TCREUR_Public/080717.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, July 17, 2008, Vol. 9, No. 141

                            Headlines


A R M E N I A

ANELIK BANK Moody's Assigns Ba3 Long-Term Deposit Rating


B E L G I U M

HUNTSMAN CORP: Sale to Hexion Specialty Gets EU Conditional Nod


B U L G A R I A

KREMIKOVTZI AD: Drops ArcelorMittal for Vorskla Steel Deal


D E N M A R K

ROSKILDE BANK: Moody's Cuts Bank Financial Strength Rating to D


F R A N C E

SPCM SA: Moody's Affirms Corporate Family Rating at B1


G E R M A N Y

ALBLOG GMBH: Claims Registration Period Ends July 28
AMDAC-BACHERT: Claims Registration Period Ends July 28
BOMBARDIER INC: Unit Inks CSeries Supply Deal with Shenyang
HERBERT HENSCH: Claims Registration Period Ends July 27
IKB DEUTSCHE: Court Dismisses Two Suits over Subprime Losses

MPGK BAUPLANUNGSGESELLSCHAFT: Creditors' Meeting Set July 28
NKG GRUNDSTUECKS: Creditors' Meeting Slated for July 28
RADIODATA FUNK: Claims Registration Period Ends July 25
RUSO KUNSTSTOFFVERARBEITUNG: Claims Registration Ends July 25
SMI-VERWALTUNGS GMBH: Claims Registration Period Ends July 25

STL STRASSEN: Claims Registration Period Ends July 25
STOFFGALERIE GESELLSCHAFT: Claims Registration Ends July 25

I R E L A N D

CLOVERIE 2005-78: Fitch Cuts Rating to CC on Poor Collateral
CLOVERIE 2005-79: Worsened Collateral Cues Fitch to Junk Rating
CLOVERIE 2005-80: Fitch Cuts US$15MM Class A Notes Rating to CC
CLOVERIE 2005-81: Fitch Cuts US$15MM Class B Notes Rating to CC
CLOVERIE 2006-1: Fitch Lowers Ratings to CCC on US$10 Mln Notes

CLOVERIE 2006-2: Fitch Junks US$10 Million Notes Rating
CLOVERIE 2006-3: Fitch Junks US$40 Million Notes Rating

* Corporate Failure Cases in Ireland Up 76% in H1, FGS Says

I T A L Y

BANCA POPOLARE: Fitch Holds BB Support Rating Floor

K A Z A K H S T A N

CROSS-OIL LLP: Creditors Must File Proofs of Claim by August 22
DANKAM LLP: Proofs of Claim Filing Deadline is August 22
EURASIA BUSINESS: Proofs of Claim Filing Period Ends August 22
INSIDE WEST: Creditors' Proofs of Claims Due by August 22
MEGA GAS-ASTANA: Proofs of Claim Filing Period Ends August 22

SAVE PAINTS: Creditors Must File Proofs of Claim by August 22
SAKADA VOSTOK: Proofs of Claim Filing Deadline is August 22
SPETS SIGNAL: Deadline to File Proofs of Claim Set August 22
TRIAL-NS LLP: Creditors' Proofs of Claim Due by August 22
VOSTOK ENERGOMASH: Proofs of Claim Filing Period Ends August 22


K Y R G Y Z S T A N

KIRBET STROY: Creditors Must File Proofs of Claim by August 27


L U X E M B O U R G

EVRAZ GROUP: Releases Second Quarter Operational Results
GELDILUX-TS-2008: S&P Puts BB Rating on EUR3MM Liquidity Notes
PSB FINANCE: Fitch Assigns B Short-Term Rating on Unsec. Notes


N E T H E R L A N D S

GRESHAM CAPITAL: S&P Puts BB- Rating on Class D EUR12.4MM Notes
HEXION SPECIALTY: Huntsman Acquisition Gets EU Conditional Nod


R U S S I A

COMSTAR UNITED: Names Vladimir Mamay as South Branch Director
CONCERN-YUG: Moscow Bankruptcy Hearing Slated for August 28
INNOVATIONS AND TECHNIQUES: Claims Filing Period Ends August 21
JSCB BANK: Moody's Upgrades Bank Financial Strength Rating to D
KRASNOYARSKOE CJSC: Court Starts Bankruptcy Supervision Process

MAGNITOGORSK IRON: Taps ALTA sa to Build Prioskolsky GOK Site
NIKOLSKIY LLC: Court Starts Bankruptcy Supervision Procedure
OSOKINSKOE CJSC: Creditors Must File Claims by August 21
STROY-MET-RESOURCE: Creditors Must File Claims by July 21
ZEMETCHINSKOE GRAIN: Creditors Must File Claims by August 17


S P A I N

AYT COLATERALES: Fitch Rates EUR12.4 Mln Class D Notes at 'BB-'
MARTINSA-FADESA: Refinancing Failure Cues Administration Filing    


S W E D E N

DRI CORP: Secures Financing Initiatives with PNC Bank and BHC


S W I T Z E R L A N D

AMF FINANCE: Zug Court Commences Bankruptcy Proceedings
BENOTRADE JSC: Proofs of Claim Filing Period Ends July 28
BRICAMED JSC: Creditors Must File Proofs of Claim by July 30
CAPITAL COMMUNICATION: Creditors' Proofs of Claim Due by July 28
EV-MEDIA JSC: Zug Court Commences Bankruptcy Proceedings

GENERAL MOTORS: To Bolster Liquidity by US$15 Bln Until 2009
GENERAL MOTORS: Moody's Reviews Ratings for Possible Downgrade
GENERAL MOTORS: Announced Cost Cuts Cue S&P to Keep Neg. Watch
HAUSERMANN MASCHINENHANDEL: Claims Filing Deadline is July 30
MOBISIGN JSC: Deadline to File Proofs of Claim Set July 30

NYALATREK JSC: Creditors Must File Proofs of Claim by July 28
PETROPLUS EASTERN: Proofs of Claim Filing Deadline is July 30
S & V CORPORATE: Creditors' Proofs of Claim Due by July 30
UNITECHNIC JSC: Proofs of Claim Filing Deadline is July 30


T U R K E Y

ATBANK T.A.S: S&P Withdraws BB-pi Counterparty Credit Rating


U K R A I N E

AGRICULTURAL INDUSTRIAL: Claims Filing Deadline Set August 1
BREAD OF UKRAINE: Claims Filing Deadline Set August 1
HEAVY INDUSTRY: Creditors Must File Claims by August 1
KOLOS LLC: Creditors Must File Claims by August 1
MIDAS LLC: Creditors Must File Claims by August 1

RAYGORODOK LLC: Claims Filing Deadline Set August 1
TRANSPORT WORKER: Creditors Must File Claims by August 1
VOLINFUEL: Creditors Must File Claims by August 1
VS-LINE OJSC: Creditors Must File Claims by August 1


U N I T E D   K I N G D O M

ALLIANCE AND LEICESTER: Fitch Holds 'BB+' Support Rating Floor
ART GROUP: Taps Joint Administrators from BDO Stoy Hayward
BC ABRASIVES: Appoints Liquidators from Moore Stephens
CONQUEST BUSINESS: Calls In Liquidators from PwC
DOUGLAS PAYNE: Brings In Joint Administrators from PwC

FORD MOTOR: Moody's Maintains Negative Outlook on Ratings
HILDEN MANUFACTURING: Taps Ernst & Young to Administer Assets
INTELSAT: Moody's Affirms Caa1 Corporate Family Rating
LANSCOT TEXTILES: Appoints  Administrators from Ernst & Young
LUDGATE FUNDING: S&P Cuts Ratings on Notes, Retains Neg. Watch

OXEBOURNE PROJECTS: Duncan R. Beat Leads Liquidation Procedure
POWERTRAIN LTD: Taps Liquidator from PricewaterhouseCoopers
READY MADE: Brings Joint Administrators from Baker Tilly
RMAC SECURITIES: S&P Cuts Ratings on B1a & B1C Notes to BB+
SOUTH LIVERPOOL: Appoints M. C. Bowker as Liquidator

TASLISMAN-3 FINANCE: S&P Holds Low-B Ratings on Class E/F Notes
TITAN EUROPE: S&P Removes Class H 'B' Rating from Watch Negative

* Fitch: Outlook for EMEA Household Appliance Industry is Stable
* Fitch Says Fuel Prices Put High Pressures in Many Airlines
* S&P Says Europe, Middle East & Africa Resilient in Past 6 Mos.

* Upcoming Meetings, Conferences and Seminars


                            *********


==============  
A R M E N I A
==============  


ANELIK BANK Moody's Assigns Ba3 Long-Term Deposit Rating
---------------------------------------------------------
Moody's Investors Service assigned a bank financial strength
rating of D- to Armenia's Anelik Bank, as well as Ba3 long-term
and Not Prime short-term local currency and foreign currency
deposit ratings.  The outlook on all ratings is negative.

According to Moody's, the bank's D- BFSR -- which maps to a
Baseline Credit Assessment of Ba3 -- is supported by its
lucrative niche operations in the money transfer business
(primarily across the Commonwealth of Independent States)
through its Moscow-based subsidiary Anelik RU Ltd., which
affords the bank broader brand recognition in Armenia than its
modest market share of approximately 4% would suggest.  Moody's
also recognizes that the bank has in recent years expanded its
commercial banking operations in Armenia in a conscious effort
to reduce its reliance on money transfer revenues.  The rating
is also supported by the bank's comfortable liquidity levels,
good (albeit declining) profitability and capitalization ratios
as well as very good reported asset quality.

However, Anelik Bank's BFSR additionally reflects the following
challenges:

  (i) concerns over the bank's still high sensitivity to price
      competition in its core money transfer business;

(ii) high operating risks in Armenia (including political risk,
      as evidenced by events surrounding the national elections
      in March 2008);

(iii) the bank's dependence on internationally sponsored
      programs for long-term funding given that local long-term
      deposits/funds are scarce; and

(iv) operating risk concerns arising from weaknesses in both
      the national technical infrastructure and that of the
      bank.  

The rating also reflects Moody's view that the bank's asset
quality, although currently strong, is subject to risks relating
to Armenia's potentially volatile operating environment as well
as to currency-induced credit risk, as a significant proportion
of loans is denominated in foreign currency.

The negative outlook on Anelik Bank's BFSR -- and thus on the
other ratings -- reflects its weak position within the D- range
as a result of:

  (i) the weakening in its profitability over the past two
      years, largely as a result of price competition in the
      bank's niche money transfer business (and some evidence of
      rising funding costs, mainly as a result of price
      competition for domestic deposits);

(ii) its declining capitalization (albeit still comfortably
      above regulatory limits); and

(iii) the bank's loss of market share, largely as a result of
      its inability to generate capital funds organically to
      match the rate of growth of competitors that enjoy foreign
      parental support.

Anelik Bank's Ba3 long-term local currency and foreign currency
deposit ratings are based solely on the bank's intrinsic
financial strength as Moody's judgment of a low probability of
systemic support (from Armenia's local currency deposit ceiling
of Baa1) is not enough to warrant an uplift from the bank's
Baseline Credit Assessment of Ba3.

                     About Anelik Bank

Headquartered in Yerevan, Anelik Bank reported total assets of
AMD32.2 billion (US$106 million) as at December 2007.


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


HUNTSMAN CORP: Sale to Hexion Specialty Gets EU Conditional Nod
---------------------------------------------------------------
The European Commission issued a decision that would permit
Hexion Specialty Chemicals, Inc.'s acquisition of Huntsman
Corp., contingent on, among other things, divestment of a
portion of the company's global specialty epoxy resins business
to a purchaser approved by the European Commission.

                         Background

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

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

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

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

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

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

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

              Extension of Merger Termination Date

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

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

The TCR related on July 3, 2008, Huntsman's board of directors,
unanimously, provisionally authorized Huntsman Corp. to exercise
its right to extend the merger agreement with Hexion Specialty
by an additional 90 days to Oct. 2, 2008, as permitted by the
terms of the merger agreement.

                Hexion's Lawsuit to Cancel Merger

On June 19, 2008, the TCR reported that Hexion and related
entities filed a suit in the Delaware Court of Chancery to
cancel the agreement.  Hexion said in the suit that it believes
that the capital structure agreed to by Huntsman and Hexion for
the combined company is no longer viable because of Huntsman's
increased net debt and its lower than expected earnings.  While
both companies individually are solvent, Hexion believes that
consummating the merger on the basis of the capital structure
agreed to with Huntsman would render the combined company
insolvent.

                     Comments and Responses

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

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

                      Huntsman's Countersuit

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

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

                     About Hexion Specialty

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

                    About Huntsman Corporation

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

                          *     *     *

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


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


KREMIKOVTZI AD: Drops ArcelorMittal for Vorskla Steel Deal
----------------------------------------------------------
Kremikovtzi AD has canceled its production agreement with
ArcelorMittal and instead signed another deal with Vorskla Steel
AG, Reuters reports citing a senior trade union official.

As previously reported in the TCR-Europe, Kremikovtzi had signed
a contract to manufacture steel from raw materials supplied by
ArcelorMittal.  Under the deal, Kremikovtzi will produce around
60,000 tons of steel per month.  

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

Kremikovtzi's management confirmed the Vorskla deal to Sofia
News Agency, adding that it would fulfill the contract.  Around
3,000 employees had blockaded Kremikovtzi's headquarters to
demand that the company sign the production deal with Voskla, a
Swiss-Ukrainian firm owned by Konstantin Zhevago.

Under the new deal, Vorskla will provide raw materials to
Kremikovtzi's mill to produce steel.  Vorskla will also provide
funds for payment of delayed salaries for May and June 2008.

ArcelorMittal and Vorskla are bidding to acquire a 71% stake in  
Kremikovtzi.

                      About  Kremikovtzi AD

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

                       *     *     *

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

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

The Sofia City Court postponed until the end of July 2008 a
decision on whether to declare Kremikovtzi insolvent.


=============
D E N M A R K
=============


ROSKILDE BANK: Moody's Cuts Bank Financial Strength Rating to D
---------------------------------------------------------------
Moody's Investors Service downgraded the bank financial strength
rating of Roskilde Bank A/S to D from C-.  The bank's
subordinated debt and non-cumulative perpetual floating rate
capital securities were downgraded to Ba1 from Baa1 and to Ba2
from Baa2, respectively.  The long-term bank deposit rating and
senior debt ratings were affirmed at A3 and the short-term
rating was affirmed at Prime-1.  All of the bank's ratings
remain on review for possible downgrade.

Moody's rating action follows the announcement by Roskilde Bank
that the writedowns on its loans and guarantees will total
DKK880-900 million in the first half of 2008.  This is
significantly higher than anticipated and will lead to a pretax
loss of over DKK500 million for the period.  Writedowns are
mainly related to property development projects.

The downgrade of the BFSR to D, which maps to a Baseline Credit
Assessment of Ba2, reflects Moody's view that the recent events
have significantly weakened the bank's financial position and
impaired its franchise.  Moreover, Moody's believes that, given
the bank's large exposure to the real estate sector,
profitability and capital are likely to remain under pressure
going forward.

In affirming Roskilde Bank's A3/P-1 ratings the rating agency
said that the support provided by the Danish Central Bank to
Roskilde Bank in the form of standby liquidity facility
continues to underpin the ratings assigned to the bank's
deposits and senior debt.

As previously communicated in Moody's credit opinions and the
rating action press releases dated July 1 and July 11, 2008, the
rating agency has concerns over the bank's high exposure and
single-name concentrations to the real estate sector, which have
grown substantially in recent years, and have led to the
deteriorating asset quality.  The review of the bank's ratings
continues to focus on the exposure to the real estate sector and
the liquidity position as well as prospects for a full or
partial sale of the bank.

Commenting on the downgrading of Roskilde Bank's subordinated
debt and preferred stock ratings, Moody's said that this action
reflects the increased probability of coupon deferrals or
principal writedowns on these instruments as the stand-alone
creditworthiness of the bank has further deteriorated.  Given
the high loss severity of a coupon deferral and particularly of
a principal writedown, the incremental expected loss has
substantially increased albeit the general probability that this
will happen remains in Moody's view still low.  Moody's notes
that the liquidity agreement from the central bank covers the
interest payments under subordinated and hybrid debt but
cautions that a further deterioration in capital is possible.
There is also uncertainty related to a full or partial sale of
the bank.

The following ratings were downgraded and remain on review for
possible downgrade:

Roskilde Bank A/S:

- Bank financial strength rating: D

- Subordinated debt: Ba1

- Preferred stock: Ba2

The following ratings were affirmed but remain on review for
possible downgrade:

Roskilde Bank A/S:

- Long-term bank deposits: A3

- Senior unsecured debt: A3

- Short-term bank deposits: Prime-1

- Commercial paper: Prime-1

- Other short-term: Prime-1

Moody's previous rating action on Roskilde Bank took place on 11
July 2008 when the Baseline Credit Assessment (mapping from the
then BFSR of C-) was lowered to Baa2 and the long-term and
senior unsecured ratings were downgraded by one notch to A3.  
The short-term ratings were affirmed.  All ratings were placed
on review for possible downgrade.

                    About Roskilde Bank

Headquartered in Roskilde, Denmark, Roskilde Bank reported
consolidated assets of DKK43 billion (EUR5.8 billion) at end-
March 2008.


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


SPCM SA: Moody's Affirms Corporate Family Rating at B1
------------------------------------------------------
Moody's Investors Services has affirmed the Corporate Family
Rating of SPCM SA at B1 and the Senior Unsecured Rating
attributed to EUR210 million of notes issued by SPCM at B3.  The
outlook was changed to positive.

The rating affirmation reflects SPCM's sound operating
performance during the course of fiscal year 2007 supported by
solid top line growth (+24% year-on-year) despite a material
translation effect from a weakening US Dollar (15% negative
impact) and fairly stable operating margins if adjusted for the
negative mix effects from the Dupont and Oman contracts (100bps
negative impact) despite pressure from higher input costs.  The
operating performance of SPCM during the first quarter 2008
remained sound although higher raw materials costs continued to
weigh on operating margins.  The issuer has announced further
price increases, which will feed through the profit & loss of
the group with a time lag of approximately three months
depending on contractual agreements with customers and should
help stabilizing SPCM's operating margins.  SPCM is currently
comfortably positioned in the B1 rating category.

