TCREUR_Public/080721.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, July 21, 2008, Vol. 9, No. 143

                            Headlines


A U S T R I A

DOONGARA LLC: Claims Registration Period Ends August 14
FIDELIS VERMOEGENSBERATUNG: Claims Registration Ends August 5
KARL BORUTA: Claims Registration Period Ends September 11
WOHNJUWEL LLC: Creditors Must File Claims by July 25


G E O R G I A

BTA BANK: Fitch Assigns 'B' Issuer Default Rating


G E R M A N Y

ADVANCED MICRO: Board Elects President and COO Dirk Meyer as CEO
BERND KAUL: Claims Registration Period Ends July 30
BLUMENTHAL REISEN: Claims Registration Period Ends July 30
COSMO FINANCE: S&P Rates Class E/F Credit-Linked Notes at BB/B
CYCLINGS SPORTS: Claims Registration Period Ends July 30

FAHRRAD & SPORT: Claims Registration Period Ends July 30
FERNTRANSPORTE KOWALL: Claims Registration Period Ends July 25
FLEX MEDIA: Claims Registration Period Ends July 31
G+B HOCHBAU: Claims Registration Period Ends July 30
GENESIS ADAPTIVE: Claims Registration Period Ends July 31

GST LOGISTIK: Claims Registration Period Ends July 30
HABE BRUNNENPROJEKT: Claims Registration Period Ends July 27
IKB DEUTSCHE: Rhinebridge SIV Assets Set for Auction July 31
HABE BRUNNENPROJEKT: Claims Registration Period Ends July 27
LINTEC SYSTEMS: Claims Registration Period Ends July 28

SCHLUESSELFERTIGES BAUEN: Claims Period Ends July 31
KZKH TAXEN: Claims Registration Period Ends July 31
MODERNE HAUSTECHNIK: Claims Registration Period Ends July 31
SUEDWEST NEWS: Claims Registration Period Ends July 25
VERMIETUNG VERWALTUNG: Claims Registration Period Ends July 25


I R E L A N D

BIFROST INVESTMENTS: Fitch Cuts Rating on EUR67.5MM Swaps
RHINEBRIDGE PLC: Receivers to Auction Assets July 31


I T A L Y

FIAT SPA: Ends Diesel Engine Joint Venture with Cummins Inc.
PARMALAT SPA: Investors to Get Notice on Class Suit Settlement


K A Z A K H S T A N

EXPRESS TRADING: Creditors Must File Claims by September 2
FARMATSIYA OJSC: Claims Deadline Slated for September 2
HALYK RELTI: Claims Filing Period Ends September 2
JOLDAR KURYLYS: Creditors' Claims Due on September 2
MANU-KYZYLORDA LLP: Claims Registration Ends September 2

NEFTE GAS: Creditors Must File Claims by September 2
NEFTYANIK LLP: Claims Deadline Slated for August 2
SEPKO SILVER: Claims Filing Period Ends September 2


K Y R G Y Z S T A N

GREENFORD LLC: Creditors Must File Proofs of Claim by Sept. 2


R U S S I A

AGRO-LEASING CJSC: Bankruptcy Hearing Slated for September 30
BIRYULINSKIE UTILITY: Tatarstan Bankruptcy Hearing Set Sept. 24
ILMEN OJSC: Voronezh Bankruptcy Hearing Set September 17
KAZANSKAYA FOOD: Kirov Bankruptcy Hearing Set October 29
NABEREZHNYE CHELNY: Creditors Must File Claims by August 21

OGK-5 OAO: Inks EUR223MM Credit Line to Fund Plant Construction
POLIMIR LLC: Court Starts Bankruptcy Supervision Procedure
SOTSGORBANK: S&P Raises Junk Counterpary Credit Rating to B-
SPEED LLC: Ryazan Bankruptcy Hearing Slated for September 16
TRANSCREDIT BANK: Moody's Affirms Ba1 Long-Term Rating

VNESHPROMBANK: S&P Ups Counterparty Credit Rating to B- From CCC
VOLGATELECOM OJSC: Hikes Stake in ZAO Ulyanovsk-GSM to 100%


S P A I N

MARTINSA-FADESA: Caja de Ahorros Sets EUR339 Mln Loss Provision


S W I T Z E R L A N D

COHISTON INVESTMENTS: Proofs of Claim Filing Deadline is July 31
ESPACE MITTELLAND: Proofs of Claim Filing Deadline is  July 31
H.U. ROHRBACH: Creditors Must File Proofs of Claim by Aug. 1
INTELLIBER LLC: July 31 Set as Deadline to File Proofs of Claim
NOVOTAX JSC: Deadline to File Proofs of Claim Set July 31

MANAGLOBE JSC: Creditors' Proofs of Claim Due by July 31
PKD JSC: Creditors Have Until July 31 to File Proofs of Claim
RASCA DAVOS: Creditors Must File Proofs of Claim by July 31
RISTA BRIEFKASTENDESIGN: Proofs of Claim Due by July 31
WYER SPEZIALLIFTE: Aug. 11 Set as Deadline to File Claims


U K R A I N E

AFFINIA GROUP: Names Presidents to Two Business Units
AGROMAKS LLC: Creditors Must File Claims by August 6
FENIX-AGRO LLC: Claims Filing Deadline Set August 6
OFMTS-AGROCONVERS LLC: Claims Filing Deadline Set August 6
OLEKSA LLC: Creditors Must File Claims by August 6

PROGRESS 2003: Claims Filing Deadline Set August 6
SPECIAL METAL: Creditors Must File Claims by August 6
SHYSHAKI BUILDING: Creditors Must File Claims by August 6
TAGANCHA-DWELLING-SERVICE: Creditors Must File Claims by Aug. 6
TECHNOWOOD LLC: Creditors Must File Claims by August 6

TEREZY LLC: Creditors Must File Claims by August 6
YASINOVATKAAL RURAL: Creditors Must File Claims by August 6


U N I T E D   K I N G D O M

ASTRATA GROUP: Won't be Able to File 10-QSB for First Quarter
BEARING AND ENG'G: Taps Smith and Williamson as Administrators
BRADFORD & BINGLEY: Shareholders Back Capital Increase
CHRYSLER LLC: Study Shows Bankruptcy Filing Disastrous for Sales
COMPUTER SUPERMARKET: Taps Tenon Recovery as Administrators

CYNA LTD: Calls In Joint Administrators from BDO Stoy Hayward
DAWNAY DAY: Creditors Put Two Companies Under Receivership
DAWNAY DAY: Plans to Sell 51% Stake in Investment Banking Arm
INDUSTRIAL EQUIPMENT: Cattles Invoices Taps Tenon as Receivers
PARK CONDITIONED: Brings In Joint Administrators from BDO Stoy

PETE WATERMAN: Creditors' Meeting Slated for July 27
R BALMER: M. C. Bowker Leads Liquidation Procedure
REDTHORNE SECURITIES: NatWest Bank Appoints KPMG as Receivers
SCOTTISH RE: Poor Flexibility Cues S&P to Junk Unit's Ratings
SKYEPHARMA PLC: Holding Talks Over Planned Debt-to-Equity Swap

STEAD & SIMPSON: Calls In Liquidators from PwC
TAYLOR WIMPEY: Fitch Cuts Ratings on Fin'l Flexibility Concerns

* S&P Puts 4 BB Rated Debt Obligations on CreditWatch Negative
* EHYA Commends Shadow Chancellor's Insolvency Reform Proposals
* Leading Structured Finance Lawyers Join Kaye Scholer LLP

* BOND PRICING: For the Week July 14 to July 18, 2008


                            *********


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


DOONGARA LLC: Claims Registration Period Ends August 14
-------------------------------------------------------
Creditors owed money by LLC Doongara have until Aug. 14, 2008,
to file written proofs of claim to the court-appointed estate
administrator:

         Dr. Kurt Freyler
         Seilerstatte 5
         1010 Vienna
         Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Aug. 28, 2008, for
the examination of claims at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, the Debtor declared bankruptcy
on June 11, 2008, (Bankr. Case No. 5 S 60/08w).


FIDELIS VERMOEGENSBERATUNG: Claims Registration Ends August 5
-------------------------------------------------------------
Creditors owed money by LLC Fidelis Vermoegensberatung have
until Aug. 5, 2008, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Raoul Wagner
         Rathausstrasse 15/4
         1010 Vienna
         Austria
         Tel: 405 33 82
         Fax: 408 84 67
         E-mail: office@hopmeier.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Aug. 19, 2008, for
the examination of claims at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, the Debtor declared bankruptcy
on June 11, 2008, (Bankr. Case No. 4 S 84/08t).


KARL BORUTA: Claims Registration Period Ends September 11
---------------------------------------------------------
Creditors owed money by LLC Karl Boruta have until
Sept. 11, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Katharina Widhalm-Budak
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 10 37

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on Sept. 25, 2008, for
the examination of claims at:

         The Land Court of Korneuburg
         Room 204
         2nd Floor
         Korneuburg
         Austria

Headquartered in Schwechat­Kledering, Austria the Debtor
declared bankruptcy on June 12, 2008, (Bankr. Case No. 36 S
74/08m).


WOHNJUWEL LLC: Creditors Must File Claims by July 25
----------------------------------------------------
Creditors owed money by LLC Wohnjuwel have until July 25, 2008,
to file written proofs of claim to the court-appointed estate
administrator:

         Dr. Candidus Cortolezis
         Hauptplatz 14
         8010 Graz
         Austria
         Tel: 0316/813973
         Fax: 0316/847797
         Austria
         E-mail: office@cortolezis.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:30 p.m. on Aug. 7, 2008, for
the examination of claims at:

         The Land Court of Graz
         Room 230
         2nd floor
         Hall L
         Graz
         Austria

Headquartered in Graz, Austria the Debtor declared bankruptcy on
June 12, 2008, (Bankr. Case No. 25 S 41/08d).


=============
G E O R G I A
=============


BTA BANK: Fitch Assigns 'B' Issuer Default Rating
-------------------------------------------------
Fitch Ratings has assigned Georgia-based BTA Bank ratings of
Long-term Issuer Default 'B', Short-term IDR 'B', Individual
'D/E' and Support '4'.  The Long-term IDR is placed on Rating
Watch Positive.

BTA Georgia's Long- and Short-term IDRs and Support rating are
driven by potential support from the bank's largest shareholder,
Kazakhstan's BTA Bank (BTA; foreign currency Long-term IDR 'BB+'
Outlook Negative), which currently owns a 49% stake in BTA
Georgia.  In addition, Fitch understands that entities
affiliated with BTA control a further 27% stake in BTA Georgia,
and that BTA exercises operational control over BTA Georgia.  In
Fitch's opinion, BTA would have a quite strong propensity to
support the bank, given its 49% ownership, the shared brand and
BTA Georgia's small size (the total balance sheet of BTA Georgia
was equal to approximately 3% of BTA's equity at end-2007).

The Rating Watch Positive reflects the planned increase of BTA's
stake in BTA Georgia to 76% in Q408 and thereby the
consolidation of the bank in BTA's accounts.  If and when the
transaction is completed, BTA Georgia's Long-term IDR will
likely be upgraded, probably to 'B+,' to reflect the increased
probability of support forthcoming for the bank, in case of
need.  At the same time, Fitch notes that BTA's Long-term IDR is
driven by potential sovereign support, which may not in all
cases be available to flow through to the bank's subsidiaries,
in particular foreign ones.  Taking into account Fitch's
assessment of the stand-alone credit profile of BTA, a three-
notch differential is, therefore, likely to be maintained
between the Long-term foreign currency IDRs of BTA and BTA
Georgia even after consolidation is completed.

BTA Georgia's Individual rating reflects its small size, very
rapid growth, relatively high loan concentration and high level
of related-party funding.  However, it also considers the bank's
sound profitability, moderate reported loan impairment to date
and adequate capitalization.

Upside potential for the Individual rating is currently limited,
but could result from a substantial increase in the bank's size
and franchise without significant deterioration in asset quality
and capitalization, together with a reduction in dependence on
funding from BTA and its subsidiaries.  Failure to manage the
risks of rapid growth and consequent deterioration in asset
quality could result in rating downside.

BTA Georgia, formerly Silk Road Bank, is a small-sized Georgian
bank, which was established in 2000, and since 2005 has been
affiliated with BTA.  With only 2% of system assets at end-Q108,
the bank plans to grow actively, especially in the retail
business.


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


ADVANCED MICRO: Board Elects President and COO Dirk Meyer as CEO
----------------------------------------------------------------
Advanced Micro Devices Inc. is reshuffling its top management
after a period marked by big losses, a major product miscue and
a sharp decline in its share price, The Wall Street Journal
relates.

In a press release, AMD disclosed that its board of directors
elected president and COO Dirk Meyer as the company's chief
executive officer.  Mr. Meyer succeeds Hector Ruiz, who will
become executive chairman of AMD and chair of the board of
directors.  As executive chairman, Mr. Ruiz will ensure a smooth
executive leadership transition, focus on driving the company's
asset smart strategy to completion, and assist with high-level
government and strategic partner relations.

"[Mr. Meyer's] election to CEO is the final phase of a two-year
succession plan developed and implemented jointly by AMD's board
of directors and executive team," Robert Palmer, lead
independent director, said.  "Under Hector's strong leadership,
AMD drove the industry adoption of pervasive 64-bit and
multicore computing, became a trusted enterprise-class partner
to leading technology suppliers and significantly expanded its
global footprint in high-growth markets like China.

"[Mr. Meyer's] extensive experience as a business leader and his
notable engineering accomplishments before and during his 12
years at AMD make him ideally suited to build upon the
foundation Hector created and lead AMD."

"AMD has fundamentally altered the industry landscape, leading
the innovation agenda while delivering greater choice and better
experiences for our customers and users," Mr. Ruiz, executive
chairman, AMD, said.  "[Mr. Meyer] is a gifted leader who
possesses the right skills and experience to continue driving
AMD and the industry forward in new, compelling directions.  I
am placing the company in excellent hands."

Mr. Meyer joined AMD in 1995 and made his mark as part of the
design team responsible for the original AMD Athlon(TM)
processor, a breakthrough product for AMD and the industry's
first processor to break the 1GHz barrier.  From 2001 to 2006,
Mr. Meyer led the company's microprocessor business, overseeing
related R&D, manufacturing, operations, and marketing.  His
leadership skills during these five years resulted in a doubling
of revenue for the microprocessor business and a substantial
expansion of AMD's global profile.  In 2006, Mr. Meyer was
appointed president and COO, and in 2007, he was elected to
AMD's board of directors.

"I'm tremendously excited by the opportunities ahead for AMD,"
Mr. Meyer, president and chief executive officer, AMD, said.
"As the only company that possesses expertise and leadership in
both x86 microprocessor and graphics technology, AMD has a
unique capability to drive the next wave of innovation through
the integration of computing and graphics processors to deliver
a better computing experience.  We are in the midst of re-
shaping AMD's business model with the goal of delivering
sustained profitability through a focus on the core technologies
that differentiate AMD.  My immediate priority is to work with
the leadership team to accelerate this transformation.  I
appreciate the trust that the Board and Hector have placed in
me.  During the years that I've worked under Hector, he has been
an excellent leader, mentor and friend."

