TCREUR_Public/080716.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, July 16, 2008, Vol. 9, No. 140

                            Headlines




F R A N C E

DELPHI CORP: GM Wants to Participate in Appaloosa Adversary Suit
DELPHI CORP: Retains W.Y. Campbell to Coordinate Brake Biz Sale
DELPHI CORP: Wants to Modify 19.1% Stake in Ener1 Venture


G E R M A N Y

ADVANCED MICRO: Will Write Down US$880 Million on ATI Purchase
GEFLUEGELFEINKOST SCHILLMOELLER: Claims Filing Ends July 25
GRUNDWERT HANDELSZENTRUM: Claims Filing Period Ends July 25
JLB PERSONALLEASING: Claims Registration Period Ends July 25
RICHTER GMBH: Claims Registration Period Ends July 25


I T A L Y

PARMALAT SPA: Expects EUR350 Million EBITDA for 2008


K A Z A K H S T A N

ADINA LTD: Creditors Must File Claims by August 22
AKBOTA-I: Claims Deadline Slated for August 22
ALMAST LLP: Claims Filing Period Ends August 26
ARTEY LLP: Creditors' Claims Due on August 22
ASTANA STROY-SERVICE: Claims Registration Ends August 22

REM BYT: Creditors Must File Claims by August 22
SEMIPALATINSKY KOMBIKORMOVY: Claims Due August 22
TAGUZAK LLP: Claims Filing Period Ends August 22


K Y R G Y Z S T A N

SOUZ SAHAR: Creditors Must File Proofs of Claim by August 22


R U S S I A

BUTTER MAKER Proofs of Claim Deadline Set July 21
DUBOVSK-AGRO-PROM-SNAB: Proofs of Claim Deadline Set August 17
ELNYA-FLAX: Proofs of Claim Deadline Set August 17
EUROTEK CJSC: Creditors Must File Claims by July 21
INFRASTRUCTURE-AGRO: Creditors Must File Claims by July 21

MONCHEGORSKOE BEER: Proofs of Claim Deadline Set August 17
NOVATEK OAO: S&P Lifts Corporate Credit Rating to BB+ From BB
ORE LLC: Creditors Must File Claims by July 21
PERSPEKTIVA LLC: Creditors Must File Claims by July 21
PRAGMA CJSC: Proofs of Claim Deadline Set August 17

SHANTARINO OJSC: Proofs of Claim Deadline Set July 21
TURINSKIY DIARY: Creditors Must File Claims by July 21
URAL-GIPRO-REZINO-TEKHNIKA: Proofs of Claim Deadline Set Aug. 17
VOLGATELECOM OJSC: Gains Credit Facilities from Two Banks
VYKSUNSKAYA POULTRY: Proofs of Claim Deadline Set August 17

ZHIGULI CJSC: Proofs of Claim Deadline Set July 21


S L O V A K   R E P U B L I C

TERMMING AS: Moody's Holds Ba1.sk Corporate Family Rating


S P A I N

MADRID RMBS III: S&P Puts BBB/BB Ratings on CreditWatch Negative
MARTINSA-FADESA SA: Seeks Waiver for EUR150 Million Loan


S W I T Z E R L A N D

AHAKI LLC: Creditors Have Until July 27 to File Proofs of Claim
B & B OPERATIONS: Creditors' Proofs of Claim Due by July 27
BBG GLOBAL: Creditors Must File Proofs of Claim by July 27
BILAAG LLC: Proofs of Claim Filing Deadline is July 26
FALEIN JSC: Deadline to File Proofs of Claim Set July 26

FRIED-BAUM JSC: Thurgau Court Commences Bankruptcy Proceedings
GENERAL MOTORS: Wants to Participate in Delphi-Appaloosa Lawsuit
IMMOGAR JSC: Proofs of Claim Filing Period Ends July 26
L. MAIER JSC: July 27 Set as Deadline to File Proofs of Claim
RESTAURANT 1001: Proofs of Claim Filing Deadline is July 27

RV NEUE: Creditors Have Until July 27 to File Proofs of Claim
SAPLANA JSC: Proofs of Claim Filing Deadline is July 26
UNDERTOOL LLC: Creditors' Proofs of Claim Due by July 26


U K R A I N E

KALINA INTER: Creditors Must File Claims by July 31
KAMBIO-GRAND LLC: Creditors Must File Claims by August 1
LIQUID MINERAL: Claims Filing Deadline Set August 1
LUGANSK MINE: Creditors Must File Claims by July 31
POSTCOM-CONTRACT LLC: Creditors Must File Claims by July 31

PRIME INTERNATIONAL: Creditors Must File Claims by July 31
STANDARD LLC: Creditors Must File Claims by August 1
SUZIRYA-2000 LLC: Claims Filing Deadline Set July 31
TANT LLC: Creditors Must File Claims by July 31
VIKING AND COMPANY: Creditors Must File Claims by July 31

VLIV LLC: Creditors Must File Claims by July 31
VESTA-SERVICE LLC: Creditors Must File Claims by July 31


U N I T E D   K I N G D O M

AGILENT TECHNOLOGY: Moody's Affirms Ba1 Corporate Family Rating
AGILYSYS INC: To Appeal Nasdaq's Decision to Delist Securities
BAA LTD: S&P Retains BB- Corp. Credit Rating on Watch Developing
BRITANNIA BULK: Moody's Raises Corporate Family Rating to B2
BS DEVELOPMENT: Brings In Joint Administrators from KPMG

CASTLE BUILDING: Appoints Joint Administrators from PwC
FEC RESOURCES: Posts US$5.95M Net Loss For Yr. Ended Dec. 2007
FRAMES & PRINTS: Calls In Joint Administrators from Bakery Tilly
GREATFLEET PLC: Enters Into Period of Protection
HEMSWORTH PHOTO: Brings In Liquidators from KPMG

J.N.D. SCOTT: Appoints Liquidators from Mazars
MACFARLANE TRANSPORT: Taps Joint Administrators from KPMG
M I G TECHNICAL: Calls In Liquidators from Baker Tilly
SOUND FORESIGHT: Taps Liquidators from BDO Stoy Hayward
SOLOMONS FURNITURE: Claims Filing Period Ends August 24

STADIUM PLASTICS: Appoints Liquidators from KPMG
WEIGHT WATCHERS: 17.5% VAT Imposed on U.K. Unit's Meeting Fees



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F R A N C E
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DELPHI CORP: GM Wants to Participate in Appaloosa Adversary Suit
----------------------------------------------------------------
General Motors Corp. seeks authority from the U.S. Bankruptcy
Court for the Southern District of New York to participate in
the adversary proceedings filed by Delphi Corp. against
Appaloosa, Management, L.P., et al.  GM wants to participate in
the proceedings as a "party-in-interest."

Delphi's ties with Appaloosa, et al., soured after Delphi sought
funding of the US$2,825,000,000 of its US$6,100,000,000 exit
debt financing facility from General Motors, its primary
customer.  The lenders, including GM, were ready to close
April 4, but the financing agreements have been terminated after
Appaloosa, et al., pulled out from their commitment to provide
US$2,550,000,000 of equity financing to Delphi.

Michael P. Kessler, Esq., at Weil, Gotshal & Manges LLP, in New
York, tells the Court that GM wants to:

  (i) appear before the Court on any matter arising in the
      adversary proceedings, including hearings and chambers
      conferences;

(ii) participate in settlement discussions, mediation sessions
      and arbitrations regarding the Adversary Proceeding; and

(iii) participate in the discovery process, including through
      the review of documents produced and attendance at
      depositions.

Mr. Kessler asserts GM only seeks limited participation rights
sufficient to fully monitor the progress and status of the
adversary proceedings and to permit involvement in activities
likely to affect or overlap with the negotiation of a modified
new plan.  GM clarifies it does not intend to intervene at this
time as a plaintiff in the adversary proceedings, and it does
not intend to file pleadings, argue before the court, or examine
witnesses at depositions, hearings, or trial.

Delphi and the statutory committees appointed in the Chapter 11
cases -- the Official Committee of Unsecured Creditors and the
Official Committee of Equity Security Holders have reached an
agreement with regarding the terms of their intervention in the
adversary proceedings, and they will have significantly more
information into the potential value of the litigation if GM is
not permitted to monitor the Adversary Proceeding, Mr. Kessler
points out.  GM cannot meaningfully negotiate over the value and
disposition of any proceeds of this litigation if it is not
afforded the opportunity to participate, including by attending
depositions and reviewing documents produced by the Plan
Investors.  Such an advantage to the other major constituents
would be unfair to GM given its role as one of the major
constituents in the case, Mr. Kessler adds.

Mr. Kessler notes that the participation rights now sought by GM
are the same as those GM has enjoyed in other major contested
matters in the Chapter 11 cases.  The relief now sought, then,
is not only justified by GM's unique role in Delphi's
reorganization, but is consistent with past practice in these
cases, Mr. Kessler contends.

               GM Involved in New Plan Talks with
                 Delphi and Creditors Committee

GM says that it is a major constituent of a new plan under
negotiation together with Delphi and the Official Committee of
Unsecured Creditors.  GM has been asked to provide major support
through financial contributions, subsidies and loans, Mr.
Kessler discloses.

GM adds its interest in participating in the adversary
proceedings is in the litigation's representation of a
significant asset of the Debtors' estates.  The terms and
conditions of a modified or new plan will depend, in part, on
the value ascribed to the litigation and the disposition of any
recoveries from the litigation, Mr. Kessler avers.

                    Delphi Opposes Dismissal

In light of the Plan Investors' request for dismissal of the
adversary proceedings, Delphi is defiant, saying that the
defendants engaged in serious misconducts that have caused
devastating harm to the company and its many stakeholders, and
pleaded two theories of fraud against Appaloosa Management,
L.P., for:

  (i) fraudulently inducing Delphi to enter in the December
      2007, Equity Purchase & Commitment Agreement by having its
      president, David Tepper, represent that AMLP had committed
      a minimum of US$1,100,000,000 of its own capital when in
      fact, AMLP intended to invest nothing if it did not like
      the economics of the deal at closing, even if Delphi
      complied with the conditions precedent to the defendants'
      commitments, and

(ii) fraudulently concealing its plans efforts, before and
      after confirmation of the Joint Plan of Reorganization of
      Delphi, to avoid a closing and avoid consummation of the
      Plan.

The Official Committees join in Delphi in its opposition to the
Motions for Dismissal, asserting they too have been injured by
the Plan Investors' acts.

Representing Delphi, Edward A. Friedman, Esq., at Friedman
Kaplan Seiler & Adelman LLP, tells the Court that the Plan
Investorshave conspired to avoid their commitments to Delphi and
ultimately renounced any intention to perform, despite their
contractual commitments to provide the equity financing
necessary for the consummation of the Reorganization Plan, and
despite their repeated assurances to Delphi and to the Court
that they would honor their commitments.

Mr. Friedman says, the Plan Investors' misconduct resulted in
Delphi's remaining in bankruptcy, despite obtaining confirmation
of the Plan in January, and obtaining commitments for its
US$6,100,000,000 debt financing in April.

"Now defendants argue that, even if they behaved exactly as
Delphi alleges, the Court is powerless to enforce the parties'
agreements," Mr. Friedman asserts.  The Defendants, he says, are
arguing that there is no remedy for their breach of contract if
they did not do it at will, but even if they did so willfully,
only limited monetary damages will be imposed on them, contrary
to what the parties agreed and contrary to what the law
provides.

The remedies available to redress Delphi's injury, Mr. Friedman
asserts, turn on disputed facts, which cannot be determined on
the face of the pleadings.  The defendants' arguments are based
on four major premises, which he discusses one by one:

  (i) The specific performance of a contract to provide money is
      always precluded as a matter of law.

      This rule does not exist, Mr. Friedman says.  As in most
      cases, the injured party can obtain substitute performance
      elsewhere, then  sue to recover any increased costs.  In
      the case of Delphi, substitute performance is not
      available.  The plaintiff cannot obtain the money
      elsewhere on similar terms and the complex nature of the
      transaction makes damages difficult to measure, and this
      must be resolved on a full record, not on the pleadings.

