TCREUR_Public/080723.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, July 23, 2008, Vol. 9, No. 145

                            Headlines


A U S T R I A

RECYCLING UND TRANSPORT: Claims Registration Period Ends July 31
ROS BAU: Claims Registration Period Ends July 31
TECMON LLC: Claims Registration Period Ends August 11


B E L G I U M

* Belgium Posts 916 Record Bankruptcies for June 2008


D E N M A R K

BRIGHTPOINT INC: Reports 2008 Quarter Preliminary Fin'l Results


F R A N C E

BELVEDERE SA: Safeguard Procedure Spurs Moody's to Cut Ratings
FAURECIA SA: Posts EUR22.2 Mln Net Loss for First Half 2008
TREES SA: Fitch Cuts EUR150 Million Loan Facility Rating to B
* France Wants Larger Part in British Islamic Finance, S&P Says


G E R M A N Y

FLEISCHWAREN HELDMAN: Claims Registration Period Ends July 31
FRESENUIS SE: Moody's Rates Exchangeable Bond Issue at Ba2
KAMMERLANDER BAUKRAN: Claims Registration Period Ends July 29
KLASEN & HARTENFELS: Claims Registration Period Ends July 29
LEUZE METALL: Claims Registration Period Ends July 29

ORGA-TEAM GMBH: Claims Registration Period Ends July 29
SEEHOTEL POSTMUENSTER: Claims Registration Period Ends July 31
TORBORG SPEDITIONSGES: Claims Registration Period Ends July 31
TRANSPORT & SPEDITION: Claims Registration Period Ends July 30
TVK MARKETING: Claims Registration Period Ends July 30


I R E L A N D

CASTLE BRANDS: Eisner LLP Expresses Going Concern Doubt
ELAN CORPORATION: Taps Adviser for EDT Ops' Possible Sale


I T A L Y

* Fitch Says Energy Derivative Will Boost Risk Mg't Functions


K A Z A K H S T A N

ADRIANOPOLIS LLP: Creditors Must File Claims by August 29
AL-FARABI LLP: Claims Deadline Slated for August 29
ALFA-97 LLP: Claims Filing Period Ends August 29
ASIA LLP: Creditors' Claims Due on August 29
CONTINENT-STROY LLP: Claims Registration Ends September 2

GRANI LLP: Creditors Must File Claims by September 2
JOB TRADE: Claims Deadline Slated for September 2
M-VIDEO LLP: Claims Filing Period Ends August 29
STROY COMPLECT: Creditors' Claims Due on September 2


K Y R G Y Z S T A N

AK-TILEK-A LLC: Repeated Asset Sale Set July 31
ALA-TOO JSC: Repeated Asset Sale Slated for July 28
KSK ALTYN: Asset Sale Slated for August 4
NAP KYRGYZSTAN: Creditors' Meeting Slated for July 30


L U X E M B O U R G

EVRAZ GROUP: Mulls Takeover Offer for Cape Lambert
PMI UNO: Fitch Removes BB Notes Rating from Negative Watch


N E T H E R L A N D S

EUROSTAR II: Fitch Keeps Junk Ratings on Three Note Classes
X5 RETAIL: S&P Affirms BB- Rating with Stable Outlook


R U S S I A

AUTOMATED SERVICES: Court Names A. Alyukaev to Manage Assets
AV TRADING: Court Starts Bankruptcy Supervision Procedure
COMSTAR-UNITED: Commences Operations in Southern Russia
ERKC OJSC: Sakha-Yakutiya Bankruptcy Hearing Set October 7
EUROCHEM MINERAL: Completes Minority Buyouts at Two Units

EUROCHEM MINERAL: Inks US$635MM Deal for Site Constructions
EVRAZ GROUP: Mulls Takeover Offer for Cape Lambert
GRANITE LLC: Creditors Must File Claims by August 21
KIRZHACH-STROY: Creditors Must File Claims by August 21
KRAY CJSC: Court Starts Bankruptcy Supervision Procedure

LADA-LAND LLC: Samara Bankruptcy Hearing Slated for October 2
LENA-BAM-STROY-SERVICE: Court Starts Bankruptcy Supervision
MTS-GLAZOV-AGRO-KHIMIYA: Creditors Must File Claims by August 21
NEW GAMES: Court Names T. Zubchenko as Insolvency Manager
PUSHKINSKIY OJSC: Creditors Must File Claims by August 21

RVK-FINANS: Fitch Rates Prospective RUB1.75 Bln Bonds at BB
STAVROSS-AGRO CJSC: Creditors Must File Claims by August 21
STROY-KOMPLEKT: Creditors Must File Claims by August 21
TATTELECOM OJSC: Fitch Assigns B+ Ratings with Positive Outlook
VERSATEL CJSC: Court Names V. Karnaukh as Insolvency Manager

VIMPEL-COMMUNICATIONS: Acquires 90% Stake in Cambodia's Sotelco
VOLGATELECOM OJSC: Elects Members to Board Committees
X5 RETAIL: S&P Affirms BB- Rating with Stable Outlook


S P A I N

CAJA DE AHORROS: Fitch Holds BB+ Support Floor Rating


S W I T Z E R L A N D

ALI KEBAB: Creditors have Until Aug. 4 to File Proofs of Claim
BUCHHAUS FAHRE: Creditors' Proofs of Claim Due August 6
CAT CELLULAR: Aug. 6 Deadline Set for Proofs of Claim Filing
ECRON TRADE: Basel-Stadt Court Commences Bankruptcy Proceedings
FASHION LOOK: Creditors Must File Proofs of Claim by August 6

GENERAL MOTORS: Dealer Council Shows Support, Buys US$1MM Shares
ISOLBLITZ KOLONJA: Court Commences Bankruptcy Proceedings
MESSERLI JSC: Proofs of Claim Filing Deadline Set August 4
QUALITRANS LLC: August 4 Set as Deadline to File Proofs of Claim
STAR SYSTEM: Deadline to File Proofs of Claim Set August 2

VACEM LLC: Creditors Must File Proofs of Claim by August 4


U K R A I N E

ARCY INDUSTRY: Creditors Must File Claims by August 7
COMMUNE BUILDING: Creditors Must File Claims by August 7
COOPERATION-PDS Creditors Must File Claims by August 7
DOBROBUT LLC: Creditors Must File Claims by August 7
KIA CONNECTION: Creditors Must File Claims by August 7

MERLLIN LLC: Creditors Must File Claims by August 7
NAFTOGAZ UKRAINY: Stops Piping Excess Gas from Gazprom
REMONTNIK LLC: Creditors Must File Claims by August 7
TATNEFT OAO: Pegs 1st Half Crude Oil Output at 13.84 Mln Tons
TRADE INDUSTRY: Creditors Must File Claims by August 7

VITAIR CJSC: Creditors Must File Claims by August 7


U N I T E D   K I N G D O M

ALPHASTEEL LTD: Administrators Concludes Sale of Plant to Libala
BRITISH ENERGY: 2007 Nuclear Output Disappointing, Chairman Says
BUCKLEYS PRINT: Tipografic Solutions Print Acquires Business
CHAMBERLAYNE ESTATE: Brings In Joint Administrators from PwC
CLF TECHNOLOGIES: Taps Tenon Recovery to Administer Assets

FORD MOTOR: Cuts Cost, Extends Buyout Project to 14 More Plants
LANGHOLM DYEING: Goes Into Administration; 62 Jobs Affected
LIDDELL LTD: Appoints Joint Administrators from Ernst & Young
MK ONE: Has Over GBP50 Million in Debt, Administrator Says
NORTHERN ROCK: Economist Blames EU Rules for Bank's Downfall

PARAGON GROUP: Shares Surge on Blackstone Takeover Talks
PHOQUS PHARMACEUTICALS: Places Main Unit Under Administration
ROADCHEF FINANCE: Fitch Retains BB Notes Rating Under Neg. Watch
TALISMAN-6: S&P Junks Rating on Class F Notes; Retains WatchNeg
VIRGIN MEDIA: Fitch Says Ratings Unmoved by BT Network Plan

* European Insurance Industry Remains Strong, S&P Reports
* S&P Says U.S. & European Auto Biz Face Difficulties in Q2 2008


                            *********


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


RECYCLING UND TRANSPORT: Claims Registration Period Ends July 31
----------------------------------------------------------------
Creditors owed money by LLC Recycling und Transport have until
July 31, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Katharina Widhalm-Budak
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 1037
         Fax: 513 1037 22
         E-mail: widhalm-budak@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Aug. 14, 2008, for
the examination of claims at:

The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, the Debtor declared bankruptcy on June
18, 2008, (Bankr. Case No. 28 S 87/08k).


ROS BAU: Claims Registration Period Ends July 31
------------------------------------------------
Creditors owed money by LLC Ros Bau have until July 31, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Mag. Norbert Abel
         Franz-Josefs-Kai 49/19
         1010 Vienna
         Austria
         Tel: 533 5272
         Fax: 533 5272 15
         E-mail: office@abel-abel.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Aug. 14, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, the Debtor declared bankruptcy on June
18, 2008, (Bankr. Case No. 28 S 88/08g).


TECMON LLC: Claims Registration Period Ends August 11
-----------------------------------------------------
Creditors owed money by LLC Tecmon have until Aug. 11, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Hubert Maier
         Vormarktstrasse 17
         4310 Mauthausen
         Austria
         Tel: 07238/3240
         Fax: 07238/3611
         E-mail: office@maier-rechtsanwalt.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Aug. 25, 2008, for
the examination of claims at:

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

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on June 13, 2008, (Bankr. Case No.  S 48/08h).


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


* Belgium Posts 916 Record Bankruptcies for June 2008
-----------------------------------------------------
The number of Belgian companies that collapsed into bankruptcy
increased 25% year-on-year from 854 in June 2007 to 916 in
June 2008, Xinhua News relates citing a VRT report.

According to the report, most of companies that collapsed were
from the retail, transport and hospitality sectors.

Analysts attributed the hike in number of bankrupt companies to
price increases, wage hikes and the global economic downturn.

Karel van Eetvelt of the Small Businessmen's Association UNIZO
told VRT that the rise in bankruptcies is partly due to the
large number of new firms set up in 2007.

Mr. van Eetvelt said he expects more bankruptcies in the fall.


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


BRIGHTPOINT INC: Reports 2008 Quarter Preliminary Fin'l Results
---------------------------------------------------------------
Brightpoint Inc. reported preliminary estimates of its financial
results for the quarter ended June 30, 2008, and updated its
previously announced debt reduction initiative.  The company
will release its full financial results for the quarter ended
June 30, 2008, on Aug. 5, 2008.

The company cautions that the its preliminary financial results
are estimates.  These estimates are unaudited and have not been
reviewed by the company's Independent Registered Public
Accounting Firm and are therefore subject to modification in the
course of completing the company's quarter-end financial review
and completion of the company's full financial results.

The company expects to announce for the second quarter of 2008:

  -- Revenue of US$1.2 billion;

  -- 19.9 million wireless devices handled;

  -- Debt of US$243.8 million at June 30, 2008, a reduction of
     US$134.6 million from March 31, 2008.

  -- Loss from continuing operations currently estimated at
     US$2.3 million.  The loss from continuing operations for
     the second quarter of 2008 is impacted by the following:

    * An estimated US$7.5 million (pre-tax) charge in Slovakia
      related to the liquidation of slow moving locally branded
      notebook PCs in advance of the roll-out of a new microchip
      platform from Intel.  The company is currently in
      discussions with our partners to evaluate the future of
      this program.  The company expects to be completely sold
      through this inventory by the end of the third quarter of
      2008.

    * An estimated US$3.0 million (pre-tax) restructuring
      charge, consisting primarily of a US$1.6 million charge in
      connection with the previously announced sale of certain
      assets in Colombia and a US$1.1 million charge to write-
      off IT projects that were abandoned after terminating
      Dangaard Telecom's implementation of SAP.  The sale of
      certain assets in Colombia resulted in approximately
      1.0 million fewer units handled in the second quarter of
      2008 compared to the first quarter of 2008.

    * US$4.7 million (pre-tax) of non-cash amortization expense
      related to acquired intangible assets.

    * US$1.8 million (pre-tax) of non-cash stock based
      compensation expense for the second quarter of 2008.

    * A US$0.9 million (pre-tax) loss from the sale of shares of
      Tessco, Inc. common stock resulting from a privately
      negotiated transaction with Tessco, Inc. to sell these
      shares.

    * A US$1.0 million (pre-tax) inventory obsolescence charge
      in Poland due to the unsuccessful negotiation of price
      protection with a mobile virtual network operator and
      related manufacturers.  The company has taken steps to
      mitigate future risks associated with this program.

    * An income tax benefit of US$5.0 million, which includes a
      US$3.0 million benefit from the release of a valuation
      allowance on deferred tax assets resulting from previous
      net operating losses in Germany.

"I am very pleased with our debt reduction of US$135 million
during the quarter.  Therefore, I am revising our debt target
for the end of 2008.  We currently anticipate debt at
Dec. 31, 2008, to be approximately US$200 million, which is a
reduction of approximately US$260 million from Dec. 31, 2007,"
said Tony Boor, Brightpoint's Chief Financial Officer.  "We
continue to aggressively evaluate our existing vendor and
operator agreements as we focus on generating positive cash
flows from operations to lower outstanding debt.  We will look
to exit or amend any programs that do not meet our goals for
returns on invested capital of approximately 15% and operating
margins in the range of 2.5% to 3%."

At approximately 5:00 p.m. EDT, on Aug. 5, 2008, Brightpoint
will conduct a conference call to review the company's
operations and financial performance and will answer
participants' questions.  Representing Brightpoint will be
Robert J. Laikin, Chairman and Chief Executive Officer, J. Mark
Howell, President of Brightpoint Americas, Michael Koehn
Milland, President of Brightpoint EMEA and Anthony W. Boor,
Executive Vice President, Chief Financial Officer and Treasurer.
For those who prefer to join the conference call via telephone,
use the following information and dial in several minutes prior
to the start of the call:

   U.S. toll-free dial-in number: 888-220-8746

   International dial-in number: 913-312-0387

         Reiteration of European Operations Realignment

On June 30, 2008, the company reported that as part of the
natural progression of the Dangaard integration process, it was
realigning its European operations in an effort to streamline
its business processes and optimize its business model.  The
company believes that these efforts, and the resultant cost
reductions and operational efficiencies, will help produce
additional synergies for the company.  The company believes that
this realignment will result in the elimination of approximately
50 to 75 positions at Brightpoint's current European division
headquarters in Denmark by the end of 2008.  These eliminated
positions will consist primarily of staff and administrative
positions within the information technology, human resources,
legal, finance and commercial/sales and marketing areas.  The
European business will be supported by Brightpoint's existing
management and corporate staff.

In addition to the foregoing changes currently in process within
its European division headquarters, Brightpoint will implement a
plan to eliminate 225 to 250 positions from its European
division's operating entities by the end of 2008.

The foregoing headcount reductions will be coupled with other
significant cost reduction initiatives in Brightpoint's European
operating entities.  The company expects the combined
initiatives, when implemented, to result in approximately US$25
million to US$30 million in annualized spending reductions.

