios of
around 2-3x.  The facility is provided to certain entities
within the group on a joint and several recourse basis, and has
restrictions on dividends and related-party transactions, as
well as a requirement for independent directors.

Currently, the group's main debt is short-term local bank
lending at the operating subsidiary level.  Given future capex
requirements, this debt is to be refinanced and additional debt
will be raised from longer-term EBRD and a prospective IFC
funding facilities.  Omsk acquisition-related bank debt is
scheduled to mature in July 2008, but is expected to be partly
refinanced by a prospective public bond.

Fitch has departed from its usual criterion of requiring five
years of operating history and financial data.  Due to its
formation on 16 March 2005, Ventrelt does not have audited
accounts for the last five years and only acquired entities
within the last two years.  To support its ratings, Fitch has,
however, studied accounting and other financial data over this
period, as well as forecasts of the group's intended capital
structure provided by Ventrelt's management.


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


MADRID RMBS II: S&P Puts Class E Notes' BB Ratings on Watch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with negative implications its credit ratings on the class D and
E notes issued by MADRID RMBS II, Fondo de Titulización de
Activos.
  
The ratings on all other classes remain unaffected.
  
These CreditWatch placements are based on a deterioration of the
quality of the underlying pool.  S&P will now carry out a more
detailed analysis of this transaction to investigate whether any
update on the ratings assigned to the notes in this transaction
is warranted.  The results of this review and any changes in the
ratings are expected in due course.
  
The notes, issued in December 2006, were backed at closing by a
EUR1.8 billion portfolio comprising residential mortgage-backed
loans secured over residential properties in Spain.  The loans
were originated and are serviced by Caja de Ahorros y Monte de
Piedad de Madrid.
  
                          Ratings List
  
MADRID RMBS II, Fondo de Titulizacion de Activos
EUR1.8 Billion Asset-Backed Floating-Rate Notes  
  
         Class              Rating
                   To                    From
                   --                    ----
  
         D         BBB/Watch Neg         BBB
         E         BB/Watch Neg          BB


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


ALLIANCE BOOTS: Moody's Withdraws Ratings on Business Reasons
-------------------------------------------------------------
Moody's Investors Service has withdrawn the B2 corporate family
rating and probability of default rating, as well as the Caa1
unsecured rating, of Alliance Boots plc for business reasons.
The action follows the conclusion of the review of the ratings
on July 9, 2008.

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 fiscal year 2008 (to 31 March), Alliance Boots
GmbH, the holding company, reported pro-forma revenues and
trading profit of GBP15.3 billion and GBP771 million,
respectively.


BANQUE DE COMMERCE: Fitch Holds 'BB+' Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has affirmed Switzerland-based Banque de Commerce
et de Placements' ratings at Long-term Issuer Default 'BB+',
Short-term IDR 'B', Individual 'C' and Support '4'.  The Outlook
on BCP's Long-term IDR is Stable.

The Long- and Short-term IDRs and the Individual rating are
based on the bank's relatively modest size, its operations in
the niche markets of trade finance and correspondent banking,
where management has a strong expertise, the bank's resilient
and sound profitability, excellent asset quality and its good
capitalization with a growing capital base.  The ratings also
reflect BCP's exposure to emerging markets (22.7% of risk assets
at end-2007), a high proportion of short-term interbank funding
and -- albeit falling -- concentration in both its loan book and
funding profile.

The bank's profitability has since 2004 benefited from a
favorable trade finance climate, particularly between emerging
markets and western Europe.  This, together with rising
commodities prices, underpinned the 18% increase in BCP's
processed trade finance volumes to CHF9.7 billion in 2007.  
BCP's largely client-driven foreign exchange dealing activities
also contributed positively to its 2007 results, as did its
private banking operations.  Operating and credit costs were
well-contained in 2007, resulting in improved and sound
cost/income (48.6%) and operating return on average equity
(21.6%) ratios.

Reflecting its business model, counterparty credit risk in its
loan and interbank books is, in Fitch's opinion, BCP's main
risk.  Its loan book (24% of assets at end-2007) is relatively
concentrated although this is, to some extent, mitigated by the
short-term and revolving nature of BCP's lending, the
availability of collateral, and often long-standing customer
relationships.  The bank's interbank assets (66% of assets at
end-2007) are predominately short-term and, as with emerging
market banks, often collateralized. BCP has reported no impaired
loans since 2003.