      Delphi's inability to find another US$2.55 billion equity
      package makes substitute performance impossible.  It also
      makes the calculation of Delphi's damages very difficult,
      Mr. Friedman relates.  The Court would have to weigh the
      accuracy and credibility of competing fact and expert
      witnesses trying to estimate the difference in value
      between the equity package promised by the defendants and
      what a hypothetical alternative investor might
      theoretically charge for a similar package.  The Court
      would also need to weigh the injury caused by all the
      other changes to the Plan a hypothetical substitute
      investment might require, Mr. Friedman adds.

(ii) Even if the Court could order specific performance, it may
      not do so because the parties' agreements forbid it.

      This contention raises a question of fact because even if
      the agreements could be read, under New York Law, any
      contractual limitation on the remedies available for
      breach is unenforceable, as a matter of public policy, if
      the breaching party is guilty of willful misconduct or has
      acted with reckless indifference to the damage it is
      inflicting, Mr. Friedman notes.

      He asserts the Defendants' commitments were an integral
      part of the plan to consummate one of the largest public
      company reorganizations in history.  The reorganized
      Delphi represents a unique asset of incalculable value
      to its employees, its community, and its many other
      stakeholders.  The proposed transaction involves a unique
      and irreplaceable asset, Mr. Friedman avers.

(iii) Section 12(d) of the EPCA permitted termination of the
      contract without cause as of April 5, 2008, if the
      transaction had not closed by April 4.

      It did not close by that date, so the defendants argue
      that they had an unequivocal right to walk away, making
      specific performance impossible whatever the merits if
      Delphi's claims, Mr. Friedman adds.  It is settled law,
      however, that a party cannot take advantage of its own
      wrongdoing in that fashion.  If, as Delphi alleges, the
      sole reason the transaction did not close on April 4 is
      that the Defendants improperly terminated the contract on
      that date, they cannot claim the benefit of a provision
      that would have had no application but for their own
      misconduct, Mr. Friedman contends.

      Even if the EPCA and the Commitment Letter Agreements
      could be read to preclude specific performance, that
      preclusion would be unenforceable as a matter of public
      policy.  It is well-established under New York law that,
      where a defendant has breached a contract in bad faith or
      through willful misconduct, a limitation--liability
      provision will not be enforced and will not preclude any
      legal or equitable remedy otherwise appropriate. Public
      policy precludes enforcement of a contractual limitation
      on liability or remedy where the defendant has acted in
      bad faith, Mr. Friedman explains.

(iv) The Defendants argue that the Court need not reach the
      question of remedy because they did not breach their
      agreements at all.  They contended that Delphi failed go
      satisfy various conditions precedent, excusing
      their performance.

      Mr. Friedman laments the Defendants are free to try to
      make the case, which is without merit in any event, but
      not on the pleadings.  It is beyond question that Delphi
      pleaded "generally that all conditions precedent had
      occurred or been performed,' and nothing more is required,
      Mr. Friedman tells the Court.

      A defendant that fails to plead non-compliance with a
      particular condition waives its right to invoke that
      condition in its defense.  At this point, the Defendants
      have not yet pleaded, so any alleged failure of a
      condition is not yet an issue.  The Defendants' suggestion
      that the complaint should be dismissed because Delphi did
      not anticipate which conditions the defendants might argue
      were unsatisfied, and address those defenses preemptively,
      is without merit, Mr. Friedman maintains .

In deciding a motion to dismiss, a court will accept the
complaint as true and draw all reasonable inference in the
plaintiff's favor.  A defendant cannot obtain dismissal of an
adequately pleaded complaint with the argument "that the
plaintiff will not fail to find evidentiary support for his
allegations, because the issue is not whether the plaintiff
ultimately will prevail but whether the plaintiff is entitled to
offer evidence to support its claims, Mr. Friedman states.

Delphi asks the court to deny the Motions to Dismiss, asserting
that hearing the case will lead to the discovery and trial for
of Delphi's claims and the determination of the appropriate
remedy.

         Parties Stipulate on Confidential Information

Delphi, the Committees, and the Plan Investors anticipate that
the documents provided in the adversary proceedings may involve
information that are sensitive and confidential in nature.
Accordingly, they agree to these terms:

  * Discovery Material that contains information that is (i) not
    generally available to the public and (ii) sensitive
    commercial, financial, or business information, sensitive
    personal information, trade secrets, or other confidential
    research, development, or commercial information the public
    disclosure of which may adversely affect the producing party
    may be designated as "Confidential."

  * Discovery Material that poses a reasonable risk of
    competitive or other harm to the Producing Party or non-
    party, maybe classified as "Highly Confidential."

  * Confidential Discovery Material will only be available to
    the Court, the Court employees directly involved in the
    proceeding, counsel to the Parties in the Chapter 11 cases,
    and third-party contractors working on the data in
    connection with the action, and any joining party required
    to provide assistance in the conduct of these cases.

  * "Highly Confidential" Discovery Materials will be available
    only to the Court, the Court employees directly involved in
    the proceedings, counsel to the parties in these cases and
    their staff, and third party contractors engaged in working
    on the data in connection with the action.  Consultants,
    advisors, investigators, or experts employed by counsel in
    connection with the Chapter 11 cases may be authorized
    access to "Highly Confidential' Discovery Materials when
    necessary, provided they sign a confidentiality agreement.

  * A party who desires to provide "Highly Confidential'
    materials to persons not authorized in the Stipulation will
    have to make an appropriate application to the Court.

  * The unintentional disclosure by a producing party of
    unmarked Confidential Discovery Materials will not be deemed
    as a waiver of the party's claim of confidentiality, and the
    unintentional production of any privileged material by the
    producing Party or a third party will not be deemed to be a
    waiver or impairment of any claim of privilege.

  * To the extent that Confidential Discovery Material is
    proposed to be filed or is filed with the Court, that
    Confidential Discovery Material, any portion of a pleading,
    motion or memorandum that discloses the Confidential
    Discovery Material will be filed under seal, together with a
    motion to seal the documents.

                           About GM

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.

                         About Delphi

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.

(Delphi Bankruptcy News, Issue No. 136; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Retains W.Y. Campbell to Coordinate Brake Biz Sale
---------------------------------------------------------------
Delphi Corp. disclosed the retention of W.Y. Campbell & Company
to explore sale opportunities for Delphi's Brake business.

Delphi's Brake business has estimated 2008 revenue of US$295
million and provides fully integrated brake system solutions to
customers as well as engineered components tailored to customer
requirements.

Delphi's Brake business has more than 1,000 employees globally
throughout three manufacturing and assembly facilities located
in Juarez, Mexico and Shanghai, China.  The business also has
technical centers in Shanghai, China; Brighton, Michigan; and
Dayton, Ohio.

Parties interested in Delphi's Brake business may contact:

    Cliff Roesler
    Managing Director
    W.Y. Campbell & Company
    Tel: (313) 496-9000
    E-mail: croesler@wycampbell.com

                         About Delphi

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.

(Delphi Bankruptcy News, Issue No. 136; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Wants to Modify 19.1% Stake in Ener1 Venture
---------------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to allow Debtor
Delphi Automotive Systems LLC to enter into a Restructuring and
Exchange Agreement with Ener1, Inc., for the restructuring and
exchange of DAS LLC's ownership interests in EnerDel, Inc.,
pursuant to Section 363 of the Bankruptcy Code and Rules 2004
and 6004(a) of the Federal Rules of Bankruptcy Procedure.

In 2004, DAS LLC and Ener1 Inc. formed a joint venture, EnerDel,
to design and manufacture lithium-ion battery technologies and
products.  The goal of the joint venture was to create an
alternative energy source and sell and distribute its products
globally.  EnerDel primarily focuses its lithium-ion batteries
business in the automotive, power tool, military, consumer
appliance, and personal mobility markets.  Ener1 contributed
capital and intellectual property to the joint venture, and in
exchange was granted 80.5% of EnerDel's common stock.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, tells the Court that DAS LLC
contributed proportionally a smaller amount of capital and
intellectual property to the joint venture and in exchange was
granted 19.5% of EnerDel's common stock.  DAS LLC was also
granted one of six seats on the EnerDel board of directors,
8,000 shares of EnerDel preferred stock and warrants to acquire
750,000 shares of Ener1 common stock with a strike price of US$7
per share, to expire on Oct. 20, 2011.

The low-cost, high-performance lithium-ion batteries that
EnerDel develops are designed for plug-in hybrid and extended-
range electric vehicles.  This niche is becoming increasingly
competitive, Mr. Butler avers.  Nevertheless, EnerDel believes
it has a feasible business plan for the development of the
lithium-ion batteries, and the global market for alternate fuel
sources is in the billions of dollars.

Mr. Butler tells the Hon. Robert Drain that the Restructuring
and Exchange Agreement which is aimed at restructuring the
ownership interests of DAS LLC in EnerDel to a more liquid
asset, provides, among others, that:

  (a) DAS LLC would transfer 19.5% Common Stock interest and its
      preferred Stock in EnerDel to its joint partner, Ener1, in
      exchange for (i) 2,086,000 shares of the Ener1 common
      stock valued at approximately US$19,500,000,
      (ii) US$8,000,000 cash, and (iii) revised warrants to
      acquire Ener1 common stock at an exercise price of US$5.25
      per share;

  (b) the non-compete provision in the Formation Agreement,
      which limits the options of DAS LLC and Ener1 to engage in
      operations to compete with EnerDel will remain in effect
      until October 20, 2010;

  (c) EnerDel would continue to license intellectual property to
      DAS LLC for the use of, manufacture, and sale of products
      other than lithium batteries;

  (d) the Restructuring and Exchange Agreement could be
      terminated prior to the closing upon (1) mutual agreement
      by the parties, (2) termination by either party, provided
      that the terminating party is not in material breach of
      its obligations under the Restructuring and Exchange
      Agreement, if the closing does not occur on or five
      business days following the date an order approving the
      motion is no longer subject to a stay or injunction, (3)
      termination by either party if the other party materially
      breached its representations and warranties and the breach
      is not cured within 10 business days of written notice of
      the breaches, and (4) termination by either party, if the
      Court has not entered an order approving the motion on or
      before Sept. 2, 2008.

The Agreement is a product of both parties' good-faith and
arm's-length bargaining positions, Mr. Butler tells the Court.
The transactions and instruments contemplated by the Agreement,
he says, satisfies the requirements of Section 363 of the
Bankruptcy Code.

The Court will convene a hearing on July 31, 2008, at 10:00
a.m., to consider approval of the Debtors' request.  Objections
are due July 24, 2008 at 4:00 p.m.

                         About Delphi

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.

(Delphi Bankruptcy News, Issue No. 136; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


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


ADVANCED MICRO: Will Write Down US$880 Million on ATI Purchase
--------------------------------------------------------------
Advanced Micro Devices Inc. said it will take goodwill and
intangible asset impairment charges of around US$880 million,
mostly due to its 2006 acquisition of ATI Technologies.

The charges were associated with the Handheld and DTV reporting
units which have not performed in accordance with the company's
expectations.

As a result of these impairment charges, the company will not be
required to make any current or future cash expenditures.

                        Restructuring Plan

During the fiscal quarter ended June 28, 2008, the company
implemented a restructuring plan to reduce its breakeven point.
The plan involves the termination of employees which commenced
during the second quarter of fiscal 2008 and is expected to
complete by the end of fiscal 2008.

The company expects to record a restructuring charge of
approximately US$32 million in the second quarter of 2008.  A
part of this US$32 million charge is related to employee
severance, and a majority of this severance was paid by the
company during the second quarter of 2008.

The company believes that subsequent charges related to this
restructuring plan will consist of employee severance payments.
However, the company does not expect these charges to be
material.

In addition, in the fiscal quarter ended June 28, 2008, the
company expects to incur other-than-temporary investment
impairment charges of approximately US$36 million related to the
company's short-term investments.

These charges consist of a US$24 million charge for the
company's investment in Spansion Inc., a former joint venture of
AMD and Fujitsu Ltd., and a US$12 million charge related to the
company's holdings in Auction Rate Securities.