Mr. Ruiz joined AMD as president and chief operating officer in
January 2000 and became AMD's chief executive officer on
April 25, 2002.  He has served on AMD's board of directors since
2000 and was appointed chairman of the board of directors in
2004.

According to the Journal, AMD also reported a loss of nearly
US$1.2 billion, including US$920 million from its discontinued
ATI Technologies operations that sell chips for handheld devices
and digital televisions.

The Journal added that AMD's stock price has plunged from more
than US$16 in July 2007 to less than US$5, though it rebounded
Thursday to US$5.30, up 24 cents, or 4.7%, in 4 p.m. New York
Stock Exchange composite trading.  The Journal indicated that
its current market value is about US$3.2 billion.

                  About Advanced Micro Devices

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

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

                         *     *     *

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


BERND KAUL: Claims Registration Period Ends July 30
---------------------------------------------------
Creditors of Bernd Kaul Logistik GmbH have until July 30, 2008,
to register their claims with court-appointed insolvency manager
Goetz Lautenbach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Aug. 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 162N
         First Floor
         Kaiserstrasse
         63065 Offenbach am Main
         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:

         Goetz Lautenbach
         Zeilweg 42D
         60439 Frankfurt am Main
         Germany
         Tel: 069/963761-130
         Fax: 069/963761-145

The District Court of Offenbach am Main opened bankruptcy
proceedings against Bernd Kaul Logistik GmbH on June 16, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bernd Kaul Logistik GmbH
         Attn: Bernd Kaul, Manager
         Seligenstadter Str. 46
         63533 Mainhausen
         Germany


BLUMENTHAL REISEN: Claims Registration Period Ends July 30
----------------------------------------------------------
Creditors of Blumenthal Reisen GmbH have until July 30, 2008, to
register their claims with court-appointed insolvency manager
Dirk Decker.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Sept. 10, 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 Rostock
         Hall 330
         Zochstrasse 13
         18057 Rostock
         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:

         Dirk Decker
         Stampfmuellerstrasse 39
         18057 Rostock
         Germany

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

The Debtor can be reached at:

         Blumenthal Reisen GmbH
         Attn: Axel Buckentin, Manager
         Klein Bartelsdorf 5
         18182 Bentwisch
         Germany


COSMO FINANCE: S&P Rates Class E/F Credit-Linked Notes at BB/B
--------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its preliminary
credit ratings to the EUR106 million floating-rate credit-linked
notes to be issued by CoSMO Finance 2008-1 Ltd., a
special-purpose entity.  In addition, CoSMO Finance 2008-1 will
issue EUR13 million of unrated credit-linked notes.

The transaction will be a partially funded synthetic balance
sheet collateralized loan obligation (CLO), referencing a
portfolio of bank loans, and revolving credit facilities or
guarantees granted by Commerzbank AG, or any affiliate, to small
and midsize enterprises (SMEs) in Germany.  The transaction aims
to provide economic capital relief to Commerzbank.

The collateral backing the notes will be cash held with the cash
deposit account bank, which will initially be Commerzbank. If
the cash deposit account bank is downgraded, a new account must
be opened with a counterparty with a short-term rating of at
least 'A-1'.

The preliminary ratings reflect:

  -- The level of credit support for the classes of
credit-linked notes provided by subordination, and the
first-loss protection, the latter being provided by the
threshold amount;

  -- The available cash collateral as received through the
issuance of the CoSMO Finance 2008-1 notes; and

  -- Commerzbank's servicing capacity, as confirmed by S&P's
review of its credit-related operations.

CoSMO Finance 2008-1 Ltd. :

  -- EUR119 Million Floating-Rate Credit-Linked Notes

  Class        Prelim. Rating   Prelim. amount (Mil. GBP/EUR)
  -----------------------------------------------------------
  A1+               AAA                    0.5
  A2+               AAA                    0.5
  B                 AA                    38.4
  C                 A                     21.0
  D                 BBB                   18.0
  E                 BB                    19.0
  F                 B                      8.6
  G                 NR                    13.0
  Threshold Amount  NR                    23.0



CYCLINGS SPORTS: Claims Registration Period Ends July 30
--------------------------------------------------------
Creditors of Cyclings Sports GmbH have until July 30, 2008, to
register their claims with court-appointed insolvency manager
Thomas Kind.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Sept. 10, 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 Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         Germany

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

The insolvency manager can be reached at:

         Thomas Kind
         Eisenbahnstr. 19-23
         77855 Achern
         Germany

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

The Debtor can be reached at:

         Cyclings Sports GmbH
         Festplatz 9
         76137 Karlsruhe
         Germany


FAHRRAD & SPORT: Claims Registration Period Ends July 30
--------------------------------------------------------
Creditors of Fahrrad & Sport Voigt Chemnitz GmbH i.L. have until
July 30, 2008, to register their claims with court-appointed
insolvency manager Reinhard Klose.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Sept. 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Reinhard Klose
         Leipziger Str. 58
         09113 Chemnitz
         Germany
         Tel: (0371) 444610
         Fax: (0371) 4446111
         E-mail: klose@handschumacher.de

The District Court of Chemnitz opened bankruptcy proceedings
against Fahrrad & Sport Voigt Chemnitz GmbH i.L. on June 16,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

        Fahrrad & Sport Voigt Chemnitz GmbH i.L.
        Attn: Simone Voigt, Liquidator
        Wladimir-Sagorski-Strasse 22
        09122 Chemnitz
        Germany


FERNTRANSPORTE KOWALL: Claims Registration Period Ends July 25
--------------------------------------------------------------
Creditors of Ferntransporte Kowall GmbH & Co. KG have until
July 25, 2008, to register their claims with court-appointed
insolvency manager Christian Langhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Aug. 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Christian Langhoff
         Carl-Heydemann-Ring 55
         18437 Stralsund
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against Ferntransporte Kowall GmbH & Co. KG on June 24, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Ferntransporte Kowall GmbH & Co. KG
         Kowall 3
         18574 Garz
         Germany


FLEX MEDIA: Claims Registration Period Ends July 31
---------------------------------------------------
Creditors of Flex Media Entertainment GmbH have until
July 31, 2008, to register their claims with court-appointed
insolvency manager Dr. Mark Schuessler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.326
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         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. Mark Schuessler
         Bismarckstrasse 4
         69469 Weinheim
         Germany
         Tel: 06201-994424
         Fax: 06201-994422

The District Court of Darmstadt opened bankruptcy proceedings
against Flex Media Entertainment GmbH on July 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Flex Media Entertainment GmbH
         Adalberg-Stifterstrasse 8
         69509 Moerlenbach
         Technisches Buero
         Germany

         Attn: Georg Kizdobranski, Manager
         Donnersbergstrasse 1
         64646 Heppenheim
         Germany


G+B HOCHBAU: Claims Registration Period Ends July 30
----------------------------------------------------
Creditors of G+B Hochbau GmbH & Co. KG have until July 30, 2008,
to register their claims with court-appointed insolvency manager
Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 13 B
         Gerichtsstr. 2-6
         48149 Muenster
         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:

         Andreas Sontopski
         Gnoiener Platz 10
         48493 Wettringen
         Germany
         Tel: 02557/9384-0
         Fax: +492557938450

The District Court of Muenster opened bankruptcy proceedings
against G+B Hochbau GmbH & Co. KG on June 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         G+B Hochbau GmbH & Co. KG
         Industrieweg 10
         48493 Wettringen
         Germany


GENESIS ADAPTIVE: Claims Registration Period Ends July 31
---------------------------------------------------------
Creditors of Genesis Adaptive Systeme Deutschland GmbH have
until July 31, 2008, to register their claims with court-
appointed insolvency manager Michael Pluta.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 29, 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 Aalen
         Hall 0.08
         Stuttgarter Strasse 7
         73430 Aalen
         Germany

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

The insolvency manager can be reached at:

         Michael Pluta
         Karlstr. 33
         89073 Ulm
         Germany
         Tel: 0731/96880-0
         Fax: 0731/96880-50
         E-mail: ulm@pluta.net

The District Court of Aalen opened bankruptcy proceedings
against Genesis Adaptive Systeme Deutschland GmbH on June 30,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Genesis Adaptive Systeme Deutschland GmbH
         Attn: Dr. Timo Moeller, Manager
         Dr. Rudolf-Schieber-Str. 2
         73463 Westhausen
         Germany


GST LOGISTIK: Claims Registration Period Ends July 30
-----------------------------------------------------
Creditors of GST Logistik GmbH have until July 30, 2008, to
register their claims with court-appointed insolvency manager
Harald Silz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Aug. 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wiesbaden
         Hall E 36 A
         Third Floor
         Building E
         Moritzstrasse 5
         65185 Wiesbaden
         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:

         Harald Silz
         Adolfsallee 24
         65185 Wiesbaden
         Germany
         Tel: 0611-150 40
         Fax: 0611-301 774.

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

The Debtor can be reached at:

         GST Logistik GmbH
         Attn: Sigrun Spor, Manager
         Berliner Str. 196
         65205 Wiesbaden-Erbenheim
         Germany


HABE BRUNNENPROJEKT: Claims Registration Period Ends July 27
------------------------------------------------------------
Creditors of HABE Brunnenprojekt GmbH have until July 27, 2008,
to register their claims with court-appointed insolvency manager
Joachim Voigt-Salus.

The District Court of Charlottenburg will verify the claims set
out in the insolvency manager's report at 10:35 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:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against HABE Brunnenprojekt GmbH on April 9, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HABE Brunnenprojekt GmbH
         Jungstr. 2
         10247 Berlin
         Germany


IKB DEUTSCHE: Rhinebridge SIV Assets Set for Auction July 31
------------------------------------------------------------
Rhinebridge Plc, structured investment vehicle of IKB Deutsche
Industriebank AG, and its receivers -- Nicholas Dargan, Neville
Kahn and Debbie Young, of Deloitte & Touche LLP -- have entered
into a restructuring agreement and a portfolio sale agreement
with Goldman Sachs International.

Under the Portfolio Sale Agreement, the Company has agreed to
sell a portion of the portfolio of debt securities held by the
Company to GSI, subject to the satisfaction of certain
conditions precedent.

As part of the restructuring, certain Senior Creditors have
agreed by private contract to purchase a proportion of assets
held by the Company equal to the proportion of the senior
obligations owed to such Senior Creditor by the Company.

Under the terms of the Restructuring Agreement, the Company has
agreed, on specified terms and subject to certain conditions, to
sell the remaining Portfolio Securities which are not being sold
to GSI or as a Vertical Strip, pursuant to an auction process
involving certain market participants, which will be invited to
submit bids for the purchase of such Portfolio Securities.

The sales of the Portfolio Securities to the Alternative Bidders
and GSI and the taking of Vertical Strips by the Senior
Creditors will all be completed at a price determined by
reference to the Auction Process.  Following completion of the
Sales, the Receivers will distribute the net cash proceeds
received from the Sales in accordance with the terms of the
Security Trust Deed dated June 27, 2007.

The Receivers do not anticipate that such net cash proceeds will
be sufficient to allow any payment to be made to the holders of
the Capital Notes or to any party which is subordinate to the
Senior Creditors in the Priority of Payments set out in the
Security Trust Deed.

The Receivers expect the Sales of the Portfolio Securities to
occur on or about July 31, 2008, with settlement due to take
place shortly thereafter, although such Sales may be delayed or
canceled in whole or in part in certain circumstances.

            Potential Investments for Senior Creditors

GSI has agreed pursuant to the Restructuring Agreement to
arrange for certain specified investments to be made available
to eligible Senior Creditors.

Under one such arrangement Eligible Senior Creditors will --
subject to compliance by NewCo with applicable laws -- be
offered an investment option in notes issued by a limited-
purpose vehicle.


Such potential investments, if offered by NewCo, will not be
registered under the Securities Act of 1933, as amended, and
will be offered by NewCo only pursuant to applicable exemptions
from registration thereunder and will be made available only to
Eligible Senior Creditors that have certified certain matters,
including their status as both 'qualified institutional buyers'
as defined in Rule 144A under the Securities Act) (or other
institutional investors approved as eligible by or on behalf of
Goldman Sachs & Co. and by Newco) and 'qualified purchasers',
for purposes of the Investment Company Act of 1940, as amended,
or non 'U.S. persons' (as defined in Regulation S under the
Securities Act) located in certain specified countries.

Under a second arrangement, a further potential investment
option will be made available to Eligible Senior Creditors in
the form of zero-coupon notes to be issued by an affiliate of
GSI in a separate offering.

Headquartered in Dublin, Ireland, Rhinebridge Plc is a
structured investment vehicle of IKB Deutsche Industriebank AG.


                       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.


HABE BRUNNENPROJEKT: Claims Registration Period Ends July 27
------------------------------------------------------------
Creditors of HABE Brunnenprojekt GmbH have until July 27, 2008,
to register their claims with court-appointed insolvency manager
Joachim Voigt-Salus.