BCP is moderately exposed to market risk due to limited
proprietary trading positions and closely matched assets and
liabilities, both in maturity and currency.  Interest-rate risk
is low and well-controlled.  BCP is a net interbank lender, but
its balance sheet is predominately funded by short-term bank
and, to a lesser extent, commercial deposits.  Although the
bank's capital base remains small in absolute terms, BCP has
increased its equity base markedly since 2004 and its Tier 1
ratio (under Basel II) at end-Q108 was sound at 12.1%.

BCP's primary focus is short-term trade finance involving
emerging market countries, which is supplemented by
correspondent banking, private banking and treasury operations.  
The bank is 69%-owned by Turkish Cukurova Group and 31% by Yapi
ve Kredi Bankasi (rated 'BB'/Outlook Stable).  BCP has branches
in Luxembourg and Dubai as well as a representative office in
Istanbul.  At end-2007 it had assets of CHF2.23 billion, equity
of CHF183.4m and employed 115 staff, most of them in Geneva.


BEAT-IT RECORDS: Proofs of Claim Filing Deadline is July 19
-----------------------------------------------------------
Creditors owed money by LLC beat-it records are requested to
file their proofs of claim by July 19, 2008, to:

         Beat Bieri
         Liquidator
         Gassen 117
         3534 Signau
         Switzerland

The company is currently undergoing liquidation in Langnau i.E.  
The decision about liquidation was accepted at a shareholders'
meeting meeting held on May 26, 2008.


BIJOU GASTRO: Luzern-Stadt Court Starts Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Service of Luzern-Stadt commenced bankruptcy
proceedings against JSC Bijou Gastro & Hotel on May 16, 2008.

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

         Bankruptcy Service of Luzern-Stadt
         6000 Luzern 5
         Switzerland
         
The company can be reached at:

         JSC Bijou Gastro & Hotel
         Eisengasse 9
         6004 Luzern
         Switzerland

         
CARB. LLC: Creditors Have Until July 19 to File Proofs of Claim
---------------------------------------------------------------
Creditors owed money by LLC carB. are requested to file their
proofs of claim by July 19, 2008, to:

         Maurizio Baldelli
         Liquidator
         Hinterdorf 19
         5619 Uezwil
         Switzerland

The company is currently undergoing liquidation in Wohlen AG.  
The decision about liquidation was accepted at a shareholders'
meeting meeting held on May 21, 2008.


COLUMBIA ART: Zug Court Commences Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Columbia Art (formerly Lovers of Fine Arts Ltd.) on
June 3, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The company can be reached at:

         JSC Columbia Art
         Steinhauserstrasse 70
         6301 Zug
         Switzerland


CP CALENDARIUM: Zug Court Starts Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC CALENDARIUM VERLAG on May 27, 2008.

Creditors have until July 20, 2008, to file their proofs of
claim.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC CP CALENDARIUM VERLAG
         Lindenstrasse 16
         6341 Baar
         Switzerland


DALMADI & CO: Zug Court Begins Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against LLC Dalmadi & Co. on June 3, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The company can be reached at:  

         LLC Dalmadi & Co.
         Baarerstrasse 75
         6300 Zug
         Switzerland


GOMITOLO STRICKERIA: Creditors' Proofs of Claim Due by July 19
--------------------------------------------------------------
Creditors owed money by LLC Gomitolo, Strickeria are requested
to file their proofs of claim by July 19, 2008, to:

         Marktgasse 52
         4310 Rheinfelden
         Switzerland

The company is currently undergoing liquidation in Rheinfelden.  
The decision about liquidation was accepted at a shareholders'
meeting meeting held on May 28, 2008.


STIEFEL IMMO: Proofs of Claim Filing Period Ends July 19
--------------------------------------------------------
Creditors owed money by JSC Stiefel Immo are requested to file
their proofs of claim by July 19, 2008, to:

         Alexander Stiefel
         Liquidator
         Florapark 6
         9500 Wil
         Switzerland

The company is currently undergoing liquidation in Wil SG.  
The decision about liquidation was accepted at an extraordinary
general meeting held on June 4, 2008.


FERRANTE ROLLLADEN: Creditors' Proofs of Claim Due by July 20
-------------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against LLC Ferrante Rollladen & Storen on May 15,
2008.