The company expects to incur material charges for severance,
lease termination and other restructuring costs as a result of
the foregoing reorganization initiatives.  The company
anticipates having these charges and restructuring costs
quantified on or before July 31, 2008.  The company currently
expects that the majority of the charges and restructuring costs
will impact purchase accounting relating to the Dangaard
transaction and will not materially affect current period
earnings.

The company is implementing other cost reduction initiatives in
its Americas and Asia Pacific divisions as well as within its
corporate and global information technology organizations.  The
company has simultaneously begun the evaluation and design
phases of a European shared service facility and warehouse
consolidation and automation projects.  The company expects that
these global opportunities will contribute significant
additional cost synergies as they are implemented over the
next 6 to 24 months.

                        About Brightpoint

Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/-- distributes wireless devices and
accessories, as well as provision of customized logistic
services to the wireless industry.  The company primarily
operates in Australia, Colombia, Finland, Germany, India, New
Zealand, Norway, the Philippines, the Slovak Republic, Sweden,
United Arab Emirates and the United States.  The company's
customers include mobile operators, mobile virtual network
operators, resellers, retailers and wireless equipment
manufacturers.  Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.

                         *     *     *

Brightpoint Inc. continues to carry BB- long-term local and
foreign issuer credit ratings from Standard & Poor's with
stable outlook.  The ratings were placed in April 2006.


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


BELVEDERE SA: Safeguard Procedure Spurs Moody's to Cut Ratings
--------------------------------------------------------------
Moody's Investors Service has downgraded all the ratings of
Belvedere including its Corporate Family Rating to Caa3 from
Caa1, its probability-of-default rating to D from Caa1, and its
senior secured debt rating to Caa2 from Caa1.  The outlook on
the ratings remains negative.

"The rating action were prompted by the decision by Belvedere's
managers to file for "Procedure de sauvegarde" (Safeguard
procedure).  Moody's understands that the procedure constitutes
an event of default according to the bond indenture.  The
probability-of-default rating is lowered to D from Caa1
reflecting the characteristics of this procedure" says Marco
Vetulli, a Moody's Vice President-Senior Analyst.

"Due to Belvedere's probability of Default rating of D, Moody's
used a fundamental distressed EBITDA valuation approach to
estimate loss-given-default (LGD) rather than a mean family-
level LGD estimate.  Based on this approach, the company's
family recovery is currently estimated by Moody's at around 70%
reflecting material cash balances and still acceptable cash
generation.  Though the CFR is downgraded by two notches (to
Caa3 from Caa1), the Senior Secured debt rating is downgraded by
one notch (to Caa2 from Caa1), reflecting that recovery might be
slightly above group average," adds Mr. Vetulli.

The negative outlook reflects Moody's concerns the potential
downside on the final recovery in the context of potential
operational disruptions and the uncertainties of the Safeguard
procedure.

The following specific rating actions were taken:

-- Corporate family rating downgraded to Caa3 from Caa1

-- Probability-of-default rating lowered to D from Caa1;

-- Senior Secured Rating on the EUR375 million notes due 2013
    downgraded to Caa2 (loss-given-default (LGD) assessment of
    LGD2, 26%) from Caa1.

Moody's previous action on the company was on June 18, 2008,
when the ratings were downgraded by two notches to Caa1 from B2.


FAURECIA SA: Posts EUR22.2 Mln Net Loss for First Half 2008
-----------------------------------------------------------
Faurecia S.A. posted EUR22.2 million in net group losses on
EUR6.67 billion in net revenues for the first half 2008,
compared with EUR47.4 million in net group losses on EUR6.51
billion in net revenues for the same period in 2007.

This improvement is attributable to the upturn in the operating
income in North America.  During the first half of 2008, it
reached EUR10 million, compared with a loss of 54.3 million
during the first half of 2007.

This growth is due to a rise in volumes and a reduction in
production costs, improved industrial efficiency, and
procurement performance.

Restructuring charges amounted to EUR30.6 million for the first
half of 2008, down from the 2007 figure of EUR39.9 million.

Sales for the first half of 2008 broken down geographically as:

    * in Europe, sales on a like-for-like basis excluding
      monoliths fell by 1.1%.  The increase in new models
      released in 2007 (Audi A4, Peugeot 308, etc.) has been
      offset by the decrease in other vehicles reaching their
      end of life;

    * in North America business remained buoyant in a difficult
      market environment.  Sales rose by 19.6% like-for-like
      excluding monoliths after the reprocessing of a strong
      negative exchange rate effect of 14.9%.  This growth is
      associated with new vehicle releases including the BMW X6,
      the ramp-up of programs launched in 2007 at General Motors
      (Cadillac CTS, Chevrolet Malibu), and good sales with Ford
      and Volkswagen, which helped offset the decline of sales
      to Chrysler;

    * in South America, sales during the first half of 2008 grew
      by 23.9% like for like excluding monoliths (positive
      exchange rate impact of 3.1%); and

    * in Asia, sales rose by 13.4% like for like excluding
      monoliths. Sales in China rose by 19.8% while they fell
      back slightly in Korea by 1.3%.

                              Debt

First half 2008 net cash flow, excluding the impact of
variations in the sale of receivables, improved compared with
the first half of 2007.

Negative variation for the first half fell by EUR60.5 million in
2007 to EUR31.8 million in 2008.  Net financial debt totaled
EUR1.65 billion at June 30, 2008.


                             Outlook

In the second half of the year, against a backdrop of rising raw
materials prices whose impact is expected to be under control,
Faurecia is aiming -– versus the second half of 2007 -– for a
significant improvement in operating income in both North
America and Europe.

Faurecia confirms its sales growth target for the full year
together with an improvement in operating income and a reduction
in net debt.

                         About Faurecia

Headquartered in Nanterre, France, Faurecia S.A. --
http://www.faurecia.com/-- designs and manufactures six major
vehicle modules, namely seats, cockpits, door panels, acoustic
packages, front ends and exhaust systems for General Motors,
Ford Motor and Chrysler.  The company has over 100 manufacturing
sites in 28 countries including France, Germany, U.S.A., Poland,
Brazil, Japan and China.

Faurecia S.A. has been posting annual net losses since 2005:
EUR182.5 million in 2005, EUR447.9 million in 2006, and
EUR237.5 million in 2007.



TREES SA: Fitch Cuts EUR150 Million Loan Facility Rating to B
-------------------------------------------------------------
Fitch Ratings has downgraded TREES S.A. Series 87 EUR150 million
Loan Facility due September 2014, to 'B' from 'BB+' and removed
it from Rating Watch Negative.  The downgrade reflects Fitch's
view on the credit risk of the rated notes following the release
of its new Corporate CDO rating criteria.

Simultaneously, Fitch is withdrawing the rating.  Allied Irish
Banks, the investment manager, has notified Fitch that future
portfolio information will not be provided.  As a result, Fitch
is withdrawing the rating.

Key drivers of this transaction's credit risk include
deterioration in the portfolio's credit quality, with 13% of the
portfolio rated sub-investment grade; however, there are no
positions rated 'B' or below.  There is also an increase in
portfolio migration risk, with 9% of the portfolio on RWN and 9%
of the portfolio on Outlook Negative.  Since the transaction was
placed on RWN on May 16, 2008, there has been additional
negative rating migration with 16% of the portfolio suffering
negative rating actions.  In addition, Fitch notes the industry
concentration of 31% in the three largest sectors, made up of
14% in Telecommunications, 9% in Supermarkets and Drugstores,
and 8% in Food, Beverage and Tobacco.

Given Fitch's view of the current credit quality of the
portfolio, the 3% credit enhancement level is not sufficient to
justify the current rating of the notes.

The rating addresses the probability of the loan being repaid on
or prior to September 20, 2014, in accordance with its
documentation, if drawn, and the payment of interest according
to the documentation.  The rating is based on the credit quality
of the EUR5bn portfolio of mainly investment grade corporate
bonds and loans, the availability of EUR150 million credit
enhancement provided by UBS AG and a shortfall facility that
covers cash shortfalls subject to certain conditions, both
provided by UBS AG.  In addition, the rating takes into account
the credit quality of UBS AG and the sound legal and financial
structure of the transaction.  Portfolio assets can be
substituted subject to the lender approval.


* France Wants Larger Part in British Islamic Finance, S&P Says
---------------------------------------------------------------
(PARIS-Standard & Poor's-July 21, 2008/Pam)

France is maneuvering for a part of the Islamic finance
business, with expected fiscal and legal adjustments as
announced in July 2008 by the finance minister, said Standard &
Poor's Ratings Services in a report published titled "Islamic
Finance In France: Paris Tries To Reduce The Gap With London."

"Islamic finance has been one of the most dynamic asset classes
over the past decade with total assets exceeding US$600 billion;
and we believe that the industry will continue growing at
double-digit rates in the foreseeable future," said S&P's credit
analyst Mohamed Damak.

Over the past five years, London has built up its Islamic
finance capabilities through regulatory and fiscal adjustments,
the licensing of five Islamic banks (four wholesale banks and
one retail bank) and a takaful company, and the authorization
for conventional players (estimated at about 20) to offer Sharia
compliant products in the U.K.

The French have lagged the British over that period, but
recently the French government signaled a change in attitude. It
is set to adjust its fiscal and legal framework to render it
friendlier to the development of Islamic finance.  The recent
communication from the French ministry of finance asking the
relevant government administrations for the fiscal and juridical
clarifications and modifications necessary to facilitate sukuk
issuance and structured real estate transactions -- in
particular regarding registration rights -- came as no surprise
and was welcomed by market participants.

By preparing the ground for Islamic finance, France can help
financial innovation and benefit from the deep pockets of Middle
Eastern investors as liquidity has dried up elsewhere in the
global financial markets.

"We believe there is good potential for Islamic finance in
France, although its development will be gradual in our
opinion," said Mr. Damak.  "At first, we expect mainly wholesale
banking and sukuk to fuel growth.  Some uncertainties persist
regarding the development of Sharia compliant retail banking
services, despite the fact that France has the largest Muslim
population in Europe."


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


FLEISCHWAREN HELDMAN: Claims Registration Period Ends July 31
-------------------------------------------------------------
Creditors of FLEISCHWAREN HELDMANN-HERTZ GmbH & Co.KG have until
July 31, 2008, to register their claims with court-appointed
insolvency manager Dr. Frank Nikolaus.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Aug. 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         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. Frank Nikolaus
         Alfredstr. 108-112
         45131 Essen
         Germany
         Tel: 87 90 40

The District Court of Essen opened bankruptcy proceedings
against FLEISCHWAREN HELDMANN-HERTZ GmbH & Co.KG on
June 1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         FLEISCHWAREN HELDMANN-HERTZ GmbH & Co.KG
         Attn: Sabine Heldmann-Hertz, Manager
         Im Vogelsang 101
         45527 Hattingen
         Germany


FRESENUIS SE: Moody's Rates Exchangeable Bond Issue at Ba2
----------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating with LGD5,
74% to Fresenius SE's issue of mandatory exchangeable bonds.  At
assignment the Ba2 rating was placed under review for possible
downgrade in line with the Fresenius' Ba1 Corporate Family
Rating (CFR) and senior debt ratings, which have been under
review since July 7, 2008.

The bonds have been issued by Fresenius Finance (Jersey) Ltd.
and are backed by Fresenius SE on a senior basis, though without
the upstream guarantees of key operating subsidiaries that
support the currently outstanding bonds of Fresenius, which
warrants a rating for the mandatory exchangeable, one notch
lower than the CFR and the bond ratings.

The new bonds will be exchangeable at a narrow range of exchange
ratios into shares of Fresenius Medical Care (FMC) currently
held by Fresenius SE at either the three year maturity of the
bond or at various acceleration events before that date.
Fresenius Finance (Jersey) Ltd, is a special-purpose entity that
will extend the proceeds of the issue as a mandatory
exchangeable loan to Fresenius Finance B.V., which in turn will
upstream the funds to Fresenius SE.  Fresenius SE then
guarantees the obligations of Fresenius Finance B.V. under the
mandatory exchangeable loan and, via a pledge agreement, will
secure delivery of the underlying shares for exchange.

Moody's notes that the new rating reflects Fresenius SE's
ability to meet its contractual obligations arising from the
bond issue, regardless of the potential losses to investors as a
result of non-credit developments, such as the future evolution
of the FMC share price.

Moody's will consider favorably in its rating review the
committed, albeit deferred nature of the asset sale, which will
serve to part-finance the acquisition of APP Pharmaceuticals,
Inc.  However, over the three-year term of the loan, Fresenius
will have to make fixed coupon payments similar to pre-funded
disposal proceeds.

The Ba1 CFR of Fresenius SE and the Ba1 senior unsecured ratings
of its guaranteed subsidiary Fresenius Finance B.V. were placed
under review for possible downgrade on July 7, 2008, following
the announcement that Fresenius Kabi, a business segment of
Fresenius, had signed definitive agreements to acquire APP for a
total cash consideration of US$3.7 billion for share capital
plus USD0.9 billion of net debt.  APP is a manufacturer of
intravenously administered generic drugs in North America.

Moody's rating review will focus on

  (i) the expected capital structure of the acquisition
      financing;

(ii) the time frame of de-leveraging by debt reduction and/or
      performance improvements of the group; and

(iii) the benefits of the acquisition on the group's overall
      business profile.


KAMMERLANDER BAUKRAN: Claims Registration Period Ends July 29
-------------------------------------------------------------
Creditors of Kammerlander Baukran - Service GmbH have until
July 29, 2008, to register their claims with court-appointed
insolvency manager Joachim M. E. Voigt-Salus.

