TCREUR_Public/080715.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, July 15, 2008, Vol. 9, No. 139

                            Headlines


F R A N C E

CLAIRE'S STORES: Zimmermann Quits as President for North America


G E R M A N Y

ANDRIC MONTAGE: Claims Registration Period Ends July 25
AREAL-PLAN GARTEN: Claims Registration Period Ends July 25
BHT AUTOMOBILE: Claims Registration Period Ends July 25
BIAG VERWALTUNGS: Claims Registration Period Ends July 28
CAR-D VERTRIEBS: Claims Registration Period Ends July 25

DL SOLARTEC: Claims Registration Period Ends July 25
DOHM GMBH: Claims Registration Period Ends July 25
EAST STAR: Claims Registration Period Ends July 25
EBA SCHOOL: Claims Registration Period Ends July 28
EISEN-DATTLER: Claims Registration Period Ends July 25

F.A.C.H. BAU: Claims Registration Period Ends July 25
FACH BAU: Claims Registration Period Ends July 24
FINE FOOD: Claims Registration Period Ends July 28
GNEISENAUSTRASSE 35: Claims Registration Period Ends July 24
HAASE BETEILIGUNGS: Claims Registration Period Ends July 28

IKB DEUTSCHE: Supervisory Board Approves 2007 Annual Accounts
IKB DEUTSCHE: Supervisory Board Extends Management Board Mandate
JUNG FORSTSERVICE: Claims Registration Period Ends July 28
KUENSTLERTREFF MIROE: Claims Registration Period Ends July 28
VS2008 GMBH: Claims Registration Period Ends July 22


I T A L Y

ALITALIA SPA: Adviser Plans Administration Under Amended Law
PARMALAT SPA: Allocated Shares Hike Equity Capital
PARMALAT SPA: Board to Review Interim Data July 30, 2008


K A Z A K H S T A N

ADILET ER: Creditors Must File Claims by August 26
ALLIANCE TRANSIT: Claims Filing Deadline Slated for August 26
EK KONSUL: Claims Filing Period Ends August 26
ENERGO LEP: Creditors' Proofs of Claim Due by August 26
INFECOM ASIA: Claims Registration Period Ends August 22

INTER EKSIM: Creditors Must File Claims by Aug. 26
KAZMARKET-S LLP: Claims Filing Deadline Slated for August 26
KURYLYS-EXPRESS LLP: Claims Filing Period Ends August 22
MUNAI TRANS: Creditors' Proofs of Claim Due by August 26
NEW PERFECT: Creditors Must File Claims by August 22

PROMRESOURCE-PV LLP: Claims Registration Period Ends August 26
SAMAL LTD: Claims Filing Deadline Slated for August 26
SIB PHARM-ALMATY: Claims Filing Deadline Slated for August 22
TECHNOSERVICE-2030 LLP: Claims Filing Period Ends August 22


K Y R G Y Z S T A N

SUNSHINE CENTURY: Creditors Must File Proofs of Claim by Aug. 27


N E T H E R L A N D S

SENSATA TECHNOLOGIES: Moody's Cuts Ratings, Junks Senior Notes


R U S S I A

A-B-M TRAKS: Creditors Must File Claims by July 17
AGRO-MEL-TRANS: Court Starts Bankruptcy Supervision Procedure
AMUR OJSC: Asset Sale Slated for July 25
BREAD ILANSKIY: Creditors Must File Claims by August 17
DOMINO CJSC: Court Starts Bankruptcy Supervision Procedure

DOOR MANUFACTURE: Creditors Must File Claims by August 17
KAMCHAT-RYB-SPETS-STROY: Creditors Must File Claims by August 17
LIGHT LLC: Creditors Must File Claims by July 17
METAL-SNAB-URAL: Creditors Must File Claims by July 17
MOBILE-TRANSPORT: Kirov Bankruptcy Hearing Slated for Sept. 2

PLOTINKA CJSC: Creditors Must File Claims by August 17
ROSA KUZBASS: Creditors Must File Claims by August 17
SISTEMA JSFC: Names Maxim Uvarov as Binnofarm Unit Chief
TATNEFT OAO: Hikes Crude Output in Fist Half 2008
TATNEFT OAO: Fitch Lifts Issuer Default Rating to BB from B+

TRANSNEFT OAO: Earns RUR64.67 Billion for Full Year 2007
URAL-OIL LLC: Creditors Must File Claims by August 17
VESTOS-NN CJSC: Creditors Must File Claims by July 17
VOSTOK-TEKH-MONTAZH: Creditors Must File Claims by July 17


S P A I N

CAJA DE AHORROS: Fitch Affirms BB+ Support Floor Rating
CAJA DE GENERAL: Fitch Holds Support Rating Floor at 'BB+'
EDV PACKAGING: Files for Insolvency; Seeks Investor  


S W I T Z E R L A N D

24 STUND: Creditors Must File Proofs of Claim by July 25
ACR CAR: Leistal Court Commences Bankruptcy Proceedings
AKTIENPOWER GLOBAL: Creditors' Proofs of Claim Due by July 25
AKTIENPOWER JSC: Deadline to File Proofs of Claim Set July 25
ALEXANDER & ASSOCIATES: Claims Filing Period Ends July 25

DOBER TREND-SPORT: Proofs of Claim Filing Deadline is July 25
G-BETON LLC: July 25 Set as Deadline to File Proofs of Claim
GENERAL MOTORS: Sets Record Sales in Europe for First Half 2008
MISSION TO PROCESS: Deadline to File Proofs of Claim Set July 25
SOHAMOB LLC: July 25 Set as Deadline to File Proofs of Claim

VALENTIN UTZINGER: Proofs of Claim Filing Deadline is July 25
VARIA MED: Creditors Have Until July 25 to File Proofs of Claim
VITALFORUM LLC: Creditors' Proofs of Claim Due by July 25
WEMAG LLC: July 25 Set as Deadline to File Proofs of Claim
WINTEC TECHNOLOGY: Creditors' Proofs of Claim Due by July 25


U K R A I N E

ALKOTRADE LLC: Creditors Must File Claims by July 26
ALPHA LLC: Creditors Must File Claims by July 31
BUILDINGPLAST LLC: Creditors Must File Claims by July 26
FORBS LLC: Creditors Must File Claims by July 26
GRYEGA-S LLC: Creditors Must File Claims by July 26

HERMES LLC: Creditors Must File Claims by July 31
INTERSOYUZ LLC: Claims Filing Deadline Set July 26
ISIGA LLC: Creditors Must File Claims by July 26
LATOUR LLC: Creditors Must File Claims by July 26
MAKO-COMPUTER LLC: Creditors Must File Claims by July 26

MAXIMUS LLC: Creditors Must File Claims by July 26
NAFTOGAZ UKRAINY: Denies Owing Over US$2 Billion to RosUkrEnergo
POLESYE LLC: Creditors Must File Claims by July 26
SLAVUTICH LLC: Creditors Must File Claims by July 26
SPUTNIK LLC: Creditors Must File Claims by July 26

TATARBUNARY AGRICULTURAL: Creditors Must File Claims by July 26
TELEGRAND LLC: Creditors Must File Claims by July 26
TREK LLC: Creditors Must File Claims by July 26
VERSION LLC: Creditors Must File Claims by July 26
VKF BIOLOG: Creditors Must File Claims by July 26


U N I T E D   K I N G D O M

ARC PROJECTS: Brings In Liquidators from Baker Tilly
ARDANA BIOSCIENCE: Appoints Administrators from Ernst & Young
BROADBAND OFFICE: Taps Joint Administrators from BDO Stoy
BUTLER & TANNER: Taps Liquidators from Smith & Williamson
BYFLEET SOLNA: Creditors' Meeting Slated for July 23

CHRYSLER LLC: Faces Suit in N.Y. Over Sebring Engines Warranties
CONCERTO II: Fitch Affirms 'BB-' Rating on Class D Notes
DIPFORD GROUP: Brings In Administrators from Menzies
DOT MOBILE: Appoints Liquidators from Smith & Williamson
EXODUS MANAGEMENT: Calls In Liquidators from Moore Stephens

FCM TECHNOLOGIES: Brings In Liquidators from Tenon Recovery
FUSION FILLINGS: Calls In Administrators from Tenon Recovery
GLO HIRE: Creditors' Meeting Slated for August 27
H.J. HEINZ: Moody's Assigns Ba1 Rating on Preferred Stock
HORNERS MOTOR: Goes Into Administrative Receivership

INTERNATIONAL MEDICAL: Puts Two Subsidiaries Into Administration
LILYPAD ESTATES: Brings In Joint Administrators from PwC
NORTHWORLD LTD: Creditors' Meeting Slated for July 28
PACSCOM LTD: Creditors' Meeting Slated for July 25
PEPPER POST: Appoints Joint Administrators from Baker Tilly

QUEBECOR WORLD: Judge Peck Modifies Management Incentive Plan
QUEBECOR WORLD: Printing Agreement with Dex Extended to 2015
QUEBECOR WORLD: Receives Conversion Notices for Series 5 Shares
QUEBECOR WORLD: Wants Five More KPMG Retention Letters Approved
SPECTRUM COLOUR: Appoints Liquidators from Tenon Recovery

SUPER AGURI: Goes Into Liquidation; Eyes Sale of Assets
WESTON SPIRIT: T. Dixon Leads Liquidation Procedure

* Large Companies with Insolvent Balance Sheet


                            *********


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


CLAIRE'S STORES: Zimmermann Quits as President for North America
----------------------------------------------------------------
Claire's Stores, Inc. disclosed that John A. Zimmermann resigned
as President of Claire's North America, effective July 7, 2008,
for personal reasons.

Starting as an executive trainee in 1981 with John Wanamaker,
the Philadelphia, Pennsylvania-based department store, Mr.
Zimmermann went on to hold senior merchandising and executive
positions with retail chains that included Federated Department
Stores, The Children's Place and Bon Marche, Carter Hawley
Hale's The Broadway Stores and Contempo Casuals, as well as
Bradlees.

At Zale Corp., as a Corporate Senior Vice President and
President of Zale Canada Company, he led a successful turnaround
of the company.  In his most recent Zale assignment as
President, North America, a 990-store US$1.4 billion jewelry
retailer with units in the U.S., Canada and Puerto Rico, he
addressed challenging issues that embraced merchandising, sales,
marketing and operational improvement.

Headquartered in Pembroke Pines, Florida, Claire's Stores Inc.
(NYSE: CLE) -- http://www.clairestores.com/-- is a specialty   
retailer of value-priced jewelry and accessories for girls and
young women through its two store concepts: Claire's and Icing.  
While the latter operates only in North America, Claire's
operates worldwide.  As of May 3, 2008, Claire's Stores, Inc.
operated 3,053 stores in North America and Europe.  Claire's
Stores Inc. also operates through its subsidiary, Claire's
Nippon Co. Ltd., 201 stores in Japan as a 50:50 joint venture
with AEON Co. Ltd.   The company also franchises 169 stores in
the Middle East, Turkey, Russia, South Africa, Poland and
Guatemala.

                         *     *     *

As reported in the Troubled Company Reporter on May 6, 2008,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Claire's Stores Inc. to 'B-' from 'B'.  At the same
time, S&P lowered the ratings on the company's US$1.65 billion
senior secured credit facilities to 'B' from 'B+', its
US$600 million senior unsecured notes to 'CCC+' from 'B-', and
its US$335 million senior subordinated notes to 'CCC' from
'CCC+'.  The outlook is negative.


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


ANDRIC MONTAGE: Claims Registration Period Ends July 25
-------------------------------------------------------
Creditors of Andric Montage GmbH have until July 25, 2008 to
register their claims with court-appointed insolvency manager
Dr. Juergen Spliedt.

