TCREUR_Public/080722.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, July 22, 2008, Vol. 9, No. 144

                            Headlines


A U S T R I A

FUCHS KARL: Claims Registration Period Ends July 29
KADNAR LLC: Claims Registration Period Ends July 30
ROGA LLC: Claims Registration Period Ends July 29
SIGUSAN HEILMITTEL: Claims Registration Period Ends July 25


F R A N C E

BELVEDERE SA: Beaune Court Commences Safeguard Procedure
BELVEDERE SA: Safeguard Proceeding Filing Cues S&P's D Rating


G E R M A N Y

ART PRINT: Claims Registration Period Ends July 29
B + K GMBH: Claims Registration Period Ends July 31
ELASTEC NONWOVENS: Claims Registration Period Ends July 31
EZ-SYSTEMS GMBH: Claims Registration Period Ends July 31
GENERAL ACOUSTICS: Claims Registration Period Ends July 29

GTH-TECHNISCHE ANLAGEN: Claims Registration Period Ends July 29
JAGO MODE-ACCESSOIRES: Claims Registration Period Ends July 29
JETEX-FORTEX AUSPUFFANLAGEN: Claims Registration Ends July 29
L + J STEIN: Claims Registration Period Ends July 31
MULTI-MEDIA PROMARKT: Claims Registration Period Ends July 28

THIELERT AIRCRAFT: Claims Registration Period Ends July 25
THIELERT ENGINES: Administrator Starts Search for Investors
VERSORGUNGSTECHNIK LPM: Claims Registration Period Ends July 25

* Fitch Says German Nuclear Power Phase-Out Lag Perks Utilities


G R E E C E

WIND HELLAS: Vulnerable to Medium-Term Liquidity Risks, Says S&P


I R E L A N D

TITAN EUROPE: S&P Junks Rating on Class G Notes to CCC From B-

* S&P Corrects Rating Release on Four European CDO Transactions


I T A L Y

ALITALIA SPA: Two Firms Want to Buy Cargo Business


K A Z A K H S T A N

ADAL LLP: Creditors Must File Claims by September 2
CARGO EXPRESS: Claims Deadline Slated for September 2
FANTAZIYA LIMITED: Claims Filing Period Ends September 2
GLOBAL PARTNERS: Creditors' Claims Due on September 2
KASFLOR LLP: Claims Registration Ends September 2

MAGLOIS LLP: Creditors Must File Claims by September 2
MIKOM PRO: Claims Deadline Slated for September 2
POHSHAT LLP: Claims Filing Period Ends September 2
ROS SHIN: Creditors' Claims Due on September 2
VIGORAS LLP: Claims Registration Ends September 2


K Y R G Y Z S T A N

GRADIENT NET: Creditors Must File Proofs of Claim by Sept. 2


L A T V I A

TRASTA KOMER: Moody's Assigns E+ Bank Financial Strength Rating


L I T H U A N I A

UAB BITE: Prone to Medium-Term Liquidity Risks, S&P Says


L U X E M B O U R G

RUSSIA INT'L: Fitch Lifts US$106.4MM Notes Rating to A- from BB


N E T H E R L A N D S

COPERNICUS EURO: Fitch Holds 'B/DR1' Rating on Class D Notes
EUROSTAR I: Fitch Keeps Junk Ratings on Two Classes of Notes
X5 RETAIL: Says Hyperfinance Bonds not Guaranteed by Formata


P O L A N D

STOCZNIA GDYNIA: EC Gives Gov't Until Sept. 12 for Revised Plan
STOCZNIA SZCZECINSKA: EC Gives Gov't Until Sept. 12 for New Plan


R U S S I A

AGRO-SNAB LLC: Court Names V. Gilmanov as Insolvency Manager
ARMAVIRSKAYA SEL-KHOZ-TEKHNIKA: Claims Filing Ends August 21
BACON LLC: Court Starts Bankruptcy Supervision Procedure
BOROZDINSKOE LLC: Court Starts Bankruptcy Supervision Procedure

CHROMITE MANGANESIAN: Court Names G. Baturin to Manage Assets
CINEMA CJSC: Chelyabinsk Bankruptcy Hearing Set September 4
GALA-GROUP CJSC: Court Names V. Makov as Insolvency Manager
KALACHEVSKIY SOV-KHOZ: Court Names A. Pivovarov to Manage Assets
LENSK-TRANS-SERVICE: Sakha Bankruptcy Hearing Set October 6

MIRAX-TRUST: Creditors Must File Claims by August 21
SAMARSKAYA PHOTO: Court Names A. Safronov as Insolvency Manager
SOUTHERN TELECOMMUNICATIONS: Prone to Liquidity Risks, S&P Says
MAGNITOGORSK IRON: Shareholders to Convene August 29
NATIONAL RESERVE: Fitch Lifts Issuer Default Rating to B from B-

RUSSIA INT'L: Fitch Lifts US$106.4MM Notes Rating to A- from BB
TEKH-CENTRE VAZ: Court Starts Bankruptcy Supervision Procedure
TVER-ENERGO-REMONT: Tver Bankruptcy Hearing Slated for Oct. 6
URALSVYAZINFORM OAO: Vulnerable to Liquidity Risks, S&P Says
VOLGATELECOM OJSC: Vulnerable to Liquidity Risks, S&P Says

X5 RETAIL: Says Hyperfinance Bonds Not Guaranteed by Formata
ZLAT-BREAD LLC: Creditors Must File Claims by August 21


S W E D E N

STONERIDGE: Moody's Assigns Speculative Grade Liquidity Rating


S W I T Z E R L A N D

AVCON LLC: Creditors Have Until Aug. 23 to File Proofs of Claim
DESITEL JSC: Aug. 2 Set as Deadline to File Proofs of Claim
ELEKTROWATT LLC: Creditors Must File Proofs of Claim by Aug. 1
HEIZUNG-SANITÄR CADUFF: Deadline to File Claims Set on July 31
INTERNATIONALE FORDERUNGS: Proofs of Claim Due by August 31

KOVAC TRANSPORTE: Creditors' Proofs of Claim Due by August 31
OLTENIA TREUHAND: Proofs of Claim Filing Deadline is August 31
PIZZA KURIER: Aug. 1 Set as Deadline to File Proofs of Claim
SCHLIENGER LLC: Creditors Must File Proofs of Claim by Aug. 1
SWISSWEBGROUP LLC: Court Commences Bankruptcy Proceedings

UTS SWITZERLAND: Deadline to File Proofs of Claim Set August 30


T U R K E Y

ALTERNATIFBANK AS: Fitch Affirms 'BB-' LT Foreign Currency IDR


U K R A I N E

AGROMET-MANAGEMENT: Creditors Must File Claims by August 7
DELMA-INFO LLC: Creditors Must File Claims by August 7
GARANT-SYMBOL LLC: Creditors Must File Claims by August 7
GLORIYA LTD: Creditors Must File Claims by August 7
HLEBNAYA GAVAN: Creditors Must File Claims by August 7

MAGISTRAL-AGRO LLC: Proofs of Claim Filing Deadline Set August 7
MONOLIT-BUILDING LLC: Creditors Must File Claims by August 7
ONYX S: Creditors Must File Claims by August 7
RUSSIAN UKRAINIAN: Creditors Must File Claims by August 7
VOLIN PETROLEUM: Creditors Must File Claims by August 7


U N I T E D   K I N G D O M

AGV SPORTS: Appoints Liquidators from Tenon Recovery
ASCALADE COMMS: Names Troy Bullock and Greg Allen to Board
BRITISH AIRWAYS: Fuel Bill Reaches More Than GBP3 Billion
BRITISH AIRWAYS: Opposes EU's Proposed Emissions Trading Scheme
CAMPUS COMMUNICATIONS: Taps Liquidators from Smith & Williamson

DENSON LTD: Brings In Joint Administrators from Baker Tilly
CHANTRY BUILDERS: Calls In Liquidators from Tenon Recovery
GLOBAL CROSSING: Prone to Medium-Term Liquidity Risks, S&P Says
MONK LEISURE: Claims Filing Period Ends September 1
PIPE HOLDINGS: S&P Cuts Long-Term Corporate Credit Rating to B-

POSITIVE CONTACT: Taps Joint Administrators from Tenon Recovery
PRESTIGE GRANITE: Appoints Liquidators from BDO Stoy Hayward
PRO CARE: Appoints Joint Administrators from BDO Stoy Hayward
SCOTTISH RE: Amended Suit to be Filed in N.Y. Securities Lawsuit
SCOTTISH RE: Closes Int'l Life Reinsurance Sale to Pacific Life

STUART HOMES: Brings In Liquidators from Vantis

* Fitch: Managers Develop New Product Lines to Support Business
* Fitch: European Structured Finance Ratings Strong in 2007
* Fitch: Global CMBS Performance Strong in 2007 and 1H 2008

* Large Companies with Insolvent Balance Sheet


                            *********


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


FUCHS KARL: Claims Registration Period Ends July 29
---------------------------------------------------
Creditors owed money by LLC Fuchs Karl have until July 29, 2008,
to file written proofs of claim to the court-appointed estate
administrator:

         Dr. Alexander Burkowski
         Graben 32
         4020 Linz
         Austria
         Tel: 0732/65 45 56
         Fax: 0732/65 45 56 57
         E-mail: burkowski.alexander@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Aug. 12, 2008, for the
examination of claims at:

         The Land Court of Linz
         Room 522
         5th floor
         Linz
         Austria

Headquartered in Arnreit, Austria, the Debtor declared
bankruptcy on June 13, 2008 (Bankr. Case No. S 25/08p).


KADNAR LLC: Claims Registration Period Ends July 30
---------------------------------------------------
Creditors owed money by LLC Kadnar have until July 30, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Katharina Widhalm-Budak
         Schulerstrasse 18
         1010 Vienna
         Austria

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on Aug. 13, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 13, 2008, (Bankr. Case No. 3 S 64/08v).


ROGA LLC: Claims Registration Period Ends July 29
-------------------------------------------------
Creditors owed money by LLC Roga have until July 29, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Mag. Susanne Poeltenstein-Rosenegger
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 512 40 13
         Fax: 512 40 13 22
         E-mail: poeltenstein@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Aug. 12, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on June 17, 2008, (Bankr. Case No. 28 S 86/08p).


SIGUSAN HEILMITTEL: Claims Registration Period Ends July 25
-----------------------------------------------------------
Creditors owed money by LLC Sigusan Heilmittel have until July
25, 2008, to file written proofs of claim to the court-appointed
estate administrator:

         Mag. Helmut Schmid
         Kalchberggasse 6-8
         8010 Graz
         Austria
         Tel: 0316/821114-0
         Fax: 0316/821114-79
         E-mail: office@schmid-horn.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:40 a.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 Soeding, Austria the Debtor declared bankruptcy
on June 13, 2008, (Bankr. Case No. 25 S 42/08a).


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


BELVEDERE SA: Beaune Court Commences Safeguard Procedure
--------------------------------------------------------
The Tribunal de Commerce of Beaune has issued an order to
commence safeguard procedure against Belvedere SA, Albertina
Torsoli and Alan Katz write for Bloomberg News.

The court also placed Belvedere under a six-month observation
period, during which the company is protected from creditors.

Belvedere's investor relations chief Olivier Balva told
Bloomberg News that during the observation period, the company
will undergo restructuring with an aim to continue its
operations.

CEO Jacques Rouvroy said Belvedere is reviewing options to
restructure its debt, either globally or partially, Bloomberg
News relates.  The company also may sell non-strategic assets to
cut its debt.

                         Debt Repayment


According to Bloomberg News, Belvedere has EUR570 million in
outstanding bonds.  Without undergoing the safeguard procedure,
holders of around EUR375 million in bonds could have demanded
early repayment as soon as two months from now, Mr. Balva told
Bloomberg News.

"If we had to do so in two months it would put too much pressure
on us," Mr. Balva said.  "This gives us time to restructure the
company in an orderly fashion."

                      Operational Funding

Mr. Balva added to Bloomberg News that Belvedere needs around
EUR100 million in cash to finance its operations.

He, however, assured that the company has yet to default on
payment and has enough cash, adding that Belvedere had around
EUR130 million in cash at the end of March, and a similar amount
at the end of June.

                       About Belvedere

Headquartered in Beaune, France, Belvedere SA --
http://www.belvedere.fr/-- is a leading producer and
distributor of alcoholic beverages i.e. vodka, wine and spirits,
mainly in Poland, France, Spain, Lithuania and Bulgaria.

                        *      *      *

In June 2008, Moody's Investors Service downgraded Belvedere's
Corporate Family Rating to Caa1 from B2 and the Senior Secured
rating on the EUR375 million FRN notes due 2013 to Caa1 (LGD3,
44%) from B1 following the company's weak operating performance
during the past financial year and the lack of improvement in
credit metrics.  The negative outlook reflects Moody's view that
the company will remain challenged over the next few months in
improving operating performance and maintaining an adequate
liquidity profile while implementing its growth strategy and
changing its capital structure.


BELVEDERE SA: Safeguard Proceeding Filing Cues S&P's D Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on France-based spirits and wine
producer and supplier Belvedere S.A. to 'D' from 'B-', owing to
the company's filing for safeguard proceeding ("procedure de
sauvegarde").

At the same time, S&P lowered its rating on Belvedere's EUR375
million senior secured floating-rate notes to 'D' from 'B-'.
The recovery rating on the notes remains unchanged at '4',
indicating S&P's expectations of average (30%-50%) recovery for
noteholders in the event of a payment default.

At March 31, 2008, the group had total unadjusted debt of EUR564
million.

"Although the company has not so far missed any interest or
principal payments, as per our general criteria we consider
filing for a procedure de sauvegarde as tantamount to a
default," said S&P's credit analyst Michael Seewald.

Belvedere's next payments on the floating-rate notes are due
Aug. 15, 2008.  Annual interest payments under the notes
correspond to EURIBOR plus 325 basis points, which puts the
annual interest charge in the range of EUR30 million to EUR35
million at current interest rates.  The group's cash and
equivalents position was EUR96 million at March 31, 2008, having
decreased by EUR26 million since Dec. 31, 2007.  While its cash
position should allow Belvedere to make the upcoming interest
payment, if it so wishes, there is no visibility on following
payments.