SPCM has signed a new financing package on July 01 with a fairly
broad syndicate of banks.  The new lending facilities of US$315
million, which replace existing facilities of US$187.5 million
will offer SPCM more flexibility for its growth strategy in
Enhanced Oil Recovery (US$75 million capex facility for a new
plant in the United States fully dedicated to EOR chemicals
production is included in the new financing package) and will
increase the liquidity reserve of the group.  The refinancing of
the existing facilities also became necessary given the tight
covenant headroom.  While the new facilities will give SPCM some
more covenant headroom Moody's notes that covenants will remain
relatively tight.  The agency also notes that the new financing
package will not lead to an increase of leverage at closing as
most of the facilities will remain undrawn and the amount of the
term loan facilities have been reduced by around EUR10 million.
The refinancing of the old credit facilities is seen as a
positive element for the rating.

The change in the outlook to positive is supported by Moody's
expectation that SPCM will be able to capitalize on the strong
demand for chemicals from the oil exploration industry in the
short to medium term to grow its business organically and will
further benefit from stable market conditions for its water
treatment and mining chemicals businesses.  SPCM should be able
to maintain strong debt and cash flow metrics for the current
rating category.  Moody's will however continue to monitor the
development of input costs and the pricing acceptance of
customers in the short term as a stabilization of operating
margins (EBITDA margin at around 10%) would be a prerequisite
for a rating upgrade to Ba3.

                         About SPCM SA

SPCM SA is the holding of the SNF Group.  SNF is on of the
world's leading producers of acrylate-based water soluble
polymers used in water treatment, as well as in mining, pulp and
paper and enhanced oil recovery.  The company is family-owned
and was formed as a result of a buy-out of the flocculants
business from WR Grace back in 1978.  SNF, headquartered in
Saint-Etienne, France, reported revenues of EUR1,059 million and
an EBITDA of EUR104 million for the fiscal year ended 31st
December 2007.


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


ALBLOG GMBH: Claims Registration Period Ends July 28
----------------------------------------------------
Creditors of Alblog GmbH have until July 28, 2008, to register
their claims with court-appointed insolvency manager Klaus-Peter
Krueger.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Aug. 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Tuebingen
         Hall 208
         Second Floor
         Branch Office
         Schulberg 14
         72074 Tuebingen
         Germany

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

The insolvency manager can be reached at:

         Klaus-Peter Krueger
         Kaiserstr. 56
         72764 Reutlingen
         Germany
         Tel: 07121/9725512
         Fax: 07121/9725522

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

The Debtor can be reached at:

        Alblog GmbH
        Dottinger Str. 89
        72525 Muensingen
        Germany


AMDAC-BACHERT: Claims Registration Period Ends July 28
------------------------------------------------------
Creditors of AMDAC-Bachert GmbH have until July 28, 2008, to
register their claims with court-appointed insolvency manager
Dr. Eckard Pongratz.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Aug. 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mosbach
         Meeting Hall 12
         Lohrtalweg 2
         74821 Mosbach
         Germany

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

The insolvency manager can be reached at:

        Dr. Eckard Pongratz
        Steinbachtal 2b
        97082 Wuerzburg
        Germany
        Tel: 0931/99156290

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

The Debtor can be reached at:

        AMDAC-Bachert GmbH
        Attn: Juergen Schnabl u. Dieter Friede, Manager
        Neckarhoehe 1
        74862 Binau
        Germany


BOMBARDIER INC: Unit Inks CSeries Supply Deal with Shenyang
-----------------------------------------------------------
Bombardier Aerospace, on Tuesday, July 15, 2008, signed a
contract with the Shenyang Aircraft Corporation, a subsidiary of
the state-owned aviation industrial entity China Aviation
Industry Corporation (AVIC I), to supply the center fuselage on
the newly launched Bombardier CSeries aircraft.  The contract
was announced at Farnborough.  This agreement is another
concrete example of the strategic business relationship that
exists between Bombardier Aerospace and AVIC I.

"AVIC I signed a strategic cooperation agreement with Bombardier
in April 2007.  AVIC I attaches great importance to and supports
the CSeries project and is willing to participate in this
project as a risk-sharing supplier.  Two days ago, Bombardier
officially announced the launch of the CSeries program.  Today,
we are here signing the contract in which AVIC I / SAC will take
part in the design, manufacture, assembly and relevant testing
as well as after market support of four major work packages for
the CSeries aircraft.  I am confident that the cooperation
between AVIC I and Bombardier will further promote the
development of the commercial aircraft business of our two
companies and contribute to the development of the global
aviation industry," stated Mr. WANG Yawei, Vice President,
Commercial Airplane, AVIC I.

Shenyang has a long and proud history as an industrial base in
China, and we place aerospace as one of our key priorities,"
said Mr. WANG Ying, Vice Mayor of Shenyang Municipality.  "The
goal of the Shenyang National Aviation and High-Tech Industrial
Base - our industrial hub dedicated to the high-tech aerospace
sector - is to be China's largest single site for final assembly
of regional jets, business jets, light aircraft and jet engines.
On the occasion of this announcement between Bombardier
Aerospace and AVIC I, we are pleased to offer our support to
AVIC I as it invests in a new facility in Shenyang for its
subsidiary company SAC."

The contract between Bombardier Aerospace and SAC is an integral
part of a longstanding relationship between AVIC I and
Bombardier Aerospace.  Back in June 2007, the two companies
announced a Memorandum of Understanding for a long-term
strategic cooperation in the 90- to 149-seat commercial aircraft
market.  Both parties expect the outcome of this collaboration
to result in mutually beneficial cost reductions and increased
production efficiencies for their respective aircraft programs.

In July 2006, Bombardier entered an agreement that stipulated
SAC would manufacture certain structural aircraft components for
the Q400 aircraft that were previously sourced from Mitsubishi
Heavy Industry in Japan.

"Last year when we announced the MOU between AVIC I and
Bombardier Aerospace we were confident of the long-term benefits
to both companies.  With the official announcement of the launch
of the Bombardier CSeries aircraft program, the signing of this
contract with SAC as a major structural supplier for our CSeries
aircraft program is further evidence that this collaborative
partnership was the right choice," said Pierre Beaudoin,
President and Chief Executive Officer, Bombardier Inc.
"Together, we will expand upon this supplier relationship and
build a new, long-term strategic cooperation that will allow us
to reap the benefits of working together on products that will
more than meet the needs of the marketplace."

"This is good news for everyone involved.  Our Bombardier
CSeries aircraft is a true game changer and, with the signing of
this contract with SAC, we now have a major supplier for the
aircraft's center fuselage," said Guy C. Hachey, President and
Chief Operating Officer, Bombardier Aerospace.  "Featuring the
latest in system technologies and aerodynamics, the five-abreast
CSeries aircraft family is specifically designed to meet the
growing needs of the 100- to 149-seat mainline commercial
airliner market, which is estimated at 6,300 aircraft over the
next 20 years.  We expect to be able to capture up to half of
this market."

For the SAC project, financial, technological and human
resources are being deployed from both parties.  Currently, 25
employees from China are working at Bombardier's Montreal
facilities.

Bombardier employs approximately 3,000 employees in China,
participates in three manufacturing joint ventures, has four
whole foreign-owned enterprises, and four administration offices
in transportation; aircraft field service representatives; a
parts depot in Beijing and sales representation for business and
regional aircraft.  Seven commercial airlines and government
agencies in Greater China (including Taiwan) operate a total of
46 Bombardier regional aircraft (as of January 2007), making
Bombardier an important supplier of regional aircraft to China.
Bombardier Business Aircraft is the market leader in China with
41 per cent market share of the aircraft installed base.

                   About Bombardier Aerospace

Bombardier Aerospace designs and manufactures aviation products
and services for the business, regional and amphibious aircraft
markets.  The company has facilities in the U.S. and Canada and
distribution centers in China, Germany, Brazil, Singapore,
Australia and Japan.

                     About Bombardier Inc.

Headquartered in Canada, Bombardier Inc. --
http://www.bombardier.com/-- (TSE:BBD.B) manufactures
innovative transportation solutions, from regional
aircraft and business jets to rail transportation equipment,
systems and services.

The company manufactures rail equipment through its Bombardier
Transportation unit.  Bombardier Transport's Europe management
office is located in Germany.  The company also has production
facilities in France, Spain, Switzerland, Belgium, Italy,
Austria, Hungary, Czech Republic, Poland, Denmark, Sweden,
Norway an the United Kingdom.   Other production facilities are
located at Brazil, China, India and Australia.

                        *     *     *

Bombardier Inc. continues to carry Fitch's 'BB+' long-term debt
rating with stable outlook.  The rating was previously at BB and
was upgraded by Fitch to its current level in May 2008.

The company also carries 'BB+' long-term corporate credit and
senior unsecured debt ratings from Standard & Poor's.  The
rating was previously at 'BB' and was raised by S&P to its
current level in April 2008.


HERBERT HENSCH: Claims Registration Period Ends July 27
-------------------------------------------------------
Creditors of Herbert Hensch Buchbinderei GmbH & Co. KG have
until July 27, 2008 to register their claims with court-
appointed insolvency manager Dr. Juergen Spliedt,.

Claims will be verified at 10:30 a.m. on Sept. 26, 2008, at:

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

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

The insolvency manager can be reached at:

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Herbert Hensch Buchbinderei GmbH & Co. KG on
April 1, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Herbert Hensch Buchbinderei GmbH & Co. KG
         Buschkrugallee 33
         12359 Berlin
         Germany


IKB DEUTSCHE: Court Dismisses Two Suits over Subprime Losses
------------------------------------------------------------
The District Court of Dusseldorf has issued a ruling that
dismissed two shareholder lawsuits against IKB Deutsche
Industriebank AG, Karin Matussek writes for Bloomberg News.

The lawsuits claimed that IKB misled its investors when it said
in its July 2007 report that it would meet profit target and
would not be affected by mortgage defaults, Bloomberg News
relates.  The bank, however, retracted its forecast days later.

Court spokeswoman Christina Schuster told Bloomberg News that
the lawsuits were dismissed because the plaintiffs failed to
explain why they bought IKB shares while it was falling.

Ms. Schuster disclosed that a total of 50 shareholders suits
were filed against IKB seeking around EUR2 million in damages.

Bloomberg News suggests that shareholders suing IKB over the
losses are trying to combine claims as a "test case," creating
proceedings similar to a U.S. class action.  Test case status
could still be granted in one of the remaining suits, Bloomberg
News adds.

                       About IKB Deutsche

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

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

                         *     *     *

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


MPGK BAUPLANUNGSGESELLSCHAFT: Creditors' Meeting Set July 28
------------------------------------------------------------
The court-appointed insolvency manager for MPGK
Bauplanungsgesellschaft mbH & Co. Britzer Damm 180/182 KG, Dr.
Juergen Spliedt, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:05 a.m. on
July 28, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on Nov. 3, 2008, at the same
venue.

Creditors have until Sept. 8, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

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

The District Court of Charlottenburg opened bankruptcy
proceedings against MPGK Bauplanungsgesellschaft mbH & Co.
Britzer Damm 180/182 KG on June 12, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         MPGK Bauplanungsgesellschaft mbH & Co. Britzer Damm
         180/182 KG
         Kaiserdamm 100
         14057 Berlin
         Germany


NKG GRUNDSTUECKS: Creditors' Meeting Slated for July 28
-------------------------------------------------------
The court-appointed insolvency manager for NKG Grundstuecks GmbH
& Co. Schillerpromenade 36 KG, Dr. Joachim Heitsch, will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 11:45 a.m. on July 28, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:30 a.m. on Nov. 17, 2008, at the same
venue.

Creditors have until Sept. 18, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Joachim Heitsch
         Berliner Str. 117
         10713 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against NKG Grundstuecks GmbH & Co.
Schillerpromenade 36 KG on June 19, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         NKG Grundstuecks GmbH & Co. Schillerpromenade 36 KG
         Uhlandstr.7-8
         10623 Berlin
         Germany


RADIODATA FUNK: Claims Registration Period Ends July 25
-------------------------------------------------------
Creditors of RADIODATA Funk- und Sicherheitssysteme GmbH have
until July 25, 2008 to register their claims with court-
appointed insolvency manager Sebastian Laboga.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Sebastian Laboga
         Einemstrasse 24
         10785 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against RADIODATA Funk- und Sicherheitssysteme GmbH on May 29,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         RADIODATA Funk- und Sicherheitssysteme GmbH
         Ludwig-Erhard-Ring 3
         15827 Dahlewitz
         Germany

         Attn: Juergen Heinecke, Manager
         Holzungsweg 33
         14169 Berlin
         Germany


RUSO KUNSTSTOFFVERARBEITUNG: Claims Registration Ends July 25
-------------------------------------------------------------
Creditors of RUSO Kunststoffverarbeitung GmbH & Co.
Kommanditgesellschaft have until July 25, 2008 to register their
claims with court-appointed insolvency manager Hans - Peter
Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Aug. 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Paderborn
         Meeting Hall 218
         Second Floor
         Bogen 2-4
         33098 Paderborn
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Hans - Peter Burghardt
         Bunsenstr. 3
         32052 Herford
         Germany
         Tel: 05221/6930731
         Fax: 05221/ 6930691

The District Court of Paderborn opened bankruptcy proceedings
against RUSO Kunststoffverarbeitung GmbH & Co.
Kommanditgesellschaft on May 30, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         RUSO Kunststoffverarbeitung GmbH & Co.
         Kommanditgesellschaft
         Ruegge 2-4
         33181 Bad Wuennenberg
         Germany

         Attn: Siegfried Ruether, Manager
         Schlankerberg 17
         33181 Bad Wuennenberg
         Germany


SMI-VERWALTUNGS GMBH: Claims Registration Period Ends July 25
-------------------------------------------------------------
Creditors of SMI-Verwaltungsgesellschaft mbH have until July 25,
2008 to register their claims with court-appointed insolvency
manager Rudiger Wienberg.

Claims will be verified at 9:50 a.m. on Sept. 24, 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:

         Rudiger Wienberg
         Giesebrechtstr. 1
         10629 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against SMI-Verwaltungsgesellschaft mbH on May 14,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         SMI-Verwaltungsgesellschaft mbH
         Forstweg 41
         13465 Berlin
         Germany


STL STRASSEN: Claims Registration Period Ends July 25
-----------------------------------------------------
Creditors of STL Strassen-Tief- und Landschaftsbau GmbH have
until July 25, 2008 to register their claims with court-
appointed insolvency manager Jochen Grentzebach.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Aug. 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Erfurt
         Hall 12
         Rudolfstr. 46
         99092 Erfurt
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Jochen Grentzebach
         Neuwerkstr. 38/39
         99084 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against STL Strassen-Tief- und Landschaftsbau GmbH on June 11,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         STL Strassen-Tief- und Landschaftsbau GmbH
         Attn: Thomas Sommer, Manager
         Markt 10a
         98701 Grossbreitenbach
         Germany


STOFFGALERIE GESELLSCHAFT: Claims Registration Ends July 25
-----------------------------------------------------------
Creditors of Stoffgalerie Gesellschaft fuer textiles Wohnen mbH
& Co. KG have until July 25, 2008 to register their claims with
court-appointed insolvency manager Stefan Hahn.

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

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Stefan Hahn
         Morianstrasse 45
         42103 Wuppertal
         Germany
         Tel: 0202/283310
         Fax: 0202/2833175

The District Court of Wuppertal opened bankruptcy proceedings
against Stoffgalerie Gesellschaft fuer textiles Wohnen mbH & Co.
KG on June 18, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Stoffgalerie Gesellschaft fuer textiles Wohnen
         mbH & Co. KG
         Kaiser Str. 34
         42781 Haan
         Germany

         Attn: Klaus Moeller, Manager
         Schalbruch 149
         40721 Hilden
         Germany


=============
I R E L A N D
=============


CLOVERIE 2005-78: Fitch Cuts Rating to CC on Poor Collateral
------------------------------------------------------------
Fitch Ratings has downgraded and removed from Rating Watch
Negative the sole class of notes issued by Cloverie Plc 2005-78.  
These rating action is effective immediately:

-- US$15,000,000 class S-2 notes to 'CC' from 'A-'.

Fitch originally placed Cloverie 2005-78 on Rating Watch
Negative on Feb. 27.

Cloverie 2005-78 is a partially funded, static synthetic
collateralized debt obligation that closed in November 2005.  
The transaction represents leveraged exposure to a diversified
portfolio of asset-backed securities.  The note proceeds from
the class S-2 notes collateralize a credit default swap with
Citigroup Global Markets Limited as the Swap Counterparty.  A
modified 'Pay-As-You-Go' template is utilized to define the
terms of the credit
default swap.

Cloverie 2005-78 has a reference portfolio comprised primarily
of subprime residential mortgage-backed securities bonds
(73.6%), commercial mortgage-backed securities bonds (8.2%), and
other structured finance assets.  All of the subprime RMBS bonds
are of the 2005 vintage.

Fitch's rating action reflects the significant collateral
deterioration within the portfolio, specifically with respect to
subprime RMBS collateral.  Since November 2007, 71.8% of the
portfolio has been downgraded, with 5% of the portfolio
currently on Rating Watch Negative.  Exposure to assets rated
'CCC+' and below is 34.5% of the portfolio compared to the class
S-2 attachment point of 13.84%.  Fitch's Weighted Average Rating
Factor (WARF) has increased from 5.3 at last review in November
2007 to 29.0 currently.  Over 69.6% of the reference portfolio
is currently rated below investment grade.

The attachment point on the class S-2 notes has increased to
13.84% from 13% originally due to the capital structure de-
levering as a result of asset amortization.  However, this
remains well below the current 'CCC' rating loss rate.

The class S-2 note is removed from Rating Watch as Fitch
believes further negative migration in the portfolio will have a
lesser impact on the class.  Additionally, Fitch is reviewing
its SF CDO approach and will comment separately on any changes
and potential rating impact at a later date.

The rating of the class S-2 note addresses the likelihood that
investors will receive full and timely payments of interest, as
per the transaction's governing documents, as well as the stated
balance of principal by the legal final maturity date.


CLOVERIE 2005-79: Worsened Collateral Cues Fitch to Junk Rating
---------------------------------------------------------------
Fitch Ratings has downgraded and removed from Rating Watch
Negative the sole class of notes issued by Cloverie Plc 2005-79.  
These rating action is effective immediately:

-- US$15,000,000 class S-4 notes to 'CC' from 'BBB'.

Fitch originally placed Cloverie 2005-79 on Rating Watch
Negative on Feb. 27.

Cloverie 2005-79 is a partially funded, static synthetic
collateralized debt obligation that closed in November 2005.  
The transaction represents leveraged exposure to a diversified
portfolio of asset-backed securities.  The note proceeds from
the class S-4 notes collateralize a credit default swap with
Citigroup Global Markets Limited as the Swap Counterparty.  A
modified 'Pay-As-You-Go' template is utilized to define the
terms of the credit default swap.

Cloverie 2005-79 has a reference portfolio comprised primarily
of subprime residential mortgage-backed securities bonds
(73.6%), commercial mortgage-backed securities bonds (8.2%), and
other structured finance assets.  All of the subprime RMBS bonds
are of the 2005 vintage.

Fitch's rating action reflects the significant collateral
deterioration within the portfolio, specifically with respect to
subprime RMBS collateral.  Since November 2007, 71.8% of the
portfolio has been downgraded, with 5% of the portfolio
currently on Rating Watch Negative.  Exposure to assets rated
'CCC+' and below is 34.5% of the portfolio compared to the class
S-4 attachment point of 9.58%.  Fitch's Weighted Average Rating
Factor has increased from 5.3 at last review in November 2007 to
29.0 currently.  Over 69.6% of the reference portfolio is
currently rated below investment grade.

The attachment point on the class S-4 notes has increased to
9.58% from 9% originally due to the capital structure de-
levering as a result of asset amortization.  However, this
remains well below the current 'CCC' rating loss rate.

The class S-4 note is removed from Rating Watch as Fitch
believes further negative migration in the portfolio will have a
lesser impact on the class.  Additionally, Fitch is reviewing
its SF CDO approach and will comment separately on any changes
and potential rating impact at a later date.

The rating of the class S-4 note addresses the likelihood that
investors will receive full and timely payments of interest, as
per the transaction's governing documents, as well as the stated
balance of principal by the legal final maturity date.


CLOVERIE 2005-80: Fitch Cuts US$15MM Class A Notes Rating to CC
---------------------------------------------------------------
Fitch Ratings has downgraded and removed from Rating Watch
Negative the sole class of notes issued by Cloverie Plc 2005-80.  
These rating action is effective immediately:

-- US$15,000,000 class A notes to 'CC' from 'BBB-'.

Fitch originally placed Cloverie 2005-80 on Rating Watch
Negative on Feb. 27.

Cloverie 2005-80 is a partially funded, static synthetic
collateralized debt obligation that closed in November 2005.  
The transaction represents leveraged exposure to a diversified
portfolio of asset-backed securities.  The note proceeds from
the class A notes collateralize a credit default swap with
Citigroup Global Markets Limited as the Swap Counterparty.  A
modified 'Pay-As-You-Go' template is utilized to define the
terms of the credit default swap.

Cloverie 2005-80 has a reference portfolio comprised primarily
of subprime residential mortgage-backed securities bonds
(73.6%), commercial mortgage-backed securities bonds (8.2%), and
other structured finance assets.  All of the subprime RMBS bonds
are of the 2005 vintage.

Fitch's rating action reflects the significant collateral
deterioration within the portfolio, specifically with respect to
subprime RMBS collateral.  Since November 2007, 71.8% of the
portfolio has been downgraded, with 5% of the portfolio
currently on Rating Watch Negative.  Exposure to assets rated
'CCC+' and below is 34.5% of the portfolio compared to the class
A attachment point of 7.45%.  Fitch's Weighted Average Rating
Factor has increased from 5.3 at last review in November 2007 to
29.0 currently.  Over 69.6% of the reference portfolio is
currently rated below investment grade.

The attachment point on the class A notes has increased to 7.45%
from 7% originally due to the capital structure de-levering as a
result of asset amortization. However, this remains well below
the current 'CCC' rating loss rate.

The class A note is removed from Rating Watch as Fitch believes
further negative migration in the portfolio will have a lesser
impact on the class.  Additionally, Fitch is reviewing its SF
CDO approach and will comment separately on any changes and
potential rating impact at a later date.

The rating of the class A note addresses the likelihood that
investors will receive full and timely payments of interest, as
per the transaction's governing documents, as well as the stated
balance of principal by the legal final maturity date.


CLOVERIE 2005-81: Fitch Cuts US$15MM Class B Notes Rating to CC
---------------------------------------------------------------
Fitch Ratings has downgraded and removed from Rating Watch
Negative the sole class of notes issued by Cloverie Plc 2005-81.  
These rating action is effective immediately:

-- US$15,000,000 class B notes to 'CC' from 'BB+'.

Fitch originally placed Cloverie 2005-81 on Rating Watch
Negative on Feb. 27.

Cloverie 2005-81 is a partially funded, static synthetic
collateralized debt obligation that closed in November 2005.  
The transaction represents leveraged exposure to a diversified
portfolio of asset-backed securities.  The note proceeds from
the class B notes collateralize a credit default swap with
Citigroup Global Markets Limited as the Swap Counterparty.  A
modified 'Pay-As-You-Go' template is utilized to define the
terms of the credit default swap.

Cloverie 2005-81 has a reference portfolio comprised primarily
of subprime residential mortgage-backed securities bonds
(73.6%), commercial mortgage-backed securities bonds (8.2%), and
other structured finance assets.  All of the subprime RMBS bonds
are of the 2005 vintage.

Fitch's rating action reflects the significant collateral
deterioration within the portfolio, specifically with respect to
subprime RMBS collateral.  Since November 2007, 71.8% of the
portfolio has been downgraded, with 5% of the portfolio
currently on Rating Watch Negative.  Exposure to assets rated
'CCC+' and below is 34.5% of the portfolio compared to the class
B attachment point of 5.32%.  Fitch's Weighted Average Rating
Factor has increased from 5.3 at last review in November 2007 to
29.0 currently.  Over 69.6% of the reference portfolio is
currently rated below investment grade.

The attachment point on the class B notes has increased to 5.32%
from 5% originally due to the capital structure de-levering as a
result of asset amortization.  However, this remains well below
the current 'CCC' rating loss rate.  The class B note is removed
from Rating Watch as Fitch believes further negative migration
in the portfolio will have a lesser impact on the class.  
Additionally, Fitch is reviewing its SF CDO approach and will
comment separately on any changes and potential rating impact at
a later date.

The rating of the class B note addresses the likelihood that
investors will receive full and timely payments of interest, as
per the transaction's governing documents, as well as the stated
balance of principal by the legal final maturity date.


CLOVERIE 2006-1: Fitch Lowers Ratings to CCC on US$10 Mln Notes
---------------------------------------------------------------
Fitch Ratings has downgraded and removed from Rating Watch
Negative the sole class of notes issued by Cloverie Plc 2006-1.  
These rating action is effective immediately:

-- US$10,000,000 class A notes downgraded to 'CCC' from 'BBB-'.

Fitch originally placed Cloverie 2006-1 on Rating Watch Negative
on Feb. 27.

Cloverie 2006-1 is a partially funded, static synthetic
collateralized debt obligation that closed in January 2006.  The
transaction represents leveraged exposure to a diversified
portfolio of asset-backed securities.  The note proceeds from
the class A notes collateralize a credit default swap with
Citigroup Global Markets Limited as the Swap Counterparty.  A
modified 'Pay-As-You-Go' template is utilized to define the
terms of the credit default swap.

Cloverie 2006-1 has a reference portfolio comprised primarily of
subprime residential mortgage-backed securities bonds (49.3%),
Alternative-A RMBS (20.8%), and other structured finance assets.  
Subprime RMBS bonds of the pre-2005 and 2005 vintages account
for approximately 27.1% and 22.3% of the portfolio,
respectively.  Likewise, Alt-A RMBS of the pre-2005 and 2005
vintages represent approximately 15.6% and 5.3% of the
portfolio, respectively.

Fitch's rating action reflects the significant collateral
deterioration within the portfolio, specifically with respect to
subprime RMBS and Alt-A RMBS collateral.  Since November 2007,
37.9% of the portfolio has been downgraded net of upgrades, with
5.8% of the portfolio currently on Rating Watch Negative.  
Exposure to assets rated 'CCC+' and below is 16.9% of the
portfolio compared to the class A attachment point of 17.17%.  
Over 36.3% of the reference portfolio is rated below investment
grade.  Fitch's Weighted Average Rating Factor has increased
from 9.7 at last review in November 2007 to 17.5 currently.

The attachment point on the class A notes has increased to
17.17% from 11.50% originally due to the capital structure de-
levering as a result of asset amortization.  The attachment
point is currently greater than the 'CCC' rating loss rate and
thus has positive cushion to that rating level.

The class A note is removed from Rating Watch as Fitch believes
further negative migration in the portfolio will have a lesser
impact on the class.  Additionally, Fitch is reviewing its SF
CDO approach and will comment separately on any changes and
potential rating impact at a later date.

The rating of the class A note addresses the likelihood that
investors will receive full and timely payments of interest, as
per the transaction's governing documents, as well as the stated
balance of principal by the legal final maturity date.


CLOVERIE 2006-2: Fitch Junks US$10 Million Notes Rating
-------------------------------------------------------
Fitch Ratings has downgraded and removed from Rating Watch
Negative the sole class of notes issued by Cloverie Plc 2006-2.  
These rating action is effective immediately:

-- US$10,000,000 class B notes downgraded to 'CC' from 'BB'.

Fitch originally placed Cloverie 2006-2 on Rating Watch Negative
on Feb. 27.

Cloverie 2006-2 is a partially funded, static synthetic
collateralized debt obligation that closed in January 2006.  The
transaction represents leveraged exposure to a diversified
portfolio of asset-backed securities.  The note proceeds from
the class B notes collateralize a credit default swap with
Citigroup Global Markets Limited as the Swap Counterparty.  A
modified 'Pay-As-You-Go' template is utilized to define the
terms of the credit default swap.

Cloverie 2006-2 has a reference portfolio comprised primarily of
subprime residential mortgage-backed securities bonds (49.3%),
Alternative-A RMBS (20.8%), and other structured finance assets.  
Subprime RMBS bonds of the pre-2005 and 2005 vintages account
for approximately 27.1% and 22.3% of the portfolio,
respectively.  Likewise, Alt-A RMBS of the pre-2005 and 2005
vintages represent approximately 15.6% and 5.3% of the
portfolio, respectively.

Fitch's rating action reflects the significant collateral
deterioration within the portfolio, specifically with respect to
subprime RMBS and Alt-A RMBS collateral.  Since November 2007,
37.9% of the portfolio has been downgraded net of upgrades, with
5.8% of the portfolio currently on Rating Watch Negative.  
Exposure to assets rated 'CCC+' and below is 16.9% of the
portfolio compared to the class B attachment point of 12.69%.  
Over 36.3% of the reference portfolio is rated below investment
grade.  Fitch's Weighted Average Rating Factor has increased
from 9.7 at last review in November 2007 to 17.5 currently.

The attachment point on the class B notes has increased to
12.69% from 8.50% originally due to the capital structure de-
levering as a result of asset amortization.  However, this
remains below the current 'CCC' rating loss rate.

The class B note is removed from Rating Watch as Fitch believes
further negative migration in the portfolio will have a lesser
impact on the class.  Additionally, Fitch is reviewing its SF
CDO approach and will comment separately on any changes and
potential rating impact at a later date.

The rating of the class B note addresses the likelihood that
investors will receive full and timely payments of interest, as
per the transaction's governing documents, as well as the stated
balance of principal by the legal final maturity date.


CLOVERIE 2006-3: Fitch Junks US$40 Million Notes Rating
-------------------------------------------------------
Fitch Ratings has downgraded and removed from Rating Watch
Negative the sole class of notes issued by Cloverie Plc 2006-3.  
These rating action is effective immediately:

-- US$40,000,000 class D notes to 'CC' from 'B-'.

Fitch originally place Cloverie 2006-3 on Rating Watch Negative
on Feb. 27.

Cloverie 2006-3 is a partially funded, static synthetic
collateralized debt obligation that closed in January 2006.  The
transaction represents leveraged exposure to a diversified
portfolio of asset-backed securities.  The note proceeds from
the class D notes collateralize a credit default swap with
Citigroup Global Markets Limited as the Swap Counterparty.  A
modified 'Pay-As-You-Go' template is utilized to define the
terms of the credit default swap.

Cloverie 2006-3 has a reference portfolio comprised primarily of
subprime residential mortgage-backed securities bonds (49.3%),
Alternative-A RMBS (20.8%), and other structured finance assets.  
Subprime RMBS bonds of the pre-2005 and 2005 vintages account
for approximately 27.1% and 22.3% of the portfolio,
respectively.  Likewise, Alt-A RMBS of the pre-2005 and 2005
vintages represent approximately 15.6% and 5.3% of the
portfolio, respectively.

Fitch's rating action reflects the significant collateral
deterioration within the portfolio, specifically with respect to
subprime RMBS and Alt-A RMBS collateral.  Since November 2007,
37.9% of the portfolio has been downgraded net of upgrades, with
5.8% of the portfolio currently on Rating Watch Negative.  
Exposure to assets rated 'CCC+' and below is 16.9% of the
portfolio compared to the class D attachment point of 6.35%.  
Over 36.3% of the reference portfolio is rated below investment
grade.  Fitch's Weighted Average Rating Factor has increased
from 9.7 at last review in November 2007 to 17.5 currently.

The attachment point on the class D notes has increased to 6.35%
from 4.25% originally due to the capital structure de-levering
as a result of asset amortization.  However, this remains well
below the current 'CCC' rating loss rate.

The class D note is removed from Rating Watch as Fitch believes
further negative migration in the portfolio will have a lesser
impact on the class.  Additionally, Fitch is reviewing its SF
CDO approach and will comment separately on any changes and
potential rating impact at a later date.

The rating of the class D note addresses the likelihood that
investors will receive full and timely payments of interest, as
per the transaction's governing documents, as well as the stated
balance of principal by the legal final maturity date.


* Corporate Failure Cases in Ireland Up 76% in H1, FGS Says
-----------------------------------------------------------
The latest insolvency figures to be released by FGS show a
dramatic increase in the number of corporate failure cases for
the first half of 2008 compared to last year, reports the firm's
corporate restructuring & insolvency partner, Declan Taite.

Between January and June 2008, 312 Irish companies were placed
in Creditors' Voluntary Liquidation, High Court Liquidation,
Receivership or Examinership, up a staggering 76% on last year
which saw 177 corporate failures recorded in the same period.
Notwithstanding the ongoing uncertainty and negative sentiment
being expressed regarding the state of the Irish economy the
figures are alarming against a back drop of interest rate rises,
increasing unemployment, inflationary pressures, ongoing credit
crunch etc.

The generally accepted slowdown in the construction sector is
obvious from the statistics.  130 or 42% of all failures
occurred in this sector.  This represents an increase in
previous years' figures (26% in 2005, 36% in 2006 and 35% in
2007).  To put these figures into context there has been the
same number of failures recorded in the sector in the first six
months of 2008 than was recorded for the entire of 2007.  With
the predictions being made by various economic commentators of
an impending "Black Friday" when builders close down for the
summer holidays these figures could yet worsen in the second
half of the year.  The failures in the construction sector are
generally small developers and or sub contractors.  The ongoing
reduction in house prices, significant decline in the numbers of
new units being built, uncertainty regarding the availability of
credit for small to medium type developers and the likely
decrease in the number of people working in the sector all
indicate that much uncertainty is likely to prevail in the short
term.  It is likely that margins for sub contractors will
continue to be eroded due to increased competitiveness.  The
next 12 months in the sector will be interesting to say the
least.

With regard to the trends emerging from the first six months of
2008 it is noted that Dublin continues to account for the
majority of failures.  Some 143 or 46% of all failures in the
period took place in the capital in contrast to 104 or 50% in
2005, 93 (48%) in 2006 and 76 (43%) in 2007.

Significant increases in the number of failures in Cork (12 in
2007 as opposed to 26 in 2008) and Galway (8 in 2007 as opposed
to 16 in 2008) should be noted.  Clare recorded a notable
decrease in failures (10 in 2007 as opposed to 5 in 2008).  
Roscommon was the only county within the Republic not to record
at least one failure.

Notable trends in the industry sectors, in which the failures
have occurred, include the high level of failures in the
hospitality sector such as pubs, restaurants and suppliers to
the industry where 42 collapses occurred or 13% of the total.
Other notable sectors in which failures occurred were
professional services (18), retail (19) of which 7 were recorded
in the clothing retail area, Information Technology (14) and
printing and packaging (11).  Transport & Haulage providers
accounted for 12 failures with the significant increase in fuel
costs being cited as the primary reason.

A significant increase in the number of receiverships and
examinerships were recorded in the first half of 2008 when
compared with the same period last year.  Between January and
June 2008 financial institutions/debenture holders appointed 23
receivers as opposed to a mere 5 in the same period in 2007.  
The majority of these receivership appointments have occurred in
the construction/engineering sector.

Similarly with Examinerships with 16 appointments noted in the
first six months of the year as opposed to 9 in the same period
last year.  It would appear that there is now a greater
awareness and appetite amongst distressed and ailing businesses
to look at restructuring options, in particular examinerships as
a credible alternative to the traditional liquidation or
receivership option.

FGS anticipates that the numbers of receiverships and
examinerships will continue to increase throughout the remainder
of 2008.


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


BANCA POPOLARE: Fitch Holds BB Support Rating Floor
----------------------------------------------------
Fitch Ratings has revised Banca Popolare di Vicenza's Outlook to
Negative from Stable.  At the same time, Fitch has affirmed
BPVi's ratings at Long-term Issuer Default 'A-', Short-term IDR
'F2', Individual 'C', Support '3' and Support Rating Floor 'BB'.

The Negative Outlook reflects the growing challenges faced by
the bank in improving its mediocre profitability, only adequate
asset quality and tight capital.  However, Fitch notes the
bank's new management has taken measures to address its
weaknesses while the bank continues to benefit from a good
franchise in northern Italy, particularly in its home region of
Veneto, a diversified loan book and reduced appetite for market
risk.  Fitch notes that failure to restore capital ratios to
more adequate levels, to improve operating profitability
significantly and to strengthen corporate governance, which the
agency considers weaker than most other Italian cooperative
banks', would likely result in a downgrade of the bank's Long-
term IDR.

The Outlook could revert to Stable if the bank manages to
improve its operating profitability - which is likely to require
a more efficient group structure to improve cost efficiency -
and to strengthen capitalization and asset quality.

BPVi's 2007 operating profitability was only acceptable,
reflecting the bank's expansion and the group's federal
structure, which continues to weigh on costs.  Operating
revenues were underpinned by good net interest income, but high
operating costs caused average operating return on equity to
decline to a small 4.91% in 2007 (2006: 7.27%) and cost/income
ratio to rise to 68.51% (64.61%).

End-2007 capital was tight with Tier 1 and eligible capital
ratios of 5.96% and 6.93%, respectively.  Capital ratios have
been affected by the bank's asset growth, deduction of goodwill
from past acquisitions and negative revaluation of the stake in
its insurance partner, Cattolica Assicurazioni.  BPVi's capital
ratios have benefited from the sale of its stake in Linea in
June 2008, and the bank estimates a Tier 1 regulatory capital
ratio above 6.5% at end-2008.  The possible sale of non-core
participations should help the bank to strengthen capital ratios
further. In addition, the bank's shareholding's meeting has
authorized the Board of Directors to issue further capital
increase.

The bank's asset quality is only acceptable, with net impaired
loans equal to 27% of eligible capital and lower coverage of
impaired loans than at most of its peers, partly reflecting
early write-offs.  However, the loan book is diversified,
reflecting the bank's decision to avoid unnecessary
concentration.  BPVi is seeking to reduce its appetite for
market risk, which is already moderate.  Since 2006, the bank's
new approach is to assume market risks to support the branch
network's commercial activities, to simplify its product range
and to increase transparency. The finance division will be more
focused on private banking.

BPVi is a medium-sized cooperative bank with a presence in
north-east Italy and operates in central and southern regions
through its 79%-held subsidiary, Cassa di Risparmio di Prato,
and 99.59%-held Banca Nuova, respectively.  At end-2007 BPVi was
among the 15 largest domestic banks by total assets, with 628
branches and 5,000 staff.


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


CROSS-OIL LLP: Creditors Must File Proofs of Claim by August 22
---------------------------------------------------------------  
LLP Company Cross-Oil has declared insolvency.  Creditors have
until Aug. 22, 2008, to submit written proofs of claims to:

         LLP Company Cross-Oil
         Mir ave. 41
         Aktobe
         Aktube
         Kazakhstan


DANKAM LLP: Proofs of Claim Filing Deadline is August 22
--------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Dankam 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


EURASIA BUSINESS: Proofs of Claim Filing Period Ends August 22
--------------------------------------------------------------  
LLP Eurasia Business has declared insolvency.  Creditors have
until Aug. 22, 2008, to submit written proofs of claims to:

         LLP Eurasia Business
         Micro District 12, 24a-33
         Aktobe
         Aktube
         Kazakhstan


INSIDE WEST: Creditors' Proofs of Claims Due by August 22
---------------------------------------------------------  
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Inside West insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Office 203
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 57-83-69


MEGA GAS-ASTANA: Proofs of Claim Filing Period Ends August 22
-------------------------------------------------------------  
LLP Kaz Stroy Mega Gas-Astana has declared insolvency.  
Creditors have until Aug. 22, 2008, to submit written proofs of
claims to:

         LLP Kaz Stroy Mega Gas-Astana
         Odintsovyh Str. 2-66
         Astana
         Kazakhstan


SAVE PAINTS: Creditors Must File Proofs of Claim by August 22
-------------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Save Paints 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


SAKADA VOSTOK: Proofs of Claim Filing Deadline is August 22
-----------------------------------------------------------  
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Sakada Vostok Impuls insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Office 203
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 57-83-69


SPETS SIGNAL: Deadline to File Proofs of Claim Set August 22
------------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Spets Signal Montage 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


TRIAL-NS LLP: Creditors' Proofs of Claim Due by August 22
---------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Trial-NS 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


VOSTOK ENERGOMASH: Proofs of Claim Filing Period Ends August 22
---------------------------------------------------------------  
LLP Vostok Energomash has declared insolvency.  Creditors have
until Aug. 22, 2008, to submit written proofs of claims to:

         LLP Vostok Energomash
         Gagarin ave, 6g
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


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


KIRBET STROY: Creditors Must File Proofs of Claim by August 27
--------------------------------------------------------------
LLC Construction Company Kirbet Story has declared insolvency.
Creditors have until Aug. 27, 2008 to submit written proofs of
claim to:

         LLC Kirbet Story
         Pudovkin Str. 36a
         Bishkek
         Kyrgyzstan


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


EVRAZ GROUP: Releases Second Quarter Operational Results
--------------------------------------------------------
Evraz Group S.A. released its second quarter 2008 operational
results.

Production Volumes*

Product, '000 tonnes     2Q     2Q   2Q 2008/   1Q    2Q 2008/
unless                  2008   2007  2Q 2007   2008   1Q 2008
otherwise stated                     change**         change**
----------------        ----   ----  --------  ----   --------
Steel division
Coke (saleable)          651    195  234.4%     518   25.5%
Pig iron               3,628  3,188  13.8%    3,720   (2.5)%
Pig iron (saleable)      275    217  26.8%      282   (2.2)%
Crude steel            4,690  4,164  12.6%    4,793   (2.2)%
Rolled products, net
of re-rolled volumes   4,524  3,828  18.2%    4,523   0.0%
Semi-finished products 1,285    904  42.2%    1,435   (10.4)%
Construction products  1,604  1,395  15.0%    1,512   6.1%
Railway products         609    598   1.9%      604   0.7%
Flat-rolled products     715    568  25.9%      623   14.7%
Tubular products         109    127  (14.7)%    148   (26.5)%
Other steel products     202    237  (14.6)%    201   0.7%

Mining division
Iron ore (saleable products)

Lumping ore              792    n/a   n/a       772   2.6%
Concentrate              867  1,020  (15.0)%    831   4.3%
Sinter                 1,899  1,841   3.1%    1,932   (1.7)%
Pellets                1,520  1,617  (6.0)%   1,561   (2.6)%

Coal4

Coking coal (mined)    2,367    515   359.8%  2,421   (2.2)%
Steam coal (mined)       676    461    46.8%  1,534   (55.9)%
Concentrate
(production)           1,075    232   362.8%  1,273   (15.6)%
Steam concentrate
(pro-duction)            131    0     n/a       216   (39.1)%

Vanadium (tonnes of V)5

Vanadium in slag
(sale-able)            2,814  3,055   (7.9)%  2,733   2.9%
Vanadium in alloys
and chemicals          4,239  3,384    25.3%  4,730   (10.4)%

Equity investments
Raspadskaya6
Coking coal (mined)    2,172  3,335   (34.9)% 2,909   (25.3)%

                         About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

Evraz Group S.A. continues to carry Ba2 corporate family rating,
Ba2 rating for Senior Notes due 2009 and Ba3 rating for Senior
Notes due 2015 from Moody's Investors Service, which placed  
them on review in March 2008 for possible downgrade.

The company also carries BB- long-term corporate credit and
senior unsecured debt ratings from Standard & Poor's Ratings
Services, with positive outlook.  The ratings were affirmed in
March 2008.

Evraz carries BB long-term Issuer Default and senior unsecured
ratings and B Short-term Issuer Default rating from Fitch
Ratings, with stable outlook.  The ratings were affirmed in
March 2008.


GELDILUX-TS-2008: S&P Puts BB Rating on EUR3MM Liquidity Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its preliminary
credit ratings to the EUR987 million credit-linked floating-rate
notes and EUR3 million liquidity notes to be issued by Geldilux-
TS-2008 S.A.  At the same time, Geldilux-TS-2008 will issue
EUR13 million unrated notes.
  
This will be Bayerische Hypo-und Vereinsbank AG's fourth true-
sale transaction of short-term loans originated under its
euro-loan program.

The structure of the transaction closely follows its
predecessor, Geldilux-TS-2007 S.A. Notable differences are:

  -- The portfolio will also contain loans denominated in Swiss
     francs;

  --Class A Schuldscheine (promissory notes) will be issued
    along the notes; and

  -- Additional cash will be injected in the transaction through
     the interest rate swap, paying base plus a margin.
  
The purpose of this transaction is to provide funding for and
transfer the credit risk associated with a EUR1 billion pool of
short-term "Euroloans" to the capital markets.  These loans are
advanced to selected customers of Bayerische Hypo-und from
several customer segments.  Euroloans have a maximum tenor of
368 days and repay as bullets.  Historically, Euroloans have
shown only minimal losses.
  
Investors will run the risk that Geldilux will write down the
principal on the notes during the life of the transaction if
there are losses on the reference portfolio.  If cumulative
losses exceed the credit support for any given rating level, the
principal on the outstanding rated notes will be reduced,
starting with the unrated notes.
  
Ratings List:
  
Geldilux-TS-2008 S.A.

  -- EUR1 Billion Credit-Linked Floating-Rate Notes And EUR3
     Million Liquidity Notes
  
Class             Prelim.        Prelim.
                  rating         amount (Mil. EUR)
  
Liquidity note    AAA              3
A and A
Schuldscheine     AAA            964
B                 A               10
C                 BBB             10
D                 BB               3
E                 NR              13
  

PSB FINANCE: Fitch Assigns B Short-Term Rating on Unsec. Notes
---------------------------------------------------------------
Fitch Ratings assigned PSB Finance S.A.'s US$3 billion loan
participation notes program these final ratings:

  -- Senior unsecured notes: Long-term 'B+'; Short-term 'B'
  -- Subordinated notes: Long-term 'B-'

Fitch has also assigned the final ratings of Long-term 'B+' and
Recovery 'RR4' to the program's Series 2 issue, which is a
10.75% US$150 million senior unsecured obligation with final
maturity in July 2013 (put option in July 2011).

PSB Finance S.A., a Luxembourg-domiciled special-purpose vehicle
will use the proceeds from the notes to finance a loan to
Promsvyazbank and will only pay noteholders principal and
interest received from PSB.


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


GRESHAM CAPITAL: S&P Puts BB- Rating on Class D EUR12.4MM Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its credit
ratings to the EUR300.148 million floating-rate notes issued by
Gresham Capital CLO V B.V.  At the same time, Gresham Capital
CLO V issued EUR27.052 million unrated notes.
  
Gresham V is the fifth CLO managed by Investec. The main
differences between this transaction and Gresham IV issued in
July 2007 is that Gresham V can invest in structured finance
securities (there is a 10% structured finance bucket), there is
no synthetic risk, and all noneuro assets are hedged with
asset swaps (Gresham IV was naturally hedged with a
multicurrency variable funding note).
  
On the closing date of the transaction, Gresham Capital CLO V
issued EUR327.2 million of notes.  The proceeds were used to pay
expenses, and to pay for the loans purchased under the warehouse
facility agreement.  The remaining proceeds were paid into the
prefunding account to be used to ramp up the transaction.

Ratings List:

Gresham Capital CLO V B.V.

  -- EUR300.148 Million Floating-Rate And EUR27.052 Million
Subordinated Deferrable Secured Floating-Rate Notes
  
Class          Rating         Amount (EUR)
  
A              AA              244,007,500
B              A-               22,955,000
C              BBB-             20,755,000
D              BB-              12,430,500
E              NR               27,052,000


HEXION SPECIALTY: Huntsman Acquisition Gets EU Conditional Nod
--------------------------------------------------------------
The European Commission issued a decision that would permit
Hexion Specialty Chemicals, Inc.'s acquisition of Huntsman
Corp., contingent on, among other things, divestment of a
portion of the company's global specialty epoxy resins business
to a purchaser approved by the European Commission.

                         Background

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

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

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

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

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

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

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

              Extension of Merger Termination Date

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

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

The TCR related on July 3, 2008, Huntsman's board of directors,
unanimously, provisionally authorized Huntsman Corp. to exercise
its right to extend the merger agreement with Hexion Specialty
by an additional 90 days to Oct. 2, 2008, as permitted by the
terms of the merger agreement.

                Hexion's Lawsuit to Cancel Merger

On June 19, 2008, the TCR reported that Hexion and related
entities filed a suit in the Delaware Court of Chancery to
cancel the agreement.  Hexion said in the suit that it believes
that the capital structure agreed to by Huntsman and Hexion for
the combined company is no longer viable because of Huntsman's
increased net debt and its lower than expected earnings.  While
both companies individually are solvent, Hexion believes that
consummating the merger on the basis of the capital structure
agreed to with Huntsman would render the combined company
insolvent.

                     Comments and Responses

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

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

                      Huntsman's Countersuit

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

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

                  About Huntsman Corporation

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

                    About Hexion Specialty

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

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


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


COMSTAR UNITED: Names Vladimir Mamay as South Branch Director
-------------------------------------------------------------
Comstar – United Telesystems JSC has appointed Vladimir Mamay as
Director of its South branch.

Mr. Mamay will work as Director of South branch of JSC COMSTAR-
UTS and First Deputy Director of JSC Digital Telephone Networks
South (DTN), which is his current position.

DTN is a subsidiary of JSC COMSTAR-UTS in Rostov region.  As a
Head of South branch of JSC COMSTAR-UTS he succeeded to Yuri
Blokhin on this position.

                      About Comstar-UTS

Headquartered in Moscow, Russia, Comstar-UTS JSC --
http://www.Comstar-uts.com/en/-- provides fixed line
telecommunication services in the Moscow metropolitan area with
a population of over 10 million, and to five regions of Russia,
Ukraine and Armenia.  As at Dec. 31, 2006, Comstar had US$1.12
billion in revenues and US$428.6 million in EBITDA (excluding
US$62 million stock bonus awards).

                           *    *    *

Comstar-United TeleSystems carries Moody's long-term Corporate
Family Rating of Ba3 with positive outlook.

The company also carries a BB- long-term foreign issuer credit
rating and a BB- long-term local issuer credit rating with
positive outlook from Standard & Poor's.


CONCERN-YUG: Moscow Bankruptcy Hearing Slated for August 28
-----------------------------------------------------------
The Arbitration Court of Moscow will convene on Aug. 28, 2008,
to hear the bankruptcy supervision procedure on LLC Concern-Yug.
The case is docketed under Case No. A41-K2— 6767/08.

The Temporary Insolvency Manager is:

         S. Perederiy
         Temporary Insolvency Manager
         Post User Box 136
         185035 Petrozavodsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Concern-Yug
         Kirova Str. 10
         Kolomna
         140410 Moscow
         Russia


INNOVATIONS AND TECHNIQUES: Claims Filing Period Ends August 21
---------------------------------------------------------------
Creditors of OJSC Innovations and Techniques (TIN 7717100516)
have until Aug. 21, 2008, to submit proofs of claim to:

         N. Prilepin
         Temporary Insolvency Manager
         Post User Box 30
         123308 Moscow
         Russia

The Arbitration Court of Moscow will convene at 3:00 p.m. on
Oct. 14, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A40-20784/
08-95-52B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Innovations and Techniques
         Building 60
         3rd Mytishenskaya Str. 16
         129626 Moscow
         Russia


JSCB BANK: Moody's Upgrades Bank Financial Strength Rating to D
---------------------------------------------------------------
Moody's Investors Service has upgraded the Bank Financial
Strength Rating of JSCB Bank of Moscow to D from of D-.  The
following ratings have been affirmed at the current levels:

-- long-term and short-term foreign currency deposit rating at
    Baa2 (RUR)/Prime-2,

-- long-term local currency deposit rating at A3.

-- long-term foreign currency debt rating for senior obligations
   at A3 and affirms senior subordinated obligations at Baa1.

The outlook for the long-term local currency deposit and the
long-term foreign currency debt ratings and the BFSR are stable,
while long-term foreign currency deposit rating is on review for
possible upgrade.

"The rating action reflects further successful development and
diversification of BOM's franchise away from the City of Moscow
related businesses as well as successful regional expansion and
business line diversification.  The upgrade also takes into
account the bank's position as the Russia's fourth-largest bank,
with the nationwide franchise and a strong brand aiding further
development.  The rating action also incorporates the decrease
in the bank's risk profile as a result of lower concentration
levels in the loan book in relation to equity, with no
substantial deterioration of credit quality of the borrowers as
reflected in the relatively stable loan loss reserve ratio,"
says Vladlen Kuznetsov a Moody's Assistant Vice President-
Analyst and lead analyst for this issuer.

However, Moody's observes that BOM's BFSR is constrained by
potential corporate governance issues which still exist, albeit
to the lesser extent than in the past, as well as by challenges
to the bank's risk assessment system, given its rapid growth in
retail lending.  "Other constraining factors include still-
significant concentrations on both sides of the balance sheet,
including companies related to the City of Moscow or its
government," adds Mr Kuznetsov.

Moody's notes that the global local currency (GLC) deposit
rating incorporates the following main elements: (i) the BCA of
Ba2 deriving from the BFSR; (ii) the rating agency's assessment
of a very high probability of support in case of need from the
City of Moscow (Baa1), BOM's controlling shareholder; and (iii)
a very high probability of systemic support due to BOM's
importance for the Moscow region and the banking system as a
whole.

To warrant a further upgrade, BOM would need to further improve
its corporate governance standards.  An upgrade of the BFSR
could also result from continuing non-City of Moscow related
franchise growth and diversification, combined with good risk-
adjusted profitability and a sustained reduction in the bank's
loan portfolio and deposit concentrations.

BOM's BFSR could be negatively affected in the event of: (i) a
significant deterioration in franchise and in asset quality as a
result of failure of the risk management systems to handle rapid
growth in an untested economic environment, and a material
weakening in liquidity and capitalization, although Moody's does
not expect any such weakening in the short-to-medium term.
Political risks pertaining to BOM's close links to the Moscow
government could also exert negative rating pressure should
these risks materialize, although in Moody's opinion, such
events are highly unlikely.  Should the ratings of the City of
Moscow or the Russian Federation be downgraded, it is likely
that the bank's deposit ratings would also be downgraded.  A
decrease in the city's control of BOM or a decrease in
willingness to support the bank could also lead to a downgrade.
Moody's does not expect reduced support in the short-to-medium
term.

The following JSCB Bank of Moscow rating was upgraded:

- BFSR to D from D-

The following JSCB Bank of Moscow ratings were affirmed:

- Long-term and short-term foreign currency deposit rating at
Baa2 (RUR)/Prime-2,

- Long-term local currency deposit rating at A3

- Long- term foreign currency debt rating for senior obligations
at A3

- Senior subordinated obligations at Baa1

Moody's previous rating actions on the bank were on 27 March
2008, when the bank's foreign currency deposit ratings were
placed on review for a possible upgrade, and on 4 May 2007 when
the positive outlook was assigned to the bank's D- BFSR.

BOM is headquartered in Moscow, Russian Federation, where it
carries the majority of its operations.  However, regional
diversification is growing, supported by a wide regional branch
network.  At year-end 2007, BOM reported total consolidated
assets of RUB528 billion (US$21.5 billion) and net income of
RUB8.9 billion (US$362 million) and was the country's fourth
largest bank.  It is largely controlled by the City of Moscow
through the direct ownership (44%) and Moscow Insurance Company
(15%) which is ultimately majority controlled by the city and
BOM.  The other largest shareholders are the two most senior
managers who control 18% in the bank.


KRASNOYARSKOE CJSC: Court Starts Bankruptcy Supervision Process
---------------------------------------------------------------
The Arbitration Court of Saratov commenced bankruptcy
supervision procedure on CJSC Krasnoyarskoe.  The case is
docketed under Case No. A-57-3293/08-226.

The Temporary Insolvency Manager is:

         A. Khromov
         Barnaulskaya Str. 34
         410049 Saratov
         Russia

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC Krasnoyarskoe
         Krasnyj Yar
         Engelsskiy
         Saratov
         Russia


MAGNITOGORSK IRON: Taps ALTA sa to Build Prioskolsky GOK Site
-------------------------------------------------------------
Victor Rashnikov, Chairman of OAO Magnitogorsk Iron and Steel
Work's Board of Directors, and Vladimir PlaSil, Chairman of the
Board of Directors of ALTA, s.a. have signed a Memorandum on
Strategic Partnership aimed at organizing mutually advantageous
cooperation and coordination of the parties' actions for the
implementation of the Prioskolsky Mining and Processing Plant in
the Belgorod Region of the Russian Federation.

According to the Memorandum, ALTA will be the general contractor
for the construction of the Prioskolsky GOK, and will propose a
scheme for the project's financing.  ALTA already has positive
experience in the implementation of similar projects in the
mining and other industries with the use of long-term financing
on preferential conditions.

Alongside the Memorandum, a EUR200 million framework contract
was signed for ALTA's delivery of process equipment and services
for preparatory work and stripping at the Prioskolsky Iron Ore
Deposit.

The signing ceremony in the Hrzansky Palace in Prague was
attended by Mirek Topolanek, Prime Minister of the Czech
Republic, Martin Rziman, Czech Minister of Industry and Trade.
The Czech Republic's ECA EGAP, the Czech Export Bank and
commercial banks showed an interest in financing OJSC MMK's
projects.

"The selection of a strategic partner for the construction of
the Prioskolsky GOK is another step in the consistent
implementation of OJSC MMK's strategy aimed at expanding our
Company's own raw materials supply base", Mr. Rashnikov said,
commenting on the signing of the documents.

                    About Magnitogorsk Iron

Headquartered in Magnitogorsk, Russia, OAO Magnitogorsk Iron and
Steel Works -- http://www.mmk.ru/-- manufactures steel and
accounts for about 20% of all steel products sold on the
domestic market.  MMK is a major fully integrated steel making
complex encompassing all the required processes, from
preparation of iron ore materials to high added value processing
of steel.  About half of the Company's output is exported
worldwide.

                         *     *     *

Magnitogorsk Iron and Steel Works carries 'BB' Long-term Issuer
Default and senior unsecured ratings from Fitch.  Fitch affirmed
the ratings in April 2008.  The Long-term IDR's outlook is
stable.


NIKOLSKIY LLC: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Sverdlovsk commenced bankruptcy
supervision procedure on LLC Tyumenskiy Meat-Packing Plant
Nikolskiy (TIN 7205015113; OGRN 1057200064195).  The case is
docketed under Case No. A70-1693/3-2008.

The Temporary Insolvency Manager is:

         I. Shipitsyna
         Office 222
         Respubliki Str. 204
         625035 Tyumen
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Tyumenskiy Meat-Packing Plant Nikolskiy
         Zelenaya Str. 2
         Turinsk
         23900 Sverdlovsk
         Russia


OSOKINSKOE CJSC: Creditors Must File Claims by August 21
-------------------------------------------------------
Creditors of CJSC Osokinskoe have until Aug. 21, 2008, to submit
proofs of claim to:

         Y. Kushenko
         Insolvency Manager
         Post User Box 9271
         644029 Omsk-29
         Russia

The Arbitration Court of Omsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A46-14951/2007.

The Debtor can be reached at:

         CJSC Osokinskoe
         Osokino
         Kalachinskiy
         646926 Omsk
         Russia


STROY-MET-RESOURCE: Creditors Must File Claims by July 21
---------------------------------------------------------
Creditors of CJSC Stroy-Met-Resource have until July 21, 2008,
to submit proofs of claim to:

         N. Sotskaya
         Temporary Insolvency Manager
         Post User Box 10
         119034 Moscow
         Russia

The Arbitration Court of Moscow will convene at 2:00 p.m. on
Oct. 1, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A41-K2-21110/07.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Stroy-Met-Resource
         Zheleznodorozhnaya Str. 4
         Sherbinka
         Moscow
         Russia


ZEMETCHINSKOE GRAIN: Creditors Must File Claims by August 17
------------------------------------------------------------
Creditors of OJSC Zemetchinskoe Grain Receiving Enterprise have
until Aug. 17, 2008, to submit proofs of claim to:

         A. Kharitonov
         Insolvency Manager
         Barnaulskaya Str. 34
         410049 Saratov
         Russia

The Arbitration Court of Penza commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A49-6574/2007-966/10.

The Court is located at:

         The Arbitration Court of Penza
         Belinskogo Str. 2
         440600 Penza
         Russia

The Debtor can be reached at:

         OJSC Zemetchinskoe Grain Receiving Enterprise
         Nekrasova Str. 1
         Zemetchino
         Zemetchenskiy
         442000 Penza
         Russia


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


AYT COLATERALES: Fitch Rates EUR12.4 Mln Class D Notes at 'BB-'
---------------------------------------------------------------
Fitch Ratings has assigned AyT Colaterales Global Hipotecario,
FTA Serie AyT Colaterales Global Hipotecario Caixa Galicia II's
(AyT Colaterales Caixa Galicia II or the fund) EUR950 million
mortgage-backed floating-rate notes due in January 2058 final
ratings, as:

  -- EUR855 million Class A: 'AAA'; Outlook Stable
  -- EUR44.6 million Class B: 'A'; Outlook Stable
  -- EUR38 million Class C: 'BBB-'; Outlook Stable
  -- EUR12.4 million Class D: 'BB- '; Outlook Stable

This transaction is a cash flow securitization of a
EUR950 million static pool of first-ranking Spanish mortgage
loans originated and serviced by Caja de Ahorros de Galicia
(Caixa Galicia, rated 'A'/'F1'/Outlook Stable).

The final ratings are based on the quality of the collateral,
the underwriting and servicing of the mortgage loans, available
credit enhancement, the integrity of the transaction's legal and
financial structure and Ahorro y Titulizacion S.A., S.G.F.T.'s
administrative capabilities.

Initial CE for the Class A to D notes is provided by
subordination and a reserve fund, which has been fully funded at
closing using a subordinated loan.

The final ratings address the payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger on the Class B, C and D notes, as
well as the repayment of principal by legal final maturity.  
Should the deferral trigger on the Class B, C and D notes be
hit, interest on these notes will be deferred in the priority of
payments.  In this instance, interest payments might not be
received for a period of time, but will be received by legal
final maturity.

The fund is regulated by Spanish Securitization Law 19/1992 and
Royal Decree 926/1998. Its sole purpose is to transform into
fixed-income securities a portfolio of mortgages certificates
acquired from Caixa Galicia.  The CTHs are subscribed by Ahorro
y Titulizacion S.A., S.G.F.T., whose sole function is to manage
asset-backed notes on behalf of the fund.


MARTINSA-FADESA: Refinancing Failure Cues Administration Filing    
---------------------------------------------------------------
Martinsa-Fadesa S.A. has filed for opening of administration
procedures at the Mercantile Court of La Coruna, various reports
say.

According to Bloomberg News, Martinsa failed to a secure a
EUR150 million loan -- a requirement for its EUR4 billion debt
refinancing agreement with creditor banks.

The company had sought a waiver for the loan, TCR-Europe
reported on July 16, 2008.

Martinsa said it had insufficient cash-flow to meet interest
payments and pay suppliers, the Financial Times relates.  The
company owes more than EUR5 billion to creditors

The property group attributed its financial troubles to "clear
recession that the Spanish economy is suffering at the moment,"
FT adds.

Meanwhile, people privy to Martinsa told Reuters that the
company is holding talks with union over 200 job cuts.  The
company employs around 880 people.

Headquartered in Corunna, Spain, Martinsa-Fadesa SA --
http://www.martinsafadesa.com/-- develops residential and
commercial property projects, including hotels, shopping centers
and golf courses, as well as industrial projects, among others.
The company also operates in Portugal, Romania, Hungary,
Ireland, France, Bulgaria, Mexico, the Dominican Republic, the
Czech Republic, Slovakia, and Poland.


===========
S W E D E N
===========


DRI CORP: Secures Financing Initiatives with PNC Bank and BHC
-------------------------------------------------------------
DRI Corp. secured new U.S. loan agreements with PNC Bank,
National Association and BHC Interim Funding III, L.P., and
expanded its existing European banking relationship with Svenska
Handelsbanken AB.

"We believe that our three new financing initiatives provide an
appropriate working capital foundation for our 2008 to 2010
business plans as currently positioned, and enhance the
Company's ability to better manage cash resources between the
U.S. and Europe," David L. Turney, the company's Chairman,
President, and Chief Executive Officer, said.  "The agreements
have been reached and substantially executed, and we expect
final closing and funding actions to occur; the details of each
of these credit facilities will be fully disclosed in separate
Form 8-K filings."

                    New U.S. Senior Lender

The company entered into a revolving credit agreement with PNC
Bank, National Association on June 30, 2008.  The three-year
agreement -- a revolving credit line of up to US$8 million
subject to formula-derived availability based on inventory and
accounts receivable -- replaces the company's present US$6
million U.S. senior lender relationship with Laurus Master Fund,
Ltd., which expired June 30, 2008.  This credit facility
includes performance covenants and other provisions related to
payment and pre-payment, generally considered by management to
be usual and customary for this type of financing.

PNC Bank, National Association is a subsidiary of The PNC
Financial Services Group, Inc., one of the nation's largest
diversified financial services organizations providing retail
and business banking; specialized services for corporations and
government entities, including corporate banking, real estate
finance and asset-based lending; wealth management; asset
management; and global fund services.

                    New Subordinated Lender

The Company entered into a subordinated loan agreement with
Brooks, Houghton & Company, Inc.'s BHC Interim Funding III, L.P.
on June 30, 2008.  The three-year, US$5 million loan under this
agreement provides additional working capital to fund the growth
in both the company's domestic and international operations over
the next three years according to present business plans.  In
connection with the execution of this loan agreement, the
company granted BHC a five-year warrant to purchase up to
350,000 shares of TBUS Common Stock at a 5% premium to market
(five-day volume weighted average).  This credit facility
includes performance covenants and other provisions related to
payment and pre-payment, generally considered by management to
be usual and customary for this type of financing.

BHC Interim Funding, L.P. is the investment arm of Brooks,
Houghton & Company, Inc. and specializes in making investments
in middle market companies.  The firm typically provides
mezzanine and bridge capital for acquisitions or
recapitalizations; to finance profitable growth or expansion; to
augment working capital; and to enable time sensitive
opportunities.  It primarily invests in manufacturing,
distribution, and business services companies based in United
States.  Brooks Houghton & Company was formed in 1989 and is
based in New York City, with an additional
office at Stamford, Connecticut.

                Existing European Credit Facilities

The company has reached agreement with Svenska Handelsbanken AB,
its existing banking relationship in Gothenburg, Sweden, to
expand existing European working capital credit facilities,
subject to formula-derived availability based partially on
inventory and accounts receivable for a revolver component that,
in combination with term loans, brings the facility maximum to a
total of approximately US$6.4 million as compared to the prior
similar line maximum of approximately US$3.2 million.  While the
company's original European banking relationship was not at the
end of term, DRI management believed it advisable to update the
relationship at the same time that the U.S. side of the
company's debt structure was addressed to provide additional
working capital to meet the expected growth of the Company's
international operations.

                 FY 2008 Earnings Forecast Update

"Regarding the company's previously announced fiscal year 2008
guidance of US$68 million to US$70 million in revenue and
earnings per diluted share of 14 cents to 17 cents, management
is comfortable projecting earnings per share to be at the upper
end of that range and expects the second quarter 2008 results to
be consistent with such outlook," Mr. Turney said.

                       About DRI Corp.

Headquartered in Dallas, Texas, DRI Corporation (Nasdaq: TBUS)
-- http://www.digrec.com/-- through its business units and  
wholly  owned subsidiaries, manufactures, sells, and services
information technology and surveillance technology products
either directly or through manufacturers' representatives or
distributors.  Customers include municipalities, regional
transportation districts, federal, state and local departments
of transportation, and bus manufacturers.  The company has
operations in Sweden, Germany, Australia, India and Brazil.

                     Going Concern Doubt

PricewaterhouseCoopers LLP, in Raleigh, North Carolina,
expressed substantial doubt about DRI Corp.'s ability to
continue as a going concern after auditing the company's
consolidated financial statements for the year ended Dec. 31,
2007.  The auditing firm reported that the company has
insufficient cash resources to make payment in full on the
outstanding balance of the domestic line of credit which matures
June 30, 2008.

The company has executed term sheets with potential lenders for
the refinancing of the domestic line of credit and such lenders
are in the process of performing due diligence reviews of the
company's financial records and operations.


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


AMF FINANCE: Zug Court Commences Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC AMF Finance Facility Services on June 17, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC AMF Finance Facility Services
         Poststrasse 30
         6300 Zug
         Switzerland


BENOTRADE JSC: Proofs of Claim Filing Period Ends July 28
---------------------------------------------------------
The Bankruptcy Service of Riesbach-Zurich commenced bankruptcy
proceedings against JSC Benotrade on May 19, 2008.

Creditors have until July 28, 2008, to file their proofs of
claim.

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

         Bankruptcy Service of Riesbach-Zurich
         8034 Zurich
         Switzerland


The Debtor can be reached at:

         JSC Benotrade
         Bellerivestrasse 28
         8008 Zurich
         Switzerland


BRICAMED JSC: Creditors Must File Proofs of Claim by July 30
------------------------------------------------------------
Creditors owed money by JSC Bricamed are requested to file their
proofs of claim by July 30, 2008, to:

         Steinhaldenstrasse 8
         8954 Geroldswil
         Switzerland
         
The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on June 4, 2008.


CAPITAL COMMUNICATION: Creditors' Proofs of Claim Due by July 28
----------------------------------------------------------------
The Bankruptcy Service of Oerlikon-Zurich commenced bankruptcy
proceedings against JSC Capital Communication on May 6, 2008.

Creditors have until July 28, 2008, to file their proofs of
claim.

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

         Bankruptcy Service of Oerlikon-Zurich
         8050 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Capital Communication
         Leutschenbachstrasse 95
         8050 Zurich
         Switzerland


EV-MEDIA JSC: Zug Court Commences Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC EV-MEDIA on June 3, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC EV-MEDIA
         Oberdorfstrasse 11
         6340 Baar
         Switzerland


GENERAL MOTORS: To Bolster Liquidity by US$15 Bln Until 2009
--------------------------------------------------------------
General Motors Corp. said it is taking further steps to adapt
its business to rapidly changing market conditions, marked by
the weak U.S. economy, record high fuel prices, shifts in
consumer vehicle preferences, and the lowest U.S. industry sales
volumes in a decade.

"We are responding aggressively to the challenges of today's
U.S. auto market," said GM Chairman and CEO, G. Richard Wagner,
Jr.  "We will continue to take the steps necessary to align our
business structure with the lower vehicle sales volumes and
shifts in sales mix.  We remain committed to bringing to market
great products that target changing consumer preferences for
more fuel-efficient vehicles."  Mr. Wagoner noted that 11 of
GM's 13 most recent major U.S. product launches, and 18 of its
next 19 launches, are cars and crossovers, which are key growth
areas.

"Today's actions, combined with those of the past several years,
position us not only to survive this tough period in the U.S.,
but to come out of it as a lean, strong and successful company,"
Mr. Wagoner said.

For liquidity planning purposes, GM is using assumptions of U.S.
light vehicle industry volumes of 14.0 million units in 2008-
2009 which are significantly below trend.  Other planning
assumptions include lower U.S. share of approximately 21 percent
and continued elevated average oil price estimates ranging from
US$130 to US$150 per barrel by 2009. Based on those assumptions,
GM is taking actions to further reduce structural cost, and
generate cash, with the goal of maximizing liquidity.

            GM Has Ample Liquidity to Fund 2008 Costs

At the end of the first quarter 2008, GM had liquidity of
US$23.9 billion, with access to U.S. credit facilities of an
additional US$7 billion.  While the company has ample liquidity
to meet its 2008 funding requirements, it is taking additional
measures to bolster liquidity to protect against a prolonged
U.S. downturn.  The actions include a combination of operating
and related actions, as well as asset sales and capital market
activities.  The cumulative impact on cash through 2009 is
projected to be approximately US$15 billion:

               Cash Impact Through Year End 2009

  Operating and Other Actions          ~US$10 billion
  Asset sales                         ~US$2-4 billion
  Capital markets activities          ~US$2-3 billion
                                      ---------------
                    Total               ~US$15 billion  

         US$10 Bil. in Cash Improvements By End of 2009

Through a number of internal operating changes and other
actions, GM expects to generate approximately US$10 billion of
cumulative cash improvements by the end of 2009, versus original
plans.

Estimated
Reductions     Internal Operating Changes and Other Actions
----------     --------------------------------------------
US$1.5 billion GM plans further salaried headcount reductions
in benefits    in the U.S. and Canada in the 2008 calendar year,
reduction in   which will be achieved through normal attrition,
2009           early retirements, mutual separation programs
               and other separation tools.  In addition, health
               care coverage for U.S. salaried retirees over 65
               will be eliminated, effective January 1, 2009.
               Affected retirees and surviving spouses will
               receive a pension increase from GM's over funded
               U.S. salaried plan to help offset costs of
               Medicare and supplemental coverage.  And there
               will be no new base compensation increases for
               U.S. and Canadian salaried employees for the
               remainder of 2008 and 2009.

               Beyond these moves, which also impact GM
               executives, additional actions are being taken.
               There will be no annual discretionary cash
               bonuses for the company's executive group in
               2008.  With the elimination of the annual cash
               bonus, combined with GM's long-term incentives
               which are driven by GM stock price performance
               to assure alignment with its stockholders,
               GM's executive group will have a significant
               reduction in their cash compensation opportunity
               for 2008.  For the company's top executive
               officers, it represents a reduction in their cash
               compensation opportunity of 75 to 84 percent.

               These benefit changes, salaried headcount
               reductions and other related savings will result
               in an estimated reduction in cash costs of more
               than 20 percent, or US$1.5 billion in 2009.

US$2.5 billion Additional structural cost reductions of
structural     approximately US$2.5 billion are expected in
cost cuts      GM North America.  The reductions will be
in 2009;       partially achieved through further adjustments
US$6-7 billion in truck capacity and related component,
by 2010        stamping and powertrain capacity in response to
               lower  U.S. industry volume.  Truck capacity is
               expected to be reduced by 300,000 units by the
               end of 2009, half of which is from acceleration
               of prior announced actions, and half from new
               capacity actions.

               In addition, GM will reduce and consolidate sales
               and marketing budgets, with a focus on protecting
               launch products and brand advertising.
               Engineering spending in 2008 and 2009 will be
               held at 2006-2007 levels, substantially lower
               than original plans.  These operating actions,
               combined with the benefits of the 2007 GM-UAW
               labor agreement, are targeted to reduce North
               American structural cost from US$33.2 billion in
               2007 to approximately US$26-US$27 billion in
               2010, a reduction of US$6-7 billion.

US$1.5 billion GM is revising its capital spending plan and
Capital        reducing approximately US$1.5 billion in
Expenditure    expenditures versus prior plans.  Capital
Reductions     expenditures are now estimated to total
               US$7 billion in 2009 versus prior plans of
               US$8.5 billion.  The figures do not include the
               US$1 billion in capital spending planned in both
               2008 and 2009 in China, which is self-funded by
               the GM joint ventures, to support growth in that
               market. A major part of the reductions is related
               to the delay of the next generation large pickup
               and SUV program, as well as V-8 engine
               development and associated capacity.

               Spending for non-product programs will also be
               significantly reduced, while powertrain spending
               will be increased to support the development of
               alternative propulsion and fuel economy
               technologies and small displacement engines. The
               revised 2009 capital spending plan is higher than
               the average capital expenditures in 2005-2007,
               excluding large pickup and SUV-related spending.
               Excluding China, GM expects capital expenditures
               to run in the US$7-7.5 billion range beyond 2009.

US$2.0 billion GM said aggressive actions are being taken to
working cap    improve working capital by approximately
improvements   US$2 billion in North America and Europe,
primarily
               related to the reduction of raw material, work-
               in-progress and finished goods inventory levels
               as well as lean inventory practices at parts
               warehouses.

US$1.7 billion GM will defer approximately US$1.7 billion of
VEBA payment   payments that had been scheduled to be made to a
deferrals      temporary asset account over the balance of 2008
               and 2009 for the establishment of the new UAW
               VEBA.

US$0.8 billion The GM Board of Directors has decided to suspend
Dividend       future dividends on common stock, effective
Suspension     immediately, which is expected to improve
               liquidity by approximately US$800 million through
               2009.

       Up to US$7 Bil. in Asset Sales, Financing Activities

In addition to the operating changes and other actions, GM
expects to raise additional liquidity of US$4-US$7 billion
through asset sales and financing activities.

Target
Amount         Details on Company's Plan
------         -------------------------
US$2-4 billion GM is undertaking a broad global assessment of
in sales       its assets for possible sale or monetization,
               which is expected to generate approximately US$2-
               US$4 billion of additional liquidity. The company
               believes there is significant liquidity potential
               from asset sales, without impacting the strategic
               direction of the company. Outside advisors are
               currently engaged in evaluating alternatives.
               A strategic analysis of the Hummer brand is
               underway, and GM is continuing to focus on profit
               improvement initiatives across all remaining GM
               brands.

US$2-3 billion GM will continue to opportunistically access
in financing   global markets to raise additional liquidity. The
               company is initially targeting at least
               US$2-3 billion of financing. The company has
               gross unencumbered assets of over US$20 billion,
               which could support a significant secured debt
               offering, or multiple offerings, that would far
               exceed the initial target. Examples of such
               assets include stock of foreign subsidiaries,
               brands, stake in GMAC, and real estate.

GM said the outlined actions comprehend the anticipated impact
of second quarter results, which the company plans to announce
in the near future.  GM anticipates it will report a significant
second quarter loss, driven in part by the previously disclosed
negative impact of the American Axle and local union strikes in
North America, as well as the continued weakness in the U.S.
auto market and adverse vehicle segment mix.

In addition, the company expects to record significant charges
or expenses related to its previously announced hourly attrition
program in the U.S., the recently announced North American truck
capacity actions, valuation of GMAC stock, lease assets, Delphi
recoveries, the American Axle settlement, the Canadian labor
contract, and others.

GM is highly confident that the initiatives, in conjunction with
the current cash position and its US$4-5 billion of committed
U.S. credit lines, will provide the company with ample liquidity
to meet its operational needs through 2009.

"The actions announced today are difficult decisions, but
necessary to respond to the current auto market conditions,"
said Mr. Wagoner. "Even under conservative planning scenarios,
GM is well-positioned to withstand the U.S. market downturn and
emerge a stronger company. We have a solid position in the
rapidly growing
emerging markets, a global operating framework that allows us to
respond to changes in the U.S. market, a commitment to
technology leadership, and an ever stronger and competitive
product line-up."

A full-text copy of GM's fact sheet related to its turnaround
plan is available at no charge at:

         http://ResearchArchives.com/t/s?2f82

Mr. Wagoner, Frederick A. Henderson, GM's President and Chief
Operating Officer and Ray G. Young, GM's Executive Vice
President and Chief Financial Officer, gave a presentation for
the media and
securities analysts entitled "Aligning the Business with Current
Market Conditions" on July 15.  A full-text copy of that
presentation is available at no charge at:

    http://ResearchArchives.com/t/s?2f83

                    About General Motors

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

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

                          *     *     *

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

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

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


GENERAL MOTORS: Moody's Reviews Ratings for Possible Downgrade
--------------------------------------------------------------
Moody's Investors Service is reviewing the ratings of General
Motors Corporation for possible downgrade.  Ratings under review
include its B3 Corporate Family Rating, B3 Probability of
Default Rating, Ba3 rating for secured debt, and Caa1 rating for
senior unsecured debt.  The review is focusing on the degree to
which GM's recently announced initiatives to boost liquidity by
US$15 billion, combined with its US$24 billion in cash and US$7
billion in committed credit facilities, will cover the
substantial cash requirements the company will face until it
adequately adjusts it production and pricing structure to
accommodate the US auto market's shift away from trucks and
SUVs.  The company must also contend with the possibility of
overall automotive demand remaining depressed through 2009 due
to continued record-high fuel costs, a soft economy, and
deteriorating consumer confidence.

GM's Speculative Grade Liquidity rating was lowered to SGL-2
from SGL-1.  The lower rating reflects Moody's view that despite
the fact that the company's liquidity is more than adequate to
cover all requirements over the coming twelve months and could
be further enhanced, the magnitude and duration of the company's
operating cash burn will not be supportive of the highest
Speculative Grade Liquidity rating.

The ratings of GMAC (B3/Negative) and ResCap (Ca/Rev. Pos.
downgrade) are not affected by these actions.

Bruce Clark, Senior Vice President with Moody's said, "Despite
the very constructive nature of the initiatives announced by GM,
the company will continue to face the significant challenge of
building enough profitability in its car and crossover portfolio
to make up for the earnings that will no longer be generated on
the truck and SUV side." Clark went on to say, "Establishing an
adequate level of profitability throughout a car portfolio that
has historically been priced at a significant discount relative
to competing models from Asia will be a difficult and long-term
undertaking. GM will likely face a sizable cash burn until it
gets this part of the equation right."

                    About General Motors

General Motors Corporation, headquartered in Detroit, Michigan,
is the world's second-largest automotive manufacturer.


GENERAL MOTORS: Announced Cost Cuts Cue S&P to Keep Neg. Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B' corporate
credit and senior unsecured debt ratings and 'BB-' senior
secured debt rating on General Motors Corp. remain on
CreditWatch with negative implications, where they were placed
June 20, 2008.  The update follows GM's announcement of a series
of cost reductions and other initiatives aimed at saving US$10
billion in cash from operations by the end of 2009.  GM also
announced plans to obtain US$4 billion to US$7 billion in cash
from capital market transactions and asset sales.
   
"We view these announcements as being absolutely necessary steps
for maintaining liquidity," said Standard & Poor's credit
analyst Robert Schulz, "given the magnitude of the company's
expected cash use caused by currently dismal market conditions
in the U.S. automotive market."  Still, execution timing is
considerable, and most of the benefits from cost reductions will
be reaped throughout the course of 2009.  GM's focus is to
preserve adequate liquidity for the next 18 months and continue
to attempt to align its cost structure with the North American
light-vehicle market, which appears to have been permanently
altered by high gas prices.

The continuing CreditWatch review, which S&P are also
undertaking with Ford Motor Co. and Chrysler LLC, reflects its
concerns about the financial damage being inflicted by
deteriorating U.S. industry conditions-largely as a result of
high gasoline prices.  The difficulty GM and the other Michigan-
based automakers are having in anticipating the pace of market
deterioration -- and the likely prolonged tenor of the downturn
-- has led to another round of announcements of cost reductions
and actions to bolster liquidity.  These follow other aggressive
cost-saving measures taken during the past several years that
have proved insufficient.
   
S&P will review GM's business and financial prospects, including
liquidity, in light of GM's announcement, and the general U.S.
and global automotive industry conditions to resolve the
CreditWatch review.  GM currently has adequate liquidity through
at least the end of 2008 -- US$23.9 billion of unrestricted cash
and short-term investments at March 31, 2008, and an unused
US$4.48 billion bank facility and significant unencumbered
assets.  S&P intend to resolve the CreditWatch reviews on GM,
Ford, and Chrysler by the end of July.  Given the severe risks
created by weak prospects for U.S. auto demand for the rest of
2008 and for 2009, the possibility of a downgrade of more than
one notch cannot be dismissed for any of the companies.


HAUSERMANN MASCHINENHANDEL: Claims Filing Deadline is July 30
-------------------------------------------------------------
Creditors owed money by JSC Hausermann Maschinenhandel are
requested to file their proofs of claim by July 30, 2008, to:

         Jakob Wegmuller
         Oberebenestrasse 67
         5620 Bremgarten
         Switzerland

The company is currently undergoing liquidation in Bremgarten.  
The decision about liquidation was accepted at an extraordinary
general meeting held on April 22, 2008.


MOBISIGN JSC: Deadline to File Proofs of Claim Set July 30
----------------------------------------------------------
Creditors owed money by JSC Mobisign are requested to file their
proofs of claim by July 30, 2008, to:

         Werner Wild
         Liquidator
         Wild Rechtsanwalt
         Obermattweg 12
         6052 Hergiswil
         Switzerland
         
The company is currently undergoing liquidation in Hergiswil NW.  
The decision about liquidation was accepted at an extraordinary
general meeting held on June 16, 2008.


NYALATREK JSC: Creditors Must File Proofs of Claim by July 28
-------------------------------------------------------------
Creditors owed money by JSC Nyalatrek are requested to file
their proofs of claim by July 28, 2008, to:

         Markus Bartschi
         Fluckiger & Bartschi
         Thunstrasse 68
         3074 Muri b. Bern
         Switzerland

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


PETROPLUS EASTERN: Proofs of Claim Filing Deadline is July 30
-------------------------------------------------------------
Creditors owed money by JSC Petroplus Eastern Europe are
requested to file their proofs of claim by July 30, 2008, to:

         Dr. Willi Dietschi
         Reber Rechtsanwalte
         Dufourstrasse 43
         Mail Box 926
         8034 Zurich
         Switzerland

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






S & V CORPORATE: Creditors' Proofs of Claim Due by July 30
----------------------------------------------------------
Creditors owed money by S & V Corporate Ltd. are requested to
file their proofs of claim by July 30, 2008, to:

         Steinhauserstrasse 70
         6301 Zug
         Switzerland

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


UNITECHNIC JSC: Proofs of Claim Filing Deadline is July 30
----------------------------------------------------------
Creditors owed money by JSC Unitechnic are requested to file
their proofs of claim by July 30, 2008, to:

         Franz Burgert
         Liquidator
         Ottoplatz 19
         7001 Chur
         Switzerland
         
The company is currently undergoing liquidation in Chur.  The
decision about liquidation was accepted at an extraordinary
general meeting held on June 16, 2008.


===========
T U R K E Y
===========


ATBANK T.A.S: S&P Withdraws BB-pi Counterparty Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'BB-pi'
(public information) counterparty credit rating on Akbank T.A.S.
(Unsolicited Ratings), a commercial bank based in the Republic
of Turkey (foreign currency, BB-/Negative/B; local currency,
BB/Negative/B).  The withdrawal does not reflect any change in
the bank's credit quality.


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


AGRICULTURAL INDUSTRIAL: Claims Filing Deadline Set August 1
------------------------------------------------------------
Creditors of LLC Agricultural Industrial Service (code EDRPOU
31975774) have until Aug. 1, 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 supervision
procedure on the company.  The case is docketed as 20/39b.

The Debtor can be reached at:

         LLC Agricultural Industrial Service
         Pervomayskaya St. 4
         Krasnaya Poliana
         Anthracite District
         94613 Lugansk
         Ukraine


BREAD OF UKRAINE: Claims Filing Deadline Set August 1
----------------------------------------------------
Creditors of State Joint Stock Company Bread of Ukraine Rovno
Regional Subsidiary Company (code EDRPOU 25322609) have until
Aug. 1, 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 supervision
procedure on the company on May 21, 2008.  The case is docketed
as 9/19.

The Debtor can be reached at:

         State Joint Stock Company Bread of Ukraine Rovno
         Regional Subsidiary Company
         Ostafov St. 3
         33000 Rivne
         Ukraine


HEAVY INDUSTRY: Creditors Must File Claims by August 1
------------------------------------------------------
Creditors of LLC Heavy Industry Project (code EDRPOU 34755212)
have until Aug. 1, 2008, to submit proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on June 25, 2008.
The case is docketed as B-19/90-08.


KOLOS LLC: Creditors Must File Claims by August 1
-------------------------------------------------
Creditors of LLC Agricultural Firm Kolos (code EDRPOU 30546347)  
have until Aug. 1, 2008, to submit proofs of claim to:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
April 17, 2008.  The case is docketed as B 15/40/29-07.

The Debtor can be reached at:

         LLC Agricultural Firm Kolos
         Kirovskoye
         Dnipropetrovsk
         Ukraine


MIDAS LLC: Creditors Must File Claims by August 1
-------------------------------------------------
Creditors of LLC Midas (code EDRPOU 32878931) 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 June 25, 2008.
The case is docketed as B11/196-08.

The Debtor can be reached at:

         LLC Midas
         Kiev St. 2-V
         Vishnevoye
         08132 Kiev
         Ukraine


RAYGORODOK LLC: Claims Filing Deadline Set August 1
---------------------------------------------------
Creditors of Agricultural LLC Raygorodok (code EDRPOU 30838944)
have until Aug. 1, 2008, to submit proofs of claim to:
         
         The Economic Court of Zhytomir
         Putiatinskiy Square 3/65
         10014 Zhytomir
         Ukraine

The Economic Court of Zhytomir commenced bankruptcy supervision
procedure on the company on May 12, 2008.  The case is docketed
as 7/82-B.

The Debtor can be reached at:

         Agricultural LLC Raygorodok
         Zarechnaya St. 24
         Raygorodok
         Berdichev District
         13362 Zhytomir
         Ukraine


TRANSPORT WORKER: Creditors Must File Claims by August 1
--------------------------------------------------------
Creditors of LLC Transport Worker (code EDRPOU 30667547) have
until Aug. 1, 2008, to submit proofs of claim to:

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

The Economic Court of Herson commenced bankruptcy proceedings
against the company after finding it insolvent on June 12, 2008.
The case is docketed as 5/131-B-08.

The Debtor can be reached at:

         LLC Transport Worker
         I Kulik St. 114-E
         Herson
         Ukraine


VOLINFUEL: Creditors Must File Claims by August 1
-------------------------------------------------
Creditors of Common Enterprise Volinfuel (code EDRPOU 32170945)
have until Aug. 1, 2008, to submit proofs of claim to:

         The Economic Court of Volin
         Volia Avenue 54-a
         43010 Lutsk
         Volin
         Ukraine

The Economic Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent on June 12, 2008.
The case is docketed as 8/66-B.

The Debtor can be reached at:

         Common Enterprise Volinfuel
         Granichnaya St. 96
         Rozhysche
         Volin
         Ukraine


VS-LINE OJSC: Creditors Must File Claims by August 1
----------------------------------------------------
Creditors of OJSC VS-Line (code EDRPOU 30853936) have until
Aug. 1, 2008, to submit proofs of claim to:
         
         The Economic Court of Zhytomir
         Putiatinskiy Square 3/65
         10014 Zhytomir
         Ukraine

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent on May 29, 2008.
The case is docketed as 7/69-b.

The Debtor can be reached at:

         OJSC VS-Line
         Baranov St. 93
         10001 Zhytomir
         Ukraine


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


ALLIANCE AND LEICESTER: Fitch Holds 'BB+' Support Rating Floor
--------------------------------------------------------------
Fitch Ratings has affirmed Banco Santander's Long- and- Short-
term Issuer Default ratings at 'AA' with Stable Outlook and
'F1+', respectively.  This follows the announcement that
Santander has made a bid to acquire 100% of Alliance and
Leicester's for GBP1.250 billion.  Santander's other ratings are
affirmed Individual 'A/B' Support '1' and Support Rating Floor
'A-'.  Fitch has also affirmed Santander's outstanding senior
unsecured notes at 'AA', subordinated debt at 'AA-' and
preferred stock at 'A+'.  The agency has also affirmed the
ratings of Santander's subsidiaries, whose IDRs are linked to
those of the parent bank, as detailed below.

In addition, Fitch has placed AL's Long-term IDR 'A+', Short-
term IDR 'F1', Support '3' and Support Rating Floor 'BB+' on
Rating Watch Positive.  It has affirmed AL's Individual rating
at 'B'.  AL's senior unsecured 'A+' rating, plus its
subordinated debt and preferred stocks - both rated 'A' - are
placed on RWP.  Santander, Banco Espanol de Credito, Banco
Santander Totta SA, Abbey National Treasury Services and AL have
issued covered bonds.  The rating actions taken have no impact
on their covered bond ratings.

The acquisition will be executed by means of a share exchange of
one Santander share for three AL shares and valued at
GPB1,250 million.  The acquisition is still subject to
shareholder, regulatory and anti-trust approvals but Santander
estimates that this could be completed by October 2008.

The acquisition of AL makes strategic sense for Santander as it
will increase its franchise and geographical presence in the UK
market and enable it to expand the corporate business, which has
been Abbey National Plc's key aim.  Abbey had aimed at
increasing branches by 300; the incorporation of around 250 AL
branches will enable it to achieve this plan more rapidly.  
Following the acquisition, close to 40% of the Santander group
assets will be in the U.K., which does not significantly change
the distribution of the Spanish bank's assets.

For AL, while its ratings reflect the low-risk nature of its
main residential mortgage business and the bank's ability to
pre-fund its business into first quarter 2009, it has been
facing restricted access to funding and weaker growth prospects
for profitability in 2008 and 2009, as well as uncertainty
surrounding the U.K. housing and mortgage market.  The backing
from Santander will enable AL to face these challenges from a
more comfortable position, supporting the rating actions taken.  
The ratings will be upgraded if the transaction is completed
successfully under the conditions disclosed.

Santander is committed to maintaining AL's core capital ratio at
6%.  To achieve this, Santander will be injecting GBP1 billion
in capital into AL to cover potential impairments from lending
or from the structured credit investments as well as other
restructuring charges and contingencies that may arise.  Cost
synergies of GBP180 million are expected from AL.

The main risks associated to this transaction are the increase
in assets in the U.K. where the economy has been slowing down
significantly and where there is uncertainty surrounding the
housing and mortgage market.  In addition, AL's funding
structure relies on the capital markets, with wholesale funding
accounting for 59% of total non-equity funding at end-2007.  
Fitch takes comfort from the good quality of AL's mortgage
portfolio, Santander's proven ability to manage integrations, as
well as the knowledge it has acquired of the UK market with the
acquisition of Abbey in 2004.  Santander expects to be able to
de-leverage the combined operations in the UK by reducing assets
by around GBP20bn-30bn over a two-year period.

While Santander's core capital tends to be tightly managed, the
likely impact of this acquisition is expected to affect the
regulatory core capital ratio by around 7 basis points and the
group has good internal capital generation capacity from its
core retail banking franchises.  If the full amount of
additional capital (GPB1 billion) were assumed, the impact on
Santander's core capital would be around 19 basis points.  
Santander's Fitch eligible capital/weighted risks ratio was
7.18% at end-2007, which the agency views as a comfortable
level.

Santander is the parent of Spain's largest banking group and one
of the 20 largest in Europe by total assets.  Its activities are
mainly focused on retail and corporate banking, insurance and
asset management in its core markets of Spain, Portugal, U.K,
Brazil, Chile and Mexico.  While it has a significant presence
in Latin America, it has a broad, diversified and well-
structured business mix.

AL, founded in 1852, was the seventh-largest UK bank by assets
at end-2007.  Since its conversion into a bank in 1997, AL has
diversified from being primarily a residential mortgage lender
into commercial banking and treasury activities.

The ratings of Santander's subsidiaries affirmed are listed
below:

Banco Espanol de Credito:

  -- Long-term foreign currency IDR: affirmed at 'AA'; Stable
     Outlook

  -- Senior unsecured rating: affirmed at 'AA'
  -- Subordinated debt: affirmed at 'AA-'
  -- Preferred stock: affirmed at 'A+'
  -- Short-term foreign currency IDR: affirmed at 'F1+'
  -- Individual rating: affirmed at 'B'
  -- Support rating: affirmed at '1'

Santander Consumer Finance:

  -- Long-term foreign currency IDR: affirmed at 'AA'; Stable
     Outlook

  -- Subordinated debt: affirmed at 'AA-'
  -- Short-term foreign currency IDR: affirmed at 'F1+'
  -- Support rating: affirmed at '1'

Banco Santander Totta SA:

  -- Long-term foreign currency IDR: affirmed at 'AA'; Stable
     Outlook

  -- Senior unsecured rating: affirmed at 'AA'
  -- Subordinated debt: affirmed at 'AA-'
  -- Preferred stock: affirmed at 'AA-'
  -- Short-term foreign currency IDR: affirmed at 'F1+'
  -- Individual rating: affirmed at 'B'
  -- Support rating: affirmed at '1'

Santander Totta SGPS:

  -- Long-term foreign currency IDR: affirmed at 'AA'; Stable
     Outlook

  -- Short-term foreign currency IDR: affirmed at 'F1+'
  -- Individual rating: affirmed at 'B'
  -- Support rating: affirmed at '1'

Abbey National plc:

  -- Long-term foreign currency IDR: affirmed at 'AA-';
     Stable Outlook

  -- Senior unsecured rating: affirmed at 'AA-'
  -- Subordinated debt: affirmed at 'A+'
  -- Preferred stock: affirmed at 'A+'
  -- Short-term foreign currency IDR: affirmed at 'F1+'
  -- Individual rating: affirmed at 'B'
  -- Support rating: affirmed at '2'
  -- Support Rating Floor: affirmed at 'BBB+'

Abbey National Treasury Services plc:

  -- Long-term foreign currency IDR: affirmed at 'AA-'; Stable
     Outlook

  -- Short-term foreign currency IDR: affirmed at 'F1+'

Santander Bancorp:

  -- Long-term foreign currency IDR: affirmed at 'AA-'; Stable
     Outlook

  -- Subordinated debt: affirmed at 'A+'
  -- Short-term foreign currency IDR: affirmed at 'F1+'
  -- Individual rating: affirmed at 'C'
  -- Support rating: affirmed at '1'

Banco Santander Puerto Rico:

  -- Long-term foreign currency IDR: affirmed at 'AA-'; Stable
     Outlook

  -- Certificate of Deposit Long-term rating: affirmed at 'AA'
  -- Certificate of Deposit Short-term rating: affirmed at 'F1+'
  -- Senior unsecured rating: affirmed at 'AA-' (AA minus)
  -- Short-term foreign currency IDR: affirmed at 'F1+'
  -- Individual rating: affirmed at 'C'
  -- Support rating: affirmed at '1'

Banco Santander (Chile):

  -- Long-term foreign and local currency IDRs: affirmed at
'A+';
     Stable Outlook

  -- Short-term foreign and local currency IDRs: affirmed at
'F1'
  -- Individual rating: affirmed at 'B'
  -- Support rating: affirmed at '1'
  -- National Long-term rating: affirmed at 'AAA(chl)'; Stable
     Outlook

  -- National Short-term rating: affirmed at 'N1+(chl)'
  -- National senior unsecured rating: affirmed at 'AAA(chl)'
  -- National subordinated debt: affirmed at 'AA+(chl)'

Banco Santander (Mexico):

  -- Long-term foreign and local currency IDRs: affirmed at 'A';
     Stable Outlook

  -- Short-term foreign and local currency IDRs: affirmed at
'F1'
  -- Individual rating: affirmed at 'C'
  -- Support rating: affirmed at '1'
  -- National Long-term rating: affirmed at 'AAA(mex)'; Stable
     Outlook

  -- National Short-term rating: affirmed at 'F1+(mex)'
  -- National senior unsecured rating: affirmed at 'AAA(mex)'

Banco Santander (Brazil):

  -- Long-term foreign currency IDR: affirmed at 'BBB'; Stable
     Outlook

  -- Long-term local currency IDR: affirmed at 'BBB+'; Stable
     Outlook

  -- Short-term foreign and local currency IDRs: affirmed at
'F2'
  -- Individual rating: affirmed at 'C'
  -- Support rating: affirmed at '2'
  -- National Long-term rating: affirmed at 'AAA(bra)'; Stable
     Outlook

  -- National Short-term rating: affirmed at 'F1+(bra)'


ART GROUP: Taps Joint Administrators from BDO Stoy Hayward
----------------------------------------------------------
Antony David Nygate and Geoffrey Stuart Kinlan of BDO Stoy
Hayward LLP were appointed joint administrators of The Art Group
Holdings Ltd. (Company Number 04797017) on July 4, 2008.

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


BC ABRASIVES: Appoints Liquidators from Moore Stephens
------------------------------------------------------
Nigel Price and Colin Andrew Prescott of Moore Stephens LLP were
appointed joint liquidators of BC Abrasives Ltd. on July 2 for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

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


CONQUEST BUSINESS: Calls In Liquidators from PwC
------------------------------------------------
Stephen Mark Oldfield and Robert Jonathan Hunt of
PricewaterhouseCoopers LLP were appointed joint liquidators of
Conquest Business Media Holdings Ltd. and Conquest Business
Media Ltd. (formerly Conquest Publishing Ltd.) on July 1 for the
creditors' voluntary winding-up proceeding.

The companies can be reached at:

         Conquest Business Media Holdings Ltd.
         c/o PricewaterhouseCoopers LLP
         Hill House
         Richmond Hill
         Bournemouth
         BH2 6HR
         England


DOUGLAS PAYNE: Brings In Joint Administrators from PwC
------------------------------------------------------
Mark David Arthur Loftus oand Ian David Green of
PricewaterhouseCoopers LLP were appointed joint administrators
of Douglas Payne Ltd. (Company Number 06262218) on July 3, 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:

         Douglas Payne Ltd.
         52-54 Prestongate
         Hessle
         East Yorkshire  
         HU13 0RE
         England


FORD MOTOR: Moody's Maintains Negative Outlook on Ratings
---------------------------------------------------------
Moody's Investors Service said that it is maintaining its
negative outlook on the ratings of Ford Motor Company (Corporate
Family Rating B3) and Ford Motor Credit Company (Senior
Unsecured Rating B1).  The business prospects for the North
American auto industry continue to deteriorate as the economy
weakens and fuel prices are sustained at record high levels.
With product offerings overly weighted in trucks and SUV's, the
Big-3 U.S. auto makers, including Ford, are particularly
vulnerable in this environment.

Moody's ratings and outlook for Ford have considered the
likelihood that the company will not be able to achieve break-
even earnings through 2009, and that the company will continue
to experience a combined automotive operating cash burn for 2008
and 2009 that will exceed US$12 to US$14 billion. The ratings
have also considered that Ford's US$40.6 billion liquidity
position, consisting of US$28.7 billion in cash and US$11.9
billion in availability under committed credit facilities,
provides an incremental level of financial flexibility for the
company during this challenging period.

Moody's will continue to monitor developments in Ford's efforts
to adjust its business profile to contend with the evolving
market conditions.  The rating outlook remains negative.  Absent
developments that indicate that Ford will be able to maintain an
adequate liquidity profile, while implementing restructuring
actions that improve earnings and cash flow and rebuild its long
term product competitiveness, the ratings could be subject to
downgrade.

                      About Ford Motor

Ford Motor Company, headquartered in Dearborn, Mich., is a
leading global automotive manufacturer.


HILDEN MANUFACTURING: Taps Ernst & Young to Administer Assets
-------------------------------------------------------------
Thomas Andrew Jack and Simon Allport of Ernst & Young LLP were
appointed joint administrators of Hilden Manufacturing Co. Ltd.
(Company Number 00100943) on July 9, 2008.

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

The company can be reached at:

         Hilden Manufacturing Co. Ltd.  
         c/o Ernst & Young LLP
         100 Barbirolli Square
         Manchester  
         M2 3EY
         England


INTELSAT: Moody's Affirms Caa1 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service assigned ratings to approximately
US$1.2 billion of new debt instruments issued by Intelsat
Corporation, an indirect wholly-owned subsidiary of Intelsat,
Ltd. (Intelsat).  At the same time, Moody's also affirmed
Intelsat's Caa1 corporate family rating, Caa1 probability of
default rate and SGL-3 speculative grade liquidity rating
(indicating adequate liquidity) while maintaining the stable
ratings outlook.  The rating action was prompted by refinance
activity resulting from required change of control offers
applicable to debt instruments that were outstanding prior to
Intelsat's recent acquisition by private equity investors.  This
third and final step in a multi-stage transaction, with steps
one and two having been the subject of Moody's June 24, 2008,
and July 1, 2008, press releases, in the names of Intelsat
(Bermuda), Ltd., and Intelsat Jackson Holdings, Ltd.,
respectively.  As was the case in the initial two steps, since
this transaction substitutes debt being "put" back to Intelsat
Corporation with similarly sized and structured replacements
(albeit with minor modifications to coupons that increase by 25
basis points in each instance), the transaction is assessed as
being neutral to Intelsat's Caa1 CFR, Caa1 PDR and SGL-3
speculative grade rating, with no consequent modification to
existing ratings or loss given default assessments of individual
debt instruments.  Applicable ratings on debt instruments being
completely refinanced will be withdrawn in due course. With no
change to the credit profile of the company expected to occur
over the near term, the outlook continues to be stable.

Instruments rated:

Issuer: Intelsat Corporation

.... US$658 million 9.25% Senior Notes due August 15, 2014,
     Rated B3 (LGD3, 32%)

.... US$581 million 9.25% Senior Notes due June 15, 2016, Rated
     B3 (LGD3, 32%)

Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- is the largest fixed
satellite service operator in the world and is owned by Apollo
Management, Apax Partners, Madison Dearborn, and Permira.
Intelsat has offices in Brazil, China, Hong Kong, France,
Germany, India, Singapore, South Africa, the United Arab
Emirates, the United Kingdom and the United States.


LANSCOT TEXTILES: Appoints  Administrators from Ernst & Young
-------------------------------------------------------------
Thomas Andrew Jack and Simon Allport of Ernst & Young LLP were
appointed joint administrators of Lanscot Textiles Ltd. (Company
Number 01415043) on July 9, 2008.

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

The company can be reached at:

         Lanscot Textiles Ltd.  
         c/o Ernst & Young LLP
         100 Barbirolli Square
         Manchester
         M2 3EY
         England


LUDGATE FUNDING: S&P Cuts Ratings on Notes, Retains Neg. Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered and kept on
CreditWatch with negative implications its credit ratings on the
class Ba, Bb, C, D, and S notes series 2006-FF1 issued by
Ludgate Funding PLC.  The class E notes stay on CreditWatch
negative but the rating remains unaffected.  The class A2a and
A2b notes and the mortgage early repayment certificates (MERCs)
have been affirmed at their current ratings.
  
The rating actions follow a full credit and cash flow analysis
of the most recent loan-level information, particularly taking
into account the current and expected levels of the transaction
reserve in the near term.  This analysis showed that the credit
enhancement available for the class Ba, Bb, C, D, and S notes
implied a lowering of the ratings.  Apart from the class A2a and
A2b notes and the MERCs, the notes have remained on CreditWatch
negative because of the uncertainty surrounding LIBOR movements
in relation to the Bank of England base rate (BBR) and the
potential for further stress in the transaction as a result of
using the external liquidity facility to pay interest on the
notes.
  
The transaction drew GBP171,392 (36.45%) of its quarter opening
reserve fund balance at the June 2008 interest payment date
(IPD).  The reserve fund is now GBP298,818 and represents 0.13%
of the outstanding mortgage balance, or 19.92% of the reserve
required amount of GBP1.5 million.  The most recent reserve fund
draw followed a previous draw of GBP598,059 on the December 2007
IPD and GBP431,722 on the March 2008 IPD.
  
The reserve fund draws are primarily driven by the unhedged
differences in the interest rate received from the loans, which
are linked to BBR, and payments due on the liabilities, which
are linked to three-month LIBOR.  To mitigate this risk at
closing, S&P looked at the historical difference between LIBOR
and BBR over time and modeled this additional risk in the cash
flows.  S&P incorporated the current dislocation between these
interest rates into the current cash flow analysis.
  
The differential between BBR and LIBOR was 0.87% as of the June
reset date; the BBR was at 5% and three-month LIBOR was set at
5.87%.  S&P has estimated the expected cash flows for the next
period based on various assumptions regarding arrears,
collection rates, interest rates, and prepayment rates.  Based
on this analysis, S&P expects a further reserve fund draw on the
September IPD.  There is a possibility of fully depleting the
reserve fund on the next IPD, causing the transaction to draw on
its liquidity facility to meet interest payments on the notes.
There is also potential for volatility surrounding some key
performance characteristics, such as delinquencies and
prepayments, with approximately 60% of loans still to revert
from existing fixed and discount rates to a floating rate linked
to BBR.
  
Total delinquencies have increased to 7.88% from 7.75% as of the
most recent investor report, although 90+-day delinquencies
including repossessions have decreased to 2.84% from 2.92%.
Unsold repossessions represent 0.92% of the outstanding balance.
Cumulative losses are zero.
  
S&P will continue to monitor the performance of this transaction
using the most recent loan-level data for full credit and cash
flow analyses.  S&P will pay particular attention to future
repossessions, losses, and changes in collection rates and
prepayment rates.  The results of S&P's analysis, together with
any effects on the ratings on any of the notes, will be released
after the September IPD.
  
Ratings List:
  
Ludgate Funding PLC

   -- GBP271.8 Million And EUR156.4 Million Mortgage-Backed
      Floating-Rate Notes Series 2006-FF1
  
Class               Rating
           To                    From
  
Ratings Lowered and Kept on CreditWatch Negative
  
Ba         A+/Watch Neg          AA/Watch Neg
Bb         A+/Watch Neg          AA/Watch Neg
C          BBB+/Watch Neg        A/Watch Neg
D          BB+/Watch Neg         BBB/Watch Neg
S          B-/Watch Neg          B/Watch Neg
  
Rating Remains on CreditWatch Negative
E          BB/Watch Neg          BB/Watch Neg
  
Ratings Affirmed
  
A2a        AAA
A2b        AAA
MERCs      AAA


OXEBOURNE PROJECTS: Duncan R. Beat Leads Liquidation Procedure
--------------------------------------------------------------
Duncan R. Beat of Tenon Recovery was appointed liquidator of
Oxebourne Projects Ltd. on June 27, 2008 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Oxebourne Projects Ltd.
         c/o Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England


POWERTRAIN LTD: Taps Liquidator from PricewaterhouseCoopers
-----------------------------------------------------------
Robert Nicholas Lewis of PricewaterhouseCoopers LLP was
appointed liquidator of Powertrain Ltd. on June 26 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         PricewaterhouseCoopers LLP
         One Kingsway
         Cardiff
         CF10 3PW
         Wales


READY MADE: Brings Joint Administrators from Baker Tilly
--------------------------------------------------------
Matthew Richard Meadley Wild and Geoffrey Lambert Carton-Kelly
of Baker Tilly Restructuring and Recovery LLP were appointed
joint administrators of The Ready Made Picture Frame Co. Ltd.
(Company Number 02605415) 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:

         The Ready Made Picture Frame Co. Ltd.
         c/o Baker Tilly Restructuring and Recovery LLP
         The Clock House
         140 London Road
         Guildford
         Surrey  
         GU1 1UW
         England


RMAC SECURITIES: S&P Cuts Ratings on B1a & B1C Notes to BB+
-----------------------------------------------------------
Standard & Poor's Ratings Services has lowered and placed on
CreditWatch with negative implications its credit ratings on the
class B1a and B1c notes series 2007-NS1 issued by RMAC
Securities No. 1 PLC (RMAC 2007-NS1).  S&P has also placed on
CreditWatch negative its credit ratings on the class M1a, M1c,
and M2c notes.   The class A notes have been affirmed.
  
The rating actions follow a full credit and cash flow analysis
of the most recent loan-level information, particularly taking
into account the current and expected levels of the transaction
reserve in the near term.  The downgrades are due to worse
collateral performance in this deal compared with other similar
vintage RMAC transactions, in combination with the continued
dislocation between the Bank of England base rate and the high
level of three-month LIBOR.
  
On June 12, RMAC 2007-NS1 drew on its reserve fund by
GBP186,172, leaving the reserve fund at GBP4.95 million (85.74%
of the reserve fund required amount).  The transaction also drew
on its reserve fund by GBP443,787 on the March 2008 interest
payment date and by GBP193,572 on the December 2007 interest
payment date.  The reserve fund draws are due to increased
losses, increasing delinquencies, and a mismatch between
three-month LIBOR paid on the notes and the Bank of England base
rate paid on the loans.  There is no basis swap in this
transaction and the mismatch currently affects 8.8% of the
loans.
  
As of the June investor report, 90+ day delinquencies (including
repossessions) have increased to 8.75% from 7.29% in March 2008.
Repossessions have increased to 1.49% from 0.73% and cumulative
losses have increased to 0.12% from 0.06%.
  
S&P has estimated the expected cash flows for the next period
based on various assumptions regarding arrears, losses,
collection rates (actual vs. expected interest received),
interest rates, and prepayment rates.  Based on this analysis,
S&P expects a further reserve fund draw for RMAC 2007-NS1 in
September 2008.
  
S&P will continue to monitor the performance of this transaction
using the most recent loan-level data for S&P's full credit and
cash flow analyses.  S&P will pay particular attention to future
repossessions, losses, and changes in collection rates and
prepayment rates.  The results of S&P's analysis, together
with any effects on the ratings on any of the notes, will be
released after the September interest payment date.

Ratings List:
  
RMAC Securities No. 1 PLC

  -- GBP296.8 Million, EUR214 Million, And US$168 Million
Mortgage-Backed Floating-Rate Notes Series 2007-NS1
  
Class                    Rating
           To                            From
  
Ratings Lowered and Placed On CreditWatch With Negative
Implications
B1a        BB+/Watch Neg                 BBB-
B1c        BB+/Watch Neg                 BBB-
  
Ratings Placed On CreditWatch With Negative Implications
M1a        AA/Watch Neg                  AA
M1c        AA/Watch Neg                  AA
M2c        A/Watch Neg                   A
  
Ratings Affirmed
A1a        AAA
A1b        AAA
A1c        AAA
A2a        AAA
A2b        AAA
A2c        AAA


SOUTH LIVERPOOL: Appoints M. C. Bowker as Liquidator
----------------------------------------------------
M. C. Bowker of Tenon Recovery was appointed liquidator of South
Liverpool Recruitment Ltd. (formerly Jet South Liverpool Ltd.)
on July 4 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


TASLISMAN-3 FINANCE: S&P Holds Low-B Ratings on Class E/F Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its ratings on
seven classes of notes issued by Talisman-3 Finance PLC
following a review of the transaction based on data up to and
including the April 2008 servicer report released by Hatfield
Philips International Ltd.
  
The affirmations follow a detailed review of the remaining loans
in this transaction: the Waterloo, Bastion, Trier, Berlin, and
Dresden loans.  Because of the cross-defaulted nature of the
Berlin and Dresden loans, the servicer reports these two loans
jointly.
  
The transaction, which closed in June 2006, was originated by
the London and Paris branches of ABN AMRO Bank N.V. and was
originally backed by 13 loans secured by 78 commercial
properties and 807 residential units.
  
With regard to the remaining five loans, no changes have been
reported in terms of their performance.
  
The Berlin-Dresden loan (52.6% of the current principal
balance), which is secured by two office assets located in
Berlin and Dresden and mainly let to VBG Verwaltung
Berufsgenossenschaft, a state insurance agency, is
characterized by a rent off-setting mechanism that allows the
tenant (VBG) to offset its rental payments on the Berlin
building against rental payments to be made by the same tenant
on a different property which is not part of this transaction.
Effectively, this means that the rent available to the landlord
is variable and can decrease to almost zero.  However, the loans
benefit from an escrow account of a now-remaining amount of
EUR8.157 million (at closing, EUR10.500 million was deposited).
Furthermore, in July 2007, the new sponsor (Wichford PLC)
deposited into a controlled reserve account an amount equivalent
to all amortization payments due until loan maturity.  The risk
arising from the early termination rights for VBG in April 2009
is considered remote, as the tenant will have to compensate the
landlord with an amount equal to the remaining net future lease
payments discounted at 4%.
  
The Waterloo loan (20.6%) is backed by a portfolio of 10
residential buildings located in northern and central Germany.
Despite the increase in vacancy to 7.8% by units, the
performance of the loan remains strong with a Commercial
Mortgage Securities Association interest coverage ratio  of
2.55x and a debt service coverage ratio of 2.32x at the January
interest payment date.  The ICR at the April IPD has not been
reported yet by the servicer, as the servicer receives the
borrower reporting, as per the loan  agreement, only after the
publication of the servicer report.
   
The performance of the Bastion loan (19.7%) has remained
unchanged since closing, which is the result of strong
underlying collateral comprising 13 supermarket premises fully
let to the German supermarket chain and grocery retailer Edeka
on a long remaining lease at maturity of 8.2 years.
  
Likewise, the Trier loan (7.1%) benefits from the good location
of the retail property in the city center of Trier, as well as
continuous full occupation by established local retailers since
closing.
  
The existing available funds cap on the class F and G notes
addresses the risk of potential shortfall of interest due on the
notes as a result of any loan prepayment and the full sequential
paydown structure of the notes.
  
Ratings List:
  
Talisman-3 Finance PLC

EUR689.9 Million Commercial Mortgage-Backed Floating-Rate Notes
  
Ratings Affirmed:
  
Class      Rating
  
A          AAA
X          AAA
B          AAA
C          A
D          BBB
E          BB
F          B
  

TITAN EUROPE: S&P Removes Class H 'B' Rating from Watch Negative
----------------------------------------------------------------
Standard & Poor's Rating Services has removed from CreditWatch
with negative implications and affirmed its rating on the class
H notes issued by Titan Europe 2006-3 PLC.  This follows a
review based on data up to and including the April 2008
servicer report provided by Hatfield Philips International Ltd.
  
S&P has affirmed the ratings on all the other classes of notes
in the transaction.  S&P puts the class H notes on CreditWatch
negative on Jan. 10 due to structural issues.
  
S&P had witnessed technical interest shortfalls in the Titan
Europe 2006-1 PLC and Titan Europe 2006-5 PLC transactions that
arose as a result of the liquidity facility not paying certain
transaction costs and accrued interest on liquidity drawings.
The situation was further exacerbated by excess spread
being paid to the class X notes at the top of the waterfall.
Those same structural features also exist in the Titan Europe
2006-3 transaction.
  
As a result, the class H notes were placed on CreditWatch
negative while S&P reviewed whether the credit quality of the
loans was likely to cause technical interest shortfalls under
the notes to arise.
  
After reviewing the loans and their underlying collateral, S&P
concluded that the current performance of the loan pool is
reflected in the present rating on the class H notes.  S&P also
considers that structural issues, even if they are present in
the transaction, have not had an immediate effect on the
structure considering the current performance of the loans.  
However, this view may change if the credit quality of the loans
deteriorates.
  
Following the prepayment of the Mercure, Airport Gardens, EBBC
A, and Hotel Villa Belrose loans, which accounted for over 6% of
the original loan pool, the pool now comprises 14 loans secured
by 22 office properties (51.1% by current valuation), 10
mixed-use properties (27.7%), one retail property (12.6%), one
hotel (6%), and other asset classes (2.6%).  These are located
in France (46% by current valuation), Germany (28.4%), The
Netherlands (15.9%), Belgium (5.3%), and Luxembourg (4.3%).
  
Ratings List:
  
                    Titan Europe 2006-3 PLC
           EUR943.751 Mln Commercial Mortgage-Backed
                      Floating-Rate Notes

  
Class                Rating
            To                  From
  
Rating Removed From CreditWatch With Negative Implications and
Affirmed
  
H           B                   B/Watch Neg
  
Ratings Affirmed:
  
A          AAA
X          AAA
B          AAA
C          AA
D          A
E          BBB
F          BBB-
G          BB


* Fitch: Outlook for EMEA Household Appliance Industry is Stable
----------------------------------------------------------------
Fitch Ratings says the credit outlook for the EMEA household
appliances industry is stable overall, although price
competition and cost pressures are expected to persist in the
medium term.  Fitch also says the challenging operating
environment will not be helped by the current weak global credit
markets and their negative impact on consumers.

In a special report, Fitch says the fragmented European
household appliances industry faces sluggish growth, increasing
product commoditization and high saturation in the mature
western European markets.  The agency remains concerned about
rising raw material costs and retailers' increased bargaining
power achieved through the absorption of smaller specialist
appliance retailers by big retail chains.  The EU directives on
both waste electrical and electronic equipment and restricted
use of certain hazardous substances in electrical and electronic
equipment require producers to assume responsibility for risk
management and legislative compliance, further contributing to
cost rises and margin squeeze.

"In these circumstances, we believe a combination of competitive
pricing, strong brand investment, innovation and efficient
product development will remain the key challenges for sector
players," says Oguz Bardak, Director in Fitch's Corporates team.  
The agency notes producers are increasingly moving production to
lower-wage countries and positioning themselves to capture the
growth in these less penetrated markets.

"In the present market, the share of emerging market exposure
within a given company's sales may be the most important factor
positively affecting its sales growth, profitability and credit
metrics in the medium term," adds Mr Bardak.

Fitch does not consider cost savings achieved through plant
closures or eastward plant relocations to be a sustainable
competitive advantage in the long run as almost all producers
are taking such steps.

Fitch notes European leading manufacturers covered in this
report have, on average, a 9% EBITDA margin within a fairly
narrow range, reflecting the sector's homogenous profitability.


* Fitch Says Fuel Prices Put High Pressures in Many Airlines
------------------------------------------------------------
Record jet fuel prices and waning demand for air travel,
particularly in North America and Western European markets, have
placed increased pressure on many airlines, elevating the risk
of default on leases and placing significant strain on values
for certain aircraft types, according to Fitch Ratings.

These stresses will result in declining asset performance in
certain U.S. aircraft securitizations, leading Fitch to revise
its asset performance outlook for aircraft securitizations to
declining.  Fitch has also revised its Rating Outlook for the
sector to Negative, with downgrades expected to outpace upgrades
over the next 12 months.

'Most at risk for negative rating action will be transactions
with concentrations of older, less fuel efficient aircraft types
and exposure to troubled US carriers,' said John Bella, Managing
Director, Fitch Ratings.  'While Fitch expects the number of
negative rating actions to increase, the magnitude of rating
movements should be dampened by the higher stresses Fitch has
applied following the previous value declines observed after
Sept. 11, 2001.'

These stresses are described in Fitch's August 2007 report,
'Global Criteria for Commercial Aircraft Operating Lease
Securitizations'.  Declines in airline profitability have
resulted in plans for major capacity reductions, potential for
fleet liquidations in concert with bankruptcy filings and, as a
result, more grounded aircraft.  These grounded aircraft,
coupled with the record number of deliveries scheduled for the
next several years could create a considerable shift in the
supply and demand balance for commercial aircraft.  As the
available supply of un-utilized aircraft increases, lease rates
and values for certain aircraft types will deteriorate.  In
addition, operating lease securitizations also risk increased
frequency of default on existing leases made to lower tier
operators.

While there are evident risks facing aircraft operating lease
securitization on the horizon, Fitch believes that negative
rating actions will be limited in the near term as Fitch's
rating criteria assumes cyclical downturns occur every five
years during the term of a securitization.  For more recent
transactions Fitch's stresses assume deterioration akin to what
was seen in 2002-2003, the most significant slump in aviation
history.  In addition, the long term nature of most securitized
lease portfolios helps to protect them from short term cash flow
deterioration.

While crude oil prices have been elevated, the issue has been
compounded for airlines as jet fuel 'crack spreads', essentially
the cost to refine crude oil to jet fuel, have also skyrocketed
in the past several months.  All told, the price for a gallon of
jet fuel, the airlines' largest operating cost has risen over
50% YTD. This pressure on airline profitability has been most
acutely felt by U.S.-based airlines which are further hindered
by a weak US dollar.  Recent bankruptcy and liquidation
announcements of multiple smaller U.S. carriers, including ATA
and Skybus, evidence this pressure.  The pull-back in air
traffic is likely to further impact values and lease rates,
particularly for older, less fuel efficient aircraft types.  
This concern is compounded by the record number of newer
technology replacement aircraft expected to be delivered over
the next several years

Fitch will continue to review the aircraft lease securitizations
it rates on a monthly basis to determine if these emerging
trends are impacting performance to a degree commensurate with a
Rating Watch or rating downgrade.


* S&P Says Europe, Middle East & Africa Resilient in Past 6 Mos.
----------------------------------------------------------------
Standard & Poor's Ratings Services' said in an industry report
card published on July 14, 2008, that its universe of
speculative-grade telecommunications, cable, and satellite
operators in Europe, the Middle East, and Africa (EMEA) has
showed resilience over the past six months amid a deteriorating
economic environment in several European countries and continued
financial turbulence.  Overall, since the publication of S&P's
last report card on Jan. 22, 2008, 18 speculative-grade issuers
have seen rating actions, of which 13 were positive and four
negative (with one outlook revision to developing).
     
"The steadily large number of rating changes in the speculative-
grade category further confirms the high volatility of these
issuers' credit quality compared with that of their investment-
grade peers," said S&P's credit analyst Leandro de Torres
Zabala.
     
The report card, "EMEA Speculative-Grade Telecoms, Cable, And
Satellite Operators Are Weathering The Storm So Far, But Caution
Is Warranted," goes on to explain that the positive rating
actions reflected operating outperformance in a few cases --
fairly diversified by industry subsegment -- with most good news
coming from the cable sector, boosted by the growth in broadband
services.  They also reflected liquidity improvement for several
operators, particularly in the Russian fixed-line sector.  The
negative rating actions came mainly on the back of operating
underperformance, primarily in the challenged European
alternative fixed-line sector.  In addition, a fairly high
number of corporate actions -- including financial-policy
changes, a strategic rethinking, M&A, and even a debt buyout --
led to a mixture of positive and negative rating actions.
     
"Rating-wise, the EMEA speculative-grade telecoms sector is
holding up so far, but caution is warranted given the continued
weak credit market conditions and deteriorating economic
prospects," said Mr. de Torres.
     
Specifically, 61% of the rating universe under review currently
has a stable outlook, 32% has a positive outlook, and 5% has a
negative outlook.  Mirroring the upgrades over the past year,
most of the positive outlooks concern cable and Russian fixed-
line operators, both of which are enjoying good trading
prospects.  The outlook on most of the mobile operators is
stable or positive, with the exception of a couple of specific
players -- generally subscale, late entrants in their market
that are grappling with fierce competition.  Also, following a
string of downgrades over the past 12 months, the majority of
the Western European alternative fixed-line service providers
now have a stable outlook, reflecting satisfactory liquidity for
most, as well as the lifeline that broadband growth is offering.
The respite may be only temporary, however.
     
"In fact, we continue to see the precarious credit markets as a
key risk in 2008 for the EMEA speculative-grade telecoms sector
as a whole," said Mr. de Torres.  "Interest rates continue to
rise, increasing issuers' quarterly interest bill, and access to
the capital markets remains difficult for most players while
their cash reserves are not unlimited."
     
S&P will therefore continue to monitor with special care those
operators that keep burning cash, did not put in place a
sufficiently robust credit facility before the liquidity crisis
burst in mid-2007, or have exhausted most of their headroom
under the covenants of their credit lines.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
July 29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Employment Issues Following Hurricanes & Disasters
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/


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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                     *      *      *

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


                            *********

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

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

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

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

                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Zora Jayda Zerrudo Sala, Pius Xerxes Tovilla, Joy
Agravante, Julybien Atadero and Peter A. Chapman, Editors.

Copyright 2008.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *