TCREUR_Public/080714.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, July 14, 2008, Vol. 9, No. 138

                            Headlines


B E L G I U M

AMR CORP: Moody's Puts Debt Ratings Under Review for Downgrade
HUNTSMAN CORP: Says Court Will Review Hexion Specialty's Acts


C Z E C H   R E P U B L I C

CELESTICA INC: Fitch Affirms 'B+' Issuer Default Rating


F R A N C E

ALCATEL-LUCENT SA: Appeals MP3 Patent Ruling vs. Microsoft Corp


G E R M A N Y

AMPEX CORP: Seeks to Extend Plan Confirmation Hearing to Aug. 15
E-XEMPT GMBH: Claims Registration Period Ends July 23
HAUS DER ATHLETEN: Claims Registration Period Ends July 25
HAUSKONTOR NORD: Claims Registration Period Ends July 25
HESS ROHRLEITUNGSBAU: Claims Registration Period Ends July 23

HOLLFELDER GMBH: Claims Registration Period Ends July 25
KANT UND PARTNER: Claims Registration Period Ends July 23
LECOMTE GMBH: Claims Registration Period Ends July 23
LINTEC SERVICES: Claims Registration Period Ends July 25
MARCOTRADE INDUSTRIE: Claims Registration Period Ends July 23

MESSERSCHMIDT-ANLAGENBAU GMBH: Claims Registration Ends July 25
NUTZKRAFTWAGEN SERVICE: Claims Registration Period Ends July 25
PLANA-INNOVA BAU: Claims Registration Period Ends July 21
PRAZI-TOOLS GMBH: Claims Registration Period Ends July 25
PRAZISA FENSTER-TECHNIK: Claims Registration Period Ends July 21

S.A.C.O. MANAGEMENT: Creditors' Meeting Slated for July 15
SCHWARZ B & B: Claims Registration Period Ends July 24
THEEL GMBH: Claims Registration Period Ends July 24
U W A-PLAN: Claims Registration Period Ends July 21


H U N G A R Y

MASONITE INTERNATIONAL: May Breach Credit Facility Covenants


K Y R G Y Z S T A N

DFS TRAVEL: Creditors Must File Proofs of Claim by August 22


N E T H E R L A N D S

HEXION SPECIALTY: Trial on Merger Feud to Begin September 8
KONINKLIJKE AHOLD: Announces Several Executive Appointments


R U S S I A

AKIBANK: Moody's Assigns B3/NP/E+ Global Scale Ratings
ARBUZOVSKIY COMBINE: Court Names P. Medvedev to Manage Assets
ARDATOVSKIY OJSC: Court Names V. Alekseev as Insolvency Manager
ARSENAL STROY: Komi Bankruptcy Hearing Slated for September 11
BIO-RESOURCE LLC: Creditors Must File Claims by August 17

CONTRACT LLC: Creditors Must File Claims by July 17
DALES LLC: Creditors Must File Claims by August 17
DOLMATOVSKOE CJSC: Creditors Must File Claims by July 17
EXPERIMENTAL MACHINE: Court Names E. Zomba as Insolvency Manager
GREEN-STROY CJSC: Creditors Must File Claims by July 17

HERCULES INC: Enters Merger Agreement with Ashland for US$3.3 BB
INVEST-PROJECT: Creditors Must File Claims by July 17
KOMMERSANT OJSC: Creditors Must File Claims by August 17
MELIORATOR OJSC: Creditors Must File Claims by July 17
MOBILE TELESYSTEMS: CEO Mikhail Shamolin Joins GSMA Board

NOVATEK OAO: S&P Lifts Ratings to BB+ on Healthy Credit Metrics
NOYABRSK-OIL-GAS-STROY: Asset Sale Slated for July 18
PETROPOL LLC: St. Petersburg Bankruptcy Hearing Set July 16
TOLYATTINSKIY CARDBOARD: Creditors Must File Claims by July 17


S W I T Z E R L A N D

BUCHSER FROHSINN: Proofs of Claim Filing Period Ends July 23
E. SCHENK & SOHNE: Creditors' Proofs of Claim Due by July 24
FAMOUS MUSIC: Proofs of Claim Filing Deadline is July 24
FLABEWA LLC: Creditors Must File Proofs of Claim by July 24
GC-GLOBALGARGO LLC: Deadline to File Proofs of Claim Set July 24

GENERAL MOTORS: Has No Thoughts of Bankruptcy, CEO Wagoner Says
GENERAL MOTORS: Wants Court to Declare Recoupment Claims
HANS-ULRICH BUHLER: Proofs of Claim Filing Deadline is July 21
HOPFENUNDMALZ LLC: Creditors' Proof of Claim Due by July 24
KYRAYA LLC: Creditors Have Until July 24 to File Proofs of Claim

LONI TRANSPORT: July 22 Set as Deadline to File Proofs of Claim
PRIME-METAL JSC: Proofs of Claim Filing Period Ends July 24
REVOFLEX JSC: St. Gallen Court Starts Bankruptcy Proceedings
RODRIGUES & MACHADO: Proofs of Claim Filing Deadline is July 24
SB CRIOLLO: Creditors Must File Proofs of Claim by July 21


U K R A I N E

NAFTOGAZ UKRAINY: Owes US$2 Billion to RosUkrEnergo


U N I T E D   K I N G D O M

CARISBROOKE LTD: Brings In Liquidators from Tenon Recovery
CHESAPEAKE CORP: Settles Philip Morris Indemnification Claims
COLLIZ ENGINEERING: Taps Liquidators from Mazars
CURZON FUNDING: Moody's May Lower Junk Rating After Review
ENERGYSOLUTIONS LLC: Moody's Rates Sr. Credit Facility at Ba2

HAROLD WOOD: Brings In Liquidator from Tenon Recovery
HAT PIN: Creditors' Meeting Slated for July 21
HYTECH APPLICATIONS: Appoints Joint Administrators from BDO Stoy
INNOVATE HOLDINGS: Appoints Joint Administrators from BDO Stoy
MAINSAIL CDO I: Moody's Junks Ratings on Three Note Classes

SOUTHERN PACIFIC: Moody's May Cut Low-B Ratings After Review
MPH WINDOWS: Continued Losses May Force Firm to Liquidate
PRT ASSOCIATES: Taps Joint Administrators from Tenon Recovery
RAPIDOS LTD: Calls In Liquidators from Smith & Williamson
SIMPSON WEBB: Appoints Liquidators from Vantis Business Recovery

SOUTHERN PACIFIC: Moody's May Cut Low-B Ratings After Review
SPEED 9404: Claims Filing Period Ends August 1
TV NETWORK: Taps Smith & Williamson to Administer Assets
VIZION PROPERTIES: Calls in Liquidators from Vantis
WIGHT PLAY: Calls in Joint Administrators from Tenon Recovery

* Moody's Notes Rising Delinquencies in UK BTL RMBS in H1 2008

* BOND PRICING: For the Week July 7 to July 11, 2008


                            *********



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B E L G I U M
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AMR CORP: Moody's Puts Debt Ratings Under Review for Downgrade
--------------------------------------------------------------
Moody's Investors Service placed the debt ratings of AMR Corp.
(corporate family rating at B2) and its subsidiaries under
review for possible downgrade.  The review includes the ratings
for certain equipment trust certificates and enhanced equipment
Trust Certificates of American Airlines, Inc.

During the review, Moody's will assess AMR's liquidity profile,
and the adequacy of its funding sources in relation to its rate
of operating cash burn and other calls on cash.  Moody's will
also consider AMR's business prospects in the face of
persistently elevated fuel prices that are likely to result in
sizeable negative cash flow at the airline for the foreseeable
future.  The review will consider the actions which AMR is
taking to adapt to the challenging business environment,
including capacity reductions, overhead cost cuts, and passenger
fare increases, and the degree to which these actions could
realistically be expected to moderate the company's rate of cash
losses.  Also Moody's will consider the collateral values and
transaction structure of the ETC's and EETC's in light of any
potential revision to the probability of default rating.

Moody's notes that AMR's current liquidity profile offers
important near term flexibility, yet its liquidity could be
pressured over the next year.  Cash and cash equivalents of
approximately US$4.5 billion at March 31, 2008 is robust when
compared to the absolute level of cash held by the other network
carriers.  The company also has potential to raise additional
funds through the pending sale of AMR Beacon, and a material
amount of unencumbered assets and a modest revolver credit.
Nonetheless the company's ability to sustain its current
liquidity profile will likely be pressured in light of a
meaningful step-up in debt scheduled to mature during 2009 of
about US$1.2 billion, along with ongoing pension obligations and
scheduled aircraft deliveries.  Moreover, in the absence of a
near term turnaround in its financial performance, AMR could
face a material, and increasing, amount of cash holdback under
the terms of its credit card processing agreements, which could
further erode liquidity.

Downgrades:

Issuer: AMR Corporation

   -- Speculative Grade Liquidity Rating, Downgraded to SGL-3
      from SGL-2

On Review for Possible Downgrade:

Issuer: AMR Corporation

   -- Probability of Default Rating, Placed on Review for
      Possible Downgrade, currently B2

   -- Corporate Family Rating, Placed on Review for Possible
      Downgrade, currently B2

   -- Senior Unsecured Conv./Exch. Bond/Debenture, Placed on
      Review for Possible Downgrade, currently 83 - LGD5

   -- Senior Unsecured Medium-Term Note Program, Placed on
      Review for Possible Downgrade, currently 83 - LGD5

   -- Senior Unsecured Regular Bond/Debenture, Placed on Review
      for Possible Downgrade, currently 83 - LGD5

   -- Senior Unsecured Shelf, Placed on Review for Possible
      Downgrade, currently 83 - LGD5

Issuer: Alliance Airport Authority, Inc.

   -- Revenue Bonds, Placed on Review for Possible Downgrade,
      currently 83 - LGD5

Issuer: American Airlines 1988-A Grantor Trust

   -- Senior Secured Equipment Trust, Placed on Review for
      Possible Downgrade, currently B2

Issuer: American Airlines, Inc.

   -- Senior Secured Bank Credit Facility, Placed on Review for
      Possible Downgrade, currently 30 - LGD3

   -- Series 1999-1 Pass Through Certificates, placed on Review
      for Possible Downgrade

          Class A1, currently Baa2
          Class A2, currently Baa2
          Class B, currently Ba3

   -- Series 2001-1 Pass Through Certificates, placed on Review
      for Possible Downgrade

          Class A1, currently Ba1
          Class A2, currently Ba1
          Class B, curently B1
          Class C, currently B3

   -- Series 2001-2 Pass Through Certificates, placed on Review
      for Possible Downgrade

          Class A1, currently Baa2
          Class B, currently Baa3

   -- Secured Global Notes

          Class A, currently rated Ba1

   -- Secured Notes

          Class B, currently rated B1

   -- Series 2005-1 Pass Through Certificates, placed on Review
      for Possible Downgrade

          Class G, currently Baa1
          Class B, currently Ba2

   -- Senior Secured Equipment Trust, Placed on Review for
      Possible Downgrade, currently rated B1 to Caa1

   -- Senior Secured Regular Bond/Debenture, Placed on Review
      for Possible Downgrade, currently B1

   -- Senior Secured Shelf, Placed on Review for Possible
      Downgrade, currently (P)Ba3

Issuer: Chicago O'Hare International Airport, IL

   -- Revenue Bonds, Placed on Review for Possible Downgrade,
      currently 83 - LGD5

   -- Senior Unsecured Revenue Bonds, Placed on Review for
      Possible Downgrade, currently 83 - LGD5

Issuer: Dallas-Fort Worth Intl. Airp. Fac. Imp. Corp.

   -- Revenue Bonds, Placed on Review for Possible Downgrade,
      currently 83 - LGD5

   -- Senior Secured Revenue Bonds, Placed on Review for
      Possible Downgrade, currently 83 - LGD5

   -- Senior Unsecured Revenue Bonds, Placed on Review for
      Possible Downgrade, currently 83 - LGD5

Issuer: Dallas-Fort Worth TX, Regional Airport

   -- Revenue Bonds, Placed on Review for Possible Downgrade,
      currently 83 - LGD5

Issuer: New Jersey Economic Development Authority

   -- Revenue Bonds, Placed on Review for Possible Downgrade,
      currently 83 - LGD5

Issuer: New York City Industrial Development Agcy, NY

   -- Revenue Bonds, Placed on Review for Possible Downgrade,
      currently 83 - LGD5

   -- Senior Unsecured Revenue Bonds, Placed on Review for
      Possible Downgrade, currently 83 - LGD5

Issuer: Puerto Rico Ind Med&Env Poll Ctl Fac Fin Auth

   -- Revenue Bonds, Placed on Review for Possible Downgrade,
      currently 83 - LGD5

Issuer: Puerto Rico Ports Authority

   -- Senior Unsecured Revenue Bonds, Placed on Review for
      Possible Downgrade, currently 83 - LGD5

Issuer: Raleigh-Durham Airport Authority, NC

   -- Revenue Bonds, Placed on Review for Possible Downgrade,
      currently 83 - LGD5

Issuer: Regional Airports Improvement Corporation, CA

   -- Senior Unsecured Revenue Bonds, Placed on Review for
      Possible Downgrade, currently 83 - LGD5

Issuer: Tulsa OK, Municipal Airport Trust (Ttees of)

   -- Revenue Bonds, Placed on Review for Possible Downgrade,
      currently 83 - LGD5

   -- Senior Secured Revenue Bonds, Placed on Review for
      Possible Downgrade, currently 83 - LGD5

   -- Senior Unsecured Revenue Bonds, Placed on Review for
      Possible Downgrade, currently 83 - LGD5

Outlook Actions:

Issuer: AMR Corporation

   -- Outlook, Changed To Rating Under Review From Stable

Issuer: American Airlines 1988-A Grantor Trust

   -- Outlook, Changed To Rating Under Review From Stable

Issuer: American Airlines, Inc.

   -- Outlook, Changed To Rating Under Review From Stable

AMR Corp. and its principal subsidiary American Airlines, Inc.
are based in Fort Worth, Texas.