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

The meeting of creditors will be held at:

         The District Court of Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         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:

         Joachim M. E. Voigt-Salus
         Rankestrasse 33
         10789 Berlin
         Germany
         Tel: 030/2128020
         Fax: 030/21280222

The District Court of Dessau-Rosslau opened bankruptcy
proceedings against Kammerlander Baukran - Service GmbH on May
22, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Kammerlander Baukran - Service GmbH
         Attn: Peter Kammerlander, Manager
         Muenchner Strasse 6
         06796 Brehna
         Germany


KLASEN & HARTENFELS: Claims Registration Period Ends July 29
------------------------------------------------------------
Creditors of Klasen & Hartenfels Elektrotechnik GmbH have until
July 29, 2008, to register their claims with court-appointed
insolvency manager Stefanie Luethje.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Verden (Aller)
         Hall 214
         Main Building
         Johanniswall 8
         27283 Verden (Aller)
         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:

         Stefanie Luethje
         Ostertorsteinweg 74/75
         28203 Bremen
         Germany
         Tel: 0421/79257-0
         Fax: 0421/7925757

The District Court of Verden (Aller) opened bankruptcy
proceedings against KLASEN & HARTENFELS ELEKTROTECHNIK GmbH_ on
June 1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         KLASEN & HARTENFELS ELEKTROTECHNIK GmbH
         Schafwinkeler Dorfstr. 7
         27308 Kirchlinteln
         Germany

         Attn: Matthias Klasen, Manager
         Pappelweg 45
         27308 Kirchlinteln
         Germany


LEUZE METALL: Claims Registration Period Ends July 29
-----------------------------------------------------
Creditors of Leuze, Metall- und Kunststoffbau GmbH have until
July 29, 2008, to register their claims with court-appointed
insolvency manager Heike Metzger.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Aug. 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         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:

         Heike Metzger
         Hauptstrasse 161
         68259 Mannheim
         Germany
         Tel: 0621/4328899-0
         Fax: 0621/4328899-50

The District Court of Heilbronn opened bankruptcy proceedings
against  Leuze, Metall- und Kunststoffbau GmbH on June 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Leuze, Metall- und Kunststoffbau GmbH
         Daimlerstrasse 12
         74405 Gaildorf
         Germany

         Attn: Ralf Leuze and Petra Feller, Managers
         Daimlerstrasse 12
         74405 Gaildorf
         Germany


ORGA-TEAM GMBH: Claims Registration Period Ends July 29
-------------------------------------------------------
Creditors of Orga-Team GmbH have until July 29, 2008, to
register their claims with court-appointed insolvency manager
Michael Schoor.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 145
         First Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Michael Schoor
         Schorlemmerstrasse 2
         04155 Leipzig
         Germany
         Tel: 0341/4903650
         Fax: 0341/4903699
         E-mail: leipzig@pluta.net

The District Court of Leipzig opened bankruptcy proceedings
against Orga-Team GmbH on July 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Orga-Team GmbH
         Am Wilhelmschacht 27
         04552 Borna
         Germany

         Attn: Ingo Pohl, Manager
         Am Wustenberg Nr. 11
         04617 Fockendorf
         Germany


SEEHOTEL POSTMUENSTER: Claims Registration Period Ends July 31
--------------------------------------------------------------
The court-appointed insolvency manager for Seehotel Postmuenster
Betriebs-GmbH, Christian Plail, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:00 a.m. on July 31, 2008.

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

         The District Court of Landshut
         Meeting Hall 9/I
         Maximilianstrasse 22-24
         Landshut
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on Aug. 29, 2008, at the same
venue.

Creditors have until July 10, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christian Plail
         RAe Schneider,Geiwitz & Partner
         Spirknerallee 10
         84307 Eggenfelden
         Germany
         Tel: 08721/96500
         Fax: 08721/965050

The District Court of Landshut opened bankruptcy proceedings
against Seehotel Postmuenster Betriebs-GmbH on June 16, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

        Seehotel Postmuenster Betriebs-GmbH
        Seestrasse 10
        84389 Postmuenster
        Germany


TORBORG SPEDITIONSGES: Claims Registration Period Ends July 31
--------------------------------------------------------------
Creditors of Torborg Speditionsges. mbH & Co. have until
July 31, 2008, to register their claims with court-appointed
insolvency manager Christoph Henningsmeier.

The District Court of Cuxhaven will verify the claims set out in
the insolvency manager's report at 9:00 a.m. on Sept. 4, 2008,
at:

         The District Court of Cuxhaven
         Hall 112
         Old Building
         Deichstr. 12 A
         27472 Cuxhaven
         Germany

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

The insolvency manager can be reached at:

         Christoph Henningsmeier
         Osdorfer Landstr. 230
         22549 Hamburg
         Germany
         Tel: 040 8078810
         Fax: 040 807881-20

The District Court of Cuxhaven opened bankruptcy proceedings
against Torborg Speditionsges. mbH & Co. on June 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Torborg Speditionsges. mbH & Co.
         Hauptstr. 21
         21755 Hechthausen
         Germany

         Attn: Claus Torborg, Manager
         Tannenweg 9
         21755 Hechthausen
         Germany


TRANSPORT & SPEDITION: Claims Registration Period Ends July 30
--------------------------------------------------------------
Creditors of Transport & Spedition Wetzig GmbH have until
July 30, 2008, to register their claims with court-appointed
insolvency manager Dr. Volker Schlittgen.

Creditors and other interested parties are encouraged to attend
the meeting at 12:40 p.m. on Aug. 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Dr. Volker Schlittgen
         Rosentalgasse 1-3
         04105 Leipzig
         Germany
         Tel: 0341/984820
         Fax: 0341/9848220
         E-mail: leipzig@wellensiek.de

The District Court of Leipzig opened bankruptcy proceedings
against Transport & Spedition Wetzig GmbH on July 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Transport & Spedition Wetzig GmbH
         Dorfstrasse 13
         04889 Schildau
         Germany


TVK MARKETING: Claims Registration Period Ends July 30
------------------------------------------------------
Creditors of TVK Marketing und Management GmbH & Co. KG have
until July 30, 2008, to register their claims with court-
appointed insolvency manager Steffen Beck.

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

The meeting of creditors will be held at:

         The District Court of Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Str. 28
         Ludwigsburg
         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:

         Steffen Beck
         Breitscheidstr. 10
         70174 Stuttgart
         Germany
         Tel: 0711/252566-0

The District Court of Ludwigsburg opened bankruptcy proceedings
against TVK Marketing und Management GmbH & Co. KG on June 5,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         TVK Marketing und Management GmbH & Co. KG
         Attn: Christian Fina und Markus Graf
         Bogenstr. 35
         70806 Kornwestheim
         Germany


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


CASTLE BRANDS: Eisner LLP Expresses Going Concern Doubt
-------------------------------------------------------
New York-based Eisner LLP raised substantial doubt about Castle
Brands Inc.' ability to continue as a going concern after
auditing the company's financial statements for the year ended
March 31, 2008.

The auditing firm said that the company has incurred significant
recurring operating losses, has not generated cash flows from
operations since its inception, and has senior notes due on
May 31, 2009.

The company has not generated positive cash flows from its
operating activities since inception.  For the year ended
March 31, 2008, the company used cash of US$19,954,958 in
operating activities.  Also, the company had an accumulated
deficit of US$87,546,011 as of March 31, 2008.

The company has US$10,000,000 of senior notes payable due on
May 31, 2009.  In addition, its existing US$5,000,000 stand-by
credit facility expires on Feb. 28, 2009.  The inability to
extend these debt instruments on acceptable terms or find
suitable alternative sources of financing could have material
adverse effects on the company's operating results.

The company posted a net loss of US$27,583,774 on net sales of
US$27,325,168 for the year ended March 31, 2008, as compared
with a net loss of US$16,557,350 on net sales of US$25,164,038
in the prior year.

Net sales increased US$2,200,000, or 8.6%, in the fiscal year
ended March 31, 2008.  Revenues per case increased 9% as part of
the company's overall pricing strategy.  The company's increase
in net sales also reflects the inclusion of excise and VAT in
sales to its distributor in Ireland.  Historically, sales in
Ireland have been made "in-bond," net of excise taxes.  In
September 2007 and again in March 2008, the company made sales
to its distributor in Ireland "ex-bond" that included
US$1,900,000 and US$400,000, respectively, in excise taxes and
VAT.  This increase in excise and VAT in sales to the
distributor in Ireland was off set by a change in route to
market in the United Kingdom where the company now sell "in-
bond."  This change resulted in a decrease of US$1,700,000 in
excise and VAT taxes.  These taxes are reflected in both the
company's revenues and cost of sales as an equal increase
to both.

International case sales volume was negatively impacted
primarily by the company's transition to a new distributor in
the Republic of Ireland as well as the timing of reorders in
connection with price increases and the re-launch of Boru.
Specifically, the new distributor has had difficulty in
achieving broad based market penetration.  While the company
anticipates a resolution to the underlying issues, including the
possible appointment of a new distributor, which will be reached
in the near term, the adverse impact on its international sales
is expected to continue at least through the next two fiscal
quarters.

                          Balance Sheet

At March 31, 2008, the company's balance sheet showed
US$42,136,926 in total assets, US$27,038,957 in total
liabilities, US$309,810 in minority interests, and US$14,788,159
in total stockholders' equity.

A full-text copy of the company's 2008 annual report is
available for free at http://ResearchArchives.com/t/s?2f

The company is continuing to implement a plan supporting the
continued growth of existing brands that will be supported by a
variety of sales and marketing initiatives that the company
expects will generate cash flows from operations.  As part of
this plan, the company intends to grow its business through
continued expansion to new markets and within existing markets,
as well as strengthening existing distributor relationships.

The company is also seeking additional brands and agency
relationships to leverage the existing distribution platform, as
well as a systematic approach to expense reduction, improvements
in routes to market and production cost containment to improve
existing cash flow.

Additionally, the company is actively seeking additional sources
of capital.  Without sufficient additional capital or long term
debt and ultimately profitable operating results, the company
will not be able to continue as a going concern.

                      About Castle Brands

Castle Brands, Inc. -- http://www.castlebrandsinc.com/--
manufactures, markets and sells spirit brands of vodka,
whiskey, rums, and liqueurs in the United States, Canada,
Europe, and the Caribbean.  Its brands include Boru vodka,
Gosling's rums, Sea Wynde, Knappogue Castle Whiskey, Clontarf
Irish whiskeys, McLain & Kyne Bourbons, Brady's Irish cream
liqueur, Celtic Crossing liqueur, Pallini liqueurs, and Tierras
Tequila.  The company distributes its products through wholesale
distributors, as well as beverage alcohol control agencies in
the United States.   It sells its brands internationally,
directly from the brand owner to various retail establishments,
including liquor stores, chain stores, restaurants, and pubs.
The company was founded in 1998 and is based in New York.


ELAN CORPORATION: Taps Adviser for EDT Ops' Possible Sale
---------------------------------------------------------
Elan Corporation Plc has tapped Lehman Brothers and Goldman
Sachs to conduct a out a strategic review of its Elan Drug
Technology division for a possible US$1.5 billion flotation or
sale, Lina Saigol writes for the Financial Times.

According to the report, Elan is expected to accept preliminary
bids until mid-August 2008.  Potential bidders may include Apax,
Blackstone, Cinven, KKR and Warburg Pincus.

FT suggests that Elan is shelving its EDT unit to focus on
focus on its biopharmaceuticals business -- which markets
Tysabri, its flagship multiple sclerosis drug.

                     About Elan Corp.

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

                          *    *    *

Elan Corp. plc carries Moody's long-term corporate family rating
of B3, probability of default rating of B2 with positive
outlook.  The company meanwhile carries Standard & Poor's B
rating on long-term foreign issuer credit and B rating on long-
term local issuer credit with positive outlook.  Both ratings
hold to date.


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


* Fitch Says Energy Derivative Will Boost Risk Mg't Functions
-------------------------------------------------------------
Fitch Ratings has said that the introduction of the Italian
energy derivative exchange expected in fourth quarter 2008 will
help improve the predictability of Italian electricity prices,
support companies' risk management functions and facilitate
utilities' hedging strategies.

Fitch notes that the use of energy derivative instruments will
not only benefit electricity wholesalers, but also energy
intensive industrial companies such as heavy building materials,
steel and chemicals manufacturers that will be able to hedge
their electricity supply contracts and thereby fix the price of
a key production cost component.  "This is a positive
development for the creation of an efficient power market, which
also improves the competitiveness of Italian industrial
companies," says Francesca Fraulo, Director in Fitch's Energy,
Utilities & Regulation team.

The introduction of IDEX anticipates the creation of a physical
forward power market, as a segment of the existing Italian Power
Exchange market, that will be organized and managed by the
market operator (GME, Gestore del Mercato) and is expected to be
launched by year-end.  Since its introduction in 2004, IPEX has
seen traded volumes increase, and good liquidity and a growing
number of market participants.  However, in absence of a forward
curve, physical contracts are exposed to a high degree of
volatility, as transactions are based only on spot prices with a
single benchmark (PUN - Prezzo Unico Nazionale) that represents
the average price of different geographical market zones.  PUN
will also be used as an underlying benchmark for settlements of
derivative instruments traded on IDEX.

Over the last six years, the Italian electricity generation
market has gradually evolved from a 'quasi-monopoly' to a
'quasi-oligopoly' structure.  Generators have suffered
negligible credit consequences from a potentially greater
competitive environment. As a result, they have been able to
protect and improve generous profitability margins.  These solid
sector fundamentals are reflected in the relative strength of
Italian utilities' ratings.  However, the combined effect of
financial derivative instruments and a physical forward market
should help to remove price volatility by enhancing
predictability of supply contracts values.

Fitch notes that while the majority of operators trading on IDEX
are expected to be financial institutions or market makers, the
possibility for electricity operators to take part in this
market segment provides those companies with another tool to
improve their respective risk management practices and policies.
Regulators' awareness of counterparty risk in energy financial
and physical trading markets has recently significantly
increased. Fitch notes that it is an increasingly common
practice to require eligible operators to have a public credit
rating.  This was the case for participating in the auction for
suppliers to the residential electricity market segment for
those customers that had not opted for a specific supplier.  For
IDEX, non-financial operators will only be able to participate
in trading if they are already active in other European power
exchange markets.

IDEX will be a segment of the existing Italian derivatives
exchange and will be managed by Borsa Italiana (the Italian
Stock Exchange company).  Fitch will continue to monitor the
development of the implementation of IDEX and the physical
forward market and will comment on possible credit implications
for individual issuers and the sector.


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


ADRIANOPOLIS LLP: Creditors Must File Claims by August 29
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Adrianopolis insolvent.

Creditors have until Aug. 29, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


AL-FARABI LLP: Claims Deadline Slated for August 29
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Al-Farabi insolvent.

Creditors have until Aug. 29, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


ALFA-97 LLP: Claims Filing Period Ends August 29
------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Alfa-97 insolvent.

Creditors have until Aug. 29, 2008, to submit written proofs of
claims to:

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


ASIA LLP: Creditors' Claims Due on August 29
--------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Firm Asia insolvent on May 13, 2008.

Creditors have until Aug. 29, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Parkovaya Str. 17
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 34-70-34


CONTINENT-STROY LLP: Claims Registration Ends September 2
---------------------------------------------------------
LLP Construction Company Continent-Stroy has declared
insolvency.  Creditors have until Sept. 2, 2008, to submit
written proofs of claims to:

         LLP Construction Company Continent-Stroy
         Zenkov Str. 22
         Almaty
         Kazakhstan


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

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Tolstoi Str. 74
         Kostanai
         Kazakhstan


JOB TRADE: Claims Deadline Slated for September 2
-------------------------------------------------
LLP Job Trade Company has declared insolvency.  Creditors have
until Sept. 2, 2008, to submit written proofs of claims to:

         LLP Job Trade Company
         Office 11
         Rozybakiev Str. 153a
         Almaty
         Kazakhstan


M-VIDEO LLP: Claims Filing Period Ends August 29
------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP M-Video insolvent on May 13, 2008.

Creditors have until Aug. 29, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Parkovaya Str. 17
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 34-70-34


STROY COMPLECT: Creditors' Claims Due on September 2
----------------------------------------------------
LLP Construction Company Stroy Complect Petropavlovsk has
declared insolvency.  Creditors have until Sept. 2, 2008, to
submit written proofs of claims to:

         LLP Construction Company
         Stroy Complect Petropavlovsk
         Kamanin Str. 17-28
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


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


AK-TILEK-A LLC: Repeated Asset Sale Set July 31
-----------------------------------------------
The temporary insolvency manager for LLC Ak-tilek-a has set a
repeated auction for the company's bankruptcy enterprise
properties at 11:00 a.m. on July 31, 2008, at:

         LLC Ak-tilek-a
         Bazarkorgon
         Batken
         Kyrgyzstan

The assets for sale are:

   -- Lot 1-7: building of mill complex, equipment.