Claims will be verified at 11:30 a.m. on Sept. 17, 2008 at:

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

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

The insolvency manager can be reached at:

         Dr. Juergen Spliedt
         Uhlandstr. 165/166
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Andric Montage GmbH on April 22, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Andric Montage GmbH
         Weigandufer 5 A
         12045 Berlin
         Germany


AREAL-PLAN GARTEN: Claims Registration Period Ends July 25
----------------------------------------------------------
Creditors of areal-plan garten-landschaftsbau 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 10:40 a.m. on Aug. 7, 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 087
         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 areal-plan garten-landschaftsbau gmbh on
June 17, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         areal-plan garten-landschaftsbau gmbh
         Attn: Klaus Kretschmann, Manager
         Schillerstr. 2
         67816 Dreisen
         Germany


BHT AUTOMOBILE: Claims Registration Period Ends July 25
-------------------------------------------------------
Creditors of BHT Automobile GmbH have until July 25, 2008, to
register their claims with court-appointed insolvency manager
Christian Grobstich.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Aug. 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Konstanz
         Hall 102
         First Floor
         Gerichtstrasse 9
         78462 Konstanz
         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:

         Christian Grobstich
         Bleicherstr. 10
         78467 Konstanz
         Germany

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

The Debtor can be reached at:

         BHT Automobile GmbH
         Werner-von-Siemens-Str. 18
         78224 Singen
         Germany


BIAG VERWALTUNGS: Claims Registration Period Ends July 28
---------------------------------------------------------
Creditors of BIAG Verwaltungs GmbH have until July 28, 2008, to
register their claims with court-appointed insolvency manager
Dr. Juergen Wallner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Leipzig
         Hall 145
         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. Juergen Wallner
         Karl-Heine-Strasse 25b
         04229 Leipzig
         Germany
         Tel: 0341-2534760
         Fax: 0341-2534761

The District Court of Leipzig opened bankruptcy proceedings
against BIAG Verwaltungs GmbH on July 13, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         BIAG Verwaltungs GmbH
         Attn: Rainer Rudolph, Manager
         Pereser Strasse 2
         04575 Neukieritzsch OT
         Lippendorf
         Germany


CAR-D VERTRIEBS: Claims Registration Period Ends July 25
--------------------------------------------------------
Creditors of Car-d Vertriebs-GmbH have until July 25, 2008, to
register their claims with court-appointed insolvency manager
Severin Kiesl.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.m. on Sept. 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Muehldorf a. Inn
         Hall 112
         Innstrasse 1
         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:

         Severin Kiesl
         Stollstrasse 5
         83022 Rosenheim
         Germany

The District Court of Muehldorf a. Inn opened bankruptcy
proceedings against Car-d Vertriebs-GmbH on June 5, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Car-d Vertriebs-GmbH
         Attn: Marcus Joch and Dr. Wulf Hannes Heisler, Managers
         Berliner Strasse 16
         84478 Waldkraiburg
         Germany


DL SOLARTEC: Claims Registration Period Ends July 25
----------------------------------------------------
Creditors of DL Solartec Thueringen GmbH have until July 25,
2008, to register their claims with court-appointed insolvency
manager Michael Bleek.

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

The meeting of creditors will be held at:

         The District Court of Jena
         Hall 105
         Justizzentrum Meiningen
         Lindenallee 15
         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 Bleek
        Andreasstr. 39
        99084 Erfurt
        Germany

The District Court of Jena opened bankruptcy proceedings against
DL Solartec Thueringen GmbH on June 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         DL Solartec Thueringen GmbH
         Zwick 48-50
         98590 Wernshausen
         Germany


DOHM GMBH: Claims Registration Period Ends July 25
--------------------------------------------------
Creditors of Dohm GmbH have until July 25, 2008, to register
their claims with court-appointed insolvency manager Rainer
Emmer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 28, 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 Tuebingen
         Hall 208
         Second Floor
         Branch Office
         Schulberg 14
         72074 Tuebingen
         Germany

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

The insolvency manager can be reached at:

         Rainer Emmer
         Im Unterhof 8
         72770 Reutlingen
         Germany
         Tel: 0700/287636637
         Fax: 0700/2878636637

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

The Debtor can be reached at:

        Dohm GmbH
        Blumenstr. 31
        72127 Kusterdingen
        Germany


EAST STAR: Claims Registration Period Ends July 25
--------------------------------------------------
Creditors of East Star GmbH have until July 25, 2008, to
register their claims with court-appointed insolvency manager
Thomas Lissner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 28, 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 Osnabrueck
         Hall N 301
         Kollegienwall 10
         49074 Osnabrueck
         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:

        Thomas Lissner
        Schillerstr. 20
        49074 Osnabrueck
        Germany
        Tel: (0541) 33 8500
        Fax: (0541) 33 850-50

The District Court of Osnabrueck opened bankruptcy proceedings
against East Star GmbH on June 3, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         East Star GmbH
         Moeserstrasse 35
         49074 Osnabrueck
         Germany


EBA SCHOOL: Claims Registration Period Ends July 28
---------------------------------------------------
Creditors of eba School of eBusiness GmbH have until July 28,
2008, to register their claims with court-appointed insolvency
manager Stephan Neubauer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         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:

         Stephan Neubauer
         Spitalerstrasse 4
         20095 Hamburg
         Germany

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

The Debtor can be reached at:

         eba School of eBusiness GmbH
         Dr. Werner Sauter, Manager
         Hasslerstrasse 52
         89077 Ulm
         Germany


EISEN-DATTLER: Claims Registration Period Ends July 25
------------------------------------------------------
Creditors of Eisen-Dattler GmbH have until July 25, 2008, to
register their claims with court-appointed insolvency manager
Rainer J. Peters.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Loarrach
         Room 2.21
         Hall 5
         2nd OG
         Bahnhofstr. 4a
         79539 Loarrach
         Germany

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

The insolvency manager can be reached at:

         Rainer J. Peters
         Lindenstr. 8
         79379 Muellheim
         Germany
         Tel: 07631/16877

The District Court of Loarrach opened bankruptcy proceedings
against Eisen-Dattler GmbH on June 24, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Eisen-Dattler GmbH
         Attn: Heidi Malnati, Manager
         Schwarzwaldstr. 31
         79539 Loerrach
         Germany


F.A.C.H. BAU: Claims Registration Period Ends July 25
-----------------------------------------------------
Creditors of F.A.C.H. Bau GmbH i.L. have until July 25, 2008, to
register their claims with court-appointed insolvency manager
Dr. Detlef Ruediger Beckmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.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 Cottbus
         Hall 210
         First Floor
         Gerichtsplatz 2
         03046 Cottbus
         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. Detlef Ruediger Beckmann
         Lindenallee 33
         14050 Berlin
         Germany

The District Court of Cottbus opened bankruptcy proceedings
against F.A.C.H. Bau GmbH i.L. on June 23, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         F.A.C.H. Bau GmbH i.L.
         Muskauer Strasse 43
         03130 Tschernitz
         Germany


FACH BAU: Claims Registration Period Ends July 24
-------------------------------------------------
Creditors of Fach- Bau- Sanierung Mueller und Co. GmbH have
until July 24, 2008 to register their claims with court-
appointed insolvency manager Rolf Nacke.

Claims will be verified at 9:20 a.m. on Sept. 19, 2008 at:

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

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

The insolvency manager can be reached at:

         Rolf Nacke
         Gross-Berliner Damm 73 c
         12487 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Fach- Bau- Sanierung Mueller und Co. GmbH on
April 24.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Fach- Bau- Sanierung Mueller und Co. GmbH
         Auguste-Viktoria-Allee 12-13
         13403 Berlin
         Germany


FINE FOOD: Claims Registration Period Ends July 28
--------------------------------------------------
Creditors of Fine Food GmbH have until July 28, 2008, to
register their claims with court-appointed insolvency manager
Dr. Gideon Boehm.

Creditors and other interested parties are encouraged to attend
the meeting at 12:00 p.m. on Sept. 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 Pinneberg
         Hall 5
         Station Route 17
         25421 Pinneberg
         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. Gideon Boehm
         Bachstrasse 85 a
         22083 Hamburg
         Germany

The District Court of Pinneberg opened bankruptcy proceedings
against Fine Food GmbH on July 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Fine Food GmbH
         Attn: Carsten Schneider, Manager
         Eythraer Weg 22
         04249 Leipzig
         Germany


GNEISENAUSTRASSE 35: Claims Registration Period Ends July 24
------------------------------------------------------------
Creditors of Gneisenaustrasse 35 KG CONBA
Grundstuecksverwaltungs-GmbH & Co. have until July 24, 2008 to
register their claims with court-appointed insolvency manager
Prof. Rolf Rattunde.

Claims will be verified at 9:00 a.m. on Sept. 18, 2008 at:

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany
         
Creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.

The insolvency manager can be reached at:

         Prof. Rolf Rattunde
         Kurfuerstendamm 26 a
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Gneisenaustrasse 35 KG CONBA
Grundstuecksverwaltungs-GmbH & Co. on April 30, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gneisenaustrasse 35 KG CONBA
         Grundstuecksverwaltungs-GmbH & Co.
         Ebersstr. 61
         10827 Berlin
         Germany


HAASE BETEILIGUNGS: Claims Registration Period Ends July 28
-----------------------------------------------------------
Creditors of Haase Beteiligungs GmbH have until July 28, 2008,
to register their claims with court-appointed insolvency manager
Rainer M. Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Gifhorn
         Hall 114
         Am Schlossgarten 4
         38518 Gifhorn
         Germany

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

The insolvency manager can be reached at:

         Rainer M. Bahr
         Prinzenstr. 14
         30159 Hannover
         Germany
         Tel: 0511/85030580
         Fax: 0511/85030588
         E-mail: Baehr@Hermann-Law.com

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

The Debtor can be reached at:

         Haase Beteiligungs GmbH
         Ilseder Huette 10
         31241 Ilsede
         Germany

         Attn: Thomas Haase, Manager
         Soltgrund 19
         31188 Holle
         Germany


IKB DEUTSCHE: Supervisory Board Approves 2007 Annual Accounts
-------------------------------------------------------------
The Supervisory Board of the IKB Deutsche Industriebank AG has
approved the annual accounts the company's and the consolidated
financial statements.

The complete annual report of the IKB Group and the annual
accounts and management report of IKB AG will be published on
July 21, 2008.

                       About IKB Deutsche

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

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

                         *     *     *

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


IKB DEUTSCHE: Supervisory Board Extends Management Board Mandate
----------------------------------------------------------------
The Supervisory Board of the IKB Deutsche Industriebank AG has
resolved these:

Dr. Guenther Braunig, appointed as Chairman of the Board of
Managing Directors originally for a one year period to
July 29, 2008, will remain Chairman until Oct 15, 2008.

The Board appointment of Dr. Dieter Glueder (52), which was also
originally set to run for one year (to July 29, 2008), has also
been extended to Oct. 15, 2008.  Dr. Glueder has IKB Board
responsibility for Portfolio Investments, Treasury and Financial
Markets, as well as for the Structured Financing segment and the
Economics department.

                       About IKB Deutsche

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

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

                         *     *     *

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


JUNG FORSTSERVICE: Claims Registration Period Ends July 28
----------------------------------------------------------
Creditors of Jung Forstservice GmbH have until July 28, 2008, to
register their claims with court-appointed insolvency manager
Angelika Geil.

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 Freiburg
         Room 303
         Holzmarkt 2
         79098 Freiburg i.Br.
         Germany

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

The insolvency manager can be reached at:

         Angelika Geil
         Kaiser-Joseph-Str. 255
         79098 Freiburg
         Germany
         Tel: 0761/26828
         Fax: 0761/2923635

The District Court of Freiburg opened bankruptcy proceedings
against Jung Forstservice GmbH on June 16, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Jung Forstservice GmbH
         Att: Paul Jung, Manager
         Forsthausstr. 7
         79331 Teningen
         Germany


KUENSTLERTREFF MIROE: Claims Registration Period Ends July 28
-------------------------------------------------------------
Creditors of Kuenstlertreff Miroe GmbH have until July 28, 2008,
to register their claims with court-appointed insolvency manager
Frank Dreyer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 28, 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 Tostedt
         Meeting Room I
         Area CE.02
         Linden 23
         21255 Tostedt
         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:

         Frank Dreyer
         Hamburger Str. 208
         22083 Hamburg
         Germany
         Tel: 040/27148116
         Fax: 040/27148136

The District Court of Tostedt opened bankruptcy proceedings
against Kuenstlertreff Miroe GmbH on June 3, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kuenstlertreff Miroe GmbH
         Hauptstrasse 37
         21266 Jesteburg
         Germany

         Attn: Elisabeth Luebberstedt-Hobohm, Manager
         Rondahler Weg 33
         21376 Salzhausen
         Germany


VS2008 GMBH: Claims Registration Period Ends July 22
----------------------------------------------------
Creditors of VS2008 GMBH have until July 22, 2008 to register
their claims with court-appointed insolvency manager Thomas
Steger.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on July 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Meeting Hall W 1.26
         First Floor
         Wilhelmstr. 23
         53111 Bonn
         Germany

The Court will verify the claims set out in the insolvency
manager's report at 9:40 a.m. on Aug. 22, 2008, 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:

         Thomas Steger
         Koelnstrasse 135
         53757 Sankt Augustin
         Germany
         Tel: 02241/90600
         Fax: 02241/906090

The District Court of Bonn opened bankruptcy proceedings against  
VS2008 GMBH on June 27, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         VS2008 GMBH
         Attn: Patrick Stolle, Manager
         Am Hof 26a
         53113 Bonn
         Germany



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


ALITALIA SPA: Adviser Plans Administration Under Amended Law
------------------------------------------------------------
Alitalia S.p.A. will be placed into administration under an
amended reorganization as part of its rescue plan, Thomson
Financial says citing a Milano Finanza report.

According to Intesa Sanpaolo S.p.A.'s plan known as Fenice, MF
relates, the Italian government will amend a law used to
reorganized Parmalat S.p.A.  The government tapped Intesa
Sanpaolo as adviser for the sale of its 49.9% stake in Alitalia.