The District Court of Charlottenburg will verify the claims set
out in the insolvency manager's report at 10:35 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:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against HABE Brunnenprojekt GmbH on April 9, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HABE Brunnenprojekt GmbH
         Jungstr. 2
         10247 Berlin
         Germany


LINTEC SYSTEMS: Claims Registration Period Ends July 28
-------------------------------------------------------
Creditors of LINTEC Systems GmbH have until July 28, 2008, to
register their claims with court-appointed insolvency manager
Dr. Michael C. Frege.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 101
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Dr. Michael C. Frege
         Augustusplatz 9
         04109 Leipzig
         Germany
         Tel: 0341/2167225
         Fax: 0341/2167232
         Web site: insolvenz@cms-hs.com

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

The Debtor can be reached at:

         LINTEC Systems GmbH
         Attn: Gerald Wirtl-Gutenbrunner, Manager
         Otto-Schmidt-Strasse 22
         04425 Taucha
         Germany


SCHLUESSELFERTIGES BAUEN: Claims Period Ends July 31
----------------------------------------------------
Creditors of Gesellschaft fuer schluesselfertiges Bauen mbH have
until July 31, 2008, to register their claims with court-
appointed insolvency manager Mechthild Bruche.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 11, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ingolstadt
         Meeting Room 28 I
         Schrannenstr. 3
         85049 Ingolstadt
         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:

         Mechthild Bruche
         Stahlstrasse 17
         90411 Nuernberg
         Germany
         Tel: 0911/9512850
         Fax: 0911/95128510

The District Court of Ingolstadt opened bankruptcy proceedings
against Gesellschaft fuer schluesselfertiges Bauen mbH on
June 10, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Gesellschaft fuer schluesselfertiges Bauen mbH
         Attn: Josef Kempf, Manager
         Carl-Benz-Strasse 3
         85296 Rohrbach
         Germany


KZKH TAXEN: Claims Registration Period Ends July 31
---------------------------------------------------
Creditors of KZKH Taxen -und  Mietwagen GmbH have until
July 31, 2008, to register their claims with court-appointed
insolvency manager Jens Luessenhop.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Aug. 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wilhelmshaven
         Hall 109
         Old Building
         Market Route 15
         26382 Wilhelmshaven
         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:

         Jens Luessenhop
         Alter Markt 10
         D 26441 Jever
         Germany
         Tel: 04461-4215
         Fax: 04461-72220
         E-mail: Jens.Luessenhop@t-online.de

The District Court of Wilhelmshaven opened bankruptcy
proceedings against KZKH Taxen -und  Mietwagen GmbH on July 1,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         KZKH Taxen -und  Mietwagen GmbH
         Muehlenweg 101
         26384 Wilhelmshaven
         Germany

         Attn: Martin Zopfs, Manager
         Admiral-Klatt-Strasse 19
         26382 Wilhelmshaven
         Germany


MODERNE HAUSTECHNIK: Claims Registration Period Ends July 31
------------------------------------------------------------
Creditors of Moderne Haustechnik und Service GmbH have until
July 31, 2008, to register their claims with court-appointed
insolvency manager Annett Kittner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         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:

         Annett Kittner
         Gustav-Adolf-Str. 6 b
         01219 Dresden
         Germany
         Web site: hhtp://www.munz-anwaelte.de/

The District Court of Dresden opened bankruptcy proceedings
against Moderne Haustechnik und Service GmbH on June 25, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Moderne Haustechnik und Service GmbH
         Grossenhainer Str. 35b
         01097 Dresden
         Germany

         Attn: Hartmut Roellig, Manager
         geboren 1947
         Schandauer Str. 145
         01824 Gohrisch
         Germany


SUEDWEST NEWS: Claims Registration Period Ends July 25
------------------------------------------------------
Creditors of Suedwest News TV Film- und Fernsehproduktions GmbH
have until July 25, 2008, to register their claims with court-
appointed insolvency manager Anton Rosenauer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.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 Stuttgart
         Hall 178
         Hauffstr. 5
         70190 Stuttgart
         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:

         Anton Rosenauer
         Industriestr. 3
         70565 Stuttgart
         Germany
         Tel: 0711/2 31 75 93
         Fax: 0711/2 31 75 94

The District Court of Stuttgart opened bankruptcy proceedings
against Suedwest News TV Film- und Fernsehproduktions GmbH on
June 27, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Suedwest News TV Film- und Fernsehproduktions GmbH
         Attn: Ina Treede, Manager
         Unterlanderstr. 70
         70435 Stuttgart
         Germany


VERMIETUNG VERWALTUNG: Claims Registration Period Ends July 25
--------------------------------------------------------------
Creditors of V.V.B.B.H.-Vermietung, Verwaltung, Beteiligungs-
und Beratungs- GmbH have until July 25, 2008, to register their
claims with court-appointed insolvency manager Stefan Schacht.

The District Court of Charlottenburg will verify the claims set
out in the insolvency manager's report at 9:30 a.m. on
Sept. 23, 2008, at:

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

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

The insolvency manager can be reached at:

         Stefan Schacht
         Oranienburger Str. 4-5
         10178 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against V.V.B.B.H.-Vermietung, Verwaltung,
Beteiligungs- und Beratungs- GmbH on May 9, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         V.V.B.B.H.-Vermietung, Verwaltung, Beteiligungs-
         und Beratungs- GmbH
         Pionierstr. 79
         13589 Berlin
         Germany


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


BIFROST INVESTMENTS: Fitch Cuts Rating on EUR67.5MM Swaps
---------------------------------------------------------
Fitch Ratings has downgraded six tranches of Bifrost Investments
Limited-Series 11's unfunded mezzanine swaps and removed five
from Rating Watch Negative.  In addition, Fitch has affirmed the
remaining two tranches.  The ratings are detailed below.

The rating actions reflect Fitch's view on the credit risk of
the rated tranches following the release of its new Corporate
CDO rating Criteria.

   -- EUR160 million Class 7A Series 11 due August 2010:
      affirmed at 'AAA'

   -- EUR130 million Class 7B Series 11 due August 2010:
      downgraded to 'AA' from 'AAA';

   -- EUR75 million Class 7C Series 11 due August 2010:
      downgraded to 'A' from 'AA+'; removed from RWN

   -- EUR55 million Class 7D Series 11 due August 2010:
      downgraded to 'BB' from 'A'; removed from RWN

   -- EUR185 million Class 10A Series 11 due August 2013:
      affirmed at 'AAA'

   -- EUR150 million Class 10B Series 11 due August 2013:
     downgraded to 'A' from 'AAA'; removed from RWN

   -- EUR91 million Class 10C Series 11 due August 2013:
      downgraded to 'BBB-' from 'A+'; removed from RWN


   -- EUR67.5 million Class 10D Series 11 due August 2013:
      downgraded to 'BB' from 'BBB+'; removed from RWN

Since the transaction was placed on RWN on 14 May 2008, the
portfolio has suffered additional negative rating migration.
Twenty-six of the underlying reference entities have suffered
downgrades with a total negative notch movement of 32 notches.
Three underlying entities were upgraded resulting in a net notch
movement of negative 29.

Key drivers of this transaction's credit risk include an
increase of the portfolio's credit risk, with 17% of the
portfolio now rated sub-investment grade, compared to 8% at the
previous rating action in January 2007.  In addition, portfolio
migration risk has increased, with 14% of the portfolio on RWN
and 13% on Negative Outlook.  Fitch also notes the industry
concentration of 32% in the two largest sectors, made up of 21%
in banking and finance, and 11% in utilities.

Given Fitch's view of concentration and the current credit
quality of the portfolio, the credit enhancement levels below
are not sufficient to justify the current ratings of the
tranches.  Although the Class 7B tranche was affirmed in May,
the additional negative portfolio migration resulted in the
downgrade of this tranche.

  -- Class 7B Series 11 due August 2010: 6.5%
  -- Class 7C Series 11 due August 2010: 5%
  -- Class 7D Series 11 due August 2010: 3.9%
  -- Class 10B Series 11 due August 2013: 7.6%
  -- Class 10C Series 11 due August 2013: 5.8%
  -- Class 10D Series 11 due August 2013: 4.4%

At closing, Bifrost, a special purpose vehicle incorporated
under the laws of Ireland, entered into 12 mezzanine credit
default swaps with BNP Paribas (rated 'AA'/'F1+'/Outlook
Stable), under which it provides notional protection on a static
reference portfolio of 100 corporate entities with a total
notional value of EUR5 billion.  The mezzanine swaps for each
series relate to the same reference portfolio of 100 corporate
entities, although the swaps have different loss thresholds and
maturity dates.

Fitch released updated criteria on 30 April 2008 for Corporate
CDOs and, at that time, noted it would be reviewing its ratings
accordingly to establish consistency for existing and new
transactions.  As part of this review, Fitch makes standard
adjustments for any names on RWN or Negative Outlook, reducing
such ratings for default analysis purposes by two and one notch,
respectively.  Fitch has previously noted that its review will
be focused first on ratings most exposed to risks it has
highlighted in its updated criteria.  As such, the transaction
was placed on RWN on 14 May 2008. As previously indicated,
resolution of the Rating Watch status depends on any plans
managers/arrangers may choose to modify either the structure or
the portfolio.  In this case, the arranger has confirmed that it
does not intend to make any modifications.


RHINEBRIDGE PLC: Receivers to Auction Assets July 31
----------------------------------------------------
Rhinebridge Plc and its receivers -- Nicholas Dargan, Neville
Kahn and Debbie Young, of Deloitte & Touche LLP -- have entered
into a restructuring agreement and a portfolio sale agreement
with Goldman Sachs International.

Under the Portfolio Sale Agreement, the Company has agreed to
sell a portion of the portfolio of debt securities held by the
Company to GSI, subject to the satisfaction of certain
conditions precedent.

As part of the restructuring, certain Senior Creditors have
agreed by private contract to purchase a proportion of assets
held by the Company equal to the proportion of the senior
obligations owed to such Senior Creditor by the Company.

Under the terms of the Restructuring Agreement, the Company has
agreed, on specified terms and subject to certain conditions, to
sell the remaining Portfolio Securities which are not being sold
to GSI or as a Vertical Strip, pursuant to an auction process
involving certain market participants, which will be invited to
submit bids for the purchase of such Portfolio Securities.

The sales of the Portfolio Securities to the Alternative Bidders
and GSI and the taking of Vertical Strips by the Senior
Creditors will all be completed at a price determined by
reference to the Auction Process.  Following completion of the
Sales, the Receivers will distribute the net cash proceeds
received from the Sales in accordance with the terms of the
Security Trust Deed dated June 27, 2007.

The Receivers do not anticipate that such net cash proceeds will
be sufficient to allow any payment to be made to the holders of
the Capital Notes or to any party which is subordinate to the
Senior Creditors in the Priority of Payments set out in the
Security Trust Deed.

The Receivers expect the Sales of the Portfolio Securities to
occur on or about July 31, 2008, with settlement due to take
place shortly thereafter, although such Sales may be delayed or
canceled in whole or in part in certain circumstances.

            Potential Investments for Senior Creditors

GSI has agreed pursuant to the Restructuring Agreement to
arrange for certain specified investments to be made available
to eligible Senior Creditors.

Under one such arrangement Eligible Senior Creditors will --
subject to compliance by NewCo with applicable laws -- be
offered an investment option in notes issued by a limited-
purpose vehicle.


Such potential investments, if offered by NewCo, will not be
registered under the Securities Act of 1933, as amended, and
will be offered by NewCo only pursuant to applicable exemptions
from registration thereunder and will be made available only to
Eligible Senior Creditors that have certified certain matters,
including their status as both 'qualified institutional buyers'
as defined in Rule 144A under the Securities Act) (or other
institutional investors approved as eligible by or on behalf of
Goldman Sachs & Co. and by Newco) and 'qualified purchasers',
for purposes of the Investment Company Act of 1940, as amended,
or non 'U.S. persons' (as defined in Regulation S under the
Securities Act) located in certain specified countries.

Under a second arrangement, a further potential investment
option will be made available to Eligible Senior Creditors in
the form of zero-coupon notes to be issued by an affiliate of
GSI in a separate offering.

Headquartered in Dublin, Ireland, Rhinebridge Plc is a
structured investment vehicle of IKB Deutsche Industriebank AG.

                         *     *     *

Rhinebridge Plc continues to carry Standard & Poor's Ratings
Services' Default ratings on its commercial paper, medium-term
notes, mezzanine capital notes, and combination capital notes.


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


FIAT SPA: Ends Diesel Engine Joint Venture with Cummins Inc.
------------------------------------------------------------
The Fiat Group (FIA.MI) and Cummins Inc. (NYSE:CMI) subsidiaries
CNH Global N.V. (NYSE:CNH) and Iveco S.p.A. have agreed to
unwind their existing joint ventures in the area of diesel
engines.

Cummins has disposed of its one-third interest in European
Engine Alliance to develop and produce the New Engine Family
engine range.  As a result of this transaction, FPT (the Fiat
Group’s sector which develops, produces and sells engines and
transmissions to both Fiat Group’s subsidiaries and to third
parties worldwide) will wholly manage EEA.

EEA is a joint venture formed in 1996 as a three-way partnership
among Cummins, Iveco (the Fiat Group’s commercial vehicles and
buses subsidiary), and New Holland (now part of CNH - Case New
Holland, the majority-owned Fiat Group subsidiary which operates
in the agricultural and construction equipment businesses)

Cummins has agreed to acquire CNH’s 50% stake in Consolidated
Diesel Corporation, a joint venture company set up in 1980 by
Cummins and Case Corporation (now part of CNH).  CDC will become
a wholly-owned entity of Cummins Inc.

Mr. Alfredo Altavilla, CEO of FPT, said, "This transaction
confirms Fiat Group’s strategy to further strengthen its engine
and transmissions capabilities under the guidance of FPT.  Full
control of EEA will enable FPT to develop the new generation of
NEF engines.  At the same time, FPT has already started gradual
substitution of the CDC engines leveraging its new product
portfolio.  Moreover, this transaction enables CNH and Iveco to
take advantage of Fiat Group’s synergies and to further leverage
on FPT’s key technology developments particularly towards
overcoming the challenges of increasing engine emission
regulations and attention on fuel consumption."

                         About Cummins

Headquartered in Columbus, Indiana, Cummins Inc. (NYSE: CMI)
-- http://www.cummins.com/-- designs, manufactures, distributes
and services engines and related technologies, including fuel
systems, controls, air handling, filtration, emission solutions
and electrical power generation systems.

Cummins has Latin-American operations, particularly in
Venezuela, Brazil, Peru, Colombia, and Argentina.  Its
operations in the Asia-Pacific are found in China, Japan and
Korea.  Its also has facilities in Europe, particularly in the
United Kingdom.

                         *     *     *

Cummins' Junior Convertible Subordinated Debentures carry
Fitch Ratings' 'BB' rating with a stable outlook.

Moody's Investors Service raised Cummins' convertible preferred
stock rating to Ba1 from Ba2 and withdrew the company's SGL-1
Speculative Grade Liquidity rating and its Ba1 Corporate Family
Rating.

                         About Fiat

Based in Turin, Italy, Fiat SpA -- http://www.fiatgroup.com/--
designs, manufactures, and sells automobiles, trucks, wheel
loaders, excavators, telehandlers, tractors and combine
harvesters.  Outside Europe, the company has subsidiaries in the
United States, Japan, India, China, Mexico, Brazil, and
Argentina.

                         *     *     *

The company continues to carry Standard & Poor's Ratings
Services' BB long-term corporate credit rating.  The company
also carries B short-term rating.  S&P said the outlook is
stable.


PARMALAT SPA: Investors to Get Notice on Class Suit Settlement
--------------------------------------------------------------
A multi-national notification program has begun, as ordered by
the United States District Court for the Southern District of
New York, to alert investors, brokers, financial institutions,
and other nominees who bought the common stock and/or bonds of
Parmalat Finanziaria S.p.A. and its subsidiaries and affiliates
from Jan. 5, 1999, through and including Dec. 18, 2003, about a
partial settlement of a class action.

The lawsuit alleges that Parmalat and numerous other defendants
participated in a fraudulent financial scheme, resulting in the
understatement of Parmalat's debt and the overstatement of its
net assets.  Parmalat ultimately filed for bankruptcy, and the
value of its securities declined.

The partial settlement resolves the case against Parmalat S.p.A.
and will result in Parmalat providing 10,500,000 shares of stock
in the Parmalat company that has emerged from reorganization
proceedings in Italy.  That stock will then either be sold, and
money paid to Class members, or the stock will be distributed
among Class Members.

Parmalat agreed to provide 10,500,000 shares in the reorganized
Parmalat company to compensate Class members and to pay
attorneys' fees, expenses and administrative costs. The Court
defined "Class members" in the settlement to include all people
and entities who bought Parmalat common stock and/or bonds from
Jan. 5, 1999, through and including Dec. 18, 2003, and were
damaged thereby, regardless of where such people live or where
they purchased their Parmalat securities.