The starting prices of the assets range from KGS450 to
KGS112,500.  The starting prices have been reduced by 25%.

   -- Lot 8-13: buildings for workshops, equipment.

The starting prices of the assets range from KGS3,943 to
KGS207,202.  The starting prices have been reduced by 50%.

Interested bidders have until 11:00 a.m. on July 30, 2008, to
deposit guarantee payment equivalent to 10% of the starting
price of the lot to the cashier of the enterprise.

Participants must submit their bids and necessary documents to:

         LLC Ak-tilek-a
         Bazarkorgon
         Batken
         Kyrgyzstan

Inquiries can be addressed to:

         (0-777) 32-17-12
         (0-777) 10-15-04


ALA-TOO JSC: Repeated Asset Sale Slated for July 28
---------------------------------------------------
The temporary insolvency manager for OJSC Hotel-Restaurant
Complex Ala-Too has set a repeated auction for the company's
bankruptcy enterprise properties at 9:00 a.m. on July 28, 2008,
at:

         OJSC Hotel-Restaurant Complex Ala-Too
         Administrative Building
         Erkindik Ave. 1
         Bishkek
         Kyrgyzstan

The starting prices of the assets in auction have been reduced
by 50%.

The assets for sale are:

   -- Lot 1-6: building of hotel and restaurant, store
      buildings, construction materials and equipment.

The starting prices of the assets range from KGS28,374 to
KGS131,057,108.

Interested bidders have until 10:00 a.m. on July 25, 2008, to
deposit guarantee payment equivalent to 10% from the starting
price of the lot to:

         OJSC Kyrgyz Promstroy Bank
         Settlement Account 1023002000308009
         GOPU, BIK 102001

or to the cashier of the enterprise.

Participants must submit their bids and necessary documents to:

OJSC Hotel-Restaurant Complex Ala-Too
         Administrative Building
         Erkindik Ave. 1
         Bishkek
         Kyrgyzstan

Inquiries can be addressed to:

         (+996 312) 62-67-90
         (0-772) 55-27-33


KSK ALTYN: Asset Sale Slated for August 4
-----------------------------------------
The temporary insolvency manager for LLC KSK Altyn will auction
the company's properties at 10:00 a.m. on Aug. 4, 2008, at:

         LLC KSK Altyn
         Room 108
         Tolstoi Str. 114
         Bishkek
         Kyrgyzstan

The assets for sale are:

   -- Lot 1-4: property complex for jewelry manufacture,
      antiquarian wares.

The starting prices of the assets in auction range from KGS250
to KGS2,304,644.

Interested bidders have until 5:00 p.m. on Aug. 1, 2008, to
deposit guarantee payment equivalent to 10% of the starting
price of the lot to the cashier of the enterprise.

Participants must submit their bids and necessary documents to:

         LLC KSK Altyn
         Room 108
         Tolstoi Str. 114
         Bishkek
         Kyrgyzstan

Inquires can be addressed to (+996 312) 64-01-31.


NAP KYRGYZSTAN: Creditors' Meeting Slated for July 30
-----------------------------------------------------
Creditors of OJSC National Carrier Nap Kyrgyzstan Aba Joldoru
will meet at 10:00 a.m. on July 30, 2008, at:

         Ahunbaev Str. 184
         Bishkek
         Kyrgyzstan

The meeting will discuss:

   -- the report of temporary insolvency manager;

   -- the properties of the company located outside
      of Kyrgyzstan;

   -- the adoption of liquidation expenses of temporary
      insolvency manager;

   -- the accounts receivable of the company; and

   -- the sale of unrealized assets of the company.

Proxies must have authorization to vote.

Inquires can be addressed to (+996 312) 54-80-73, 54-80-68, 54-
77-50, (0-555) 38-09-41, (0-555) 77-38-33,(0-772) 54-88-44.


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


EVRAZ GROUP: Mulls Takeover Offer for Cape Lambert
--------------------------------------------------
Evraz Group S.A. may submit an offer to acquire Cape Lambert
Iron Ore Ltd., Jesse Riseborough writes for Bloomberg News,
citing an unsourced Australian Financial Review report.

According to Bloomberg News, Evraz recently increased its
holding in Cape Lambert to 19% after buying a 16% stake.

The Review reports that Evraz has approached three of Cape
Lambert's biggest shareholders in London -- with about 20% of
the stock -- with an offer of 90 cents a share.

Bloomberg News suggest that Evraz is trying to derail a bid to
sell Cape Lambert's iron ore project to China Metallurgical
Group Corp. for AU$400 million.

                         About Evraz

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

                         *     *     *

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

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

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


PMI UNO: Fitch Removes BB Notes Rating from Negative Watch
----------------------------------------------------------
Fitch has removed PMI Uno Finance S.r.l.'s Class D notes --
rated 'BB' -- from Rating Watch Negative as the note has been
redeemed in full.  Following the optional redemption of the
notes on the July 2008 payment date, the ratings of the other
classes have also been fully redeemed as:

   -- Class A floating-rate notes (ISIN: IT0003653414): 'AAA';
      PIF;

   -- Class B floating-rate notes (ISIN: IT0003653422): 'AA+';
      PIF;

   -- Class C floating-rate notes (ISIN: IT0003653430): 'BBB+';
      PIF; and

   -- Class D floating-rate notes (ISIN: IT0003653463): 'BB';
      Removed from RWN; PIF.


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


EUROSTAR II: Fitch Keeps Junk Ratings on Three Note Classes
-----------------------------------------------------------
Fitch Ratings has upgraded EuroStar II CDO's Class A-3 notes and
affirmed Classes A-1 and A-2.  The ratings of all the other
classes of notes remain unchanged.  The ratings are:

  -- Class A-1 notes (DE0006104706): affirmed at 'AAA'
  -- Class A-2 notes (DE0006104714): affirmed at 'AAA'
  -- Class A-3 notes (DE0006104722): upgraded to 'AA' from 'AA-'
  -- Class B notes (DE0006104730): 'CCC+'/'DR2'
  -- Class C notes (DE0006104748): 'C'/'DR6'
  -- Subordinated notes (DE0006104755): 'C'/'DR6'

Fitch released two new criteria on April 30, 2008: Global
Criteria for Corporate CDO/CLOs and 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 48 bonds from 47 obligors with a par amount
of EUR162.2 million and a principal cash balance of
EUR9.3 million. The largest exposure makes up 3.7% of the
outstanding portfolio amount, and the three largest obligors
account for 10.1% of the outstanding portfolio amount.

The weighted average portfolio quality is 'BB+/BB', with four
obligors rated 'CCC+' or below, accounting for 8.7% of the
outstanding portfolio amount.  The transaction continues to de-
leverage, with the Class A-1 and A-2 notes now at approximately
22% of the original issued amount.

The upgrade of the Class A-3 notes reflects the increase in
over-collateralization to 156% from 137% 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 February 2001, EuroStar II CDO, a limited liability company
organized under Dutch law, issued EUR417 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: S&P Affirms BB- Rating with Stable Outlook
-----------------------------------------------------
Standard & Poor's has affirmed its long-term corporate credit
rating on X5 Retail Group N.V. at BB- with Stable outlook.

S&P said the rating is supported, among other factors, by the
Company's leading position in the growing Russian food retail
market, economies of scale and prudent cost management.  The
rating agency noted that the Company's aggressive growth results
in an increasing need for capital.

Standard & Poor's has commented positively on the Company's
liquidity position stating that "X5's liquidity is supported by
growing cash flow generation, a comfortable debt maturity
profile, and the flexibility provided by the largely
discretionary nature of the Group's capital investment
requirements."


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


AUTOMATED SERVICES: Court Names A. Alyukaev to Manage Assets
------------------------------------------------------------
The Arbitration Court of Moscow appointed A. Alyukaev as
Insolvency Manager for CJSC Automated Services (TIN 7701295490).
He can be reached at:

          A. Alyukaev
          Post User Box 145
          105005 Moscow
          Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-17265/08-74-64B.

The Court is located at:

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

The Debtor can be reached at:

          CJSC Automated Services
          Building 3
          Savvinskaya Quay 25-27
          119435 Moscow
          Russia


AV TRADING: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Moscow bankruptcy supervision procedure
on LLC AV Trading Service (TIN 7710298240).  The case is
docketed under Case No. A40-13278/08-74-41B.

The Temporary Insolvency Manager is:

          A. Kondrashkin
          Office 61
          Potapovskiy Per. 9/11
          101000 Moscow
          Russia

The Court is located at:

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

The Debtor can be reached at:

          LLC AV Trading Service
          Building 1
          Mozhayskoe Shosse 29/2
          121471 Moscow
          Russia


COMSTAR-UNITED: Commences Operations in Southern Russia
-------------------------------------------------------
Comstar – United TeleSystems JSC has launched branches in the
cities of Rostov-on-Don and Ryazan.

Pursuant to the resolution of Comstar-UTS OJSC Board of
Directors' meeting, the Company's Branch in Sochi is to be
dissolved effective August 1, 2008, with a Branch to be set in
Rostov-on-Don.  Meanwhile, Comstar-UTS continues to aggressively
grow its business in the Krasnodar Territory, including the
resort town of Sochi.  Also, another Company's Branch is to be
launched effective August 1, 2008, in Ryazan.

"hese developments are in line with the general strategy for
Comstar-UTS Group of Companies' growth," Comstar Vice-president
Viktor Koresh.  "The strategy envisages restructuring of the
assets to establish an effective integrated operation structure
across the country.  Moving the Branch -– South headquarters to
Rostov-on-Don, Russia's capital of the South, where Comstar-UTS
is present through the region's major alternative operator,
Digital Telephone Networks -– South CJSC, and setting up a
Company's Branch in the Ryazan Region, where we have recently
acquired Interlink Group of Companies, will allow optimizing our
business management structure in the crucial macroregions such
as the South and Center of the country's European part."

                      About Comstar-UTS

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

                           *    *    *

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

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


ERKC OJSC: Sakha-Yakutiya Bankruptcy Hearing Set October 7
----------------------------------------------------------
The Arbitration Court of Sakha-Yakutiya will convene on
Oct. 7, 2008, to hear the bankruptcy supervision procedure on
OJSC Erkc (TIN 1435154752, ORGN 1041402148325).  The case is
docketed under Case No. A58-1257/08-0237.

The Temporary Insolvency Manager is:

          A. Kuzminykh
          Apt. 23
          Kurashova Str. 1/1
          Yakutsk
          677008 Sakha–Yakutiya
          Russia

The Court is located at:

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

The Debtor can be reached at:

          OJSC Erkc
          Kurashova Str. 1/1
          Yakutsk
          677000 Sakha–Yakutiya
          Russia


EUROCHEM MINERAL: Completes Minority Buyouts at Two Units
---------------------------------------------------------
OJSC EuroChem Mineral and Chemical Co. has successfully
finalized compulsory redemption of minority stock in its
subsidiaries -- Nevinnomyssky Azot, OJSC and Novomoskovskaya
Joint-Stock Company Azot.

The redemption process has been performed in full accordance
with laws, state regulations, and at price exceeding indicated
quotations on RTS.

The minority buy-out will allow EuroChem to improve its
corporate management practices, increase efficiency and speed of
decision-making process.

                         About EuroChem

Headquartered in Moscow, OJSC EuroChem Mineral and Chemical Co.
-- http://www.eurochem.ru/-- engages in raw materials
extraction, and production of fertilizers, organics, feed
phosphates in Russia and abroad.

                         *      *      *

In a TCR-Europe report on July 11, 2008, Fitch Ratings upgraded
OJSC EuroChem Mineral and Chemical Company's Long-term Issuer
Default rating and senior unsecured debt rating to 'BB' from
'BB-'.  The Short-term IDR is affirmed at 'B'.  The Outlook for
the Long-term IDR is Stable.

In late May 2008, Standard & Poor's Ratings Services raised to
'BB' from 'BB-' its long-term corporate credit rating on
EuroChem, reflecting sustainable operational and financial
improvements.  In line with this one-notch upgrade, we raised to
'ruAA' from 'ruAA-' the Russia national scale rating on
EuroChem, and to 'BB' from 'BB-' the long-term rating on
EuroChem Finance PLC's participation notes.  The outlook is
stable.


EUROCHEM MINERAL: Inks US$635MM Deal for Site Constructions
-----------------------------------------------------------
OJSC EuroChem Mineral and Chemical Co., Thyssen Schachtbau GmbH
and Shaft Sinkers PTY Ltd. have signed contracts for
construction of technological complexes of the skip and the
latticed mine shafts of the Gremyachinsky potassium salt
Deposit.

A EUR205 million contract was signed with Thyssen Schachtbau for
construction of the skip shaft technological complex and the
contract for building and assembly jobs while drifting to the
skip mine shaft of the Gremyachinsky Deposit.

Thyssen Schachtbau GMBH is scheduled to sign anon:

    * supply agreement for equipment and shaft armor with
      working shelves and mining copra for EUR9 million; and

    * contract for rendering of services in projection,
      accompaniment and management of the skip shaft
      construction for EUR37 million.

The contracts were signed by the EuroChem general director
Dmitry Strezhnev, Thyssen Schachtbau technical director Norbert
Handke and commercial director Markus Beermann.

The contracts assume rendering full list of works, essential for
construction of the skip shaft technological complex of the
Gremyachinsky Deposit mine, including complete supply insurance,
assembling and setting up equipment of the shaft technological
complex -- lifting machines, copper, armoring, freight lifting
capacitors, process automation, alarm system and communications
etc.

Drifting to the skip shaft is scheduled to accomplish by
application of the special means of drifting – "congelation of
rocks" for making criohydrated enclosure of the passable shaft
in and around water-bearing rocks.

Preparatory works commenced May of 2007.  Completion of the skip
shaft construction and commissioning are scheduled for November
2012.

A US$270 million contract was signed with Shaft Sinkers Pty Ltd
for rendering building and assembling jobs for construction of
the latticed shaft technological complex of the Gremyachinsky
Deposit of potassium salt.

The contracts were signed by EuroChem general director Dmitry
Strezhnev, Shaft Sinkers managing director Robert Schroder and
financial director Christopher Hall.

The contract makes a fundamental distinction between
construction of the latticed shaft technological complex of the
future mine and drifting to the similar shafts in preceding
years.

Preparatory works commenced June of 2007.  Completion of
construction of the skip shaft technological complex and
commissioning are scheduled for January 2012.

A EUR17 million contract was concluded for elaboration of the
basic project of potassium salt concentrating plant with
productive capacity of 2.3 million tons a year.  The elaboration
of the project will be implemented by HATCH (Canada).

A US$12 contract  was concluded for elaboration of the technical
project for the Gremyachinsky potassium salt Deposit.  The
project is rendered by Belgorkhimprom, OJSC.

EuroChem has been engaged in mastering the Gremyachinsky Deposit
of potassium salt in the Volgograd Region since 2006.  It has
already been ascertained, that the Deposit is unique by the
amount of potassium salt reserve and by the exceptional quality
of ore, including under 41% of potassium chloride.

The total cost of the project is over RUR40 billion.  This is
one of the largest investment projects of private companies in
the newest Russian history.  After launch of the mining
enrichment plant on the basis of the Gremyachinsky deposit in
2012, EuroChem will become the first in Russian and the fourth
in the world company producing the entire range of mineral
fertilizers: nitrogen, phosphorus and potassium.

                         About EuroChem

Headquartered in Moscow, OJSC EuroChem Mineral and Chemical Co.
-- http://www.eurochem.ru/-- engages in raw materials
extraction, and production of fertilizers, organics, feed
phosphates in Russia and abroad.

                         *      *      *

In a TCR-Europe report on July 11, 2008, Fitch Ratings upgraded
OJSC EuroChem Mineral and Chemical Company's Long-term Issuer
Default rating and senior unsecured debt rating to 'BB' from
'BB-'.  The Short-term IDR is affirmed at 'B'.  The Outlook for
the Long-term IDR is Stable.

In late May 2008, Standard & Poor's Ratings Services raised to
'BB' from 'BB-' its long-term corporate credit rating on
EuroChem, reflecting sustainable operational and financial
improvements.  In line with this one-notch upgrade, we raised to
'ruAA' from 'ruAA-' the Russia national scale rating on
EuroChem, and to 'BB' from 'BB-' the long-term rating on
EuroChem Finance PLC's participation notes.  The outlook is
stable.


EVRAZ GROUP: Mulls Takeover Offer for Cape Lambert
--------------------------------------------------
Evraz Group S.A. may submit an offer to acquire Cape Lambert
Iron Ore Ltd., Jesse Riseborough writes for Bloomberg News,
citing an unsourced Australian Financial Review report.

According to Bloomberg News, Evraz recently increased its
holding in Cape Lambert to 19% after buying a 16% stake.

The Review reports that Evraz has approached three of Cape
Lambert's biggest shareholders in London -- with about 20% of
the stock -- with an offer of 90 cents a share.

Bloomberg News suggest that Evraz is trying to derail a bid to
sell Cape Lambert's iron ore project to China Metallurgical
Group Corp. for AU$400 million.

                         About Evraz

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

                         *     *     *

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

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

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


GRANITE LLC: Creditors Must File Claims by August 21
----------------------------------------------------
Creditors of LLC Granite have until Aug. 21, 2008, to submit
proofs of claim to:

          A. Cherkizov
          Insolvency Manager
          Post User Box 3167
          460001 Orenburg
          Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A55-13503/2007.

The Court is located at:

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

The Debtor can be reached at:

          LLC Granite
          Sovetskaya Str. 115
          446250 Bezenchuk
          Russia


KIRZHACH-STROY: Creditors Must File Claims by August 21
-------------------------------------------------------
Creditors of OJSC Kirzhach-Stroy have until Aug. 21, 2008, to
submit proofs of claim to:

          I. Bolshakova
          Insolvency Manager
          Post User Box 152
          600017 Vladimir
          Russia

The Arbitration Court of Vladimir commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A11-432/2008-K1-48B.

The Court is located at:

         The Arbitration Court of Vladimir
         Oktyabrskiy Pr. 14
         600025 Vladimir
         Russia

The Debtor can be reached at:

          OJSC Kirzhach-Stroy
          Seregina Str. 11
          Kirzhach
          601010 Vladimir
          Russia


KRAY CJSC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Khakasiya commenced bankruptcy
supervision procedure on CJSC Kray.  The case is docketed under
Case No. A74-802/2008.

The Temporary Insolvency Manager is:

          L. Sitkina
          Yubileynaya Str. 18-53
          Chernogorsk
          655158 Khakasiya
          Russia

The Debtor can be reached at:

          CJSC Kray
          Sayanogorsk
          Khakasiya
          Russia


LADA-LAND LLC: Samara Bankruptcy Hearing Slated for October 2
-------------------------------------------------------------
The Arbitration Court of Samara will convene at 11:30 a.m. on
Oct. 2, 2008, to hear the bankruptcy supervision procedure on
LLC Lada-Land.  The case is docketed under Case No. A55-2859/
2008.

The Temporary Insolvency Manager is:

          O. Lyapina
          Post User Box 3345
          Central Post Office
          440000 Penza
          Russia

The Court is located at:

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

The Debtor can be reached at:

          LLC Lada-Land
          Zhukova Str. 47
          Tolyatti
          Samara
          Russia


LENA-BAM-STROY-SERVICE: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Irkutsk commenced bankruptcy
supervision procedure on LLC Lena-Bam-Stroy-Service.  The case
is docketed under Case No. A19-4954/08-38-49.

The Temporary Insolvency Manager is:

          V. Kutasin
          Post User Box 171
          664011 Irkutsk
          Russia

The Court is located at:

         The Arbitration Court of Irkutsk
         Room 303
         Gagarina Avenue 70
         664025 Irkutsk
         Russia

The Debtor can be reached at:

          V. Kutasin
          Post User Box 171
          664011 Irkutsk
          Russia


MTS-GLAZOV-AGRO-KHIMIYA: Creditors Must File Claims by August 21
----------------------------------------------------------------
Creditors of OJSC MTS-Glazov-Agro-Khimiya (TIN 1805003077) have
until Aug. 21, 2008, to submit proofs of claim to:

          M. Abrosimov
          Insolvency Manager
          50 Let Pionerii Str. 26
          Izhevsk
          426033 Udmurtiya
          Russia

The Arbitration Court of Udmurtiya commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A71-9031/2007-G29.

The Court is located at:

         The Arbitration Court of Udmurtiya
         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya
         Russia

The Debtor can be reached at:

          OJSC MTS-Glazov-Agro-Khimiya
          Krasnogorskiy Trakt 11
          Glazov
          427629 Udmurtiya
          Russia


NEW GAMES: Court Names T. Zubchenko as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Chita appointed T. Zubchenko as
Insolvency Manager for LLC New Games (TIN 7536053046, OGRN
1037550039691).  He can be reached at:

          T. Zubchenko
          Post User Box 62
          672027 Chita-27
          Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A78-1592/ 2008 B-56.

The Debtor can be reached at:

          LLC New Games
          Krasnoy Zvezdy Str. 51a
          672038 Chita
          Russia


PUSHKINSKIY OJSC: Creditors Must File Claims by August 21
---------------------------------------------------------
Creditors of OJSC Breeding Factory Pushkinskiy have until
Aug. 21, 2008, to submit proofs of claim to:

          A. Ruzin
          Insolvency Manager
          Post User Box 281
          107078 Moscow
          Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.
The case is docketed under Case No. A41-K2-9600/06, 17940/07.

The Court is located at:

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

The Debtor can be reached at:

          OJSC Breeding Factory Pushkinskiy
          Lermontova Str. 2
          Krasnoarmeysk
          141290 Moscow
          Russia


RVK-FINANS: Fitch Rates Prospective RUB1.75 Bln Bonds at BB
-----------------------------------------------------------
(russia)

Fitch Ratings has assigned RVK-Finans' prospective RUB1.75
billion bonds due to mature in July 2011 an expected foreign and
local currency senior unsecured rating of 'BB-'.

RVK-Finans' bond benefits from sureties provided on a joint and
several basis, from RVK-Invest, Krasnodar Vodokanal, Tyumen
Vodokanal, and Kaluzhsky Vodokanal.  RVK-Finans and these surety
providers are subsidiaries of Ventrelt Holding Limited
(Ventrelt, 'BB-'/Stable), which is the intermediate parent of a
privately owned water and waste water group, Rosvodokanal.

The final ratings are contingent on the receipt of final
documents conforming materially to information already received.

Ventrelt's ratings reflect the fledgling tariff regulatory
framework for water utilities, the need to improve customer
collection rates, operating cost and capital expenditure risks,
untested recovery prospects upon a termination of five-year
investment agreements with local municipalities, and other
issues related to relatively new privately owned water companies
operating in Russia.

Fitch regards Russia's cost-recovery tariff framework for water
companies as largely untested with regard to its true
independence and timely mechanisms for economically sound rights
of appeal from privatized operators who are fulfilling CAPEX
requirements yet future tariff increases are likely to be
unpalatable for consumers.

Other than the RUB1.35 billion Omsk Vodokanal acquisition-
related funding recently incurred (November 2007), group debt
primarily funds short-term build and working capital
requirements, including phased expenses for private developer-
funded or federal-funded infrastructures.  The group's debt is
capped by covenants within a recently signed RUB1.5 billion EBRD
secured facility, including a maximum 4x net debt/EBITDA for the
group, whereas forecasts indicate ratios of around 2x-3x.  The
facility is provided to certain group entities on a joint and
several recourse basis, and has restrictions on dividends and
related-party transactions, as well as a requirement for
independent Directors.

Currently, the group's main debt is short-term local bank
lending at the operating subsidiary level.  Given future capex
requirements, this debt is to be refinanced and additional debt
will be raised from longer-term EBRD and prospective IFC funding
facilities.  Omsk acquisition-related bank debt is scheduled to
mature in July 2008, but is expected to be partly refinanced by
this prospective RUB1.75 billion bond.

Part of the Russian Alfa-group, Rosvodokanal consists of seven
regional water and waste water utility companies (Barnaul,
Kaluga, Krasnodar, Omsk, Orenburg, Tyumen and Tver).

Ventrelt's other ratings are foreign and local currency senior
unsecured BB-' and National Long-term 'A+(rus)'.  The Outlook on
the National Long-term rating is Stable.


STAVROSS-AGRO CJSC: Creditors Must File Claims by August 21
-----------------------------------------------------------
Creditors of CJSC Stavross-Agro have until Aug. 21, 2008, to
submit proofs of claim to:

          P. Ivanov
          Insolvency Manager
          Kavkazskiy Per. 1a
          Novoselitskoe
          Novoselitskiy
          356350 Stavropol
          Russia

The Arbitration Court of Stavropol commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A63-10665/2007-S5-11.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

          CJSC Stavross-Agro
          Lenina Str. 262
          Elista
          RK
          Russia


STROY-KOMPLEKT: Creditors Must File Claims by August 21
-------------------------------------------------------
Creditors of LLC Stroy-Komplekt have until Aug. 21, 2008, to
submit proofs of claim to:

          V. Pronyushkina
          Insolvency Manager
          Office 302
          Building 15
          Nizhegorodskaya Str. 32
          109029 Moscow
          Russia

The Arbitration Court of Smolensk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A62-4420007.

The Court is located at:

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

The Debtor can be reached at:

          LLC Stroy-Komplekt
          Kommunalnaya Str. 9
          Safonovo
          215500 Smolensk
          Russia


TATTELECOM OJSC: Fitch Assigns B+ Ratings with Positive Outlook
---------------------------------------------------------------
Fitch Ratings has assigned OJSC Tattelecom a Long-term Issuer
Default Rating of 'B+' with Positive Outlook and a Short-term
IDR of 'B'.  The agency also assigned the incumbent telecom
company a senior unsecured rating of 'B+'.

The ratings reflect Tattelecom's existing debt structure, which
is heavily biased towards short-term maturities, and its
negative free cash flow generation following increased capital
expenditure in 2006 and 2007.  However, due to high EBITDA
generation the incumbent leverage was modest for the rating at
1.6x in 2007.  Fitch does not expect this to deteriorate beyond
2x in the medium term.  In addition, the ratings reflect the
influence of its parent, Tatarstan-government-controlled OJSC
Svyazinvestneftekhim (rated 'BBB-', Stable Outlook) on
Tattelecom's decision-making process and its lobbying support;
Tattelecom's strategy is agreed upon by SINEK.

The ratings also reflect Tattelecom's dominant and stable market
position in its area of operation in the Republic of Tatarstan
(rated 'BBB-', Stable Outlook) of the Russian Federation (rated
'BBB+', Stable Outlook).  Tattlelecom owns the most developed
'last mile' network and controls about 75% of total fixed lines,
an unrivaled position that is likely to support its voice
segment market share over the medium term.  A generally benign
regulatory environment also underpins Tattelecom's revenue
growth.  Network digitalization and modernization should boost
Tattelecom's share (65%) in the Internet market, with a growing
proportion of revenue attributable to broadband.

The Positive Outlook reflects Fitch's expectations that
Tattelecom will be able to largely mitigate its current
refinancing risks -- a RUR1.5 billion domestic bond with a put
option in November 2008 -- by possible liquidity support from
SINEK.  The Outlook also reflects the agency's expectations of a
return to positive free cash flow generation in 2009 as capital
expenditure declines and operational cash flow increases.


VERSATEL CJSC: Court Names V. Karnaukh as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow appointed V. Karnaukh as
Insolvency Manager for CJSC Versatel (ORGN 1027700545509, TIN
7704210945).  He can be reached at:

          V. Karnaukh
          Post User Box 80
          127322 Moscow
          Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-37192/05-86-67B.

The Court is located at:

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

The Debtor can be reached at:

          CJSC Versatel
          Building 2
          Myasnitskaya Str. 30/1/2
          101000 Moscow
          Russia


VIMPEL-COMMUNICATIONS: Acquires 90% Stake in Cambodia's Sotelco
---------------------------------------------------------------
OJSC Vimpel-Communications has acquired a 90% stake in the
Cambodian company Sotelco, which holds a GSM 900/1800 license
and related frequencies for the territory of Cambodia.

The transaction was made through the purchase of 90% of
Sotelco's parent company, Atlas Trade Limited, for US$28 million
from VimpelCom's largest shareholder Altimo.

The remaining 10% of Atlas will stay with a local partner, a
Cambodian entrepreneur.  VimpelCom has also acquired a call
option to purchase the 10% interest of the local partner for
market value at the date of exercise of the option.

Alexander Izosimov, CEO of VimpelCom, said, "We are very happy
to announce the next significant step in implementation of our
international expansion strategy.  The Cambodian mobile market
offers attractive growth potential, as the country has a
population of 14 million people and a low mobile penetration
estimated at around 18%.  Cambodian market entry is an important
part of VimpelCom's international expansion strategy
particularly within a South-East Asian cluster of operations
started by our entry to the Vietnamese mobile market. We foresee
an impressive growth potential.

                         About VimpelCom

Headquartered in Moscow, Russia, OJSC Vimpel-Communications
(NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile
telecommunications services in Russia and Kazakhstan with newly
acquired operations in Ukraine, Tajikistan and Uzbekistan.  The
Company operates under the 'Beeline' brand in Russia and
Kazakhstan.  In addition, VimpelCom is continuing to use 'K-
mobile' and 'EXCESS' brands in Kazakhstan.  The group wholly
owns Mobitel in Georgia.

                          *     *     *

OJSC Vimpel-Communications continues to carry Ba2 Corporate
Family, Probability-of-Default and Senior Unsecured Debt Ratings
with stable outlook from Moody's Investors Service.  The agency
affirmed the ratings in April 2008.

The company also continues to carry BB+ long-term corporate
credit and unsecured senior debt ratings with stable outlook
from Standard & Poor's Ratings Services.


VOLGATELECOM OJSC: Elects Members to Board Committees
-----------------------------------------------------
OJSC VolgaTelecom's Board of directors made the decision of
establishing the committees of the Company's Board of directors
and approving their members.

The activity of the Board of directors' committees is
indispensable condition of efficient operation of the Board of
directors. The Committees' basic function is preliminary
consideration of the most important issues referred to the Board
of directors' competencies and preparation of recommendations to
the Board of directors for decision making on such issues. The
activity of each Committee is governed by individual Regulation
defining the objectives of establishment and the functions of
the Committee, its composition and the procedure of its forming,
the procedure of holding meetings and interaction with Company's
other management bodies, and also the rights and duties of the
Committee members.

Staff and Rewards Committee:

    * Oleg R. Fedorov (chairman) - Executive director of
      corporate finance Department of LLC Deutsche Bank.

    * Victor D. Savchenko (Executive director) – director of the
      Department of corporate governance and legal support of
      OJSC Svyazinvest;

    * Alla B. Grigorieva - Deputy to the director of corporate
      governance and legal support Department of OJSC
      Svyazinvest;

    * Pavel O. Yunkin - General Director of Federal State
      Unitary Enterprise Svyaz-bezopasnost.

Committee for Audit:

    * Dmitry Yu. Tushunov (chairman) - Chief of analytical
      department, Chief economist of CJSC
      Leader;

    * Victor D. Savchenko (Executive director) – director of the
      Department of corporate governance and legal support of
      OJSC Svyazinvest;

    * Evgeniya S. Vinokurova - Chief of sector of the department
      of economics and finance of OJSC Svyazinvest.

Strategic Development Committee:

    * Anton A. Shchegolikhin (chairman) - Executive director of
      OJSC Svyazinvest;

    * Vladimir A. Andreev - Rector of Povolzhsky state academy
      of telecommunications and IT;

    * Sergey V. Omelchenko - OJSC VolgaTelecom's General
      Director;

    * Evgeniya S. Vinokurova - Chief of sector of the department
      of economics and finance of OJSC Svyazinvest;

    * Alexander V. Shevchuk – expert of Association of investors
      rights protection;

    * Sergey V. Kuznetsov – Director of ZAO Leader;


    * Ekaterina S. Erofteeva (Executive director) – director of
      the department of strategic development of OJSC
      Svyazinvest;

    * Valeryi N. Bugaenko - Head of Federal Communications
      Agency;

    * Mikhail A. Leshchenko – Adviser to the Minister of
      telecommunications and mass communications.

Corporate Governance Committee:

    * Alla B. Grigorieva (chairman) - Deputy to the director of
      corporate governance and legal support Department of OJSC
      Svyazinvest;

    * Dmitry Yu. Tushunov - Chief of analytical department –
      Chief economist of CJSC Leader;

    * Natalia I. Pokrovskaya – VolgaTelecom's corporate
      secretary;

    * Andrey V. Morozov – Chief of legal sector of Moscow
      representation office of NCH Advisor Inc.;

    * Mikhail A. Leshchenko – Adviser to the Minister of
      telecommunications and mass communications.

                       About VolgaTelecom

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

                         *     *     *

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

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


X5 RETAIL: S&P Affirms BB- Rating with Stable Outlook
-----------------------------------------------------
Standard & Poor's has affirmed its long-term corporate credit
rating on X5 Retail Group N.V. at BB- with Stable outlook.

S&P said the rating is supported, among other factors, by the
Company's leading position in the growing Russian food retail
market, economies of scale and prudent cost management.  The
rating agency noted that the Company's aggressive growth results
in an increasing need for capital.

Standard & Poor's has commented positively on the Company's
liquidity position stating that "X5's liquidity is supported by
growing cash flow generation, a comfortable debt maturity
profile, and the flexibility provided by the largely
discretionary nature of the Group's capital investment
requirements."


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


CAJA DE AHORROS: Fitch Holds BB+ Support Floor Rating
-----------------------------------------------------
Fitch Ratings has affirmed Caja de Ahorros de Vitoria y Alava's
ratings at Long-term Issuer Default 'A', Short-term IDR 'F1',
Individual 'B', Support '3' and Support Rating Floor 'BB+'.  The
Outlook for the Long-term IDR is Stable.

Caja Vital's ratings factor in its sound profitability, good
provincial franchise, as well as a robust capital base and asset
quality indicators.  They also consider its modest size,
provincial and risk concentration in the real estate and
construction sectors, including individual names.

Fitch believes Caja Vital will continue to report sound
performance and capital adequacy, supported by the diversified
regional economy of the Basque province of Alava.  However, the
caja faces the challenge of managing its exposure to the
construction and real estate sector amid considerably slower
economic growth and a tough operating environment in Spain.

Caja Vital's profitability improved in 2007, thanks to higher
interest rates, steady loan growth and the strong economy of
Alava.  This, and strong cost control, helped to improve its
cost/income ratio to 51% from 56% in 2006 and more than offset
higher loan impairment charges.  In Q108, profitability remained
strong, largely supported by net interest revenue generation.

At end-2007, real estate and construction exposure was a high
28% of total loans.  However, this is mitigated by the caja's
focus on gaining individual mortgages and by its exposure to
low-risk state-subsidized housing (19% of total end-2007
exposure), which has around 100% pre-sales rate.  Single-name
concentration is mitigated by the caja's high share of loans to
individuals (54% of the total; mostly first-residential
mortgages).  At end-Q108, asset quality ratios remained strong
with impaired/total loans of 0.7% and ample loan loss cover of
272%.

Caja Vital is mostly funded by retail deposits (64% of lending).
However, it has been tapping the capital markets through diverse
instruments.  At end-2007, the total capital ratio was robust at
12.6% and its 10 % Tier 1 ratio consisted entirely of core
capital.

Caja Vital was the 32nd-largest caja in Spain by total assets at
end-2007.  It is based in the Basque province of Alava, where
most of its 126 branches are located and 807 staff at end-2007.
Its core operations are retail in nature.  At end-2007, Caja
Vital had strong market shares of 36% and 47% in loans and
deposits in its home province, respectively.


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


ALI KEBAB: Creditors have Until Aug. 4 to File Proofs of Claim
--------------------------------------------------------------
Creditors owed money by LLC Ali's Kebab House are requested to
file their proofs of claim by Aug. 4, 2008, to:

         St. Johanns-Vorstadt 41
         4056 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholder's meeting held on May 31, 2007.


BUCHHAUS FAHRE: Creditors' Proofs of Claim Due August 6
-------------------------------------------------------
Creditors owed money by JSC Buchhaus Fahre are requested to file
their proofs of claim by Aug. 6, 2008, to:

         Baarerstrasse 43
         6300 Zug
         Switzerland

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


CAT CELLULAR: Aug. 6 Deadline Set for Proofs of Claim Filing
------------------------------------------------------------
Creditors owed money by JSC CAT Cellular Accessories Technology
are requested to file their proofs of claim by Aug. 6, 2008, to:

         Dorfstrasse 38
         6341 Baar
         Switzerland

The company is currently undergoing liquidation in Baar.  The
decision about liquidation was accepted at an extraordinary
shareholder's meeting held on June 16, 2008.


ECRON TRADE: Basel-Stadt Court Commences Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Service of Basel-Stadt commenced bankruptcy
proceedings against JSC ECRON TRADE on June 6, 2008.

Deadline for the submission of proofs of claim is on Aug. 2,
2008.

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

         4051 Basel
         Switzerland

The company can be reached at:

         Gartenstrasse 93
         4052 Basel
         Switzerland


FASHION LOOK: Creditors Must File Proofs of Claim by August 6
-------------------------------------------------------------
Creditors owed money by JSC Fashion Look are requested to file
their proofs of claim by Aug. 6, 2008, to:

         Jacqueline Mantovani Girasol
         Via Cantonale
         6654 Cavigliano
         Switzerland

The company is currently undergoing liquidation in Opfikon.  The
decision about liquidation was accepted at an extraordinary
shareholder's meeting held on Feb. 28, 2008.


GENERAL MOTORS: Dealer Council Shows Support, Buys US$1MM Shares
----------------------------------------------------------------
General Motors Corp.'s 20-member dealer council snapped up
US$1.1 million of the auto maker's stock, or 107,000 shares, to
show support for the GM's management team, and to take advantage
of what they see as a good value, The Wall Street Journal
reports.

The Journal, citing Duane Paddock, one of the heads of the
organization and the owner of Paddock Chevrolet in Kenmore, New
York, says the shares were purchased at an average price of
US$9.88, reflecting a strong return for the group.

GM shares, The Journalindicates, recently traded at US$13.51, up
2.5% over July 18's closing price.  The stock has rallied from
five-decade lows in recent sessions as investors digest the auto
maker's new plan to raise US$15 billion in liquidity through
2009 by cutting costs, raising fresh financing and selling
assets, WSJ states.

WSJ, quoting Mr. Paddock, relates that the dealer council
decided to buy the stock because GM has a solid leadership team
in North America, competitive products and an attractive
position in the heated fuel-economy race among leading auto
makers.  Mr. Paddock also said GM stock was undervalued, WSJ
adds.

Mr. Paddock stated that other dealers expressed support for the
dealer council by disclosing plans to purchase the stock,
according to WSJ.

                    About General Motors

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

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

                          *     *     *

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

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

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


ISOLBLITZ KOLONJA: Court Commences Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Wulflingen-Winterthur commenced
bankruptcy proceedings against LLC IBK Isolblitz Kolonja on
March 3, 2008.

Deadline for the submission of proofs of claim is on  Aug. 4,
2008.

The Bankruptcy Service of Wulflingen-Winterthur can be reached
at:

         8400 Winterthur
         Switzerland

The company can be reached at:

         Wulflingerstrasse 172
         8411 Winterthur
         Switzerland


MESSERLI JSC: Proofs of Claim Filing Deadline Set August 4
----------------------------------------------------------
Creditors owed money by JSC Messerli, Ins are requested to file
their proofs of claim by Aug. 4, 2008, to:

         Rudolf Messerli
         Liquidator
         Breiten 35
         3232 Ins

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


QUALITRANS LLC: August 4 Set as Deadline to File Proofs of Claim
----------------------------------------------------------------
Creditors owed money by LLC qualitrans are requested to file
their proofs of claim by Aug. 4, 2008, to:

         Nuri Kurt
         Neuhausstr. 8
         4057 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholder's meeting held on Dec. 19, 2006.


STAR SYSTEM: Deadline to File Proofs of Claim Set August 2
----------------------------------------------------------
Creditors owed money by JSC Star System (Switzerland) are
requested to file their proofs of claim by Aug. 2, 2008, to:

         Dr. Rolf Schmid
         Liquidator
         JSC BodmerFischer
         Limmatquai 94
         8021 Zurich

The company is currently undergoing liquidation in Frauenfeld.
The decision about liquidation was accepted at an extraordinary
shareholder's meeting held on June 19, 2008.


VACEM LLC: Creditors Must File Proofs of Claim by August 4
----------------------------------------------------------
Creditors owed money by LLC VACEM are requested to file their
proofs of claim by Aug. 4, 2008, to:

         Christa Haak-Achermann
         Alte Grenzstrasse 4
         6204 Sempach
         Switzerland

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


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


ARCY INDUSTRY: Creditors Must File Claims by August 7
-----------------------------------------------------
Creditors of LLC Arcy Industry (code EDRPOU 35249614) have until
August 8, 2008, to submit proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on July 1, 2008.
The case is docketed as 5/79-b.

The Debtor can be reached at:

         LLC Arcy Industry
         Krasnogvardeysky Avenue 46
         83076 Donetsk
         Ukraine


COMMUNE BUILDING: Creditors Must File Claims by August 7
--------------------------------------------------------
Creditors of LLC Commune Building Technology (code EDRPOU
34758564) have until August 8, 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 July 1, 2008.
The case is docketed as B-39/58-08.

The Debtor can be reached at:

         LLC Commune Building Technology
         Heroes of Stalingrad Avenue 136/8
         61162 Kharkov
         Ukraine


COOPERATION-PDS Creditors Must File Claims by August 7
------------------------------------------------------
Creditors of LLC Partnership Achievement Cooperation-PDS (code
EDRPOU 33548237) 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 25, 2008.
The case is docketed as 44/43-b.

The Debtor can be reached at:

         LLC Partnership Achievement Cooperation-PDS
         Grigory Skovoroda Str. 1
         04070 Kiev
         Ukraine


DOBROBUT LLC: Creditors Must File Claims by August 7
----------------------------------------------------
Creditors of LLC Dobrobut (code EDRPOU 24609349) 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 25, 2008.
The case is docketed as 24/154-b.

The Debtor can be reached at:

         LLC Dobrobut
         Apartment 11
         Kotsiubinsky Str. 9
         01030 Kiev
         Ukraine


KIA CONNECTION: Creditors Must File Claims by August 7
------------------------------------------------------
Creditors of LLC Kia Connection (code EDRPOU 35295791) have
until August 8, 2008, to submit proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on July 1, 2008.
The case is docketed as 5/80-b.

The Debtor can be reached at:

         LLC Kia Connection
         Fedor Zaytsev Str. 46-A
         83086 Donetsk
         Ukraine


MERLLIN LLC: Creditors Must File Claims by August 7
---------------------------------------------------
Creditors of LLC Merllin (code EDRPOU 21681872) 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 July 2, 2008.
The case is docketed as 44/87-b.

The Debtor can be reached at:

         LLC Merllin
         Nauka Avenue 61
         03083 Kiev
         Ukraine


NAFTOGAZ UKRAINY: Stops Piping Excess Gas from Gazprom
------------------------------------------------------
NAK Naftogaz Ukrainy has ceased drawing off gas in excess of its
contract-mandated quotas with OAO Gazprom, RIA Novosti reports.
The company says it is in compliance with Gazprom's demand to
observe for 2008.

According to report, Naftogaz' debt to RosUkrEnergo has amounted
to more than US$2 billion.  RosUkrEnergo is 50% owned by
Gazprom.

It has been reported that RosUkrEnergo has filed a US$55 million
lawsuit against Naftogaz for untimely gas supply payments in
2006.  The case was filed in June at the Stockholm Arbitration
Court.

As previously reported in the TCR-Europe, Naftogaz denied having
more than US$2 billion in debt to RosUkrEnergo.

                     About Naftogaz Ukrainy

Headquartered in Kiev, Ukraine, NAK Naftogaz Ukrainy --
http://www.naftogaz.com/-- processes gas, oil and condensate at
the Company's five gas processing plants, which produce LPG,
motor fuels and other types of petroleum products.  Over 97% of
the oil and gas in Ukraine is produced by the enterprises of the
Company.

                          *     *     *

NAK Naftogaz Ukrainy continues to carry a Ba3 Corporate Family
Rating, a Ba2 Senior Unsecured Debt rating, and a Ba3
Probability-of-Default rating from Moody's with stable
outlook.

Naftogaz also carries a Rating Watch Negative on its Long-term
foreign and local currency Issuer Default Ratings of 'B+',
senior unsecured rating of 'B+' and Recovery Rating of 'RR4.'


REMONTNIK LLC: Creditors Must File Claims by August 7
-----------------------------------------------------
The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent on June 24, 2008.
The case is docketed as 01/2799.

Creditors of LLC Remontnik (code EDRPOU 14185115) have until
August 7, 2008, to submit proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         LLC Remontnik
         Suvorov Str. 19
         Korsun-Shevchenkovsky
         Cherkassy
         Ukraine


TATNEFT OAO: Pegs 1st Half Crude Oil Output at 13.84 Mln Tons
-------------------------------------------------------------
A meeting between President of Tatarstan M.Sh. Shaimiev with the
management of oil companies operating on Tatarstan.

Prime Minister of the Republic of Tatarstan  R.N. Minnikanov,
representatives of ministries and agencies, heads of municipal
areas participated at the meeting.

Sh.F. Takhautdinov, General Director of OAO Tatneft, reported
about the company's results for the first half-year and briefly
reviewed further measures for productivity enhancement.

Tatneft Company produced 13.84 million tons of crude for the
first six months of 2008 (versus 12.99 million tons for the same
period in 2007).  Around 37,000 meters were drilled, of them 117
thousand meters were drilled for joint and independent
companies.

The expected sales proceeds amount to RUR134 billion.  The total
sum invested by Tatneft, its subsidiaries and affiliates
amounted to some RUR26 billion, a major part of that sum was
invested for the development of oil and gas production
activities.

In 2008, the company plans to increase oil production by 1.6
times beyond the Republic of Tatarstan and to reach the
production level of 315 thousand tons.  Tatneft proceeds with
implementation of two big projects in Syria and Libya.  The
total number of exploration wells planned for drilling was six,
two of them have already been drilled, and a 50 meter thick pay
zone has been identified.  In this year the company plans to
drill four wells in Libya.

The third pair of horizontal wells has been drilled and
completed under a pilot project for the development of the
Ashalchi field; and the company has started oil production.  In
aggregate 14 thousand tons of super viscous oil have been
produced from the commencement of development operations.

Two major investment projects are implemented at the facilities
of the company's petrochemical complex.  At the facilities of
Nizhnekamskshina the company constructs a plant for the
manufacturing of ecological solid metal-cord tires with the
designed capacity of 1.2 million tires per year and the cost of
RUR13.8 billion.  Operations for upgrading and increase of the
capacities of Nizhnekamsktechuglerod by 1.5 times are carried
out at present time.

For the first half of the year approximately RUR11 billion were
invested for the construction of  refining and petrochemical
facilities in Nizhnekamsk, in aggregate  over RUR31 billion have
been invested from the  beginning of the construction.  The
commercial output of Tatneft's petrochemical enterprises amounts
to RUR12.5 billion for the first six months of the year, that is
6% higher as compares with the same period of the previous year.

The General Director of Tatneft Company expressed appreciation
to the government of Tatarstan for its support in improvement of
the efficiency of taxation system in the petroleum industry that
was recognized  by the government of the Russian Federation.
Nevertheless, the company should proceed with this work.  Beside
the zero mineral recovery tax for the production of super
viscous oil, a number of other actions  should be taken for
promoting the development of  super viscous oil fields,
including, inter alia, budgetary financing of exploration
operations, financing of construction of external infrastructure
facilities, tax benefits for  the manufacturers of the equipment
for bitumen extraction and upgrading.

Other participants addressed the meeting, among them were
members of the RT government,  managers of small oil companies
operating in Tatarstan.  President of the Republic of Tatarstan
M.Sh. Shaimiev expressed appreciation to the oilmen for their
contribution to the economy of the republic and welfare of its
residents.  It is possible to insure effective field development
in the republic only by consolidated efforts of all.

                         About Tatneft

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

                          *     *     *

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


TRADE INDUSTRY: Creditors Must File Claims by August 7
------------------------------------------------------
Creditors of LLC Trading-Commerce Firm Trade Industry (code
EDRPOU 33554654) have until August 7, 2008, to submit proofs of
claim to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on June 26, 2008.

The Debtor can be reached at:

         LLC Trading-Commerce Firm Trade Industry
         Communisticheskaya Str. 4
         83044 Donetsk
         Ukraine


VITAIR CJSC: Creditors Must File Claims by August 7
---------------------------------------------------
Creditors of CJSC Avia-Company Vitair (code EDRPOU 21110655)
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.  The case is
docketed as 15/882-b.

The Debtor can be reached at:

         CJSC Avia-Company Vitair
         Levanevsky Str. 5
         03058 Kiev
         Ukraine


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


ALPHASTEEL LTD: Administrators Concludes Sale of Plant to Libala
----------------------------------------------------------------
Chris Morris and Mark Fry of Begbies Traynor, the joint
administrators of Alphasteel Ltd., have completed the sale of
the Alphasteel plant and certain other of its assets to Libala
Ltd., a company affiliated to Mirinvest.

The deal was completed on July 14, 2008, for a consideration of
approximately GBP57 million.  At this early stage it is not
possible to comment in detail on future plans for the Alphasteel
plant; Libala will make a further announcement on this as and
when it is appropriate to do so.

"We are pleased to have completed this deal with Libala, which
represents a very positive outcome for Alphasteel, and should
secure the future of the plant,"  Mark Fry, Joint Administrator,
commented.

Alphasteel Ltd. is based in Newport, south Wales.


BRITISH ENERGY: 2007 Nuclear Output Disappointing, Chairman Says
----------------------------------------------------------------
At British Energy Group plc's annual general meeting on Friday,
July 19, 2008, Chairman Sir Adrian Montague admitted that output
from the group's nuclear stations in 2007 was disappointing.

"Our operating performance was significantly challenged by the
BCU issue at Hartlepool and Heysham 1, which, together with the
ongoing effect of boiler temperature limits at Hinkley Point B
and Hunterston B, gave rise to significant losses of output,"
the chairman explained.

Mr. Montague further noted of  British Energy's other loss
events:

   -- Financial performance for the year was lower than last
      year, resulting from lower nuclear output.

   -- Adjusted earnings Before Interest, Tax, Depreciation and
      Amortization declined from approximately GBP1.2 billion to
      GBP882 million, principally reflecting a lower realized
      price and higher unit operating costs of the business.

"However, these large loss events mask the continued improvement
we have seen in many of our underlying operating metrics,
notably the record low level of small generation losses and the
strong and sustained safety and environmental performance
achieved across the fleet," the chairman pointed out.

                    Repair Cost for Two Plants
                     Exceeds Initial Estimates

Mr. Montague also disclosed during the meeting that cost to
repair its Hartlepool and Heysham 1 nuclear power plants has
exceeded the initial estimate of GBP50 million.  Returning the
units to service is a complex process hence the company expects
slippage in its program.

"We now expect that as a result of the number of work hours
incurred and the complexity of delivering the engineering
solution, the final costs will be significantly higher than this
initial estimate,"  the chairman stated.  The group assures the
public that it will give a further update on costs in its  first
quarter results on Aug. 13, 2008.


Erikka Askeland of The Scotsman writes that there have been
estimates that the price tag for the repair could be more than
double.

            Continued Talks With Interested Parties

The company continues to make prudent investments to secure a
pivotal role in nuclear new build.  According to the chairman,
the company has "a wealth of information to draw upon from
previous planning applications at Hinkley Point and Sizewell,
and we have been gathering further environmental and marine data
for over a year so that we can be in a position to make rapid
progress in submitting consent applications.  We have recently
held a series of public meetings with the communities around
Sizewell about our proposals for a twin nuclear unit there, and
we are scheduling similar meetings for our other lead sites at
Hinkley Point, Dungeness and Bradwell."

Given the scale of interest in potential new build
opportunities, and the significant investment required to
construct a new fleet, the company's board of directors has
engaged in discussions with a number of interested parties.  On
June 9, 2008, the company board found that none of the proposals
put forward by that date represented fair value for shareholders
as they failed to take proper account of the forward price of
electricity and the value of the company's sites and people in
the context of nuclear new build.  "Our dialogue is therefore
continuing and a further announcement will be made in due
course, however I am sure you will understand that we will not
be able to discuss the process in further detail today," Mr.
Montague added.

        Board Recommends 13.6 Pence per Share Dividend

Mr. Montague confirmed that the company's board of directors
recommended the payment of a base dividend of 13.6 pence per
share for the year ended March 31, 2008.  In the prior fiscal
year, the company paid dividends totaling 28.1p per share.

                      About British Energy

Headquartered in Livingston, Scotland, British Energy Limited
-- http://www.british-energy.com/-- is the U.K.'s largest
producer of electricity.  With a workforce of about 6,000, it
produces around one-sixth of the nation's electricity.

                          *     *     *

British Energy Ltd. continues carries a Ba2 long-term corporate
family rating from Moody's with a stable outlook.

Standard & Poor's affirmed its BB long-term corporate credit
ratings on U.K.-based nuclear generator British Energy Group PLC
and its subsidiary British Energy Holdings PLC, with negative
outlook.

The company holds a BB+ long-term issuer default rating from
Fitch with a stable outlook.


BUCKLEYS PRINT: Tipografic Solutions Print Acquires Business
------------------------------------------------------------
Tipografic Print Solutions has acquired Buckleys Print &
Packaging, which fell into administration for the second time in
June, for an undisclosed sum, various reports says.

The combined business, which will now employ 200 people, is
expected to generate around GBP9 million in sales, Crain's
Manchester Business adds.

According to joint administrators Daniel Plant and Simon
Franklin Plant of SFP, Crain's Manchester Business relates, the
new owners intend to invest in the business and safeguard a
"significant" number of jobs.

Buckleys, Manchester Evening News discloses, went into
administration in October 2007 after incurring significant
liabilities resulting from a lack of investment.

Manchester Evening News reveals the company went out of
administration through a management buyout.

Headquartered in Stockport Buckleys Print & Packaging (formerly
Buckley and Bland) produces labels for food company Heinz.  It
employs 110 people.


CHAMBERLAYNE ESTATE: Brings In Joint Administrators from PwC
------------------------------------------------------------
Paul William Harding and Ian David Green of
PricewaterhouseCoopers LLP were appointed joint administrators
of Chamberlayne Estate Agents Ltd. (Company Number 05820415) on
July 15, 2008.

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

The company can be reached at:

         Chamberlayne Estate Agents Ltd.
         Annandale House
         105 Eastgate Street
         Gloucester
         GL1 1PY
         England


CLF TECHNOLOGIES: Taps Tenon Recovery to Administer Assets
----------------------------------------------------------
Patrick Ellward and Dilip Dattani of Tenon Recovery were
appointed joint administrators of CLF Technologies Ltd. (Company
Number 04374020) on July 9, 2008.

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

The company can be reached at:

         CLF Technologies Ltd.
         14 Park Row
         Nottingham
         NG1 6GR
         England


FORD MOTOR: Cuts Cost, Extends Buyout Project to 14 More Plants
---------------------------------------------------------------
Ford Motor Co. intends to further reduce its payrolls by
expanding its plant-by-plant buyout program to 14 more
facilities in Michigan and Ohio, The Wall Street Journal
reports.

The Journal relates that Ford's buyout program which started in
June at two Kentucky and two Ohio manufacturing sites, will be
expanded to the additional facilities by mid-August.

The Journal says that on July 28, the buyouts will affect the
Wayne Assembly Plant, Michigan Truck, Dearborn Truck,
AutoAlliance International Inc. Plant, Rawsonville Powertrain,
and the Woodhaven and Livonia stamping plants in Michigan.  The
remaining Michigan sites as the Sterling Axle, Van Dyke
Transmission and Romeo Engine plants will get the offer in mid-
August, WSJ adds.

Packages, The Journal indicates, include a US$15,000 tuition
reimbursement for four years; a US$100,000 scholarship for
family members and a flat payment of US$100,000 with six months
of basic health care.

According to the Journal, widening the buyout program is among
the steps Ford is taking to address a steep decline in U.S.
sales that has forced the company to scrap its expectations of
returning to profitability in 2009.  The Journal points out that
Ford and its domestic counterparts have been particularly
affected by the rapid shift among consumers away from pickup
trucks and sport-utility vehicles as gasoline prices have risen
to more than US$4 per gallon in the U.S.

In the first wave of the expanded buyouts program, the
incentives will be offered to workers at the Ohio Assembly,
Sandusky Parts, Cleveland Casting, and Walton Hills, Ohio,
stamping plants starting Monday, The Journal states.

The plant-by-plant buyout program, The Journal relates, was
launched after Ford failed to reach its target of trimming about
8,000 workers during a company-wide incentive offered earlier
this year.  About 4,200 chose the option, The Journal states.

Ford will disclose further details of its strategy when it
releases its second-quarter financial results on Thursday, WSJ
adds.

                           About Ford

Ford Motor Company (NYSE: F) -– http://www.ford.com/-- a global
automotive industry leader based in Dearborn, Mich.,
manufactures or distributes automobiles in 200 markets across
six continents.  With about 244,000 employees and about 90
plants worldwide, the company's core and affiliated automotive
brands include Ford, Lincoln, Mercury, Volvo and Mazda.  The
company provides financial services through Ford Motor Credit
Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                          *     *     *

As disclosed in the Troubled Company Reporter-Europe on
July 17, 2008, Moody's Investors Service has maintained its
negative outlook on the ratings of Ford Motor Company (Corporate
Family Rating B3) and Ford Motor Credit Company (Senior
Unsecured Rating B1).

As reported in the Troubled Company Reporter-Europe on
June 23, 2008, Standard & Poor's Ratings Services said it is
placing its corporate credit ratings on the three U.S.
automakers, General Motors Corp., Ford Motor Co., and Chrysler
LLC, on CreditWatch with negative implications, citing the need
to evaluate the financial damage being inflicted by
deteriorating U.S. industry conditions -- largely as a result of
high gasoline prices.

In February 2008, Fitch Ratings affirmed the Issuer Default
Ratings of Ford Motor Company and Ford Motor Credit Company at
'B', and maintained the Rating Outlook at Negative.


LANGHOLM DYEING: Goes Into Administration; 62 Jobs Affected
-----------------------------------------------------------
Langholm Dyeing Company has collapsed into administration,
affecting 62 jobs, BBC News reports.

BBC says Langholm Dyeing, a significant employer in the town,
carried out job cuts in recent years as a result of the
difficult climate in the U.K. textile industry.

MSP Elaine Murray told BBC that "there had been rumors that the
company was in trouble and not getting sufficient large scale
orders to sustain its business."

Ms. Murray, BBC relates, intends to raise the issue in the
Scottish Parliament.  Meanwhile, Skills Development Scotland has
initiated talks with the company to offer support for staff
affected.

BBC discloses 52 workers were issued with immediate redundancy
notices and 10 were retained to help wind-up operations.


LIDDELL LTD: Appoints Joint Administrators from Ernst & Young
-------------------------------------------------------------
T. A. Jack and S. Allport of Ernst & Young LLP were appointed
joint administrators of Liddell Ltd. (Company Number 00800075)
on July 10, 2008.

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

The company can be reached at:

         Liddell Ltd.
         Clifton Mill
         Pickup Street
         Accrington
         BB5 0EY
         England


MK ONE: Has Over GBP50 Million in Debt, Administrator Says
----------------------------------------------------------
Lee Manning, MK One Limited's administrator from Deloitte &
Touche, disclosed that the discount retailer owes over
GBP50 million to suppliers and other creditors, Richard Fletcher
writes for the Daily Telegraph.

The administrator, however, warned that MK One's unsecured
creditors would only received up to 1% of their investments.

MK One posted GBP20 million in pre-tax losses in the year to
January 2008, despite posting GBP123 million in revenues, the
Telegraph cites a report compiled by Mr. Manning.

In late May 2008, Mr. Manning sold 100 of MK One's stores to
Jet Star Retail Ltd. for an undisclosed amount.  The sale was
expected to safeguard hundreds of the company's 2,500 jobs.

As reported in the TCR-Europe on May 26, 2008, Hilco U.K.
Limited placed MK One into administration and appointed Lee
Manning of Deloitte & Touche as administrator.

The administrator has announced 39 redundancies at MK One's head
office in London.  On May 2, 2008, Hilco acquired MK One from
the Baugur Group, which opted to sell the clothing group rather
than sent it into administration.

                          About MK One

Based in London, MK One Ltd. -- http://www.mkone.co.uk/-- sells
a range of reasonably priced fashion clothing for women, girls
and teens.  The company also offers extensive accessory and
footwear ranges.  The company employs around 2,500 people in 172
outlets.  MK One has more than GBP100 million in annual
turnover.


NORTHERN ROCK: Economist Blames EU Rules for Bank's Downfall
------------------------------------------------------------
European Union rules are largely to blame for the failure to
prevent Northern Rock plc's collapse, Economist Tim Congdon
reportedly said.

In a pamphlet published July 21, 2008, Mr. Congton said EU rules
limited the power of British financial authorities to deal with
the crisis at Northern Rock, The Press Association relates.

British agencies like the Treasury, the Bank of England and the
Financial Services Authority were heavily rapped for their role
in the Northern Rock debacle but it was the EU that limited the
agencies' movements, creating legal and administrative
uncertainties for them, Mr. Congdon wrote.  The time and energy
required to comply with EU regulations "significantly hampered"
the rescue of Northern Rock, he added.

As reported in the Troubled Company Reporter-Europe, Northern
Rock was given a liquidity support facility following problems
in the financial markets brought by the U.S. subprime mortgage
financial crisis. On Feb. 17, 2008, the U.K. government decided
to bring forward legislation that will enable Northern Rock to
be taken into a period of temporary public ownership.

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages/-- deals with
mortgages, savings accounts, loans and insurance.  The company
also promotes secured loans to its existing mortgage customers.
The company had more than US$200 billion in assets at the end of
June 2007.

                          *     *     *


As reported by the Troubled Company Reporter-Europe on
July 8, 2008, Fitch Ratings has withdrawn the ratings of
Northern Rock's GBP400 million preference shares.  Fitch has
also affirmed the 'BB-' ratings of NR's other hybrid Tier 1 and
Upper Tier 2 issues and removed the Rating Watch Evolving, where
they were originally placed on Feb. 19.

On July 7, 2008, TCR-Europe reported that Standard & Poor's
Ratings Services lowered its rating on the GBP400 million
6.8509% Tier 1 preference shares to 'D' from 'C'.  The rating on
the GBP400 million notes issued by Saphir Finance PLC and
secured over the Northern Rock preference shares was similarly
lowered to 'D' from 'C'.


PARAGON GROUP: Shares Surge on Blackstone Takeover Talks
--------------------------------------------------------
News of Paragon Group of Companies PLC's ongoing talks with
Blackstone about a potential takeover sent the U.K. mortgage
lender's shares up, The Financial Times reports.

Paragon's shares have gained almost 50 percent in a week and
closed up 1-3/4p at 84p on Monday, giving the company a market
capitalization of GBP246 million, the FT says.

A source told the FT that David Blitzer, head of Blackstone's
London office, is leading the talks with Paragon.

Blackstone and Paragon declined to comment.

Bloomberg News reports that the company confirmed in a press
statement that "it has received approaches from parties who have
expressed interest in evaluating potential offers for the
company."

However, the Paragon statement cited by Bloomberg News said
"there can be no certainty that these discussions will lead to
any offer being forthcoming."

The Press Association relates that the company added in the
statement that:
"In order to determine whether any of these approaches may form
the basis for an acceptable offer or offers, the board has
entered exploratory discussions with, and is providing certain
due diligence access to, the parties concerned."

Paragon, the FT says, was the first U.K. mortgage lender to
launch a deeply discounted rights issue when it raised GBP287
million in February at an issue price of 100p per share.

In March, Paragon stopped new lending after the seizure in
credit markets raised its cost of funds, Bloomberg News says.

The lender, FT says, expects to write far fewer mortgages until
credit conditions improve.

The FT relates that shares in Paragon have fallen almost 90% in
a year, as the credit crunch has inflated the Solihull-based
company's cost of funding, eroded its profitability and
restricted its ability to write new mortgages.

Meanwhile, Lin Freestone of Home Move U.K., an independent
property help portal, recounts that in November 2007, Paragon
advised its shareholders that unless it raised an extra
GBP280 million over the following few months there was a
possibility of collapse.

In the six months ended March 31, 2008, Paragon's net income
fell 40 percent to GBP18.4 million (US$36.8 million) and its
pretax profit fell 39 percent to GBP26.4 million from last
year's GBP43.3 million.  The company recorded an underlying
profit of GBP38.4 million for the period compared to GBP40.2
million a year ago.

Based in Solihull, England, Paragon Group of Companies PLC --
http://www.paragon-group.co.uk/-- is a holding company co-
coordinating the activities of its subsidiary companies.  The
principal activities of the company and its subsidiaries are the
operation of its first mortgage and consumer finance businesses.
It is organized into two major operating divisions: First
Mortgages and Consumer Finance, which includes secured lending,
car and retail finance and the residual unsecured loans book.
These divisions are the basis on which the Group reports primary
segmental information.  All of the company's operations are
conducted in the United Kingdom.  On January 25, 2007, the
company acquired a 33% interest in the equity of The Business
Mortgage Company Limited, a mortgage broker.


PHOQUS PHARMACEUTICALS: Places Main Unit Under Administration
-------------------------------------------------------------
Phoqus Pharmaceuticals plc's Board of Directors has resolved to
place its principal trading subsidiary Phoqus Pharmaceuticals
(U.K.) Ltd. into administration with immediate effect.

Phoqus has over recent months been in discussions with several
third parties with a view to seeking a commercial partner for
its lead product Chronocort(R).  The Company recently announced
that these discussions had effectively ceased without success.

In light of this, the Board of Phoqus has taken advice and with
great regret no longer believes that the Subsidiary is in a
position to continue operations.  It is expected that the
appointment of Administrators will formally occur shortly.

Headquartered in Kent, England, Phoqus Pharmaceuticals Plc --
http://www.phoqus.com/-- is a specialty pharmaceutical company
that develops differentiated products for use in high-value,
specialist indications.  The company's lead product is
Chronocort (R) for the treatment of patients with cortisol
deficiency due to diseases such as congenital adrenal
hyperplasia and Addison's Disease.  At present Chronocort(R) is
scheduled to reach the market in 2009/10, subject to the
successful completion of the clinical trials and regulatory
approval.


ROADCHEF FINANCE: Fitch Retains BB Notes Rating Under Neg. Watch
----------------------------------------------------------------
Fitch Ratings is maintaining RoadChef Finance Limited notes on
Rating Watch Negative, after reviewing the transaction's latest
reported financial performance, as:

   -- Class A1 GBP6.1 million secured floating-rate notes due
      2008 'BBB' on RWN

   -- Class A2 GBP133 million secured 7.418% fixed-rate notes
      due 2023: 'BBB' on RWN

   -- Class B GBP42 million secured 8.015% fixed-rate notes due
      2026: 'BB' on RWN

RoadChef is a whole business securitization of motorway service
areas in the U.K.

The RWN reflects pending questions on the impact of current fuel
prices and inflation levels on MSA traffic and retail spending
patterns.  However, the seasonal nature of the MSA industry
means the coming three months will be key for the operating cash
flows generation of RoadChef, which should help Fitch resolve
the RWN on some or all notes.

Fitch recently met with RoadChef's management and understands
they are currently working on operational efficiency measures,
with a focus on cost reductions.  RoadChef has also recently
started the trial of new branded catering formats, such as
McDonald's, and new in-house formats.

EBITDA for the 56 weeks ended April 5, 2008, was GBP26.9 million
and the resulting debt service coverage ratio was 1.27x,
excluding the equity injection, and 1.34x including it.
Adjusted for 52 weeks, EBITDA totaled GBP25.1 million, a year-
on-year decline of 15.9%.

The notes were placed on RWN on December 6, 2007, following a
review which showed declining operating performance.  Fitch also
announced that it would monitor the impact of the new
management's strategy and whether RoadChef's new owner -- Delek
Group -- would inject equity if necessary, to cure a potential
breach of the financial covenant.  In January 2008, Delek Group
made such cash injection of GBP1.5 million to cure the financial
covenant.

The transaction is structured to make a series of monthly cash
payments from July into an escrow account, until the latter is
drawn to meet debt service on 31 October 2008.  Until this
point, Fitch will continue to monitor RoadChef's trading
figures.


TALISMAN-6: S&P Junks Rating on Class F Notes; Retains WatchNeg
---------------------------------------------------------------
Standard & Poor's Rating Services has lowered and kept on
CreditWatch with negative implications its credit rating on the
class F notes issued by Talisman-6 Finance PLC.  At the same
time, the class D and E notes remain on CreditWatch negative.

The ratings on the other classes in the transaction are
unaffected.

Following the transfer of the underlying Cherry loan to special
servicing, a new valuation of the collateral was completed in
July 2008.  S&P understands that this has resulted in a reduced
appraised market value of EUR50.25 million.  This means that the
current loan-to-value ratio for the Cherry loan is at 118.58%.

The Cherry loan is secured by 11, predominantly residential,
properties in eastern Germany.  S&P hasn't yet received updated
information on the current performance of the assets, including
the actual rental income received by the borrower.

Given the new valuation and an outstanding loan balance of
EUR59.29 million, S&P considers that a significant principal
loss is likely to occur for this loan and consequently for the
notes.

Due to this expected loss and the current borrower's inability
to pay debt service in a timely manner S&P has lowered its
rating on the most junior class of notes to 'CCC-' and kept it
on CreditWatch negative.

The maximum liquidity facility amount available for the most
junior class of notes is EUR950,000 during the transaction's
term.  S&P has been informed that the cap will not be triggered
in July but is likely to occur on the September 2008 interest
payment date depending on whether the borrower's debt service
payment is made.  This also 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 thus be lowered to
'D' in the near future.

Talisman-6 Finance PLC:

  -- EUR1.067 Billion Commercial Mortgage-Backed Floating-Rate
     Notes

Rating Lowered And Kept On CreditWatch Negative:

Class       To                      From
------      ------------            -----------
F           CCC-/Watch Neg          B/Watch Neg

Ratings Remain On CreditWatch Negative:

D           BBB/Watch Neg
E           BB/Watch Neg


VIRGIN MEDIA: Fitch Says Ratings Unmoved by BT Network Plan
-----------------------------------------------------------
Fitch Ratings says that there is no immediate impact on Virgin
Media Inc.'s ratings or Outlook following the announcement last
week by British Telecommunications Plc (BT, rated 'BBB+'/Stable)
of its intention to build out a GBP1.5 billion fibre-optic
network reaching 10 million homes over the next five years.
Virgin Media is rated Long-term Issuer Default 'BB-' with Stable
Outlook and Short-term IDR 'B'.

Although the roll-out of fiber to the cabinet by BT will
ultimately increase competitive pressure on Virgin Media, which
is currently the only operator to offer fiber optic broadband
services, Fitch considers this an inevitable defensive move by
BT, with only timing and regulation still to be determined.
Nonetheless, Fitch believes that Virgin Media has a window of
time before BT's network upgrade is extensive enough to compete
on a wide scale, not least because BT has stated that an
appropriate regulatory framework for access to this network by
alternative operators is still required.

In the meantime, Virgin Media will need to capitalize on the
competitive advantage that its own hybrid fiber optic-coaxial
network delivers in order to win and keep customers and maximize
revenues from the product.  Its current advertising campaign,
championing the advantages of fiber optic broadband,
demonstrates that the company is already focused on this
strategy.  The agency will continue to monitor market and
operating statistics for developments that might signal a
greater- or faster-than-expected impact on the company's
operating performance.  However, the ratings are currently not
affected.

BT also raised the issue of access to all next generation
networks in its press release, which would include Virgin
Media's network.  Whilst the agency does not believe a move to
open the cable network to alternative operators in the U.K. is
imminent, based on Ofcom's recent review of the wholesale
broadband access markets (published in May 2008), it is a
question that has been raised in jurisdictions across Europe,
without any action thus far.  Virgin Media's cable footprint
does not cover the whole of the UK, making it less dominant than
some of its European peers, and this should provide some defense
against proposals for regulatory changes to access.  The agency
continues to monitor regulatory initiatives in this regard, but
again sees no rating impact on Virgin Media for the time being.


* European Insurance Industry Remains Strong, S&P Reports
---------------------------------------------------------
Standard & Poor's Rating Services has published an article
("FAQ: Markets Are Nervous, But The European Insurance
Sector Remains Strong,") giving its opinions on the European
insurance market in the light of recent financial market
turbulence.  "We have been receiving a high volume of enquiries
from analysts and investors on the European insurance market,
reflecting concerns about the solvency of Europe's insurers in
these nervous times," said S&P's credit analyst Yann Le Pallec.

In fact, despite insurers seeming to be swept up in the negative
sentiment toward all "financials," S&P considers that many of
the concerns being expressed are unfounded.

"We believe that the sector is in a position of relative, and
absolute, strength.  The average rating on Europe's 156
interactively rated insurance groups today is 'A'," said Mr. Le
Pallec.


* S&P Says U.S. & European Auto Biz Face Difficulties in Q2 2008
---------------------------------------------------------------
North American auto suppliers are almost half-way through a
tough 2008, but the real pain has just begun, according to an
Industry Report Card published on RatingsDirect.  The report,
titled, "North American And European Auto Suppliers Are Facing A
Difficult Second-Half 2008," Standard & Poor's Ratings Services
says it expects United States light-vehicle sales to be down
dramatically from 2007 levels and to remain sluggish through the
end of the year.

Low-end speculative-grade companies dominate the rated North
American auto supplier universe, and by definition these
companies are more susceptible to liquidity pressures from
production cuts at the U.S.-based automakers.  "The watchword
for suppliers in 2008 remains 'liquidity,'" said S&P's credit
analyst Robert Schulz, "and we will be reviewing results
carefully during the upcoming quarters."

In Europe, the sharp rise in oil prices has had a limited effect
on car purchases so far, but it is expected to have a larger
impact as time goes on.  Consumers are starting to prefer
smaller, more fuel-efficient cars, even in the luxury car
segments, and are paying increasing attention to emissions.
Fuel-efficiency and carbon dioxide emissions will be crucial
issues in the relationships between automakers and auto
suppliers.  Closer cooperation between the two seems the only
way to face the increasing regulatory pressure.


                            *********

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

This material is copyrighted and any commercial use, resale or
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