Also, during the fiscal quarter ended June 28, 2008, the company
expects to recognize a gain in connection with sales of certain
200mm wafer fabrication tools, which the company expects will
have a materially favorable impact on its gross margin for the
second quarter of 2008.  The company's estimate is that the
gross margin impact will be approximately US$190 million.

The Wall Street Journal related that the charges are the latest
in a series of negative financial news from AMD, whose shares
have shed two-thirds of their value in the past 12 months.

AMD's shares declined after the statement to US$4.84, down
12 cents, the Journal added.

                   About Advanced Micro Devices

Headquartered in Sunnyvale, California, Advanced Micro Devices
Inc. (NYSE: AMD) -- http://www.amd.com/-- provides innovative
processing solutions in the computing, graphics and consumer
electronics markets.

At Dec. 29, 2007, the company's consolidated balance sheet
showed US$11.550 billion in total assets, US$8.295 billion in
total liabilities, US$265.0 million in minority interest in
consolidated subsidiaries, and US$2.990 billion in total
stockholders' equity.

                         *     *     *

As reported in the Troubled Company Reporter on Jan. 28, 2008,
Fitch downgraded these ratings on Advanced Micro Devices Inc.,
including its Issuer Default Rating to 'B-' from 'B'; and its
Senior unsecured debt to 'CCC'/RR6 from 'CCC+/RR6'.  The Rating
Outlook remains Negative.


GEFLUEGELFEINKOST SCHILLMOELLER: Claims Filing Ends July 25
-----------------------------------------------------------
Creditors of Gefluegelfeinkost Schillmoeller GmbH have until
July 25, 2008, to register their claims with court-appointed
insolvency manager Axel Gerbers.

Claims will be verified at 11:00 a.m. on Aug. 8, 2008 at:

         The District Court of Vechta
         Hall 129
         Main Building
         Kapitelplatz 8
         49377 Vechta
         Germany

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

The insolvency manager can be reached at:

         Axel Gerbers
         Soegestrasse 70
         28195 Bremen
         Germany
         Tel: 0421/178998-0
         Fax: 0421/178998-11
         E-mail: bremen@jnp.de
         Web site: www.jnp.de

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

The Debtor can be reached at:

         Gefluegelfeinkost Schillmoeller GmbH
         Attn: Uta Zurwellen and Burghard Zurwellen, Managers
         Erlte 65
         49429 Visbek
         Germany


GRUNDWERT HANDELSZENTRUM: Claims Filing Period Ends July 25
-----------------------------------------------------------
Creditors of Grundwert Handelszentrum GmbH have until
July 25, 2008, to register their claims with court-appointed
insolvency manager Dr. Christoph Schulte-Kaubruegger.

Claims will be verified at 9:05 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:

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Grundwert Handelszentrum GmbH on May 2,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Grundwert Handelszentrum GmbH
         Am Koellnischen Park 1
         10179 Berlin
         Germany


JLB PERSONALLEASING: Claims Registration Period Ends July 25
------------------------------------------------------------
Creditors of JLB-Personalleasinggesellschaft mbH have until
July 25, 2008, to register their claims with court-appointed
insolvency manager Joachim Voigt-Salus.

Claims will be verified at 9:20 a.m. on Sept. 23, 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:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against JLB-Personalleasinggesellschaft mbH on
May 15, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         JLB-Personalleasinggesellschaft mbH
         Prenzlauer Allee 36
         10405 Berlin
         Germany


RICHTER GMBH: Claims Registration Period Ends July 25
-----------------------------------------------------
Creditors of Richter GmbH & Co have until July 25, 2008, to
register their claims with court-appointed insolvency manager
Manuel Sack.

Claims will be verified at 10:00 a.m. on Sept. 22, 2008, at:

         The District Court of Osterode am Harz
         Hall 12
         Amtshof 20
         37520 Osterode am Harz
         Germany

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

The insolvency manager can be reached at:

         Manuel Sack
         Schiffgraben 30
         30175 Hannover
         Germany
         Tel: 0511/366020
         Fax: 0511/3660255
         E-mail: hannover@brinkmann-partner.de

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

The Debtor can be reached at:

         Richter GmbH & Co
         Attn: Horst Preuss, Manager
         Papenhoeher Weg 13
         37520 Osterode am Harz
         Germany


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


PARMALAT SPA: Expects EUR350 Million EBITDA for 2008
----------------------------------------------------
Parmalat S.p.A. has released its new guidance for financial year
2008

According to the company, the worsening of the economic and
financial crisis has affected the economic trend of Parmalat
Australia and Parmalat South Africa.  To this situation a major
decline of the Italian market must be added.

Damages suffered by these markets have been only partially
compensated by the positive trend of other subsidiaries and by
the operational actions already implemented and in course
of implementation.

In consideration of the context described above and in absence
of extraordinary events, the new "guidance" for the Group
presents an increase in revenues of 3% respect to 2007, while it
is reasonable to expect that EBITDA of the Group, for this
period, could be approximately EUR350 million, (with a
contraction of 5% approximately respect to 2007).

Parmalat reminds that the Board of Directors will examine the
preliminary data as at June 30, 2008, on July 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.


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


ADINA LTD: Creditors Must File Claims by August 22
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Adina Ltd. 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


AKBOTA-I: Claims Deadline Slated for August 22
----------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Akbota-I insolvent.

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

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


ALMAST LLP: Claims Filing Period Ends August 26
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Almast 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


ARTEY LLP: Creditors' Claims Due on August 22
---------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Artey insolvent.

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

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


ASTANA STROY-SERVICE: Claims Registration Ends August 22
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Astana Stroy-Service insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Astana
         Micro District Molodejny, 8-38
         Astana
         Kazakhstan
         Tel: 8 (7172) 22-86-26


REM BYT: Creditors Must File Claims by August 22
------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Rem Byt Stroy-Astana insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Astana
         Micro District Molodejny, 8-38
         Astana
         Kazakhstan
         Tel: 8 (7172) 22-86-26


SEMIPALATINSKY KOMBIKORMOVY: Claims Due August 22
-------------------------------------------------
LLP Semipalatinsk Feed Mill Semipalatinsky Kombikormovy Zavod
has declared insolvency.  Creditors have until Aug. 22, 2008, to
submit written proofs of claims to:

         LLP Semipalatinsk Feed Mill
         Semipalatinsky Kombikormovy Zavod
         Melkombinat Square 1
         Semipalatinsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7222) 34-36-14


TAGUZAK LLP: Claims Filing Period Ends August 22
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Taguzak 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


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


SOUZ SAHAR: Creditors Must File Proofs of Claim by August 22
------------------------------------------------------------
LLC Trade Company Souz Sahar Torg has declared insolvency.
Creditors have until Aug. 22, 2008, to submit written proofs of
claim to:

         LLC Souz Sahar Torg
         Kalyk Akiyev Str. 75
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 90-08-98


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


BUTTER MAKER Proofs of Claim Deadline Set July 21
-------------------------------------------------
Creditors of LLC Butter Maker (TIN 5536004694) have until
July 21, 2008, to submit proofs of claim to: insolvency manager

         A. Kalashnikov
         Zavodskaya Str. 2
         644065 Omsk
         Russia

The Arbitration Court of Omsk has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as ?46-8612/2008.

The Debtor can be reached at:

         LLC Butter Maker
         Karbysheva Str. 86
         Tevriz
         646560 Omsk
         Russia


DUBOVSK-AGRO-PROM-SNAB: Proofs of Claim Deadline Set August 17
--------------------------------------------------------------
Creditors of OJSC Dubovsk-Agro-Prom-Snab (TIN 6108000060) have
until Aug. 17, 2008, to submit proofs of claim to:

         I. Melnikov
         Insolvency Manager
         Sotsialisticheskaya Str. 74
         Rostov-na-Donu
         Russia

The Arbitration Court of Rostov has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as ?53-21030/2007-S1-36.

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         OJSC Dubovsk-Agro-Prom-Snab
         Sadovaya Str. 4
         Dubovskiy
         Dubovskoe
         Rostov
         Russia


ELNYA-FLAX: Proofs of Claim Deadline Set August 17
--------------------------------------------------
Creditors of OJSC Elnya-Flax (TIN 6706000532) have until
Aug. 17, 2008, to submit proofs of claim to:

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

The Arbitration Court of Smolensk has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as ?62-3547/2007.

The Debtor can be reached at:

         Rabochiy Per., 15.
         OJSC Elnya-Flax
         Elnya
         190000 Smolensk
         Russia


EUROTEK CJSC: Creditors Must File Claims by July 21
---------------------------------------------------
Creditors of CJSC Eurotek (TIN 7813323900) have until
July 21, 2008, to submit proofs of claim to:

         Temporary Insolvency Manager
         OPS-100
         Post User Box 19
         Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad has
commenced bankruptcy supervision procedure on the company.  The
case was docketed as ?56-2957/2008.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Eurotek
         Letter A Premise 2N
         Bolshaya Zelenina Str. 41
         197196 St. Petersburg
         Russia


INFRASTRUCTURE-AGRO: Creditors Must File Claims by July 21
----------------------------------------------------------
Creditors of OJSC Agricultural Enterprise Infrastructure-Agro
have until July 21, 2008, to submit proofs of claim to:

         A. Eremin
         Temporary Insolvency Manager
         Mira Pr. 101V
         129085 Moscow
         Russia

The Arbitration Court of Kostroma has commenced bankruptcy
supervision procedure on the company.  The case is docketed as ?
31-766/2008-21.

The Debtor can be reached at:

         OJSC Agricultural Enterprise Infrastructure-Agro
         Buy
         Buyskiy
         Obyezdnoe 3
         157006 Kostroma
         Russia


MONCHEGORSKOE BEER: Proofs of Claim Deadline Set August 17
----------------------------------------------------------
Creditors of LLC Monchegorskoe Beer (TIN 5107020256) have until
Aug. 17, 2008, to submit proofs of claim to:

         A. Arendachuk
         Insolvency Manager
         184500 Murmansk Russia
         Monchegorsk
         Metallurgov Pr. 2 A

The Arbitration Court of Murmansk has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as ?42-1173/2008.

The Debtor can be reached at:

         LLC Monchegorskoe Beer
         Kolskaya Str. 5
         Monchegorsk
         Murmansk
         Russia


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

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

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

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

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

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

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

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

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

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

   -- Novatek enjoys a very low cost position;

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

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

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

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

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

The current rating has some flexibility for about US$500 million
to US$1 billion in acquisitions if they strengthen and diversify
the group's business.  Even though such transactions could lead
to a temporary debt buildup, S&P expects Novatek to subsequently
return to its financial policy target of keeping the ratio of
net debt to EBITDA below 1x, because higher gas and condensate
prices should boost the company's future profits.

Adverse regulatory changes, heightened operational risk from
Gazprom -- which is not S&P's base case scenario -- or major
debt-financed acquisitions could constrain ratings upside or
even pressure the rating or outlook.


ORE LLC: Creditors Must File Claims by July 21
----------------------------------------------
Creditors of LLC Ore (TIN 3435045468) have until July 21, 2008,
to submit proofs of claim to:

         V. Yakovlev
         Temporary Insolvency Manager
         Kosmonavtov Str. 14
         Volzhskiy
         404110 Volgograd
         Russia

The Arbitration Court of Volgograd has commenced bankruptcy
supervision procedure on the company.  The case was docketed as
?12-7902/08-s27.

The Debtor can be reached at:

         LLC Ore
         Kosmonavtov Str. 25
         404110 Volzhskiy
         Russia


PERSPEKTIVA LLC: Creditors Must File Claims by July 21
------------------------------------------------------
Creditors of LLC Perspektiva have until July 21, 2008, to submit
proofs of claim to:

         A. Gordienko
         Temporary Insolvency Manager
         Sovetskaya Str. 1.
         Tynda
         676290 Amur
         Russia

The Arbitration Court of Amur has commenced bankruptcy
supervision procedure on the company.  The case was docketed as
?04-227/08-11/16 B.

The Debtor can be reached at:

         LLC Perspektiva
         Sovetskaya Str. 1.
         Tynda
         676290 Amur
         Russia


PRAGMA CJSC: Proofs of Claim Deadline Set August 17
---------------------------------------------------
Creditors of CJSC Pragma have until Aug. 17, 2008, to submit
proofs of claim to:

         V. Suldin
         Insolvency Manager
         Michurina Str. 114-37.
         443068 Samara
         Russia

The Arbitration Court of Samara has commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed as ?55-5141/2008.

The Debtor can be reached at:

         CJSC Pragma
         Novosemeykino
         Samara
         Russia


SHANTARINO OJSC: Proofs of Claim Deadline Set July 21
-----------------------------------------------------
Creditors of OJSC Shantarino have to submit proofs of claim to:

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

The Arbitration Court of Chelyabinsk has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as ?76-50471/05-36-332.

The Debtor can be reached at:

         OJSC Shantarino
         Insolvency Manager
         Post User Box 717
         620000 Ekaterinburg
         Russia


TURINSKIY DIARY: Creditors Must File Claims by July 21
-----------------------------------------------------
Creditors of LLC Turinskiy Diary have until July 21, 2008, to
submit proofs of claim to:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk has commenced bankruptcy
supervision procedure on the company.  The case is docketed as
?60-5069/08-?11.

The Debtor can be reached at:

         LLC Turinskiy Diary
         Zelenaya Str. 2-a
         Turinsk
         623900 Sverdlovsk
         Russia


URAL-GIPRO-REZINO-TEKHNIKA: Proofs of Claim Deadline Set Aug. 17
----------------------------------------------------------------
Creditors of CJSC Ural-Gipro-Rezino-Tekhnika have until
Aug. 17, 2008, to submit proofs of claim to:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as ?60-28328/07-S11.

The Debtor can be reached at:

         CJSC Ural-Gipro-Rezino-Tekhnika
         Industrii Str. 33-19.
         620048 Ekaterinburg
         Russia


VOLGATELECOM OJSC: Gains Credit Facilities from Two Banks
---------------------------------------------------------
OJSC VolgaTelecom has summarized the results of open tender of
selecting a credit institution to render financial services of
concluding contracts of credit extension. VolgaTelecom invited
the tender on June 2, 2008.

Two credit institutions have filed their bids: CJSC UniCredit
Bank (lots 1,3 and 4) and CJSB Bank Societe General Vostok (lot
2).

In accordance with the requirements of legislation and terms of
tender documentation the agreements of credit extension will be
made with ZAO UniCredit Bank (lots 1,3 and 4) on these terms and
conditions:

    * Lot 1 Credit extension to the amount of RUR300,000,000
      for the period of 36 months at the rate of one-month
      MOSPRIME + 3,2% per annum;

    * Lot 2 the agreement of credit extension to the amount of
      RUR500,000,000 for the period of 36 months (with
      amortization) at the rate of 1-month MOSPRIME + 2,75% per
      annum will be made with ZAO "BSGV".

    * Lot 3 - Credit extension to the amount of RUR800,000,000
      for the period of 48 months at the rate of one-month
      MOSPRIME + 3,4% per annum;

    * Lot 4 - Credit extension to the amount of RUR400,000,000
      for the period of 60 months at the rate of 1-month
      MOSPRIME + 3,6% per annum.

The raised funds will be allocated for financing VolgaTelecom's
day-to-day operations and investments.  In holding the open
tender the Company uses MOSPRIME floating interest rate on long-
term borrowings for the second time.

                       About VolgaTelecom

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

                         *     *     *

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

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


VYKSUNSKAYA POULTRY: Proofs of Claim Deadline Set August 17
-----------------------------------------------------------
Creditors of LLC Vyksunskaya Poultry Farm (TIN 5247015400) have
until Aug. 17, 2008, to submit proofs of claim to:

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

The Arbitration Court of Nizhniy Novgorod has commenced
bankruptcy proceedings against the company after finding it
insolvent.   The case is docketed as ?43-30444/2007, 33-262.

The Debtor can be reached at:

         LLC Vyksunskaya Poultry Farm
         607039 Nizhniy Novgorod Russia
         Vyksunskiy
         Druzhba
         Russia


ZHIGULI CJSC: Proofs of Claim Deadline Set July 21
--------------------------------------------------
Creditors of CJSC Zhiguli (TIN 6376001616) have until
July 21, 2008, to submit proofs of claim to:

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

The Arbitration Court of Samara has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as ?55-5321/2008.


The Debtor can be reached at:

         CJSC Zhiguli
         Krasnoyarsk
         Volzhskiy
         Russia


=============================
S L O V A K   R E P U B L I C
=============================


TERMMING AS: Moody's Holds Ba1.sk Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has affirmed the national scale
corporate family rating of Termming of Ba1.sk, and changed the
outlook to stable from negative.

The change in outlook mainly reflects stabilization of the
company's financial driven by a successful reorganization within
the company after acquisitions done in 2006, a strategic change
in management's acquisition appetite and capex primarily focused
on upgrade of technologies and change of heating sources from
gas to biomass, allowing more economical heating production
going forward.

Regarding Termming's financial, after generation of the highest
loss in the history of the company in 2006 Termming turned up to
positive result in 2007 and further improvement is expected in
2008.  The financial stabilization of Termming is driven by
successful reorganization within the company resulting in
reduction of personnel expenses by 14%, while further 5%
decrease in personnel expenses is expected in 2008.  Moreover,
Termming kept its profit despite very unfavorable climate
conditions for the heating companies caused by the extremely
mild winter in 2007.

Although acquisitions are the most important factor in
Termming's franchise expansion, the company's management is
cautious regarding further increase in leverage.  Regarding
acquisition policy, as the prime target Termming endeavours to
acquire currently leased heating facilities. Furthermore, any
new acquisitions or capex over the maintenance planned by the
company will be funded through project financing without a need
for cross funding from current operations.

Following the change its rating outlook to stable from negative,
Moody's expects sustainability of stabilization and improvement
in Termming's financial profile (as represented by coverage
metrics such as EBITDA/Interest expense or FFO interest
coverage), profitability and capital base, and funding.

                       About Termming

Headquartered in the Slovak capital of Bratislava, Termming,
a.s. is a local important producer and distributor of steam
heating for the city of Bratislava and surrounding areas. Of its
total 2007 sales of SKK431 million (EUR12.8 million), 99% is
derived from regulated heating deliveries and 1% from
unregulated residential facilities management services.  The
company is majority-owned by COMERON SPS, which currently owns
70.25% with the remainder owned by a number of private entities.


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


MADRID RMBS III: S&P Puts BBB/BB Ratings on CreditWatch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with negative implications its credit ratings on the class D and
E notes issued by MADRID RMBS III, Fondo de Titulizacion de
Activos.  The ratings on all other classes remain unaffected.

The CreditWatch placements are due to the deterioration of the
underlying pool quality.  S&P will now carry out a more detailed
analysis of this transaction to investigate whether any change
to the ratings assigned to the notes is warranted.  The results
of this review and any changes in the ratings are expected in
due course.

S&P also reviewed MADRID RMBS I, Fondo de Titulizacion de
Activos and MADRID RMBS IV, Fondo de Titulizacion de Activos,
and S&P's review concluded that there has been no effect on the
ratings at this point in time.  However, S&P has comparatively
less visibility on the performance of MADRID RMBS IV given its
relative seasoning.  If performance metrics mirror those of
MADRID RMBS II or III, the ratings on MADRID RMBS IV could
potentially come under pressure.

In contrast, current levels of available structural enhancement
and a relatively stronger performance have meant that MADRID
RMBS I is currently better positioned to withstand further
deterioration than the other three transactions.

The MADRID RMBS III notes, issued in July 2007, were backed at
closing by a EUR3 billion portfolio comprising residential
mortgage-backed loans secured over residential properties in
Spain.  The loans were originated and are serviced by Caja de
Ahorros y Monte de Piedad de Madrid.

Ratings List:

MADRID RMBS III, Fondo de Titulizacion de Activos EUR3 billion
Mortgage-Backed Floating-Rate Notes

Ratings Placed On CreditWatch With Negative Implications

    Class            To             From

      D         BBB/Watch Neg        BBB
      E         BB/Watch Neg         BB



MARTINSA-FADESA SA: Seeks Waiver for EUR150 Million Loan
--------------------------------------------------------
Martinsa-Fadesa SA is seeking a waiver for its EUR150 million
loan, Reuters reports.

According to Martinsa, Reuters relates, the deadline for
obtaining the loan, which is part of its refinancing agreement
with creditors, had expired.

Reuters says Martinsa wants its creditor banks to give the
company until August 7, 2008, to secure the loan.

A TCR-Europe report on April 7, 2008 disclosed Martinsa reached
a EUR5 billion (US$7.86 billion) debt-restructuring deal with
creditors.

The deal, which includes a payment waiver, has enabled the
company to avert bankruptcy.

Headquartered in Corunna, Spain, Martinsa-Fadesa SA --
http://www.martinsafadesa.com/-- is a real estate developer.
The company specializes in the development of residential and
commercial property projects, including hotels, shopping centers
and golf courses, as well as industrial projects, among others.
Martinsa-Fadesa owns land property of approximately 30 million
square meters, and is present in 14 countries and 21 provinces
in Spain.  The company operates in Portugal; Romania; Hungary;
Ireland; France; Bulgaria; Mexico; the Dominican Republic; the
Czech Republic; Slovakia; Poland, through Fadesa Prokom Polska
SA, and Morocco, through Addoha-Fadesa Real Estate and Tourist
Consortium.  In addition, it has commercial offices in the
United Kingdom, Germany, Ireland and Sweden.


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


AHAKI LLC: Creditors Have Until July 27 to File Proofs of Claim
---------------------------------------------------------------
Creditors owed money by LLC ahaKi are requested to file their
proofs of claim by July 27, 2008, to:

         Monika Anna Bucher-Siegrist
         Stutzrain 42
         6500 St. Niklausen
         Switzerland

The company is currently undergoing liquidation in Ballwil.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 19, 2008.


B & B OPERATIONS: Creditors' Proofs of Claim Due by July 27
-----------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against LLC B & B Operations on May 27, 2008.

The company is currently undergoing liquidation in Zug.

Creditors have until July 27, 2008, to file their proofs of
claim.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         LLC B & B Operations
         Bosch 35
         6331 Hunenberg
         Switzerland


BBG GLOBAL: Creditors Must File Proofs of Claim by July 27
----------------------------------------------------------
Creditors owed money by LLC BBG Global Management are requested
to file their proofs of claim by July 27, 2008, to:

         Pilar Urbino
         Bahnhofpark 4
         6340 Baar
         Switzerland

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


BILAAG LLC: Proofs of Claim Filing Deadline is July 26
------------------------------------------------------
Creditors owed money by LLC Bilaag are requested to file their
proofs of claim by July 26, 2008, to:

         Meinrad Laager
         Liquidator
         Mattstrasse 23
         8762 Schwanden
         Switzerland

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


FALEIN JSC: Deadline to File Proofs of Claim Set July 26
--------------------------------------------------------
Creditors owed money by JSC Falein are requested to file their
proofs of claim by July 26, 2008, to:

         JSC KTB-Treuhand
         Eulerstrasse 54
         4003 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at a general meeting
held on May 21, 2008.


FRIED-BAUM JSC: Thurgau Court Commences Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Service of Thurgau commenced bankruptcy
proceedings against JSC Fried-Baum on Feb. 18, 2008.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld
         Switzerland

The Debtor can be reached at:

         JSC Fried-Baum
         Fabrikwis 19
         9543 St. Margarethen TG
         Switzerland


GENERAL MOTORS: Wants to Participate in Delphi-Appaloosa Lawsuit
----------------------------------------------------------------
General Motors Corp. seeks authority from the U.S. Bankruptcy
Court for the Southern District of New York to participate in
the adversary proceedings filed by Delphi Corp. against
Appaloosa, Management, L.P., et al.  GM wants to participate in
the proceedings as a "party-in-interest."

As previously reported, Delphi's ties with Appaloosa, et al.,
soured after Delphi sought funding of the US$2,825,000,000 of
its US$6,100,000,000 exit debt financing facility from General
Motors, its primary customer.  The lenders, including GM, were
ready to close April 4, but the financing agreements have been
terminated after Appaloosa, et al., pulled out from their
commitment to provide US$2,550,000,000 of equity financing to
Delphi.

Michael P. Kessler, Esq., at Weil, Gotshal & Manges LLP, in New
York, tells the Court that GM wants to:

  (i) appear before the Court on any matter arising in the
      adversary proceedings, including hearings and chambers
      conferences;

(ii) participate in settlement discussions, mediation sessions
      and arbitrations regarding the Adversary Proceeding; and

(iii) participate in the discovery process, including through
      the review of documents produced and attendance at
      depositions.

Mr. Kessler asserts GM only seeks limited participation rights
sufficient to fully monitor the progress and status of the
adversary proceedings and to permit involvement in activities
likely to affect or overlap with the negotiation of a modified
new plan.  GM clarifies it does not intend to intervene at this
time as a plaintiff in the adversary proceedings, and it does
not intend to file pleadings, argue before the court, or examine
witnesses at depositions, hearings, or trial.

Delphi and the statutory committees appointed in the Chapter 11
cases -- the Official Committee of Unsecured Creditors and the
Official Committee of Equity Security Holders have reached an
agreement with regarding the terms of their intervention in the
adversary proceedings, and they will have significantly more
information into the potential value of the litigation if GM is
not permitted to monitor the Adversary Proceeding, Mr. Kessler
points out.  GM cannot meaningfully negotiate over the value and
disposition of any proceeds of this litigation if it is not
afforded the opportunity to participate, including by attending
depositions and reviewing documents produced by the Plan
Investors.  Such an advantage to the other major constituents
would be unfair to GM given its role as one of the major
constituents in the case, Mr. Kessler adds.

Mr. Kessler notes that the participation rights now sought by GM
are the same as those GM has enjoyed in other major contested
matters in the Chapter 11 cases.  The relief now sought, then,
is not only justified by GM's unique role in Delphi's
reorganization, but is consistent with past practice in these
cases, Mr. Kessler contends.

              GM Involved in New Plan Talks with
                 Delphi and Creditors Committee

GM says that it is a major constituent of a new plan under
negotiation together with Delphi and the Official Committee of
Unsecured Creditors.  GM has been asked to provide major support
through financial contributions, subsidies and loans, Mr.
Kessler discloses.

GM adds its interest in participating in the adversary
proceedings is in the litigation's representation of a
significant asset of the Debtors' estates.  The terms and
conditions of a modified or new plan will depend, in part, on
the value ascribed to the litigation and the disposition of any
recoveries from the litigation, Mr. Kessler avers.

                    Delphi Opposes Dismissal

In light of the Plan Investors' request for dismissal of the
adversary proceedings, Delphi is defiant, saying that the
defendants engaged in serious misconducts that have caused
devastating harm to the company and its many stakeholders, and
pleaded two theories of fraud against Appaloosa Management,
L.P., for:

  (i) fraudulently inducing Delphi to enter in the December
      2007, Equity Purchase & Commitment Agreement by having its
      president, David Tepper, represent that AMLP had committed
      a minimum of US$1,100,000,000 of its own capital when in
      fact, AMLP intended to invest nothing if it did not like
      the economics of the deal at closing, even if Delphi
      complied with the conditions precedent to the defendants'
      commitments, and

(ii) fraudulently concealing its plans efforts, before and
      after confirmation of the Joint Plan of Reorganization of
      Delphi, to avoid a closing and avoid consummation of the
      Plan.

The Official Committees join in Delphi in its opposition to the
Motions for Dismissal, asserting they too have been injured by
the Plan Investors' acts.

Representing Delphi, Edward A. Friedman, Esq., at Friedman
Kaplan Seiler & Adelman LLP, tells the Court that the Plan
Investorshave conspired to avoid their commitments to Delphi and
ultimately renounced any intention to perform, despite their
contractual commitments to provide the equity financing
necessary for the consummation of the Reorganization Plan, and
despite their repeated assurances to Delphi and to the Court
that they would honor their commitments.

Mr. Friedman says, the Plan Investors' misconduct resulted in
Delphi's remaining in bankruptcy, despite obtaining confirmation
of the Plan in January, and obtaining commitments for its
US$6,100,000,000 debt financing in April.

"Now defendants argue that, even if they behaved exactly as
Delphi alleges, the Court is powerless to enforce the parties'
agreements," Mr. Friedman asserts.  The Defendants, he says, are
arguing that there is no remedy for their breach of contract if
they did not do it at will, but even if they did so willfully,
only limited monetary damages will be imposed on them, contrary
to what the parties agreed and contrary to what the law
provides.

The remedies available to redress Delphi's injury, Mr. Friedman
asserts, turn on disputed facts, which cannot be determined on
the face of the pleadings.  The defendants' arguments are based
on four major premises, which he discusses one by one:

  (i) The specific performance of a contract to provide money is
      always precluded as a matter of law.

      This rule does not exist, Mr. Friedman says.  As in most
      cases, the injured party can obtain substitute performance
      elsewhere, then  sue to recover any increased costs.  In
      the case of Delphi, substitute performance is not
      available.  The plaintiff cannot obtain the money
      elsewhere on similar terms and the complex nature of the
      transaction makes damages difficult to measure, and this
      must be resolved on a full record, not on the pleadings.

      Delphi's inability to find another US$2.55 billion equity
      package makes substitute performance impossible.  It also
      makes the calculation of Delphi's damages very difficult,
      Mr. Friedman relates.  The Court would have to weigh the
      accuracy and credibility of competing fact and expert
      witnesses trying to estimate the difference in value
      between the equity package promised by the defendants and
      what a hypothetical alternative investor might
      theoretically charge for a similar package.  The Court
      would also need to weigh the injury caused by all the
      other changes to the Plan a hypothetical substitute
      investment might require, Mr. Friedman adds.

(ii) Even if the Court could order specific performance, it may
      not do so because the parties' agreements forbid it.

      This contention raises a question of fact because even if
      the agreements could be read, under New York Law, any
      contractual limitation on the remedies available for
      breach is unenforceable, as a matter of public policy, if
      the breaching party is guilty of willful misconduct or has
      acted with reckless indifference to the damage it is
      inflicting, Mr. Friedman notes.

      He asserts the Defendants' commitments were an integral
      part of the plan to consummate one of the largest public
      company reorganizations in history.  The reorganized
      Delphi represents a unique asset of incalculable value
      to its employees, its community, and its many other
      stakeholders.  The proposed transaction involves a unique
      and irreplaceable asset, Mr. Friedman avers.

(iii) Section 12(d) of the EPCA permitted termination of the
      contract without cause as of April 5, 2008, if the
      transaction had not closed by April 4.

      It did not close by that date, so the defendants argue
      that they had an unequivocal right to walk away, making
      specific performance impossible whatever the merits if
      Delphi's claims, Mr. Friedman adds.  It is settled law,
      however, that a party cannot take advantage of its own
      wrongdoing in that fashion.  If, as Delphi alleges, the
      sole reason the transaction did not close on April 4 is
      that the Defendants improperly terminated the contract on
      that date, they cannot claim the benefit of a provision
      that would have had no application but for their own
      misconduct, Mr. Friedman contends.

      Even if the EPCA and the Commitment Letter Agreements
      could be read to preclude specific performance, that
      preclusion would be unenforceable as a matter of public
      policy.  It is well-established under New York law that,
      where a defendant has breached a contract in bad faith or
      through willful misconduct, a limitation--liability
      provision will not be enforced and will not preclude any
      legal or equitable remedy otherwise appropriate. Public
      policy precludes enforcement of a contractual limitation
      on liability or remedy where the defendant has acted in
      bad faith, Mr. Friedman explains.

(iv) The Defendants argue that the Court need not reach the
      question of remedy because they did not breach their
      agreements at all.  They contended that Delphi failed go
      satisfy various conditions precedent, excusing
      their performance.

      Mr. Friedman laments the Defendants are free to try to
      make the case, which is without merit in any event, but
      not on the pleadings.  It is beyond question that Delphi
      pleaded "generally that all conditions precedent had
      occurred or been performed,' and nothing more is required,
      Mr. Friedman tells the Court.

      A defendant that fails to plead non-compliance with a
      particular condition waives its right to invoke that
      condition in its defense.  At this point, the Defendants
      have not yet pleaded, so any alleged failure of a
      condition is not yet an issue.  The Defendants' suggestion
      that the complaint should be dismissed because Delphi did
      not anticipate which conditions the defendants might argue
      were unsatisfied, and address those defenses preemptively,
      is without merit, Mr. Friedman maintains .

In deciding a motion to dismiss, a court will accept the
complaint as true and draw all reasonable inference in the
plaintiff's favor.  A defendant cannot obtain dismissal of an
adequately pleaded complaint with the argument "that the
plaintiff will not fail to find evidentiary support for his
allegations, because the issue is not whether the plaintiff
ultimately will prevail but whether the plaintiff is entitled to
offer evidence to support its claims, Mr. Friedman states.

Delphi asks the court to deny the Motions to Dismiss, asserting
that hearing the case will lead to the discovery and trial for
of Delphi's claims and the determination of the appropriate
remedy.

         Parties Stipulate on Confidential Information

Delphi, the Committees, and the Plan Investors anticipate that
the documents provided in the adversary proceedings may involve
information that are sensitive and confidential in nature.
Accordingly, they agree to these terms:

  * Discovery Material that contains information that is (i) not
    generally available to the public and (ii) sensitive
    commercial, financial, or business information, sensitive
    personal information, trade secrets, or other confidential
    research, development, or commercial information the public
    disclosure of which may adversely affect the producing party
    may be designated as "Confidential."

  * Discovery Material that poses a reasonable risk of
    competitive or other harm to the Producing Party or non-
    party, maybe classified as "Highly Confidential."

  * Confidential Discovery Material will only be available to
    the Court, the Court employees directly involved in the
    proceeding, counsel to the Parties in the Chapter 11 cases,
    and third-party contractors working on the data in
    connection with the action, and any joining party required
    to provide assistance in the conduct of these cases.

  * "Highly Confidential" Discovery Materials will be available
    only to the Court, the Court employees directly involved in
    the proceedings, counsel to the parties in these cases and
    their staff, and third party contractors engaged in working
    on the data in connection with the action.  Consultants,
    advisors, investigators, or experts employed by counsel in
    connection with the Chapter 11 cases may be authorized
    access to "Highly Confidential' Discovery Materials when
    necessary, provided they sign a confidentiality agreement.

  * A party who desires to provide "Highly Confidential'
    materials to persons not authorized in the Stipulation will
    have to make an appropriate application to the Court.

  * The unintentional disclosure by a producing party of
    unmarked Confidential Discovery Materials will not be deemed
    as a waiver of the party's claim of confidentiality, and the
    unintentional production of any privileged material by the
    producing Party or a third party will not be deemed to be a
    waiver or impairment of any claim of privilege.

  * To the extent that Confidential Discovery Material is
    proposed to be filed or is filed with the Court, that
    Confidential Discovery Material, any portion of a pleading,
    motion or memorandum that discloses the Confidential
    Discovery Material will be filed under seal, together with a
    motion to seal the documents.

                         About Delphi

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.

(Delphi Bankruptcy News, Issue No. 136; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                     About General Motors

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

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

                          *     *     *

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

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

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


IMMOGAR JSC: Proofs of Claim Filing Period Ends July 26
-------------------------------------------------------
Creditors owed money by JSC Immogar are requested to file their
proofs of claim by July 26, 2008, to:

         Henri Zegg
         Liquidator
         Vincenz & Partner
         Steinbruchstrasse 12
         7000 Chur
         Switzerland

The company is currently undergoing liquidation in Untervaz.
The decision about liquidation was accepted at a general meeting
held on May 16, 2008.