In May 2004, the Court appointed the law firms of Cohen,
Milstein, Hausfeld & Toll, P.L.L.C, of Washington, D.C. and
Grant & Eisenhofer, P.A., of Wilmington, DE, to represent the
Class, and the law firm of Spector, Roseman & Kodroff, P.C., of
Philadelphia, PA, has served as counsel. These firms have been
litigating this case known as In re Parmalat Securities
Litigation, No. 04 MD 1653 (LAK), since that time, and they
negotiated the partial settlement.

                        About Parmalat

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

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

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

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

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

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


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


EXPRESS TRADING: Creditors Must File Claims by September 2
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Express Trading insolvent.

Creditors have until Sept. 2, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Shelehov Str. 187a-32
         Almaty
         Kazakhstan
         Tel: 8 (7272) 32-83-39
              8 701 460 17-71


FARMATSIYA OJSC: Claims Deadline Slated for September 2
-------------------------------------------------------
OJSC Farmatsiya has declared insolvency.  Creditors have until
Sept. 2, 2008, to submit written proofs of claims to:

         OJSC Farmatsiya
         Kazbek bi Str. 22
         Kyzylorda
         Kazakhstan


HALYK RELTI: Claims Filing Period Ends September 2
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Halyk Relti insolvent.

Creditors have until Sept. 2, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Shelehov Str. 187a-32
         Almaty
         Kazakhstan
         Tel: 8 (7272) 32-83-39
              8 701 460 17-71


JOLDAR KURYLYS: Creditors' Claims Due on September 2
----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Joldar Kurylys insolvent.

Creditors have until Sept. 2, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Mashinostroiteley Str. 6-63
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 55-02-78
         FAX: 8 (7232) 22-01-00


MANU-KYZYLORDA LLP: Claims Registration Ends September 2
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Manu-Kyzylorda insolvent.

Creditors have until Sept. 2, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke bi Str. 29
         Kyzylorda
         Kazakhstan


NEFTE GAS: Creditors Must File Claims by September 2
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Nefte Gas Stroy-As insolvent.

Creditors have until Sept. 2, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke bi Str. 29
         Kyzylorda
         Kazakhstan


NEFTYANIK LLP: Claims Deadline Slated for August 2
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Neftyanik 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


SEPKO SILVER: Claims Filing Period Ends September 2
---------------------------------------------------
Representation of Company Sepko Silver Excavation Processing
Corporation has declared insolvency.  Creditors have until
Sept. 2, 2008, to submit written proofs of claims to:

         Representation of Company Sepko Silver
         Excavation Processing Corporation
         Abai ave. 102
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


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


GREENFORD LLC: Creditors Must File Proofs of Claim by Sept. 2
-------------------------------------------------------------
LLC Greenford has declared insolvency.  Creditors have until
Sept. 2, 2008, to submit written proofs of claim to:

         LLC Greenford
         Ak-Maral
         Bayat
         Issyk-Kul
         Kyrgyzstan
         Tel: (+996 312) 68-02-98


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


AGRO-LEASING CJSC: Bankruptcy Hearing Slated for September 30
-------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod will convene at
10:45 a.m. on Sept. 30, 2008, to hear the bankruptcy supervision
procedure on CJSC Leasing Company Agro-Leasing (TIN 5250024194).
The case is docketed under Case No. A43-2103/2008 36-9.

The Temporary Insolvency Manager is:

         E. Korostyleva
         Sovnarkomovskaya Str. 36-10
         603086 Nizhniy Novgorod
         Russia
         Tel: 8(831) 272-33-10

The Court is located at:

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

The Debtor can be reached at:

         CJSC Leasing Company Agro-Leasing
         Zhdanovskiy
         Kstovskiy
         Nizhniy Novgorod
         Russia


BIRYULINSKIE UTILITY: Tatarstan Bankruptcy Hearing Set Sept. 24
---------------------------------------------------------------
The Arbitration Court of Tatarstan will convene on
Sept. 24, 2008, to hear the bankruptcy supervision procedure on
OJSC Biryulinskie Utility Nets.  The case is docketed under Case
No. A65-8575/2008­ SG4-21.

The Temporary Insolvency Manager is:

         I. Gataullin
         Post User Box 24
         Kazan
         420021 Tatarstan
         Russia

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         OJSC Biryulinskie Utility Nets
         B. Zverosovkhoza
         Vysokogorskiy
         Tatarstan
         Russia


ILMEN OJSC: Voronezh Bankruptcy Hearing Set September 17
--------------------------------------------------------
The Arbitration Court of Voronezh will convene at 10:30 a.m. on
Sept. 17, 2008, to hear the bankruptcy supervision procedure on
OJSC Ilmen.  The case is docketed under Case No. A14-3035-2008/
17/276.

The Temporary Insolvency Manager is:

         K. Ashkov
         Apt. 80
         Leningradskaya Str. 59/7
         394029 Voronezh
         Russia

The Court is located at:

         The Arbitration Court of Voronezh
         Room 606
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         OJSC Ilmen
         Rabochaya Str. 4
         Polovtsevo
         Novokhoperskiy
         Voronezh
         Russia


KAZANSKAYA FOOD: Kirov Bankruptcy Hearing Set October 29
--------------------------------------------------------
The Arbitration Court of Kirov will convene at 10:00 a.m. on
Oct. 29, 2008, to hear the bankruptcy supervision procedure on
LLC Kazanskaya Food Stuff Company.  The case is docketed under
Case No. A28-3166/2008-155/19.

The Temporary Insolvency Manager is:

         E. Petrov
         Post User Box 97
         420094 Kazan
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Kazanskaya Food Stuff Company
         Maklina Str. 31
         Kirov
         Russia


NABEREZHNYE CHELNY: Creditors Must File Claims by August 21
-----------------------------------------------------------
Creditors of OJSC River Port Naberezhnye Chelny (TIN 1650071561)
have until Aug. 21, 2008, to submit proofs of claim to:

         I. Zakirov
         Insolvency Manager
         Post User Box 813
         Zelenodolsk
         422540 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A65-31008/2007-SG4-31.

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         OJSC River Port Naberezhnye Chelny
         Komsomolskaya Nab. Str. 34
         Naberezhnye Chelny
         Tatarstan
         Russia


OGK-5 OAO: Inks EUR223MM Credit Line to Fund Plant Construction
---------------------------------------------------------------
OAO OGK-5 has opened a credit line facility with ABN AMRO B.V.
aimed at financing the construction of the 410 MW new combined
cycle gas turbine at Sredneuralskaya GRES.

The financing will be provided by the means of the credit line
jointly with the insurance of the export credit agency arranged
by Compania Española de Seguros de Credito a la Exportación,
S.A. (Export Credit Agency of Spain) in accordance with the
policies of the export financing.

The amount of the available credit line is over 223 million
euros and it is available for 30 months from the coming into
force of the EPC contract for the implementation of this
investment. A second credit line with ABN AMRO Bank N.V. will
provide short-term bridge financing for the current financing of
the working capital, capital expenditures and other expenditures
related to the same project. This line has a value of
approximately 100 million euros with the tenor of up to 4
months.

"This confirms the strong commitment of Enel as shareholder of
OGK 5 to fulfill the investment needs of the company in
particolar in the Ural region. said Dominique Fache, Country
Manager and General Director of Enel S.p.A in Russia and CIS and
Chairman of the Board of Directors of OGK-5.

                           About OGK-5

Headquartered in Ekaterinburg, Russia, OAO OGK-5 --
http://www.ogk-5.com/-- generates electricity and heat energy.
The Company owns and operates four power plants: Konakovskaya
GRES, Nevinnomysskaya GRES, Reftinskaya GRES, and
Sredneuralskaya GRES.

                          *     *     *

OAO OGK-5 continues to carry Ba3 Corporate Family and
Probability-of-Default ratings from Moody's Investors Service.
Moody's said the Outlook is Stable


POLIMIR LLC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Chuvashiya commenced bankruptcy
supervision procedure on LLC Management Company Polimir (TIN
2116493140).  The case is docketed under Case No. A79-2658/2008.

The Temporary Insolvency Manager is:

         V. Dorofeeva
         Post User Box 239
         Lenina Pr. 2
         Cheboksary
         428000 Chuvashiya
         Russia

The Debtor can be reached at:

         LLC Management Company Polimir
         Krivova 66
         Cheboksary
         Russia


SOTSGORBANK: S&P Raises Junk Counterpary Credit Rating to B-
------------------------------------------------------------
Standard & Poor's Ratings Services has raised its long-term
counterparty credit rating on Russia-based Sotsgorbank to 'B-'
from 'CCC+'.  The 'C' short-term counterparty credit rating was
affirmed.  The outlook is stable.  At the same time, S&P raised
its Russia national scale rating on the bank to 'ruBBB-' from
'ruBB'.

"These rating actions are based on Sotsgorbank's improved
financial profile, thanks to material capital injections that
should allow the bank to expand its customer franchise," said
S&P's credit analyst Victor Nikolskiy.

The ratings remain constrained by Sotsgorbank's high industry
and single-party concentrations in lending, its relatively
limited customer franchise, rapidly increasing loan book, and
relatively undiversified funding base.  Positive rating factors
include the bank's adequate capitalization, satisfactory
recurring earnings, and adequate liquidity.  The ratings also
reflect the bank's stand-alone credit quality and do not include
any uplift for extraordinary external support.

Sotsgorbank is majority owned by a stable team of senior
managers.  Its shareholders are conscious of the bank's rising
capital needs and, in June 2008, made a capital increase of
RUB610 million (US$26 million), which represents a 50% increase
from year-end 2007 adjusted total equity.  This boosted the
bank's adjusted total equity-to-assets ratio to about 13% at
mid-year 2008 from 9% at year-end 2007.  However, capitalization
is likely to come under pressure in early 2009, due to rapid
projected asset growth.

"The outlook is stable because we expect Sotsgorbank to expand
rapidly in size and scope, while marginally decreasing its
credit concentrations and industry exposures," said Mr.
Nikolskiy.

With total assets of US$561 million at year-end 2007,
Sotsgorbank is a small Moscow-based bank that is rapidly
expanding its business, mainly in Moscow and its satellite
cities.  Its core clientele includes small and midsize companies
involved in the trade, real estate, and services sectors.


SPEED LLC: Ryazan Bankruptcy Hearing Slated for September 16
------------------------------------------------------------
The Arbitration Court of Ryazan will convene at noon on
Sept. 16, 2008, to hear the bankruptcy supervision procedure on
LLC Speed (TIN 6234036564).  The case is docketed under Case No.
A54-699/2008 S20.

The Temporary Insolvency Manager is:

         A. Kondrashkin
         Room 61
         Potapovskiy Per. 9/1
         101000 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Ryazan
         Pochtovaya Str. 43/44
         Ryazan
         Russia

The Debtor can be reached at:

         LLC Speed
         Office 19
         Sennaya Str. 8
         390000 Ryazan
         Russia


TRANSCREDIT BANK: Moody's Affirms Ba1 Long-Term Rating
------------------------------------------------------
Moody's Investors Service affirmed all global scale ratings
assigned to TransCreditBank: the Ba1 long-term and Not Prime
short-term foreign currency deposit ratings, the Ba1 long-term
foreign currency debt rating for senior obligations and the D-
bank financial strength rating.  The outlook on all global scale
ratings is stable.

Concurrently, Moody's Interfax Rating Agency affirmed TCB's
Aa1.ru national scale rating for deposits and debt. Moscow-based
Moody's Interfax is majority-owned by Moody's, a leading global
rating agency.

The rating affirmations follow the recent change in the outlook
on the A3 foreign currency issuer rating of Russian Railways,
the controlling owner of TCB, to positive.

According to Moody's and Moody's Interfax ("Moody's"), TCB's Ba1
long-term foreign currency rating reflects its global default
and loss expectation, while the Aa1.ru national scale rating
reflects the standing of the bank's credit quality relative to
its domestic peers.

TCB's deposit rating continues to incorporate three elements:

  (a) the high probability of support from its parent,
  (b) medium default dependence and
  (c) the bank's Baseline Credit Assessment of Ba3, which is
      based on its intrinsic financial strength.

Moody's notes that the positive outlook change on Russian
Railways' rating is not sufficient to result in an upgrade of
the rating of TCB according to Moody's Joint Default Analysis
methodology for banks.  The bank's rating is also constrained by
some uncertainty with regard to how long Russian Railways will
maintain its controlling ownership and the extension of support
going forward.

TCB's main focus is on servicing the needs of Russian Railways
and it has its branch network in locations that enable it to
better provide services to its parent's regional entities and
their employees.

Moody's also notes that any event that led to a decrease in the
parental support assumptions, including a decline in the
ownership (direct and indirect) of Russian Railways below 50%,
would likely prompt a downgrade of TCB's deposit and debt
ratings.

                   About TransCreditBank

Headquartered in Moscow, TransCreditBank had total assets of
RUB142 billion and equity of RUB8.6 billion at end-2007.


VNESHPROMBANK: S&P Ups Counterparty Credit Rating to B- From CCC
----------------------------------------------------------------
Standard & Poor's Ratings Services has raised its long-term
counterparty credit rating on Russian Foreign Economic
Industrial Bank (Vneshprombank) to 'B-' from 'CCC', and affirmed
the 'C' short-term rating.  The outlook is stable.  At the same
time, the Russia national scale rating was raised to 'ruBBB-'
from 'ruB+'.

"The upgrade reflects improvements in the bank's loan portfolio
diversification," said S&P's credit analyst Tatiana Nikolenko.
"A longer track record of adequate financial performance and
limited market risk also supported the upgrade."

The ratings remain pressured by Vneshprombank's concentrated
funding base, limited customer franchise and distribution
network, weak enterprise risk-management framework, and low
provisioning.

Shareholders remain supportive of Vneshprombank, providing
additional capital and fully retaining earnings within the bank.

On March 31, 2008, the bank's 20 largest exposures accounted for
a low 108% of adjusted total equity.  The current quality of the
loan portfolio is satisfactory.  More than 30% of
Vneshprombank's assets are cash and cash equivalents,
representing a good liquidity cushion and limiting credit risk.

Vneshprombank's limited customer franchise and poor funding
diversification negatively affect the funding profile.

Profitability is adequate, with return on assets standing at
2.2% in 2006-2007.  Vneshprombank's capitalization is adequate,
with adjusted total equity to total assets of 13.2% on March 31,
2008.

"The outlook is stable because we expect Vneshprombank to retain
its current business profile, including the short-term maturity
of its assets and liabilities, but also its high concentrations
in deposits," said Ms. Nikolenko.

An upgrade would depend on the bank's ability to demonstrate
sustainable expansion of its franchise, while maintaining
capitalization and profitability at adequate levels, achieving
notable diversification in its funding sources, and
strengthening its risk management.

A downgrade could result if Vneshprombank's capitalization,
asset quality, or profitability comes under severe pressure or
its funding profile deteriorates significantly.

With total assets of RUB447 million on Dec. 31, 2007,
Vneshprombank is a small Russian bank, ranked among Russia's 150
largest banks and with a market share of about 0.5%.  The bank
specializes mainly in issuing short-term corporate loans and
raising short-term funds from corporations.  Headquartered
in Moscow, the bank has only three branches and seven outlets in
three large Russian cities, but plans to open 11 more branches
in other major cities in the next 18 months.