HUNTSMAN CORP: Says Court Will Review Hexion Specialty's Acts
-------------------------------------------------------------
The Delaware Court of Chancery has granted Huntsman
Corporation's request to expedite the Court's review of Hexion
Specialty Chemicals Inc.'s efforts to abandon Hexion's pending
merger with Huntsman.  The trial will begin on Sept. 8, 2008.

Huntsman related that the trial scheduled to begin Sept. 8
will address Hexion's allegations that the combined Hexion and
Huntsman entity would be insolvent and that there has been a
material adverse effect under the merger agreement, neither of
which are supported by the facts or the terms of the merger
agreement.

The Court agreed with Huntsman that it is necessary and
appropriate to have a trial that will conclude on or about the
end of the second week of September to provide sufficient time
to consummate the merger if Huntsman prevails at trial.

Huntsman is confident that a trial will reveal that Huntsman has
not suffered a material adverse effect, the combined Huntsman-
Hexion entity would not be insolvent, and that Hexion is
required to proceed with consummating the merger.

Huntsman reiterated that the merger agreement has no financing
contingency, that it obligated Hexion to use its efforts to
obtain required financing, and that Hexion represented to
Huntsman in the merger agreement that the proceeds contemplated
by the financing would be sufficient to complete the merger.

Huntsman stated that despite its public pronouncements to the
contrary, Hexion has sought to delay the financing for the
merger.

At trial, Huntsman also will address the insolvency opinion
procured on Hexion's behalf for the purpose of justifying its
predetermined course of conduct, well as its claim that Huntsman
has suffered a material adverse effect.

Huntsman said that its performance has not been different from
that of the chemical industry over the same period of time.

The alleged changes of which Hexion complained are risks they
agreed to accept in the merger agreement and in no way amount to
a material adverse effect as defined in the merger agreement.
Huntsman is confident that the Delaware Court will support this
view.

"We are grateful that the Court has agreed to hear our case in
an expedited fashion," Peter Huntsman, President and CEO,
stated.  "We look forward to a swift repudiation of Hexion's
misguided allegations and apparently disingenuous rhetoric about
their intentions to comply with our merger agreement, all the
while continuing to breach the same."

"They may view their tactics as business as usual, but we have
great faith that our legal system will fully reveal their
careless disregard for contracts and hold them accountable,
especially in light of their assurance to our board and our
family that we have an 'ironclad' agreement," Jon M. Huntsman,
Founder and Chairman of Huntsman Corporation, added.

                          Background

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

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

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

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

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

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

              Extension of Merger Termination Date

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

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

                Hexion's Lawsuit to Cancel Merger

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

                     Comments and Responses

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

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

                      Huntsman's Countersuit

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

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

                     About Hexion Specialty

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

                    About Huntsman Corporation

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

                          *     *     *

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


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C Z E C H   R E P U B L I C
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CELESTICA INC: Fitch Affirms 'B+' Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has affirmed these ratings for Celestica Inc.:

-- Issuer Default Rating at 'B+';
-- Senior Secured Credit Facility at 'BB+/RR1';
-- Senior subordinated debt at 'B/RR5'.

The Rating Outlook has been revised to Stable from Negative.

The ratings affirmation and Stable Outlook reflect these
considerations:

-- Celestica has significantly improved profitability over the
    past year, increasing EBITDA margin from a low of 1.7% in
    1Q07 (end Mar 2007) to 4% in 1Q08 despite a 7.5% decline in
    revenue for the latest twelve month period ending March 31,
    2008.

-- Celestica maintains a conservative balance sheet with
    US$750 million in long-term debt and US$1.1 billion in cash.
    Fitch estimates leverage (Total Debt / Total Operating
    EBITDA) as of March 31, 2008, to be 2.7x or 4.3x when
    adjusted for off-balance sheet debt.  This compares to peak
    leverage of 3.6x or 5.5x on an adjusted basis in 3Q07.

-- Fitch believes Celestica has managed to stabilize its top-
    line following five consecutive quarters of year-over-year
    declines in revenue although signs of a renewed and
    sustainable revenue growth trend have yet to materialize.

The ratings are supported by these:

-- Celestica maintains a conservative capital structure with
    approximately US$400 million in net cash.

-- Fitch expects Celestica would generate significant cash from
    working capital during a downturn, as typical for the EMS
    industry.

-- Fitch believes that a long-term trend of increased
    outsourcing of manufacturing across multiple economic
    sectors will benefit the EMS industry in general.

-- Celestica remains a leading global EMS provider with a blue
    chip customer base.

Ratings concerns include:

-- Execution issues in late 2006 led to material customer
    attrition and an 8.4% decline in revenue during 2007.  Fitch
    does expect revenue trends to stabilize in 2008.

-- Celestica has significant customer concentration risk,
    although typical for the industry, with the top 10 customers
    representing approximately 60% of total revenue.

-- Generally low operating margins associated with the EMS
    model which has produced returns on invested capital below
    the cost of capital for many competitors in recent years,
    including Celestica.

As of March 31, 2008, liquidity was solid with a fully available
US$300 million secured revolving credit facility which expires
April 2009 and US$1.1 billion in cash.  Celestica also has a
US$250 million committed accounts receivable securitization
facility which it utilizes for additional liquidity.  This
facility had approximately US$50 million of available liquidity
as of March 31, 2008, and expires November 2008.

Total debt as of March 31, 2008, was approximately US$770
million and included primarily US$500 million of 7.875% senior
subordinated notes due June 2011 and US$250 million of 7.625%
senior subordinated notes due June 2013.

The Recovery Ratings and notching reflect Fitch's recovery
expectations under a distressed scenario, as well as Fitch's
expectation that the enterprise value of Celestica, and hence
recovery rates for its creditors, will be maximized in a
restructuring scenario (going concern) rather than a liquidation
scenario.  In deriving a distressed enterprise value, Fitch
applies a 30% discount to Celestica's estimated operating EBITDA
of approximately US$285 million for the LTM ended March 31, 2008
based on a 3.25x interest coverage covenant included in the
company's revolving credit facility agreement.

Fitch then applies a 4x distressed EBITDA multiple, which
considers Celestica's current multiple and that a stress event
would likely lead to multiple contraction.  As is standard with
Fitch's recovery analysis, the revolver is fully drawn and cash
balances fully depleted to reflect a stress event.  The 'RR1' is
for Celestica's secured bank facility reflects Fitch's belief
that 100% recovery is realistic.  The 'RR5' is for the senior
subordinated debt reflects Fitch's estimate that a recovery of
11%-30% would be achievable.


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F R A N C E
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ALCATEL-LUCENT SA: Appeals MP3 Patent Ruling vs. Microsoft Corp
---------------------------------------------------------------
Alcatel-Lucent S.A. has reiterated at the U.S. Court of Appeals
for the Federal Circuit that Microsoft Corp. infringed
technology patents, Reuters reports.

Alcatel-Lucent is appealing a decision of Judge Rudi Brewster of
the U.S. District Court for the District of California that
reversed in August 2007 a jury's decision ordering Microsoft to
pay around US$1.52 billion in patent infringement damages to the
company.

The conflict centers on an MP3 development project between
Fraunhofer Gesellschaft and  AT&T, of which Lucent Technologies
was formerly pat of.

Alcetel-Lucent maintains that patent was based on work by
Lucent's research arm, and could not legally be licensed by
Fraunhofer to Microsoft.

In April 2008, a U.S. federal jury has also ordered Microsoft to
pay around US$367.4 million in infringement damages to Alcatel-
Lucent.  The jury ruled that Microsoft infringed two technology
patents: one which allows users to enter dates into calendars,
and another one that allows tablet computers to recognize
handwriting patterns.

                     About Alcatel-Lucent

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

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

                           *     *     *

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

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


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G E R M A N Y
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AMPEX CORP: Seeks to Extend Plan Confirmation Hearing to Aug. 15
----------------------------------------------------------------
Ampex Corporation and certain of its U.S. subsidiaries entered
into a Letter Agreement dated June 24, 2008, with certain of
their creditors amending the Plan Support Agreement filed with
the United States Bankruptcy Court for the Southern District of
New York.

The letter agreement extends until Aug. 15, 2008, the deadline
to hold the confirmation hearing for the Debtors' chapter 11
Plan of Reorganization.  There are a number of risks and
uncertainties relating to confirmation of the Plan and the
bankruptcy process generally.  Accordingly, there can be no
assurance that the Plan will be confirmed by the extended
deadline or that the Debtors will be able to satisfy all of the
other conditions of the Plan Support Agreement.

The Letter Agreement Amending the Plan Support Agreement is
addressed to the Consenting Holders that are Party to the Plan
Support Agreement, dated March 30, 2008.  The Letter confirms
these agreements:

    1. Section 8.1(e) of the Plan Support Agreement is hereby
       amended and restated in its entirety to read as:
       "a hearing to consider the Confirmation Order has not
       been scheduled to occur on or before August 15, 2008;"

    2. Except as expressly provided herein, the Plan Support
       Agreement shall continue in full force and effect in
       accordance with the provisions thereof.

A copy of the Plan Support Agreement is available for free at
http://ResearchArchives.com/t/s?29d6

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

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

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


E-XEMPT GMBH: Claims Registration Period Ends July 23
-----------------------------------------------------
Creditors of e-xempt GmbH have until July 23, 2008, to register
their claims with court-appointed insolvency manager Dr. Udo
Michalsky.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 24, 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 Saarbruecken
         Meeting Hall 24
         Second Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

The Court will verify the claims set out in the insolvency
manager's report at 9:00 a.m. Aug. 14, 2008, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Udo Michalsky
         Kaiserstrasse 77
         66386 St. Ingbert
         Germany
         Tel: (06894) 3876 311
         Fax: (06894) 382 185

The District Court of Saarbruecken opened bankruptcy proceedings
against e-xempt GmbH on June 1, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         e-xempt GmbH
         Attn: Dimitri Giannikopoulos, Manager
         Kossmannstrasse 27
         66119 Saarbruecken
         Germany


HAUS DER ATHLETEN: Claims Registration Period Ends July 25
----------------------------------------------------------
Creditors of Haus der Athleten GmbH have until July 25, 2008, to
register their claims with court-appointed insolvency manager
Dr. Lucas F. Floether.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Aug. 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 13
         Breiter Weg 203 - 206
         39104 Magdeburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Lucas F. Floether
         Halberstadter Str. 55
         39112 Magdeburg
         Germany
         Tel: 0391/5556840
         Fax: 0391/5556849
         E-mail: magdeburg@floetherwissing.de

The District Court of Magdeburg opened bankruptcy proceedings
against Haus der Athleten GmbH on June 9, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Haus der Athleten GmbH
         Seiler Weg 19
         39114 Magdeburg
         Germany

         Attn: Wolfgang Güldenpfennig, Manager
         Ackerrain 16
         39179 Barleben
         Germany


HAUSKONTOR NORD: Claims Registration Period Ends July 25
--------------------------------------------------------
Creditors of Hauskontor Nord GmbH have until July 25, 2008, to
register their claims with court-appointed insolvency manager
Heiko Jaap.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Aug. 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stralsund
         Hall AE 26
         House A
         Bielkenhagen 9
         Stralsund
         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:

         Heiko Jaap
         Steinbeckerstrasse 10
         17489 Greifswald
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against Hauskontor Nord GmbH on June 25, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Hauskontor Nord GmbH
         Attn: Perino Reck,Manager
         Carl-Heydemann-Ring 55
         18437 Stralsund
         Germany


HESS ROHRLEITUNGSBAU: Claims Registration Period Ends July 23
-------------------------------------------------------------
Creditors of HESS Rohrleitungsbau GmbH have until July 23, 2008,
to register their claims with court-appointed insolvency manager
Paul Wieschemann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Aug. 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kaiserslautern
         Hall 8
         Bahnhofstr. 24
         67655 Kaiserslautern
         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:

         Paul Wieschemann
         Flickerstal 2
         67657 Kaiserslautern
         Germany
         Tel: 0631/341950
         Fax: 0631/470269

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

The Debtor can be reached at:

         HESS Rohrleitungsbau GmbH
         Klosterwiesen 10
         67295 Bolanden
         Germany


HOLLFELDER GMBH: Claims Registration Period Ends July 25
--------------------------------------------------------
Creditors of Hollfelder GmbH have until July 25, 2008, to
register their claims with court-appointed insolvency manager
Horst Helberg.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Sept. 5, 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 Ansbach
         Meeting Room 1
         Promenade 8
         91522 Ansbach
         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:

         Horst Helberg
         Uhlandstr. 57 - 61
         74072 Heilbronn
         Germany
         Tel: 07131-965415
         Fax: 07131-965433

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

The Debtor can be reached at:

         Hollfelder GmbH
         Johann-Sebastian-Bach-Platz 28
         91522 Ansbach
         Germany


KANT UND PARTNER: Claims Registration Period Ends July 23
---------------------------------------------------------
Creditors of Kant und Partner GmbH have until July 23, 2008, to
register their claims with court-appointed insolvency manager
Hartmut H. Mitze.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Sept. 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         District Court of Fritzlar
         Room 17
         Building A
         Schladenweg 1
         34560 Fritzlar
         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:

         Hartmut H. Mitze
         Jahnstrasse 18
         35066 Frankenberg
         Germany
         Tel: 06451-7191922
         Fax: 06451-7191921

The District Court of Fritzlar opened bankruptcy proceedings
against Kant und Partner GmbH on June 2, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Kant und Partner GmbH
         Langemarckstrasse 19
         34537 Bad Wildungen
         Germany


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

Claims will be verified at 9:00 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 Lecomte GmbH on May 1, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Lecomte GmbH
         Attn: Burkhard Stuhlemmer-Goessling and Ralf Boberg,
         Managers
         Pulverweg 6
         21337 Lueneburg
         Germany


LINTEC SERVICES: Claims Registration Period Ends July 25
--------------------------------------------------------
Creditors of LINTEC Services GmbH have until July 25, 2008, to
register their claims with court-appointed insolvency manager
Dr. Nikolaus Schmidt.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Aug. 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Nikolaus Schmidt
         Magdeburger Str. 23
         06112 Halle
         Germany
         Tel: 0345/231110
         Fax: 0345/2311199

The District Court of Leipzig opened bankruptcy proceedings
against LINTEC Services GmbH on Aug. 24, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         LINTEC Services GmbH
         Otto-Schmidt-Strasse 22
         04425 Taucha
         Germany

         Attn: Thomas Goletz, Manager
         Tschaikowskistrasse 31
         04105 Leipzig
         Germany


MARCOTRADE INDUSTRIE: Claims Registration Period Ends July 23
-------------------------------------------------------------
Creditors of Marcotrade Industrie-, Rohstoff- und Energiehandels
GmbH have until July 23, 2008, to register their claims with
court-appointed insolvency manager Tobias Bagusche.

Creditors and other interested parties are encouraged to attend
the meeting at 8:41 a.m. on Aug. 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Saarbruecken
         Area Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         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:

         Tobias Bagusche
         Nell-Breuning-Allee 6
         66115 Saarbruecken
         Germany
         Tel: 0681/926 750
         Fax: 0681/926 7580

The District Court of Saarbruecken opened bankruptcy proceedings
against Marcotrade Industrie-, Rohstoff- und Energiehandels GmbH
on May 15, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

        Marcotrade Industrie-, Rohstoff- und Energiehandels
        GmbH
        Saarbruecker Strasse 62
        66265 Heusweile
        Germany


MESSERSCHMIDT-ANLAGENBAU GMBH: Claims Registration Ends July 25
---------------------------------------------------------------
Creditors of Messerschmidt-Anlagenbau GmbH have until
July 25, 2008, to register their claims with court-appointed
insolvency manager Rolf Rombach.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Aug. 13, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Meiningen
         Meeting Hall A 0105
         Lindenallee 15
         Meiningen
         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:

         Rolf Rombach
         Magdeburger Allee 159
         99086 Erfurt
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against Messerschmidt-Anlagenbau GmbH on June 9, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Messerschmidt-Anlagenbau GmbH
         Ernst-Thalmann-Str. 18
         98590 Wernshausen
         Germany


NUTZKRAFTWAGEN SERVICE: Claims Registration Period Ends July 25
---------------------------------------------------------------
Creditors of Nutzkraftwagen Service und Handel GmbH have until
July 25, 2008, to register their claims with court-appointed
insolvency manager Horst Helberg.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Sept. 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 27
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Horst Helberg
         Selliner Str. 6
         01109 Dresden
         Germany
         Tel: (0351) 884680
         Fax: (0351) 8 84 68 31
         E-mail: kanzleidd@pfefferle.de

The District Court of Chemnitz opened bankruptcy proceedings
against Nutzkraftwagen Service und Handel GmbH on July 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Nutzkraftwagen Service und
         Handel GmbH
         Attn: Franz J. Gutmann, Manager
         Dresdner Strasse 35
         09599 Freiberg
         Germany


PLANA-INNOVA BAU: Claims Registration Period Ends July 21
---------------------------------------------------------
Creditors of Plana-innova Bau GmbH have until July 21, 2008, to
register their claims with court-appointed insolvency manager
Rolf Weidmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         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:

         Rolf Weidmann
         Alfredstr. 279
         45133 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against Plana-innova Bau GmbH on July 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Plana-innova Bau GmbH
         Schnieringshof 12
         45329 Essen
         Germany


PRAZI-TOOLS GMBH: Claims Registration Period Ends July 25
---------------------------------------------------------
Creditors of Prazi-Tools GmbH have until July 25, 2008, to
register their claims with court-appointed insolvency manager
Michael Wellstein.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Aug. 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kaiserslautern
         Hall 11
         Bahnhofstr. 24
         67655 Kaiserslautern
         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:

         Michael Wellstein
         C/o Gesper, Hermes & Partner GBR
         L 11 20-22
         68161 Mannheim
         Germany
         Tel: 0621/129430
         Fax: 0621/152466

The District Court of Kaiserslautern opened bankruptcy
proceedings against Prazi-Tools GmbH on June 27, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Prazi-Tools GmbH
         Wilhelm-Raabe-Str. 9
         67663 Kaiserslautern
         Germany

         Attn: Manfred Wilhelm Seng
         Reichartstal 22
         66450 Bexbach-Frankenholz
         Germany


PRAZISA FENSTER-TECHNIK: Claims Registration Period Ends July 21
----------------------------------------------------------------
Creditors of Prazisa Fenster-Technik GmbH & Co. KG have until
July 21, 2008, to register their claims with court-appointed
insolvency manager Volker Boehm.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bayreuth
         Meeting Hall 520
         Ground Floor
         Friedrichstr. 18
         Bayreuth
         Germany

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

The insolvency manager can be reached at:

         Volker Boehm
         Rothenburger Strasse 241
         90439 Nuremberg
         Germany
         Tel: 0911/60001-0
         Fax: 0911/60001-10

The District Court of Bayreuth opened bankruptcy proceedings
against Prazisa Fenster-Technik GmbH & Co. KG on July 2, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

        Prazisa Fenster-Technik GmbH & Co. KG
        Kulmbacher Strasse 44
        95512 Neudrossenfeld
        Germany


S.A.C.O. MANAGEMENT: Creditors' Meeting Slated for July 15
----------------------------------------------------------
The court-appointed insolvency manager for S.A.C.O. Management
GmbH, Dr. Christoph Schulte-Kaubruegger will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 11:00 a.m. on July 15, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:10 a.m. on Sept. 23, 2008, at the same
venue.

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

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against S.A.C.O. Management GmbH on May 23, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         S.A.C.O. Management GmbH
         Karl-Liebknecht-Str. 5
         10178 Berlin
         Germany


SCHWARZ B & B: Claims Registration Period Ends July 24
------------------------------------------------------
Creditors of Schwarz B & B GmbH have until July 24, 2008, to
register their claims with court-appointed insolvency manager
Alexander Saponjic.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 4, 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 Regensburg
         Hall 105
         Augustenstr. 5
         Regensburg
         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:

         Alexander Saponjic
         Bachstr. 6
         84036 Landshut
         Germany
         Tel: 0871/94321-0
         Fax: 0871-94321-50

The District Court of Regensburg opened bankruptcy proceedings
against Schwarz B & B GmbH on June 16, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Schwarz B & B GmbH
         Hoehenweg 7
         84091 Attenhofen
         Germany


THEEL GMBH: Claims Registration Period Ends July 24
---------------------------------------------------
Creditors of Theel GmbH have until July 24, 2008, to register
their claims with court-appointed insolvency manager
Dr. Achim Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on Aug. 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Achim Ahrendt
         Albert-Einstein-Ring 11/15
         22761 Hamburg
         Germany

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

The Debtor can be reached at:

         Theel GmbH
         Attn: Joerg Theel, Manager
         Fangdieckstrasse 59
         22547 Hamburg
         Germany


U W A-PLAN: Claims Registration Period Ends July 21
---------------------------------------------------
Creditors of U W a-Plan Maschinen und Anlagen GmbH have until
July 21, 2008, to register their claims with court-appointed
insolvency manager Jana Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting at __ on __, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Jana Dettmer
         Weyerstrasse 54
         50676 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against U W a-Plan Maschinen und Anlagen GmbH on June 19, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         U W a-Plan Maschinen und Anlagen GmbH
         Alfrastrasse 6
         50354 Huerth
         Germany


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


MASONITE INTERNATIONAL: May Breach Credit Facility Covenants
------------------------------------------------------------
Masonite International Inc. has indicated that, based upon a
preliminary evaluation of its financial performance for the
quarter ended June 30, 2008, it would likely not be in
compliance as of such date with the financial covenants
contained in the Company's credit facility.

Such non-compliance would constitute an event of default under
the credit facility. Both financial covenants relate to EBITDA
metrics and reflect the challenging conditions in the U.S.
housing industry.

The company currently is engaged in negotiations with lenders
that are party to the credit facility regarding a potential
amendment to the terms of the credit facility, including a
waiver of Masonite's non-compliance.  There is no assurance that
the negotiations with lenders will result in an amendment
acceptable to Masonite and to its lenders.

The company said it is not cash constrained, with approximately
US$240 million of cash on hand as of June 30, 2008, and with
ample liquidity to fund operations for the foreseeable future.
The US$240 million of cash on hand reflects the full repayment
of the US$66.4 million that was outstanding under the Company's
accounts receivable sales facility at March 31, 2008, as well as
the completion of the acquisition of 25% of Sacopan Inc. for
consideration of approximately US$17.0 million.

"While we have taken strong steps to right size our business and
improve our manufacturing efficiencies, continued volume
weakness resulting from the ongoing downturn in the U.S. housing
market has compromised our ability to maintain compliance with
our financial covenants," said Fred Lynch, President and Chief
Executive Officer of Masonite. "We remain focused on delivering
the highest value door products to our customers around the
world without disruption while navigating a tough environment
industry wide."

                About Masonite International Inc.

Headquartered in Tampa, Florida, Masonite International Inc., --
http://www.masonite.com/-- is a leading global manufacturer of
residential and commercial doors, committed to providing the
highest value door products to customers in more than 70
countries around the world.

The company has regional headquarters in Hungary, U.K., Mexico,
Chile and China.

                          *     *     *

As of July 11, 2008, Masonite International carries B3 Corporate
Family and Probability-of-Default, B2 Sr. Secured Debt and SGL-4
rating with negative outlook from Moody's Investors Service

The company also carries Standard & Poor's Ratings Services' B
long-term corporate credit and 'BB-' senior secured debt
ratings, which has been placed on CreditWatch with negative
implications.


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


DFS TRAVEL: Creditors Must File Proofs of Claim by August 22
------------------------------------------------------------
CJSC Insurance Company DFS Travel has declared insolvency.
Creditors have until Aug. 22, 2008, to submit written proofs of
claim to:

         CJSC Insurance Company DFS Travel
         Turusbekov Str. 43
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 61-34-34


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


HEXION SPECIALTY: Trial on Merger Feud to Begin September 8
-----------------------------------------------------------
The Delaware Court of Chancery has granted Huntsman
Corporation's request to expedite the Court's review of Hexion
Specialty Chemicals Inc.'s efforts to abandon Hexion's pending
merger with Huntsman.  The trial will begin on Sept. 8, 2008.

Huntsman related that the trial scheduled to begin Sept. 8
will address Hexion's allegations that the combined Hexion and
Huntsman entity would be insolvent and that there has been a
material adverse effect under the merger agreement, neither of
which are supported by the facts or the terms of the merger
agreement.

The Court agreed with Huntsman that it is necessary and
appropriate to have a trial that will conclude on or about the
end of the second week of September to provide sufficient time
to consummate the merger if Huntsman prevails at trial.

Huntsman is confident that a trial will reveal that Huntsman has
not suffered a material adverse effect, the combined Huntsman-
Hexion entity would not be insolvent, and that Hexion is
required to proceed with consummating the merger.

Huntsman reiterated that the merger agreement has no financing
contingency, that it obligated Hexion to use its efforts to
obtain required financing, and that Hexion represented to
Huntsman in the merger agreement that the proceeds contemplated
by the financing would be sufficient to complete the merger.

Huntsman stated that despite its public pronouncements to the
contrary, Hexion has sought to delay the financing for the
merger.

At trial, Huntsman also will address the insolvency opinion
procured on Hexion's behalf for the purpose of justifying its
predetermined course of conduct, well as its claim that Huntsman
has suffered a material adverse effect.

Huntsman said that its performance has not been different from
that of the chemical industry over the same period of time.

The alleged changes of which Hexion complained are risks they
agreed to accept in the merger agreement and in no way amount to
a material adverse effect as defined in the merger agreement.
Huntsman is confident that the Delaware Court will support this
view.

"We are grateful that the Court has agreed to hear our case in
an expedited fashion," Peter Huntsman, President and CEO,
stated.  "We look forward to a swift repudiation of Hexion's
misguided allegations and apparently disingenuous rhetoric about
their intentions to comply with our merger agreement, all the
while continuing to breach the same."

"They may view their tactics as business as usual, but we have
great faith that our legal system will fully reveal their
careless disregard for contracts and hold them accountable,
especially in light of their assurance to our board and our
family that we have an 'ironclad' agreement," Jon M. Huntsman,
Founder and Chairman of Huntsman Corporation, added.

                         Background

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

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

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

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

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

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

              Extension of Merger Termination Date

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

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

                Hexion's Lawsuit to Cancel Merger

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

                     Comments and Responses

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

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

                      Huntsman's Countersuit

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

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

                  About Huntsman Corporation

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

                    About Hexion Specialty

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

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


KONINKLIJKE AHOLD: Announces Several Executive Appointments
-----------------------------------------------------------
Koninklijke Ahold N.V. disclosed a number of important changes
to its corporate and operating company leadership.

Lawrence Benjamin, Chief Operating Officer Ahold U.S.A., has
been nominated by the Supervisory Board for appointment to the
Ahold Corporate Executive Board.  His appointment will be
proposed at the next General Meeting of Shareholders.

Carl Schlicker, current President and CEO of Giant-Carlisle, has
been appointed President and CEO of Stop & Shop/Giant-Landover,
succeeding Jose Alvarez.

Sander van der Laan, current Executive Vice President Marketing
and Merchandising for Albert Heijn, has been appointed President
and CEO of Giant-Carlisle, succeeding Schlicker. Schlicker and
van der Laan will report to Benjamin.

Jose Alvarez, current President and CEO of Stop & Shop/Giant
Landover, has been appointed Executive Vice President Global
Business Development, reporting to Ahold CEO John Rishton.

Albert Voogd, current Executive Vice President Sales and
Services at Albert Heijn, has been appointed Executive Vice
President Marketing and Merchandising at Albert Heijn,
succeeding van der Laan.

Cees van Vliet, currently responsible for Format Management at
Albert Heijn, has been appointed Executive Vice President Sales
and Services, succeeding Voogd.

Messrs. Voogd and van Vliet will report to Dick Boer, Chief
Operating Officer Ahold Europe.

"I am very pleased to announce these changes," said John
Rishton, CEO of Ahold.  "Larry will strengthen the Corporate
Executive Board and his nomination underscores the importance of
the U.S. market to Ahold.  These appointments will help
accelerate the transfer of knowledge across our businesses. We
have chosen to make these changes as the Value Improvement
Program expands beyond price repositioning.  At Ahold, our
global strategic focus continues to be the transformation of all
of our banners into powerful consumer brands."

Headquartered in Amsterdam, Netherlands, Koninklijke Ahold N.V.
-- http://www.ahold.com/-- retails food through supermarkets,
hypermarkets and discount stores in North and South America,
Europe.  It has operations in Argentina.  The company's chain
stores include Stop & Shop, Giant, TOPS, Albert Heijn and
Bompreco.  Ahold also supplies food to restaurants, hotels,
healthcare institutions, government facilities, universities,
stadiums, and caterers.

                          *     *     *

Koninklijke Ahold carries a BB+ issuer default and
senior unsecured ratings with positive outlook from Fitch.  The
company also carries a short-term rating of B from Fitch.


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


AKIBANK: Moody's Assigns B3/NP/E+ Global Scale Ratings
------------------------------------------------------
Moody's Investors Service assigned B3 long-term and Not Prime
short-term local and foreign currency deposit ratings and an E+
bank financial strength rating to Russia's Akibank.  The outlook
on all ratings is stable.  At the same time, Moody's has also
affirmed the bank's Baa2.ru long-term national scale credit
rating.

According to Moody's, the B3/Not Prime/E+ global scale ratings
reflect Akibank's global default and loss expectation, while the
Baa2.ru national scale rating reflects the standing of the
bank's credit quality relative to that of its domestic peers.

In Moody's opinion, Akibank's BFSR of E+ derives from the bank's
improving capitalisation and its historically low level of
credit losses.  At the same time, the BFSR is constrained by the
bank's substantial volume of operations with related parties,
potentially vulnerable liquidity position and significant
concentrations in the loan portfolio.  The rating also
incorporates the risks associated with the operating and
regulatory environment in Russia.

The long-term local currency deposit rating assigned to Akibank
is supported by the bank's Baseline Credit Assessment of B3 and
does not factor in any support from its shareholders.  In
Moody's view, although such support cannot be ruled out, its
scope and timeliness are rather uncertain, while systemic
support in the event of need is unlikely.  The foreign currency
deposit rating is assigned at the same level as the bank's local
currency deposit rating and is not constrained by the foreign
currency deposit ceiling for Russia.

The last rating action took place in July 2006 when the first-
time NSR of Baa2.ru was assigned to the bank.

Akibank is headquartered in Naberezhny Chelny, Republic of
Tatarstan, Russia, and as of Dec. 31, 2007 reported total assets
of RUR12.1 billion (US$492 million) under IFRS .


ARBUZOVSKIY COMBINE: Court Names P. Medvedev to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Saratov appointed P. Medvedev as
Insolvency Manager for OJSC Arbuzovskiy Combine of Grain
Products.  He can be reached at:

         P. Medvedev
         Post User Box 2493
         410076 Saratov
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-57-3014/07-40.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         OJSC Arbuzovskiy Combine of Grain Products
         Arbuzovskaya Str. 87
         Arbuzovka
         Ivanteevskiy
         413955 Saratov
         Russia


ARDATOVSKIY OJSC: Court Names V. Alekseev as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Mordoviya appointed V. Alekseev as
Insolvency Manager for OJSC Butter Making Plant Ardatovskiy.  He
can be reached at:

         V. Alekseev
         Post User Box 3317
         432072 Ulyanovsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A39-369/06-5/7.

The Court is located at:

         The Arbitration Court of Mordoviya
         Kommunisticheskaya Str. 33
         Saransk
         Mordoviya
         Russia

The Debtor can be reached at:

         OJSC Butter Making Plant Ardatovskiy
         Rabochaya Str. 79
         Ardatov
         Ardatovskiy
         431860 Mordoviya
         Russia


ARSENAL STROY: Komi Bankruptcy Hearing Slated for September 11
--------------------------------------------------------------
The Arbitration Court of Komi will convene on Sept. 11, 2008, to
hear the bankruptcy supervision procedure on LLC Arsenal Stroy.
The case is docketed under Case No. A29-1724/2008.

The Temporary Insolvency Manager is:

         A. Boltrushevich
         Lenina Pr. 51-19
         Berezniki
         618400 Perm
         Russia

The Court can be reached at:

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

The Debtor can be reached at:

         LLC Arsenal story
         Morozova Str. 100, 59
         Syktyvkar
         167000 Komi
         Russia


BIO-RESOURCE LLC: Creditors Must File Claims by August 17
---------------------------------------------------------
Creditors of LLC Company Bio-Resource have until Aug. 17, 2008,
to submit proofs of claim to:

         E. Bezmolenko
         Insolvency Manager
         Post User Box 4
         352503 Labinsk
         Russia

The Arbitration Court of Kemerovo will convene on Nov. 12, 2008,
to hear the bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No.
A-32-5730/2008-38/180-B.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         LLC Company Bio-Resource
         Volodarskogo Str. 156
         Armavir
         Russia


CONTRACT LLC: Creditors Must File Claims by July 17
---------------------------------------------------
Creditors of LLC Contract (TIN 7447098366) have until July 17,
2008, to submit proofs of claim to:

         N. Shalaev
         Temporary Insolvency Manager
         Komsomolskiy Pr. 11-82
         454008 Chelyabinsk
         Russia
         Tel/Fax: 8 (351) 282-12-00

The Arbitration Court of Chelyabinsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A76-4486/2008-34-18.


The Court is located at:

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

The Debtor can be reached at:

         LLC Contract
         Kaskinskaya Str. 5
         454084 Chelyabinsk
         Russia


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

         A. Tyurin
         Insolvency Manager
         Apt. 67
         Krasnoyarskiy Rabochiy Pr. 124A
         660095 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-11562/2007.

The Court is located at:

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

The Debtor can be reached at:

         LLC Dales
         Beregovaya Str. 26A
         Gremuchiy
         Boguchanskiy
         663448 Krasnoyarsk
         Russia


DOLMATOVSKOE CJSC: Creditors Must File Claims by July 17
--------------------------------------------------------
Creditors of CJSC Dolmatovskoe have until July 17, 2008, to
submit proofs of claim to:

         S. Kovalev
         Insolvency Manager
         Gorkogo Str. 9
         160019 Vologda
         Russia

The Arbitration Court of Arkhangelsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A05-3003/2008.

The Court is located at:

         The Arbitration Court of Arkhangelsk
         Loginova Str. 17
         163069 Arkhangelsk
         Russia

The Debtor can be reached at:

         CJSC Dolmatovskoe
         Sadovaya Str. 4
         Dolmatovo
         Velskiy
         Arkhangelsk
         Russia


EXPERIMENTAL MACHINE: Court Names E. Zomba as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad appointed
E. Zomba as Insolvency Manager for CJSC Experimental Machine
Works (TIN 4704006574).  He can be reached at:

         E. Zomba
         Post User Box 142
         192007 St. Petersburg
         Russia
         Tel: 8-(812)764-39-27

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-6452/2008.

The Court is located at:

         The Arbitration Court of St. Petersburg and the
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         E. Zomba
         Post User Box 142
         192007 St. Petersburg
         Russia
         Tel: 8-(812)764-39-27


GREEN-STROY CJSC: Creditors Must File Claims by July 17
-------------------------------------------------------
Creditors of CJSC Green-Stroy (TIN 5022037028) have until
July 17, 2008, to submit proofs of claim to:

         A. Kocheshkov
         Temporary Insolvency Manager
         Vorkutinskay 14-76
         160032 Vologda
         Russia

The Arbitration Court of Moscow will convene on Aug. 12, 2008,
to hear the company's bankruptcy supervision procedure.  The
case is docketed under Case No. A41-6779/08.


The Court is located at:

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

The Debtor can be reached at:

         CJSC Green-Stroy
         Makeva 1-a 122
         Kolomna
         Moscow
         Russia


HERCULES INC: Enters Merger Agreement with Ashland for US$3.3 BB
----------------------------------------------------------------
Ashland Inc. and Hercules Inc. disclosed that they have entered
into a definitive merger agreement under which Ashland would
acquire all of the outstanding shares of Hercules for US$18.60
per share in cash and 0.093 of a share of Ashland common stock
for each share of Hercules common stock.

The total transaction value is approximately US$3.3 billion, or
US$23.01 per Hercules share based on Ashland’s July 10 closing
stock price and including US$0.7 billion of net assumed debt.
The transaction, which would create a major, global specialty
chemicals company, is expected to close by the end of calendar
2008.

With sales in more than 100 countries, Ashland is a manufacturer
of specialty chemicals, a leading distributor of chemicals and
plastics, and a provider of automotive lubricants, car-care
products and quick-lube services.  Hercules is a leader in
specialty additives and ingredients that modify the physical
properties of water-based systems and is one of the world’s
leading suppliers of specialty chemicals to the pulp and paper
industry.

Upon the transaction’s close, Ashland will have pro forma
combined revenue for the 12 months ended March 31, 2008, of more
than US$10 billion, including approximately US$3.5 billion
generated outside North America.  For the same period, Ashland
generated earnings before interest, taxes, depreciation and
amortization of US$365 million excluding certain items, while
Hercules reported ongoing EBITDA of US$392 million excluding
certain items.  Specialty chemicals, which on a pro forma basis
represents approximately 75 percent of total EBITDA, will serve
as Ashland’s primary platform for future growth.

"The acquisition of Hercules fulfills our objective to become a
leading specialty chemicals company," Ashland Chairman and Chief
Executive Officer James J. O’Brien said.  It creates a defined
core for Ashland composed of three specialty chemical businesses
with strong market positions and promising global growth
potential: specialty additives and ingredients, paper and water
technologies, and specialty resins.  In addition, we expect our
financial profile to be enhanced significantly through reduced
earnings volatility, improved profitability and stronger cash
flow generation."

"We are enthusiastic about the opportunity to combine Hercules
with Ashland," Hercules President and Chief Executive Officer
Craig A. Rogerson said.  Our companies share proud and similar
histories of nearly 100 years of innovation, dedication and
service.  Hercules shareholders will receive a significant
premium over the current trading price for their shares and,
through their ownership of Ashland shares, the opportunity to
participate in the upside potential of the combined company.  We
look forward to working with Ashland to bring these two great
companies together."

In specialty additives and ingredients, Hercules’ Aqualon
business is one of the most recognized and admired specialty
chemical brands in the world and brings Ashland a significant
market position in rheology modifiers, which alter the physical
properties of water-based systems.  These additives are used
across a wide range of industries to make everything from
adhesives and paints to foods, pharmaceuticals and personal care
products.  Nearly all of Aqualon’s additive products are water
soluble polymers derived from renewable materials.  The combined
company generates, on a pro forma basis, approximately one-third
of EBITDA from bio-based or renewable chemistries.

"We will combine the paper and water businesses of each company
to create one global paper and water technologies business with
annual revenue of US$2 billion," said O’Brien.  "In particular,
Hercules’ leadership position in pulp and paper technologies
bolsters our participation in one of the world’s largest water
treatment markets.  The combined businesses will provide the
scale to leverage opportunities in other key water treatment
markets including municipal, industrial and marine.

"The third business within our new core – specialty resins – is
one where Ashland has long enjoyed a strong reputation for
innovation and service.  A broader international footprint will
offer the specialty resins business expanded global growth
opportunities in key building and construction markets,
including infrastructure and wind energy.  In addition, our
Distribution and Valvoline businesses provide complementary
capabilities and share similar markets with the specialty
chemical businesses," said O’Brien.

Ashland expects to realize annualized run-rate cost savings of
at least US$50 million by the third year following the
transaction’s close by eliminating redundancies and capturing
operational efficiencies.  In the first year following the
transaction’s close, while the combination is modestly dilutive
to earnings per share on a reported basis, it is expected to be
significantly accretive to Ashland’s earnings per share
excluding merger costs and noncash depreciation and amortization
charges resulting from the transaction.

O’Brien continued, "We are extremely impressed with the quality
of the Hercules people and we look forward to welcoming them
into the Ashland family.  Our companies share a common desire to
live up to our own high expectations, and those of our
customers, shareholders and the communities in which we operate.
We are also very pleased that John Panichella, president of
Hercules’ Aqualon Group, and Paul Raymond, president of
Hercules’ Paper Technologies and Ventures Group, have agreed to
join Ashland after the close of the transaction, reporting
directly to me.  In addition, we expect to maintain a
significant presence in Wilmington, Del., where Hercules is
headquartered.

"An integration team with members from both organizations will
determine how best to utilize the strengths and scale of the
combined company worldwide.  We will work with the Hercules team
to ensure a smooth transition," concluded O’Brien.

                       About Hercules Inc

Wilmington, Delaware-based Hercules Inc. -- http://www.herc.com/
-- (NYSE:HPC) manufactures and markets chemical specialties
globally for making a variety of products for home, office and
industrial markets.

Outside the United States, the company has subsidiaries in
Argentina, Bahamas, Belgium, Brazil, Hong Kong, India, Indonesia
and France.

                         *     *     *

As reported in the TCR-Europe on April 10, 2008, Standard &
Poor's Ratings Services raised its ratings on Hercules Inc.,
including the corporate credit rating to 'BB+' from 'BB'.  The
outlook is stable.


INVEST-PROJECT: Creditors Must File Claims by July 17
-----------------------------------------------------
Creditors of CJSC Invest-Project have until July 17, 2008, to
submit proofs of claim to:

         N. Utocheknko
         Insolvency Manager
         Apt. 136
         Mira Pr. 106a
         Omsk-89
         Russia

The Arbitration Court of Omsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A46-10629/2008.

The Debtor can be reached at:

         CJSC Invest-Project
         2nd Solnechnaya 49
         Omsk
         Russia


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

         V. Kostomarov
         Insolvency Manager
         Post User Box 21
         Verbnaya Str. 10
         197375 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-1881/2008.

The Court is located at:

         The Arbitration Court of St. Petersburg and the
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         OJSC Kommersant
         Dekabristov Str. 22-24
         190000 St. Petersburg
         Russia


MELIORATOR OJSC: Creditors Must File Claims by July 17
------------------------------------------------------
Creditors of OJSC Meliorator have until July 17, 2008, to submit
proofs of claim to:

         Y. Malgin
         Temporary Insolvency Manager
         Office 4
         Gertsena Str. 56
         610017 Kirov
         Russia

The Arbitration Court of Kirov commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A28-3846/2008— 10/3.

The Court is located at:

         The Arbitration Court of Kirov
         K-Libknekhta Str. 102
         610017 Kirov
         Russia

The Debtor can be reached at:

         OJSC Meliorator
         Lesnaya Str. 8
         Svecha
         Kirov
         Russia


MOBILE TELESYSTEMS: CEO Mikhail Shamolin Joins GSMA Board
---------------------------------------------------------
Mobile TeleSystems OJSC's president and chief executive, Mr.
Mikhail Shamolin, has joined the board of the GSM Association,
the global trade association for the mobile industry.  Mr.
Shamolin is appointed to the board of the GSMA as the
representative of MTS.

GSMA's board members include 26 operator representatives and the
GSMA CEO Mr. Rob Conway.  Board members include executives of
leading global operators such as China Mobile, AT&T, Orange,
Telefonica O2 Europe, T-Mobile, Vodafone, and Telenor Mobile.

Mr. Conway, GSMA CEO, comments, "We are pleased to welcome Mr.
Shamolin as the new GSMA Board member.  As a leading operator in
Russia and the CIS, MTS has been at the forefront of the
region's development into one of the world's most dynamic mobile
markets.  Considering his past operational experience and role
in shaping MTS' success over the last three years, Mr.
Shamolin's perspective will be welcome at the Association,"

Mr. Shamolin, said, "It is a privilege to represent MTS at this
highly regarded forum.  We see great opportunity in our markets
for mobile networks to serve as the primary means by which
people make connections, entertain themselves and manage their
daily activities.  Working in close proximity to the world's
leading operators will certainly enable MTS to live up to its
promise of being the leading communications brand in the
region."

The GSM Association is the global trade association representing
more than 750 GSM mobile phone operators across 218 countries
and territories of the world.  The Association's members
represent more than 3 billion GSM and 3GSM connections - over
86% of the world's mobile phone connections.  In addition, more
than 200 manufacturers and suppliers support the Association's
initiatives as key partners.

                    About Mobile TeleSystems

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

                         *      *      *

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

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


NOVATEK OAO: S&P Lifts Ratings to BB+ on Healthy Credit Metrics
---------------------------------------------------------------
Standard & Poor's Ratings Services has raised its long-term
corporate credit rating on OAO Novatek, Russia's largest
independent natural gas producer, to 'BB+' from 'BB'.  The
outlook is stable.

At the same time, the Russia national scale rating on Novatek
was raised to 'ruAA+' from 'ruAA'.

"The upgrade reflects Novatek's very healthy credit metrics--
despite ongoing large growth-oriented capital expenditures--and
its high profitability, supported by the improving fundamentals
of Russia's gas industry, a profitable condensate business, and
efficient low-cost operations, said Standard & Poor's credit
analyst Elena Anankina.

The upgrade also acknowledges Novatek's positive track record of
cooperation with state-controlled Russian gas giant OAO Gazprom
(BBB/Stable/--).

As of March 31, 2008, Novatek's reported debt was RUR5.1 billion
(RUR6.4 billion adjusted), compared with RUR5.2 billion in cash.

Gas industry risk in Russia includes low domestic prices and
operational dependence on monopoly gas exporter Gazprom, which
produces 84% of Russia's gas and owns all of the country's gas
pipelines.  Although Novatek's prices are unregulated, they
indirectly depend on Gazprom's prices, which the government
sets very low.

Novatek is responsible for only 4% of Russia's gas production
and has a geographically concentrated reserve base. Its massive
growth-oriented investment program is expected to result in
negative free cash flow and increased debt in 2008-2009.

However, Novatek's exposure to these risks is offset by a number
of factors:

   -- Gazprom's interest in having smaller independent companies
      such as Novatek satisfy growing domestic demand at low
      prices, so that Gazprom can use a higher share of its
      stable production for lucrative exports.

   -- Gazprom owns 19.4% of Novatek and has some influence on
      Novatek's strategy and growth plans.

   -- Novatek enjoys a very low cost position.

   -- Diversification into the gas condensate business boosts
      Novatek's profits thanks to high prices and relatively low
      taxes.

   -- Novatek's gas business has virtually no downside price
      risks.

"We expect Novatek's operating cash flow to benefit from
increasing domestic gas realizations, high liquids prices, and
competitive costs--despite ongoing ruble appreciation," said Ms.
Anankina.

"Because of heavy growth-oriented investments, however, we
expect Novatek's cash flow to turn negative in the next two or
three years, while the resulting production growth should only
come only in late 2008 or in 2009.  Nevertheless, despite an
expected increase in debt, Novatek's credit metrics should
remain solid," Ms. Anankina added.

Ratings upside over the long term will be driven by the
continuing increase in domestic gas prices and the
implementation of the company's long-term strategy of
strengthening its business profile while keeping a robust
financial profile.

The current rating has some flexibility for about US$0.5 billion
to US$1 billion in acquisitions if they strengthen and diversify
the group's business.  Even though such transactions could lead
to a temporary debt buildup, S&P expects Novatek to subsequently
return to its financial policy target of keeping the ratio of
net debt to EBITDA below 1x, because higher gas and condensate
prices should boost the company's future profits.

Adverse regulatory changes, heightened operational risk from
Gazprom, or major debt-financed acquisitions could constrain
ratings upside or even pressure the rating or outlook.


NOYABRSK-OIL-GAS-STROY: Asset Sale Slated for July 18
-----------------------------------------------------
M. Bitenbaev, the insolvency manager and bidding organizer for
OJSC Noyabrsk-Oil-Gas-Stroy, will set a repeated auction for the
company's properties at 4:00 p.m. on July 18, 2008, at:

         M. Bitenbaev
         Omskaya Str. 109/1-43
         Omsk
         Russia

The company has set a RUR31,258,400 starting price for the
assets in auction.

Interested participants have until July 15, 2008, to deposit an
amount equivalent to 10% of the starting price to:

         OJSC Noyabrsk-Oil-Gas-Stroy
         Settlement Account 40702810153000000673
         Correspondent Account 30101810300000000836
         BIK 045279836
         KPP 890601001
         OJSC ACB Rosbank
         Omskiy Branch
         Omsk
         Russia

Bidding documents must be submitted to:

         M. Bitenbaev
         Omskaya Str. 109/1-43
         Omsk
         Russia

The Debtor can be reached at:

         OJSC Noyabrsk-Oil-Gas-Stroy
         Panel 5
         Promzona
         Muravlenko
         Yamalo-Nenetskiy
         Russia


PETROPOL LLC: St. Petersburg Bankruptcy Hearing Set July 16
-----------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad will
convene at 11:20 a.m. on July 16, 2008, to hear the  bankruptcy
supervision procedure on LLC Petropol (TIN 7811136397).  The
case is docketed under Case No. A56-9634/2008.

The Temporary Insolvency Manager is:

         O. Kasyanov
         Post User Box 10680
         614097 Perm
         Russia

The Court is located at:

         The Arbitration Court of St. Petersburg and the
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         LLC Petropol
         Letter A
         Ivanovskaya Str. 15
         192171 St. Petersburg
         Russia


TOLYATTINSKIY CARDBOARD: Creditors Must File Claims by July 17
--------------------------------------------------------------
Creditors of OJSC Production Enterprise Tolyattinskiy Dardboard
have until July 17, 2008, to submit proofs of claim to:

         Y. Berstnev
         Temporary Insolvency Manager
         Apt. 50
         Krasnodonskaya Str. 63
         443035 Samara
         Russia

The Arbitration Court of Samara will convene at 2:30 p.m. on
Oct. 6, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A55-3060/
2008-36.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Production Enterprise Tolyattinskiy Dardboard
         Severnaya Str. 10
         Russkaya Borkovka
         Stavropolskiy
         Samara
         Russia


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


BUCHSER FROHSINN: Proofs of Claim Filing Period Ends July 23
------------------------------------------------------------
The Bankruptcy Service of Dielsdorf commenced bankruptcy
proceedings against LLC Buchser Frohsinn on March 31, 2008.

Creditors have until July 23, 2008, to file their proofs of
claim.


The Bankruptcy Service of Dielsdorf can be reached at:

         Bankruptcy Service of Dielsdorf
         8157 Dielsdorf
         Switzerland


The Debtor can be reached at:

         LLC Buchser Frohsinn
         Zurcherstrasse 14
         8107 Buchs
         Switzerland


E. SCHENK & SOHNE: Creditors' Proofs of Claim Due by July 24
------------------------------------------------------------
Creditors owed money by JSC E. Schenk & Sohne are requested to
file their proofs of claim by July 24, 2008, to:

         Grutter Treuhand + Co.
         Gallusstrasse 5
         4612 Wangen b. Olten
         Switzerland

The company is currently undergoing liquidation in Uerkheim.
The decision about liquidation was accepted at an extraordinary
general meeting held on Sept. 5, 2007.


FAMOUS MUSIC: Proofs of Claim Filing Deadline is July 24
--------------------------------------------------------
Creditors owed money by LLC Famous Music Switzerland are
requested to file their proofs of claim by July 24, 2008, to:

         Dr. Jakob Hohn
         Liquidator
         Pestalozzi Lachenal Patry
         Lowenstrasse 1
         8001 Zurich
         Switzerland

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


FLABEWA LLC: Creditors Must File Proofs of Claim by July 24
-----------------------------------------------------------
Creditors owed money by LLC Flabewa are requested to file their
proofs of claim by July 24, 2008, to:

         JSC Kellenberger + Partner Treuhand
         St. Gallerstrasse 97
         9230 Flawil
         Switzerland

The company is currently undergoing liquidation in Flawil.
The decision about liquidation was accepted at a shareholders'
meeting held on May 20, 2008.


GC-GLOBALGARGO LLC: Deadline to File Proofs of Claim Set July 24
----------------------------------------------------------------
Creditors owed money by LLC GC-GlobalGargo are requested to file
their proofs of claim by July 24, 2008, to:

         Muhlegasse 12a
         6340 Baar
         Switzerland

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


GENERAL MOTORS: Has No Thoughts of Bankruptcy, CEO Wagoner Says
---------------------------------------------------------------
General Motors Corp. Chief Executive Officer Rick Wagoner, in a
speech to the Dallas Chamber of Commerce, said the company has
"no thoughts whatsoever" of bankruptcy, Margot Habiby and Jeff
Green at Bloomberg News report.

Mr. Wagoner, the report relates, said GM's cash will remain
"robust" in 2008, and the company would be able to secure
additional funds as needed.

As reported by the Troubled Company Reporter on July 3, 2008,
Merrill Lynch analyst John Murphy said a bankruptcy filing for
GM is not impossible "if the market continues to deteriorate and
significant incremental capital is not raised."  Mr. Murphy, in
a research note, said GM will need to raise US$15,000,000,000 in
capital to fund its operations for the next two years.  Mr.
Murphy, according to the reports, warned GM is burning through
cash faster than investors realize.

The next day, the TCR reported, JPMorgan analyst Himanshu Patel
said in a conference call that GM is not "in danger of an
imminent bankruptcy" and that bankruptcy fears have been
overblown.  Mr. Patel, however, said GM will need to raise about
US$10,000,000,000 to weather the downturn in U.S. auto sales,
according to an Associated Press report.

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

Bloomberg relates that Pete Hastings, a fixed-income analyst at
Morgan Keegan & Co., said GM will need capital late in 2009 or
early 2010, and "a lot can happen between now and then."  Mr.
Hastings, according to Bloomberg, said "With GM's liquidity,
near-term bankruptcy talk is overdone, so Wagoner is right to
dismiss it."

"When things like this happen, some of the critics call this the
end of the U.S. auto industry as we know it," Bloomberg quotes
Mr. Wagoner as saying.  "We're taking the tough but necessary
actions to keep GM competitive over the long, long term."

According to Bloomberg, GM Chief Financial Officer Ray Young
said on May 13, 2007, that the compay had US$24,000,000,000 in
cash and marketable securities and access to about
US$7,000,000,000 in undrawn U.S. loans on March 31.  Mr. Young
said the amount is at least US$6,000,000,000 more than it
expected would be needed during a U.S. sales slide, Bloomberg
continues.

Mr. Wagoner also confirmed that the Hummer is the only one of
GM's eight U.S. brands being studied for a possible sale or
shutdown, Bloomberg says.  According to Mr. Wagoner, the company
doesn't have any plans to eliminate more brands, Bloomberg adds.

                       About General Motors

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

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

                          *     *     *

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

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

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


GENERAL MOTORS: Wants Court to Declare Recoupment Claims
--------------------------------------------------------
General Motors Corp. has asked the United States Bankruptcy
Court Eastern District of Michigan to declare that it has
"allowed set-off and recoupment claims" as defined in the joint
Chapter 11 plan of liquidation of Blue Water Automotive Systems
Inc. and its debtor affiliates, in an amount to be determined by
the Court.

As reported in the Troubled Company Reporter on May 26, 2008,
the Debtors' Plan contemplates the sale of substantially all of
the Debtors' assets and equity interests.  The Plan will be
effective when:

  1. The Court approves the sale of the Business;

  2. The Court enters an order confirming the Plan; and

  3. The purchaser closes on the sale.

A full-text copy of the Disclosure Statement is available for
free at http://bankrupt.com/misc/bw_disclosurestat.pdf

A full-text copy of the Plan of Liquidation is available for
free at http://bankrupt.com/misc/bw_planofliquidation.pdf

The Debtors and the Official Committee of Unsecured Creditors,
through a Court-approved stipulation, agreed to lift the
automatic stay to allow GM to file an adversary proceeding.

Before the Petition Date, GM entered into various contracts and
purchase orders with the Debtors for the production of component
parts as well as the acquisition of tooling for GM's production
of its component parts.

According to Daniel W. Linna, Jr., Esq., at Honigman Miller
Schwatz and Cohn, LLP, in Detroit, Michigan, the Debtors are the
sole source suppliers to GM of the Component Parts.  He adds
that the Component Parts are essential to GM's manufacturing and
assembly operations.  Without sufficient quantities of the
Component Parts, GM cannot maintain production and an alternate
source of supply of the Component Parts is not readily available
because the Debtors manufacture the Component Parts using
specially manufactured, unique Tooling.

The Debtors allege that GM owes them US$2,584,430 for a
prepetition payable out of their performance of the Purchase
Orders.

Immediately after the Petition Date, the Debtors were unable to
perform under the Purchase Orders and thus were in breach of
them, Mr. Linna contends.  He adds that the Debtors further
incurred breaches of the Purchase Orders when they entered into
the Accommodation Agreement with Ford Motor Company.  He asserts
that the Debtors anticipatorily breached the Purchase Orders by,
among others, advising GM that they could not or would not
perform their obligations under the Purchase Orders without the
financial accommodations, not shipping GM its production
requirements of Component Parts, informing GM that they had
stopped producing the Component Parts, and by proposing to
reject the Purchaser Orders pursuant to their Amended Joint Plan
of Liquidation.

Mr. Linna says GM's damages to protect its supply of Component
Parts and mitigate its damages exceed US$4,900,000, which
damages
include:

  -- about US$2,600,000 in price increases, of which about
     US$1,865,000 has been paid to Debtors as of the date of
     July 2, 2008;

  -- about US$1,874,736 in damages relating to the Inventory
     Bank, including US$560,983 paid directly to Debtors as
     Incremental Bank Costs and about US$1,313,753 above the
     applicable Purchase Order price to transport, handle, and
     store the Inventory Bank;

  -- about US$78,750 of un-recovered Tooling costs paid directly
     to tool vendors, which amount Debtors were obligated to
     pay; and

  -- US$435,379 of unrecovered legal and professional fees
     arising from Debtors' insolvency, bankruptcy filing, and
     breaches of the Purchase Orders.

Mr. Linna adds that GM will incur additional damages if Debtors
reject the Purchase Orders as GM will be forced to purchase
Component Parts from alternate suppliers at higher prices.  GM
will also incur additional damages if it is compelled to fund
Debtors' wind-down expenses, as provided in the GM Accommodation
Agreement.  Furthermore, he contends that GM's damages will
likely include warranty claims and other ordinary course
commercial claims that are not currently liquidated.

                  About Blue Water Automotive

Blue Water Automotive Systems, Inc. designs and manufactures
engineered thermoplastic components and assemblies for the
automotive industry.  The company's product categories include
airflow management, full interior trim/sub-systems, functional
plastic components, and value-added assemblies.  They are
supported by full-service design, program management,
manufacturing and tooling capabilities.  With more than 1,400
employees, Blue Water operates eight manufacturing and product
development facilities and has annual revenues of approximately
USUS$200 million.  The company's headquarters and technology
center is located in Marysville, Mich.  The company has
operations in Mexico.

In 2005, KPS Special Situations Fund II, L.P., and KPS Special
Situations Fund II(A), L.P., acquired Blue Water Automotive
through a stock purchase transaction.  In 2006, the company
acquired the automotive assets and operations of Injectronics,
Inc., a manufacturer of thermoplastic injection molded
components and assemblies.  KPS then set about reorganizing the
company.  The company implemented a program to improve operating
performance and address its liquidity issues.  During 2007, the
company replaced senior management, closed two facilities, and
reduced overhead spending by one third.

Blue Water Automotive and four affiliates filed for chapter 11
bankruptcy protection Feb. 12, 2008, before the United States
Bankruptcy Court Eastern District of Michigan (Detroit) (Case
No. 08-43196).  Judy O'Neill, Esq., and Frank DiCastri, Esq., at
Foley & Lardner, LLP, serve as the Debtors' bankruptcy counsel.
Administar Services Group LLC acts as the Debtors' claims,
noticing, and balloting agent.  Blue Water's bankruptcy petition
lists assets and liabilities each in the range of US$100 million
to US$500 million.

The Debtors filed their Liquidation Plan on May 9, 2008.  The
Plan contemplates a sale of substantially all of the Debtors'
assets and equity interests, except for a piece of real property
located at Yankee Road, in St. Clair, Michigan, on or before
June 30, 2008.  The Court will hold a hearing June 18, 2008, to
consider confirmation of the Plan.  (Blue Water Automotive
Bankruptcy News, Issue No. 22, Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                       About General Motors

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

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

                          *     *     *

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

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

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


HANS-ULRICH BUHLER: Proofs of Claim Filing Deadline is July 21
--------------------------------------------------------------
The Bankruptcy Service of Unterstrass-Zurich commenced
bankruptcy proceedings against LLC Hans-Ulrich Buhler on
April 22, 2008.

Creditors have until July 21, 2008, to file their proofs of
claim.

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

         Bankruptcy Service of Unterstrass-Zurich
         8042 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Hans-Ulrich Buhler
         Schaffhauserstrasse 43
         8006 Zurich
         Switzerland


HOPFENUNDMALZ LLC: Creditors' Proof of Claim Due by July 24
-----------------------------------------------------------
Creditors owed money by LLC Hopfenundmalz are requested to file
their proofs of claim by July 24, 2008, to:

         Urs Studer
         Westbahnhofstr. 2
         4502 Solothurn
         Switzerland

The company is currently undergoing liquidation in Biberist.
The decision about liquidation was accepted at a shareholders'
meeting held on Jan. 13, 2006.


KYRAYA LLC: Creditors Have Until July 24 to File Proofs of Claim
----------------------------------------------------------------
Creditors owed money by LLC Kyraya are requested to file their
proofs of claim by July 24, 2008, to:

         Nicole Eberle-Wyler
         Liquidator
         Parkweg 6
         8910 Affoltern am Albis
         Switzerland

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


LONI TRANSPORT: July 22 Set as Deadline to File Proofs of Claim
---------------------------------------------------------------
The Bankruptcy Service of Luzern-Stadt commenced bankruptcy
proceedings against LLC Loni Transport on April 3, 2008.

Creditors have until July 22, 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:

         LLC Loni Transport
         Neuweg 21
         6003 Luzern
         Switzerland


PRIME-METAL JSC: Proofs of Claim Filing Period Ends July 24
-----------------------------------------------------------
Creditors owed money by JSC Prime-Metal are requested to file
their proofs of claim by July 24, 2008, to:

         JSC Treuhand Fassler & Partner Appenzell
         Weissbadstrasse 14
         9050 Appenzell
         Switzerland

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


REVOFLEX JSC: St. Gallen Court Starts Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Service of St. Gallen commenced bankruptcy
proceedings against JSC Revoflex on May 30, 2008.

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

         Bankruptcy Service of St. Gallen
         Branch Kaltbrunn
         Heiner Scheuble
         8722 Kaltbrunn
         Switzerland

The company can be reached at:

         JSC Revoflex
         Eichwiesstr. 20
         8645 Jona
         Switzerland


RODRIGUES & MACHADO: Proofs of Claim Filing Deadline is July 24
---------------------------------------------------------------
Creditors owed money by LLC Rodrigues & Machado are requested to
file their proofs of claim by July 24, 2008, to:

         Manfred Kampf Treuhand
         Liquidator
         Bahnhofstrasse 5
         3800 Interlaken
         Switzerland

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


SB CRIOLLO: Creditors Must File Proofs of Claim by July 21
----------------------------------------------------------
The Bankruptcy Service of Eglisau commenced bankruptcy
proceedings against LLC SB CRIOLLO CENTER on Feb. 19, 2008.

Creditors have until July 21, 2008, to file their proofs of
claim.

The Bankruptcy Service of Eglisau can be reached at:

         Bankruptcy Service of Eglisau
         8193 Eglisau
         Switzerland

The Debtor can be reached at:

         LLC SB CRIOLLO CENTER
         Bahnhofstrasse 11
         8192 Zweidlen
         Switzerland


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


NAFTOGAZ UKRAINY: Owes US$2 Billion to RosUkrEnergo
---------------------------------------------------
NAK Ukraine Naftogaz had more than US$2 billion in debt to
RosUkrEnergo, a unit of OAO Gazprom, as of July 7, 2008, RIA
Novosti reports

According to RIA Novosti, the amount includes "previous debts,
and sums due for Russian gas consumed in 2008."

In February 2008, Naftogaz and Gazprom had reached a repayment
agreement for the company's US$1.5 billion debt.  Gazprom had
threatened to cut a quarter of its gas supplies to Naftogaz
unless a deal is reached.  In May 2008, Naftogaz reportedly has
paid its debt arrears to Gazprom.

                     About Naftogaz Ukrainy

Headquartered in Kiev, Ukraine, NAK Naftogaz Ukrainy --
http://www.naftogaz.com/-- processes gas, oil and condensate at
the Company's five gas processing plants, which produce LPG,
motor fuels and other types of petroleum products.  Over 97% of
the oil and gas in Ukraine is produced by the enterprises of the
Company.

                          *     *     *

NAK Naftogaz Ukrainy continues to carry a Ba3 Corporate Family
Rating, a Ba2 Senior Unsecured Debt rating, and a Ba3
Probability-of-Default rating from Moody's with stable
outlook.

Naftogaz also carries a Rating Watch Negative on its Long-term
foreign and local currency Issuer Default Ratings of 'B+',
senior unsecured rating of 'B+' and Recovery Rating of 'RR4.'


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


CARISBROOKE LTD: Brings In Liquidators from Tenon Recovery
----------------------------------------------------------
Alexander Kinninmonth and Stanley Donald Burkett-Coltman of
Tenon Recovery were appointed joint liquidators of Carisbrooke
(Fareham) Ltd. on June 26 for the creditors' voluntary winding-
up proceeding.

The company can be reached at:

         Carisbrooke (Fareham) Ltd.
         c/o Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


CHESAPEAKE CORP: Settles Philip Morris Indemnification Claims
-------------------------------------------------------------
In connection with the company's acquisition of the former
Wisconsin Tissue Mills Inc., dba WTM I Company, a commercial and
industrial tissue business, from Philip Morris Inc., dba Philip
Morris USA, Inc., in 1985, Philip Morris agreed to indemnify WTM
and the company for losses relating to breaches of
representations and warranties in the acquisition agreement.
The company identified PCB contamination in the Fox River in
Wisconsin as a basis for a claim for indemnification.

Beginning in 1994, Philip Morris has made indemnification
payments in excess of US$53 million for Fox River losses.  In
mid-June 2008,
Philip Morris asserted a claim that it did not have an
indemnification obligation and refused to continue to indemnify
WTM and the company for their losses related to the Fox River.
That claim was resolved on June 26, 2008, in a settlement in a
Consent Decree filed with the Circuit Court of Henrico County,
Virginia, by which, among other things:

  (i) Philip Morris releases its claims for recovery of past
      indemnification payments;

(ii) Philip Morris agrees to cooperate in WTM's recovery under
      certain general liability insurance policies; and

(iii) Philip Morris' maximum liability for future
indemnification
      under the 1985 acquisition agreement is capped to
      US$36 million.

The settlement is expected to provide substantial funds to cover
the company's reasonably probable costs related to the Fox River
matter.

Headquartered in Richmond, Virginia, Chesapeake Corporation
(NYSE:CSK) -- http://www.cskcorp.com/-- is a supplier of
specialty paperboard packaging products in Europe and an
international supplier of plastic packaging products to niche
end-use markets.  Chesapeake has 47 locations in France,
Ireland, United Kingdom, North America, China, HongKong, among
others and employs approximately 5,500 people.

For the quarter ended March 30, 2008, the company reported
US$1,225,100,000 in total assets and US$948,100,000 in total
liabilities.

                       *     *     *

As disclosed in the Troubled Company Reporter-Europe on
July 3, 2008, Standard & Poor's Ratings Services lowered its
ratings on Chesapeake Corp. and placed these ratings on
CreditWatch with negative implications.  The corporate credit
rating was lowered to 'B' from 'B+'.

On July 1, 2008, Moody's Investors Service placed these ratings
of Chesapeake Corporation on review for possible downgrade:
US$18.75 million 6.375% senior unsecured revenue bonds due 2019,
B3 / LGD3 (48%); US$31.25 million 6.25% senior unsecured revenue
bonds due 2019, B3 / LGD3 (48%); GBP67.1 million 10.375% senior
subordinated notes due 2011, Caa1 / LGD5 (72%); EUR100 million
7% senior subordinated eurobonds due 2014, Caa1 / LGD5 (72%);
Corporate Family Rating, B2; and Probability of Default Rating,
B3.


COLLIZ ENGINEERING: Taps Liquidators from Mazars
------------------------------------------------
Tim Alan Askham and Robert David Adamson of Mazars LLP were
appointed joint liquidators of Colliz Engineering Ltd. on
June 10, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Colliz Engineering Ltd.
         Units 6A & 6B
         Newby Road Industrial Estate
         Lowick Close
         Hazel Grove
         Stockport
         Cheshire
         SK7 5DD
         England


CURZON FUNDING: Moody's May Lower Junk Rating After Review
----------------------------------------------------------
Moody's Investors Service has downgraded and left on review for
further downgrade four classes of credit-linked notes issued by
Curzon Funding Limited Series 2006-1 (Horizon CDO VI).

These rating actions are a response to severe credit
deterioration in the underlying portfolio.  The underlying
assets of this CDO transaction are predominantly CMBS and U.S.
ABS CDOs of the 2005 and 2006 vintages.  Currently 2.5% of the
portfolio by volume is rated Caa1 or below.  The attachment
point for the Class A, Class B, Class C and Class D is at 1%,
2%, 3% and 4% respectively and the detachment point is at 2%,
3%, 5% and 7.1% respectively.

These rating actions are:

Curzon Funding Limited Series 2006-1 (Horizon CDO VI):

   (1) Series 2006-1 US$25,000,000 Class A Variable Coupon Notes
       Due 2090

    -- Current Rating: Baa2, on review for downgrade
    -- Prior Rating: Aaa, on review for downgrade

   (2) Series 2006-1 EUR20,000,000 Class B Variable Coupon Notes
       Due 2090

    -- Current Rating: Ba2, on review for downgrade
    -- Prior Rating: Aa2, on review for downgrade

   (3) Series 2006-1 EUR10,000,000 Class C Variable Coupon Notes
       Due 2090

    -- Current Rating: B2, on review for downgrade
    -- Prior Rating: A2, on review for downgrade

   (4) Series 2006-1 EUR10,000,000 Class D Variable Coupon Notes
       Due 2090

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: Baa2, on review for downgrade


ENERGYSOLUTIONS LLC: Moody's Rates Sr. Credit Facility at Ba2
-------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the existing
first lien senior secured credit facility of EnergySolutions,
LLC.  The corporate family rating and the probability of default
rating have each been assigned at Ba3.

Moody's also assigned a Speculative Grade Liquidity Rating of
SGL-2.  The rating outlook is stable.  This is the first time
Moody's has assigned ratings to EnergySolutions.  The Loss Given
Default Assessment of the credit facility is 38-LGD3.

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

Since 2005, EnergySolutions has transitioned from a mostly
disposal-based company that was subject to significant demand
volatility, to a diversified service provider with the benefits
of reduced demand volatility and much greater scale in exchange
for lower operating margins.  Good liquidity and the belief that
the company's nuclear waste services are only modestly exposed
to cyclical downturns in the U.S. economy further support the
Ba3 CFR.

The relatively low margin nature of the company's management
fee-based service model and the potential of fluctuating demand
for the company's higher margin disposal services constrain the
rating as does the potential of higher debt from ongoing
acquisitive growth.

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

The outlook could be changed to positive if EnergySolutions
sustains Debt to EBITDA below 2.5 times or EBIT to Interest
above 3.5 times.  The outlook could be changed to negative or
the ratings directly downgraded if EBIT to interest approached
2.0 times or if EnergySolutions sustains negative free cash
flow.

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

Assignments:

Issuer: EnergySolutions, LLC

-- Corporate Family Rating, Assigned Ba3
-- Probability of Default Rating, Assigned Ba3
-- Speculative Grade Liquidity Rating, Assigned SGL-2
-- Senior Secured Bank Credit Facility, Assigned Ba2, 38 - LGD3
-- Outlook of Stable

Issuer: Duratek, Inc.

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

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


HAROLD WOOD: Brings In Liquidator from Tenon Recovery
-----------------------------------------------------
Andrew Appleyard of Tenon Recovery was appointed administrator
of Harold Wood & Sons (Plumbing and Heating) Ltd. (Company
Number 00719866) 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:

         Harold Wood & Sons (Plumbing and Heating) Ltd.
         Church Street
         Kirkby in Ashfield
         Nottingham
         NG17 8LE
         England


HAT PIN: Creditors' Meeting Slated for July 21
----------------------------------------------
Creditors of Hat Pin Plc (Company Number 03209877) will meet at
11:00 a.m. on July 21, 2008, at:

         66 Wigmore Street
         London
         W1U 2SB
         England

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

         Geoffrey Paul Rowley
         Joint Administrator
         Vantis Group Ltd.
         PO Box 2653
         66 Wigmore Street
         London
         W1A 3RT
         England

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


HYTECH APPLICATIONS: Appoints Joint Administrators from BDO Stoy
----------------------------------------------------------------
Graham Randall and Simon Girling of BDO Stoy Hayward LLP were
appointed joint administrators of Hytech Applications Ltd.
(Company Number 04029937) on June 25, 2008.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.


INNOVATE HOLDINGS: Appoints Joint Administrators from BDO Stoy
--------------------------------------------------------------
Shay Bannon and Antony David Nygate of BDO Stoy Hayward LLP were
appointed, June 30, 2008, joint administrators of:

   -- Innovate Holdings Ltd. (Company Number 00789995);
   -- Innovate Logistics (UK) Ltd. (Company Number 04847531);
   -- Innovate Logistics Ltd. (Company Number 02058414);
   -- Innovate Rail Ltd.;
   -- Innovate Corby Chilled Distribution Ltd.
     (Company Number 02695618);
   -- Corby Chilled Distribution (Scotland) Ltd.
      (Company Number 03472647);
   -- Innovate HQ Ltd.(Company Number 05187975);
   -- Innovate Phil Hanley Ltd. (Company Number 01640801);
   -- Innovate Property Ltd. (Company Number 01711163); and
   -- Innovate Office Ltd. (Company Number 04826320).

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.


MAINSAIL CDO I: Moody's Junks Ratings on Three Note Classes
-----------------------------------------------------------
Moody's Investors Service has downgraded three classes of notes
issued by Mainsail CDO I Limited.  Moody's also downgraded and
left on review for further downgrade the junior super senior
swap in which Royal Bank of Scotland buys credit protection on
the same underlying portfolio.

These rating actions are a response to severe credit
deterioration in the underlying portfolio.  The transaction has
suffered several credit events and currently 23% of the
portfolio by volume is rated Caa1 or below.  The underlying
assets of this CDO transaction are predominantly US subprime
RMBS bonds and ABS CDOs of the 2005 and 2006 vintages.

These rating actions are:

Mainsail CDO I Limited:

   (1) US$90M Class A1 Secured Floating Rate Credit-Linked Notes

    -- Current Rating: Ca
    -- Prior Rating: Baa2, on review for downgrade

   (2) US$120M Class A2 Secured Floating Rate Credit-Linked
       Notes

    -- Current Rating: C
    -- Prior Rating: B3, on review for downgrade

   (3) US$30.5M Class B Secured Floating Rate Credit-Linked
       Notes

    -- Current Rating: C
    -- Prior Rating: Ca

   (4) Mainsail CDO I Ltd - jr. super senior tranche #1

    -- Current Rating: B1, on review for downgrade
    -- Priory Rating: Aa3, on review for downgrade


SOUTHERN PACIFIC: Moody's May Cut Low-B Ratings After Review
------------------------------------------------------------
Moody's Investors Service has taken these rating action on notes
issued by Southern Pacific Securities 06-1 plc:

   -- Class C1a EUR16.15 Million, Current Rating A3, on review
      for downgrade

   -- Class C1c GBP 3.15 Million, Current Rating A3, on review
      for downgrade

   -- Class D1a EUR3 Million, Current Rating Baa3, downgraded to
      Ba2, on review for downgrade

   -- Class D1c GBP 6.95 Million, Current Rating Baa3,
      downgraded to Ba2, on review for downgrade

   -- Class DTc GBP 0.84 Million, Current Rating Baa2,
      downgraded to Ba3, on review for downgrade

The rating actions were prompted by worse-than-expected
collateral performance and took into account the increased
portfolio loss expectations due to delinquency levels higher
than those anticipated at closing.

Currently the loans which are more than 30 days in arrears
(including repossessions) amount to 51.70% of the portfolio
balance.  In particular, the mortgages which have been in
arrears for more than 90 days (excluding repossessions) have
reached 27.31% of the current portfolio balance, while
repossessions have increased in the last three quarters from
2.23% to 4.64% of the current balance of the portfolio.  Current
arrear levels have prevented the transaction from switching from
sequential to pro rata redemption of the notes.

The cumulative losses experienced in the transaction since
closing amount to 0.71% of the closing balance of the portfolio.
In particular 9.84% of the current balance of the portfolio is
represented by second lien mortgages, whose average loss
severity based on principal balance at sale has increased to
76.26% in the last quarter.

Moody's has assessed updated loan-by-loan information of the
outstanding portfolio to determine the increase in credit
support needed and the volatility of future losses.  Taking into
account the current amount of realized losses as well as
delinquency levels and trends, Moody's has adjusted its loss
expectations for this portfolio to a range of 3.30% to 3.50% of
original balance.

As already stated at closing, the transaction is exposed to some
unhedged basis risk for the Libor-linked floating rate portion
of the collateral, due to a reset date mismatch between the Note
Libor and the Libor on the concerned mortgages.  Recent interest
rate volatility in the Libor rate has been above the levels
initially modeled and the spread modeling for this rating review
takes this into account.

Additionally, 52.49% of the pool is currently represented by
fixed rate loans, which will revert to floating by March 2009.
The risk deriving from fixed to floating mismatch is partially
mitigated by cap agreements, in one of which the strike rate has
been exceeded in the last seven consecutive quarters.  The
mechanism to trap excess spread in the interest rate cap
proceeds reserve fund has delayed the repayment of the DTc
notes, whose residual balance outstanding has not been further
redeemed in the last five payment dates.

The review for downgrade will be concluded upon Moody's
assessment of the continued performance of the portfolio, as
well as of the availability of excess spread to repay the DTc
notes.  It may be the case that a conclusion will require more
than one payment date.

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.


MPH WINDOWS: Continued Losses May Force Firm to Liquidate
---------------------------------------------------------
MPH Windows Ltd. is likely to go into voluntary liquidation due
to recurring losses, Leyland Guardian reports.  Leyland Guardian
adds no rescue package is being drawn up for the company.

John Pearson of insolvency firm Irwin and Company told Leyland
Guardian "it is going to be a liquidation rather than
administration," although he could not tell how much MPH owed to
creditors.

Leyland Guardian relates MPH ceased trading on June 20, 2008,
affecting 30 jobs.  In November 2006, MCW Installations bought
the company out of administration.


PRT ASSOCIATES: Taps Joint Administrators from Tenon Recovery
-------------------------------------------------------------
Christopher Ratten and Jeremy Woodside of Tenon Recovery were
appointed joint administrators of PRT Associates Ltd. (Company
Number 06223480) on July 2, 2008.

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

The company can be reached at:

         PRT Associates Ltd.
         12 Westby Close
         Whitehills Business Park
         Blackpool
         FY4 5LW
         England


RAPIDOS LTD: Calls In Liquidators from Smith & Williamson
---------------------------------------------------------
Robert William Leslie Horton and Anthony Murphy of Smith &
Williamson Ltd. were appointed joint liquidators of Rapidos Ltd.
on June 23 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Rapidos Ltd.
         c/o Smith & Williamson Ltd.
         No. 1 Bishops Wharf
         Walnut Tree Close
         Guildford
         Surrey
         GU1 4RA
         England


SIMPSON WEBB: Appoints Liquidators from Vantis Business Recovery
----------------------------------------------------------------
Jeremy French and Darren Wilson of Vantis Business Recovery
Services were appointed joint liquidators of Simpson Webb
Associates Ltd. on June 24 for the creditors' voluntary winding-
up  proceeding.

The company can be reached at:

         Simpson Webb Associates Ltd.
         c/o Vantis Business Recovery Services
         43/45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


SOUTHERN PACIFIC: Moody's May Cut Low-B Ratings After Review
------------------------------------------------------------
Moody's Investors Service has taken these rating action on notes
issued by Southern Pacific Securities 06-1 plc:

   -- Class C1a EUR16.15 Million, Current Rating A3, on review
      for downgrade

   -- Class C1c GBP 3.15 Million, Current Rating A3, on review
      for downgrade

   -- Class D1a EUR3 Million, Current Rating Baa3, downgraded to
      Ba2, on review for downgrade

   -- Class D1c GBP 6.95 Million, Current Rating Baa3,
      downgraded to Ba2, on review for downgrade

   -- Class DTc GBP 0.84 Million, Current Rating Baa2,
      downgraded to Ba3, on review for downgrade

The rating actions were prompted by worse-than-expected
collateral performance and took into account the increased
portfolio loss expectations due to delinquency levels higher
than those anticipated at closing.

Currently the loans which are more than 30 days in arrears
(including repossessions) amount to 51.70% of the portfolio
balance.  In particular, the mortgages which have been in
arrears for more than 90 days (excluding repossessions) have
reached 27.31% of the current portfolio balance, while
repossessions have increased in the last three quarters from
2.23% to 4.64% of the current balance of the portfolio.  Current
arrear levels have prevented the transaction from switching from
sequential to pro rata redemption of the notes.

The cumulative losses experienced in the transaction since
closing amount to 0.71% of the closing balance of the portfolio.
In particular 9.84% of the current balance of the portfolio is
represented by second lien mortgages, whose average loss
severity based on principal balance at sale has increased to
76.26% in the last quarter.

Moody's has assessed updated loan-by-loan information of the
outstanding portfolio to determine the increase in credit
support needed and the volatility of future losses.  Taking into
account the current amount of realized losses as well as
delinquency levels and trends, Moody's has adjusted its loss
expectations for this portfolio to a range of 3.30% to 3.50% of
original balance.

As already stated at closing, the transaction is exposed to some
unhedged basis risk for the Libor-linked floating rate portion
of the collateral, due to a reset date mismatch between the Note
Libor and the Libor on the concerned mortgages.  Recent interest
rate volatility in the Libor rate has been above the levels
initially modeled and the spread modeling for this rating review
takes this into account.

Additionally, 52.49% of the pool is currently represented by
fixed rate loans, which will revert to floating by March 2009.
The risk deriving from fixed to floating mismatch is partially
mitigated by cap agreements, in one of which the strike rate has
been exceeded in the last seven consecutive quarters.  The
mechanism to trap excess spread in the interest rate cap
proceeds reserve fund has delayed the repayment of the DTc
notes, whose residual balance outstanding has not been further
redeemed in the last five payment dates.

The review for downgrade will be concluded upon Moody's
assessment of the continued performance of the portfolio, as
well as of the availability of excess spread to repay the DTc
notes.  It may be the case that a conclusion will require more
than one payment date.

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.


SPEED 9404: Claims Filing Period Ends August 1
----------------------------------------------
Creditors of Speed 9404 Ltd. have until Aug. 1, 2008, to send in
their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any), to:

         Stephen John Tancock
         Joint Liquidator
         Smith & Williamson Ltd.
         89 King Street
         Maidstone
         Kent
         ME14 1BG
         England

Stephen John Tancock and Stephen John Adshead of Smith &
Williamson Ltd. were appointed joint liquidators of the company
on June 25, 2008, for the creditors' voluntary winding-up
proceeding.


TV NETWORK: Taps Smith & Williamson to Administer Assets
--------------------------------------------------------
Stephen Robert Cork and Joanne Elizabeth Milner of Smith &
Williamson Ltd. were appointed joint administrators of
TV Network Media Ltd. (Company Number 04732345) on July 4, 2008.

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

The company can be reached at:

         TV Network Media Ltd.
         c/o Smith & Williamson
         Prospect House
         2 Athenaeum Road
         London
         N20 9YU
         England


VIZION PROPERTIES: Calls in Liquidators from Vantis
---------------------------------------------------
Geoffrey Paul Rowley and Nicholas Hugh O'Reilly of Vantis
Business Recovery Services were appointed joint liquidators of
Vizion Properties Ltd. on May 5, 2008, for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Vizion Properties Ltd.
         c/o Vantis Business Recovery Services
         PO Box 2653
         66 Wigmore Street
         London
         W1A 3RT
         England


WIGHT PLAY: Calls in Joint Administrators from Tenon Recovery
-------------------------------------------------------------
Alexander Kinninmonth and Stanley Donald Burkett-Coltman of
Tenon Recovery were appointed joint administrators of Wight Play
Solutions Ltd. (Company Number 5423289) 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:

         Wight Play Solutions Ltd.
         9 St. Johns Place
         Newport
         Isle of Wight
         PO30 1LH
         England


* Moody's Notes Rising Delinquencies in UK BTL RMBS in H1 2008
--------------------------------------------------------------
The U.K. Buy-to-Let Residential Mortgage-Backed Securities
market reported a higher level of delinquencies during the first
six months of 2008 against a background of slower house-buying
activity and falling house prices, Moody's Investors Service
states in its new U.K. Buy-to-let RMBS second quarter 2008
credit index report.  Overall, delinquencies in the U.K. Buy-To-
Let market have been relatively low when compared with the U.K.
Non-conforming market or even the UK Prime market.  But the
history of data in this market is still short and does not cover
a full housing market cycle.

"Delinquency performance in the U.K. Buy-To-Let market has begun
to decline over the last six months to second quarter 2008.
Repossessions remain very low at this stage for Buy-to-Let
transactions.  However, Including Bradford & Bingley's Aire
Valley Master Trust both delinquencies and repossessions in this
market segment increased." says Daron Kularatnam, a Moody's
Senior Associate and one of the authors of the report.

The weighted-average delinquency trend (90+ days overdue) was
1.09% in second quarter 2008 (0.59% excluding Aire Valley) up
from 0.92% in the previous quarter, and up from 0.63% in second
quarter 2007.  The repossession trend rose steadily and was 10.3
basis points in second quarter 2008 (2.6 bps excluding Aire
Valley), marginally decreasing from 10.7 bps in first quarter
2008.  The cumulative loss trend, at 5.3 bps in second quarter
2008, has marginally increased from the previous quarter (first
quarter 2008: 4.5 bps) -- and up from 2.5 bps in second quarter
2007.  "Due to the heavy weighting of the Aire Valley Master
Trust, performance indicators should be evaluated with and
without the Master Trust included for a clearer picture of the
performance of the BTL market.  All ratios for UK BTL
transactions are determined on current portfolio balances," adds
Mr. Kularatnam.

Moody's observed that redemption levels in the Buy-To-Let market
have remained relatively flat (a range of 11% to 18%) since
2005.  As of second quarter 2008, the average Total Redemption
Ratio was 18% up from 16% in the previous quarter. Similarly,
the LTV weighted-average index for the UK BTL market is 78% and
has remained around 77% to 78% since the beginning of 2005.

Moody's new report further states that no performance-related
rating actions on outstanding UK Buy-To-Let transactions were
taken during second quarter 2008.

"One of the features of the UK Buy-to-Let market as an asset
class has been the relatively low rental returns.  UK Buy-To-Let
investors had been relying on capital appreciation to make their
investments worthwhile.  Investors always have the option of
selling their property if the investment ceases to make sense
from a capital gains perspective, but their ability to sell in a
timely manner in a softer market may be inhibited" says Nitesh
Shah, a Moody's Economist and report co-author.


* BOND PRICING: For the Week July 7 to July 11, 2008
----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CAD      64.97
                          0.250    10/14/26     CAD      40.32
Immofinanz Immob          2.750    01/20/14     EUR      69.03
Republic of Austria       1.000    06/22/22     EUR      70.04
                          0.000    10/10/25     EUR      63.41

BELGIUM
-------
Fortis Bank               8.750    12/07/10     EUR      57.02

FINLAND
-------
M-Real Serla              7.250    04/01/13     EUR      71.53
Muni Finance Ltd          1.000    03/19/13     AUD      74.03
Muni Finance PLC          0.500    04/26/13     AUD      71.45
                          1.000    10/30/17     AUD      58.16
                          1.000    02/27/18     AUD      57.26
                          1.000    11/21/16     NZD      61.57
                          0.250    06/28/40     CAD      21.13
                          0.500    09/24/20     CAD      61.90

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      14.74
Altran Technologies S.A.  3.750    01/01/09     EUR      12.60
Calyon                    6.000    06/18/47     EUR      41.35
CAP Gemini S.A.           2.500    01/01/10     EUR      51.13
                          1.000    01/01/12     EUR      43.20
Club Mediterranee S.A.    3.000    11/01/08     EUR      66.97
                          4.375    11/01/10     EUR      45.60
Essilor Int'l             1.500    07/02/10     EUR      70.78
Europcar Groupe           8.125    05/15/14     EUR      64.84
                          8.125    05/15/14     EUR      64.51
FCC Rome Alliance
Funding                   2.26     01/08/21     EUR      69.67
Havas S.A.                4.000    01/01/09     EUR      10.79
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR       0.25
Ingenico                  2.750    01/01/12     EUR      20.27
Maurel & Prom             3.500    01/01/10     EUR      21.34
Publicis Group            0.750    07/17/08     EUR      29.02
                          1.000    01/18/18     EUR      41.39
Rhodia S.A.               0.500    01/01/14     EUR      33.75
Soc Air France            2.750    04/01/20     EUR      19.80
Wavecom S.A.              1.750    01/01/14     EUR      18.91

Wendel Invest S.A.        2.000    06/19/09     EUR      41.08
                          4.875    09/21/15     EUR      69.84
                          4.375    08/09/17     EUR      62.69
                          4.875    05/26/16     EUR      68.98
                          4.875    11/04/14     EUR      72.02

GERMANY
-------
Callahan NRH             16.000    07/15/10     US$       0.01
Deutsche Bank London      2.790    07/27/15     EUR      74.94
Deutsche Schifbk          4.200    01/23/09     EUR      99.47
Grohe Holding             8.625    10/01/14     EUR      75.18
KfW Bankengruppe          0.500    10/30/13     AUD      69.29
                          0.500    12/19/17     EUR      68.02
                          1.250    05/23/20     EUR      72.44
                          1.250    07/07/20     EUR      73.77
                          1.250    07/29/20     EUR      73.05
                          5.000    09/21/25     EUR      67.00
                          5.000    08/10/30     EUR      66.01
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      44.95
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      60.08

ICELAND
-------
Glitnir banki HF          6.000    03/05/12     GBP      76.70
Kaupthing Bank            6.500    02/03/45     EUR      41.67
                          6.125    10/04/16     US$     100.00

IRELAND
-------
Banesto Finance Plc       6.120    11/07/37     EUR       6.12
Depfa ACS Bank            0.500    03/03/25     CDN      49.18
                          0.250    07/08/33     CDN      28.83
Irish Nationwide
  Building Society        5.500    01/10/18     GBP      68.44
Irish Perm Plc            2.500    02/15/35     EUR      49.83
Ono Finance II            8.000    05/16/14     EUR      65.54
UT2 Funding Plc           5.320    06/30/16     EUR      74.61

LUXEMBOURG
----------
Globus Capital Finance SA 8.500    03/05/12     US$      70.83
IT Holding Fin            9.880    11/15/12     EUR      67.35
Kloeckner & Co Fin Intl   1.500    07/27/12     EUR      74.07
Nell AF S.A.R.L.          8.375    08/15/15     EUR      62.08
                          8.375    08/15/15     US$      61.43

NETHERLANDS
-----------
ABN Amo Bank B.V.         6.000    03/16/35     EUR      64.31
Air Berlin Finance B.V.   1.500    04/11/27     EUR      27.20
ALB Finance B.V.          7.875    02/01/12     EUR      75.30
BK Ned Gemeenten          0.500    06/27/18     CDN      67.00
                          0.500    02/24/25     CDN      49.23
BLT Finance BV            7.500    04/17/74     US$      64.47
EM.TV Finance B.V.        5.250    05/08/13     EUR       4.04
Gerling Global            6.625    08/16/21     EUR      67.61
GMAC Int'l Finance B.V.   5.750    05/21/10     EUR      74.13
                          5.100    07/15/10     EUR      69.17
                          5.100    07/15/10     EUR      69.17
                          5.100    07/15/10     EUR      69.17
                          5.200    07/15/10     EUR      69.31
                          4.550    10/15/10     EUR      74.82
                          4.550    10/15/10     EUR      74.82
                          4.600    10/15/10     EUR      74.90
                          4.600    11/15/10     EUR      74.11
                          4.650    11/15/10     EUR      74.20
                          4.750    11/15/10     EUR      74.37
                          4.900    11/15/10     EUR      74.63
                          4.800    12/15/10     EUR      73.72
                          4.900    12/15/10     EUR      73.90
                          4.900    12/15/10     EUR      73.90
                          4.850    01/15/11     EUR      73.06
                          4.900    01/15/11     EUR      73.15
                          5.100    01/15/11     EUR      73.52
Hypo Real ES Finance      5.500    08/20/08     EUR      35.45
Indah Kiat Intl          11.880    06/15/02     US$      53.00
ING Bank N.V.             4.200    12/19/35     EUR      74.06
IVG Finance B.V.          1.750    03/29/17     EUR      52.93
Kazkommerts Intl          7.500    11/29/16     US$      76.30
                          6.875    02/13/17     EUR      73.80
Kazkommertsbank           8.500    06/13/17     US$      75.03
KBC Ifima NV              5.880    02/07/25     US$      72.27
Lehman Bros TSY B.V.      2.000    02/16/15     EUR      75.35
                          2.000    03/18/15     EUR      74.33
                          4.169    02/16/17     EUR      67.83
                          6.000    02/15/35     EUR      53.87
                          2.000    03/16/35     EUR      38.87
                          7.000    05/17/35     EUR      48.38
                          7.250    10/05/35     EUR      38.95
                          6.000    11/02/35     EUR      40.51
Montell Finance B.V.      8.100    03/15/27     US$      60.38
Natl Invester Bank       25.982    05/07/29     EUR      30.27
Ned Waterschapbk          6.000    06/01/35     EUR      62.59
                          6.500    08/15/35     EUR      56.73
                          6.000    06/30/45     EUR      56.80
NXP BV/NXP FUNDI          8.625    10/15/15     EUR      75.17
                          8.625    10/15/15     EUR      74.94
Portugal Tel Fin          4.500    06/16/25     EUR      73.15
Rabobank Groep N.V.       2.500    02/22/35     EUR      59.42
                          5.000    02/28/35     EUR      63.34
                          2.000    03/23/35     EUR      57.75
                          6.000    05/09/35     EUR      61.85

NORWAY
------
Eksportfinans            13.000    02/25/09     US$      69.25
Kommunalbanken A.S.       0.500    02/07/13     AUD      72.33
Norske Skogindustrier ASA 7.000    06/26/17     EUR      62.58

SWITZERLAND
-----------
Cytos Biotechnology       2.875    02/20/12     CHF      72.88

UNITED KINGDOM
--------------
Allianc&Leic Bld          5.875    08/14/31     GBP      73.64
                          5.250    03/06/23     GBP      74.90
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      51.13
Aspire Defence            4.670     03/31/40    GBP      68.17
                          4.670     03/31/40    GBP      68.65
Baa Plc                   5.125     02/15/23    GBP      76.09
Bank of Scotland          6.000     02/07/35    EUR      61.72
Bradford&Bin BLD          5.750     12/12/22    GBP      68.84
                          6.625     06/16/23    GBP      65.95
Britannia Building
   Society                5.875     03/28/33    GBP      72.02
                          5.750     12/02/24    GBP      73.31
F&C Asset Management plc  6.750     12/20/26    GBP      70.58
Grainer Plc               3.630     05/17/14    GBP      57.60
Hammerson Plc             6.000     02/23/26    GBP      74.80
HBOS Plc                  4.500     03/18/30    EUR      71.50
HSBC Bank Plc             3.750     05/18/15    EUR      71.47
Ineos Group Holdings Plc  7.875     02/15/16    EUR      61.68
                          7.875     02/15/16    EUR      61.79
                          8.500     02/15/16    US$      66.04
Jaztel Plc                5.000     04/29/10    EUR      69.71
National Grid Gas Plc     1.754     10/17/36    GBP      41.99
                          1.771     03/30/37    GBP      41.97
ONO Finance PLC          10.500     05/15/14    EUR      65.92
Rexam Plc                 6.750     06/29/67    EUR      72.57
Royal BK Scotland         9.500     04/04/25    US$      69.67
                          2.791     06/29/30    EUR      41.85


                            *********

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 * * *