The law, written by former Industry Minister Antonio Marzano,
allows large companies to seek protection from creditors and to
be placed in emergency administration.  The law would allow
Alitalia's core business to be separated from its debt and
placed them under a new company.

Under the Fenice plan, the oldco will shoulder the cost of the
planned 5,000 job cuts and take on Alitalia's EUR1.1 billion
debt -- including the recent EUR300 million loan from the
government and a EUR750 million convertible bond, MF reports.

The newco, meanwhile, will inherit Alitalia's fleet and real
estate assets as well as the remaining employees and up to
EUR500 million in debt, MF says.  It would also have EUR800
million in fresh cash and receive around EUR300 million in
assets from AirOne S.p.A.

A consortium of businessmen including Roberto Colaninno,
Gilberto Benetton and the De Agostini group will acquire a
minority stake in the newco, with possibility of playing a
greater role.

Intesa Sanpaolo has until Aug. 10 to present Alitalia's rescue
plan to the government.

                          About Alitalia

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

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


PARMALAT SPA: Allocated Shares Hike Equity Capital
--------------------------------------------------
Parmalat S.p.A. communicates that, following the allocation of
shares to creditors of the Parmalat Group, the subscribed and
fully paid up share capital has now been increased by
EUR142,627 to EUR1,667,640,951 from EUR1,667,498,324.

The share capital increase is due to exercise of 107,236 warrant
and to the assignation of 35,391 shares.

According to the company, 28,746,739 shares representing
approximately 1.7% of the share capital are still in a
deposit account c/o Parmalat S.p.A., of which:

    * 13,203,874 or 0.8% of the share capital, registered in the
      name of individually identified commercial creditors, are
      still deposited in the intermediary account of Parmalat
      S.p.A. centrally managed by Monte Titoli (compared with
      13,222,215 shares as at May 30, 2008);

    * 15,542,865 or 0.9% of the share capital registered in the
      name of the Foundation, called Fondazione Creditori
      Parmalat, of which:

      -- 120,000 shares representing the initial share capital
         of Parmalat S.p.A. (unchanged);

      -- 15,422,865 or 0,9% of the share capital that pertain to
         currently undisclosed creditors (compared with
         16,667,668 shares as at May 30, 2008).

                        About Parmalat

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

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

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

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

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

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


PARMALAT SPA: Board to Review Interim Data July 30, 2008
--------------------------------------------------------
Parmalat S.p.A. communicates that the Board Meeting for the
discussion of the preliminary data as at June 30, 2008, will be
held on July 30, 2008 instead of July 25, 2008, as initially
planned.

                        About Parmalat

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

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

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

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

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

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



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


ADILET ER: Creditors Must File Claims by August 26
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Adilet Er Ltd. declared insolvent.

Creditors have until Aug. 26, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Gagarin Str. 18-49
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 47-11-85


ALLIANCE TRANSIT: Claims Filing Deadline Slated for August 26
-------------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Trade-Industrial Company Alliance Transit
insolvent.

Creditors have until Aug. 26, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Astana
         Respublika ave. 1-40
         Astana
         Kazakhstan
         Tel: 8 (7172) 21-72-84


EK KONSUL: Claims Filing Period Ends August 26
----------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Ek Konsul insolvent.

Creditors have until Aug. 26, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Gagarin Str. 18-49
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 47-11-85


ENERGO LEP: Creditors' Proofs of Claim Due by August 26
-------------------------------------------------------  
LLP Energo LEP has declared insolvency.  Creditors have until
Aug. 26, 2008, to submit written proofs of claims to:

         LLP Energo LEP
         Ryabinovy Side Street, 5
         Rudny
         Kostanai
         Kazakhstan


INFECOM ASIA: Claims Registration Period Ends August 22
-------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Infecom Asia insolvent.

Creditors have until Aug. 22, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Post Office 57
         050057, Almaty  
         Kazakhstan
         Tel: 8 777 679 16-41


INTER EKSIM: Creditors Must File Claims by Aug. 26
--------------------------------------------------  
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Inter Eksim insolvent.

Creditors have until Aug, 26, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Astana
         Respublika ave. 1-40
         Astana
         Kazakhstan
         Tel: 8 (7172) 21-72-84


KAZMARKET-S LLP: Claims Filing Deadline Slated for August 26
------------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Kazmarket-S insolvent.

Creditors have until Aug, 26, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Gagarin Str. 18-49
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 47-11-85


KURYLYS-EXPRESS LLP: Claims Filing Period Ends August 22
--------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Kurylys-Express insolvent.

Creditors have until Aug, 22, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Post Office 57
         050057, Almaty
         Kazakhstan
         Tel: 8 777 679 16-41


MUNAI TRANS: Creditors' Proofs of Claim Due by August 26
--------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Munai Trans Service-XXI insolvent.

Creditors have until Aug, 26, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Astana
         Respublika ave. 1-40
         Astana
         Kazakhstan
         Tel: 8 (7172) 21-72-84


NEW PERFECT: Creditors Must File Claims by August 22
----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP New Perfect insolvent.

Creditors have until Aug. 22, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Post Office 57
         050057, Almaty  
         Kazakhstan
         Tel: 8 777 679 16-41


PROMRESOURCE-PV LLP: Claims Registration Period Ends August 26
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Promresource-Pv insolvent.

Creditors have until Aug, 26, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Gagarin Str. 18-49
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 47-11-85


SAMAL LTD: Claims Filing Deadline Slated for August 26
------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Samal Ltd insolvent.

Creditors have until Aug. 26, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Astana
         Respublika ave. 1-40
         Astana
         Kazakhstan
         Tel: 8 (7172) 21-72-84


SIB PHARM-ALMATY: Claims Filing Deadline Slated for August 22
-------------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared CJSC Sib Pharm-Almaty insolvent.

Creditors have until Aug, 22, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Post Office 57
         050057, Almaty
         Kazakhstan
         Tel: 8 777 679 16-41


TECHNOSERVICE-2030 LLP: Claims Filing Period Ends August 22
-----------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Technoservice-2030 insolvent.

Creditors have until Aug. 22, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Tel: 8 (7162) 25-79-32
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan


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


SUNSHINE CENTURY: Creditors Must File Proofs of Claim by Aug. 27
----------------------------------------------------------------
LLC Sunshine Century Ltd. has declared insolvency.  Creditors
have until Aug. 27, 2008 to submit written proofs of claim to:

         LLC Sunshine Century Ltd.
         Pamirskaya Str. 40
         Osh
         Kyrgyzstan


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


SENSATA TECHNOLOGIES: Moody's Cuts Ratings, Junks Senior Notes
--------------------------------------------------------------
Moody's Investors Service lowered the ratings of Sensata
Technologies B.V. corporate family rating to B3 from B2;
probability of default to B3 from B2; senior secured credit
facility to B1 from Ba3; senior unsecured notes to Caa1 from B3;
and senior subordinated notes to Caa2 from Caa1.

These rating actions reflect the company's sustained high
leverage levels and modest debt service metrics, and the
potential for weaker economic trends to further pressure the
company's operating performance over the coming year.  The
company's speculative grade liquidity rating remains at SGL-2.  
The outlook is changed to stable from negative.

The downgrade of the company's corporate family rating to B3
from B2 reflects the lack of deleveraging as the company
continues to face challenging economic environments.  Key
leverage metrics through the 12 months of March 31, 2008 were:
debt/EBITDA near 9.0x times and EBITA/interest of 1.2 times.  
The high leverage results from the initial acquisition of
Sensata by Bain Capital, LLC in April 2006 augmented by a series
of debt-financed acquisitions since then.  

Moody's had expected some level of debt repayment beyond
mandatory term loan amortization, which would have partially
offset some of the negative impact from foreign exchange
translation on the company's euro-denominated debt.  The strong
euro relative to the U.S. dollar is resulting in higher debt
balances on Sensata's consolidated balance sheet adding to the
high leverage.

This leveraged capital structure could hinder the company's
financial flexibility as some of the company's end markets face    
increasing economic pressures.

Additionally, the slowing U.S. economy is negatively impacting
the domestic housing market, a key source of revenue for its
controls business.  While a significant portion of Sensata's
business is derived from sensors used on automobiles, the
company is less affected by declining auto sales than
traditional auto parts suppliers because of the increasing
content of electronics on
vehicles.

These weaknesses are balanced against the company's good
liquidity, global presence, and growing exposure to several
other end markets including aerospace and telecommunications.

The stable outlook reflects Sensata's good liquidity and ability
to generate free cash flow as it faces a slowing U.S. economy,
which is negatively impacting some of its key end markets.

These ratings/assessments were affected by this action:

-- Corporate family rating lowered to B3 from B2;
-- Probability of default rating lowered to B3 from B2;

-- Senior secured credit facility downgraded to B1 (LGD2, 28%)
    from Ba3 (LGD2, 29%);

-- US$450 million senior unsecured notes due 2014 downgraded to    
    Caa1 (LGD5, 73%) from B3 (LGD5, 75%); and,

-- EUR245 million senior subordinate notes due 2016 downgraded
    to Caa2 (LGD6, 90%) from Caa1 (LGD6, 91%).

-- The company's speculative grade liquidity rating of SGL-2 is
    unchanged.

Headquartered in Attleboro, Massachusetts and incorporated under
the laws of The Netherlands, Sensata Technologies B.V. designs
and manufactures sensors and electronic controls.  Sensata is a
global designer, manufacturer, and marketer of customized and
engineered sensors and control products.  Revenues for the 12
months ended March 31, 2008 totaled about US$1.5 billion.


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


A-B-M TRAKS: Creditors Must File Claims by July 17
--------------------------------------------------
Creditors of LLC A-B-M Traks (OGRN 1055907329488) have until
July 17, 2008, to submit proofs of claim to:

         K. Goncharov
         Temporary Insolvency Manager
         Post User Box 345
         Post Office 9
         Lysva
         618900 Perm
         Russia

The Arbitration Court of Perm commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A50-3785/2008-B6.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         LLC A-B-M Traks
         Kosmonavtov Sh. 316
         614065 Perm
         Russia


AGRO-MEL-TRANS: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Tyumen commenced bankruptcy supervision
procedure on CJSC Agro-Mel-Trans.  The case is docketed under
Case No. A70-5076/3-2007.

The Temporary Insolvency Manager is:

         E. Sanzharevskiy
         Nogradskaya Str. 22-96
         Kemerovo
         Russia

The Court is located at:

         The Arbitration Court of Tyumen
         Khokhryakova Str. 77
         627000 Tyumen
         Russia

The Debtor can be reached at:

         CJSC Agro-Mel-Trans
         Myasokombinatskiy Proezd 5
         Ishim
         Tyumen
         Russia


AMUR OJSC: Asset Sale Slated for July 25
----------------------------------------
The insolvency manager and bidding organizer for OJSC Amur, will
open a public auction for the company's properties at 2:00 p.m.
on July 25, 2008, at:

         OJSC Amur
         Moskovskaya Str. 49
         Partizansk
         Primorye
         Russia

The company has set a RUR11,800,000 starting price for the
assets in auction.

Interested participants have until July 17, 2008, to deposit an
amount equivalent to 2% of the starting price to:

         OJSC Amur
         Settlement Account 40702810050180103563
         Correspondent Account 30101810100000000602
         BIK 040510602
         Nakhodkinskiy OSB 7151
         Nakhdka
         Russia

Bidding documents must be submitted at 4:00 p.m. on July 23,
2008 at:

         Insolvency Manager
         Apt. 2
         Parkovaya Str. 17
         Spassk-Dalniy
         Primorye
         Russia
         Tel: (42352) 2-26-58, 8-902-557-82-92

The Debtor can be reached at:

         OJSC Amur
         Moskovskaya Str. 49
         Partizansk
         Primorye
         Russia


BREAD ILANSKIY: Creditors Must File Claims by August 17
-------------------------------------------------------
Creditors of OJSC Bread Ilanskiy have until Aug. 17, 2008, to
submit proofs of claim to:

         A. Timoshkevich
         Insolvency Manager
         Post User Box 16795
         662074 Krasnoyarsk-74
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-15411/2007.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Bread Ilanskiy
         Shkolnaya Str. 5
         Ilanskiy
         663800 Krasnoyarsk
         Russia


DOMINO CJSC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Chelyabinsk commenced bankruptcy
supervision procedure on CJSC Domino (TIN 7448084278).  The case
is docketed under Case No. A76-404/2008-36-9.

The Temporary Insolvency Manager is:

         P. Bykov
         Room 2
         Solnechnaya Str. 9
         Zlatoust
         456201 Chelyabinsk
         Russia
         Tel: 8-3513-69-86-00

The Court is located at:

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

The Debtor can be reached at:

         CJSC Domino
         Moldavskaya Str. 16
         Chelyabinsk
         Russia


DOOR MANUFACTURE: Creditors Must File Claims by August 17
---------------------------------------------------------
Creditors of LLC Door Manufacture have until Aug. 17, 2008, to
submit proofs of claim to:

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

The Arbitration Court of Perm will convene at 2:15 p.m. on
Nov. 7, 2008, to hear the bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under
Case No. A50-15683/2007-B1.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         LLC Door Manufacture
         Popovka
         Kungurskiy
         Perm
         Russia


KAMCHAT-RYB-SPETS-STROY: Creditors Must File Claims by August 17
----------------------------------------------------------------
Creditors of OJSC Kamchat-Ryb-Spets-Stroy (TIN 4101024710) have
until Aug. 17, 2008, to submit proofs of claim to:

         A. Toboev
         Insolvency Manager
         Post User Box 11
         683030 Petropavlovsk-Kamchatskiy
         Russia

The Arbitration Court of Kamchatka commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A24-6640/2006.

The Debtor can be reached at:

         OJSC Kamchat-Ryb-Spets-Stroy
         Transportnyj Tupik 1-a
         683024 Petropavlovsk-Kamchatskiy
         Russia


LIGHT LLC: Creditors Must File Claims by July 17
------------------------------------------------
Creditors of LLC Light have until July 17, 2008, to submit
proofs of claim to:

         O. Zakharenko
         Temporary Insolvency Manager
         Apt. 14
         Chernykh Str. 11
         Prokopyevsk
         653009 Kemerovo
         Russia

The Arbitration Court of Kemerovo will convene at 1:30 p.m. on
Oct. 16, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A27-4350/2008-4.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         LLC Light
         Stroiteley Pr. 35-1
         Prokopyevsk
         653050 Kemerovo
         Russia


METAL-SNAB-URAL: Creditors Must File Claims by July 17
------------------------------------------------------
Creditors of LLC Metal-Snab-Ural have until July 17, 2008, to
submit proofs of claim to:

         N. Berdyugina
         Insolvency Manager
         Post User Box 8213
         454084 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-20682/07-60-286.

The Court is located at:

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

The Debtor can be reached at:

         LLC Metal-Snab-Ural
         Kharlova Str. 9
         Chelyabinsk
         Russia


MOBILE-TRANSPORT: Kirov Bankruptcy Hearing Slated for Sept. 2
-------------------------------------------------------------
The Arbitration Court of Kirov will convene on Sept. 2, 2008, to
hear the bankruptcy supervision procedure on LLC Mobile-
Transport.  The case is docketed under Case No. A28-2371/
2008-83/10.

The Temporary Insolvency Manager is:

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

The Court is located at:

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

The Debtor can be reached at:

         LLC Mobile-Transport
         Lepse Str. 33
         610044 Kirov
         Russia


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

         A. Khokhlov
         Insolvency Manager
         Post User Box 58
         Bor
         606440 Nizhniy Novgorod
         Russia

The Arbitration Court of Nizhniy Novgorod commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A43-31041/2007-27-345.

The Court is located at:

         The Arbitration Court of Nizhniy Novgorod
         Kremlin 9
         603082 Nizhniy Novgorod
         Russia

The Debtor can be reached at:

         CJSC Plotinka
         Plotinka
         Borskiy
         Nizhniy Novgorod
         Russia


ROSA KUZBASS: Creditors Must File Claims by August 17
-----------------------------------------------------
Creditors of LLC Rosa Kuzbass have until Aug. 17, 2008, to
submit proofs of claim to:

         O. Zakharenko
         Insolvency Manager
         Chernykh Str. 11-14
         Prokopyevsk
         653009 Kemerovo
         Russia

The Arbitration Court of Kemerovo commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A27-11021/2007-4.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         LLC Rosa Kuzbass
         Komissarovskaya Str. 17
         Prokopyevsk
         653000 Kemerovo
         Russia


SISTEMA JSFC: Names Maxim Uvarov as Binnofarm Unit Chief
--------------------------------------------------------
Sistema JSFC has appointed Maxim Uvarov as General Manager of
CJSC Binnofarm, its pharmaceutical subsidiary.

Mr. Uvarov was previously the Executive Director of Sistema's,
Strategy and Development Unit.  Alexander Bakhutashvili, the
former General Manager, is appointed as President of Binnofarm.

Mr. Uvarov will focus on managing the operations of the
pharmaceutical business division and will be responsible for
creating and implementing a new strategy and business
development program.  Mr. Bakhutashvil, one of the founders of
Binnofarm who contributed a lot into its formation, will
concentrate on the implementation of R&D projects.

"Leadership in managing our portfolio companies is one of the
key elements in achieving the "5*5>25" formula," Leonid Melamed,
President and Chief Executive Officer of Sistema, commented.  
"The new management appointments in non-public companies are
part of a restructuring effort aimed at further increasing the
efficiency of these businesses.  We are confident that Maxim
Uvarov's experience, which has been demonstrated in the
strategic development of the pharmaceutical healthcare
businesses of Sistema, will assist in strengthening Binnofarm's
market position."

                         About Sistema

Headquartered in Moscow, Russia, Sistema JSFC
-- http://www.sistema.com/-- develops and manages market-
leading businesses in selected service-based industries,
including telecommunications, technology, insurance,
banking, real estate, retail and media.

                         *     *     *

Sistema JSFC currently carries a Ba3 long-term corporate family
rating and a B2 senior unsecured debt rating from Moody's, with
positive outlook.

The company also carries Standard & Poor's BB- long-term foreign
and local issuer credit ratings.  S&P said the outlook is
negative.

Sistema JSFC carries BB- Issuer Default rating from Fitch, which
said the outlook is stable.


TATNEFT OAO: Hikes Crude Output in Fist Half 2008
-------------------------------------------------
OAO Tatneft's crude oil output for the fist half of 2008
increased 0.7% year-on-year to 13 million tons or 95.6 million
bbl, RIA Novosti reports.

The company's crude oil output for June 2008 increased 0.4%
year-on-year to 2.2 million tons or 16 million bbl.

                       About Tatneft

Headquartered in Tatartan, Russia, OAO Tatneft --
http://www.tatneft.ru/eng/-- explores for, produces, refines
and markets crude oil.  The company operates a chain of retain
gasoline filling stations and exports some of its petrochemical
products to former Soviet Union countries and Europe.

                          *     *     *

OAO Tatneft continues to carry Fitch Ratings' B+ Issuer Default
rating.  Its Short-Term rating stands at B.  Fitch said the
outlook is positive.


TATNEFT OAO: Fitch Lifts Issuer Default Rating to BB from B+
------------------------------------------------------------
Fitch Ratings has upgraded OAO Tatneft's Long-term foreign
currency Issuer Default rating to 'BB' from 'B+'.  Following the
upgrade, the Outlook has been changed to Stable from Positive.  
In addition, its Short-term foreign currency IDR is affirmed at
'B'.

The upgrade reflects Tatneft's improved corporate governance
profile, following the resolution of critical internal control
weaknesses.  This is demonstrated by the timely release of
annual financial statements, and management's commitment to
improve disclosure by commencing quarterly financial reporting.  
The upgrade is also based on Tatneft's demonstrated ability to
maintain strong credit metrics, including net debt/EBITDAR of
close to zero for both fiscal year 2007 and fiscal year 2006
(while gross debt/EBITDAR was also strong at 0.2x and 0.1x
during the same period).  The ratings take into account a
further improvement in Tatneft's financial profile and operating
efficiency in fiscal year 2007.  This includes a strengthening
of the EBITDAR margin to about 31.6% from 28.4% in fiscal year
2006, improved EBITDAR per barrel of production to US$14.2/bbl
from US$10/bbl in fiscal year 2006 and positive free cash flow
generation, despite increased capital expenditure and dividends.

The ratings are constrained by a lack of significant proprietary
refining capacity, thereby limiting Tatneft's overall
profitability and making it highly dependent on crude oil
prices.  Fitch notes that Tatneft is in the process of
constructing the greenfield Nizhnekamsk refinery and
petrochemical complex, which it intends to commission in phases
in 2011-2012.  Successful completion of this project is likely
to substantially improve Tatneft's vertical integration,
bringing it more in line with larger Russian oil companies, and
to support Tatneft's profitability.

At the same time, Fitch notes a number of uncertainties in
relation to the refinery project, including the timing of
construction completion, rising costs, and the ultimate
availability of project financing, which is yet to be arranged
for.  Also, Tatneft's below-control ownership in OJSC TANEKO, a
company created to construct and operate the Nizhnekamsk
complex, and TANEKO's complex ownership structure are a concern.  
Tatneft's interest in TANEKO includes a 40% direct ownership
stake and a 28.8% indirect ownership stake through Tatneft's
48.7% interest in IPCGF, an open-ended fund, which in turn
indirectly owns 51% of TANEKO.  Fitch also notes Tatneft's
limited upstream expansion potential -- at least as far as
conventional oil is concerned.  However, Tatneft's scale of
upstream operations in the longer term could potentially be
expanded via non-conventional oil, should the company succeed in
profitably developing a bitumen segment.

Tatneft's ratings are based on its stand-alone credit profile.  
The intangible support and influence of Tatneft's largest
shareholder, the government of the Republic of Tatarstan (a
constituent of the Russian Federation, rated at 'BBB-'/Stable),
which indirectly owns approximately 36% of the voting stock of
Tatneft are factored into its ratings.  They primarily reflect
the intangible nature of state support, the balance of benefits
and constraints resulting from state ownership, as well as the
below-control level of state ownership.

The Stable Outlook is based on Fitch's expectation that Tatneft
will be able to maintain sound credit metrics.  Any possible
further positive rating action will largely depend on Tatneft's
ability to successfully complete project construction, to gain
ownership control of the Nizhnekamsk complex, to improve
profitability and operating efficiency, as well as to commence
commercial development of the profitable bitumen segment.  
Tatneft's ratings and Outlook might come under pressure as a
result of severe project delays and costs overruns related to
the Nizhnekamsk complex construction, the introduction of a
quality bank by Transneft, and deterioration of leverage to
above 1x for a prolonged period of time.

Tatneft is Russia's sixth largest oil company with operations
primarily in the Republic of Tatarstan.  In fiscal year 2007,
Tatneft's oil production of 25.9 million tonnes (506,000 barrels
of oil per day) accounted for about 5% of Russia's total oil
production.


TRANSNEFT OAO: Earns RUR64.67 Billion for Full Year 2007
--------------------------------------------------------
OAO Transneft has released it financial results for the year
ended Dec. 31, 2008, prepared according to International
Financial Reporting Standards, RIA Novosti relates.

Transneft posted a 17.8% increase in annual net profit to
RUR64.67 billion on US$2.7 billion.  The company also posted a
9.6% increase in net revenues to RUR221.94 billion or US$9.4
billion.

The company's operating profit rose 16.2% to RUR95.34 billion
while and pretax profit went up 17.7% to RUR95.13 billion.

                         About Transneft

Headquartered in Moscow, Russia, OAO Transneft --
http://www.transneft.ru/-- operates one of the largest networks
of oil pipelines in the world.  The company moves crude oil
through more than 30,000 miles of pipeline stretching across
Eastern Europe and Asia.  Transneft operates a transportation
network consisting of more than 30,000 miles of pipeline, about
330 pump stations, and 934 tankers capable of storing more than
13 million cu. meters of petroleum product.  The company
transports about 93% of the oil produced in Russia.

                            *   *   *

OAO Transneft continues to carry Fitch's 'BB' rating.


URAL-OIL LLC: Creditors Must File Claims by August 17
-----------------------------------------------------
Creditors of LLC Ural-Oil have until Aug. 17, 2008, to submit
proofs of claim to:

         A. Nikitin
         Insolvency Manager
         Gorkogo Str. 57
         Kudymkar
         619000 Perm
         Russia
         Tel./Fax: (34260) 4-58-91

The Arbitration Court of Perm commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A50P-15897/2007-B6.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         LLC Ural-Oil
         Pobedy Str. 20-98
         Lysva
         Perm
         Russia


VESTOS-NN CJSC: Creditors Must File Claims by July 17
-----------------------------------------------------
Creditors of CJSC Vestos-NN have until July 17, 2008, to submit
proofs of claim to:

         A. Zakharov
         Insolvency Manager
         Office 12
         Rozhdestvenskaya Str. 26
         Nizhniy Novgorod
         Russia

The Arbitration Court of Nizhniy Novgorod commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A43-7204/2008 33-78.

The Court is located at:

         The Arbitration Court of Nizhniy Novgorod
         Kremlin 9
         603082 Nizhniy Novgorod
         Russia

The Debtor can be reached at:

         CJSC Vestos-NN
         Mayakovskogo Str. 11
         Nizhniy Novgorod
         Russia


VOSTOK-TEKH-MONTAZH: Creditors Must File Claims by July 17
----------------------------------------------------------
Creditors of OJSC Vostok-Tekh-Montazh (TIN 1435030517) have
until July 17, 2008, to submit proofs of claim to:

         A. Arbatskiy
         Temporary Insolvency Manager
         Room 25
         Petrovskogo 21/2
         Yakutsk
         677008 Sakha-Yakutiya
         Russia

The Arbitration Court of Sakha-Yakutiya will convene at
10:00 a.m. on Nov. 21, 2008, to hear the company's bankruptcy
supervision procedure.  The case is docketed under Case No.
A58-2341/08-0338.

The Court is located at:

         The Arbitration Court of Sakha-Yakutiya
         Kurashova Str. 28
         677000 Sakha-Yakutiya
         Russia

The Debtor can be reached at:

         OJSC Vostok-Tekh-Montazh
         Lenina Pr. 3/1
         Yakutsk
         677000 Sakha–Yakutiya
         Russia


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


CAJA DE AHORROS: Fitch Affirms BB+ Support Floor Rating
--------------------------------------------------------
Fitch Ratings has downgraded Caja de Ahorros de Castilla la
Mancha's Long-term Issuer Default rating to 'A-' from 'A' and
Short-term IDR to 'F2' from 'F1'.  The Outlook for the Long-term
IDR has been revised to Negative from Stable.  At the same time,
Fitch has affirmed CCM's ratings at Individual 'B/C', Support
'3' and Support Rating Floor 'BB+'.  Consequently, Fitch has
also downgraded CCM's senior debt to 'A-' from 'A'; subordinated
debt to 'BBB+' from 'A-' and preference shares to 'BBB' from
'BBB+'.

The rating actions reflect CCM's tight capital in the context of
its high risk concentration in the construction and real estate
sectors, and its large portfolio of equity investments.  Given
the significant slowdown in the economic environment and housing
sector in Spain as well as tighter credit conditions in the
wholesale markets, the caja will be faced with the challenge to
defend profitability and asset quality, and reduce concentration
in the real estate sector.  The success of management's efforts
in improving its risk profile and capital levels will determine
whether there could be further pressure on the Long-term IDR.  
On a positive note, CCM has a strong regional franchise and
sound profitability.

Exposure to the construction and real estate sectors accounted
for 43% of lending at end-2007.  Fitch takes some comfort that
CCM's exposures are closely managed, diversified by purpose,
backed by sound collateral and contain a strong element of
residential development.  Of the loan book, 64% is secured -
mostly mortgages - with an average loan-to-value of 59%.  On the
other hand, there has been deterioration in asset quality so far
this year and, at end-May 2008 its impaired/total loans ratio
was 2.76% (67% cover).

CCM's equity investment portfolio accounted for 120% of Fitch
eligible capital at end-2007; it has been aimed at diversifying
revenues and includes listed and non-listed companies.  It is
worth highlighting that the caja estimates to have around
EUR700 million of unrecognized capital gains from its non-listed
holdings, part of which could be realized to support capital.

CCM is mainly funded by retail deposits (55% of end-2007 loans),
although it has increased access to the capital markets through
diversified funding sources.  Liquidity is supported by EUR2.2
billion in assets available for ECB discounting and EUR1 billion
in government securities.  The potential for growth in lending
will depend on the caja's capacity to increase retail deposits.

At end-2007 the caja's regulatory Tier 1 and Total capital
ratios were 5.72% and 10.57%, respectively.

CCM is the parent of Spain's 12th-largest caja by assets at end-
2007.  It is based in the region of Castilla-La Mancha, where it
has strong market shares of 23% in lending and 29% in deposits.  
At end-2007 it had 582 branches.


CAJA DE GENERAL: Fitch Holds Support Rating Floor at 'BB+'
----------------------------------------------------------
Fitch Ratings has revised Caja de General de Ahorros de
Canarias's (CajaCanarias) Outlook to Negative from Stable and
downgraded its Individual rating to 'B/C' from 'B'.  At the same
time, Fitch has affirmed CajaCanarias's ratings to Long-term
Issuer Default 'A', Short-term IDR 'F1', Support '3' and Support
Rating Floor 'BB+'.

The rating actions reflect CajaCanarias's increased risk profile
due to strong growth in lending to real estate development
companies, particularly since 2004, deterioration in asset
quality and tighter liquidity on balance sheet due to its large
share of lending activities.  They also take into account that
Caja Canarias will be faced with the challenge to defend
profitability and asset quality and reduce concentration in the
real estate sector, at a time when the Spanish housing sector
has slowed faster than initially anticipated and credit
conditions in the wholesale markets have become tighter.  Also,
the Canary Island's economy is highly exposed to the performance
of the tourism sector, which could be affected by the
international economic downturn.

The success of management's efforts to improve its risk profile
while preventing a marked deterioration of asset quality and
profitability will determine whether there could be further
pressure on the Long-term IDR.  The ratings also reflect Caja
Canarias's strong regional franchise, which provides it with a
stable retail deposit base, healthy underlying profitability and
sound capital adequacy.

CajaCanarias reported good operating profitability ratios in
2007, supported by a still relatively wide net interest margin
(NIM) and rising commission income.  However, this has
deteriorated compared to previous years due to pressure on its
NIM, higher costs linked to branch expansion and IT
developments, and higher loan impairment charges.  Its
cost/income ratio remained good at 53%, providing financial
flexibility.  Bottom-line profits continued to benefit from a
favorable tax regime in the Canary Islands.

CajaCanarias is mainly exposed to credit risk from lending.
Lending exposures to the real estate and construction sectors
are significant (29% of total lending) although the caja is
working to convert these lending exposures into individual
mortgages (40% of lending at end-2007 compared to 37% at end-
2006).  It has also adopted a more cautious approach to real
estate lending since 2007.  Despite deterioration from 2007,
asset quality ratios remained healthy by international
standards, with an impaired loans/total loans ratio of 2.1% and
loan loss coverage of 95% at end-March 2008.

Liquidity remains reasonable, supported by a stable customer
deposit base (56% of total loans at end-2007) and increased
access to capital market funding in recent years, which is
diversified by instrument and maturities.  Capital adequacy
ratios remain sound, with Tier 1 ratio of 7.5% (entirely made up
of core capital).

CajaCanarias was the 25th-largest Spanish savings bank by total
assets at end-2007.  It is mostly present in the Tenerife
province of the autonomous region of Canarias and its business
is mostly retail lending and deposit-taking.


EDV PACKAGING: Files for Insolvency; Seeks Investor  
---------------------------------------------------
EDV Packaging has filed for insolvency, plasteurope reports.

plasteurope relates EDV, whose debts stood at around EUR5
million, is currently seeking an investor to inject fresh equity
into the company.

EDV, plasteurope adds, is in talks with potential buyers,
including non-strategic players.

In 2007, the company had a turnover of EUR46 million, packaging
news discloses.

Headquartered in Barcelona, Spain, EDV Packaging --
http://www.edvpackaging.com/-- manufactures coextruded high  
barrier sheet and rigid barrier packaging for the food industry.  
The company has its head office and production plants in Llinars
del Valles, Barcelona, Spain, and three commercial offices in
Australia, United States and Singapore.


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


24 STUND: Creditors Must File Proofs of Claim by July 25
--------------------------------------------------------
Creditors owed money by LLC 24 STUND PRIVAT-PFLAG are requested
to file their proofs of claim by July 25, 2008, to:

         Frau Ruza Trifunovic
         Liquidator
         Rheingoldstrasse 26
         8212 Neuhausen am Rheinfall
         Switzerland

The company is currently undergoing liquidation in Feuerthalen.  
The decision about liquidation was accepted on June 17, 2008.


ACR CAR: Leistal Court Commences Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Liestal commenced bankruptcy
proceedings against LLC ACR Car-MultimediaWorld on June 4, 2008.

The Bankruptcy Service of Liestal can be reached at:

         Bankruptcy Service of Liestal
         4410 Liestal
         Switzerland

The company can be reached at:

         LLC ACR Car-MultimediaWorld
         Rutiweg 13
         4133 Pratteln
         Switzerland


AKTIENPOWER GLOBAL: Creditors' Proofs of Claim Due by July 25
-------------------------------------------------------------
Creditors owed money by JSC AktienPower Global are requested to
file their proofs of claim by July 25, 2008, to:

         Dr. Daniel Hunkeler and Salvatore Petralia
         Schumacher Bauer Hurlimann
         Bahnhofplatz 9
         Mail Box 1867
         8021 Zurich
         Switzerland

The company is currently undergoing liquidation in Cham.  The
decision about liquidation was accepted by the regulation of the
Banking Commission of Swiss Confederation on March 19, 2008.


AKTIENPOWER JSC: Deadline to File Proofs of Claim Set July 25
-------------------------------------------------------------
Creditors owed money by JSC AktienPower are requested to file
their proofs of claim by July 25, 2008, to:
         
         Dr. Daniel Hunkeler and Salvatore Petralia
         Schumacher Bauer Hurlimann
         Bahnhofplatz 9
         Mail Box 1867
         8021 Zurich
         Switzerland

The company is currently undergoing liquidation in Baar. The
decision about liquidation by the regulation of the Banking
Commission of Swiss Confederation on March 19, 2008.


ALEXANDER & ASSOCIATES: Claims Filing Period Ends July 25
---------------------------------------------------------
Creditors owed money by Alexander & Associates are requested to
file their proofs of claim by July 25, 2008, to:

         JSC Beret
         Liquidator
         Bleicherweg 14
         Mail Box 2080
         8022 Zurich
         Switzerland

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


DOBER TREND-SPORT: Proofs of Claim Filing Deadline is July 25
-------------------------------------------------------------
Creditors owed money by JSC Dober Trend-Sport Zug are requested
to file their proofs of claim by July 25, 2008, to:

         Renato and Daniel Dober
         Liquidators
         Tennmattstrasse 46
         6410 Goldau
         Switzerland

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


G-BETON LLC: July 25 Set as Deadline to File Proofs of Claim
------------------------------------------------------------
The Bankruptcy Service of Basel-Stadt commenced bankruptcy
proceedings against LLC G-Beton on April 14, 2008.

Creditors have until July 25, 2008, to file their proofs of
claim.

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

         Bankruptcy Service of Basel-Stadt
         4051 Basel
         Switzerland


The Debtor can be reached at:

         LLC G-Beton
         Lothringerstrasse 108
         4056 Basel
         Switzerland


GENERAL MOTORS: Sets Record Sales in Europe for First Half 2008
---------------------------------------------------------------
In the first half of 2008, General Motors Corp's sales in Europe
reached a record of 1,160,935 vehicles, an increase of 31,613
units (or 2.8% ) compared to the same period of 2007.  The
company market share was 9.5%.

"GM is successfully managing to keep its sales momentum in
Europe, thanks to an aggressive strategy for growth in Eastern
and Central Europe.  Despite the headwinds in some of the major
western markets, I'm proud to say that our multi-brand strategy
is paying off and thanks to a great teamwork we are quickly
managing to leverage growth in the key new markets of Europe,"
said Carl-Peter Forster, GM Europe President.

"The Chevrolet brand performance continues to drive our sales
momentum in Europe in 2008.  We are growing our brand awareness,
as we launch vehicles that are right for the market place, like
the new Aveo," said Brent Dewar, GM Europe Vice President for
Sales, Marketing and Aftersales.

"GM is also growing in Eastern Europe, with sales volume up 58%
(ahead of the industry, at 35%) and market share up 1.6 point to
10.6%. In Russia, all GM brands are growing: Opel doubled its
sales, Saab is up 81%, Chevrolet up 49%, Cadillac up 51% and
Hummer up 21%.  These remarkable results show that we have
strong brands with an attractive portfolio of cars," said Dewar.

                 Chevrolet Continues Record Pace

Chevrolet continues building momentum in the European market,
with strong sales performance across its model line-up.  The
brand registered its highest sales volume and market share ever
in the first half of 2008, selling 268,200 units and reaching
2.2% share.

Sales of the new Aveo were up 58%, to 42,120 units. Captiva also
kept a strong sales performance, with an increase of 11.3% to
22,320 units.

         Opel Grows Volume in Central and Eastern Europe

Opel/Vauxhall sold 848,308 vehicles in Europe in January-June of
2008. Market share was at 7%. Strong results in Central and
Eastern Europe somewhat offset a considerable general market
weakening in Spain and Italy. Opel sales in Eastern Europe were
up 81.4% and 17.2% in Central Europe.

Meriva was again the leading model in the small monocab segment,
Zafira and Meriva led the total monocab segment.

                    GM Sales up 60% in Russia

GM is keeping the sales momentum in Russia, with volume
increasing 60%, up to 181,138 vehicles in the first half of
2008, significantly outpacing the industry's 35% growth. Market
share grew 1.8 point to 11.3%.

All GM brands are growing in the Russian market. Opel doubled
its sales, with 53,523 units and 3.3 market share. Chevrolet
grew 49%, to 125,701 units. Saab was up 80.5%.

                 Saab, Cadillac and HUMMER sales

Saab sold 39,418 cars in Europe. Cadillac sales grew by 9.5%
compared to the first half of 2007 and HUMMER volume was up 29%.

                       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.


MISSION TO PROCESS: Deadline to File Proofs of Claim Set July 25
----------------------------------------------------------------
Creditors owed money by JSC Mission to Process are requested to
file their proofs of claim by July 25, 2008, to:

         Susanne Eberle-Gahler
         Liquidator
         Santisstrasse 26
         9230 Flawil
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
general meeting held on Dec. 11, 2007.


SOHAMOB LLC: July 25 Set as Deadline to File Proofs of Claim
------------------------------------------------------------
The Bern-Mittelland Bankruptcy Service commenced bankruptcy
proceedings against LLC SOHAMOB (formerly LLC ZPM) on April 9,
2008.

The company is currently undergoing liquidation in Luzern.

Creditors owed money by the company are requested to file their
proofs of claim by July 25, 2008.

The Bern-Mittelland Bankruptcy Service:

         Bern-Mittelland Bankruptcy Service
         Amtsstelle Konolfingen
         3082 Schlosswil
         Switzerland


VALENTIN UTZINGER: Proofs of Claim Filing Deadline is July 25
-------------------------------------------------------------
Creditors owed money by JSC Valentin Utzinger are requested to
file their proofs of claim by July 25, 2008, to:

         Valentin Utzinger
         Liquidator
         Schaffhauserstrasse 7A
         8500 Frauenfeld
         Switzerland

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


VARIA MED: Creditors Have Until July 25 to File Proofs of Claim
---------------------------------------------------------------
Creditors owed money by JSC Varia Med are requested to file
their proofs of claim by July 25, 2008, to:

         Dr. Rudolf Leuppi
         Liquidator
         Baarerstrasse 101
         6300 Zug
         Switzerland

The company is currently undergoing liquidation in Baar.  The
decision about liquidation was accepted at an extraordinary
general meeting held on May 27, 2008.


VITALFORUM LLC: Creditors' Proofs of Claim Due by July 25
---------------------------------------------------------
Creditors owed money by LLC VitalForum are requested to file
their proofs of claim by July 25, 2008, to:

          Martin Dettling
          Kempfhofweg 10a
          8049 Zurich
          Switzerland

The company is currently undergoing liquidation in Eschenbach
SG.  The decision about liquidation was accepted at a
shareholders' meeting held on June 6, 2008.


WEMAG LLC: July 25 Set as Deadline to File Proofs of Claim
----------------------------------------------------------
Creditors owed money by LLC WEMAG are requested to file their
proofs of claim by July 25, 2008, to:

         JSC Jurg Geiger Treuhand
         Sirnacherstr. 7
         9500 Wil
         Switzerland

The company is currently undergoing liquidation in  
Affeltrangen.  The decision about liquidation was accepted at a
shareholders' meeting held on March 6, 2007.


WINTEC TECHNOLOGY: Creditors' Proofs of Claim Due by July 25
------------------------------------------------------------
Creditors owed money by LLC Wintec Technology are requested to
file their proofs of claim by July 25, 2008, to:

         Fanger Treuhand
         Nelkenstrasse 2
         Mail Box 815
         6060 Sarnen 2
         Switzerland

The company is currently undergoing liquidation in Risch ZG.  
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on May 2, 2008.


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


ALKOTRADE LLC: Creditors Must File Claims by July 26
----------------------------------------------------
Creditors of LLC Alkotrade (code EDRPOU 25264094) have until
July 26, 2008 to submit proofs of claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on June 25, 2008.
The case is docketed as 24/118-b.

The Debtor can be reached at:

         LLC Alkotrade
         Krasnoarmeyskaya St. 47
         03150 Kiev
         Ukraine


ALPHA LLC: Creditors Must File Claims by July 31
------------------------------------------------
Creditors of LLC Consulting Center Alpha (code EDRPOU 34296045)
have until July 31, 2008 to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on May 28, 2008.
The case is docketed as 43/416.

The Debtor can be reached at:

         LLC Consulting Center Alpha
         Vasil Stus St. 35-37
         03142 Kiev
         Ukraine


BUILDINGPLAST LLC: Creditors Must File Claims by July 26
--------------------------------------------------------
Creditors of LLC Innovative Technologies Buildingplast (code
EDRPOU 35077407) have until July 26, 2008 to submit proofs of
claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on June 25, 2008.
The case is docketed as 24/156-b.

The Debtor can be reached at:

         LLC Innovative Technologies Buildingplast
         Liatoshynsky St. 4A/289
         03091 Kiev
         Ukraine


FORBS LLC: Creditors Must File Claims by July 26
------------------------------------------------
Creditors of LLC Forbs (code EDRPOU 35134590) have until
July 26, 2008 to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on June 10, 2008.
The case is docketed as 23/188-b.

The Debtor can be reached at:

         LLC Forbs
         Artem St. 37-41
         04053 Kiev
         Ukraine


GRYEGA-S LLC: Creditors Must File Claims by July 26
---------------------------------------------------
Creditors of LLC Gryega-S (code EDRPOU 34646211) have until
July 26, 2008 to submit proofs of claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on June 25, 2008.
The case is docketed as 24/121-b.

The Debtor can be reached at:

         LLC Gryega-S
         Kachalov St. 5-A
         03126 Kiev
         Ukraine


HERMES LLC: Creditors Must File Claims by July 31
-------------------------------------------------
Creditors of LLC Firm Hermes (code EDRPOU 32772833) have until
July 31, 2008 to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on May 28, 2008.
The case is docketed as 43/417.

The Debtor can be reached at:

         LLC Firm Hermes
         Obolon Avenue 23-A
         04205 Kiev
         Ukraine


INTERSOYUZ LLC: Claims Filing Deadline Set July 26
--------------------------------------------------
Creditors of LLC Intersoyuz (code EDRPOU 03749508) have until
July 26, 2008 to submit proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company on June 12, 2008.  The case
is docketed as 21/151/08.

The Debtor can be reached at:

         LLC Intersoyuz
         Shevchenko St. 23-A
         Robotino
         Tokmak District
         71720 Zaporozhje
         Ukraine


ISIGA LLC: Creditors Must File Claims by July 26
------------------------------------------------
Creditors of LLC Isiga (code EDRPOU 35137036) have until
July 26, 2008 to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on June 25, 2008.
The case is docketed as 24/158-b.

The Debtor can be reached at:

         LLC Commerce Firm Isiga
         Artem St. 21
         04053 Kiev
         Ukraine


LATOUR LLC: Creditors Must File Claims by July 26
-------------------------------------------------
Creditors of LLC Latour (code EDRPOU 35139761) have until
July 26, 2008 to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on June 9, 2008.
The case is docketed as 23/183-b.

The Debtor can be reached at:

         LLC Latour
         Zakrevsky St. 29-B
         02217 Kiev
         Ukraine


MAKO-COMPUTER LLC: Creditors Must File Claims by July 26
--------------------------------------------------------
Creditors of LLC Mako-Computer (code EDRPOU 31285376) have until
July 26, 2008 to submit proofs of claims to:


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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on June 10, 2008.
The case is docketed as B-19/47-08.

The Debtor can be reached at:

         LLC Mako-Computer
         Lenin Avenue 9
         61166 Kharkov
         Ukraine



MAXIMUS LLC: Creditors Must File Claims by July 26
--------------------------------------------------
Creditors of LLC Commerce Firm Maximus (code EDRPOU 34691416)
have until July 26, 2008 to submit proofs of claim to:


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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on June 25, 2008.
The case is docketed as 24/157-b.

The Debtor can be reached at:

         LLC COMMERCE FIRM MAXIMUS
         Novopechersky Avenue 5
         01042 Kiev
         Ukraine


NAFTOGAZ UKRAINY: Denies Owing Over US$2 Billion to RosUkrEnergo
----------------------------------------------------------------
Naftogaz Ukrainy denied having more than US$2 billion in debt to  
RosUkrEnergo, a unit of OAO Gazprom, RIA Novosti reports.

According to Naftogaz, as of July 1, 2008, it owes RosUkrEnergo
around US$897 million -- US$650 million for gas imports in June
2008.

"The debt is being paid regularly.  The other claims are dubious
and need to be clarified bilaterally," Naftogaz said in a
statement.

As previously reported in the TCR-Europe, RosUkrEnergo claimed
Naftogaz had more than US$2 billion in debt as of July 7, 2008.  

The amount includes "previous debts, and sums due for Russian
gas consumed in 2008," RosUkrEnergo added.

                     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.'


POLESYE LLC: Creditors Must File Claims by July 26
--------------------------------------------------
Creditors of LLC Polesye (code EDRPOU 33552348) have until
July 26, 2008 to submit proofs of claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on June 25, 2008.
The case is docketed as 24/120-b.

The Debtor can be reached at:

         LLC Polesye
         Petrovskaya St. 15
         03064 Kiev
         Ukraine


SLAVUTICH LLC: Creditors Must File Claims by July 26
----------------------------------------------------
Creditors of LLC Agricultural Firm Slavutich (code EDRPOU
03567546) have until July 26, 2008 to submit proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent on May 6, 2008.
The case is docketed as 14/1913.

The Debtor can be reached at:

         LLC Agricultural Firm Slavutich
         Bezpalcheye
         Drabov District
         Cherkassy
         Ukraine


SPUTNIK LLC: Creditors Must File Claims by July 26
--------------------------------------------------
Creditors of LLC Sputnik (code EDRPOU 32735330) have until
July 26, 2008 to submit proofs of claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on June 25, 2008.
The case is docketed as 24/159-b.

The Debtor can be reached at:

         LLC Sputnik
         Yaroslavov Val St. 17-b
         01034 Kiev
         Ukraine


TATARBUNARY AGRICULTURAL: Creditors Must File Claims by July 26
---------------------------------------------------------------
Creditors of OJSC Tatarbunary Agricultural Chemistry (code
EDRPOU 05490428) have until July 26, 2008 to submit proofs of
claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 21, 2007.  
The case is docketed as 2/160-07-5612.

The Debtor can be reached at:

         OJSC Tatarbunary Agricultural Chemistry
         Kniazev St. 67
         Tatarbunary
         68100 Odessa
         Ukraine


TELEGRAND LLC: Creditors Must File Claims by July 26
----------------------------------------------------
Creditors of LLC Telegrand (code EDRPOU 35135788) have until
July 26, 2008 to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on June 25, 2008.
The case is docketed as 24/132-b.

The Debtor can be reached at:

         LLC Telegrand
         Chapayev St. 10
         01030 Kiev
         Ukraine


TREK LLC: Creditors Must File Claims by July 26
-----------------------------------------------
Creditors of LLC Science-Production Enterprise Trek (code EDRPOU
33307024) have until July 26, 2008 to submit proofs of claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on June 25, 2008.
The case is docketed as 24/122-b.

The Debtor can be reached at:

         LLC Science-Production Enterprise Trek
         Degtiarevskaya St. 31
         03057 Kiev
         Ukraine


VERSION LLC: Creditors Must File Claims by July 26
--------------------------------------------------
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on June 25, 2008.
The case is docketed as 24/135-b.

Creditors of LLC Version (code EDRPOU 21620971) have until
July 26, 2008 to submit proofs of claim to:

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

The Debtor can be reached at:

         LLC Version
         Pavel Tychina Avenue 4
         02098 Kiev
         Ukraine


VKF BIOLOG: Creditors Must File Claims by July 26
-------------------------------------------------
Creditors of LLC VKF Biolog (code EDRPOU 24944674) have until
July 26, 2008 to submit proofs of claim to:

         The Economic Court of Herson
         Gorkiy Str. 18
         73000 Herson
         Ukraine

The Economic Court of Herson commenced bankruptcy proceedings
against the company after finding it insolvent on June 4, 2008.
The case is docketed as 12/77-B-07.

The Debtor can be reached at:

         LLC VKF Biolog
         Domostroitelnaya St. 6         
         Herson
         Ukraine


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

  
ARC PROJECTS: Brings In Liquidators from Baker Tilly
----------------------------------------------------
Lindsey Cooper and Adrian Allen of Baker Tilly Restructuring and
Recovery LLP were appointed joint liquidators of Arc Projects
Ltd. on June 26 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Arc Projects Ltd.
         c/o Baker Tilly Restructuring and Recovery LLP    
         Brazennose House
         Lincoln Square
         Manchester
         M2 5BL
         England


ARDANA BIOSCIENCE: Appoints Administrators from Ernst & Young
-------------------------------------------------------------
David Duggins and Thomas Merchant Burton of Ernst & Young LLP
were appointed joint administrators of Ardana Bioscience Ltd.
(Company Number 04008598) on June 30, 2008.

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

The company can be reached at:

         Ardana Bioscience Ltd.
         5th Floor
         Northwest Wing
         Bush House
         Aldwych
         London
         WC2B 4EZ
         England


BROADBAND OFFICE: Taps Joint Administrators from BDO Stoy
---------------------------------------------------------
Shay Bannon and Antony David Nygate of BDO Stoy Hayward LLP were
appointed joint administrators of Broadband Office Services Ltd.
(Company Number 04737969) on July 2, 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.


BUTLER & TANNER: Taps Liquidators from Smith & Williamson
---------------------------------------------------------
Anthony Murphy and Robert William Leslie Horton and Roger
Tulloch of Smith & Williamson Ltd. were appointed joint
liquidators of Butler & Tanner Ltd. on June 16 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

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


BYFLEET SOLNA: Creditors' Meeting Slated for July 23
----------------------------------------------------
Creditors of Byfleet Solna Ltd. (formerly Andrews-Weatherfoil
Ltd.)will meet at 10:00 a.m. on July 23, 2008, at:

         Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Hertfordshire
         AL1 1HD
         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 22, 2008, to:

         M. Young
         Joint Administrator
         Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Hertfordshire
         AL1 1HD
         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.


CHRYSLER LLC: Faces Suit in N.Y. Over Sebring Engines Warranties
----------------------------------------------------------------
Chrysler LLC is facing a class-action complaint before the
District Court of Manhattan over allegations that the 2.7 liter
engine used in Chrysler's Sebring and other models fails
prematurely and Chrysler won't honor its warranty to fix or
replace the engine, CourtHouse News Service reports.

According to the complaint, the engine was used in 1998-2003
Chrysler Sebrings and Concordes, and Dodge Intrepids and
Stratuses.

Named plaintiff Stephanie Newman Durst says she bought a new
2003 Sebring with a 70,000 mile warranty.  She says the engine
seized up under normal conditions at 52,000 miles, and when she
took it to her dealer in Newburgh, she "was informed by that
dealership that they were instructed by representatives of
DaimlerChrysler Corporation not to honor the warranty by
repairing the vehicle."

The complaint claims the engines require "enhanced maintenance"
because, "among other things, the engine was prone to
accumulation of oil sludge in the passageways of the cinder
block, resulting in inadequate oil circulation to the engine
valves, pistons and camshafts.  This caused the engine parts to
eventually seize, resulting in catastrophic engine failure and
permanent seizure of the engine."

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.


CONCERTO II: Fitch Affirms 'BB-' Rating on Class D Notes
--------------------------------------------------------
Fitch Ratings has upgraded Concerto II B.V.'s Class C and
combination notes and affirmed the rest as listed below:

  -- Class B (ISIN XS0132896977): affirmed at 'AAA'
  -- Class C-1 (ISIN XS0132898080): upgraded to 'AA' from 'BBB-'
  -- Class C-2 (ISIN XS0132898163): upgraded to 'AA' from 'BBB-'
  -- Class D (ISIN XS0132898247): affirmed at 'BB-'
  -- Combination Notes (ISIN XS0132899302): upgraded to 'AA'
     from 'BB-'

Fitch released two new criteria on April 30, 2008: new Global
Criteria for Corporate CDO/CLOs and new Global Criteria for Cash
Flow Analysis in Corporate CDOs.  At that time, Fitch noted that
it would be reviewing its ratings with these two new criteria to
establish consistency for existing and new transactions, and
these rating actions are a result of this review.

Following the trustee report on June 30, 2008, the remaining
portfolio contains 18 bonds and loans from 13 issuers with a par
amount of EUR63.8 million and a principal cash balance of
EUR40.7 million.  The cash balance is sufficient to fully repay
the Class B notes and approximately 50% of the Class C notes at
the next payment date in September 2008.  The upgrade of the
Class C notes reflects the increase in over-collateralization to
165% from 116% initially as the transaction has de-leveraged.

The rating of the Combination Notes addresses the return of the
original principal amount.  The issued balance of these notes
was originally EUR20.0 million.  As at the last payment date in
March 2008 these notes have received a total distribution of
EUR14.9 million leaving a remaining rated balance of EUR5.1
million.  The upgrade of these notes reflects the reduction in
rated balance and increase in over-collateralization of the
notes, as the transaction has de-leveraged.

For the Class D notes the current credit enhancement levels are
deemed sufficient to justify their ratings under both Fitch's
revised corporate CDO rating methodology and its new Global
Criteria for Cash Flow Analysis.

In August 2001, Concerto II B.V., a limited liability company
incorporated under Dutch law, issued EUR500 million of various
classes of fixed- and floating-rate notes and invested the net
proceeds in a portfolio of speculative-grade debt securities and
loans.


DIPFORD GROUP: Brings In Administrators from Menzies
----------------------------------------------------
David Whitehouse and Phil Duffy, partners from Menzies Corporate
Restructuring, were appointed as administrators to Dipford Group
plc by the company's secured lenders.

MCR is continuing to trade the business on a limited basis while
it reviews its options and seeks a purchaser for the business.  
The company has been advised that MCR's appointment does not
affect Dipford's subsidiary Bruce & Co., Edinburgh-based agents
in the sale of licensed, retail and care businesses, which is a
separate legal entity and continues as a profitable enterprise.

On June 18, 2008, Dipford appointed Deloitte & Touche LLP to
assist in the process for the procurement and consideration of
indicative offers for all or part of the trade and assets of the
Company.

Shares in Dipford were suspended on June 6, 2008, pending
clarification of the company's financial position.

Dipford Group plc -- http://www.dipford.com/-- is an AIM-listed  
company, which acts as an agent for vendors of small and medium
sized businesses throughout the U.K. across a wide range of
sectors.  Formed in 2001, the company employed 58 staff and its
head office is in Honley, Huddersfield.


DOT MOBILE: Appoints Liquidators from Smith & Williamson
--------------------------------------------------------
Stephen Robert Cork and Joanne Elizabeth Milner of Smith &
Williamson Ltd. were appointed joint liquidators of Dot Mobile
Ltd. (formerly Subzone Ltd. and WI-Life Ltd.) on June 26 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Dot Mobile Ltd.
         c/o Smith & Williamson
         Prospect House
         2 Athenaeum Road
         London
         N20 9YU
         England


EXODUS MANAGEMENT: Calls In Liquidators from Moore Stephens
-----------------------------------------------------------
Nigel Price and Colin Andrew Prescott of Moore Stephens LLP were
appointed joint liquidators of Exodus Management Ltd. on June 26
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Exodus Management Ltd.
         c/o Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham
         B3 1PB
         England


FCM TECHNOLOGIES: Brings In Liquidators from Tenon Recovery
-----------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of FCM Technologies Ltd. on June 27
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         FCM Technologies Ltd.
         c/o Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


FUSION FILLINGS: Calls In Administrators from Tenon Recovery
------------------------------------------------------------
Stanley Donald Burkett-Coltman and Nigel Ian Fox of Tenon
Recovery were appointed joint administrators of Fusion Filings
Ltd. (Company Number 4159888) 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:

         Fusion Filings Ltd.  
         10 Bridge Street
         Christchurch
         Dorset  
         BH23 1EF
         England


GLO HIRE: Creditors' Meeting Slated for August 27
-------------------------------------------------
Creditors of Glo Hire & Sales Ltd. will meet at 10:00 a.m. on
Aug. 27, 2008, at:

         Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Hertfordshire
         AL1 1HD  
         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 Aug. 26, 2008, to:

         P. Hollis
         Joint Administrator
         Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Hertfordshire
         AL1 1HD  
         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.


H.J. HEINZ: Moody's Assigns Ba1 Rating on Preferred Stock
---------------------------------------------------------
Moody's Investors Service assigned a Baa2 rating to
US$500 million of five-year senior unsecured notes issued by
H.J. Heinz Company and a Ba1 rating to US$350 million of series
B cumulative preferred stock issued by H.J. Heinz Finance
Company.

Moody's also affirmed the existing Baa2 long term debt rating,
Ba1 preferred stock rating, and Prime-2 short term debt rating
of Heinz and its subsidiaries.  The rating outlook is stable.

The senior notes pay a coupon of 5.35% and mature on July 15,
2013.  Heinz intends to use the proceeds from the senior notes
primarily to repay outstanding commercial paper and other
indebtedness.  In the fourth quarter, Heinz issued commercial
paper to fund the redemption of US$300 million of senior
unsecured notes that matured March 15, 2008.

The US$350 million series B cumulative preferred stock pay an 8%
dividend and is mandatorily redeemable on July 15, 2013.  The
proceeds will be used primarily to refinance the maturing
US$325 million 6.226% series A cumulative preferred stock due
July 15, 2008, and to repay other indebtedness.  Following this
redemption, Moody's will withdraw the ratings on the series A
cumulative preferred stock.

Ratings assigned:

H.J. Heinz Company

-- US$500 million senior unsecured notes due 2013 at Baa2

H.J. Heinz Finance Company

-- US$350 million series B preferred stock at Ba1

Ratings affirmed:

H.J. Heinz Company

-- Senior unsecured debt at Baa2

H.J. Heinz Finance Company

-- Senior unsecured debt at Baa2 under full guarantee of H.J.
    Heinz Company

-- Preferred stock at Ba1

H.J. Heinz Finance UK PLC

-- Senior unsecured debt at Baa2 under full guarantee of H.J.
    Heinz Company

H.J. Heinz Company

-- Short term debt at Prime-2

H.J. Heinz Finance Company

-- Short term debt at Prime-2 under full guarantee of H.J.
Heinz
    Company

H.J. Heinz B.V.

-- Short term debt at Prime-2 under full guarantee of H.J.
Heinz
    Company

H.J. Heinz Finance UK PLC

-- Short term debt at Prime-2 under full guarantee of H.J.
Heinz
    Company

H.J. Heinz Company of Canada Limited

-- Short term debt at Prime-2 under full guarantee of H.J.
Heinz
    Company

Headquartered in Pittsburgh, Pennsylvania and founded in 1869,
H. J. Heinz Company is a marketer and producer of branded foods
in ketchup, condiments, sauces, meals, soups, seafood, snacks
and infant foods.  Key brands include Heinz® Ketchup, sauces,
soups, beans, pasta and infant foods, Ore-Ida® French Fries and
roasted potatoes, Boston Market® and Smart Ones® meals and
Plasmon baby food.  Heinz's 50 companies have number-one or
number-two brands in 200 countries.  The company's European
headquarters in located in England.


HORNERS MOTOR: Goes Into Administrative Receivership
----------------------------------------------------
Horners Motor Group Ltd. has gone into receivership with the
loss of 73 jobs, Crain's Manchester Business reports.

Crain's Manchester Business relates Dermot Power and Matthew
Dunham of BDO Stoy Hayward were appointed receivers of the
company.

"Retailing new and used cars has become increasingly
competitive.  Tight margins have contracted even further in
recent months as a result of the current economic climate," Mr.
Durham was quoted by Crain's Manchester Business as saying.  "As
a result, firms like Horners are experiencing falling volumes,
rising costs and price deflation."

Crain's Manchster Business discloses the company reported a loss
of GBP564,000 on turnover of GBP38.3 million in the year to end
of June 2007.

Horners Motor Group Ltd. sold Skoda and Mitsubishi cars in
Manchester and Rochdale.  The company was owned by John Haytack.


INTERNATIONAL MEDICAL: Puts Two Subsidiaries Into Administration
----------------------------------------------------------------
International Medical Devices plc provides an update on its
financial position.

The Board has continued to have discussions with its present
bank, other financial institutions, and individuals, in order to
provide funding in the form of loans and/or equity, to support
IMD's working capital requirements.

The funding requirements have not been forthcoming from the
parties with whom discussions have been held, and this has
clearly been influenced by the difficult economic conditions, in
particular the current economic climate, equity market
uncertainties, and tightening of credit policy and conditions in
the banking market.

The Board has been working closely with IMD's existing bank, in
order to protect the assets of the business.  The IMD Board has
regrettably taken the decision, to place two of IMD's three
trading subsidiaries, being Pro-Care Limited and Response
Medical Equipment Limited, into Administration.  BDO Stoy
Hayward has been appointed Administrator of these businesses.
IMD and the Administrators are working together to try to find a
solution for the IMD group.

On June 27, 2008, IMD requested that trading in its shares on
AIM be suspended with immediate effect pending clarification of
the company's financial position.

Headquartered in London, England, International Medical Devices
plc -- http://www.imd-plc.com/-- is a medical supply company  
targeting the medical consumables, cardiorespiratory, acute and
aged care markets.


LILYPAD ESTATES: Brings In Joint Administrators from PwC
--------------------------------------------------------
Mark David Arthur Loftus and Ian David Green of
PricewaterhouseCoopers LLP were appointed joint administrators
of Lilypad Estates Ltd. (Company Number 05773334) on July 4,
2008.

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

The company can be reached at:

         Lilypad Estates Ltd.  
         c/o PricewaterhouseCoopers LLP
         Benson House
         33 Wellington Street
         Leeds  
         LS1 4JP
         England


NORTHWORLD LTD: Creditors' Meeting Slated for July 28
-----------------------------------------------------
Creditors of Northworld Ltd. (Company Number 3160029) will meet
at 10:30 a.m. on July 28, 2008, at:

         Ramada Encore Hotel London West
         4 Portal Way
         London West  
         W3 6RT  
         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 25, 2008, to:

         Lee Antony Manning  
         Joint Administrator
         Deloitte & Touche LLP
         Athene Place
         66 Shoe Lane
         London
         EC4A 3BQ
         England

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


PACSCOM LTD: Creditors' Meeting Slated for July 25
--------------------------------------------------
Creditors of Pascom Ltd. (Company Number 01655859) will meet at
10:30 a.m. on July 25, 2008, at:
         
         Deloitte & Touche LLP
         First Floor  
         2 New Street Square
         London  
         EC4A 3BZ  
         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 24, 2008, to:

         Lee Antony Manning
         Joint Administrator
         Deloitte & Touche LLP
         PO Box 810  
         66 Shoe Lane  
         London
         EC4A 3WA
         England

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


PEPPER POST: Appoints Joint Administrators from Baker Tilly
-----------------------------------------------------------
Geoffrey Lambert Carton-Kelly and Simon Bower of Baker Tilly
Restructuring and Recovery LLP were appointed joint
administrators of Pepper Post Production Ltd. (Company Number
04729110) on July 2, 2008.

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing  
and other services for mid-cap and smaller publicly listed
companies and private companies, particularly those expanding
into new foreign markets.  Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.

The company can be reached at:

         Pepper Post Production Ltd.  
         10 Dover Street  
         London  
         W1S 4LQ
         England


QUEBECOR WORLD: Judge Peck Modifies Management Incentive Plan
-------------------------------------------------------------
Judge James M. Peck of the U.S. Bankruptcy Court for the
Southern District of New York authorized Quebecor World Inc. and
its debtor-affiliates to implement and continue the Management
Incentive Compensation Plan and the Plant Based Incentive Plan.  

Judge Peck, however, modified the MICP to provide that:

  (a) With respect to the payment of 50% of the enhanced portion
      of the MICP for 2008 otherwise payable upon meeting the
      criteria provided in a report by Towers Perrin, which
      was filed under seal.  The amount will only be payable
      to the participants in the event that Quebecor World,
      Inc., files its annual financial report for the fiscal
      year ending Dec. 31, 2008, with the Canadian Securities
      Regulatory Authorities on March 31, 2009;

  (b) The 2009 EBITDA targets to be used to determine a
      participant's award under the 2009 MICP will remain
      subject to the review and approval of the Official
      Committee of Unsecured Creditors on July 31, 2008;
      provided, that, in the event, the Committee fails to
      approve the 2009 EBITDA targets before July 31, 2008,
      the targets will be determined by the Court upon
      subsequent request by the Debtors; and

  (c) With respect to the payment of the enhanced portion of the
      MICP for 2009 payable to the participants provided in the
      Towers Perrin Report, the payment will be made upon the
      later of (i) Sept 30, 2009, and (ii) the filing of the
      Debtors' plan of reorganization.

"This is an incentive plan construct that has historical
resonance in the company.  The people to be benefited have
expected this in pre-bankruptcy years and have even more of a
need to be ensured these incentives will be in place now,"  
Bloomberg News quoted Judge Peck as saying.  

Judge Peck, according to Bloomberg, determined that the payments
proposed by "wouldn't violate a 2005 change in the Bankruptcy
Code that was meant to discourage high bonuses to managers who
oversaw companies before they filed for bankruptcy."

The Debtors estimate that the MICP will cost between
US$14,000,000 and US$41,900,000, and will benefit 250 employees.  
The PBIP, on the other hand, is estimated to cost US$9,600,000,
and will affect 340 participants.

The Honorable Justice Robert Mongeon of the Quebec Superior
Court of Justice, the judge overseeing Quebecor Worlds'
reorganization proceedings under the Canadian Companies'
Creditors Arrangement Act, also authorized the CCAA Applicants
to implement and continue the Incentive Plans.  Judge Mongeon
rules that tax authorities are not prevented from obtaining
information regarding the exact content of the Incentive Plans,
the names of the eligible employees, and the payment amount to
be made to each employee.

Ernst & Young, Inc., the Court-appointed monitor of the CCAA
Applicants' proceedings, told Judge Mongeon that it has reviewed
the details of the Incentive Plans and believes that the Plans
provide reasonable compensation in the Applicants' current
situation.  Accordingly, the Monitor said it supports the
Applicants' request to adopt the Incentive Plans.

                Motion to Pay US$203,403 in Bonuses

The Court previously authorized the Debtors to pay their
employees for wages and salaries they earned prepetition, and
honor other prepetition employee-related obligation, which does
not exceed US$10,950 per employee.

The Debtors have determined that they owe 23 employees bonuses
aggregating US$203,403, pursuant to the terms and conditions of
each of the employees' prepetition employment contracts.  Thee
payments are owed to the employees as prepetition signing
bonuses offered to certain new hires or to employees asked to
relocate, Michael J. Canning, Esq., at Arnold & Porter LLP, New
York, relates.

Accordingly, the Debtors seek the Court's authority to pay the
bonuses.

Mr. Canning says the Debtors need to pay the bonuses to minimize
the personal hardship that the affected employees will suffer if
they are not paid when due, and to maintain the morale of the
Debtors' workforce by adhering to the payment terms provided for
under employment contracts entered into prepetition with the
affected employees.

                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.

The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The Debtors have until Sept. 30, 2008, to file a plan of
reorganization in the chapter 11 case.  The Debtors' CCAA stay
has been extended to July 25, 2008.  (Quebecor World Bankruptcy
News, Issue No. 20; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


QUEBECOR WORLD: Printing Agreement with Dex Extended to 2015
------------------------------------------------------------
Quebecor World Inc. signed an extended and expanded multi-year
agreement with Dex Media Inc.  Under this expanded agreement
Quebecor World will extend by one year to 2015 its existing
directory printing agreement covering Dex directories in
fourteen Western and Central states.

In addition, the contract expands the products to be
manufactured by Quebecor World for Dex Media.  These value added
products offer advertisers creative, nontraditional ways of
addressing the end consumer.  Incremental sales are forecast at
more than US$25 million over the term of the agreement.  
Quebecor World will supply Dex Media from its Loveland, CO.
plant and from its network of North American directory
facilities.

"Dex Media is one of America's leading directory publishers,"
said Jacques Mallette, President and CEO Quebecor World.  
"Quebecor World is pleased to expand our relationship with
them."

Kevin J. Clarke, President of Quebecor World's Publishing
Services Group commented, "Dex Media and Quebecor World have
worked together successfully for many years.  This agreement to
produce more of their valued added products is a true win-win
opportunity.  We are delighted to work together to support such
new innovation in the directory marketplace."

           Assumption of Amended Printing Deal with Dex

As reported in The Troubled Company Reporter on July 2, 2008,
the Debtors obtained permission from the U.S. Bankruptcy Court
for the Southern District of New York to amend and assume an
agreement it entered with Dex Media Inc.

The TCR on June 24, 2008, said that Debtor Quebecor World (USA)
Inc., and Dex Media are parties to a master agreement for
printing services, dated March 31, 2005.  The printing agreement
provides for QWUSA to print telephone directories for Dex
through Dec. 31, 2014.  Sales volume of the printing agreement
was estimated at about US$200,000,000, Michael J. Canning, Esq.,
at Arnold & Porter LLP, in New York, related.

                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.

The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The Debtors have until Sept. 30, 2008, to file a plan of
reorganization in the chapter 11 case.  The Debtors' CCAA stay
has been extended to July 25, 2008.  (Quebecor World Bankruptcy
News, Issue No. 20; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


QUEBECOR WORLD: Receives Conversion Notices for Series 5 Shares
---------------------------------------------------------------
Quebecor World Inc. received notices in respect of 744,124 of
its remaining 2,507,153 issued and outstanding Series 5
Cumulative Redeemable First Preferred Shares (TSX: IQW.PR.C)
requesting conversion into the company's Subordinate Voting
Shares (TSX: IQW).

In accordance with the provisions governing the Series 5
Preferred Shares, registered holders of the shares are entitled
to convert all or any number of their Series 5 Preferred Shares
into a number of Subordinate Voting Shares effective as of
Sept. 1, 2008, provided the holders gave notice of their
intention to convert at least 65 days prior to the Conversion
Date.  The Series 5 Preferred Shares are convertible into that
number of the company's Subordinate Voting Shares determined by
dividing CUS$25.00 together with all accrued and unpaid
dividends on the shares up to Aug. 31, 2008 by the greater of
(i) CUS$2.00 and (ii) 95% of the weighted average trading price
of the Series 5 Preferred Shares on the Toronto Stock Exchange
during the period of 20 trading days ending on Aug. 28, 2008.

The next conversion date on which registered holders of the
Series 5 Preferred Shares will be entitled to convert all or any
number of such shares into Subordinate Voting Shares is Dec. 1,
2008, and notices of conversion in respect thereof must be
deposited with the company's transfer agent, Computershare
Investor Services Inc., on or before Sept. 26, 2008.

                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.

The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The Debtors have until Sept. 30, 2008, to file a plan of
reorganization in the chapter 11 case.  The Debtors' CCAA stay
has been extended to July 25, 2008.  (Quebecor World Bankruptcy
News, Issue No. 20; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


QUEBECOR WORLD: Wants Five More KPMG Retention Letters Approved
---------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates notified the U.S.
Bankruptcy Court for the Southern District of New York that they
have recently entered into five additional engagement letters
with KPMG LLP (U.S.).  

The Debtors sought the Court's approval of the additional
engagement letters, nunc pro tunc to May 22, 2008.

The letters contemplate that, in addition to the tax compliance
and consulting services, KPMG US will also provide these
services:

  (a) preparation of a tax opinion letter concerning the
      deductibility of interest on outstanding indebtedness for
      U.S. federal income tax purposes taking into account
      certain refinancing and recapitalization transactions in
      2007;

  (b) preparation of a tax opinion letter concerning the U.S.
      federal income tax implications with respect to a cross
      border leasing arrangement;

  (c) preparation of a tax opinion letter with respect to the
      2007 reorganization of the Debtors' "reverse hybrid"
      financing structure;

  (d) providing tax advice with respect to the U.S. federal
      income tax consequences of alternative potential
      reorganizations of the Debtors' Mexican affiliates; and

  (e) providing tax consulting services with respect to the U.S.
      federal income tax consequences of the Debtors'
      restructuring of a portion of their debts.

The Debtors will pay KPMG US based on these hourly rates:

     Washington National Tax Partner             US$730
     International Corporate Services Partner    US$715
     ICS Tax Managing Director                   US$670
     WNT Senior Manager                          US$655
     ICS Senior Manager                          US$610
     ICS Manager                                 US$490
     ICS Senior Associate                        US$325
     ICS Associate                               US$245
     ICS Intern                                  US$145

Michael Lawler, a partner at KPMG (US), maintained that his firm
is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code, and that it does not represent
any interest adverse to the Debtors or their estates.

                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.

The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The Debtors have until Sept. 30, 2008, to file a plan of
reorganization in the chapter 11 case.  The Debtors' CCAA stay
has been extended to July 25, 2008.  (Quebecor World Bankruptcy
News, Issue No. 20; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SPECTRUM COLOUR: Appoints Liquidators from Tenon Recovery
---------------------------------------------------------
I. Cadlock and A. J. Pear of Tenon Recovery were appointed joint
liquidators of Spectrum Colour Ltd. on June 27 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Tenon Recovery
         Third Floor
         Lyndean House
         43/46 Queens Road
         Brighton
         East Sussex
         BN1 3XB
         England


SUPER AGURI: Goes Into Liquidation; Eyes Sale of Assets
-------------------------------------------------------
William Turner and Geoffrey Kinland of BDO Stoy Hayward were
appointed liquidators of Super Aguri F1 Team Ltd., replacing
administrators from PKF, David Jetuah writes for Accountancy
Age.

Accountancy Age says creditors opted to place Super Aguri into
liquidation because they could not wait for the business to be
sold as a going concern.

The liquidators, Accountancy Age relates, are now handling the
sale of Super Aguri's assets, some of which are set to be sold
on e-bay at the end of the month.

The liquidators, however, are eyeing to complete the sale prior
to the online auction, Accountancy Age adds.

"We are in negotiations with a number of interested parties over
the realization of the team's remaining assets to generate as
much money as possible for the benefit of all creditors," Mr.
Turner told Accountancy Age.

As previously reported in the TCR-Europe on May 9, 2008,
administrators were called in to seek a buyer for Super
Aguri following boss Aguri Suzuki's decision to cease racing
activity and withdraw the team from the 2008 FIA Formula One
World Championship.

Based in Leafield, United Kingdom, Super Aguri F1 Team  --
http://www.saf1.co.jp/en/ -- is a Formula One team that   
competed since 2006 and finished ninth overall in the 2007
constructors’ championship.  In addition to their two drivers,
Anthony Davidson and Takuma Sato, the team employed more than 90
people at the site.


WESTON SPIRIT: T. Dixon Leads Liquidation Procedure
---------------------------------------------------
T. Dixon of Tenon Recovery was appointed liquidator of Weston
Spirit on June 27 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Weston Spirit
         c/o Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


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

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


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


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


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

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


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

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

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

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

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


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


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


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


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


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


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


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


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


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


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


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


                            *********

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

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

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

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


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  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 * * *