L. MAIER JSC: July 27 Set as Deadline to File Proofs of Claim
-------------------------------------------------------------
Creditors owed money by JSC L. Maier are requested to file their
proofs of claim by July 27, 2008, to:

         Irchelstrasse 34
         8057 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a general meeting
held on May 22, 2008.


RESTAURANT 1001: Proofs of Claim Filing Deadline is July 27
-----------------------------------------------------------
Creditors owed money by LLC Restaurant 1001 are requested to
file their proofs of claim by July 27, 2008, to:

         Bernstrasse Nord 230
         8064 Zurich
         Switzerland

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


RV NEUE: Creditors Have Until July 27 to File Proofs of Claim
-------------------------------------------------------------
Creditors owed money by JSC RV Neue Energietechnik are requested
to file their proofs of claim by July 27, 2008, to:

         Friedrich Auf der Maur
         Liquidator
         Stationsstrasse 12
         8604 Volketswil
         Switzerland

The company is currently undergoing liquidation in Pratteln.
The decision about liquidation was accepted at an extraordinary
general meeting held on June 11, 2008.


SAPLANA JSC: Proofs of Claim Filing Deadline is July 26
-------------------------------------------------------
Creditors owed money by JSC Saplana are requested to file their
proofs of claim by July 26, 2008, to:

         JSC KTB-Treuhand
         Eulerstrasse 54
         4003 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at a general meeting
held on May 21, 2008.


UNDERTOOL LLC: Creditors' Proofs of Claim Due by July 26
--------------------------------------------------------
Creditors owed money by LLC UnderTool are requested to file
their proofs of claim by July 26, 2008, to:

         Rene Hagspiel
         Bahnweg 14
         9212 Arnegg
         Switzerland

The company is currently undergoing liquidation in Wittenbach.
The decision about liquidation was accepted at a shareholders'
meeting held on June 4, 2008.


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


KALINA INTER: Creditors Must File Claims by July 31
---------------------------------------------------
Creditors of LLC Kalina Inter (code EDRPOU 35087373) 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 June 18, 2008.
The case is docketed as 49/101-b.

The Debtor can be reached at:

         LLC Kalina Inter
         Melnikov St. 12
         04050 Kiev
         Ukraine


KAMBIO-GRAND LLC: Creditors Must File Claims by August 1
--------------------------------------------------------
Creditors of LLC Kambio-Grand (code EDRPOU 32647559) have until
Aug. 1, 2008, to submit proofs of claim to:

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 10, 2008.
The case is docketed as B11/448-07.

The Debtor can be reached at:

         LLC Kambio-Grand
         Shliuzovaya St. 1
         Vyshgorod
         07300 Kiev
         Ukraine


LIQUID MINERAL: Claims Filing Deadline Set August 1
---------------------------------------------------
Creditors of State Enterprise Science-Research Center of Liquid
Mineral Organic Manure (code EDRPOU 05393524) have until
Aug. 1, 2008, to submit proofs of claim to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy supervision
procedure on the company on May 13, 2008.  The case is docketed
as 4/76.

The Debtor can be reached at:

         State Enterprise Science-Research Center of
         Liquid Mineral Organic Manure
         Gaydamatskaya St. 16
         Pustomity
         81100 Lvov
         Ukraine


LUGANSK MINE: Creditors Must File Claims by July 31
---------------------------------------------------
Creditors of Lugansk Mine Building (code EDRPOU 13394176) have
until July 31, 2008, to submit proofs of claim to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on June 6, 2008.
The case is docketed as 10/191b.

The Debtor can be reached at:

         Lugansk Mine Building
         Alchevsk Highway St. 8
         Yubileynoye
         91493 Lugansk
         Ukraine


POSTCOM-CONTRACT LLC: Creditors Must File Claims by July 31
-----------------------------------------------------------
Creditors of LLC Postcom-Contract (code EDRPOU 34240275) have
until July 31, 2008, to submit proofs of claim to:
         01601 Kiev Ukraine Bogomolets St. 4, of. 18

         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 18, 2008.
The case is docketed as 49/100-b.

The Debtor can be reached at:

         LLC Postcom-Contract
         Kikvidze St. 13
         01103 Kiev
         Ukraine


PRIME INTERNATIONAL: Creditors Must File Claims by July 31
----------------------------------------------------------
Creditors of LLC Prime International (code EDRPOU 33080601) have
until July 31, 2008, to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent on June 5, 2008.
The case is docketed as 2/105-08-2189.

The Debtor can be reached at:

         LLC Prime International
         Odariy St. 1
         Odessa
         Ukraine


STANDARD LLC: Creditors Must File Claims by August 1
----------------------------------------------------
Creditors of LLC Standard (code EDRPOU 30607671) have until
Aug. 1, 2008, to submit proofs of claim to:

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as B11/177-07.

The Debtor can be reached at:

         LLC Standard
         Kiev St. 10
         Vyshgorod
         07300 Kiev
         Ukraine


SUZIRYA-2000 LLC: Claims Filing Deadline Set July 31
----------------------------------------------------
Creditors of LLC Suzirya-2000 (code EDRPOU 30551509) 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 the bankruptcy supervision
procedure on the company on May 13, 2008.  The case is docketed
as 44/14-b.

The Debtor can be reached at:

         LLC Suzirya-2000
         Yurkovskaya St. 36
         04080 Kiev
         Ukraine


TANT LLC: Creditors Must File Claims by July 31
-----------------------------------------------
Creditors of LLC Tant (code EDRPOU 33001231) have until
July 31, 2008, to submit proofs of claim to:

         The Economic Court of Rivne
         Yavornitskiy Str. 59
         33001 Rivne
         Ukraine

The Economic Court of Rivne commenced bankruptcy proceedings
against the company after finding it insolvent on June 18, 2008.
The case is docketed as 9/21.

The Debtor can be reached at:

         LLC Tant
         Prince Vladimir St. 112
         33024 Rivne
         Ukraine


VIKING AND COMPANY: Creditors Must File Claims by July 31
---------------------------------------------------------
Creditors of LLC Viking and Company (code EDRPOU 33088815) have
until July 31, 2008, to submit proofs of claim to:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent on June 10, 2008.
The case is docketed as 10/103-08.

The Debtor can be reached at:

         LLC Viking and Company
         Keletskaya St. 39/85
         Vinnica
         Ukraine


VLIV LLC: Creditors Must File Claims by July 31
-----------------------------------------------
Creditors of LLC Science-Production Commerce Firm Vliv (code
EDRPOU 30661592) have until July 31, 2008, to submit proofs of
claim to:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent on June 3, 2008.
The case is docketed as 7/47.

The Debtor can be reached at:

         LLC Science-Production Commerce Firm Vliv
         Kiev St. 64-a
         Kremenchuk
         39600 Poltava
         Ukraine


VESTA-SERVICE LLC: Creditors Must File Claims by July 31
--------------------------------------------------------
Creditors of LLC Vesta-Service (code EDRPOU 35277772) have until
July 31, 2008, to submit proofs of claim to:

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on June 5, 2008.
The case is docketed as B11/174-08.

The Debtor can be reached at:

         LLC Vesta-Service
         Sholudenko St. 13-A
         Vyshgorod
         07300 Kiev
         Ukraine


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


AGILENT TECHNOLOGY: Moody's Affirms Ba1 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service affirmed the existing ratings of
Agilent Technologies, Inc. and revised the outlook to positive.

The positive outlook reflects Agilent's continued execution of
its business model and solid financial performance.  It also
incorporates the company's strong demonstration of improved
revenue growth in conjunction with higher margins driven by new
product introductions, increased market penetration and
favorable product mix, as well as diversification of revenue
sources and end markets, continued cost containment, and minimal
restructuring charges.  The outlook incorporates our
expectations that Agilent's electronic measurement (EM)
business, which accounts for roughly 62% of total revenues, will
demonstrate growth and operating margin characteristics at least
comparable to its business segment peers.

Although the company's financial measures are more indicative of
a Baa3 rating, Moody's remains concerned that sluggish order
growth in the EM business and a potential slowdown in Asian
markets could impact Agilent's financial performance later this
year and/or in early 2009.  Moody's notes that Agilent's Asian
sales account for nearly 40% of net revenues.  The Ba1 CFR also
incorporates financial policies that are shareholder-friendly.
Moody's expects the company to remain aggressive in share
buybacks, especially given the amount of excess balance sheet
cash and since a portion of senior management compensation
continues to be based on relative share price performance.  ]

The rating agency cited that the positive outlook factors in the
expectation that Agilent will manage annual share repurchases
within its generation of annual free cash flow (FCF) plus excess
(unrestricted) cash balances above US$1.3 billion, while
maintaining debt to EBITDA of no more than 2 -- 2.5x (excludes
World Trade Enhanced Note) on an as reported basis.

Historically, Agilent's share buybacks have ranged from
US$2 billion to US$4 billion per annum.  Finally, the Ba1 CFR
incorporates the potential for leveraging event risk given the
company's penchant to supplement growth through external means.
As world economies continue to show signs of deceleration,
Agilent may fall short of its 10% revenue growth target, which
could result in more reliance on acquisitions, albeit this would
be a departure from Agilent's current strategy.

The combination of these factors constrains the CFR at Ba1. How
the company manages share repurchases and acquisitions during a
period of weaker operating performance will be an important
factor in Moody's analysis of Agilent's ratings.  If there is no
dramatic deterioration in operating performance over the next
six to nine months in conjunction with a likely slowing of Asian
economies, and if Agilent is able to demonstrate financial
policies that are consistent with the rating agency's
expectations, without materially impacting financial leverage,
Moody's could upgrade the rating.

The company's SGL-1 rating reflects very good liquidity, which
is driven by Agilent'sUS$1.7 billion of unrestricted cash and
short-term investments and Moody's expectations for positive FCF
generation (after acquisitions) over the next 12-18 months.
Following completion of theUS$2 billion share repurchase program
in fiscal 2009, Moody's expects that Agilent will maintain cash
balances of around US$1.3 billion or more plus continued access
to a US$300 million multi-year committed unsecured credit
facility.  Additional liquidity support is derived from our
expectation that FCF generation will remain robust through
cycles given that operating performance continues to remain
solid.  Moody's expects that the bulk of FCF is likely to be
used for small, tuck-in acquisitions and remaining share
repurchases, thereby limiting further cash buildup.

The following ratings were affirmed:

* Corporate Family Rating -- Ba1

* Probability of Default Rating -- Ba1

* US$600 million Senior Unsecured Notes due 2017 -- Ba1 (LGD-4,
  52%)

* Speculative Grade Liquidity -- SGL-1

                  About Agilent Technologies

Headquartered in Santa Clara, California, Agilent Technologies,
Inc. is a leading measurement technology company serving the
communications, electronics, life sciences and chemical analysis
industries.  Net revenues and EBITDA (Moody's adjusted) for the
twelve months ended April 30, 2008 were US$5.7 billion and
US$1.1 billion, respectively.


AGILYSYS INC: To Appeal Nasdaq's Decision to Delist Securities
--------------------------------------------------------------
Agilysys Inc. will submit a request for a hearing before the
NASDAQ Listing Qualifications Panel to appeal NASDAQ's
determination to delist the company's shares.

On July 3, 2008, the company received a NASDAQ staff
determination letter stating the company's shares are subject to
potential delisting.  The potential delisting is related to
Agilysys' delay in filing its Form 10-K for the fiscal year
ended March 31, 2008, with the Securities and Exchange
Commission, as required by Marketplace Rule 4310(c)(14).

The delay in filing the Form 10-K is due to Agilysys waiting on
audited financial statements for its investment in a foreign
entity.

On June 2, 2008, in the company's fourth quarter earnings
release, Agilysys recorded material other income of US$8.9
million during fiscal year 2008 resulting from its 20% ownership
interest in Magirus AG, a privately held enterprise computer
systems distributor headquartered in Germany.

Due to the materiality of Magirus to Agilysys' financial
statements in fiscal 2008, Agilysys requires audited
confirmation of Magirus income and SEC rules require audited
financial statements related to Magirus to be filed with the
company's Form 10-K.  Agilysys expects to file its Form 10-K
within 60 days.

The request for a hearing will automatically stay the delisting
of the company's common shares until the Panel makes its
decision.

As reported in the Troubled Company Reporter on June 19, 2008,
Agilysys said its management and financial advisors will explore
strategic and financial alternatives to enhance shareholder
value.  These alternatives include continued implementation of
Agilysys strategic growth plan, a sale of certain assets or the
entire company, formation of joint ventures, and a change to the
company's capital structure.  The company has retained JPMorgan
as financial advisor in the evaluation process.

The company has also deferred its Aug. 1, 2008, annual meeting
of shareholders pending completion of the strategic evaluation.

               Fourth Amendment to Credit Agreement

As reported in the Troubled Company Reporter on March 3, 2008,
on Feb. 21, 2008, Agilysys entered into a fourth amendment
agreement to its credit agreement, dated Oct. 18, 2005.  The
credit agreement provides for loans and letters of credit
aggregating to US$200 million, including a US$20 million sub-
facility for letters of credit issued by LaSalle Bank NA or one
of its affiliates and a US$20 million sub-facility for swingline
loans, which are short-term loans generally used for working
capital requirements.

                      About Agilysys Inc.

Agilysys Inc. (NASDAQ: AGYS) -- http://www.agilysys.com/--
provides IT solutions to corporate and public-sector customers,
including retail and hospitality.  The company uses technology -
- including hardware, software and services -- to help customers
resolve their most complicated IT needs.  The company possesses
expertise in enterprise architecture and high availability,
infrastructure optimization, storage and resource management,
identity management and business continuity; and provides
industry-specific software, services and expertise to the retail
and hospitality markets. Headquartered in Boca Raton, Fla.,
Agilysys operates extensively throughout North America, with
additional sales offices in the United Kingdom and China.


BAA LTD: S&P Retains BB- Corp. Credit Rating on Watch Developing
----------------------------------------------------------------
Standard & Poor's Ratings Services' 'BB-' long-term corporate
credit rating on U.K.-based airports operator BAA Ltd. and its
'BBB-' senior unsecured issue ratings on BAA's guaranteed
nonconvertible bonds remain on CreditWatch with developing
implications, where they were placed on April 16, 2008.  This
action follows the publication to bond investors by BAA of the
consent solicitation document as part of its debt refinancing.

"The publication of this document represents a crucial
development in the long-awaited refinancing of BAA's legacy
bonds and of the acquisition debt of Airport Development and
Investment Ltd.," said S&P's credit analyst Vincent Allilaire.
(ADIL is a consortium led by Spanish concession and construction
group Grupo Ferrovial S.A.)  "The CreditWatch status, however,
continues to reflect our uncertainty about the eventual outcome
of the proposed refinancing."

BAA recently obtained the approval of the special committee of
the Association of British Insurers, an investor association, to
migrate their bonds into an investment-grade ring-fenced entity,
backed by guarantees and security from BAA's three designated
airports (Heathrow, Gatwick, and Stansted).  The consent
solicitation process now gives all other bondholders the ability
to discuss terms and conditions for their debt to be migrated.

Considering that the special committee of the Association of
British Insurers represents about 40% of BAA's British pound
sterling-denominated bonds, a majority of the bondholders have
still to agree on the proposed refinancing, which raises
uncertainty about the final outcome.

S&P understands that BAA's timeline is to implement the
refinancing in the second half of August 2008.  S&P also
understands that BAA's intention is to migrate the bonds and
refinance the acquisition debt at the same time.  The company
has secured in June 2008 commitments from nine banks to provide
a refinancing facility of GBP7.65 billion, to be used in
conjunction with the establishment of a permanent financing
structure by BAA.

The ratings will remain on CreditWatch pending final execution
of BAA-ADIL group's proposed permanent finance strategy.


BRITANNIA BULK: Moody's Raises Corporate Family Rating to B2
------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family
rating of Britannia Bulk plc to B2 from B3 and the senior
secured rating on the company's US$185 million senior notes due
2011 to B1 (LGD3, 40%) from B3.  The outlook on the ratings is
stable.

"The upgrades reflect not only the steady improvement in the
operating performance recorded by Britannia Bulk in the past two
years but also the increase in its financial flexibility
following the successful initial offering made by its parent
company Britannia Bulk Holding," says Marco Vetulli, a Moody's
Vice President and lead analyst for the company.

Moody's understands that Britannia Bulk Holding will use the net
proceeds from this offering, together with the amounts held in
Britannia Bulk's vessels acquisition account and borrowings
under a new US$170 million term loan facility signed in May with
Lloyds TSB Bank and Nordea Bank Denmark, for the repayment of
its existing secured notes and US$110 million secured bridge
facilities.  "Following this repayment, Britannia Bulk group
debt will be substantially lowered," notes Mr. Vetulli.

Following the redemption of the secured notes foreseen for 24
July 2008, Moody's will withdraw the company's outstanding
senior secured rating.

The B2 rating reflects Britannia Bulk's risk profile resulting
from the following credit challenges:

  (i) the high cyclicality of the bulk shipping market;

(ii) the company's aggressive vessel acquisition plan, which is
      expected to increase the current level of debt over the
      next two years;

(iii) the high average age of the fleet;

(iv) the company's short track record in the business -- it
      commenced operations in 2004; and (v) the operational risk
      of its activities -- Britannia Bulk operates its shipping
      activities in icy conditions for five months of the year.

These negative factors are partly offset by the following
strengths:

  (i) the company's good performance over the past three years;

(ii) the improvement in the quality of the fleet that has also
      resulted in the strengthening of its relationships with a
      number of high-quality customers;

(iii) its strong competitive position in Baltic drybulk market;
      and

(iv) Moody's expectation that the dry bulk market will remain
      strong in the coming years, supporting Britannia Bulk's
      activities.

The rating outlook is stable, reflecting Moody's view that there
is no evidence of any factors not already considered in the
current rating that could exert rating pressure in the near
term.

Britannia Bulk's rating could be strengthened if the company
were to show progress towards a Retained Cash Flow/Net Adj. Debt
ratio of around 15%, an EBIT/Interest coverage ratio above 2.5x
times and/or an EBITDA/Debt ratio (on adjusted basis) under 5x.
Conversely, the outlook or the rating could be adjusted downward
in the event of weaker-than-expected market conditions and/or re
leveraging.

The rating for the Senior Secured debt reflects both the overall
probability of default of the company to which Moody's assigns a
PDR of B2 and a loss give default of LDG3.  The two notches
upgrade reflect both a lower probability-of-default (PDR) to B2
and a lower expected loss driven largely by the increase of
other unsecured obligation such as operating lease commitments
(53%) in the capital structure of Britbulk; on a relative basis,
the secured senior notes has a more secured position in the
Company's capital structure because of the increased amount of
operating leases commitments.

Moody's previous rating action on the company was on 25 October
2006, when the ratings were initially assigned.

The following ratings have been upgraded:

- Corporate family rating, to B2 from B3;

- Senior secured rating on the USD 185 million notes due 2011,
   to B1 (LGD 3, 40%) from B3.

                    About Britannia Bulk

Britannia Bulk Plc is a dry bulk shipping company with a primary
focus on the Baltic Northern European coal trade.  It is the
market leader in this specific niche, which has unique
characteristics such as a predominance of short-haul trades,
substantial regulatory requirements and icy conditions.
Currently, Britannia operates a fleet comprising 67 ships (as of
the end of March 2008), of which it owns 13 dry bulk vessels,
five barges and four tugs.  At year-end 2007, it reported
revenues of US$597 million.


BS DEVELOPMENT: Brings In Joint Administrators from KPMG
--------------------------------------------------------
David James Costley-Wood and Richard Dixon Fleming of KPMG LLP
were appointed joint administrators of BS Development Ltd.
(Company Number 5170164) on July 4, 2008.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.

The company can be reached at:

         BS Development Ltd.
         Acre House
         11-15 William Road
         London
         NW1 3ER
         England


CASTLE BUILDING: Appoints Joint Administrators from PwC
-------------------------------------------------------
Stuart David Maddison and Edward Mark Shires of
PricewaterhouseCoopers LLP were appointed joint administrators
of Castle Building Ltd. (Company Number 03593288) 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:

         Castle Building Ltd.
         15 Newland
         Lincoln
         LN1 1XG
         England


FEC RESOURCES: Posts US$5.95M Net Loss For Yr. Ended Dec. 2007
--------------------------------------------------------------
FEC Resources, Inc., reported a comprehensive loss of
CDN$5,946,541 on interest income of CDN$2,556 for the year ended
Dec. 31, 2007, compared with comprehensive loss of CDN$3,263,966
on interest income of CDN$29,050 in the same period ended Dec.
31, 2006.

The company's working capital at Dec. 31, 2007, was CDN$705,839
versus a deficit at Dec. 31, 2006, of CDN$3,153,000 and
shareholders' equity was CDN$8,623,000 compared with
CDN$9,617,000 at Dec. 31, 2006.  During 2006, the company raised
GBP1,400,000 pounds through the issue of convertible debentures
to fund its ongoing operations and development.  These
debentures matured on Dec. 20, 2007, and interest was calculated
at 10% per annum.  The debentures are secured by FEP shares.
The first year's interest was payable in advance on the closing
date and the second year's interest was payable in arrears on
the maturity date.  The company paid the first year's interest.

At any time after Aug. 2, 2006, and before or on the maturity
date, and provided the debt had not been fully repaid, the
holder has the right to convert all or any portion of the
convertible indebtedness owing to it as at the date of election
into the company's common shares, the number of such shares to
be based on the 10-day average closing bid price of the shares
prior to the date of the debenture being issued.  The holder
will also receive a cash bonus of the common shares for
conversion for the amount calculated as one-half of the
difference between the FEP share price on the date of the
debenture being issued and the FEP share price on the date of
maturity or conversion, i.e. the FEP share price at the date of
conversion or maturity minus the FEP share price on issuance of
debenture multiplied by 50%.

The debenture is secured by way of a charge over the shares of
FEP held by the company totaling 200% of the principal amount
invested.

On maturity, all of the debenture holders chose the cash
repayment of principal and interest plus 25% of the outstanding
principal as a bonus for not converting into shares.  The
company completed a private placement prior to year-end and paid
the entire amount outstanding on Jan. 2, 2008.

In May 2005, the company issued convertible debentures totaling
CDN$1,223,000 (US$970,000).  Each debenture bears simple
interest at the rate of 10% per annum and matures at the
earliest of full repayment or April 30, 2010.  The debentures
were sold in units of US$10 with US$5 warrants.  Each debenture
was convertible into the company's common shares at US$0.05 per
share or shares of FEP at US$1.923 per share.  Each warrant was
convertible into common shares of FEP at US$1.923 per share.
During the year-ended Dec. 31, 2006, upon agreement with the
various debenture holders, the debenture was amended whereby the
holder could choose to either receive a payment of principal,
interest and a twenty-four percent (24%) premium to the face
value of the debenture or the holder could convert the
debenture, interest, and warrants into shares at US$0.05 per
share.  In the event the holder chose the option to receive
payment and the company could not pay by Oct. 31, 2006, 12.5%
per annum interest would be added to the amounts outstanding
until paid.  The debenture holders chose to receive payment
rather than convert into shares, and on Nov. 24, 2006, the
company paid the outstanding interest and premium plus one half
of the outstanding principal of the debenture leaving US$485,000
outstanding, accruing further interest at 12.5% per annum.  In
late Dec. 2007, the company paid the full balance including
outstanding interest of US$67,000.

According to the management, working capital is insufficient to
meet the company's present requirements, however, if necessary,
the company will sell FEP shares to meet its working capital
needs since they are a publicly traded company.

Cash used in operating activities for the year was CDN$417,000
versus CDN$1,658,000 for the same period in 2006 mainly as a
result of the differences in the company's operations.

Cash provided by investing activities was CDN$426,000 for the
year ended Dec. 31, 2007, versus cash used in investing
activities of CDN$6,000 in the same period in 2006.  The
increase was mainly a result of the proceeds from the sale of
investments of CDN$623,000 being offset by funding for the
Lascogon exploration work program in the amount of CDN$208,000
in 2007 versus proceeds from the sale of investments of
CDN$1,359,000 being used for acquisition of investments in the
amount of CDN$1,380,000 in 2006.

Cash provided by financing activities was CDN$3,788,000 for the
year versus cash provided of CDN$1,024,000 for the year ending
December 31, 2006.  The cash raised during 2006 was from the
balance of the GBP1,400,000 debenture funds received subsequent
to Dec. 31, 2005, whereas in 2007, a repayment was made on part
of the GBP1,400,000 debentures outstanding and the US$485,000
balance of a previous debenture plus outstanding interest was
also paid off from funds raised by way of a private placement of
CDN$4,982,000 completed just prior to year-end.

In order to fully earn a forty percent (40%) interest in the
joint venture with PGI, the company was required to fund a total
of US$1,000,000 of the work program by October 2006, which was
completed.  In order to maintain the forty percent (40%)
interest the company was required to pay for forty percent (40%)
of the 2007 work program or its position could be diluted.  At
Dec. 31, 2007, the company owed US$134,000 and had not
contributed any funds to the 2008 work program.  In an attempt
to conserve cash resources, the company was in discussions on
ways to continue to hold its interest without being diluted
however this matter has not been resolved at this time.


At Dec. 31, 2007, the company's balance sheet showed
CDN$12,167,904 in total assets, CDN$3,544,364 in total
liabilities, and CDN$8,623,540 in total stockholders' equity.

A full-text copy of the company's 2007 annual report is
available for free at http://ResearchArchives.com/t/s?2f7d

                      About FEC Resources

FEC Resources Inc. (OTC BB: FECOF.OB) --
http://fecresources.com/-- is an independent oil and gas
exploration and development company that owns 32.04% of Forum
Energy PLC, a U.K. company incorporated in April 2005 through
the consolidation of the Philippine assets of Forum Energy Corp.
and Sterling Energy Plc of the U.K.


FRAMES & PRINTS: Calls In Joint Administrators from Bakery Tilly
----------------------------------------------------------------
Matthew Richard Meadley Wild and Geoffrey Lambert Carton-Kelly
of Baker Tilly Restructuring and Recovery LLP were appointed
joint administrators of Frames & Prints Ltd. (Company Number
04922733) on June 27, 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:

         Frames & Prints Ltd.
         c/o Baker Tilly Restructuring and Recovery LLP
         The Clock House
         140 London Road
         Guildford
         Surrey
         GU1 1UW
         England


GREATFLEET PLC: Enters Into Period of Protection
------------------------------------------------
Greatfleet Plc entered July 11, 2008, into a period of
protection pursuant to the provisions of the Insolvency Rules
1986.

Under protection the Board will work with the company's business
recovery advisers to undertake a review of the company's assets
including assessing how to protect the interests of creditors
and shareholders and considering the future of the company.

Possible options being considered at present by the Board
include a re-negotiation of the amounts owed to the company's
major creditor, a sale of some or all of the company's assets
and/or a refinancing of the company.

This period of protection will last for a period of ten business
days.

The Board will make further announcements as appropriate.

                   Suspension of Shares

On July 9, 2008, the London Stock Exchange has granted, a
suspension of the company's shares from trading on AIM with
immediate effect.  This suspension has been requested pending
clarification of the company's financial position on which the
Board is currently taking advice.

                       Debt Repayment

On July 9, 2008, the company received notice from one of its
major creditors that it required immediate repayment of
significant amounts owed to them, having previously informally
accepted repayment by installments.  This amount is an
accumulation of payments due to the creditor since 2004.  As a
consequence of this, the company's invoice discounting provider
notified the company that it was no longer prepared to advance
funds to the company until a payment plan has been agreed with
the creditor concerned.  At this time the Board do not believe
it is likely that such a payment plan can be agreed.

In addition, over the last couple of months trading in the
company's Qualitas business has continued in line with the
Board's expectations.  However, trading at Longbridge, the
Group's search and selection business in the legal, banking,
finance and technology sectors, has deteriorated significantly
in May and June to a level well below management's expectations,
leading to a substantial reduction in the company's working
capital.

Headquartered in London, England, Greatfleet plc --
http://www.greatfleet.co.uk/-- is an AiM listed company
specializing in the recruitment sector.  Currently operating
under two brands, the company serves the professional services
market focusing mainly on the legal, banking and IT industries.

The Group offers search, contingency and contract solutions and
operates from offices in London, Frankfurt, Dublin, Edinburgh,
Leeds and Norwich.  Its blue chip client base spans the U.K. and
Continental Europe.


HEMSWORTH PHOTO: Brings In Liquidators from KPMG
------------------------------------------------
Blair Carnegie Nimmo of KPMG LLP, Restructuring was appointed
liquidator of Hemsworth Photo Finishers Ltd. on June 26, 2008,
for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Hemsworth Photo Finishers Ltd.
         Unit 1A Chestergates
         Dunkirk Trading Estate
         Chester
         CH1 6LT
         England/Wales


J.N.D. SCOTT: Appoints Liquidators from Mazars
----------------------------------------------
Alistair Steven Wood and Simon David Chandler of Mazars LLP were
appointed joint liquidators of J.N.D. Scott (Midlands) Ltd. on
June 26, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         J.N.D. Scott (Midlands) Ltd.
         c/o Mazars LLP
         Lancaster House
         67 Newhall Street
         Birmingham
         B3 1NG
         England


MACFARLANE TRANSPORT: Taps Joint Administrators from KPMG
---------------------------------------------------------
Richard Dixon Fleming and Brian Green of KPMG LLP were appointed
joint administrators of MacFarlane Transport Holdings Ltd.
(Company Number 05663165) on July 2, 2008.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.

The company can be reached at:

         MacFarlane Transport Holdings Ltd.
         Battersby Farm
         Mewith
         North Yorkshire
         LA2 7DH
         England


M I G TECHNICAL: Calls In Liquidators from Baker Tilly
------------------------------------------------------
Andrew White and Susan Maund of Baker Tilly Restructuring &
Recovery LLP were appointed joint liquidators of M I G Technical
Services Ltd. on July 1 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         M I G Technical Services Ltd.
         c/o Baker Tilly Restructuring & Recovery LLP
         International House
         Queens Road
         Brighton
         BN1 3XE
         England


SOUND FORESIGHT: Taps Liquidators from BDO Stoy Hayward
-------------------------------------------------------
Matthew Dunham and Dermot Justin Power of BDO Stoy Hayward LLP
were appointed joint liquidators of Sound Foresight Ltd. on
July 2, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Sound Foresight Ltd.
         c/o BDO Stoy Hayward LLP
         Commercial Buildings
         11-15 Cross Street
         Manchester
         M2 1BD
         England


SOLOMONS FURNITURE: Claims Filing Period Ends August 24
-------------------------------------------------------
Creditors of Solomons Furniture LLP have until Aug. 24, 2008, to
send in their full names, their addresses and descriptions full
particulars of their debts and claims, and names and addresses
of their solicitors (if any), to:

         Stanley Donald Burkett-Coltman
         Joint Liquidator
         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England

Stanley Donald Burkett-Coltman and Ian Cadlock of Tenon Recovery
were appointed, June 24, 2008, joint liquidators of the company
by resolutions of members and creditors.


STADIUM PLASTICS: Appoints Liquidators from KPMG
------------------------------------------------
Howard Smith and Mark Jeremy Orton of KPMG LLP were appointed
joint liquidators of Stadium Plastics Ltd. on July 2, 2008, for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Stadium Plastics Ltd.
         c/o KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         England


WEIGHT WATCHERS: 17.5% VAT Imposed on U.K. Unit's Meeting Fees
--------------------------------------------------------------
Weight Watchers International, Inc. received an adverse ruling
from the U.K. Court of Appeal with respect to the imposition of
value added tax, or VAT, on Weight Watchers' meetings fees
collected since April 1, 2005, by the company's subsidiary,
Weight Watchers (U.K.) Limited.

The company previously disclosed that this adverse ruling, if
received, would result in a total estimated amount owed of
approximately US$50 million at Dec. 29, 2007, covering the
period April 1, 2005, through the end of fiscal 2007.  At the
time of that disclosure, the company recorded a charge of
approximately US$23 million in accordance with SFAS 5,
Accounting for Contingencies.  Therefore, as a result of this
ruling, in the second quarter of fiscal 2008, the company will
record a charge in the amount not previously reserved for U.K.
VAT for this prior period, currently estimated to be
approximately US$28 million inclusive of interest accruing on
this amount through the second quarter of fiscal 2008.  This
incremental charge equates to a one-time reduction to 2008
earnings per fully diluted share of approximately US$0.22.

On a going forward basis, the company will record VAT charges
associated with U.K. meeting fees as earned, consistent with
this ruling.  The additional 2008 annualized charges for U.K.
VAT resulting from this ruling are estimated to be approximately
US$9 million.  These additional charges are expected to have the
impact of reducing fiscal 2008 earnings per fully diluted share
by approximately US$0.07, of which approximately US$5 million,
or US$0.04 per fully diluted share, is expected to be charged in
the second quarter of 2008 reflecting the additional VAT for
both the first and second quarters of fiscal 2008.

In summary, as a result of this ruling, the company expects to
incur a charge in the second quarter of 2008 for the period
April 1, 2005, through the end of the second quarter of 2008 of
approximately US$33 million, or US$0.26 per fully diluted share.
Both the prior period and the 2008 additional reduction to 2008
earnings per fully diluted share were not included in the
company's full year 2008 earnings guidance range.

For over a decade prior to April 1, 2005, Her Majesty's Revenue
and Customs, or HMRC, had determined that Weight Watchers
meetings fees in the U.K. were only partially subject to 17.5%
standard rated VAT.  In March 2005, HMRC reversed its prior
determinations and ruled that meetings fees in the U.K. should
be fully subject to 17.5% VAT.  It was the company's view that
HMRC's prior determinations should remain in effect and the
company successfully appealed HMRC's new determination to the
U.K. VAT and Duties Tribunal, which ruled on March 8, 2007, that
meetings fees should only be partially subject to 17.5% VAT.
HMRC appealed this ruling to the U.K. High Court of Justice,
which on Jan. 21, 2008 upheld the VAT Tribunal's decision in
part and reversed its decision in part.  Both the company and
HMRC appealed the High Court's decision to the U.K. Court of
Appeal.

On June 25, 2008, the U.K. Court of Appeal issued its ruling
that Weight Watchers meetings fees in the U.K. were fully
subject to 17.5% VAT, reversing the U.K. VAT Tribunal's 2007
decision in favor of the company.  The company is reviewing its
options, including whether to seek permission to appeal the
Court of Appeal's ruling to the U.K. House of Lords.

Based in New York, Weight Watchers International Inc. (NYSE:
WTW) -- http://www.weightwatchersinternational.com/-- is the
world's leading provider of weight management services,
operating globally through a network of company-owned and
franchise operations.

WeightWatchers.com provides innovative, subscription weight
management products over the Internet and is the leading
Internet-based weight management provider in the world.  In
addition, Weight Watchers offers a wide range of products,
publications and programs for those interested in weight loss
and weight control.

Weight Watchers International Inc.'s consolidated balance sheet
at March 29, 2008, showed US$1.1 billion in total assets and
US$2.0 billion in total liabilities, resulting in an
approximately US$893.9 million total stockholders' deficit.

                         *     *     *

As reported in the Troubled Company Reporter on March 25, 2008,
Standard & Poor's Ratings Services revised its outlook on Weight
Watchers International Inc. to stable from negative.  At the
same time, Standard & Poor's affirmed its ratings on the
company, including its 'BB' corporate credit rating.


                            *********

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-
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Maryland USA.  Zora Jayda Zerrudo Sala, Pius Xerxes Tovilla, Joy
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Copyright 2008.  All rights reserved.  ISSN 1529-2754.

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                 * * * End of Transmission * * *