VOLGATELECOM OJSC: Hikes Stake in ZAO Ulyanovsk-GSM to 100%
-----------------------------------------------------------
OJSC VolgaTelecom acquired 40% of stock of Ulyanovsk's mobile
operator ZAO Ulyanovsk ­- GSM, thus increasing its equity stake
in the company's authorized capital to 100%.

On July 14, 2008, appropriate entry on 40 ordinary shares
transfer from OJSC Smarts account to OJSC VolgaTelecom account
was made in the register of the operator's registered securities
holders, the transferred stock making up 40% of ZAO Ulyanovsk-
GSM authorized capital.

Increase in the stake in ZAO Ulyanovsk-GSM to 100% is one of
development stages of OJSC VolgaTelecom cellular business which
priorities are developing GSM-business as well as merging
cellular assets into ZAO NSS.

In 2007, OJSC VolgaTelecom completed cellular business
reorganization having affiliated five other subsidiary operators
in which OJSC VolgaTelecom owned 100% equity stake, to Nizhny
Novgorod mobile operator ZAO NSS. Ulyanovsk's operator
affiliation to ZAO NSS may follow as the next stage of the
consolidation.

                       About VolgaTelecom

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

                         *     *     *

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

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


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


MARTINSA-FADESA: Caja de Ahorros Sets EUR339 Mln Loss Provision
---------------------------------------------------------------
Caja de Ahorros del Mediterraneo has set aside EUR33.9 million
to cover possible losses from loans provided to Martinsa-Fadesa
S.A., Bloomberg News reports.

According to the report, CAM has classified EUR135.6 million of
assets as "doubtful" following Martinsa's collapse.

CAM said Martinsa loans would have increased the percentage of
defaults to total lending in March by 0.23 percentage point to
1.19%.  It would have  also raised the default rate for loans to
developers by 1.05 percentage points to 1.76%.

Meanwhile, Spanish Prime Minister Jose Luis Rodriguez Zapatero
rejected an appeal by Martinsa chairman Fernando Martin to
reverse a Official Credit Institute's decision to deny the
company a EUR150 million financing, Bloomberg News relates,
citing an unsourced ElConfidencial.com report.

As recently reported in the TCR-Europe, Martinsa-Fadesa has
filed for opening of administration procedures at the Mercantile
Court of La Coruna after it 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 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."

Martinsa 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 I T Z E R L A N D
=====================


COHISTON INVESTMENTS: Proofs of Claim Filing Deadline is July 31
----------------------------------------------------------------
Creditors owed money by JSC Cohiston Investments are requested
to file their proofs of claim by July 31, 2008, to:

         Andreas Hubmann
         Liquidator
         Baarermattstrasse 3
         6340 Baar
         Switzerland

The company is currently undergoing liquidation in Baar.  The
decision about liquidation was accepted at an extraordinary
shareholder's meeting held on June 5, 2008.


ESPACE MITTELLAND: Proofs of Claim Filing Deadline is  July 31
--------------------------------------------------------------
Creditors owed money by LLC Espace Mittelland Trans are
requested to file their proofs of claim by July 31, 2008, to:

         Gubler von May & Partner
         Talgut-Zentrum 19
         3063 Ittigen
         Switzerland

The company is currently undergoing liquidation in Ittigen.  The
decision about liquidation was accepted at an extraordinary
shareholder's meeting held on June 10, 2008.


H.U. ROHRBACH: Creditors Must File Proofs of Claim by Aug. 1
------------------------------------------------------------
Creditors owed money by JSC H.U. Rohrbach Holzbau are requested
to file their proofs of claim by Aug. 1, 2008, to:

         Hans-Urs Rohrbach
         Wiggermatte 3
         6248 Alberswil
         Switzerland

The company is currently undergoing liquidation in Ruschegg.
The decision about liquidation was accepted at an extraordinary
shareholder's meeting held on May 9, 2008.


INTELLIBER LLC: July 31 Set as Deadline to File Proofs of Claim
---------------------------------------------------------------
Creditors owed money by LLC Intelliber are requested to file
their proofs of claim by July 31, 2008, to:

         JSC Treuhand und Revision
         Attn: Daniel Gorin, Liquidator
         Ruessenstrasse 6
         6340 Baar
         Switzerland

The company is currently undergoing liquidation in
July 31, 2008.  The decision about liquidation was accepted at
an extraordinary shareholder's meeting held on June 4, 2008.


NOVOTAX JSC: Deadline to File Proofs of Claim Set July 31
---------------------------------------------------------
Creditors owed money by JSC Novotax are requested to file their
proofs of claim by July 31, 2008, to:

         Advocacy Kung Rechtsanwalte
         Ursina Bacchi
         Bahnhofstrrasse 26/Paradeplatz
         Mail Box: 2707
         8022 Zurich

The company is currently undergoing liquidation in Sarnen.  The
decision about liquidation was accepted at an extraordinary
shareholder's meeting held on Feb. 27, 2008.


MANAGLOBE JSC: Creditors' Proofs of Claim Due by July 31
--------------------------------------------------------
Creditors owed money by JSC Managlobe are requested to file
their proofs of claim by July 31, 2008, to:

         Andreas Hubmann
         Liquidator
         Baarermattstrasse 3
         6340 Baar
         Switzerland

The company is currently undergoing liquidation in Baar.  The
decision about liquidation was accepted at an extraordinary
shareholder's meeting held on June 5, 2008.


PKD JSC: Creditors Have Until July 31 to File Proofs of Claim
-------------------------------------------------------------
Creditors owed money by JSC PKD are requested to file their
proofs of claim by July 31, 2008, to:

         Saffretweg 31
         4143 Dornach
         Switzerland

The company is currently undergoing liquidation in Dornach.  The
decision about liquidation was accepted at an extraordinary
shareholder's meeting held on May 15, 2008.


RASCA DAVOS: Creditors Must File Proofs of Claim by July 31
-----------------------------------------------------------
Creditors owed money by LLC Rasca, Davos are requested to file
their proofs of claim by July 31, 2008, to:

         Kurt Mayer
         Liquidator
         Dischmastrasse 38
         7260 Davos-Dorf
         Switzerland

The company is currently undergoing liquidation in Davos.  The
decision about liquidation was accepted at an extraordinary
shareholder's meeting held on Dec. 6, 2002.


RISTA BRIEFKASTENDESIGN: Proofs of Claim Due by July 31
-------------------------------------------------------
Creditors owed money by LLC RISTA Briefkastendesign are
requested to file their proofs of claim by July 31, 2008, to:

         Trust Company JSC Leimen Treuhand Starck,
         Wettstein und Partner
         Attn: Peter Riedel and
               Thomas Starck, Liquidators
         Leimenstrasse 51
         4051 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholder's meeting held on June 11, 2008.


WYER SPEZIALLIFTE: Aug. 11 Set as Deadline to File Claims
---------------------------------------------------------
Creditors owed money by CO are requested to file their proofs of
claim by Aug. 11, 2008, to:

         Stroossacker 2a
         8555 Mullheim
         Switzerland

The company is currently undergoing liquidation in Mullheim TG.
The decision about liquidation was accepted at an extraordinary
shareholder's meeting held on May 6, 2008.


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


AFFINIA GROUP: Names Presidents to Two Business Units
-------------------------------------------------------
Affinia Group Inc. is retooling the company's organization with
the assignment of focused global responsibilities to presidents
of Global Filtration and Global Brake & Chassis business units
with a focus on enhanced efficiency and responsive customer
relationships.

Keith A. Wilson will continue to serve as President, Global
Filtration, while H. David Overbeeke, a senior executive with an
extensive financial and management background largely with GE,
has joined Affinia as President, Global Brake & Chassis.
Reporting directly to Terry R. McCormack, President and CEO of
Affinia, the two group presidents have been assigned
operational, sales and financial accountability for their
respective groups.

According to Mr. McCormack, the changes will create a flatter,
more agile organization with executive, operations and sales
management tightly aligned with the needs of market channel
constituents.  As an enhancement to the company's customer-
focused approach, vice presidents of sales positions have been
created for Global Filtration and Global Brake & Chassis groups
to direct respective field sales forces for their product lines
and brands.

"Today's market dynamics make it more important than ever that
we stay as close as possible to our customers," Mr. McCormack
said.  "These organizational changes will improve communications
throughout our supply chain.  The aim is to help assure that we
respond quickly and effectively to market changes for the
benefit of our channel partners and customers."

A 25-year veteran of the aftermarket, Mr. Wilson has served as
President and Division Manager of WIX filtration products and
the Global Filtration Group since September 2000.  Mr. Wilson
has held management positions in all aspects of aftermarket
manufacturing, sales and marketing.

Prior to joining Affinia, Mr. Overbeeke served as Operating
Advisor for Oak Hill Capital Partners, a private equity firm
with more than US$6 billion of committed capital.  Prior to Oak
Hill he spent many years with GE in such diverse roles as CIO of
NBC Universal, Executive Vice President with Digital Media and
General Manager of Fleet Operations at GE Aviation.

"Everything we do today is all about delivering value to our
customers and channel partners through product quality,
innovation, and unrelenting focus on service," Mr. McCormack
said.  "These organizational changes reflect our ability and
willingness to anticipate and stay ahead of major shifts in the
business environment."

                     About Affinia Group

Headquartered in Ann Arbor, Michigan, Affinia Group Inc. --
http://www.affiniagroup.com/-- designs, manufactures and
distributes aftermarket components for passenger cars, sport
utility vehicles, light, medium and heavy trucks and off-highway
vehicles.  The company's product range addresses filtration,
brake and chassis markets in North and South America, Europe and
Asia.  It maintains operations in China, India, Mexico, Ukraine,
among others.

                        *     *     *

In January 2007, Moody's Investors Service placed Affinia Group
Inc.'s long-term corporate family and probability of default
ratings at 'B2', which still hold to date.  Moody's said the
outlook is stable.

Standard & Poor's placed the company's foreign and local issuer
credit ratings at 'B' in September 2005, which still hold to
date.


AGROMAKS LLC: Creditors Must File Claims by August 6
----------------------------------------------------
Creditors of LLC Agromaks (code EDRPOU 32786489) have until
Aug. 6, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev as commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as B 11/474-07.

The Debtor can be reached at:

         LLC Agromaks
         Lenin St. 224-a
         Borodianka
         07800 Kiev
         Ukraine


FENIX-AGRO LLC: Claims Filing Deadline Set August 6
---------------------------------------------------
Creditors of LLC Fenix-Agro (code EDRPOU 33794177) have until
Aug. 6, 2008, to submit proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy supervision
procedure on the company on April 4, 2008.  The case is docketed
as 01/1717.

The Debtor can be reached at:

         LLC Fenix-Agro
         Chernishy
         Kaniv District
         19013 Cherkassy
         Ukraine


OFMTS-AGROCONVERS LLC: Claims Filing Deadline Set August 6
----------------------------------------------------------
Creditors of LLC OFMTS-Agroconvers (code EDRPOU 30425681) have
until Aug. 6, 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
supervision procedure on the company on June 23, 2008.
The case is docketed as B 29/77-08.

The Debtor can be reached at:

         LLC OFMTS-Agroconvers
         Frunze St. 26, ap. 10
         Yubileynoye
         Dnipropetrovsk
         Ukraine


OLEKSA LLC: Creditors Must File Claims by August 6
--------------------------------------------------
Creditors of LLC Music Center-Studio Oleksa (code EDRPOU
13355207) have until Aug. 6, 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 Jan. 28, 2008.
The case is docketed as 4/64-B.

The Debtor can be reached at:

         LLC Music Center-Studio Oleksa
         Bogdan Hmelnitsky St. 1
         Lutsk
         Volin
         Ukraine


PROGRESS 2003: Claims Filing Deadline Set August 6
--------------------------------------------------
Creditors of LLC Progress 2003 (code EDRPOU 32218321) have until
Aug. 6, 2008, to submit proofs of claim to:

         The Economic Court of Chernovcy
         O. Kobylianska Str. 14
         58000 Chernovcy
         Ukraine

The Economic Court of Chernovcy commenced bankruptcy supervision
procedure on the company on May 12, 2008.  The case is docketed
as 10/113/b.

The Debtor can be reached at:

         LLC Progress 2003
         Zheleznodorozhnaya St. 8
         Romankovtsy
         Sokiriansky District
         60226 Chernovcy
         Ukraine


SPECIAL METAL: Creditors Must File Claims by August 6
-----------------------------------------------------
Creditors of LLC Special Metal Machine (code EDRPOU 33225366)
have until Aug. 6, 2008, to submit proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on June 26, 2008.
The case is docketed as 27/75B.

The Debtor can be reached at:

         LLC Special Metal Machine
         October St. 84
         Debaltseve
         84700 Donetsk
         Ukraine


SHYSHAKI BUILDING: Creditors Must File Claims by August 6
---------------------------------------------------------
Creditors of LLC Shyshaki Building Complex (code EDRPOU
03581316) have until Aug. 6, 2008, to submit proofs of claim to:

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

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent on June 3, 2008.
The case is docketed as 7/57.

The Debtor can be reached at:

         LLC Shyshaki Building Complex
         Stroiteley St. 5
         Shyshaki
         Poltava
         Ukraine


TAGANCHA-DWELLING-SERVICE: Creditors Must File Claims by Aug. 6
---------------------------------------------------------------
Creditors of State Enterprise Tagancha-Dwelling-Service of
National Academy of Sciences (code EDRPOU 31694236) have until
Aug. 6, 2008, to submit proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent on May 13, 2008.
The case is docketed as 01/1759.

The Debtor can be reached at:

         State Enterprise Tagancha-Dwelling-Service of
         National Academy of Sciences
         Tagancha
         Kaniv District
         19052 Cherkassy
         Ukraine


TECHNOWOOD LLC: Creditors Must File Claims by August 6
------------------------------------------------------
Creditors of LLC Technowood (code EDRPOU 33515018) have until
Aug. 6, 2008, to submit proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent on May 15, 2008.
The case is docketed as 14/2063.

The Debtor can be reached at:

         LLC Technowood
         Shevchenko St. 24
         Zolotonosha
         19700 Cherkassy
         Ukraine


TEREZY LLC: Creditors Must File Claims by August 6
--------------------------------------------------
Creditors of LLC Terezy (code EDRPOU 13347892) have until
Aug. 6, 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.  The case is
docketed as 7/176-B.

The Debtor can be reached at:

         LLC Terezy
         Druzhba Narodov Boulevard 2
         Lutsk
         Volin
         Ukraine


YASINOVATKAAL RURAL: Creditors Must File Claims by August 6
-----------------------------------------------------------
Creditors of LLC Yasinovatkaal Rural Communal Farm (code EDRPOU
01355596) have until Aug. 6, 2008, to submit proofs of claim to:

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

The Debtor can be reached at:

         LLC Yasinovatkaal Rural Communal Farm
         Spartak 71st km.
         Yasinovatsky District
         Donetsk
         Ukraine


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


ASTRATA GROUP: Won't be Able to File 10-QSB for First Quarter
-------------------------------------------------------------
Astrata Group Incorporated disclosed in a regulatory filing with
the Securities and Exchange Commission on Monday that it will
not be able to file its report on Form 10-QSB for the first
quarter ended May 31, 2008, within the prescribed time period
because management requires additional time to complete the
reporting requirements for the financing transaction filed on
Form 8-K, Item 3.03 Material modification to rights of security
holders on May 29, 2008.

It is anticipated that the Form 10-QSB for the quarterly period
ended May 31, 2008 will be filed within the extension period.

                      About Astrata Group

Headquartered in Costa Mesa, Calif., Astrata Group Inc. (OTC BB:
ATTG.OB) -- http://www.astratagroup.com/-- is engaged in the
telematics and  Global Positioning System industry, focused on
advanced location-based IT products and services that combine
positioning, wireless communications, and information
technologies.  The company provides advanced positioning
products, as well as monitoring and airtime services to
industrial, commercial, governmental entities, academic/research
institutions, and professional customers in a number of markets
including surveying, utility, construction, homeland security,
military, intelligence, mining, agriculture, marine, public
safety, and transportation.  The company has operations in thwe
U.K. and Singapore.

At Feb. 29, 2008, the company's balance sheet showed
US$7,529,675 in total assets and US$16,111,323 in total
liabilities, resulting in US$8,581,648 stockholders' deficit.

                        *      *      *

As reported in the Troubled Company Reporter on June 19, 2008
Windes & McClaughry Accountancy Corporation in Irvine, Calif.,
raised substantial doubt about Astrata Group Inc.'s ability to
continue as a going concern after auditing the company's
financial statements for the year ended Feb. 29, 2008.

The auditing firm pointed to the company's negative working
capital, accumulated deficit, and stockholders' deficit of
about US$10,000,000, US$46,500,000, and US$8,600,000,
respectively, as of Feb. 29, 2008, and the company's net loss
and negative operating cash flow of about US$9,500,000 and
US$2,500,000, respectively, for the year then ended.


BEARING AND ENG'G: Taps Smith and Williamson as Administrators
--------------------------------------------------------------
Bearing and Engineering Products Ltd. ceased operation on
July 4, 2008, after failing to solve its flawed manufacturing
process. Administrators from Smith and Williamson had been
called in to administer its assets.

Eighteen personnel have been rendered jobless due to the closure
of the company.

Mr. Anthony Spicer, Administrator from Smith and Williamson,
said, "They had invested quite heavily in new machinery on
lease, but could not quite get it right and had quality control
issues, which meant the business ran out of cash.  I don't think
it's a victim of lean times.  They've done well to win this
contract but they couldn't get the product right, and time ran
out."

Headquartered in Lancashire, U.K., Bearing and Engineering
Products Ltd. -- www.brgandeng.co.uk -- manufactures components
for the aerospace industry including elements for the Apache
helicopter's 'black box' flight recorder and parts of the fuel
pumps for Airbus aircraft.


BRADFORD & BINGLEY: Shareholders Back Capital Increase
------------------------------------------------------
Bradford & Bingley plc's extraordinary general meeting has
passed these resolutions as ordinary resolutions by way of a
show of hands of the shareholders present.

    * Resolution 1 (as amended): To increase the Company's
      authorized share capital and to grant the Directors
      authority to allot ordinary shares in connection with the
      proposed rights issue; and

    * Resolution 5: To increase the Company's authorized share
      capital in addition to and separate from the increase
      authorized in resolution 1;

      -- to authorize the capitalization of the Company's share
         premium account in order to allow the issue of new
         ordinary shares in lieu of paying the 2008 interim
         dividend; and to grant the Directors authority to allot
         new ordinary shares in connection with the proposed
         capitalization issue.

Resolutions 2, 3 and 4 were, with the consent of the
shareholders present, not put to the EGM.

Copies of the resolutions passed at the EGM will also be
available for inspection shortly at the U.K. Listing Authority's
Document Viewing Facility, situated at:

         The Financial Services Authority
         25 The North Colonnade
         Canary Wharf
         London E14 5HS

Rod Kent, Executive Chairman, said: "We're pleased that our
shareholders have voted in favor of the enlarged rights issue
today, the proceeds of which will strengthen our capital base,
ensuring we remain one of the better capitalized banks in the
U.K."


CHRYSLER LLC: Study Shows Bankruptcy Filing Disastrous for Sales
----------------------------------------------------------------
A study released by research firm CNW Research reveals that
around 91 percent of potential car buyers would shy away from
buying a Chrysler car brand if ever the automaker files for
bankruptcy, Reuters reports.

The study, which covers 6,000 respondents who planned to
purchase new vehicles, indicate that among industries, U.S.
automakers would post the highest sales losses if it sought
bankruptcy protection, says Reuters.  The study also shows that
more than 80 percent of the future buyers will forego buying a
brand from General Motors Corp. or Ford Motor Co. if either
company files for Chapter 11 protection.

Rumors of possible bankruptcy filings currently dog the three
automakers as they continue to experience a slump in auto sales.
According to MotorTrend, Chrysler CEO Bob Nardelli admits that
the company recently experienced its "lowest sales level in 16
years," making market constituents fret.  Following General
Motors, the company has already sent letters to dealers
reassuring them that suggestions of reorganization are "without
merit".

As reported in the Troubled Company Reporter on July 11, 2008,
GM CEO Rick Wagoner, in a speech to the Dallas Chamber of
Commerce, said the company has "no thoughts whatsoever" of
bankruptcy.  Mr. Wagoner claimed that GM's cash will remain
"robust" in 2008, and the company would be able to secure
additional funds as needed.

The bankruptcy scare was, in part, precipitated by comments from
Merrill Lynch analyst John Murphy.  He said that a bankruptcy
filing for GM is not impossible "if the market continues to
deteriorate and significant incremental capital is not raised."
Mr. Murphy, in a research note, said GM will need to raise
US$15,000,000,000 in capital to fund its operations for the next
two years.  Mr. Murphy, according to the reports, warned GM is
burning through cash faster than investors realize.

"Admitting defeat, as bankruptcy would do in the minds of
consumers, sends shoppers other places," Reuters cites CNW
Research in its report.

                     About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                          *     *     *

In June 2008, Moody's Investors Service affirmed the B3
Corporate Family Rating and Probability of Default Rating of
Chrysler LLC, but changed the outlook to negative from stable.

At the same time, Standard & Poor's Ratings Services is placing
its corporate credit ratings on the three U.S. automakers,
General Motors Corp., Ford Motor Co., and Chrysler LLC, on
CreditWatch with negative implications.  Included in the
CreditWatch placement are the finance units Ford Motor Credit
Co. and DaimlerChrysler Financial Services Americas LLC, as well
as GM's 49%-owned finance affiliate GMAC LLC.

In May 2008 Fitch Ratings downgraded the Issuer Default Rating
of Chrysler LLC to 'B' from 'B+', with a Negative Rating
Outlook.  Fitch has also downgraded the senior secured bank
facilities, including senior secured first-lien bank loan to
'BB/RR1' from 'BB+/RR1'; and senior secured second-lien bank
loan to 'CCC+/RR6' from 'BB+/RR1'.  The recovery rating on the
second lien was also downgraded from 'BB+/RR1' to 'CCC+/RR6'
based on lower asset value assumptions and associated recoveries
in the event of a stress scenario.


COMPUTER SUPERMARKET: Taps Tenon Recovery as Administrators
------------------------------------------------------------
Stanley Donald Burkett-Coltman and Nigel Ian Fox of Tenon
Recovery were appointed joint administrators of Computer
Supermarket Ltd. (Company Number 5072121) on June 24, 2008.

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

The company can be reached at:

         Computer Supermarket Ltd.
         26-28 Camphill Industrial Estate
         John Kempe Way
         Birmingham
         B12 0HU
         England


CYNA LTD: Calls In Joint Administrators from BDO Stoy Hayward
-------------------------------------------------------------
Sarah Edward Jex Girling and Graham David Randall of BDO Stoy
Hayward LLP were appointed joint administrators of Cyna Ltd.
(Company Number 03746513) on July 10, 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.


DAWNAY DAY: Creditors Put Two Companies Under Receivership
----------------------------------------------------------
Creditors of Dawnay Day Group have appointed Shay Bannon, Toby
Underwood and Mark Shaw of BDO Stoy Hayward as joint
administrative receivers for Starlight Investment and
Insureprofit, two of its property companies, Helen
Power and Philip Aldrick of the Daily Telegraph reports.

Creditors opted to call in receivers after they resolved they
could no longer support the company-led restructuring under
Ernst & Young, the Daily Telegraph discloses.

Creditors, the Daily Telegraph says, are seeking an orderly sale
of assets to recover their loans.  They have seized the near-
GBP1 billion of assets of the group as collateral.

Dawnay Day earlier brought in administrators from Ernst & Young
to advise on strategic options for some its investments, the
Daily Telegraph relates.

According to the Times, a margin call from one its banks forced
Dawnay Day to sell a 20% stake in F&C Asset Management at a loss
of around GBP70 million.

A property source told the Times "the market for property assets
has been affected by the global credit crunch and Dawnay has
been hit hard."

Dawnay Day, Sirius Limited and Dawnay, Day Carpathian plc,
however, are not affected by the receivership.  The companies,
the Daily Telegraph adds, are changing their names to distance
themselves from the group.

The Times notes Wolseley restaurant and Austin Reed in which
founders Guy Naggar and Peter Klimt own a personal stake are
also not affected by the appointment of receivers.

Headquartered in London, Dawnay, Day is a diversified
international financial and property group.  Since 2004 Dawnay,
Day has four property funds, Puma (U.K. commercial property),
Dawnay Shore Hotels (U.K. hotels), Dawnay, Day Carpathian
(Eastern Europe) and Dawnay, Day Treveria (German) .  According
to the Times, the group has interests in more than 250
companies, through hundreds of subsidiaries and holding
companies, and owns and manages more than US$10 billion (GBP5
billion) worth of assets.


DAWNAY DAY: Plans to Sell 51% Stake in Investment Banking Arm
-------------------------------------------------------
The Dawnay, Day Group is in talks to dispose of a 51% stake in
Dawna, Day Investment Banking to a Portuguese bank, Catherine
Boyle of The Times reports.

Dawnay Day, the Times says, received 13 expressions of interest
for the investment banking unit, which was put for sale as the
group struggles to raise cash to pay its debts.

                    Dawnay, Day Treveria

Dawnay Day founders Guy Naggar and Peter Klimt earlier sold
4.7 million of their remaining shares in German-listed property
company Dawnay, Day Treveria plc at EUR0.30 per share, losing
almost GBP4 million.  The sale left them a 0.8% stake in
Treveria, the Times reveals.

Treveria has been informed that, on July 16, 2008:

    * Tokenplain Limited sold 2,317,790 CFDs over DTR shares at
      a price of 30c per share;

    * Jetpath Limited sold 1,230,596 CFDs over DTR shares at a
      price of 32.3c per share;

    * Mariona Limited sold 1,230,596 CFDs over DTR shares at a
      price of 32.3c per share; and

    * Dawnay, Day Deutschland Limited sold 9,176,400 shares in
      DTR at a price of 30c per share.

These disposals have been made as a result of the forced closing
of leveraged positions.  Mr. Klimt, a non-executive director of
Dawnay, Day Treveria, has interests in the above named
companies, aspreviously disclosed.  Mr. Naggar, a director of
the company's asset manager, Dawnay, Day Treveria Real Estate
Asset Management Limited, has interests in the above named
companies, as previously disclosed.

                     Dawnay, Day Carpathian

Mr. Klimt also sold interest representing shares worth more than
2% of retail property specialist Dawnay, Day Carpathian plc,
through Jetpath, the paper discloses.

On July 17, 2008, Jetpath sold 3,525,905 CFDs over Carpathian
shares at 42 pence per share.

Jetpath is a company in which Mr. Klimt, a non-executive
director of the company, and persons connected with him,
are indirectly interested in as shareholders.

Following these transactions Mr. Klimt remains interested in
3,514,029 ordinary shares of 1p each in the company and
1,449,555 CFDs (of which 249,555 CFDs are held by Jetpath and
1,200,000 are held by Starlight Investments Limited.
over ordinary shares of 1p each in the company, representing
2.16% of the issued share capital of the company.

On July 14, 2008 Dawnay, Day International Limited sold 200,000
CFDs over Carpathian shares at 39p per share.  It no
longer has a beneficial interest in Carpathian.

Dawnay, Day Properties Limited sold 2,269,738 CFDs over
Carpathian shares at 39p per share. It no longer has a
beneficial interest in Carpathian.

Jetpath sold 414,223 CFDs over Carpathian shares at 39p per
share.

Starlight sold 998,698 CFDs over Carpathian shares at 39p per
share.  Starlight also sold 3,215,986 CFDs over Carpathian
shares at 38.5p per share.

Jetpath and Starlight are companies in which Peter Klimt, a non-
executive director of the company, and persons connected with
him, are indirectly interested in as shareholders.

Following these transactions, DDI and DDP no longer have any
holdings in Carpathian.  Mr Klimt remains interested in
3,514,029 ordinary shares of 1p each in the company and
4,975,460 CFDs (of which 3,775,460 CFDs are held by Jetpath
and 1,200,000 are held by Starlight) over ordinary shares of 1p
each in the company, representing 3.70% of the issued share
capital of the company.

Headquartered in London, Dawnay, Day is a diversified
international financial and property group.  Since 2004 Dawnay,
Day has four property funds, Puma (U.K. commercial property),
Dawnay Shore Hotels (U.K. hotels), Dawnay, Day Carpathian
(Eastern Europe) and Dawnay, Day Treveria (German).  According
to the Times, the group has interests in more than 250
companies, through hundreds of subsidiaries and holding
companies, and owns and manages more than US$10 billion (GBP5
billion) worth of assets.


INDUSTRIAL EQUIPMENT: Cattles Invoices Taps Tenon as Receivers
--------------------------------------------------------------
Cattles Invoice Finance Ltd. appointed Christopher Ratten and
Jeremy Woodside of Tenon Recovery as joint administrative
receivers of Industrial Equipment Ltd. (Company Number 119180C)
on July 3, 2008.

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

The company can be reached at:

         Industrial Equipment Ltd.
         Diamond House
         Westmoreland Road
         Douglas
         Isle of Man
         IM1 3DS
         Isle of Man


PARK CONDITIONED: Brings In Joint Administrators from BDO Stoy
--------------------------------------------------------------
Shay Bannon and Antony David Nygate of BDO Stoy Hayward LLP were
appointed, July 3, 2008, joint administrators of:

   -- Park Conditioned Storage Ltd. (Company Number 04239686);
   -- Innovate Construction Ltd. (Company Number 02942245);
   -- Broadband Office (U.K.) Ltd. (Company Number 03840382).

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.


PETE WATERMAN: Creditors' Meeting Slated for July 27
----------------------------------------------------
Creditors of Peter Waterman Ltd. will meet at 10:30 a.m. on
July 27, 2008, at:

         PricewaterhouseCoopers LLP
         Benson House
         33 Wellington Street
         Leeds
         LS1 4JP
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on July 25, 2008, to:

         I. D. Green and C. M. T. Haig
         Joint Administrative Receivers
         PricewaterhouseCoopers LLP
         Benson House
         33 Wellington Street
         Leeds
         LS1 4JP
         England

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.


R BALMER: M. C. Bowker Leads Liquidation Procedure
--------------------------------------------------
M. C. Bowker was appointed joint liquidator of R. Balmer
(Transport) Ltd. on July 4, 2008, for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         R. Balmer (Transport) Ltd.
         c/o Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


REDTHORNE SECURITIES: NatWest Bank Appoints KPMG as Receivers
-------------------------------------------------------------
National Westminster Bank Plc appointed Andrew Stephen McGill
and Allan Watson Graham of KPMG LLP as joint administrative
receivers of Redthorne Securities Ltd. (Company Number 03340054)
on June 30, 2008.

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

The company can be reached at:

         Redthorne Securities Ltd.
         c/o KPMG LLP
         2 Cornwall Street
         Birmingham
         B3 2DL
         England


SCOTTISH RE: Poor Flexibility Cues S&P to Junk Unit's Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its counterparty
credit and financial strength ratings on Scottish Annuity & Life
Insurance Co. (Cayman) Ltd. and affiliated operating companies
to 'CCC+' from 'B-'.

Standard & Poor's also lowered its ratings on all these
companies' dependent unwrapped securitized deals by one notch.
The ratings on the parent holding company, Scottish Re Group
Ltd. (CCC-/Watch Neg/--), are unchanged.

All of these ratings remain on CreditWatch with negative
implications.

"The downgrade reflects the greater-than-expected deterioration
in the group's already severely limited financial flexibility
and liquidity," said Standard & Poor's credit analyst Robert A.
Hafner.  "This has resulted primarily from the higher-than-
expected asset impairments leading to additional collateral
posting requirements, as disclosed in the company's recent 10-K
filing."  The US$971.7 million of investment impairments taken
in 2007 and US$751.7 million of additional impairments expected
to be recognized in first-quarter 2008 GAAP financials
substantially reflect a mark-to-market write-down necessitated
by the inability to assert the intent and ability to hold these
securities to recovery of amortized value rather than projected
losses.

Nonetheless, the uncertain economic value of these investments
and associated impairments increase the stress on Scottish Re's
financial condition and degrades its liquidity, capitalization,
and financial flexibility.

The group's liquidity decreased to about US$65 million as of
June 30, 2008, from nearly US$400 million at year-end 2007.
According to company management, the pending sale of its
international and wealth-management operations is expected to
provide additional liquidity in excess of US$70 million during
the third quarter.  Although this might provide sufficient
resources to meet liquidity needs for the next several months,
unexpected developments--including further declines in the
market value of investments -- could exhaust liquidity resources
sooner.  Scottish Re is taking multiple concurrent actions to
maintain its liquidity, ensure statutory reserve credits are not
lost, and preserve its solvency.

It is Standard & Poor's opinion that the only strong option
available to the company for preserving longer-term solvency is
the sale of its North American segment, which constitutes the
bulk of its remaining operations.  Given its weak liquidity
position, management indicates that if the group does not
quickly find a buyer, it could be forced to seek bankruptcy
protection relatively soon.  Substantial incentives exist for
the interested parties to reach a definitive agreement, which
increases the likelihood the group will be successful in
securing the sale of these operations before exhausting its
liquidity.

The ratings will remain on CreditWatch negative at least until
Scottish Re secures the sale of its North American segment and
its liquidity demands are better balanced by its liquidity
resources.

S&P will lower the ratings again if the sale of its
international, wealth-management, or North American segment do
not materially progress as expected and alternative capital,
liquidity, and XXX reserve funding is not secured.


SKYEPHARMA PLC: Holding Talks Over Planned Debt-to-Equity Swap
--------------------------------------------------------------
SkyePharma Plc has provided an update on progress with the
convertible bonds and current trading.

                         Convertible Bond

The company had disclosed that detailed work was being carried
out with a view to making a proposal to key bondholders and
announcing definitive plans for refinancing or renegotiating the
convertible bonds shortly after the announcement of the results
of the further two pivotal Phase III efficacy trials (SKY2028-3-
004 and SKY2028-3-001) of Flutiform(TM).  As disclosed on
June 17, 2008, and July 3, 2008, the positive top line results
of both of these trials have now been reported.

In anticipation of these positive results, meetings were held
with a number of existing and potential investors and with
certain key bondholders regarding a specific proposal to
refinance the convertible bonds.  Although there was significant
support, in the light of current capital market conditions the
discussions on the specific proposal are not being pursued at
the present time. Discussions are now taking place with a small
number of stakeholders to consider an alternative plan. A
further update will be given with the half-year results
announcement, which is scheduled for Aug. 23, 2008.

                   Progress with Flutiform(TM)

Excellent progress has been made with the development for the
United States of Flutiform(TM), the Company's lead product for
the treatment of asthma. As previously announced the primary end
points have been met in all of the studies in the core clinical
program, comprising a long-term safety study and three efficacy
studies, covering over 1,850 patients.  The additional clinical
efficacy study required for the New Drug Application  will be
fully recruited this month and is on track for the last patient
last visit during October.  Work on the Chemistry, Manufacturing
and Control package is well advanced. In the light of this
significant progress and the nature of the outstanding steps to
be completed, the Directors have increasing confidence in the
likelihood of the NDA being filed in the United States in first
quarter 2009.

In Europe, good progress also continues to be made with the
development of Flutiform(TM), with positive results reported
from a paediatric trial.   Mundipharma, which is responsible for
the clinical trial programme for regulatory approval in Europe,
has been reviewing its plans for filing and marketing the
product in light of discussions with regulatory authorities and
advisers.  Existing plans are to file for approval of the lower
and middle strengths in adults around the end of 2008 and to
follow on with a later filing for the higher strength once
additional clinical trials had been concluded.

Mundipharma has informed the Company that it is considering
whether to file for all three strengths in one application, and
launch them together, rather than having a phased approach.
This would have the effect of bringing forward the likely launch
timing for the higher dose strength by six to nine months whilst
holding back the launch of the low and middle strengths by a
similar amount of time.

In addition to commercial considerations, the Marketing
Authorisation Application would also be supplemented by
including the additional data from the high dose study.  If
Mundipharma decides on this alternative approach, the expected
date for filing of the MAA for European approval for all three
strengths will be in the third quarter of 2009.  The Directors
believe that the medium term financial effect of an earlier
launch of the higher dose, which is forecast to represent a
substantial part of sales, is likely to largely compensate for
the effect of holding back the launch of the lower strengths.

The target remains for Flutiform(TM) to be launched in the
United States and Europe in 2010.

                  Current Trading and Prospects

Revenues in the first half of 2008 have shown an encouraging
start to the year and will be significantly higher than in the
first half of 2007.  The first half results will include most of
the costs of completing the core Phase III clinical program on
Flutiform(TM) and these will be included in research and
development expenses in the profit and loss account. The
underlying level of administrative expenses of the business in
local currencies has remained broadly constant.

In the first half of 2008, net finance costs have benefited from
unrealised gains in translating certain foreign currency
denominated finance liabilities into the functional currency of
a Swiss subsidiary.  Such gains would largely reverse in the
full year results if the exchange rates were to revert to
Dec. 31, 2007, levels by Dec 31, 2008.

The Directors remain optimistic about prospects for growth of
the business once the bond refinancing has been resolved. Over
the next eighteen months, notwithstanding the effect of generic
competition on the sales of Paxil CR(TM), the Directors expect
to see further growth in revenues from sales of recently
approved products, such as Requip(R) Once-a-day and Pulmicort(R)
HFA-MDI in Europe and ZYFLO CR(TM), the new formulation of
Sular(R), and Requip(R) XL(TM) in the United States, and, once
approved, from Lodotra(TM) in Europe.

The ongoing rate of expenditure on research and development is
expected to reduce significantly now that the core clinical
program for the NDA for regulatory filing of Flutiform(TM) in
the United States has been largely completed and the Board
expects costs to be further offset, in the medium term, through
contributions from partners on collaborative development
projects.


Once Flutiform(TM) is approved and launched in the United States
and Europe, the Board believes that there will be exciting
prospects for growth in both revenues and cashflow.

Frank Condella, CEO, said: "We are pleased with the progress
being made with the approved products and the development of
Flutiform(TM), which continues to meet all its development
milestones, and believe that this provides a good platform for
refinancing or renegotiating the convertible bonds."

                      About SkyePharma Plc

Headquartered in London, SkyePharma Plc (Nasdaq: SKYE; LSE: SKP)
-- http://www.skyepharma.com/-- develops pharmaceutical
products benefiting from world-leading drug delivery
technologies that provide easier-to-use and more effective drug
formulations.  There are now 12 approved products incorporating
SkyePharma's technologies in the areas of oral, injectable,
inhaled, and topical delivery supported by advanced
solubilization capabilities.

As of Dec. 31, 2007, SkyePharma Plc's balance sheet shows
GBP59.2 million in total shareholders' deficit.


STEAD & SIMPSON: Calls In Liquidators from PwC
----------------------------------------------
Robert Jonathan Hunt, Stuart David Maddison, and John Bruce
Cartwright of PricewaterhouseCoopers LLP were appointed joint
liquidators of Stead & Simpson Ltd. (Stead & Simpson, Shoe
Express, Peter Briggs, Famous Footwear) on July 3 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         PricewaterhouseCoopers LLP
         Benson House
         33 Wellington Street
         Leeds
         LS1 4JP
         England


TAYLOR WIMPEY: Fitch Cuts Ratings on Fin'l Flexibility Concerns
---------------------------------------------------------------
Fitch Ratings has downgraded Taylor Wimpey's Long-term Issuer
Default and senior unsecured rating to 'BB-' from 'BB' and
affirmed its Short-term IDR at 'B'.  The Long-term IDR and
senior unsecured rating remain on Rating Watch Negative.

The downgrade reflects increased concerns about TW's near-term
financial flexibility.  Fitch understands that short-term
efforts to raise GBP500 million to GBP600 million of equity have
now been postponed.  The company, which may breach its interest
coverage covenants as early as February 2009, will now seek to
renegotiate its bank and USPP covenants without the benefit of
new equity.

TW had previously reached an agreement with its bankers to
renegotiate its financial covenants subject to the planned new
equity-raising.  However, on 2 July 2008, the company announced
it had encountered difficulties in raising the required amount
of equity.  As stated in Fitch's announcement on 2 July 2008, "a
failure by TW to successfully raise new equity and improve its
financial position in the short-term could lead to a significant
deterioration in the credit profile".  The fact that this
scenario has now occurred is the main driver for the downgrade.

Fitch believes the lack of new equity impairs TW's financial
flexibility, given that the company will now find it harder to
successfully renegotiate its covenants with its banks and USPP
investors.  Furthermore, the company will now have less
liquidity available to it than if equity had been raised,
therefore making it unlikely that the company will be able to
pre-pay approximately GBP370 million of USPP debt, which was
previously considered as a back-up option if TW was unable to
renegotiate covenants with its USPP investors.  Although at
least GBP600m of headroom still exists under TW's committed bank
facilities, Fitch believes that it is unlikely that these
facilities would be drawn upon to pre-pay USPP debt while
negotiations with the banks are ongoing.

Given the lack of new equity, TW's financial options are
limited, leaving the company exposed to the actions of its
creditors.  However, Taylor Wimpey remains a cash generative
business, as well as having only a relatively small amount (up
to GBP311 million) of debt scheduled to mature before 2012
(assuming that its bank and USPP debt does not require pre-
paying due to potential breaches).   These positive factors may
make TW's creditors more accommodating than would otherwise be
the case.  Fitch also notes that Barratt Developments plc, a
close TW peer, appears to have reached an agreement with its
lead banks to renegotiate a significant portion of its debt.
This may suggest some willingness on the part of the banks to
reach a similar resolution with TW.

Nevertheless, there is no guarantee at this stage that TW will
be successful in its negotiations with its creditors, and
therefore significant downside risk remains.  Thus, the RWN
status for TW's Long-term IDR and senior unsecured rating
remains.  Fitch will continue to monitor the progress of
negotiations between TW and its creditors over the next 3
months, and it is likely that a downgrade of the ratings will
occur if it becomes apparent that these negotiations have
faltered or even failed.  Any further downgrade could be by more
than one notch.  Conversely, the ratings will likely stabilize
at the current level if negotiations are successfully completed.


* S&P Puts 4 BB Rated Debt Obligations on CreditWatch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with negative implications 37 ratings from four European
collateralized debt obligation (CDO) transactions backed by
hybrid securities issued by European financial institutions,
insurance companies, and two European CDOs backed by real estate
companies.  The remaining classes of notes in these transactions
are unaffected.

The affected CDO tranches have a total issuance amount of
EUR1.966 billion.  S&P is placing the ratings on CreditWatch
negative to reflect changes being made to the assumptions S&P
uses for rating CDOs backed by these types of assets.

S&P's assumptions for rating this type of CDO include the
methodology and parameters used to derive the probability of
default/deferral, default timings, expected recovery levels, the
timing of recoveries, and correlation risks.  S&P expects to
publish revised criteria for rating this type of CDOs within the
next month.  S&P expects to resolve the CreditWatch placements
within a few months of publishing the revised criteria.

Resolution of the CreditWatch placements through application of
the revised criteria will, on a case-by-case basis, result in
either an affirmation of the current rating or a lowering of the
current rating on each tranche.

Ratings Placed On CreditWatch Negative:

Class                       To                    From
--------                    ------                -------
Dekania Europe CDO I PLC:
A1                          AAA/Watch Neg         AAA
A2                          AAA/Watch Neg         AAA
A3                          AAA/Watch Neg         AAA
B1                          AA/Watch Neg          AA
B2                          AA/Watch Neg          AA
C                           A/Watch Neg           A
D                           BBB-/Watch Neg        BBB-
Combo P                     A/Watch Neg           A
Combo Q                     BBB/Watch Neg         BBB
Combo R                     BBB-/Watch Neg        BBB-

Dekania Europe CDO II PLC:
C                           A-/Watch Neg          A-
D1                          BBB/Watch Neg         BBB
D2                          BBB/Watch Neg         BBB
E                           BB/Watch Neg          BB
Combo P                     BB/Watch Neg          BB
Combo Q                     BBB+/Watch Neg        BBB+
Combo R                     BBB/Watch Neg         BBB

Dekania Europe CDO III PLC:
C                           A/Watch Neg          A
D1                          BBB/Watch Neg        BBB

Taberna Europe CDO I PLC:
A1                          AAA/Watch Neg         AAA
A2                          AAA/Watch Neg         AAA
B                           AA/Watch Neg          AA
C                           A/Watch Neg           A
D                           BBB/Watch Neg         BBB
E                           BB/Watch Neg          BB

Taberna Europe CDO II PLC:
A1                          AAA/Watch Neg         AAA
A2                          AAA/Watch Neg         AAA
B                           AA/Watch Neg          AA
C-1                         A/Watch Neg           A
C-2                         A-/Watch Neg          A-
D                           BBB/Watch Neg         BBB
E                           BB/Watch Neg          BB

Rosetta I S.A.:
A                           AAA/Watch Neg         AAA
B                           AA/Watch Neg          AA
C-1                         BBB/Watch Neg         BBB
C-2                         BBB/Watch Neg         BBB
C-3                         BBB/Watch Neg         BBB


* EHYA Commends Shadow Chancellor's Insolvency Reform Proposals
---------------------------------------------------------------
The European High Yield Association, an affiliate of
the Securities Industry and Financial Markets Association
praised the Insolvency Reform proposals issued by Shadow
Chancellor George Osborne.  The proposed reform would create a
new fast track judicial process for distressed companies.  This
new formalized "rescue" framework closes a gap in the existing
insolvency regime, which leaves company rescue to informal, ad
hoc agreement among lenders and investors.  The new framework
would improve the efficiency and fairness of corporate
restructuring for larger companies with complex capital
structures.

"The fallout from the credit crisis will ultimately be a round
of corporate insolvencies as a consequence of tightened lending.
As market conditions continue to decline, highly leveraged
companies with complex, cross-border capital structures are
likely to head towards administration, which tends to mean
liquidation.  Distressed companies wanting to avoid
administration and survive currently pursue an informal, out-of-
court restructuring, but this approach will no longer work given
the extraordinary growth in complexity of capital structures and
diversity in lenders since the last downturn," said Gilbey
Strub, managing director of the EHYA.

Strub added, "It is past time for insolvency to reach the top of
the government's agenda.  We are pleased that the Shadow
Chancellor proposals are in line with our own proposals, issued
in April this year, for an alternate process that is grounded in
a legal framework providing stability, predictability and
efficiency.  Reform of the current insolvency regime will save
jobs.  It will allow fundamentally sound businesses to quickly
regroup and restructure themselves as sustainable, profitable
enterprises that contribute to the British economy.  Modernizing
the insolvency laws is the most concrete step the government can
take at this time to counter the downturn and to stimulate the
provision of debt capital for high growth companies."

The Securities Industry and Financial Markets Association brings
together the shared interests of more than 650 securities firms,
banks and asset managers.  SIFMA's mission is to promote
policies and practices that work to expand and perfect markets,
foster the development of new products and services and create
efficiencies for member firms, while preserving and enhancing
the public's trust and confidence in the markets and the
industry.  SIFMA works to represent its members' interests
locally and globally.  It has offices in New York, Washington
D.C., and London and its associated firm, the Asia Securities
Industry and Financial Markets Association, is based in Hong
Kong.


* Leading Structured Finance Lawyers Join Kaye Scholer LLP
----------------------------------------------------------
Kaye Scholer LLP has announced that William J. "Butch" Cullen
and Janet A. Barbiere have joined the firm's Corporate & Finance
Department, as Partners in its New York office.

Mr. Cullen and Ms. Barbiere concentrate their practice in
securities and corporate finance, with an emphasis on commercial
mortgage backed securities and structured finance, including
securitizations, secondary market transactions, real estate
syndications and the purchase, sale and workout of commercial
real estate debt.

Margot Schonholtz, co-chair of Kaye Scholer's Business
Reorganization and Creditors' Rights Practice Group, said,
"Butch and Janet are a tremendous addition to our firm.  They
will significantly enhance our ability to serve our clients'
needs, particularly in light of their expertise with a vast
array of structured vehicles.  These are the very products that
are at the core of many of the restructuring and
recapitalization transactions that have arisen as a result of
the unprecedented disruption in the global financial markets."

Mr. Cullen and Ms. Barbiere said, "Kaye Scholer's existing and
highly regarded real estate debt origination, bankruptcy and
reorganization and structured finance groups are a perfect fit
for our practice and experience."

Mr. Cullen and Ms. Barbiere continued, "We are excited to be
joining the firm and look forward to providing clients with the
full complement of services for financial institutions offered
at Kaye Scholer."

Kaye Scholer LLP and its affiliates has offices in Chicago,
Frankfurt, London, Los Angeles, New York, Shanghai, Washington,
DC, and West Palm Beach.  The company's more than 500 lawyers
advise a diverse group of international clients.  They provide
effective and practical solutions to a range of business,
financial and transactional problems, including some of the most
complex and challenging issues in the local and international
marketplace.


* BOND PRICING: For the Week July 14 to July 18, 2008
-----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CAD      64.38
                          0.250    10/14/26     CAD      40.34
Immofinanz Immob          2.750    01/20/14     EUR      65.88

BELGIUM
-------
Fortis Bank               8.750    12/07/10     EUR      57.65

FINLAND
-------
M-Real Serla              7.250    04/01/13     EUR      70.43
Muni Finance Ltd          1.000    03/19/13     AUD      74.01
Muni Finance PLC          0.500    04/26/13     AUD      71.41
                          1.000    10/30/17     AUD      58.83
                          1.000    02/27/18     AUD      57.94
                          1.000    11/21/16     NZD      61.50
                          0.250    06/28/40     CAD      21.13
                          0.500    09/24/20     CAD      61.19

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      14.72
Altran Technologies S.A.  3.750    01/01/09     EUR      12.60
BNP Paribas               0.250    12/20/14     US$      74.53
Calyon                    6.000    06/18/47     EUR      43.85
CAP Gemini S.A.           2.500    01/01/10     EUR      52.80
                          1.000    01/01/12     EUR      45.83
Club Mediterranee S.A.    3.000    11/01/08     EUR      67.07
                          4.375    11/01/10     EUR      46.30
Essilor Int'l             1.500    07/02/10     EUR      66.09
Europcar Groupe           8.125    05/15/14     EUR      64.42
                          8.125    05/15/14     EUR      64.24
FCC Rome Alliance
Funding                   2.260    01/08/21     EUR      69.30
Groupe Vial               2.500    01/01/14     EUR      32.13
Havas S.A.                4.000    01/01/09     EUR      10.82
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR       0.25
Maurel & Prom             3.500    01/01/10     EUR      21.14
Publicis Group            1.000    01/18/18     EUR      41.47
Rhodia S.A.               0.500    01/01/14     EUR      32.93
Scor SA                   4.125    01/01/10     EUR       2.08
Soc Air France            2.750    04/01/20     EUR      21.29
ST Gobain                 5.625    11/15/24     GBP      77.17
Tereos Europe             6.375    04/15/14     EUR      70.34
Theolia                   2.000    01/01/14     EUR      20.69
Valeo                     2.375    01/01/11     EUR      41.94
Wavecom S.A.              1.750    01/01/14     EUR      19.00
Wendel Invest S.A.        2.000    06/19/09     EUR      43.36
                          4.875    09/21/15     EUR      69.20
                          4.375    08/09/17     EUR      61.66
                          4.875    05/26/16     EUR      68.19
                          4.875    11/04/14     EUR      72.73

GERMANY
-------
Callahan NRH             16.000    07/15/10     US$       0.01
Deutsche Bank London      2.790    07/27/15     EUR      71.12
Deutsche Schifbk          4.200    01/23/09     EUR      99.52
Grohe Holding             8.625    10/01/14     EUR      74.72
IKB Deut Industriebank    4.500    07/09/13     EUR      73.66
                          4.080    12/20/35     EUR      73.92
KfW Bankengruppe          0.500    10/30/13     AUD      69.10
                          0.500    12/19/17     EUR      66.85
                          1.250    05/23/20     EUR      71.90
                          1.250    07/07/20     EUR      73.78
                          1.250    07/29/20     EUR      72.93
                          5.000    09/21/25     EUR      67.02
                          5.000    08/10/30     EUR      66.28
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      44.11
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      60.03
Westlb AG                 3.350    10/19/26     EUR      74.50

ICELAND
-------
Glitnir banki HF          6.000    03/05/12     GBP      77.13
Kaupthing Bank            6.500    02/03/45     EUR      41.48

IRELAND
-------
Banesto Finance Plc       6.120    11/07/37     EUR       6.12
Depfa ACS Bank            0.500    03/03/25     CDN      48.44
                          0.250    07/08/33     CDN      28.82
Irish Nationwide
  Building Society        5.500    01/10/18     GBP      64.23
Irish Perm Plc            2.500    02/15/35     EUR      49.72
Ono Finance II            8.000    05/16/14     EUR      64.13
UT2 Funding Plc           5.320    06/30/16     EUR      73.68

ITALY
-----
Alitalia SPA              7.500    07/22/10     EUR      65.56
Finmeccanica SPA          4.875    03/24/25     EUR      80.31
Telecom Italia            5.250    03/17/55     EUR      71.01

LUXEMBOURG
----------
Globus Capital Finance SA 8.500    03/05/12     US$      67.64
IT Holding Fin            9.880    11/15/12     EUR      63.67
Kloeckner & Co Fin Intl   1.500    07/27/12     EUR      71.80
Kudelski Financial
  Services SCA            1.625    10/05/12     CHF      74.51
Lighthouse Intl           8.000    04/30/14     EUR      74.40
Nell AF S.A.R.L.          8.375    08/15/15     EUR      62.02
                          8.375    08/15/15     US$      61.31

NETHERLANDS
-----------
ABN Amo Bank B.V.         6.000    03/16/35     EUR      64.31
Air Berlin Finance B.V.   1.500    04/11/27     EUR      25.25
ALB Finance B.V.          7.875    02/01/12     EUR      74.46
BK Ned Gemeenten          0.500    06/27/18     CDN      66.22
                          0.500    02/24/25     CDN      48.49
BLT Finance BV            7.500    04/17/74     US$      66.72
Clondalkin BV             8.000    03/15/14     EUR      74.91
Elec De Car Fin           8.500    04/10/18     US$      74.97
EM.TV Finance B.V.        5.250    05/08/13     EUR      04.00
Friesland Bank            4.210    12/29/25     EUR      74.99
Gerling Global            6.625    08/16/21     EUR      67.00
GMAC Int'l Finance B.V.   4.600    11/15/10     EUR      74.66
                          4.650    11/15/10     EUR      74.75
                          4.750    11/15/10     EUR      74.92
                          4.800    12/15/10     EUR      74.27
                          4.900    12/15/10     EUR      74.45
                          4.900    12/15/10     EUR      74.45
                          4.850    01/15/11     EUR      73.61
                          4.900    01/15/11     EUR      73.70
                          5.100    01/15/11     EUR      74.07
Hypo Real ES Finance      5.500    08/20/08     EUR      38.37
Indah Kiat Intl          11.880    06/15/02     US$      53.00
ING Bank N.V.             4.200    12/19/35     EUR      74.24
IVG Finance B.V.          1.750    03/29/17     EUR      52.26
Kazkommerts Intl          7.500    11/29/16     US$      75.39
                          6.875    02/13/17     EUR      73.54
KBC Ifima NV              5.880    02/07/25     US$      72.19
Lehman Bros TSY B.V.      2.000    03/18/15     EUR      74.66
                          4.169    02/16/17     EUR      66.57
                          6.000    02/15/35     EUR      53.18
                          2.000    03/16/35     EUR      36.25
                          7.000    05/17/35     EUR      45.25
                          7.250    10/05/35     EUR      38.10
                          6.000    11/02/35     EUR      40.51
Montell Finance B.V.      8.100    03/15/27     US$      58.21
Natl Invester Bank       25.982    05/07/29     EUR      29.51
Ned Waterschapbk          6.000    06/01/35     EUR      62.58
                          6.500    08/15/35     EUR      56.36
                          6.000    06/30/45     EUR      57.07
NXP BV/NXP FUNDI          8.625    10/15/15     EUR      73.19
Portugal Tel Fin          4.500    06/16/25     EUR      71.61
Rabobank Groep N.V.       2.500    02/22/35     EUR      59.38
                          5.000    02/28/35     EUR      61.06
                          2.000    03/23/35     EUR      56.98
                          6.000    05/09/35     EUR      60.54
Tjiwi Kimia Fin          13.250    08/01/01     US$      0.435

NORWAY
------
Eksportfinans            13.000    02/25/09     US$      69.25
Kommunalbanken A.S.       0.500    02/07/13     AUD      72.46
Norske Skogindustrier ASA 7.000    06/26/17     EUR      61.96

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      72.52
Swedish Exp Cred         10.500    09/30/15     TRY      74.51

SWITZERLAND
-----------
Cytos Biotechnology       2.875    02/20/12     CHF      70.09
S-Air Group               0.125    07/07/05     CHF      11.97
Swiss RE                  6.000    12/15/08     CHF      68.48
UBS AG Jersey             3.220    07/31/12     EUR      70.72

TURKEY
------
Turkey Govt Bond         16.000    03/07/12     TRY      91.76

UNITED KINGDOM
--------------
Allianc&Leic Bld          5.875    08/14/31     GBP      78.94
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      50.48
Aspire Defence            4.670     03/31/40    GBP      67.51
                          4.670     03/31/40    GBP      67.31
Bank of Scotland          6.000     02/07/35    EUR      61.01
Bradford&Bin BLD          5.750     12/12/22    GBP      67.59
                          6.625     06/16/23    GBP      65.32
                          4.910     02/01/47    EUR      74.98
Brit Insurance            6.625     12/09/30    GBP      77.18
Britannia Building
   Society                5.875     03/28/33    GBP      71.15
                          5.750     12/02/24    GBP      72.30
Derby Healthcare          5.564     06/30/41    GBP      74.95
Enterprise Inns Plc       6.375     09/26/31    GBP      72.60
F&C Asset Management plc  6.750     12/20/26    GBP      70.05
Grainer Plc               3.630     05/17/14    GBP      57.48
Greene King Fin           5.106     03/15/34    GBP      73.50
Hammerson Plc             5.250     12/15/16    GBP      79.60
                          6.000     02/23/26    GBP      75.00
HBOS Plc                  4.500     03/18/30    EUR      70.04
HSBC Bank Plc             3.750     05/18/15    EUR      71.47 ?
Ineos Group Holdings Plc  7.875     02/15/16    EUR      61.53
                          8.500     02/15/16    US$      66.63
Lend Lease Europe Ltd     6.125     10/12/21    GBP      68.17
Louis No1 Plc             8.500     12/01/14    EUR      69.50
                          8.500     12/01/14    EUR      69.66
                         10.000     12/01/16    EUR      68.41
Marton's Issuer Plc       5.177     07/15/32    GBP      74.81
National Grid Gas Plc     1.754     10/17/36    GBP      41.45
                          1.771     03/30/37    GBP      41.43
ONO Finance PLC          10.500     05/15/14    EUR      65.67
Rexam Plc                 6.750     06/29/67    EUR      71.90
Royal BK Scotland         9.500     04/04/25    US$      69.67
                          2.791     06/29/30    EUR      41.10
Slough Estates plc        5.500     06/20/18    GBP      79.68
                          5.625     12/07/20    GBP      76.91
                          5.750     06/20/35    GBP      72.37
Taylor Woodrow            6.375     05/24/19    GBP      52.56
TXU Eastern Funding Co    6.450     05/15/05    US$       0.01
Unique Pub Fin            6.464     03/30/32    GBP      72.94
Wessex Water Finance      1.369     07/31/57    GBP      20.14


                            *********

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 * * *