Creditors have until July 20, 2008, to file their proofs of
claim.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Amtsstelle Baden
         5402 Baden
         Switzerland

The Debtor can be reached at:

         LLC Ferrante Rollladen & Storen
         Steinackerstrasse 4b
         5442 Fislisbach
         Switzerland


GASCOIGNE MELOTTE: Proofs of Claim Filing Deadline is July 20
-------------------------------------------------------------
Creditors owed money by JSC Gascoigne Melotte Import are
requested to file their proofs of claim by July 20, 2008, to:

         Guglern 2
         6018 Buttisholz
         Switzerland

The company is currently undergoing liquidation in Buttisholz.  
The decision about liquidation was accepted at an extraordinary
general meeting held on June 3, 2008.


HAMMER-POSTEN JSC: Deadline to File Proofs of Claim Set July 20
---------------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against JSC Hammer-Posten on May 22, 2008.

Creditors have until July 20, 2008, to file their proofs of
claim.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Amtsstelle Brugg
         5201 Brugg
         Switzerland

The Debtor can be reached at:

         JSC Hammer-Posten
         Hauptstrasse 71
         5330 Bad Zurzach
         Switzerland


KONTZE HAUS: Luzern-Stadt Court Opens Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Service of Luzern-Stadt commenced bankruptcy
proceedings against LLC Kontze Haus & Grund on May 14, 2008.

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

         Bankruptcy Service of Luzern-Stadt
         6000 Luzern 5
         Switzerland

The company can be reached at:

         LLC Kontze Haus & Grund
         Hirschmattstrasse 42
         6003 Luzern
         Switzerland


LUNESA JSC: Creditors Must File Proofs of Claim by July 20
----------------------------------------------------------
The Bankruptcy Service of Luzern-Stadt commenced bankruptcy
proceedings against JSC Lunesa on May 19, 2008.

Creditors have until July 20, 2008, to file their proofs of
claim.

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

         Bankruptcy Service of Luzern-Stadt
         6000 Luzern 5
         Switzerland

The Debtor can be reached at:

         JSC Lunesa
         Lauriedstrasse 7
         6300 Zug
         Switzerland


PHILIPS BETEILIGUNG: Proofs of Claim Filing Deadline is July 20
---------------------------------------------------------------
Creditors owed money by JSC Philips Beteiligung are requested to
file their proofs of claim by July 20, 2008, to:

         Dr. Bruno Eggimann
         Liquidator
         Advocacy Thouvenin Rechtsanwalte
         Klausstrasse 33
         8034 Zurich
         Switzerland

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


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


APOCALYPSE-PLUS LLC: Creditors Must File Claims by July 23
----------------------------------------------------------
Creditors of LLC Apocalypse-Plus (code EDRPOU 33426227) have
until July 23, 2008, to submit proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on May 13, 2008.
The case is docketed as 45/280B.

The Debtor can be reached at:

         LLC Apocalypse-Plus
         Kirov Str. 80/12
         Novoazovsk
         87600 Donetsk
         Ukraine


AXILON LLC: Creditors Must File Claims by July 23
-------------------------------------------------
Creditors of LLC Axilon (code EDRPOU 32373473) have until
July 23, 2008, to submit proofs of claim to:
Liquidator 01030 Kiev Ukraine P.O. Box 29
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 10, 2008, after finding it
insolvent.  The case is docketed as 43/186.

The Debtor can be reached at:

         LLC Axilon
         Ushynsky Str. 38
         03151 Kiev
         Ukraine


CRYSTAL-FLOR LLC: Creditors Must File Claims by July 23
-------------------------------------------------------
Creditors of LLC Crystal-Flor have until July 23, 2008, to
submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 2/117-08-2399.

The Debtor can be reached at:

         LLC Crystal-Flor
         Arnautskaya Str. 64
         Malaya
         65007 Odessa
         Ukraine


DELIVERY-KODYMA: Creditors Must File Claims by July 23
------------------------------------------------------
Creditors of OJSC Regional Delivery-Kodyma (code EDRPOU
00906120) have until July 23, 2008, to submit proofs of claim
to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent on June 9, 2008.
The case is docketed as 21/58-08-2068.  

The Debtor can be reached at:

         OJSC Delivery-Kodyma
         Kalinin Str. 22
         Kodyma
         66000 Odessa
         Ukraine


GP LLC: Creditors Must File Claims by July 23
---------------------------------------------
Creditors of LLC GP (code EDRPOU 33308494) have until
July 23, 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 9, 2008.
The case is docketed as 23/178-b.

The Debtor can be reached at:

         LLC GP
         Melnikov Str. 12
         04119 Kiev
         Ukraine


GUDVILL CJSC: Proofs of Claim Deadline Set July 23
--------------------------------------------------
Creditors of CJSC Trading House Gudvill (code EDRPOU 32045079)
have until July 23, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company on March 21, 2008.  The case is
docketed as 29/96-b.

The Debtor can be reached at:

         CJSC Trading House Gudvill
         Apartment 22
         Mechnikov Str. 8
         01023 Kiev
         Ukraine


LIUTIS LLC: Creditors Must File Claims by July 23
-------------------------------------------------
Creditors of LLC Liutis (code EDRPOU 30670591) have until
July 23, 2008, to submit proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on June 11, 2008.
The case is docketed as 5/26B.

The Debtor can be reached at:

         LLC Liutis
         Voinskaya Str. 16
         83096 Donetsk
         Ukraine


LUGANSK COAL: Creditors Must File Claims by July 23
---------------------------------------------------
Creditors of State OJSC Lugansk Coal Resources (code EDRPOU
24180449) have until July 23, 2008, to submit proofs of claim
to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on May 15, 2008.
The case is docketed as 12/68b.

The Debtor can be reached at:

         State OJSC Lugansk Coal Resources
         Lenin Str. 38
         Lugansk
         Ukraine


YUZHNOUKRAINSK HOUSE-BUILDING: Creditors' Claims Due July 23
------------------------------------------------------------
Creditors of OJSC Yuzhnoukrainsk House-Building Industrial
Complex (code EDRPOU 04699050) have until July 23, 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 10, 2008.
The case is docketed as 5/19.  

The Debtor can be reached at:

         OJSC Yuzhnoukrainsk House-Building Industrial Complex
         P.O. Box 10
         Yuzhnoukrainsk
         55500 Nikolaev
         Ukraine


WHOLESALETRADE SERVICE: Creditors Must File Claims by July 24
-------------------------------------------------------------
Creditors of LLC Wholesaletrade Service (code EDRPOU 33098320)
have until July 24, 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 2, 2008.
The case is docketed as 49/86-b.

The Debtor can be reached at:

         LLC Wholesaletrade Service
         Academic Kostichev Str. 7
         03191 Kiev
         Ukraine


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


ALLIANCE BOOTS: Moody's Withdraws Ratings on Business Reasons
-------------------------------------------------------------
Moody's Investors Service has withdrawn the B2 corporate family
rating and probability of default rating, as well as the Caa1
unsecured rating, of Alliance Boots plc for business reasons.
The action follows the conclusion of the review of the ratings
on July 9, 2008.

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 fiscal year 2008 (to 31 March), Alliance Boots
GmbH, the holding company, reported pro-forma revenues and
trading profit of GBP15.3 billion and GBP771 million,
respectively.


BRADFORD & BINGLEY: UK Banks to Sub-Underwrite Rights Issue  
----------------------------------------------------------
Lloyds TSB Group plc, HSBC Holdings plc, Royal Bank of Scotland
Group plc, Barclays Plc, HBOS Plc and Banco Santander SA will
act as sub-underwriters of Bradford & Bingley plc's
GBP400 million rights issue, Livesey and Poppy Trowbridge of
Bloomberg News reports, citing people privy to the matter.

Bloomberg relates the banks, in an attempt to rescue Bradford &
Bingley, agreed to buy shares that underwriters UBS AG and
Citigroup Inc. can't sell in the rights offering.

"They're doing this to help bolster the system," Alex Potter, a
London-based analyst at Collins Stewart Plc, told Bloomberg
News. "The banking sector is about confidence, and it's in the
retail lenders' interest to make a show of confidence in the
system right now."

HSBC, Barclays, RBS, HBOS and Santander, however, declined to
comment, the paper notes.

A TCR-Europe report on July 8, 2008, disclosed the Board of
Directors of Bradford & Bingley confirmed details of the
company's enlarged rights issue in order to raise net proceeds
of around GBP400 million.

The enlarged rights issue, which is supported by a number of the
Group’s largest shareholders including M&G Investment Managers,
Legal & General Investment Management, Insight Investment and
Standard Life Investments, will have an unchanged subscription
price of 55 pence per share.

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

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


CHASE HOMES: Brings In Joint Administrators from Ernst & Young
--------------------------------------------------------------
Ian Best and Diana Frangou of Ernst & Young LLP were appointed
joint administrators of Chase Homes (Eastern) Ltd. (Company
Number 04172039) on July 3, 2008.

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 company can be reached at:

         Chase Homes (Eastern) Ltd.
         c/o Ernst & Young LLP
         No. 1 Colmore Square
         Birmingham  
         B4 6HQ
         England


CHASE MIDLAND: Appoints Joint Administrators from Ernst & Young
---------------------------------------------------------------
Ian Best and Diana Frangou of Ernst & Young LLP were appointed
joint administrators of Chase Midland Plc (Company Number
02594294) on July 3, 2008.

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 company can be reached at:

         Chase Midland Plc  
         c/o Ernst & Young LLP
         No. 1 Colmore Square
         Birmingham  
         B4 6HQ
         England


CORNFLAKE.CO.UK LTD: Brings In Joint Administrators from Vantis
---------------------------------------------------------------
Christopher David Stevens and Colin Ian Vickers of Vantis
Business Recovery Services were appointed joint administrators
of Cornflake.co.uk Ltd. (Company Number 04079186) 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:

         Cornflake.co.uk Ltd.  
         c/o Vantis Business Recovery Services
         Fourth Floor
         Southfield House
         11 Liverpool Gardens
         Worthing  
         BN11 1RY


EUROJERSEY LTD: Taps Tenon Recovery to Administer Assets
--------------------------------------------------------
Dilip K. Dattani of Tenon Recovery and Patrick Ellward were
appointed joint administrators of Eurojersey Ltd. (Company
Number 04985754) on June 27, 2008.

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

The company can be reached at:

         Eurojersey Ltd.  
         c/o Tenon Recovery
         1 Bede Island Road
         Bede Island Business Park
         Leicester
         LE2 7EA
         England


GRANDRED LTD: Appoints Administrator from Tenon Recovery
--------------------------------------------------------
Duncan Robert Beat of Tenon Recovery was appointed administrator
of Grandred Ltd. (Company Number 1327033) on June 11, 2008.

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

The company can be reached at:

         Grandred Ltd.
         21 Bedford Square
         London  
         WC1B 3HH
         England


* Fitch: UK Asset Management Sector Shifts to Multi-Boutique Biz
----------------------------------------------------------------
Fitch Ratings says in a special report that the U.K. asset
management industry is moving towards a multi-boutique business
model to cope with increasing competition from specialist
managers, increasingly outsourcing certain operational functions
to gain cost advantages, and expanding investment product
offerings to include a broader range of absolute return
products.

"Faced by increased competition from small specialist investment
managers, and driven by the need to bring costs in line with
falling revenues in a challenging investment market, large asset
managers may look to acquiring niche investment firms as they
transform themselves into a collection of autonomous smaller
entities with independent investment and profit objectives",
says Amit Mathur, Senior Director in Fitch's Fund and Asset
Manager Ratings Group in London.

The report entitled "UK Asset Management Industry - Dynamics and
Challenges" provides an overview of the U.K. asset management
industry, its global standing, the investment capital flows, and
the trends and challenges facing the industry.

Even though traditional investment products are the mainstay of
the industry, growth of alternative investments has been
significant.  The growth in such products in the U.K. is
underpinned by increasing investor interest in total returns
rather than benchmarked returns.  The highly institutional U.K.
market is increasing its asset allocation to alternative asset
classes, and Fitch notes that the momentum for continued growth
can be expected through planned launches of retail funds
offering exposure to a wider array of alternative asset classes.  
However, the industry still faces challenges with ever more
demanding investors seeking clearer demonstration of the value
of skills, the growing shift to defined contribution pension
plans, and investor appetite for increased transparency to aid
manager selection decisions.

The U.K. asset management industry is the second largest in the
world with nearly GBP3.8tr of assets under management at end
2007.  As in many sectors, investment management services are
becoming increasingly global in terms of the domicile of service
providers, distribution, and investment capital sources.  The
industry's ability to maintain its global standing will largely
be determined by how effectively industry participants cope with
current and emerging trends.


* Moody's Says Global Speculative-Grade Default Rate Up to 2.0%
---------------------------------------------------------------
Moody's Investor Service's global speculative-grade default rate
finished at 2.0% in June for the 12-month period ending the
second quarter 2008, up from 1.5% at the end of the first
quarter and unchanged from May, Moody's Investors Service
reported.  A year ago, the global speculative-grade default rate
stood at 1.4%.

The U.S. speculative-grade default rate ended the second quarter
at 2.4%, up from 1.8% in the first quarter.  Last year, the U.S.
default rate stood at 1.5% at the end of the second quarter.

"While the pace of corporate defaults has increased in recent
months, that pace would have been even faster were it not for
loose loan covenants and the lack of issuers with maturing debt
that are allowing many distressed issuers the ability to avoid
default," Kenneth Emery, Moody's director of corporate default
research, said.  "However, deteriorating economic conditions and
continued tough credit market conditions signal that distressed
issuers will face building pressures over the next year and that
default rates will move up sharply."

Moody's default rate forecasting model now predicts that the
global speculative-grade default rate will rise sharply to 4.6%
by the end of this year.  It is expected to increase further to
6.1% a year from now.

For U.S. speculative grade issuers, Moody's forecasting model
foresees default rates increasing to 5.4% by the end of this
year.

Across industries over the coming year, Moody's default rate
forecasting model indicates that the Consumer Transportation
sector will be the most troubled industry in the U.S. and the
Durable Consumer Goods sector will have the highest default rate
in Europe.

Moody's speculative-grade corporate distress index- which
measures the percentage of rated issuers that have debt trading
at distressed levels- edged lower to 17.9% at the end of the
second quarter, down from 24.4% at the end of the previous
quarter.  However, it is still significantly higher than last
year's level of 1.3%.

There were a total of 20 rated defaults in the second quarter,
among which four were recorded in June.  The second quarter's
default count is up from 15 in the first quarter.  In 2007,
there were four and five defaults in the first and second
quarter respectively.

Measured on a dollar volume basis, the global speculative-grade
bond default rate rose to 1.2% at the end of the second quarter,
up from 0.9% the previous quarter.  The current dollar-weighted
global bond default rate was slightly higher than the 1.1% level
recorded a year ago.

Among U.S. speculative-grade issuers, the dollar-weighted bond
default rate edged higher to 1.3% at the end of the second
quarter from 1.0% in the first quarter.  At this time last year,
the U.S. dollar-weighted bond default rate closed at 1.0%.

In the leveraged loan market, a total of six Moody's-rated loan
issuers defaulted in the second quarter, down from 10 in the
first quarter.  In 2007, no Moody's-rated loan issuers have
defaulted in the first half.

Among the 35 companies that defaulted in 2008, 31 were from the
U.S. and three were based in Canada.  The only defaulter outside
of North America was Kremikovtzi AD, which headquarters in
Bulgaria.  Residential Capital, LLC, who completed a distressed
exchange on $8.6 billion of bonds in June is the largest--and
only investment-grade defaulter--so far this year.

The trailing 12 month U.S. leveraged loan default rate rose to
1.9% at the end of the second quarter from 1.5% at the end of
the first quarter.  A year ago, the leveraged loan default rate
was much lower at 0.3%.


* BOOK REVIEW: As We Forgive Our Debtors
----------------------------------------
Authors:    Theresa A. Sullivan, Elizabeth Warren and Jay
            Lawrence Westbrook
Publisher:  Beard Books
Paperback:  370 pages
List Price: US$34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1893122158/internetbankru
pt  

This book is a major contribution to the study of bankruptcy and
to our understanding of debtors and creditors who end up in
bankruptcy court.

With the sharp increase in bankruptcies over the past decade and
an increasingly wide cross-section of occupational distribution
represented, the question treated by this study is both a legal
and a sociological one.

It does not attempt to study the internal workings of
bankruptcy, but the authors look outward to the larger
population of bankrupt debtors.

Using a multi-disciplinary approach, the authors have drawn
social and economic portraits of typical debtors against the
backdrop of the law and with hard empirical data.


                            *********

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, 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 * * *