Belvedere's voluntary filing for procedure de sauvegarde comes
after a breach in the senior secured notes' payment restriction
covenants.  While this did not automatically trigger a default
under the documentation, one could be declared at any time.  An
early redemption of the notes could have gone beyond Belvedere's
refinancing capacities, despite its intention to pay back debt
through a series of asset divestments.


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


ART PRINT: Claims Registration Period Ends July 29
--------------------------------------------------
Creditors of Art Print Solutions Verwaltungsgesellschaft mbH
have until July 29, 2008, to register their claims with court-
appointed insolvency manager Christian Scholz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Aug. 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Tostedt
         Meeting Room I
         Area CE.02
         Linden 23
         21255 Tostedt
         Germany

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

The insolvency manager can be reached at:

         Christian Scholz
         Heuberg 1
         20354 Hamburg
         Germany
         Tel: 040 / 350 16 90
         Fax: 040 / 350 16 915

The District Court of Tostedt opened bankruptcy proceedings
against Art Print Solutions Verwaltungsgesellschaft mbH on
June 2, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Art Print Solutions Verwaltungsgesellschaft mbH
         Attn: Guenther Hueve, Manager
         Unter den Eichen 9
         21279 Wenzendorf
         Germany


B + K GMBH: Claims Registration Period Ends July 31
---------------------------------------------------
Creditors of B + K GmbH have until July 31, 2008 to register
their claims with court-appointed insolvency manager Dr. Sabine
Aldermann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Aug. 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Meeting Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         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. Sabine Aldermann
         Landgrafenstr. 2 a
         44139 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against B + K GmbH on June 13, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         B + K GmbH
         Attn: Kornelija Krenski, Manager
         Robert-Goetz-Strasse 39
         44319 Dortmund
         Germany


ELASTEC NONWOVENS: Claims Registration Period Ends July 31
----------------------------------------------------------
Creditors of ElasTec Nonwovens GmbH have until July 31, 2008 to
register their claims with court-appointed insolvency manager
Ulrich Bert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 14
         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:

         Ulrich Bert
         Birkenweg 24
         64295 Darmstadt
         Germany
         Tel: 06151/66 72 9-0
         Fax: 06151/66 72 9-20
         E-mail: darmstadt@ltb-anwaelte.de

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

The Debtor can be reached at:

         ElasTec Nonwovens GmbH
         Lilienthalstrasse 11
         64625 Bensheim
         Germany


EZ-SYSTEMS GMBH: Claims Registration Period Ends July 31
--------------------------------------------------------
Creditors of ez-systems GmbH have until July 31, 2008 to
register their claims with court-appointed insolvency manager
Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

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

The insolvency manager can be reached at:

         Rolf Nacke
         Gross-Berliner Damm 73 c
         12487 Berlin
         Germany

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

The Debtor can be reached at:

         ez-systems GmbH
         Methfesselstr. 42
         10965 Berlin
         Germany


GENERAL ACOUSTICS: Claims Registration Period Ends July 29
----------------------------------------------------------
Creditors of General Acoustics GmbH have until July 29, 2008, to
register their claims with court-appointed insolvency manager
Christian Krueger.

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

The meeting of creditors will be held at:

         The District Court of Kiel
         Hall 3
         Deliusstr. 22
         Kiel
         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 Krueger
         Westring 455
         24118 Kiel
         Germany
         Tel: 0431/990810
         Fax: 0431/99081100

The District Court of Kiel opened bankruptcy proceedings against
General Acoustics GmbH on May 30, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         General Acoustics GmbH
         Am Kanal 1
         24106 Kiel
         Germany

         Attn: Hendrik Eden, Manager
         Gut Projensdorf
         24161 Altenholz
         Germany


GTH-TECHNISCHE ANLAGEN: Claims Registration Period Ends July 29
---------------------------------------------------------------
Creditors of GTH-Technische Anlagen GmbH Stahl- und Glasbau have
until July 29, 2008, to register their claims with court-
appointed insolvency manager Friedbert Striewe.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 037
         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:

         Friedbert Striewe
         Fichtestrasse 3
         04275 Leipzig
         Germany
         Tel: 0341/696650
         Fax: 0341/6966599
         E-mail: Striewe@diro.de

The District Court of Leipzig opened bankruptcy proceedings
against GTH-Technische Anlagen GmbH Stahl- und Glasbau on
June 23, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         GTH-Technische Anlagen GmbH
         Stahl- und Glasbau
         Attn: Uwe Bankwitz, Manager
         Dessauer Strasse 20
         04129 Leipzig
         Germany


JAGO MODE-ACCESSOIRES: Claims Registration Period Ends July 29
--------------------------------------------------------------
Creditors of JAGO Mode-Accessoires GmbH have until July 29,
2008, to register their claims with court-appointed insolvency
manager Claudia Jansen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on Aug. 28, 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 Frankfurt/Main
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt/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:

         Claudia Jansen
         Bettinastrasse 35-37
         D 60325 Frankfurt/Main
         Germany
         Tel: 069/7561466-0
         Fax: 069/7561466-160

The District Court of Frankfurt/Main opened bankruptcy
proceedings against JAGO Mode-Accessoires GmbH on June 16, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         JAGO Mode-Accessoires GmbH
         Attn: Jeroen Franciscus Maria Rossen, Manager
         Koelner Strasse 1
         65760 Eschborn
         Germany


JETEX-FORTEX AUSPUFFANLAGEN: Claims Registration Ends July 29
-------------------------------------------------------------
Creditors of Jetex-Fortex Auspuffanlagen Vertriebs-GmbH have
until July 29, 2008, to register their claims with court-
appointed insolvency manager Berthold Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Reinbek
         Parkallee 6
         21465 Reinbek
         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:

         Berthold Brinkmann
         Sechslingspforte 2
         22087 Hamburg
         Germany

The District Court of Reinbek opened bankruptcy proceedings
against Jetex-Fortex Auspuffanlagen Vertriebs-GmbH on June 3,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Jetex-Fortex Auspuffanlagen Vertriebs-GmbH
         Attn: Tobias Koltze, Manager
         Grootkoppel 16
         23858 Reinfeld
         Germany


L + J STEIN: Claims Registration Period Ends July 31
----------------------------------------------------
Creditors of L + J Stein Bauunternehmen Hoch- und Tiefbau GmbH
have until July 31, 2008 to register their claims with court-
appointed insolvency manager Dr. Jan Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 1, 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 Frankfurt (Main)
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt (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:

         Dr. Jan Markus Plathner
         Lyoner Strasse 14
         60528 Frankfurt am Main
         Germany
         Tel: 069/9623340
         Fax: 069/96233422
         Internet: www.brinkmann-partner.de

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against L + J Stein Bauunternehmen Hoch- und Tiefbau
GmbH on May 14, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         L + J Stein Bauunternehmen Hoch- und Tiefbau GmbH
         Hans-Boeckler-Strasse 4
         65719 Hofheim am Taunus
         Germany


MULTI-MEDIA PROMARKT: Claims Registration Period Ends July 28
-------------------------------------------------------------
Creditors of Multi-Media ProMarkt Handels GmbH have until July
28, 2008 to register their claims with court-appointed
insolvency manager Prof. Rolf Rattunde.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on July 16, 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 Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report 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:

         Prof. Rolf Rattunde
         Kurfuerstendamm 26 a
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Multi-Media ProMarkt Handels GmbH on May 1,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Multi-Media ProMarkt Handels GmbH
         Kolonnenstrasse 30 f
         10829 Berlin
         Germany


THIELERT AIRCRAFT: Claims Registration Period Ends July 25
----------------------------------------------------------
Creditors of Thielert Aircraft Engines GmbH have until July 25,
2008, to register their claims with court-appointed insolvency
manager Dr. Bruno M. Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Sept. 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28
         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:

         Dr. Bruno M. Kuebler
         Kassbergstrasse 24
         09112 Chemnitz
         Germany
         Tel: (03 71) 31 33 73
         Fax: (03 71) 31 33 75
         E-mail: chemnitz@kuebler-gbr.de

The District Court of Chemnitz opened bankruptcy proceedings
against Thielert Aircraft Engines GmbH on July 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Thielert Aircraft Engines GmbH
         Attn: Frank Thielert, Manager
         Platanenstrasse 14
         09350 Lichtenstein
         Germany

Headquartered in Lichtenstein, Saxony/Germany, Thielert Aircraft
Engines GmbH -- http://www.thielert.com/--  is a full
subsidiary of Thielert AG, which develops and manufactures
components for high-performance engines and special parts with
complex geometries and hardware and software for digital engine
control systems.


THIELERT ENGINES: Administrator Starts Search for Investors
-----------------------------------------------------------
The Chemnitz Local Court, on July 1, 2008, opened insolvency
proceedings against Thielert Aircraft Engines GmbH.  Bruno M.
Kuebler, was appointed as the company's insolvency
administrator.  The process of finding an investor for the
company also got underway with commencement of the insolvency
proceedings.

Mr. Kuebler commented in investor qualifications, "An investor
who is capable of securing the existence of the company on a
long-term basis at its business locations and continues to
develop the company's leading position on the market for diesel
piston engines should get the nod.  Of course, the purchase
price also plays a role."

The process of finding an investor will be carried out in
several stages.  Mr. Kuebler already wrote to the more than
fifty prospective buyers on July 2, 2008.  This correspondence
contains a brief expose of the company as well as a
confidentiality agreement which the prospective buyers are
required to sign and return by July 16, 2008 if they plan to
participate in the process to find an investor.

Such investors will then receive more comprehensive information
about the company toward the end of July 2008.  Those
prospective investors who then desire to enter into purchasing
negotiations on the basis of this information memorandum must
then state their interest in purchasing the company and submit a
non-binding purchase price offer in the form of a "Letter of
Intent."

These potential investors will in turn be invited to the "due
diligence" and given access to the data room with complete
information about the company.  Thereafter the purchasing
negotiations which may take up to several weeks will begin.  The
insolvency administrator does not expect the required
negotiations to be concluded before September 2008.

Mr. Kuebler also asks the public to be aware that no information
may be published on prospective investors or the state of
negotiations until successful conclusion of the required
discussions with investors in order not to jeopardize these
discussions through indiscretion.

The company's business operations will continue unchanged even
after opening of the insolvency proceedings.  The transition
from preliminary to opened insolvency proceedings is a purely
formal act that has no noticeable effects on the company's
relations with its suppliers or customers.

Headquartered in Lichtenstein, Saxony/Germany, Thielert Aircraft
Engines GmbH -- http://www.thielert.com/--  is a full
subsidiary of Thielert AG, which develops and manufactures
components for high-performance engines and special parts with
complex geometries and hardware and software for digital engine
control systems.


VERSORGUNGSTECHNIK LPM: Claims Registration Period Ends July 25
---------------------------------------------------------------
Creditors of Versorgungstechnik LPM GmbH have until July 25,
2008 to register their claims with court-appointed insolvency
manager Udo Feser.

The District Court of Charlottenburg will verify the claims set
out in the insolvency manager's report at 9:35 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:

         Udo Feser
         Uhlandstr. 165/166
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Versorgungstechnik LPM GmbH on April 29,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Versorgungstechnik LPM GmbH
         Hochkirchstr. 2
         10829 Berlin
         Germany


* Fitch Says German Nuclear Power Phase-Out Lag Perks Utilities
---------------------------------------------------------------
Fitch Ratings says a potential delay in the phasing-out of
nuclear power in Germany, while still highly politically
sensitive, would significantly benefit utilities by way of
generation mix, cash flows, investment plans and profitability.
The agency notes deteriorating economic conditions and rising
commodity prices, among other factors, may gradually lead the
German government to extend the deadline of the nuclear phase-
out.

"We believe a delay of the original nuclear exit program would
not only prolong the operation of 4GW generating capacity in the
short-term but also positively influence the business profile of
nuclear operators in Germany," says Jacek Kawalczewski, an
Associate Director in Fitch's Energy, Utilities and Regulation
team.

Under the Atomic Energy Act, the operating life of nuclear power
plants in Germany is limited to 32 years.  The law also states
that four out of 17 existing operating plants with total
capacity of 3,950MW are to be closed by 2009.  The construction
of new nuclear power plants is also prohibited.

If the phase-out deadline is extended, utilities will be under
less pressure to commit heavy cash outlays for the replacement
of lost nuclear capacity and for nuclear waste disposal and
decommissioning costs.  As an example, nuclear provisions made
by RWE AG ('A+'/ Negative) and E.ON AG ('A+'/Negative) total
EUR9.1 billion and EUR10.2 billion, respectively.  In addition,
NPPs help to underpin profitability as their production costs
are relatively low in the context of rising wholesale energy
market prices.  Nuclear energy assets would also allow utilities
to maintain a balanced portfolio mix; they comprised 20.6% of
installed capacity in Germany in 2007.

In the short-term, RWE would most likely be the chief
beneficiary from a delay of the nuclear phase-out, as it stands
to lose the most capacity (2.4GW) from a nuclear plant shutdown
by end-2009.  This is followed by EnBW with 785MW, Vattenfall
Europe AG (parent Vattenfall AB rated 'A+'/ Negative) with 514MW
and E.ON with 257MW of installed capacity.  However, over the
longer-term, E.ON would benefit the most, as it has the largest
exposure (32%) to nuclear energy.

"Economic conditions in Germany have substantially changed since
2002, when the nuclear phase-out agreement was introduced," says
Mr. Kawalczewski.  Rising oil, gas and coal prices as well as
CO2 emissions-related costs have all resulted in higher energy
prices.  Postponement of investments for new capacity and the
replacement needs of aging German energy generation assets have
added to the case for a rethink of the government's current
nuclear policy.  Additionally, dependence on Russian natural gas
and delayed realization of several wind energy projects are all
contributing to a reassessment of nuclear power as a reliable,
low production cost energy source.

This trend is evident across Europe: France and Finland are
building 3.2GW of nuclear capacity, central and south eastern
European countries are planning more than 10GW of nuclear
capacity, while Sweden and the Netherlands have delayed their
phase-outs of nuclear power.

Fitch notes a phase-out of nuclear power could lead to a
substantial increase in wholesale energy prices, given the low
production costs of this energy source.  Coal is the single-
largest energy source, powering 47% of the German economy, but
entails high costs, particularly against a background of high
coal prices and the government's commitment to reduce CO2
emissions.  Nuclear power supplied about 22% of Germany's
electricity in 2007 and accounts for 15% of the 136GW nuclear
capacity in Europe.


===========
G R E E C E
===========


WIND HELLAS: Vulnerable to Medium-Term Liquidity Risks, Says S&P
----------------------------------------------------------------
Spurred by the ongoing financial turbulence in the world's
capital markets since the summer of 2007, Standard & Poor's
Ratings Services recently published the second in a series of
updates to evaluate the liquidity risk of telecoms, cable, and
satellite operators (investment and speculative grade) in
Europe, the Middle East, and Africa (EMEA) over a 12-18 month
horizon.

The report "Lineup Of EMEA Telecoms Operators Most Vulnerable To
Medium-Term Liquidity Risk Gains Three Names, Loses Four,"
published on July 17, 2008, on RatingsDirect, singles out eight
players -- this time all telecoms operators -- that S&P
considers to be the most vulnerable to liquidity risk over the
period under review, one less than in its initial liquidity
report on the sector, published on Jan. 28, 2008.

S&P's revised list comprises, in alphabetical order:

  * Cell C (Pty) Ltd. (B-/Stable/--),
  * Central Telecommunications Co. (OJSC) (B+/Stable/--),
  * Global Crossing (U.K.) Telecommunications Ltd. (GCUK;B-
    /Stable/--),
  * Southern Telecommunications Co. (OJSC) (B/Positive/--),
  * UAB Bite Lietuva (B/Negative/--),
  * Uralsvyazinform (OJSC) (BB-/Stable/--),
  * VolgaTelecom (OJSC) (BB-/Stable/--), and
  * WIND Hellas Telecommunications S.A. (B/Negative/--).

Unsurprisingly, the list has changed significantly since
January.  Four names have dropped off-- Hungarian Telephone and
Cable Corp. (HTTC; B+/Stable/--), Kabel Deutschland GmbH (KDG;
B+/Stable/--), Netia S.A. (B/Stable/--), and North-West Telecom
(JSC) (BB-/Stable/--) -- and three new ones have joined: Central
Telecommunications, GCUK, and WIND Hellas.

"The high number of changes reflects the intrinsic volatility
associated with liquidity risk, whereby an agreement by bankers
to extend the maturity date of debt, the approval of a covenant
waiver, or some financial support gained from shareholders can
make the difference between survival and default," said S&P's
credit analyst Leandro de Torres Zabala.

The Russian fixed-line sector is the biggest contributor to the
list, with four companies, reflecting incumbents' still somewhat
constrained liquidity owing to the absence, in practice, of
long-term ruble-denominated funding in the market.  Russian
operators must therefore be on the constant lookout for new
funding to refinance their maturing obligations.

Next in line is the EMEA wireless sector, contributing three
names, despite a number of operators having recently
successfully accessed the capital markets.  S&P remains alert
for the three companies on the list, which have relatively
weaker competitive positions given their late entrance into
competitive markets and are challenged to generate positive
FOCF.

The European alternative fixed-line sector contributed one name
to the list, with liquidity remaining a principal area of risk
in this sector due to a combination of high leverage, lack of
business scale, negative free operating cash flow generation, or
strong competitive pressures.  Fortunately, no companies in this
sector are currently on the verge of default.

Although no rated Western European cables names are on the list
this time around, S&P continues to monitor closely certain
operators whose covenant headroom could tighten if the
near-to-medium-term growth expectations do not materialize.


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


TITAN EUROPE: S&P Junks Rating on Class G Notes to CCC From B-
--------------------------------------------------------------
Standard & Poor's Rating Services has lowered and kept on
CreditWatch with negative implications its credit rating on the
class G notes issued by Titan Europe 2007-3 Ltd.  At the same
time, the class E and F notes remain on CreditWatch negative.
The ratings on the other classes in the transaction are
unaffected.

The rating action is due to the transfer into special servicing
of the Metro and Holmewood Chesterfield loans, which was
announced by the servicer in interim notices published on July
15, 2008.

S&P has concerns regarding the ongoing ability of the borrowers
to pay debt service in a timely manner and fully repay the
principal balance before or at loan maturity.  Due to S&P's
immediate concerns, the rating agency has lowered its rating on
the class G notes to 'CCC-' and kept it on CreditWatch negative.

Special servicing fees will be due from the July 2008 interest
payment date.  Depending on the special servicer appointed, the
rate applicable is 0.20% or 0.25% per year of the relevant
outstanding loan amount.  These fees are not covered by the
servicing advances.  This results in an increased uncertainty
about the timely payment of interest for the lowest rated class
of notes and the rating on these notes could be lowered to 'D'.

There is also an appraisal reduction mechanism in place to limit
servicing advances by automatically reducing the available
drawings following a loan event of default where the up-to-date
whole loan-to-value ratio exceeds 90%.   This may affect future
drawings, if any are necessary in relation to the Metro
and Holmewood Chesterfield loans.

On July 9, 2008, the ratings on the class F and G notes were
lowered to B/Watch Neg and B-/Watch Neg, respectively, and the
class E notes were placed on CreditWatch negative due to
concerns regarding the term and/or refinancing risk for the
Auric and the Metro loans.  The rating on the class G notes
was originally placed on CreditWatch negative on May 30, 2008.

S&P is continuing to evaluate information on the Auric, Metro,
and Holmewood Chesterfield loans.  S&P expects to resolve the
CreditWatch placements and publish a transaction update after
receipt of additional information relating to those loans.

Titan Europe 2007-3 Ltd.:

  -- GBP778.82 Commercial Mortgage-Backed Floating-Rate Notes

Class       To                      From

Rating Lowered And Kept On CreditWatch Negative

G           CCC-/Watch Neg          B-/Watch Neg

Ratings Kept On CreditWatch Negative

E           BBB-/Watch Neg
F           B/Watch Neg


* S&P Corrects Rating Release on Four European CDO Transactions
---------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with negative implications 36 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
EUR1.816 billion.  S&P is placing the ratings on CreditWatch
negative to reflect changes being made to the assumptions the
rating agency 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:
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


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


ALITALIA SPA: Two Firms Want to Buy Cargo Business
--------------------------------------------------
Equinox and Miro Radici Finance S.A. are planning to jointly
acquire the cargo operations of Alitalia S.p.A., Thomson
Financial News reports.

Equinox and Miro Radici said they have submitted an expression
of interest for Alitalia Cargo to Intesa Sanpaolo S.p.A., the
Italian government's adviser for the sale of its 49.9% stake in
the national carrier.

The interested parties have proposed to create an adhoc firm --
based at Milan's Malpensa airport -- that would take over
Alitalia Cargo.

As recently reported in the TCR-Europe, Intesa Sanpaolo's draft
rescue plan for Alitalia includes nearly a billion euro capital
increase and redundancies for thousands of employees.

Around 10 local businessmen will inject between EUR700 million
and EUR800 million in fresh capital into Alitalia while up to
5,000 employees might lose their jobs.  Intesa Sanpaolo chief
executive Corrado Passera, however, said the figures were
"premature."

As reported in the TCR-Europe on July 1, 2008, the Italian
government has given Intesa Sanpaolo until August 10, 2008, to
complete a rescue plan for Alitalia.  Finance Minister Giulio
Tremonti expects a solid business solution within next month.

                          About Alitalia

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

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


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


ADAL LLP: Creditors Must File Claims by September 2
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Adal insolvent.

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

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


CARGO EXPRESS: Claims Deadline Slated for September 2
-----------------------------------------------------
LLP Cargo Express has declared insolvency.  Creditors have until
Sept. 2, 2008, to submit written proofs of claims to:

         LLP Cargo Express
         Room 331
         Jeltoksan Str. 115
         Almaty
         Kazakhstan


FANTAZIYA LIMITED: Claims Filing Period Ends September 2
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Fantaziya Limited 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


GLOBAL PARTNERS: Creditors' Claims Due on September 2
-----------------------------------------------------
LLP Global Partners has declared insolvency.  Creditors have
until Sept. 2, 2008, to submit written proofs of claims to:

         LLP Global Partners
         Micro District 2, 38-1
         Kapshagai
         040800, Almaty
         Kazakhstan


KASFLOR LLP: Claims Registration Ends September 2
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Kasflor 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


MAGLOIS LLP: Creditors Must File Claims by September 2
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Maglois insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


MIKOM PRO: Claims Deadline Slated for September 2
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Mikom Pro insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Kozybaev Str. 107-126
         Kostanai
         Kazakhstan


POHSHAT LLP: Claims Filing Period Ends September 2
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Pohshat insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Kozybaev Str. 107-126
         Kostanai
         Kazakhstan


ROS SHIN: Creditors' Claims Due on September 2
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Ros Shin 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


VIGORAS LLP: Claims Registration Ends September 2
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Vigoras insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


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


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

         LLC Gradient Net
         Pushkin Str. 70
         Bishkek
         Kyrgyzstan


===========
L A T V I A
===========


TRASTA KOMER: Moody's Assigns E+ Bank Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has assigned an E+ bank financial
strength rating to Latvian institution Trasta Komercbanka as
well as B2 long-term and Not Prime short-term local and foreign
currency deposit ratings.  The outlooks on all ratings are
stable.

Trasta Komercbanka's E+ BFSR, which maps to a Baseline Credit
Assessment of B2, reflects the bank's good profitability,
adequate capital adequacy and strong efficiency.  The rating is
constrained by the bank's small business franchise and its high
exposure to non-resident deposits.  The BFSR also incorporates
the fierce competitive challenges it faces not only from
foreign-owned players but also from local niche banks.  Moody's
believes that, given the bank's small size within the Latvian
market, there would be no systemic support for Trasta
Komercbanka in the event of a stress situation.  Therefore,
Trasta Komercbanka's long-term local currency deposit ratings
are B2, the same level as its BCA.

Trasta Komercbanka is a niche bank with a limited business
franchise focused on the Latvian small and medium-sized business
segment, mainly providing services related to international
trade and transit business.  Furthermore, the bank provides
private banking services to high-net-worth individuals.  At end-
2007, it had a market share of 1.3% of total Latvian banking
system assets and 2.2% of total deposits.  Going forward,
Moody's views the major challenges facing the bank to be to
strengthen its franchise, diversify its funding base and reduce
its credit risk concentrations and reliance on non-resident
deposits for funding.

Moody's currently maps Trasta Komercbanka's E+ BFSR to a BCA of
B2.  Under Moody's rating methodology for banks, an E+ BFSR can
be mapped to a BCA of B1, B2 or B3 depending on its relative
positioning within the E+ category.  Any change in the bank's
BCA would result in a corresponding change in the deposit
ratings.  The BCA of B2 could experience upward pressure if the
bank were to strengthen its franchise, diversify its funding
profile and reduce its non-resident exposure and credit risk
concentrations.  Moody's believes, however, that the bank is
well placed at its current rating level and enjoys little upside
potential in the short-to-medium term.  Conversely, the BCA
could be negatively affected by a deterioration in the bank's
risk profile or financial fundamentals to a level that is no
longer commensurate with a B2 rating.  Any asset quality
problems or deterioration in liquidity could also have adverse
rating implications.

                About Trasta Komercbanka

Headquartered in Riga, Latvia, Trasta Komercbanka had total
assets of LVL276 million (EUR401 million) at the end of March
2008.


=================
L I T H U A N I A
=================


UAB BITE: Prone to Medium-Term Liquidity Risks, S&P Says
--------------------------------------------------------
Spurred by the ongoing financial turbulence in the world's
capital markets since the summer of 2007, Standard & Poor's
Ratings Services recently published the second in a series of
updates to evaluate the liquidity risk of telecoms, cable, and
satellite operators (investment and speculative grade) in
Europe, the Middle East, and Africa (EMEA) over a 12-18 month
horizon.

The report "Lineup Of EMEA Telecoms Operators Most Vulnerable To
Medium-Term Liquidity Risk Gains Three Names, Loses Four,"
published on July 17, 2008, on RatingsDirect, singles out eight
players -- this time all telecoms operators -- that S&P
considers to be the most vulnerable to liquidity risk over the
period under review, one less than in its initial liquidity
report on the sector, published on Jan. 28, 2008.

S&P's revised list comprises, in alphabetical order:

  * Cell C (Pty) Ltd. (B-/Stable/--),
  * Central Telecommunications Co. (OJSC) (B+/Stable/--),
  * Global Crossing (U.K.) Telecommunications Ltd. (GCUK;B-
    /Stable/--),
  * Southern Telecommunications Co. (OJSC) (B/Positive/--),
  * UAB Bite Lietuva (B/Negative/--),
  * Uralsvyazinform (OJSC) (BB-/Stable/--),
  * VolgaTelecom (OJSC) (BB-/Stable/--), and
  * WIND Hellas Telecommunications S.A. (B/Negative/--).

Unsurprisingly, the list has changed significantly since
January.  Four names have dropped off-- Hungarian Telephone and
Cable Corp. (HTTC; B+/Stable/--), Kabel Deutschland GmbH (KDG;
B+/Stable/--), Netia S.A. (B/Stable/--), and North-West Telecom
(JSC) (BB-/Stable/--) -- and three new ones have joined: Central
Telecommunications, GCUK, and WIND Hellas.

"The high number of changes reflects the intrinsic volatility
associated with liquidity risk, whereby an agreement by bankers
to extend the maturity date of debt, the approval of a covenant
waiver, or some financial support gained from shareholders can
make the difference between survival and default," said S&P's
credit analyst Leandro de Torres Zabala.

The Russian fixed-line sector is the biggest contributor to the
list, with four companies, reflecting incumbents' still somewhat
constrained liquidity owing to the absence, in practice, of
long-term ruble-denominated funding in the market.  Russian
operators must therefore be on the constant lookout for new
funding to refinance their maturing obligations.

Next in line is the EMEA wireless sector, contributing three
names, despite a number of operators having recently
successfully accessed the capital markets.  S&P remains alert
for the three companies on the list, which have relatively
weaker competitive positions given their late entrance into
competitive markets and are challenged to generate positive
FOCF.

The European alternative fixed-line sector contributed one name
to the list, with liquidity remaining a principal area of risk
in this sector due to a combination of high leverage, lack of
business scale, negative free operating cash flow generation, or
strong competitive pressures.  Fortunately, no companies in this
sector are currently on the verge of default.

Although no rated Western European cables names are on the list
this time around, S&P continues to monitor closely certain
operators whose covenant headroom could tighten if the
near-to-medium-term growth expectations do not materialize.


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


RUSSIA INT'L: Fitch Lifts US$106.4MM Notes Rating to A- from BB
---------------------------------------------------------------
Fitch Ratings has upgraded Russia International Card Finance
S.A.'s US$106.4 million Class 2004 note to 'A-' from 'BB'.  The
Outlook remains Stable.

The rating action follows an upgrade of both the Long-term
Issuer Default rating and the Going Concern Assessment of the
transaction's originator, Rosbank, as a result of Societe
Generale's February 13, 2008 announcement, that it had exercised
its call option for 30% plus two shares, thereby increasing its
overall ownership in Rosbank to 50% plus one share.

The notes have continued to pay down as expected over the life
of the transaction, with a three-month rolling average Debt
Service Coverage Ratio value of 9.94:1 in June 2008, above the
3:1 trigger level for the transaction.

The transaction is a securitization of present and future
receivables, due to Rosbank from Visa, MasterCard and Maestro,
and generated through the processing of international credit
card vouchers by JSC United Card Service, and their settlement
with the merchant via UCS's exclusive settlement bank, Rosbank.


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


COPERNICUS EURO: Fitch Holds 'B/DR1' Rating on Class D Notes
------------------------------------------------------------
Fitch Ratings has affirmed all classes of Copernicus Euro CDO I
B.V., as listed below:

  -- Class A notes (ISIN XS0131033994): affirmed at 'AAA'
  -- Class B-1 notes (ISIN XS0131035007): affirmed at 'AAA'
  -- Class B-2 notes (ISIN XS0131115536): affirmed at 'AAA'
  -- Class C-1 notes (ISIN XS0131036310): affirmed at 'BBB'
  -- Class C-2 notes (ISIN XS0131113838): affirmed at 'BBB'
  -- Class D notes (ISIN XS0131037045): affirmed at 'B'/'DR1'

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

Following the trustee report on 10 June 2008, the remaining
portfolio contains 33 bonds and loans from 19 obligors with a
par amount of EUR99.4 million and a principal cash balance of
EUR4.4 million.  The largest exposure accounts for 9.7% of the
outstanding portfolio amount, and the three largest obligors
account for 27.8% of the outstanding portfolio amount.  The
weighted average portfolio quality is 'B/B-', with three
obligors rated 'CCC', accounting for 17.9% of the outstanding
portfolio amount.  The transaction continues to de-leverage with
the Class A notes now at 7.8% of the original issued amount.

For all the rated tranches, the current credit enhancement
levels are deemed sufficient to justify their ratings under both
Fitch's revised corporate CDO rating methodology and its new
Global Criteria for Cash Flow Analysis.  However, the Class C
and D notes are particularly sensitive to downward interest rate
scenarios, which limit opportunity for the structure to capture
excess spread to protect the tranches.

In July 2001, Copernicus Euro CDO I B.V., a limited liability
company incorporated under the laws of the Netherlands, issued
EUR350m of various classes of fixed- and floating-rate notes and
invested the proceeds in a portfolio of speculative-grade debt
securities.


EUROSTAR I: Fitch Keeps Junk Ratings on Two Classes of Notes
------------------------------------------------------------
Fitch Ratings has upgraded EuroStar I CDO's Class A-3 notes as
listed below.  The ratings of all the other classes of notes
remain unchanged.

  -- Class A-3 notes (XS0111598859): upgraded to 'A' from
     'B'/'DR1'

  -- Class B notes (XS0111599154): 'CC'/'DR5'
  -- Class C notes (XS0111599238): 'C'/'DR6'

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

Following the trustee report on July 2, 2008, the remaining
portfolio contains 17 bonds from 17 obligors with a par amount
of EUR39 million.  The largest exposure makes up 10.3% of the
outstanding portfolio amount, and the three largest obligors
account for 28.2% of the outstanding portfolio amount.  The
weighted average portfolio quality is 'BB', with no obligors
rated 'CCC' or below.  The transaction continues to de-leverage,
with the Class A-3 notes now at 31.5% of the original issued
amount.

The upgrade of the Class A-3 notes reflects the increase in
over-collateralization to 154% from 127% in July 2007.  The
current credit enhancement level is deemed sufficient to justify
the rating under both Fitch's revised corporate CDO rating
methodology and its new Global Criteria for Cash Flow Analysis.

In June 2000, EuroStar I CDO, a limited liability company
organized under Dutch law, issued EUR319.5 million of various
classes of fixed- and floating-rate notes and invested the
proceeds in a portfolio of corporate investment grade and sub-
investment grade debt securities.


X5 RETAIL: Says Hyperfinance Bonds not Guaranteed by Formata
------------------------------------------------------------
X5 Retail Group N.V. disclosed that Formata Holding B.V. and its
subsidiaries, Kaizer LLC and Rusel LLC have informed the Russian
Federal Financial Markets Service that guarantees offered by
Formata Group companies in support of a potential issue of
corporate ruble bonds by Hyperfinance LLC, a subsidiary of
Donson B.V., in the amount of RUR 5billion with a maturity of
five years (register # 4-01-36331-R) had been terminated, and
that accordingly the information contained in the bond
Prospectus relating to such guarantees is misleading to
investors.
                       About X5 Retail

Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V.
(LSE: FIVE) -- http://www.x5.ru/en/-- acts as a holding firm
for the group of companies that operate retail grocery stores.
The main activity of the company is the development and
operation of grocery retail stores.  The company operated
Pyaterochka and Perekrestok retail chains in Russia, including
Moscow, St. Petersburg, Nizhniy Novgorod, Krasnodar, Kazan,
Samara, Ekaterinburg and Kiev, Ukraine.

                          *     *     *

X5 Retail Group N.V. continues to carry a B1 Corporate Family
Rating from Moody's Investors Service with positive outlook.

X5 Retail and its subsidiaries also carries a 'BB-' long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is stable.


===========
P O L A N D
===========


STOCZNIA GDYNIA: EC Gives Gov't Until Sept. 12 for Revised Plan
----------------------------------------------------------------
The European Commission has given the Polish government until
September 12, 2008, to present revised restructuring plans for
Stocznia Gdynia S.A. and Stocznia Szczecinska Nowa Sp. z o.o.,
Katya Andrusz writes for Bloomberg News.

As previously reported in TCR-Europe, Poland has asked the
Commission more time to:

   -- find private investors for the Gdynia and Szczecinska
      and

   -- submit rescue plans that exclude future state assistance.

The Commission has warned that it may issue negative decision on
the more than EUR1 billion state aid availed to the shipyards if
the Polish government fails to present a viable restructuring
plan.

Competition Commissioner Neelie Kroes disclosed that Poland's
current restructuring plan for the shipyards were not
acceptable, Bloomberg News relates.

Mr. Kroes, however, noted that the "recent expressions
of interest from private investors could lead to an acceptable
solution within a short space of time."

He said the revised plans must "comply fully" with European
Union's state aid rules.

"Unless the shortcomings are addressed, the commission would
have no option but to adopt a negative decision," Commission
spokesman Jonathan Todd was quoted by Bloomberg News as saying.

The Commission may demand that the shipyards repay hundred of
millions of Euros in state aid, which could lead to the their
bankruptcy, unions told Bloomberg News.

As previously reported in the TCR-Europe, the shipyards needs
urgent capital injection -- with Stocznia Gdynia requiring
around US$250 million -- to avert bankruptcy and finance its
operations.

                    About Stocznia Szczecinska

Headquartered in Szczecin, Poland, Stocznia Szczecinska Nowa
Sp. z o.o. -- http://www.ssn.pl/-- specialized in the
construction of container, chemicals transport, multi-purpose
and Con-Ro ships.  The company has been in insolvency after
experiencing substantial reduction of new ship orders, sharp
price decline, and several years of high exchange rate
between the Polish zloty and U.S. dollar.

                      About Stocznia Gdynia

Located in Port of Gdynia, Poland, Stocznia Gdynia S.A. --
http://www.stocznia.gdynia.pl/-- engages in the construction of
ships, partly equipped hulls, ship's sections, superstructures,
and steel constructions.  The company also engages in the
production and distribution of technical gases, hot water, and
steam, as well as research and development works in technical
studies.


STOCZNIA SZCZECINSKA: EC Gives Gov't Until Sept. 12 for New Plan
----------------------------------------------------------------
The European Commission has given the Polish government until
September 12, 2008, to present revised restructuring plans for
Stocznia Gdynia S.A. and Stocznia Szczecinska Nowa Sp. z o.o.,
Katya Andrusz writes for Bloomberg News.

As previously reported in TCR-Europe, Poland has asked the
Commission more time to:

   -- find private investors for the Gdynia and Szczecinska
      and

   -- submit rescue plans that exclude future state assistance.

The Commission has warned that it may issue negative decision on
the more than EUR1 billion state aid availed to the shipyards if
the Polish government fails to present a viable restructuring
plan.

Competition Commissioner Neelie Kroes disclosed that Poland's
current restructuring plan for the shipyards were not
acceptable, Bloomberg News relates.

Mr. Kroes, however, noted that the "recent expressions
of interest from private investors could lead to an acceptable
solution within a short space of time."

He said the revised plans must "comply fully" with European
Union's state aid rules.

"Unless the shortcomings are addressed, the commission would
have no option but to adopt a negative decision," Commission
spokesman Jonathan Todd was quoted by Bloomberg News as saying.

The Commission may demand that the shipyards repay hundred of
millions of Euros in state aid, which could lead to the their
bankruptcy, unions told Bloomberg News.

As previously reported in the TCR-Europe, the shipyards needs
urgent capital injection -- with Stocznia Gdynia requiring
around US$250 million -- to avert bankruptcy and finance its
operations.

                      About Stocznia Gdynia

Located in Port of Gdynia, Poland, Stocznia Gdynia S.A. --
http://www.stocznia.gdynia.pl/-- engages in the construction of
ships, partly equipped hulls, ship's sections, superstructures,
and steel constructions.  The company also engages in the
production and distribution of technical gases, hot water, and
steam, as well as research and development works in technical
studies.

                    About Stocznia Szczecinska

Headquartered in Szczecin, Poland, Stocznia Szczecinska Nowa
Sp. z o.o. -- http://www.ssn.pl/-- specialized in the
construction of container, chemicals transport, multi-purpose
and Con-Ro ships.  The company has been in insolvency after
experiencing substantial reduction of new ship orders, sharp
price decline, and several years of high exchange rate
between the Polish zloty and U.S. dollar.


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


AGRO-SNAB LLC: Court Names V. Gilmanov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Chelyabinsk appointed V. Gilmanov as
Insolvency Manager for LLC Agro-Snab (TIN 7423011006).  He can
be reached at:

         V. Gilmanov
         Kirova Str. 18
         454091 Chelyabinsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A76-3880/2008-20-40.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agro-Snab
         Dzerzhinskogo Str. 30-13
         Snezhinsk
         456770 Chelyabinsk
         Russia


ARMAVIRSKAYA SEL-KHOZ-TEKHNIKA: Claims Filing Ends August 21
------------------------------------------------------------
Creditors of OJSC Armavirskaya Sel-Khoz-Tekhnika have until Aug.
21, 2008, to submit proofs of claim to:

         A. Klimashov
         Insolvency Manager
         Office 100
         Pochainskaya Str. 17
         603001 N. Novgorod
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A32-2512/2008-38/67B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Armavirskaya Sel-Khoz-Tekhnika
         Zheleznodorozhnaya Str. 65
         Armavir
         Krasnoyarsk
         Russia


BACON LLC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Smolensk commenced bankruptcy
supervision procedure on LLC Bacon.  The case is docketed under
Case No. A-62-1157/2008.

The Temporary Insolvency Manager is:

         A. Grimovskiy
         Post User Box 78
         214036 Smolensk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Bacon
         Samoylovo
         Gagarinskiy
         Smolensk
         Russia


BOROZDINSKOE LLC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Kurgan commenced bankruptcy supervision
procedure on LLC Borozdinskoe.  The case is docketed under Case
No. A34-1634/08.

The Temporary Insolvency Manager is:

         N. Zubkov
         Novaya Str. 3
         Malusheva
         Kargapolskiy
         641917 Kurgan
         Russia

The Court is located at:

         The Arbitration Court of Kurgan
         Sovetskaya Str. 192
         640003 Kurgan
         Russia

The Debtor can be reached at:

         LLC Borozdinskoe
         Borozdinka
         Almenevskiy
         641143 Kurgan
         Russia


CHROMITE MANGANESIAN: Court Names G. Baturin to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Chelyabinsk appointed G. Baturin as
Insolvency Manager for CJSC Chromite Manganesian Ore Mining
Company.  He can be reached at:

         G. Baturin
         Post User Box 226
         Kopeysk-17
         456617 Chelyabinsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A76— 4199/2008-20-52.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Chromite Manganesian Ore Mining Company
         Avtodorozhnaya Str. 15
         Chelyabinsk
         Russia


CINEMA CJSC: Chelyabinsk Bankruptcy Hearing Set September 4
-----------------------------------------------------------
The Arbitration Court of Chelyabinsk will convene on Sept. 4,
2008, to hear the bankruptcy supervision procedure on CJSC
Cinema.  The case is docketed under Case No. A76-402/08-60-45.

The Temporary Insolvency Manager is:

         I. Gataullin
         Post User Box 8213
         454084 Chelyabinsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Cinema
         Moldavskaya Str. 16
         Chelyabinsk
         Russia


GALA-GROUP CJSC: Court Names V. Makov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Samara appointed V. Makov as Insolvency
Manager for CJSC Financial-Trust Company Gala-Group.  He can be
reached at:

         V. Makov
         Room 40
         Molodezhnaya Str. 8
         443031 Samara
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A55-3466/08.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Financial-Trust Company Gala-Group
         302028 Samara
         Russia


KALACHEVSKIY SOV-KHOZ: Court Names A. Pivovarov to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Chelyabinsk appointed A. Pivovarov as
Insolvency Manager for OJSC Kalachevskiy Sov-Khoz.  He can be
reached at:

         A. Pivovarov
         Post User Box 13007
         454091 Chelyabinsk
         Russia

The Court will convene at 3:00 p.m. on Sept. 25, 2008, to hear
the bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No.A57-6504/07-32.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Kalachevskiy Sov-Khoz
         Kopeysk
         Kalachevo
         Chelyabinsk
         Russia


LENSK-TRANS-SERVICE: Sakha Bankruptcy Hearing Set October 6
-----------------------------------------------------------
The Arbitration Court of Sakha will convene at 10:00 a.m. on
Oct. 6, 2008, to hear the bankruptcy supervision procedure on
LLC Lensk-Trans-Service.  The case is docketed under Case No.
A58-1849/08.

The Temporary Insolvency Manager is:

         N. Semenov
         Office 65
         Korolenko Str. 28
         Yakutsk
         677000 Sakha
         Russia

The Court is located at:

         The Arbitration Court of Sakha
         677981 Sakha
         Yakutsk
         Kurashova Str. 28
         Russia

The Debtor can be reached at:

         LLC Lensk-Trans-Service
         Lensk
         Sakha
         Russia


MIRAX-TRUST: Creditors Must File Claims by August 21
----------------------------------------------------
Creditors of CJSC Mirax-Trust have until Aug. 21, 2008, to
submit proofs of claim to:

         E. Dulnev
         Insolvency Manager
         Office 209
         Demokraticheskaya Str. 8
         443031 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A55-3950/2007.

The Court is located at:

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

The Debtor can be reached at:

         E. Dulnev
         Insolvency Manager
         Office 209
         Demokraticheskaya Str. 8
         443031 Samara
         Russia


SAMARSKAYA PHOTO: Court Names A. Safronov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Samara appointed A. Safronov as
Insolvency Manager for LLC Samarskaya Photo Company (TIN
6311088506).  He can be reached at:

         A. Safronov
         Buyanova Str. 62-3
         443041 Samara
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A55-4874/2008.

The Court is located at:

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

The Debtor can be reached at:

         A. Safronov
         Buyanova Str. 62-3
         443041 Samara
         Russia


SOUTHERN TELECOMMUNICATIONS: Prone to Liquidity Risks, S&P Says
---------------------------------------------------------------
Spurred by the ongoing financial turbulence in the world's
capital markets since the summer of 2007, Standard & Poor's
Ratings Services recently published the second in a series of
updates to evaluate the liquidity risk of telecoms, cable, and
satellite operators (investment and speculative grade) in
Europe, the Middle East, and Africa (EMEA) over a 12-18 month
horizon.

The report "Lineup Of EMEA Telecoms Operators Most Vulnerable To
Medium-Term Liquidity Risk Gains Three Names, Loses Four,"
published on July 17, 2008, on RatingsDirect, singles out eight
players -- this time all telecoms operators -- that S&P
considers to be the most vulnerable to liquidity risk over the
period under review, one less than in its initial liquidity
report on the sector, published on Jan. 28, 2008.

S&P's revised list comprises, in alphabetical order:

  * Cell C (Pty) Ltd. (B-/Stable/--),
  * Central Telecommunications Co. (OJSC) (B+/Stable/--),
  * Global Crossing (U.K.) Telecommunications Ltd. (GCUK;B-
    /Stable/--),
  * Southern Telecommunications Co. (OJSC) (B/Positive/--),
  * UAB Bite Lietuva (B/Negative/--),
  * Uralsvyazinform (OJSC) (BB-/Stable/--),
  * VolgaTelecom (OJSC) (BB-/Stable/--), and
  * WIND Hellas Telecommunications S.A. (B/Negative/--).

Unsurprisingly, the list has changed significantly since
January.  Four names have dropped off-- Hungarian Telephone and
Cable Corp. (HTTC; B+/Stable/--), Kabel Deutschland GmbH (KDG;
B+/Stable/--), Netia S.A. (B/Stable/--), and North-West Telecom
(JSC) (BB-/Stable/--) -- and three new ones have joined: Central
Telecommunications, GCUK, and WIND Hellas.

"The high number of changes reflects the intrinsic volatility
associated with liquidity risk, whereby an agreement by bankers
to extend the maturity date of debt, the approval of a covenant
waiver, or some financial support gained from shareholders can
make the difference between survival and default," said S&P's
credit analyst Leandro de Torres Zabala.

The Russian fixed-line sector is the biggest contributor to the
list, with four companies, reflecting incumbents' still somewhat
constrained liquidity owing to the absence, in practice, of
long-term ruble-denominated funding in the market.  Russian
operators must therefore be on the constant lookout for new
funding to refinance their maturing obligations.

Next in line is the EMEA wireless sector, contributing three
names, despite a number of operators having recently
successfully accessed the capital markets.  S&P remains alert
for the three companies on the list, which have relatively
weaker competitive positions given their late entrance into
competitive markets and are challenged to generate positive
FOCF.

The European alternative fixed-line sector contributed one name
to the list, with liquidity remaining a principal area of risk
in this sector due to a combination of high leverage, lack of
business scale, negative free operating cash flow generation, or
strong competitive pressures.  Fortunately, no companies in this
sector are currently on the verge of default.

Although no rated Western European cables names are on the list
this time around, S&P continues to monitor closely certain
operators whose covenant headroom could tighten if the
near-to-medium-term growth expectations do not materialize.


MAGNITOGORSK IRON: Shareholders to Convene August 29
----------------------------------------------------
OAO Magnitogorsk Iron and Steel Works' Board of Directors has
called an extraordinary shareholders' meeting on Aug. 29, 2008,
approved its agenda, and determined the format of the meeting,
absentee voting.

It also approved the list of information to be made available to
persons entitled to participation in the meeting. The date of
making the list of persons entitled to participation in the
meeting is set on July 21, 2008, at close of business).

The Board recommended to the Extraordinary Shareholders' Meeting
to adopt a resolution on payment of dividends for the first half
of the 2008 financial year in the amount of RUR0.382 (inclusive
of tax) per ordinary share.

                    About Magnitogorsk Iron

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

                         *     *     *

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


NATIONAL RESERVE: Fitch Lifts Issuer Default Rating to B from B-
----------------------------------------------------------------
Fitch Ratings has upgraded Russia-based National Reserve Bank's
ratings to Long-term Issuer Default 'B' from 'B-', National
Long-term 'BBB(rus)' from 'BB+(rus)', and Individual 'D' from
'D/E'. Fitch has also affirmed NRB's other ratings at Short-term
IDR 'B', Support '5' and Support Rating Floor 'No Floor'.  The
Outlooks for the Long-term IDR and National Long-term rating
remain Positive.

The upgrade reflects NRB's efforts to reduce market risks
through its gradual sale of the bank's large Gazprom stock
position, against a background of still very strong
capitalization and a satisfactory liquidity profile.  It also
takes into account the gradual evolution of its commercial
franchise and its ongoing regional expansion, which may help
over time to reduce business concentrations and improve core
earnings quality, albeit the franchise remains limited to date.

At the same time, the ratings also factor in NRB's still very
high, albeit decreasing, single equity risk exposure,
concentration on both sides of its balance sheet, high
dependence on related parties' funding and low-quality income
due to volatile trading gains.  There is also some risk that the
shareholders' other assets within the broader National Reserve
Corporation may need to draw on the bank's capital and
liquidity, although Fitch notes that current reported related
party lending is moderate.

NRB gradually reduced its Gazprom stock position according to
its shareholders' plan in 2005-2007, and the exposure fell from
72% to 54% of NRB's equity during these three years; a further
23% of shares held at end-2007 were sold in H108, a process
which is expected to continue in H208.  The bank's loan book
doubled in 2007, driven by corporate loans to large companies
and mortgages.  As a result, the customer loan/assets ratio grew
to 51%, from a modest 36% in 2006; loan growth was 8% in H108.

However, borrower concentrations have remained high, albeit
these are less of a concern when measured against current
equity.  In 2008 the bank started active regional expansion and
is planning to diversify its customer base into regional small-
and medium-sized enterprises and the retail segment, which may
gradually result in a more granular loan book.  Core income
performance improved compared with previous periods and
accounted for a larger proportion of operating income in 2007.

The Positive Outlook reflects Fitch's expectation that NRB will
continue to reduce its single stock exposure, while maintaining
high capital ratios in the near- to medium-term.  Further
progress with the sale of the Gazprom position, coupled with
franchise expansion and diversification on both sides of the
balance sheet and still high capital ratios could result in a
further upgrade.  A reversion of the Outlook to Stable, or
downward pressure on the rating, could result from a
considerable worsening of asset quality, and/or material
deterioration in capitalization as a result of stock market
disruption or large distributions to shareholders.  A sharp fall
in capital ratios resulting from realization of management's
considerable growth ambitions would also be negative for the
rating, although at present Fitch expects funding constraints to
result in a more moderate pace of expansion.

NRB (assets: US$2.2 billion, equity US$1.2 billion at end-2007)
is 78%-owned by the larger NRC (assets: US$5.4 billion, equity:
US$3.2 billion at end-2007) that is owned by Alexander Lebedev,
ex-Deputy of the Russian State Duma, and Anatoly Danilitsky,
General Director of NRC.  Yuri Kudimov, Chairman of NRB's
supervisory board, owns 18% of NRB directly.


RUSSIA INT'L: Fitch Lifts US$106.4MM Notes Rating to A- from BB
---------------------------------------------------------------
Fitch Ratings has upgraded Russia International Card Finance
S.A.'s US$106.4 million Class 2004 note to 'A-' from 'BB'.  The
Outlook remains Stable.

The rating action follows an upgrade of both the Long-term
Issuer Default rating and the Going Concern Assessment of the
transaction's originator, Rosbank, as a result of Societe
Generale's 13 February 2008 announcement, that it had exercised
its call option for 30% plus two shares, thereby increasing its
overall ownership in Rosbank to 50% plus one share.

The notes have continued to pay down as expected over the life
of the transaction, with a three-month rolling average Debt
Service Coverage Ratio value of 9.94:1 in June 2008, above the
3:1 trigger level for the transaction.

The transaction is a securitisation of present and future
receivables, due to Rosbank from Visa, MasterCard and Maestro,
and generated through the processing of international credit
card vouchers by JSC United Card Service, and their settlement
with the merchant via UCS's exclusive settlement bank, Rosbank.


TEKH-CENTRE VAZ: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Volgograd commenced bankruptcy
supervision procedure on OJSC Tekh-Centre Vaz (TIN 3436001985).
The case is docketed under Case No. A12-8023/08-S27.

The Temporary Insolvency Manager is:

         N. Zubkovskaya
         Klinskaya Str. 38-2
         400001 Volgograd
         Russia
         Tel: (8442) 94-25-76

The Debtor can be reached at:

         OJSC Tekh-Centre Vaz
         Gagarina Str. 146A
         Kamyshin
         Volgograd
         Russia


TVER-ENERGO-REMONT: Tver Bankruptcy Hearing Slated for Oct. 6
-------------------------------------------------------------
The Arbitration Court of Tver will convene at 10:00 a.m. on Oct.
6, 2008, to hear the bankruptcy supervision procedure on OJSC
Tver-Energo-Remont.  The case is docketed under Case No.
A66-2525/2008.

The Temporary Insolvency Manager is:

         A. Danilenko
         Post User Box 333
         OPS-100
         170100 Tver
         Russia
         Tel: (4822) 32-11-66

The Court is located at:

         The Arbitration Court of Tver
         Room 7
         Sovetskaya Str. 23b
         Tver
         Russia

The Debtor can be reached at:

         OJSC Tver-Energo-Remont
         Industrialnaya Str. 8
         170100 Tver
         Russia


URALSVYAZINFORM OAO: Vulnerable to Liquidity Risks, S&P Says
------------------------------------------------------------
Spurred by the ongoing financial turbulence in the world's
capital markets since the summer of 2007, Standard & Poor's
Ratings Services recently published the second in a series of
updates to evaluate the liquidity risk of telecoms, cable, and
satellite operators (investment and speculative grade) in
Europe, the Middle East, and Africa (EMEA) over a 12-18 month
horizon.

The report "Lineup Of EMEA Telecoms Operators Most Vulnerable To
Medium-Term Liquidity Risk Gains Three Names, Loses Four,"
published on July 17, 2008, on RatingsDirect, singles out eight
players -- this time all telecoms operators -- that S&P
considers to be the most vulnerable to liquidity risk over the
period under review, one less than in its initial liquidity
report on the sector, published on Jan. 28, 2008.

S&P's revised list comprises, in alphabetical order:

  * Cell C (Pty) Ltd. (B-/Stable/--),
  * Central Telecommunications Co. (OJSC) (B+/Stable/--),
  * Global Crossing (U.K.) Telecommunications Ltd. (GCUK;B-
    /Stable/--),
  * Southern Telecommunications Co. (OJSC) (B/Positive/--),
  * UAB Bite Lietuva (B/Negative/--),
  * Uralsvyazinform (OJSC) (BB-/Stable/--),
  * VolgaTelecom (OJSC) (BB-/Stable/--), and
  * WIND Hellas Telecommunications S.A. (B/Negative/--).

Unsurprisingly, the list has changed significantly since
January.  Four names have dropped off-- Hungarian Telephone and
Cable Corp. (HTTC; B+/Stable/--), Kabel Deutschland GmbH (KDG;
B+/Stable/--), Netia S.A. (B/Stable/--), and North-West Telecom
(JSC) (BB-/Stable/--) -- and three new ones have joined: Central
Telecommunications, GCUK, and WIND Hellas.

"The high number of changes reflects the intrinsic volatility
associated with liquidity risk, whereby an agreement by bankers
to extend the maturity date of debt, the approval of a covenant
waiver, or some financial support gained from shareholders can
make the difference between survival and default," said S&P's
credit analyst Leandro de Torres Zabala.

The Russian fixed-line sector is the biggest contributor to the
list, with four companies, reflecting incumbents' still somewhat
constrained liquidity owing to the absence, in practice, of
long-term ruble-denominated funding in the market.  Russian
operators must therefore be on the constant lookout for new
funding to refinance their maturing obligations.

Next in line is the EMEA wireless sector, contributing three
names, despite a number of operators having recently
successfully accessed the capital markets.  S&P remains alert
for the three companies on the list, which have relatively
weaker competitive positions given their late entrance into
competitive markets and are challenged to generate positive
FOCF.

The European alternative fixed-line sector contributed one name
to the list, with liquidity remaining a principal area of risk
in this sector due to a combination of high leverage, lack of
business scale, negative free operating cash flow generation, or
strong competitive pressures.  Fortunately, no companies in this
sector are currently on the verge of default.

Although no rated Western European cables names are on the list
this time around, S&P continues to monitor closely certain
operators whose covenant headroom could tighten if the
near-to-medium-term growth expectations do not materialize.


VOLGATELECOM OJSC: Vulnerable to Liquidity Risks, S&P Says
----------------------------------------------------------
Spurred by the ongoing financial turbulence in the world's
capital markets since the summer of 2007, Standard & Poor's
Ratings Services recently published the second in a series of
updates to evaluate the liquidity risk of telecoms, cable, and
satellite operators (investment and speculative grade) in
Europe, the Middle East, and Africa (EMEA) over a 12-18 month
horizon.

The report "Lineup Of EMEA Telecoms Operators Most Vulnerable To
Medium-Term Liquidity Risk Gains Three Names, Loses Four,"
published on July 17, 2008, on RatingsDirect, singles out eight
players -- this time all telecoms operators -- that S&P
considers to be the most vulnerable to liquidity risk over the
period under review, one less than in its initial liquidity
report on the sector, published on Jan. 28, 2008.

S&P's revised list comprises, in alphabetical order:

  * Cell C (Pty) Ltd. (B-/Stable/--),
  * Central Telecommunications Co. (OJSC) (B+/Stable/--),
  * Global Crossing (U.K.) Telecommunications Ltd. (GCUK;B-
    /Stable/--),
  * Southern Telecommunications Co. (OJSC) (B/Positive/--),
  * UAB Bite Lietuva (B/Negative/--),
  * Uralsvyazinform (OJSC) (BB-/Stable/--),
  * VolgaTelecom (OJSC) (BB-/Stable/--), and
  * WIND Hellas Telecommunications S.A. (B/Negative/--).

Unsurprisingly, the list has changed significantly since
January.  Four names have dropped off-- Hungarian Telephone and
Cable Corp. (HTTC; B+/Stable/--), Kabel Deutschland GmbH (KDG;
B+/Stable/--), Netia S.A. (B/Stable/--), and North-West Telecom
(JSC) (BB-/Stable/--) -- and three new ones have joined: Central
Telecommunications, GCUK, and WIND Hellas.

"The high number of changes reflects the intrinsic volatility
associated with liquidity risk, whereby an agreement by bankers
to extend the maturity date of debt, the approval of a covenant
waiver, or some financial support gained from shareholders can
make the difference between survival and default," said S&P's
credit analyst Leandro de Torres Zabala.

The Russian fixed-line sector is the biggest contributor to the
list, with four companies, reflecting incumbents' still somewhat
constrained liquidity owing to the absence, in practice, of
long-term ruble-denominated funding in the market.  Russian
operators must therefore be on the constant lookout for new
funding to refinance their maturing obligations.

Next in line is the EMEA wireless sector, contributing three
names, despite a number of operators having recently
successfully accessed the capital markets.  S&P remains alert
for the three companies on the list, which have relatively
weaker competitive positions given their late entrance into
competitive markets and are challenged to generate positive
FOCF.

The European alternative fixed-line sector contributed one name
to the list, with liquidity remaining a principal area of risk
in this sector due to a combination of high leverage, lack of
business scale, negative free operating cash flow generation, or
strong competitive pressures.  Fortunately, no companies in this
sector are currently on the verge of default.

Although no rated Western European cables names are on the list
this time around, S&P continues to monitor closely certain
operators whose covenant headroom could tighten if the
near-to-medium-term growth expectations do not materialize.


X5 RETAIL: Says Hyperfinance Bonds Not Guaranteed by Formata
------------------------------------------------------------
X5 Retail Group N.V. disclosed that Formata Holding B.V. and its
subsidiaries, Kaizer LLC and Rusel LLC have informed the Russian
Federal Financial Markets Service that guarantees offered by
Formata Group companies in support of a potential issue of
corporate ruble bonds by Hyperfinance LLC, a subsidiary of
Donson B.V., in the amount of RUR 5billion with a maturity of
five years (register # 4-01-36331-R) had been terminated, and
that accordingly the information contained in the bond
Prospectus relating to such guarantees is misleading to
investors.
                       About X5 Retail

Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V.
(LSE: FIVE) -- http://www.x5.ru/en/-- acts as a holding firm
for the group of companies that operate retail grocery stores.
The main activity of the company is the development and
operation of grocery retail stores.  The company operated
Pyaterochka and Perekrestok retail chains in Russia, including
Moscow, St. Petersburg, Nizhniy Novgorod, Krasnodar, Kazan,
Samara, Ekaterinburg and Kiev, Ukraine.

                          *     *     *

X5 Retail Group N.V. continues to carry a B1 Corporate Family
Rating from Moody's Investors Service with positive outlook.

X5 Retail and its subsidiaries also carries a 'BB-' long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is stable.


ZLAT-BREAD LLC: Creditors Must File Claims by August 21
-------------------------------------------------------
Creditors of LLC Zlat-Bread (OGRN 1047402510440, TIN 7404039782)
have until Aug. 21, 2008, to submit proofs of claim to:

         A. Lavrov
         Insolvency Manager
         Post User Box 406
         Zlatoust
         456219 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-23555/07-55-211.

The Court is located at:

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

The Debtor can be reached at:

         LLC Zlat-Bread
         B. Vetluzhskaya Str. 84
         Zlatoust
         456206 Chelyabinsk
         Russia


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


STONERIDGE: Moody's Assigns Speculative Grade Liquidity Rating
--------------------------------------------------------------
Moody's Investors Service assigned a Speculative Grade Liquidity
rating of SGL-2 to Stoneridge Inc., indicating Moody's
expectation that the company should likely maintain good
liquidity for the next twelve months.  Moody's expects that the
company's sizable available cash balances (approximately US$88
million at March 31, 2008 - roughly half outside the US) plus
cash flow should provide sufficient liquidity to cover working
capital needs and capital expenditures over the next twelve
months, albeit its cash flow generation is expected to be weaker
than its 2007 level in part due to impacts from negative
industry trend as well as the anticipated restructuring charges
in 2008.  Moody's also expects the company will maintain ample
borrowing availability under its US$100 million asset-based
revolving credit facility which expires in November 2011.

                     About Stoneridge

Stoneridge currently has a Corporate Family Rating of B1 and a
stable outlook.  Headquartered in Warren, Ohio, the company is a
designer and manufacturer of highly engineered electrical and
electronic components, modules and systems for automotive,
medium and heavy-duty truck, agricultural and off-highway
vehicle markets.  For the twelve months ended December 31, 2007,
the company reported revenues of US$727 million.


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


AVCON LLC: Creditors Have Until Aug. 23 to File Proofs of Claim
---------------------------------------------------------------
Creditors owed money by LLC Avcon are requested to file their
proofs of claim by Aug. 23, 2008, to:

         Niall Olver
         Liquidator
         Bahnhofstrasse 32
         6301 Zug
         Switzerland

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


DESITEL JSC: Aug. 2 Set as Deadline to File Proofs of Claim
-----------------------------------------------------------
Creditors owed money by JSC Desitel are requested to file their
proofs of claim by Aug. 2, 2008, to:

         Lambrigger Treuhand
         Industriestrasse 49
         6302 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 12, 2008.


ELEKTROWATT LLC: Creditors Must File Proofs of Claim by Aug. 1
--------------------------------------------------------------
Creditors owed money by LLC Elektrowatt are requested to file
their proofs of claim by Aug. 1, 2008, to:

         Maya Pfister Arnold
         Liquidator
         JSC Siemens Schweiz
         Freilagerstrasse 40
         8047 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on May 30, 2008.


HEIZUNG-SANITÄR CADUFF: Deadline to File Claims Set on July 31
--------------------------------------------------------------
Creditors owed money by LLC Heizung-Sanitar Caduff + Caderas are
requested to file their proofs of claim by July 31, 2008, to:

         Valentin Derungs
         Liquidator
         Arcada
         7130 Ilanz
         Switzerland

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


INTERNATIONALE FORDERUNGS: Proofs of Claim Due by August 31
-----------------------------------------------------------
Creditors owed money by LLC IFM Internationale Forderungs
Management are requested to file their proofs of claim by
Aug. 31, 2008, to:

         Max Muller
         Liquidator
         Wilacker 3
         4106 Therwil
         Switzerland

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


KOVAC TRANSPORTE: Creditors' Proofs of Claim Due by August 31
-------------------------------------------------------------
Creditors owed money by LLC Kovac Transporte are requested to
file their proofs of claim by Aug. 31, 2008, to:

         Kovac Andrija
         Achselnstrasse 16
         9016 St. Gallen
         Switzerland

The company is currently undergoing liquidation in St. Gallen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 14, 2007.


OLTENIA TREUHAND: Proofs of Claim Filing Deadline is August 31
--------------------------------------------------------------
Creditors owed money by LLC OLTENIA Treuhand are requested to
file their proofs of claim by Aug. 1, 2008, to:

         Peter Schafer
         Liquidator
         Waldheim 16
         4600 Olten
         Switzerland

The company is currently undergoing liquidation in Olten.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 16, 2006.


PIZZA KURIER: Aug. 1 Set as Deadline to File Proofs of Claim
------------------------------------------------------------
Creditors owed money by LLC Pizza Kurier Venezia are requested
to file their proofs of claim by Aug. 1, 2008, to:

         Fluckiger Treuhand
         Rainringstr. 7
         4616 Kappel
         Switzerland

The company is currently undergoing liquidation in Balsthal.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 31, 2007.


SCHLIENGER LLC: Creditors Must File Proofs of Claim by Aug. 1
-------------------------------------------------------------
Creditors owed money by LLC Schlienger are requested to file
their proofs of claim by Aug. 1, 2008, to:

         Dora Schlienger
         Liquidator
         Hersberg 21
         4317 Wegenstetten
         Switzerland

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


SWISSWEBGROUP LLC: Court Commences Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Berner Oberland commenced bankruptcy
proceedings against LLC Swisswebgroup on Aug. 1, 2008.

The Bankruptcy Service of Berner Oberland can be reached at:

         Bankruptcy Service of Berner Oberland
         3800 Interlaken
         Switzerland

The company can be reached at:

         LLC Swisswebgroup
         Neugasse 17
         3800 Interlaken
         Switzerland


UTS SWITZERLAND: Deadline to File Proofs of Claim Set August 30
---------------------------------------------------------------
Creditors owed money by LLC UTS Switzerland are requested to
file their proofs of claim by Aug. 30, 2008, to:

         JSC Packimpex
         Brunnmattstrasse 5
         3174 Thorishaus
         Switzerland

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


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


ALTERNATIFBANK AS: Fitch Affirms 'BB-' LT Foreign Currency IDR
--------------------------------------------------------------
Fitch Ratings has affirmed Alternatifbank A.S.'s ratings as:

  -- Long-term foreign currency Issuer Default rating: affirmed
     at 'BB-'

  -- Short-term foreign currency IDR: affirmed at 'B'
  -- Long-term local currency IDR: affirmed at 'BB'
  -- Short-term local currency IDR: affirmed at 'B'
  -- National Long-term rating: affirmed at 'AA(tur)'
  -- Individual rating: affirmed at 'D'
  -- Support rating: affirmed at '3'

The Outlooks for the Long-term ratings are Stable.

ABank's Long-term ratings and Support rating reflect the
moderate support from its majority shareholder, the Anadolu
Group, in case of need.  The Individual rating reflects its
sound profitability, adequate liquidity, small exposure to
interest rate risk and improving concentration.  These factors
are counterbalanced by the risks associated with rapid loan
growth in a volatile operating environment, discontinued
improvements in asset quality and a limited franchise.  In the
medium-term, the Individual rating will only be upgraded if
sound asset quality is achieved, despite a more challenging and
volatile operating environment.

ABank maintained growth throughout 2007, mainly through a rapid
38% increase in loans.  The bank primarily lends to corporates
and SMEs and has no exposure to consumer lending.  ABank's
balance sheet is weighted towards loans, which make up 71% of
its assets, and the bank has very little sovereign risk, unlike
its peers.  Growth is primarily funded with customer deposits
(up 51% year-on-year in 2007).  Asset quality worsened in 2007,
and NPLs and impairment charges are rising, reflecting a
challenging operating environment and seasoning loan book.
There is little exposure to market risk and liquidity is
adequate, given the favorable repricing and maturity profile of
assets and liabilities.  Capitalization remained modest given
the bank's size, rapid growth and a rise in risk-weighted
assets.  However, shareholders are supportive and injected
TRY75.7 million cash capital in late 2007.

ABank is 78% controlled by Anadolu Endustri Holding A.S. and 18%
by other Anadolu Group companies, with the balance publicly
quoted.  AEH is the holding company for a large part of the
Anadolu Group's operating subsidiaries, including two rated
subsidiaries, Efes and Coca-Cola Icecek (CCI, 'BB'/Stable).
ABank is a lower mid-size bank, ranked 22nd in Turkey, with a
0.5% market share of total unconsolidated bank assets at end-
2007.  ABank provides corporate and commercial banking services
with a focus on SMEs.  Retail banking makes up a very small part
(less than 1%) of total lending.


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


AGROMET-MANAGEMENT: Creditors Must File Claims by August 7
----------------------------------------------------------
Creditors of LLC Agromet-Management (code EDRPOU 35273610) have
until August 7, 2008, to submit proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on June 27, 2008.
The case is docketed as 2/242/08.

The Debtor can be reached at:

         LLC Agromet-Management
         Heroes of Stalingrad Avenue 91
         Nikolaev
         Ukraine


DELMA-INFO LLC: Creditors Must File Claims by August 7
------------------------------------------------------
Creditors of LLC Delma-Info (code EDRPOU 35176798) have until
August 7, 2008, to submit proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on July 1, 2008.
The case is docketed as 14/260/08.

The Debtor can be reached at:

         LLC Delma-Info
         Shevchenko Str. 6-A
         Nikolaev
         Ukraine


GARANT-SYMBOL LLC: Creditors Must File Claims by August 7
---------------------------------------------------------
Creditors of LLC Garant-Symbol (code EDRPOU 33778637) have until
August 7, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on June 20, 2008.
The case is docketed as 43/216.

The Debtor can be reached at:

         LLC Garant-Symbol
         Saksagansky Str. 83
         01033 Kiev
         Ukraine


GLORIYA LTD: Creditors Must File Claims by August 7
---------------------------------------------------
Creditors of LLC Gloriya Ltd. (code EDRPOU 32865880) have until
August 7, 2008, to submit proofs of claim to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on June 23, 2008.
The case is docketed as B-48/94-08.

The Debtor can be reached at:

         LLC Gloriya Ltd.
         Lenin Avenue 40
         61166 Kharkov
         Ukraine


HLEBNAYA GAVAN: Creditors Must File Claims by August 7
------------------------------------------------------
Creditors of LLC Hlebnaya Gavan (code EDRPOU 31388358) have
until August 7, 2008, to submit proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on June 18, 2008.
The case is docketed as 5/13/07.

The Debtor can be reached at:

         LLC Hlebnaya Gavan
         8th Line str.
         Nikolaev
         Ukraine


MAGISTRAL-AGRO LLC: Proofs of Claim Filing Deadline Set August 7
---------------------------------------------------------------
Creditors of LLC Magistral-Agro (code EDRPOU 30085324) have
until August 7, 2008, to submit proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company on June 19, 2008.

The Debtor can be reached at:

         LLC Magistral-Agro
         Apartment 45
         Krupskaya Str. 14-A
         Melitopol
         72319 Zaporozhje
         Ukraine


MONOLIT-BUILDING LLC: Creditors Must File Claims by August 7
------------------------------------------------------------
Creditors of LLC Monolit-Building (code EDRPOU 33675545) have
until August 7, 2008, to submit proofs of claim to:


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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on June 23, 2008.
The case is docketed as B-48/93-08.

The Debtor can be reached at:

         LLC Monolit-Building
         Apartment 43
         Traktorostroiteley Avenue 92-A
         61145 Kharkov
         Ukraine


ONYX S: Creditors Must File Claims by August 7
----------------------------------------------
Creditors of LLC Onyx S (code EDRPOU 33755012) have until
August 7, 2008, to submit proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on
June 25, 2008.  The case is docketed as 12/17/08.

The Debtor can be reached at:

         LLC Onyx S
         Tsvetochny Lane 7
         69106 Zaporozhje
         Ukraine


RUSSIAN UKRAINIAN: Creditors Must File Claims by August 7
---------------------------------------------------------
Creditors of LLC Russian Ukrainian Alliance (code EDRPOU
33690778) have until August 7, 2008, to submit proofs of claim
to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on June 20, 2008.
The case is docketed as 43/217.

The Debtor can be reached at:

         LLC Russian Ukrainian Alliance
         Saksagansky Str. 83
         01033 Kiev
         Ukraine


VOLIN PETROLEUM: Creditors Must File Claims by August 7
-------------------------------------------------------
Creditors of CJSC Volin Petroleum (code EDRPOU 21737259) have
until August 7, 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 May 13, 2008.
The case is docketed as 4/93-B.

The Debtor can be reached at:

         CJSC Volin Petroleum
         Novovolinsk
         Druzhba Avenue 6-A
         45400 Volin
         Ukraine


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


AGV SPORTS: Appoints Liquidators from Tenon Recovery
----------------------------------------------------
Alexander Kinninmonth and Nigel Ian Fox of Tenon Recovery were
appointed joint liquidators of AGV Sports Europe Ltd. on July 7
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         AGV Sports Europe Ltd.
         c/o Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


ASCALADE COMMS: Names Troy Bullock and Greg Allen to Board
----------------------------------------------------------
Ascalade Communications Inc. provided an update in accordance
with the Ontario Securities Commission Policy 57-603 Defaults by
Reporting Issuers in Complying with Financial Statement Filing
Requirements. In accordance with the OSC Policy, the company
confirmed that, except as disclosed in this press release, or in
press releases dated April 2, 2008, April 9, 2008,
April 29, 2008, May 14, 2008, May 21, 2008, June 24, 2008, and
June 30, 2008 issued by the company since its initial default
announcement dated March 31, 2008:

  (i) there is no material change to the information set out in
      its initial default announcement filed pursuant to the OSC
      Policy;

(ii) except that this announcement was delayed by several days
      due to recent power outages in Vancouver, which effected
      the company's ability to make this announcement, there has
      been no failure by the company to adhere to the
      Alternative Information Guidelines set out in the OSC
      Policy with respect to the financial statement filing
      default; and

(iii) there is no other material information concerning the
      affairs of the company that has not been generally
      disclosed.

Any recovery in the CCAA for creditors and other stakeholders of
the company, including shareholders, is uncertain and is highly
dependent upon a number of factors, including the recovery from
the sale of the factory, equipment and inventory in the PRC and
the outcome of the Scheme in Hong Kong.

On June 30, Ascalade Communications accepted the resignations of
John Kim and Henry  uan from its board of directors, and that
all of the company's remaining staff members in Canada have been
released from their employment.  The company thanked each of
these individuals for their service.

The company also disclosed that Troy Bullock and Greg Allen will
be joining its board of directors, effective as of June 30,
2008.  With these changes, the company's board of directors is
comprised of Greg Allen, Troy Bullock and Edmund Ho.

The Court has approved the plan of compromise or arrangement
under the CCAA.  A copy of the Plan of Compromise or Arrangement
is available for free at http://ResearchArchives.com/t/s?2ec7

               About Ascalade Communications Inc.

Based in Richmond, British Columbia, Ascalade Communications
Inc. (TSE:ACG) -- http://www.ascalade.com/-- is an innovative
product company that designs, develops and manufactures digital
wireless and communication products.  The company deliver
products by offering its partners and customers complete
vertical integration, from product design and development to
final production.  The company's products include digital
cordless phones, Voice over Internet Protocol phones, digital
wireless baby monitors and digital wireless conference phones.
Ascalade products have been distributed in more than 35
countries and under 80 regional brands.  Ascalade also has
facilities in Qingyuan, China, Hong Kong and a sales office in
Hertfordshire, United Kingdom.

On April 29, 2008, Jervis Rodrigues, senior vice-president of
Deloitte & Touche Inc., filed separate petitions for protection
under Chapter 15 of the U.S. Bankruptcy Code on behalf of
Ascalade Communications Inc. and its debtor-affiliate (Bankr.
N.D. Ill. Case Nos. 08-10612 and 08-10616).  Jeffrey G. Close,
Esq. at Chapman and Cutler LLP represents the Petitioner in the
Chapter 15 case.  Ascalade's financial condition as of September
2007 showed total assets of US$99,630,000 and total debts of
US$40,410,000.


BRITISH AIRWAYS: Fuel Bill Reaches More Than GBP3 Billion
---------------------------------------------------------
British Airways plc is outlining cost-cutting measures after its
fuel bill soared to more than GBP3 billion in the current
financial year from GBP2 billion last year, Amanda Vermeulen
writes for the Financial Times.

BA, whose fuel expenses account for 35% of its operating costs
in the current financial year, may opt not to pay dividends for
the year to March 2009, the FT says.

The FT reveals the airline, which has been carrying out a
standard review of its operations under the banner "Project
Columbus," is eyeing to reduce capacity this year through
cutting the frequency of some short-haul routes.

BA chief executive Willie Walsh, however, stressed the airline
will not ground any aircraft, the FT discloses.

Meanwhile, Mr. Walsh downplayed job cut speculation, although he
admitted there would be more attrition.

BA, the FT adds, is also planning to increase fares by a minimum
of 4%.  However, according to Mr. Broughton, a fare increase
would be restricted by a drop in demand.

BA is set to unveil capacity cuts and any effect on staff at the
beginning of August, the paper states.

                    About British Airways

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
plc and a number of subsidiary companies including in particular

British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                        *     *     *

British Airways Plc carries a senior unsecured debt rating of
Ba1 from Moody's Investors' Service with a stable outlook.
Ratings apply to date.


BRITISH AIRWAYS: Opposes EU's Proposed Emissions Trading Scheme
---------------------------------------------------------------
British Airways plc chief executive Willie Walsh criticized the
European Union's proposed emissions trading scheme, saying it
"will lead to a significant competitive disadvantage for EU
airlines," Domain-B reports.

Under the EU emissions trading scheme, EU airlines and carriers
based outside Europe will be required to purchase permits for
producing carbon dioxide as they grapple with a global economic
downturn and soaring fuel prices, Domain-B relates.

According to Mr. Walsh, Domain-B discloses, the scheme, which is
estimated to cost EU airlines EUR4 billion a year, could result
to loss of jobs and reductions in services.

The scheme, Domain-B adds, will take effect from 2011.  It is
expected to spark legal actions from non-EU airlines.

                    About British Airways

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
plc and a number of subsidiary companies including in particular

British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                        *     *     *

British Airways Plc carries a senior unsecured debt rating of
Ba1 from Moody's Investors' Service with a stable outlook.
Ratings apply to date.


CAMPUS COMMUNICATIONS: Taps Liquidators from Smith & Williamson
---------------------------------------------------------------
Stephen Robert Cork and James Money of Smith & Williamson Ltd.
were appointed joint liquidators of Campus Communications Group
Ltd. (formerly JVTV Holdings Ltd.) on July 3 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Campus Communications Group Ltd.
         c/o Smith & Williamson Ltd.
         25 Moorgate
         London
         EC2R 6AY
         England


DENSON LTD: Brings In Joint Administrators from Baker Tilly
------------------------------------------------------------
Michael David Rollings and Geoffrey Lambert Carton-Kelly of
Baker Tilly Restructuring and Recovery LLP were appointed
July 9, 2008, joint administrators of:

   -- Denson Ltd. (Company Number 01498995);
   -- Tuckwood No. 117 Ltd. (Company Number 05003211); and
   -- TPP Newman Ltd. (Company Number 03720662).

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

The companies can be reached at:

         TPP Newman Ltd.
         Stuart House
         55 Catherine Place
         London
         SW1E 6DY
         England


CHANTRY BUILDERS: Calls In Liquidators from Tenon Recovery
----------------------------------------------------------
David Willis and Matthew Bowker of Tenon Recovery were appointed
joint liquidators of Chantry Builders Ltd. on July 4 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Chantry Builders Ltd.
         c/o Tenon Recovery
         The Exchange
         Station Parade
         Harrogate
         HG1 1TS
         England


GLOBAL CROSSING: Prone to Medium-Term Liquidity Risks, S&P Says
---------------------------------------------------------------
Spurred by the ongoing financial turbulence in the world's
capital markets since the summer of 2007, Standard & Poor's
Ratings Services recently published the second in a series of
updates to evaluate the liquidity risk of telecoms, cable, and
satellite operators (investment and speculative grade) in
Europe, the Middle East, and Africa (EMEA) over a 12-18 month
horizon.

The report "Lineup Of EMEA Telecoms Operators Most Vulnerable To
Medium-Term Liquidity Risk Gains Three Names, Loses Four,"
published on July 17, 2008, on RatingsDirect, singles out eight
players -- this time all telecoms operators -- that S&P
considers to be the most vulnerable to liquidity risk over the
period under review, one less than in its initial liquidity
report on the sector, published on Jan. 28, 2008.

S&P's revised list comprises, in alphabetical order:

  * Cell C (Pty) Ltd. (B-/Stable/--),
  * Central Telecommunications Co. (OJSC) (B+/Stable/--),
  * Global Crossing (U.K.) Telecommunications Ltd. (GCUK;B-
    /Stable/--),
  * Southern Telecommunications Co. (OJSC) (B/Positive/--),
  * UAB Bite Lietuva (B/Negative/--),
  * Uralsvyazinform (OJSC) (BB-/Stable/--),
  * VolgaTelecom (OJSC) (BB-/Stable/--), and
  * WIND Hellas Telecommunications S.A. (B/Negative/--).

Unsurprisingly, the list has changed significantly since
January.  Four names have dropped off-- Hungarian Telephone and
Cable Corp. (HTTC; B+/Stable/--), Kabel Deutschland GmbH (KDG;
B+/Stable/--), Netia S.A. (B/Stable/--), and North-West Telecom
(JSC) (BB-/Stable/--) -- and three new ones have joined: Central
Telecommunications, GCUK, and WIND Hellas.

"The high number of changes reflects the intrinsic volatility
associated with liquidity risk, whereby an agreement by bankers
to extend the maturity date of debt, the approval of a covenant
waiver, or some financial support gained from shareholders can
make the difference between survival and default," said S&P's
credit analyst Leandro de Torres Zabala.

The Russian fixed-line sector is the biggest contributor to the
list, with four companies, reflecting incumbents' still somewhat
constrained liquidity owing to the absence, in practice, of
long-term ruble-denominated funding in the market.  Russian
operators must therefore be on the constant lookout for new
funding to refinance their maturing obligations.

Next in line is the EMEA wireless sector, contributing three
names, despite a number of operators having recently
successfully accessed the capital markets.  S&P remains alert
for the three companies on the list, which have relatively
weaker competitive positions given their late entrance into
competitive markets and are challenged to generate positive
FOCF.

The European alternative fixed-line sector contributed one name
to the list, with liquidity remaining a principal area of risk
in this sector due to a combination of high leverage, lack of
business scale, negative free operating cash flow generation, or
strong competitive pressures.  Fortunately, no companies in this
sector are currently on the verge of default.

Although no rated Western European cables names are on the list
this time around, S&P continues to monitor closely certain
operators whose covenant headroom could tighten if the
near-to-medium-term growth expectations do not materialize.


MONK LEISURE: Claims Filing Period Ends September 1
---------------------------------------------------
Creditors of Monk Leisure Ltd. (formerly Riverfield Fish Farm
Ltd.) have until Sept. 1, 2008, to detail their names and
addresses (and solicitors if applicable) together with
particulars of their debts or claims, in writing, or in person,
to:

         Duncan R. Beat
         Liquidator
         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England

Duncan R. Beat of Tenon Recovery was appointed Liquidator of the
company on July 2, 2008.


PIPE HOLDINGS: S&P Cuts Long-Term Corporate Credit Rating to B-
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered to 'B-' from 'B'
its long-term corporate credit rating on Pipe Holdings PLC, the
U.K.-based manufacturer of plastic pipes and systems.  The
outlook is stable.

At the same time, the senior secured debt rating was lowered to
'B+' from 'BB-' and the senior unsecured debt rating was lowered
to 'CCC' from 'CCC+'.

"The downgrade reflects our expectations that the group's
trading performance will deteriorate as a consequence of the
severe building materials market downturn in the U.K., affecting
sales volumes and Pipe's pricing power," said S&P's credit
analyst Sabine Gromer.  "This will further weaken operating
margins and already exposed cash flow adequacy after a secondary
buyout in August 2007."

S&P also believes that the refinancing of the group's GBP85.6
million bridge facility and GBP35 million revolving credit
facility, both maturing in May 2009, will need to be carefully
managed.

The stable outlook reflects S&P's expectation that Pipe's
financial profile will be supported by adequate liquidity
despite the expected market downturn, provided by the current
cash position including some cash cushioning after the January
2008 sale of its Sanitary Systems Ltd. for GBP9.4 million, the
GBP35 million revolving credit facility, and its compliance with
its financial covenants.

Negative rating pressure could be triggered by
weaker-than-expected trading performance, an inability to
refinance or extend maturing facilities, or aggressive
management action, particularly if these compromise the group's
liquidity or debt levels.  A positive rating action for Pipe
seems unlikely at this stage.


POSITIVE CONTACT: Taps Joint Administrators from Tenon Recovery
---------------------------------------------------------------
Alexander Kinninmonth and Nigel Ian Fox of Tenon Recovery were
appointed joint administrators of Positive Contact Ltd. (Company
Number 3958195) 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:

         Positive Contact Ltd.
         The Heath Business & Technical Park
         Runcorn
         Cheshire
         WA7 4QX
         England


PRESTIGE GRANITE: Appoints Liquidators from BDO Stoy Hayward
------------------------------------------------------------
William John Turner and Geoffrey Stuart Kinlan of BDO Stoy
Hayward LL were appointed joint liquidators of Prestige Granite
Ltd. on June 19 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Prestige Granite Ltd.
         c/o BDO Stoy Hayward LLP
         Prospect Place
         85 Great North Road
         Hatfield
         Hertfordshire
         AL9 5BS
         England


PRO CARE: Appoints Joint Administrators from BDO Stoy Hayward
-------------------------------------------------------------
Antony David Nygate and Toby Scott Underwood of BDO Stoy Hayward
LLP were appointed joint administrators of Pro Care Ltd.
(Company Number 03720507) and Response Medical Equipment Ltd.
(Company Number 03104181) on July 11, 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.


SCOTTISH RE: Amended Suit to be Filed in N.Y. Securities Lawsuit
----------------------------------------------------------------
The plaintiffs in the securities fraud class action lawsuit,
"Zuckerman v. Scottish Re Group Ltd., et al., Case No. 1:06-cv-
05853-SAS," seek to file an amended complaint in the matter,
which remains pending with the U.S. District Court for the
Southern District of New York.

On Aug. 2, 2006, putative class actions were filed against:

     -- the company;

     -- Glenn Schafer, the chairman of the company's board of
        directors;

     -- Dean E. Miller, chief financial officer;

     -- Scott E. Willkomm, former chief executive officer; and

     -- Seth Vance, former chief executive officer - North
        America.

Between Aug. 7, 2006, and Oct. 2, 2006, seven additional related
class action complaints were filed against the company, certain
of its current and former officers and directors, and certain
third parties.

Each of the complaints allege that the defendants made
materially false and misleading statements and omissions
concerning the company's business and operations, thereby
causing investors to purchase the company's securities at
artificially inflated prices, in violation of Sections 10(b) and
20(a) of the U.S. Securities Exchange Act of 1934, as amended,
and Rule 10b-5 promulgated under the 1934 Act.

Two of the complaints also allege violations of Sections 11 and
15 of the Securities Act of 1933, related to a 2005 preferred
stock offering.  Each of the class action suits filed seek an
unspecified amount of damages, as well as other forms of relief.

On Oct. 12, 2006, all of the cases were consolidated.  A
consolidated complaint was filed on December 4, 2006.

On March 7, 2007, the company filed a motion to dismiss the
consolidated class action.

On Nov. 2, 2007, the court dismissed the Section 10(b) and Rule
10b-5 claims against Ernst & Young LLP, but gave the plaintiffs
leave to amend.  The court denied the dismissal motions brought
by the other named defendants.

In May, 2008, the parties held an initial mediation at which no
settlement was reached.

On June 16, 2008, all claims brought in the action against Glenn
Schafer were dismissed without prejudice.

The plaintiffs then filed a motion for leave to file an amended
complaint in which they seek to expand the class period, renew
Section 10(b) and Rule 10b-5 allegations against Ernst & Young
LLP, and assert additional factual allegations, according to the
company's July 11, 2008 Form 10-K filing with the U.S.
Securities and Exchange Commission for the fiscal year ended
Dec. 31, 2007.

The is suit is "Zuckerman v. Scottish Re Group Ltd. et al., Case
No. 1:06-cv-05853-SAS," filed in the U.S. District Court for the
Southern District of New York, Judge Shira A. Scheindlin,
presiding.

Representing the plaintiffs are:

         Arthur N. Abbey, Esq. (aabbey@abbeygardy.com)
         Abbey Spanier Rodd Abrams & Paradis
         LLP, 212 East 39th Street
         New York, NY 10016
         Phone: 212-889-3700
         Fax: 212-684-5191

              - and -

         Gerald Harlan Silk, Esq. (jerry@blbglaw.com)
         Bernstein Litowitz Berger & Grossmann LLP
         1285 Avenue of the Americas
         New York, NY 10019
         Phone: 212-554-1282
         Fax: 212-554-1444

Representing the company is:

         Daniel Keywon Chang, Esq. (dchang@dl.com)
         Dewey & LeBoeuf, L.L.P.
         1101 New York Avenue, N.W.
         Washington, DC 20005
         Phone: 202-986-8000 x8221
         Fax: 202-986-8102

              - and -

         James E. Brandt, Esq. (james.brandt@lw.com)
         Latham & Watkins LLP
         885 Third Avenue, Suite 1000
         New York, NY 10022
         Phone: 212-906-1278
         Fax: 212-751-4864

                        About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish
Re Capital Markets, Inc., a member of Scottish Re Group Ltd.,
is a registered broker dealer that specializes in securitization
of life insurance assets and liabilities.

As of Sept. 30, 2007, the company's consolidated balance sheet
showed US$13.372 billion in total assets, US$11.939 billion in
total liabilities, US$7.4 million in minority interest,
US$555.9 million in convertible cumulative participating
preferred shares, and US$869.3 million in total shareholders'
equity.

                        *      *      *


As reported in the TCR-Europe on July 21, 2008, Standard &
Poor's Ratings Services said that the ratings of Scottish Re
Group Ltd. (CCC-/Watch Neg/--), remained unchanged.

In June 2008, Moody's Investors Service placed the ratings of
Scottish Re Group Limited on review with direction uncertain --
The ratings review impacts the company's debt and preferred
stock ratings (Caa3 preferred stock), the Ba3 IFS rating of
Scottish Re (U.S.)  The rating agency said change in the ratings
review indicates the possibility that Scottish Re's ratings
could now be downgraded, upgraded or confirmed depending on the
future developments at Scottish Re.


SCOTTISH RE: Closes Int'l Life Reinsurance Sale to Pacific Life
---------------------------------------------------------------
Pacific LifeCorp has concluded the purchase of Scottish Re
Holdings Limited and the United Kingdom portion of the
International Life Reinsurance segment of Scottish Re Group
Limited.

It is anticipated that completion of the purchase of the Asia
portion of the segment will be completed during August 2008.
The U.K. portion of the transaction, which was announced last
month, received all of the necessary regulatory approvals.  The
segment's ongoing operations, to be rebranded Pacific Life Re,
provide reinsurance solutions to insurance and annuity providers
in the United Kingdom and Ireland and to insurers in selected
markets in Asia.  The headquarters will remain located in London
with its Asia business being managed through Singapore.

"Both the Pacific Life and Scottish Re teams worked diligently
to complete this transaction in just over one month," said Jim
Morris, chairman, president and CEO of Pacific Life.  "We are
excited to have David Howell and his team of professionals as
part of the Pacific Life family of companies and we are looking
forward to working with them to provide the U.K. and Asian
markets with competitive and effective reinsurance solutions."

"The conclusion of this transaction is an important milestone
for our business and for our clients," said David Howell, CEO of
Pacific Life Re.  "We are delighted to be joining Pacific Life
and we greatly appreciate the efforts of everyone involved in
bringing the transaction to fruition so quickly.  We are
particularly grateful to our clients for their continued support
as we have worked through this process.  We look forward to
working with them and our new colleagues at Pacific Life to
build on the strong platform we now have in place and to
establish Pacific Life Re as a clear market leader in life
reinsurance."

             About Pacific LifeCorp and Pacific Life

Pacific LifeCorp, the parent company of Pacific Life --
http://www.PacificLife.com/-- is founded in 1868.  Pacific Life
provides life insurance products, individual annuities, and
mutual funds, and offers a variety of investment products and
services to individuals, businesses, and pension plans.  Pacific
Life counts more than half of the 100 largest U.S. companies as
clients.

                        About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish
Re Capital Markets, Inc., a member of Scottish Re Group Ltd.,
is a registered broker dealer that specializes in securitization
of life insurance assets and liabilities.

As of Sept. 30, 2007, the company's consolidated balance sheet
showed US$13.372 billion in total assets, US$11.939 billion in
total liabilities, US$7.4 million in minority interest,
US$555.9 million in convertible cumulative participating
preferred shares, and US$869.3 million in total shareholders'
equity.

                        *      *      *


As reported in the TCR-Europe on July 21, 2008, Standard &
Poor's Ratings Services said that the ratings of Scottish Re
Group Ltd. (CCC-/Watch Neg/--), remained unchanged.

In June 2008, Moody's Investors Service placed the ratings of
Scottish Re Group Limited on review with direction uncertain --
The ratings review impacts the company's debt and preferred
stock ratings (Caa3 preferred stock), the Ba3 IFS rating of
Scottish Re (U.S.)  The rating agency said change in the ratings
review indicates the possibility that Scottish Re's ratings
could now be downgraded, upgraded or confirmed depending on the
future developments at Scottish Re.


STUART HOMES: Brings In Liquidators from Vantis
-----------------------------------------------
Frank Wessely and Peter James Hughes-Holland of Vantis Business
Recovery Services were appointed joint liquidators of Stuart
Homes Ltd. on June 26 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Stuart Homes Ltd.
         Vantis Business Recovery Services
         81 Station Road
         Marlow
         Buckinghamshire
         SL7 1NS
         England


* Fitch: Managers Develop New Product Lines to Support Business
---------------------------------------------------------------
With the current CDO asset manager landscape in the middle of
unprecedented stress and more companies exiting the sector in
the last year, managers are focusing on heightened surveillance,
focus on risk management, developing new product lines and
ensuring that the financial means and infrastructure are in
place to support business continuity, according to Fitch Ratings
in a new report.

Although manager consolidation as begun, the magnitude of
managers exiting the business has yet to be fully realized.  In
light of this sea change, CDO asset managers are adapting to
changing market conditions in a variety of ways to maintain
stable funding sources, investor bases, product performance, and
raising new capital.  Longevity in the CDO management business,
or alternative forms of structured product management that may
evolve, will continue to rely on their core investment processes
and asset type expertise.

Market instability and a focus on potential manager impairment
have heightened the need to know in terms of how asset managers
are coping with challenges of the current market environment.
Fitch's report also highlights key areas of focus in
differentiating among CDO asset managers' ability and
willingness to continue to meet their portfolio management
obligations.


* Fitch: European Structured Finance Ratings Strong in 2007
-----------------------------------------------------------
Fitch Ratings has said in a study published that European
structured finance rating performance remained strong in 2007.
However, the upgrade to downgrade ratio has been steadily
declining since a peak in 2005.

"Despite the hostile global economic environment in the second
half of last year, structured finance ratings performed well,
with ABS and RMBS performing above their long-term average.
However, downgrades of CDOs exposed to US subprime RMBS acted as
a drag on the sector," says Rodney Pelletier, Managing Director
in Fitch's European Structured Finance group.

"The overall European structured finance sector recorded a 2.4
to one upgrade to downgrade ratio in 2007," says Charlotte Eady,
Associate Director in the agency's Performance Analytics team.
"This compares to 4.9 to one in 2006 and 16.4 to one in 2005."

In 2007, there were 383 upgrades (2006: 366) and 161 downgrades
(2006: 83).

Nearly all (99.1%) of investment grade CMBS tranches remained in
the same or moved to a higher rating category.  This resulted
from stable overall markets in the first half of 2007 and a
continued stability in the occupational markets in the second
half.

ABS was the best-performing sector with only one downgrade at
the modifier level; 100% of its investment-grade observations in
2007 maintained the same or moved to a higher rating category.

RMBS performed above its long-term average, with just seven
downgrades at the modifier level; 100% of its investment-grade
tranches remained the same or moved to a higher rating category,
compared to its long-term average of 99.7%.

Dutch structured finance bonds (dominated by prime RMBS) were
again the strongest performers by country with no downgrades.

In contrast, the CDO sector performed below its long-term
average; 89.5% of investment-grade tranches remained the same or
were upgraded to a new rating category, compared to a long-term
average of 94.2%.


* Fitch: Global CMBS Performance Strong in 2007 and 1H 2008
-----------------------------------------------------------
Fitch Ratings has said that global CMBS performance was strong
throughout 2007 and the first half of 2008.

"Global CMBS performance was positive in 2007, with 99.7% of
investment grade tranches remaining the same or being upgraded
to a new rating category," says Rodney Pelletier, Managing
Director in Fitch's European Structured Finance Group.
"However, in the second half of 2008, negative ratings actions
are expected to increase and the overall ratings outlook can be
generally classified as changing from stable to
stable/negative."

"The more negative rating outlook for 2008 is primarily due to a
decline in global commercial property values, especially for UK-
based commercial real estate," says Charlotte Eady, Associate
Director in the agency's Performance Analytics team.  "While
occupational markets have remained resilient, continuing
liquidity issues could increase the likelihood and severity of a
downturn in the future."

"Upgrades outpaced downgrades 732 to 67, reflecting an upgrade-
to-downgrade ratio of 10.9 to one", says Stephanie Mah, Senior
Director in Fitch's Credit Markets Research Group.  "This
compares to a net negative global ABS and global RMBS upgrade-
to-downgrade ratio of 0.14 to one and 0.57 to one,
respectively."

The study includes detailed analysis and commentary on CMBS in
the US, European and Asia Pacific jurisdictions, and provides an
update on Fitch's outlook for each of these sectors.


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

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


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


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


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

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


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

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

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

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

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


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


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


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


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


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


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


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


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


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


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


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


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *