TCREUR_Public/080724.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, July 24, 2008, Vol. 9, No. 146

                            Headlines


A U S T R I A

IDEM DENTALWAREN: Claims Registration Period Ends August 6
INTER-DENT DENTALWAREN: Claims Registration Period Ends Aug. 6
KAYA KG: Claims Registration Period Ends August 4
SEVEN GASTRO: Claims Registration Period Ends August 1
STEAM POWER: Claims Registration Period Ends August 6


B U L G A R I A

KREMIKOVTZI AD: Sofia Court Denies Board's Bankruptcy Petition


F R A N C E

BALLY TECHNOLOGIES: Fitch Lifts Issuer Default Rating to BB-


G E R M A N Y

ALL RACKET: Claims Registration Period Ends August 1
AS-DIENSTLEISTUNGS GMBH: Claims Registration Period Ends Aug. 1
BERTZEN GARTEN: Claims Registration Period Ends August 1
DOBRITZER BAUGESELLSCHAFT: Claims Registration Ends Aug. 1
DRUCKEREI RIEMER: Claims Registration Period Ends August 1

ELBE AIR: Claims Registration Period Ends August 1
FISH FINE: Claims Registration Period Ends August 1
FMA GMBH: Claims Registration Period Ends August 1
G+G ENERGIE: Claims Registration Period Ends August 1
IKB DEUTSCHE: Modifies Procedure for Capital Increase

IKB DEUTSCHE: Sees EUR500Mln Valuation Loss for 1Q Ended June 30
IKB DEUTSCHE: Settles All Suits vs Capital Increase Resolution
MS SCHITTENHELM: Claims Registration Period Ends July 31
REDORANGE FILMPRODUKTIONS: Claims Registration Ends July 31
ROEMER MOTORS: Claims Registration Period Ends July 31

SOFTEL COMMUNICATIONS: Claims Registration Period Ends July 29
SPECTRUM BRANDS: Moody's Confirms Caa1 Corporate Family Rating
STANDBY CONSULTING: Claims Registration Period Ends July 31
STRALSUNDER AUTO-SALON: Claims Registration Period Ends July 31
TOP SHOP: Claims Registration Period Ends July 31

UFB NETWORK: Claims Registration Period Ends July 31
UMTES SERVICE: Claims Registration Period Ends July 31


I T A L Y

ALITALIA SPA: Reorganization Set Under Amended Marzano Law
PARMALAT SPA: NY Court Denies Appeal over Class Action Suit


K A Z A K H S T A N

AKSAI ZELEN: Creditors Must File Claims by September 2
AST INTERTORG: Claims Deadline Slated for August 29
AVTO LUX: Claims Filing Period Ends September 2
BUILDING-SERVICE LLP: Creditors' Claims Due on August 29
DOSTAR LLP: Claims Registration Ends September 2

ELEM STROY: Creditors Must File Claims by September 2
EMIGAS LLP: Claims Deadline Slated for September 2
IDEAL STANDART: Claims Filing Period Ends September 2
KAR TECH: Creditors' Claims Due on September 2
OIMOUT LLP: Claims Registration Ends September 2


K Y R G Y Z S T A N

ROSSIYSKO AZIATSKAYA: Claims Filing Period Ends September 2


L U X E M B O U R G

BEVERAGE: Moody's Lifts Senior Secured Term Loan B & C Ratings


P O R T U G A L

BEARINGPOINT INC: Gets Non-Compliance Notice Letter From NYSE


R U S S I A

ARKHANGELSK-AGRO-PROM: Names N. Biryukova as Insolvency Manager
GAS-AUTOLINE: Court Names M. Prozorova as Insolvency Manager
KAMARCHAGSKIY OIL-PROCESSING: Claims Filing Period Ends Aug. 21
KONDINSK-WOOD: Krasnoyarsk Bankruptcy Hearing Set September 25
ORLOVSKOE LLC: Creditors Must File Claims by August 21

SALAIR CJSC: Creditors Must File Claims by August 21
SANDAL LLC: Ryazan Bankruptcy Hearing Slated for September 9
SEKRET FIRMY: Moscow Bankruptcy Hearing Slated for October 7
SEVER-ENERGO-MONTAZH: Creditors Must File Claims by August 21
SIB-EXPO LLC: Court Starts Bankruptcy Supervision Procedure

SINTAGMA OJSC: Creditors Must File Claims by August 21
SRED-URAL-PROM-STROY: Creditors Must File Claims by August 21
TSVET-LIT LLC: Court Names S. Vorobey as Insolvency Manager
ZAONEZHSKAYA TIMBER: Kareliya Bankruptcy Hearing Set October 14


S W E D E N

AUTOLIV INC: To Cut 3000 Jobs, Sees Lower Third Quarter Sales
SAS AB: S&P Downgrades Corporate Credit Rating to BB- from BB


S W I T Z E R L A N D

C/S-CONSULT LLC: Aug. 6 Set as Deadline to File Proofs of Claim
FULTERER INTERNATIONAL: Creditors Must File Claims by  Aug. 6
IBS REVISIONS: Deadline to File Proofs of Claim Set  Aug. 6
INTERTER JSC: Proofs of Claim Filing Deadline is Aug. 6
SEMGROUP LP: Files for Chapter 11 Bankruptcy Protection in US

SEMGROUP LP: Case Summary & 30 Largest Unsecured Creditors
SEMGROUP ENERGY: Posts US$12.9 Million Net Loss For FY 2007
SEMGROUP LP: Sunoco Logistics Says Credit Exposure is Minimal
SEMGROUP LP: Moody's Junk Ratings Affect Rated Debt at Other Biz
SEMGROUP LP: IDR Rating Tumbles to D Due to Bankruptcy Filing

TRANSAG JSC: Creditors' Proofs of Claim Due by August 6
YC DUFTKERZEN: Aug. 31 Set as Deadline to File Proofs of Claim
ZERNO JSC: Creditors Must File Proofs of Claim by Aug. 6


U K R A I N E

AGROMASH-IMPEKS LLC: Creditors Must File Claims by August 8
AMETHYST OJSC Proofs of Claim Filing Deadline Set August 8
HUSAR U-A: Creditors Must File Claims by August 8
INAGRO OJSC: Creditors Must File Claims by August 8
INDUSTRIAL SUGAR: Proofs of Claim Filing Deadline Set August 8

INTERNATIONAL SCIENCE: Creditors Must File Claims by August 8
IVANOVKA AGRICULTURAL: Creditors Must File Claims by August 8
KELMENETSKY REGIONAL: Creditors Must File Claims by August 8
KTC LLC: Creditors Must File Claims by August 8
OFAL DELIVERY: Creditors Must File Claims by August 8

ZHOVTENVUGILLIA: Creditors Must File Claims by August 8


U N I T E D   K I N G D O M

7T'S LTD:  Appoints Joint Administrators from KPMG
A A INSULATIONS: Brings In Liquidators from Tenon Recovery
BAA LTD: Rejects Ryanair's Request to Cancel Landing Fees
C & H PLASTICS: Creditors' Meeting Slated for August 6
DBE PRODUCTS: Taps Joint Administrators from Smith & Williamson

DELL TRANSPORT: Calls In Liquidators from PKF
CLUB PARASITE: Appoints Ian William Kings as Liquidator
FLOORS-2-GO: Calls In Administrators from Kroll
FOOD & DRINK: Biz to Be Sold Via Pre-Packaged Administration
FRUDD CONSTRUCTION: Claims Filing Period Ends September 1

GENERAL TRADING: Brings In Administrators from MCR
I.W.S. SOUTHERN: Claims Filing Period Ends September 3
MYHOME INT'L: Breaches Bank Facility Agreement with Lloyds TSB
SCI ENTERTAINMENT: Sees Over GBP100MM FYE June 30 EBITDA Loss
SCOTTISH RE: Ernst & Young Expresses Going Concern Doubt

SELECT TRIMMINGS: Brings In Liquidators from PKF

* Administration Figures Dip 18% in 2nd Qtr. 2008, Deloitte Says
* UK Companies Facing Critical Problems Up 700% in Q2 2008
* FSA to Consult Changes to Liquidity Support Disclosure Rules

* Upcoming Meetings, Conferences and Seminars


                            *********


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


IDEM DENTALWAREN: Claims Registration Period Ends August 6
----------------------------------------------------------
Creditors owed money by LLC Idem Dentalwaren und Handel have
until Aug. 6, 2008, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Georg Freimueller
         Alser Strasse 21
         1080 Vienna
         Austria
         Tel: 406 05 51-Serie
         Fax: 406 96 01
         E-mail: kanzlei@jus.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Aug. 20, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in [city], Austria, the Debtor declared bankruptcy
on June 19, 2008, (Bankr. Case No. 2 S 72/08p).


INTER-DENT DENTALWAREN: Claims Registration Period Ends Aug. 6
--------------------------------------------------------------
Creditors owed money by LLC Inter-Dent Dentalwaren Service und
Handel & Co. KG have until Aug. 6, 2008, to file written proofs
of claim to the court-appointed estate administrator:

         Dr. Georg Freimueller
         Alser Strasse 21
         1080 Vienna
         Austria
         Tel.: 406 05 51-Serie
         Fax: 406 96 01
         E-mail: kanzlei@jus.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Aug. 20, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 19, 2008, (Bankr. Case No. 2 S 71/08s).


KAYA KG: Claims Registration Period Ends August 4
-------------------------------------------------
Creditors owed money by KG Kaya have until Aug. 4, 2008, to file
written proofs of claim to the court-appointed estate
administrator:

         Clemens Richter
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 3330
         Fax: 712 3330-30
         E-mail: kanzlei@engelhart.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Aug. 18, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 17, 2008 (Bankr. Case No. 3 S 65/08s).


SEVEN GASTRO: Claims Registration Period Ends August 1
------------------------------------------------------
Creditors owed money by LLC Seven Gastro Event have until Aug.
1, 2008, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Georg Schober
         Hauptplatz 11
         2700 Wiener Neustadt
         Austria
         Tel: 02622/23228 Serie
         Fax: 02622/23228-26
         E-mail: g.schober@schober.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Aug. 14, 2008, for the
examination of claims at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Wiener Neustadt, Austria, the Debtor declared
bankruptcy on June 19, 2008, (Bankr. Case No. 10 S 66/08x).


STEAM POWER: Claims Registration Period Ends August 6
-----------------------------------------------------
Creditors owed money by LLC Steam Power Maschinen have until
Aug. 6, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Axel Reckenzaun
         Annenstrasse 10/1
         8020 Graz
         Austria
         Tel: 0316-713353
         Fax: 0316-713353-30
         E-mail: office@boehm-reckenzaun.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Aug. 20, 2008, for the
examination of claims at:

         The Land Court of Leoben
         Hall IV
         1st Floor
         Leoben
         Austria

Headquartered in Aflenz Kurort, Austria, the Debtor declared
bankruptcy on June 17, 2008, (Bankr. Case No. 17 S 30/08t).


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


KREMIKOVTZI AD: Sofia Court Denies Board's Bankruptcy Petition
--------------------------------------------------------------
The Sofia City Court has rejected a petition to declare
Kremikovtzi AD bankrupt, FOCUS News Agency relates citing a 24
Chasa Daily report.

According to the report, the bankruptcy petition filed by
Kremikovtzi's management board was rejected since another
bankruptcy petition is still pending at the court.

The court said it cannot accept the board's bankruptcy claim, as
well as another eight petitions from Kremikovtzi's creditors
until it resolves the pending filing.

As previously reported in the TCR-Europe, the Sofia City Court
postponed until July 29, 2008, a decision on whether to declare
Kremikovtzi insolvent.

A Bulgarian court on April 30, 2008, appointed administrators at
Kremikovtzi AD in relation with the steel mill's deteriorating
financial position.

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

                       *     *     *

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


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


BALLY TECHNOLOGIES: Fitch Lifts Issuer Default Rating to BB-
------------------------------------------------------------
Fitch Ratings has upgraded Bally Technologies, Inc.'s Issuer
Default Rating and senior secured bank debt ratings as:

-- IDR to 'BB-' from 'B';
-- Secured bank credit facilities to 'BB+' from 'BB/RR1'.

The secured credit facilities are comprised of a term loan with
US$290 million outstanding as of March 31, 2008 and a US$75
million revolver.

The Rating Outlook remains Positive.

The two-notch IDR upgrade and Bally's credit profile continues
to be fueled by the significant improvement in its operating and
financial performance that has been driven by its substantially
improved product pipeline and solid acceptance of the Alpha
operating platform over the past couple of years.  Bally's
credit profile continues to improve rapidly since Fitch
previously upgraded its IDR seven months ago, in December 2007.

As of March 31, 2008, Bally's latest twelve month reported
adjusted EBITDA increased to US$249 million from US$138.5
million as of the end of its 2007 fiscal year (June 30, 2007).
Bally's leverage ratio according to its credit facility
calculation as of March 31, 2008 was 1.3 times versus a maximum
allowable of 3.50x, while Fitch calculates LTM interest coverage
of roughly 8.8x.  Given Bally's current operating momentum,
Fitch believes that credit metrics as of fiscal year-end June
30, 2008 will show further improvement.

Bally's credit metrics remain strong for the 'BB-' IDR level.
Many company-specific issues that weighed on Bally's IDR while
it was in the 'B' category are now largely resolved or
incorporated into a low 'BB' category risk profile, in Fitch's
view.  These include:

-- Execution risk from an operating turnaround.  Given the
    company's continued market share gains in recent quarters,
    Bally has completed a successful operating turnaround.
    Still, there are segments that present additional
    opportunities for improvement and growth, including video
    products, progressives, and international.  As a result,
    Fitch believes the company's positive operating momentum can
    continue in the near term, but believes it is also likely
    that the considerable pressure facing casino operators may
    dampen the momentum somewhat.

-- Accounting issues. Bally's accounting issues caused
    financial restatements and significant delays in financial
    reporting.  The company's auditors have cited material
    weaknesses in the company's internal control over financial
    reporting with revenue recognition, inventory valuation, and
    personnel resources.  Fitch believes Bally has made adequate
    progress with remediation activities and will review the
    auditor's opinion when the fiscal 2008 year-end financial
    statements are filed next month.  Bally is now a timely SEC
    filer.

-- Refinancing risk.  The company's US$75 million untapped
    revolver expires in September 2008 and its US$290 million
    term loan matures in September 2009.  Given the operating
    and financial improvement, Fitch believes Bally will not
    have difficulty refinancing its bank facility at adequate
    terms.

-- Pending litigation risk. Fitch remains concerned about the
    potential impact of an adverse outcome related to patent
    litigation with industry leader, International Game
    Technology.  Given Bally's operational and financial
    improvement and its strong credit metrics for its 'BB-' IDR,
    current ratings incorporate the potential for some impact of
    an adverse outcome.  However, meaningful uncertainty remains
    regarding the scope and impact of any resolution.

-- Execution risk with respect to the upcoming server-based
    product cycle.  The implementation and commercial rollout of
    the server-based gaming product cycle has been pushed back
    meaningfully, which enables Bally to continue to invest in
    product and game development and protect its competitive
    position.  Due to its larger size, greater financial
    resources, and broader product pipeline, Fitch remains
    concerned that IGT could strengthen its competitive
    advantage in a replacement cycle driven by server-based
    gaming.  However, Bally's product platform improvement over
    the past years, its strength in its systems business, and
    recent success with products that offer some server-based
    functionality mitigates this risk somewhat.  Still, the
    economics, timing, and market impact of server-based gaming
    have yet to be determined.

The resolution of or additional comfort with the issues above,
combined with continued positive operational and financial
momentum, provides the basis for Fitch's Positive Outlook and
the potential for a further upgrade of the IDR.

Bally's bank facility rating was upgraded to 'BB+' from 'BB/RR1'
due to Fitch's continued view of strong over collateralization
of that debt.  In accordance with Fitch's Recovery Rating
methodology, the Recovery Rating was removed because of the IDR
upgrade to 'BB-'.  While concepts of Fitch's RR methodology are
considered for all companies, explicit recovery ratings are
assigned only to those companies with an IDR of 'B+' or below.
At the lower IDR levels, Fitch believes there is greater
probability of default so the impact of potential recovery
prospects on issue-specific ratings becomes more meaningful.
Therefore, as a company's IDR improves, there is compression
with respect to the notching from the IDR.  As a result, an
additional upgrade of the IDR to 'BB' is unlikely to result in
an upgrade to the bank facility debt.


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


ALL RACKET: Claims Registration Period Ends August 1
----------------------------------------------------
Creditors of ''All Racket Club'' Tennis. Squash, Badminton GmbH
have until Aug. 1, 2008, to register their claims with court-
appointed insolvency manager Jana Dettmer.

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

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Str. 101
         50939 Cologne
         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:

         Jana Dettmer
         Weyerstr. 54
         50676 Cologne
         Germany
         Tel: 0221/92 12 17 - 0
         Fax: +4922192121720

The District Court of Cologne opened bankruptcy proceedings
against ''All Racket Club'' Tennis. Squash, Badminton GmbH on
June 6, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         ''All Racket Club'' Tennis. Squash, Badminton GmbH
         Donatusstr. 147
         50259 Pulheim
         Germany

         Attn: Juergen Henrichs, Manager
         Schallmauerweg 39
         50354 Huerth
         Germany


AS-DIENSTLEISTUNGS GMBH: Claims Registration Period Ends Aug. 1
---------------------------------------------------------------
Creditors of AS-Dienstleistungs GmbH have until Aug. 1, 2008, to
register their claims with court-appointed insolvency manager
Henning Jung.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Sept. 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         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:

         Henning Jung
         Odeonstr. 2
         30159 Hannover
         Germany
         Tel: 0511 353960-60
         Fax: 0511 353960-69

The District Court of Hannover opened bankruptcy proceedings
against AS-Dienstleistungs GmbH on June 16, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         AS-Dienstleistungs GmbH
         Attn: Hamit Aslan, Manager
         Ricklinger Str. 154-159
         30449 Hannover
         Germany


BERTZEN GARTEN: Claims Registration Period Ends August 1
--------------------------------------------------------
Creditors of Bertzen Garten- und Landschaftspflege -
Landschaftsgestaltung - GmbH have until Aug. 1, 2008, to
register their claims with court-appointed insolvency manager
Dr. Joerg Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on Sept. 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 1240
         12th Floor
         Luxemburger Str. 101
         50939 Cologne
         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. Joerg Bornheimer
         Sachsenring 81
         50667 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against  Bertzen Garten- und Landschaftspflege -
Landschaftsgestaltung - GmbH on June 12, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Bertzen Garten- und Landschaftspflege -
         Landschaftsgestaltung - GmbH
         Attn: Josef Bertzen, Manager
         Bahnhofstr. 102
         51143 Cologne
         Germany


DOBRITZER BAUGESELLSCHAFT: Claims Registration Ends Aug. 1
----------------------------------------------------------
Creditors of Dobritzer Baugesellschaft mbH have until Aug. 1,
2008, to register their claims with court-appointed insolvency
manager Sebastian Laboga.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on Aug. 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Sebastian Laboga
         Einemstrasse 24
         10785 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against Dobritzer Baugesellschaft mbH on June 26, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Dobritzer Baugesellschaft mbH
         Hermann-Bossdorfstrasse 41
         14827 Wiesenburg
         Germany

         Attn: Heiko Bergfeld, Manager
         Lindauer Strasse 2
         39264 Deetz
         Germany


DRUCKEREI RIEMER: Claims Registration Period Ends August 1
----------------------------------------------------------
Creditors of Druckerei Riemer GmbH have until Aug. 1, 2008, to
register their claims with court-appointed insolvency manager
Detlef Stuermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Osnabrueck
         Branch N 301
         Kollegienwall 10
         49074 Osnabrueck
         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:

         Detlef Stuermann
         C/o Schultze & Braun
         Rheiner Landstr. 195 b
         49078 Osnabrueck
         Germany
         Tel: 0541/3502172
         Fax: 0541/3502195
         E-mail: Dstuermann@schubra.de

The District Court of Osnabrueck opened bankruptcy proceedings
against Druckerei Riemer GmbH on June 25, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Druckerei Riemer GmbH
         Attn: Uwe Hantke, Manager
         Kirchnerstrasse 5
         28309 Bremen
         Germany


ELBE AIR: Claims Registration Period Ends August 1
--------------------------------------------------
Creditors of Elbe Air Lufttransport GmbH have until Aug. 1,
2008, to register their claims with court-appointed insolvency
manager Dr. Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Aug. 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Paderborn
         Meeting Hall 230a
         Second Floor
         Bogen 2-4
         33098 Paderborn
         Germany

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

The insolvency manager can be reached at:

         Dr. Frank Kebekus
         Busdorfwall 22
         33098 Paderborn
         Tel: 05251-180660
         Fax: 1806666

The District Court of Paderborn opened bankruptcy proceedings
against Elbe Air Lufttransport GmbH on July 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Elbe Air Lufttransport GmbH
         Attn: Lauffs Dirk and
               Michael Zander, Managers
         Lindberghring 2 - 4
         33142 Bueren - Ahden
         Germany


FISH FINE: Claims Registration Period Ends August 1
---------------------------------------------------
Creditors of Fish Fine Food GmbH have until Aug. 1, 2008, to
register their claims with court-appointed insolvency manager
Stefan Schuppa.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Sept. 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Stefan Schuppa
         Bleichstrasse 15
         17489 Greifswald
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against Fish Fine Food GmbH on July 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Fish Fine Food GmbH
         Attn: Hans-Juergen Mackels, Manager
         Hafenstrasse 30
         18439 Stralsund
         Germany


FMA GMBH: Claims Registration Period Ends August 1
--------------------------------------------------
Creditors of FMA GmbH have until Aug. 1, 2008, to register their
claims with court-appointed insolvency manager Holger Zbick.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Holger Zbick
         Marktplatz 2/4
         48712 Gescher
         Germany
         Tel: 02542/9178-0
         Fax: +492542917829

The District Court of Muenster opened bankruptcy proceedings
against FMA GmbH on June 26, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         FMA GmbH
         Benzstrasse 6
         48619 Heek
         Germany

         Attn: Danny van Duinen, Manager
         Hazendijk 76
         NLD-7544 ZL Enschede
         Germany


G+G ENERGIE: Claims Registration Period Ends August 1
-----------------------------------------------------
Creditors of G+G Energie GmbH have until Aug. 1, 2008, to
register their claims with court-appointed insolvency manager
Jens Lieser.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 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 Montabaur
         Hall 106
         First Stock
         Bahnhofstrasse 47
         56410 Montabaur
         Germany

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

The insolvency manager can be reached at:

         Jens Lieser
         Josef-Goerres-Platz 5
         56068 Koblenz
         Germany
         Tel: 0261-304790
         Fax: 0261-9114729

The District Court of Montabaur opened bankruptcy proceedings
against G+G Energie GmbH on May 19, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         G+G Energie GmbH
         Attn: Dirk Gaumann, Manager
         Mengelshainerstrasse 27
         56477 Rennerod (20313)
         Germany


IKB DEUTSCHE: Modifies Procedure for Capital Increase
-----------------------------------------------------
IKB Deutsche Industriebank AG's Board of Managing Directors has
been proceeding on the assumption that the planned capital
increase would be completed by mid-August.

In February 2008, KfW Bankengruppe agreed vis-a-vis the German
Federal Financial Supervisory Authority (Bundesanstalt fuer
Finanzdienstleistungsaufsicht) to subscribe for or guarantee
subscription by a third party of shares such that, together with
subscriptions of other shareholders, the capital increase would
amount to EUR1.25 billion.

During the subscription period, KfW will give an undertaking to
IKB to subscribe for or guarantee subscription by a third party
of shares in the amount stated.  This obligation to subscribe
for shares is subject to the condition precedent that the
European Commission determines with binding effect that KfW’s
participation in the capital increase either does not constitute
state aid or will be approved as state aid.

A decision by the Commission is expected in September 2008 or,
at the latest, by October 2008.  It is still planned that the
subscription period will take place during the first half of
August 2008.  There will, however, be a corresponding delay to
the time when IKB receives the proceeds from the capital
increase.

The capital increase will be executed if KfW, pursuant to the
condition precedent having been met, subscribes for the new
shares agreed to no later than three months after the
registration of the resolution or if other shareholders have
subscribed for at least 199 million new shares by this point in
time.

KfW and IKB have concluded July 21, 2008, an agreement on a
secured liquidity facility in the amount of EUR1.5 billion.

                       About IKB Deutsche

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

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

                         *     *     *

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


IKB DEUTSCHE: Sees EUR500Mln Valuation Loss for 1Q Ended June 30
--------------------------------------------------------------
IKB Deutsche Industriebank AG communicates that because
preparation and auditing of the consolidated financial
statements in accordance with International Financial Reporting
Standards (IFRS) and of the annual financial statements in
accordance with the German Commercial Code (HGB) could only be
completed in July 2008, preparation of the consolidated
quarterly report in accordance with IFRS for the quarter ended
June 30, 2008, will probably be delayed until September 2008.

However, preliminary results as of the reporting date are
available for the valuation of certain liabilities.  According
to present knowledge, the valuation of liabilities for which IKB
in previous years had exercised the option of valuation at Fair
Value Through Profit and Loss and of liabilities to be valued
pursuant to IAS 39 AG 8 will lead to a valuation loss of around
EUR500 million for the first quarter of the 2008/09 financial
year.

In the consolidated management report as of March 31, 2008, it
had already been pointed out that a substantial portion of the
Fair Value profits relating to liabilities in a total amount of
EUR1.735 million that were reported in the consolidated profit
and loss statement would in the future lead to valuation losses
affecting earnings.

Based on positive market changes as compared with the reporting
date of March 31, 2008, when the financial market crisis came to
a head, these liabilities of IKB must now be valued at a higher
amount.

The valuation losses of around EUR500 million also reflect the
fact that, for the liabilities valued pursuant to IAS 39 AG 8,
there is currently estimated to be a negative valuation effect
because the future payment flows from these financial
instruments are discounted over a period that is three months
shorter (so-called unwinding effect).

At present, it is not possible to make a statement regarding
other components of the profit and loss statement.

                       About IKB Deutsche

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

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

                         *     *     *

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


IKB DEUTSCHE: Settles All Suits vs Capital Increase Resolution
--------------------------------------------------------------
IKB Deutsche Industriebank AG disclosed that after two of the
ten lawsuits brought by minority shareholders challenging the
resolution on the capital increase passed by the general
shareholders meeting on March 27, 2008, had already been settled
in mid-July 2008, the remaining eight lawsuits have been
recently settled with the recording by the court of a further
settlement agreement.

                       About IKB Deutsche

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

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

                         *     *     *

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


MS SCHITTENHELM: Claims Registration Period Ends July 31
--------------------------------------------------------
Creditors of MS Schittenhelm GmbH have until July 31, 2008, to
register their claims with court-appointed insolvency manager
Dr. Wolfgang Bilgery.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on Sept. 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Hall 178
         Ground Floor
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart
         Germany

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

The insolvency manager can be reached at:

         Dr. Wolfgang Bilgery
         Humboldtstr. 16
         70178 Stuttgart
         Germany
         Tel: 0711/96 68 90
         Fax: 0711/96 68 919

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

The Debtor can be reached at:

         MS Schittenhelm GmbH
         Attn: Bodo Bohnsack, Manager
         Remsweg 29
         73660 Urbach
         Germany


REDORANGE FILMPRODUKTIONS: Claims Registration Ends July 31
-----------------------------------------------------------
Creditors of Redorange Filmproduktions GmbH have until July 31,
2008, to register their claims with court-appointed insolvency
manager Martin Benzing.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Hall 13
         Ground Floor
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart
         Germany

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

The insolvency manager can be reached at:

         Martin Benzing
         Charlottenstr. 29
         70182 Stuttgart
         Germany
         Tel: 0711/2489080

The District Court of Stuttgart opened bankruptcy proceedings
against Redorange Filmproduktions GmbH on June 19, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Redorange Filmproduktions GmbH
         Forststr. 7
         70174 Stuttgart
         Germany


ROEMER MOTORS: Claims Registration Period Ends July 31
------------------------------------------------------
Creditors of Roemer motors GmbH & Co. KG have until July 31,
2008, to register their claims with court-appointed insolvency
manager Michael Moenig.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Aug. 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Michael Moenig
         Von-Steuben-Strasse 18
         48143 Muenster
         Germany
         Tel: 0251/38484-333
         Fax: +4925138484300

The District Court of Muenster opened bankruptcy proceedings
against Roemer motors GmbH & Co. KG on July 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Roemer motors GmbH & Co. KG
         Borkstrasse 6-8
         48163 Muenster
         Germany


SOFTEL COMMUNICATIONS: Claims Registration Period Ends July 29
--------------------------------------------------------------
Creditors of SOFTEL COMMUNICATIONS GmbH have until July 29,
2008, to register their claims with court-appointed insolvency
manager  Kerstin Becker.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 a.m. on Aug. 28, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany

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

The insolvency manager can be reached at:

         Kerstin Becker
         Ludwig-Landmann-Str. 349
         60487 Frankfurt/M.
         Germany
         Tel: 069/7167998-0
         Fax: 069/716799888
         E-mail: info@becker-krueger.de
         Web site: www.becker-krueger.de

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against SOFTEL COMMUNICATIONS GmbH on May 20, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         SOFTEL COMMUNICATIONS GmbH
         Attn: Nasir Jaafar Sharja Ahmad, Manager
         Hanauer Landstrasse 316
         60314 Frankfurt (Main)
         Germany


SPECTRUM BRANDS: Moody's Confirms Caa1 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service confirmed Spectrum Brand's Caa1
corporate family rating but downgraded its probability of
default rating and revised its rating outlook to negative
following the recent announcement that the company was unable to
obtain the consent of its senior lenders to complete the
proposed sale of its pet division to Salton, Inc.  At the same
time, the senior secured credit facility rating was upgraded to
B1 from B2 and the senior subordinated notes rating was
confirmed at Caa3.  These rating actions conclude a review for
possible downgrade initiated on May 22, 2008.

In 2006, Spectrum initiated an asset sale strategy aimed at
improving the company's capital structure and profitability.
"The downgrade in the probability of default rating and change
in the rating outlook to negative principally reflects Moody's
belief that Spectrum's inability to sell either the Home &
Garden business or the Pet business increases the probability of
a default as its financial covenants continue to step down" said
Kevin Cassidy, Senior Credit Officer, at Moody's Investors
Service.  The negative outlook also reflects Moody's view that
ultimate recovery in a possible debt restructuring, which is
considered above average now, could diminish over time if the
company's operating performance deteriorates due to the
continuing weakness in consumer spending.

Spectrum's Caa1 corporate family rating is driven by its very
high leverage at almost 10x (adjusted debt/EBITDA), weak
interest coverage of a little over 1x (EBITA/interest), and
limited financial flexibility.  The rating also reflects high
raw material costs, exposure to volatile zinc and nickel prices,
competition from well capitalized companies across most business
lines, and the weather dependency of the home and garden
business.  The rating is supported by Spectrum's portfolio of
recognized brands, strong market positions in many product
categories, long-standing relationships with key retailers, an
improved cost structure following restructuring efforts that
were implemented in 2006, and continued favorable trends in
Latin America and the pet supply, battery and personal care
businesses.

The B1 rating of the senior secured credit facility reflects a
Caa2 PDR and a 13% LGD point estimate and the Caa3 rating of the
senior subordinated notes reflects a Caa2 PDR and 62% LGD point
estimate.  Despite a one notch downgrade of the PDR, the senior
secured credit facility was upgraded by one notch to B1 and the
senior subordinated notes were confirmed at Caa3 due to Moody's
expectation of a higher than average recovery in a possible
default scenario.

The following ratings were confirmed/assessments revised:

Corporate family rating at Caa1;

-- US$700 million 7.375% senior subordinated bonds due 2015 at
   Caa3 (LGD4, 62% from LGD5, 83%);

-- US$350 million variable rate toggle senior subordinated notes
   due 2013 at Caa3 (LGD4, 62% from LGD5, 83%);

The following rating was upgraded/assessment revised:

-- US$1.55 billion senior secured credit facility due 2013 to B1
   (LGD 2, 13%) from B2 (LGD2, 29%);

The following rating was downgraded:

-- Probability-of-default rating to Caa2 from Caa1

Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE:
SPC) -- http://www.spectrumbrands.com/-- is a supplier of
consumer batteries, lawn and garden care products, specialty pet
supplies, shaving and grooming products, household insect
control products, personal care products and portable lighting.

The company's European unit, Rayovac Europe GmbH, is
headquartered in Sulzbach, Germany.  Outside the United States,
the company also has manufacturing facilities in Brazil,
Columbia and China.


STANDBY CONSULTING: Claims Registration Period Ends July 31
-----------------------------------------------------------
Creditors of Standby Consulting GmbH have until July 31, 2008,
to register their claims with court-appointed insolvency manager
Jens-Soeren Schroeder.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Aug. 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Jens-Soeren Schroeder
         Johannes-Brahms-Platz 1
         20355 Hamburg
         Germany

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

The Debtor can be reached at:

         Standby Consulting GmbH
         Hamburger Strasse 11
         22083 Hamburg
         Germany


STRALSUNDER AUTO-SALON: Claims Registration Period Ends July 31
---------------------------------------------------------------
Creditors of Stralsunder Auto-Salon GmbH have until July 31,
2008, to register their claims with court-appointed insolvency
manager Christian Langhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on Sept. 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stralsund
         Hall A 421
         Fourth Floor
         House A
         Frankendamm 17
         Stralsund
         Germany

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

The insolvency manager can be reached at:

         Christian Langhoff
         Carl-Heydemann-Ring 55
         18437 Stralsund
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against Stralsunder Auto-Salon GmbH on June 30, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Stralsunder Auto-Salon GmbH
         Attn: Klaus Knopp, Manager
         Rostocker Chaussee 9
         18437 Stralsund
         Germany


TOP SHOP: Claims Registration Period Ends July 31
-------------------------------------------------
Creditors of Top Shop GmbH have until July 31, 2008, to register
their claims with court-appointed insolvency manager Werner
Lehmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Aug. 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         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:

        Werner Lehmeier
        Marktplatz 54
        92342 Freystadt
        Germany
        Tel: 09179/9425-0
        Fax: 09179/9425-5

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

The Debtor can be reached at:

        Top Shop GmbH
        Hoefener Weg 15-17
        91180 Heideck
        Germany


UFB NETWORK: Claims Registration Period Ends July 31
----------------------------------------------------
Creditors of UfB Network GmbH have until July 31, 2008, to
register their claims with court-appointed insolvency manager
Dr. Ralf Sinz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         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. Ralf Sinz
         Zeughausstr. 28-38
         50667 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against UfB Network GmbH on May 28, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         UfB Network GmbH
         Schulstrasse 4
         33014 Bad Driburg
         Germany

         Attn: Ronald G. Muenzer, Manager
         Zitelmannstrasse 24
         53113 Bonn
         Germany


UMTES SERVICE: Claims Registration Period Ends July 31
------------------------------------------------------
Creditors of Umtes Service & Handels GmbH have until July 31,
2008, to register their claims with court-appointed insolvency
manager Jens Hamdorf.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Aug. 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg
         Germany

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

The insolvency manager can be reached at:

         Jens Hamdorf
         Treugarant AG
         Hallerstr. 76
         20146 Hamburg
         Germany
         Tel: 040/4146380
         Fax: 040/445635

The District Court of Lueneburg opened bankruptcy proceedings
against Umtes Service & Handels GmbH on June 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

        Umtes Service & Handels GmbH
        Ostende 8
        21395 Tespe
        Germany


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


ALITALIA SPA: Reorganization Set Under Amended Marzano Law
----------------------------------------------------------
Italy's amended reorganization law especially fitted for
Alitalia S.p.A. would entail separation of its flight operations
into a new company, Avionews says, citing a La Stampa report.

La Stampa reportedly disclosed the outline of the "Alitalia
Law," a revised version of the Marzano reorganization law.

According to the outline, the amended law would allow Alitalia
S.p.A. to seek protection from creditors and be placed in
extraordinary administration.  Alitalia's core business --
flight operations -- will be separated from its debt and
placed them under a new company created with the buyer of the
Italian government's 49.9% stake in the carrier.

The law would allow foreign investors to acquire a stake in the
new company, on conditions the they respect Alitalia's national
identity, La Stampa says.

With regards to redundancies,  the amended law provides that
Alitalia, in cooperation with unions, may resort to individual
negotiations with employees interested in closing or modifying
their work contracts with company.   The new company may also
recruit employees in redundancies or on income support.

As previously reported in the TCR-Europe, Intesa Sanpaolo
S.p.A.'s "Fenice" plan entails that the Italian government will
amend a law used to reorganized Parmalat S.p.A.  The government
tapped Intesa Sanpaolo as adviser for the sale of its 49.9%
stake in Alitalia.

Under the Fenice plan, the oldco will shoulder the cost of the
planned 5,000 job cuts and take on Alitalia's EUR1.1 billion
debt -- including the recent EUR300 million loan from the
government and a EUR750 million convertible bond, MF reports.

The new company, meanwhile, will inherit Alitalia's fleet and
real estate assets as well as the remaining employees and up to
EUR500 million in debt, MF says.  It would also have EUR800
million in fresh cash and receive around EUR300 million in
assets from AirOne S.p.A.

A consortium of businessmen including Roberto Colaninno,
Gilberto Benetton and the De Agostini group will acquire a
minority stake in the new company, with possibility of playing a
greater role.

Intesa Sanpaolo has until Aug. 10 to present Alitalia's rescue
plan to the government.

                          About Alitalia

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

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


PARMALAT SPA: NY Court Denies Appeal over Class Action Suit
-----------------------------------------------------------
Parmalat S.p.A. communicates that, while recognizing that the
class action filed in the United States has been settled, the
Court of Appeals for the second circuit in New York has issued
an opinion denying the appeal from the district court's ruling
that the action would have been permitted to proceed in the
United States.

The court, however, again emphasized that any judgment obtained
in the United States would have had to be presented in the
Italian bankruptcy court for ultimate determination.

                        About Parmalat

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

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

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

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

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

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


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


AKSAI ZELEN: Creditors Must File Claims by September 2
------------------------------------------------------
LLP Construction Company Aksai Zelen Stroy has declared
insolvency.  Creditors have until Sept. 2, 2008, to submit
written proofs of claims to:

         LLP Construction Company Aksai Zelen Stroy
         Promzona
         Aksai
         Burlinsky District
         West Kazakhstan
         Kazakhstan


AST INTERTORG: Claims Deadline Slated for August 29
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Ast Intertorg Kz 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


AVTO LUX: Claims Filing Period Ends September 2
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Avto Lux Karaganda insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


BUILDING-SERVICE LLP: Creditors' Claims Due on August 29
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Building-Service 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


DOSTAR LLP: Claims Registration Ends September 2
------------------------------------------------
LLP Engineering-Manufacturing Company Dostar has declared
insolvency.

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

         LLP Engineering-Manufacturing Company Dostar
         Lermontov Str. 45
         Taraz
         Jambyl
         Kazakhstan


ELEM STROY: Creditors Must File Claims by September 2
-----------------------------------------------------
LLP Construction Company Elem Stroy has declared insolvency.
Creditors have until Sept. 2, 2008, to submit written proofs of
claims to:

         LLP Construction Company Elem Stroy
         Moldagulov ave. 4-84
         Aktobe
         Aktube
         Kazakhstan


EMIGAS LLP: Claims Deadline Slated for September 2
--------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Emigas insolvent.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Momysh-Uly Str. 27
         Shymkent
         South Kazakhstan
         Kazakhstan


IDEAL STANDART: Claims Filing Period Ends September 2
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Ideal Standart Ltd. insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Makataev Str. 196-36
         Almaty
         Kazakhstan
         Tel: 8 (7272) 79-86-76


KAR TECH: Creditors' Claims Due on September 2
----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Kar Tech Resource insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


OIMOUT LLP: Claims Registration Ends September 2
------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Oimout insolvent.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Momysh-Uly Str. 27
         Shymkent
         South Kazakhstan
         Kazakhstan


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


ROSSIYSKO AZIATSKAYA: Claims Filing Period Ends September 2
-----------------------------------------------------------
LLC Russian-Asian Metallurgical Company Rossiysko-Aziatskaya
Metallurgicheskaya Kompaniya has declared insolvency.

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

Inquiries can be addressed to (+996 312) 62-14-79.


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


BEVERAGE: Moody's Lifts Senior Secured Term Loan B & C Ratings
--------------------------------------------------------------
Moody's Investors Service upgraded the ratings for Beverage
Packaging's existing Senior Secured Term Loan B and C as well as
for the existing EUR85 million Senior Secured Revolving Credit
Facility to Ba1 (LGD2; 17%) from Ba2 (LGD2; 20%).  The rating
change reflects the recent decrease in Beverage Packaging's Term
Loan B and C from in total EUR610 million to EUR504 million
(EUR252 million each).  This reduction owed to the disposal of
the non-core PET bottle business earlier in 2008 which resulted
in proceeds of approximately EUR 100 million that were applied
to repay parts of Term Loan B and C.  At the same time the LGD
rates for the EUR480 million Senior Notes (B2) and EUR420
million Senior Subordinated Notes (B3) also changed slightly,
due to changes in the group's trade claims and pension
liabilities, which are also considered under Moody's Loss Given
Default Methodology.  However, this had no impact on the
instrument ratings.  The LGD rate on the Senior Notes changed to
60% from 63% and the LGD rate on Senior Subordinated Notes
changed to 88% from 89%.

The following rating changes were made:

Upgrades:

..Issuer: Beverage Packaging Holdings (Lux) II S.A.

....Senior Subordinated Regular Bond/Debenture, Upgraded to
    LGD5, 88% from LGD5, 89%

....Senior Unsecured Regular Bond/Debenture, Upgraded to LGD4,
    60% from LGD4, 63%

..Issuer: Beverage Packaging Holdings I S.A.

....Senior Secured Bank Credit Facility, Upgraded to a range of
    Ba1, LGD2, 17% from a range of Ba2, LGD2, 20%

Beverage Packaging Holdings (Luxembourg) I S.A., B1 Corporate
Family Rating (CFR) with a stable outlook, focuses on aseptic
packaging products for the food and beverage industries.  The
product range of its operating company SIG Holding AG comprises
both carton packaging filling machines and the supply of aseptic
carton sleeves with its flagship product Combibloc.  SIG
operates on all five continents, primarily in Europe and Asia
where it is recording fast growth.  SIG is the number-two global
player after Tetra Pak (unrated) in the global aseptic market,
with an estimated market share of nearly 20%.  In fiscal year
2007, SIG had revenues of approximately EUR1.2 billion on a pro
forma basis with a workforce of 4,400 people.  In May 2007, SIG
was acquired by Rank Group Holdings of New Zealand for a total
compensation of EUR1.8 billion.


===============
P O R T U G A L
===============


BEARINGPOINT INC: Gets Non-Compliance Notice Letter From NYSE
-------------------------------------------------------------
BearingPoint Inc. has received a letter from the New York Stock
Exchange stating that it is not in compliance with the NYSE
listing standard requiring a listed common stock to maintain a
minimum average closing price of US$1.00 per share for 30
consecutive trading days.

It is the company's intention to cure this deficiency, and it
will remain in communication with the NYSE throughout the
process.  Under the NYSE's rules, the Company has six months
from the date of the NYSE notice to cure this deficiency before
the NYSE initiates suspension and delisting procedures.  During
this period, the company's common stock will continue to be
listed on the NYSE, subject to ongoing reassessment.  The NYSE
notification will not affect the Company’s business operations,
does not change its SEC reporting requirements and has no effect
under any of the company's credit agreements or various
debentures.

Headquartered in McLean, Virginia, BearingPoint Inc., (NYSE: BE)
-- http://www.BearingPoint.com/-- provides of management and
technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

As of Dec. 31, 2007, the company had total assets of
US$1,981.4 million, total liabilities of US$2,450.6 million
resulting to a total stockholders' deficit of US$469.2 million.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America
Dec. 11, 2007, Moody's Investor Service confirmed BearingPoint
Inc.'s B2 corporate family rating and assigned a negative rating
outlook.  The rating agency also downgraded the company's
US$250 million Series A Subordinated Convertible Notes to Caa1
from B3 (LGD5, 86%) and US$200 million Series B Subordinated
Convertible Notes to Caa1 from B3 (LGD5, 86%).


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


ARKHANGELSK-AGRO-PROM: Names N. Biryukova as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Voronezh appointed N. Biryukova as
Insolvency Manager for OJSC Arkhangelsk-Agro-Prom-Tekhnika.  She
can be reached at:

         N. Biryukova
         Insolvency Manager
         Post User Box 7
         394019 Voronezh
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-4326/2006/131/16b.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Arkhangelsk-Agro-Prom-Tekhnika
         Usadba SKhT
         Arkhangelskoe
         Anninskiy
         Voronezh
         Russia


GAS-AUTOLINE: Court Names M. Prozorova as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow appointed M.Prozorova as
Insolvency Manager for OJSC Gas-Autoline.  She can be reached
at:

         M. Prozorova
         to be called for M. Prokhorova
         125009 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-16610/07-86-72B.

The Court is located at:

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

The Debtor can be reached at:

         M. Prozorova
         to be called for M. Prokhorova
         125009 Moscow
         Russia


KAMARCHAGSKIY OIL-PROCESSING: Claims Filing Period Ends Aug. 21
---------------------------------------------------------------
Creditors of LLC Kamarchagskiy Oil-Processing Works have until
Aug. 21, 2008, to submit proofs of claim to:

         E. Kazyurin
         Insolvency Manager
         Post User Box 12305
         660041 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-19168/2006.

The Court is located at:

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

The Debtor can be reached at:

         LLC Kamarchagskiy Oil-Processing Works
         Krupskoy Str. 9
         Pervomansk
         Mayskiy
         663502 Krasnoyarsk
         Russia


KONDINSK-WOOD: Krasnoyarsk Bankruptcy Hearing Set September 25
--------------------------------------------------------------
The Arbitration Court of Krasnoyarsk will convene at 9:00 a.m.
on Sept. 25, 2008, to hear the bankruptcy supervision procedure
on CJSC Kondinsk-Wood.  The case is docketed under Case No.
A33-3450/2008.

The Temporary Insolvency Manager is:

         I. Gorn
         Post User Box 1530
         634006 Tomsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Kondinsk-Wood
         Leninskogo Komsomola Pr. 11-47
         Kodinsk
         Kezhemskiy
         663491 Krasnoyarsk
         Russia


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

         I. Shesterkin
         Insolvency Manager
         Post User Box 3690
         410005 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-57-13947/07-23.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         LLC Orlovskoe
         Orlovskoe
         Marksovskiy
         413070 Saratov
         Russia


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

         S. Ilyurov
         Insolvency Manager
         Post User Box 29
         Krasnoobsk
         630501 Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-16006/2007-43/70.

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk
         Russia

The Debtor can be reached at:

         CJSC Salair
         Parkovaya Str. 7
         Elban
         Maslyaninskiy
         633592 Novosibirsk
         Russia


SANDAL LLC: Ryazan Bankruptcy Hearing Slated for September 9
------------------------------------------------------------
The Arbitration Court of Ryazan will convene on Sept. 9, 2008,
to hear the bankruptcy supervision procedure on LLC Sandal.  The
case is docketed under Case No. A54-1202/2008S20.

The Temporary Insolvency Manager is:

         N. Komkov
         Gorkogo Str. 1-305
         Kasimov
         391300 Ryazan
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Sandal
         Belyakova Str. 29-9
         Ryazan
         Russia


SEKRET FIRMY: Moscow Bankruptcy Hearing Slated for October 7
------------------------------------------------------------
The Arbitration Court of Moscow will convene on Oct. 7, 2008, to
hear the bankruptcy supervision procedure on CJSC Publishing
House Sekret Firmy.  The case is docketed under Case No.
A40-54064/07-86-156B.

The Temporary Insolvency Manager is:

         N. Postnikov
         Room 1
         Moskovskaya Str. 155A
         302006 Orel
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Publishing House Sekret Firmy
         Building 1
         Tokmakov Per. 21/2
         105066 Moscow
         Russia


SEVER-ENERGO-MONTAZH: Creditors Must File Claims by August 21
-------------------------------------------------------------
Creditors of CJSC Sever-Energo-Montazh (TIN 8709001217) have
until Aug. 21, 2008, to submit proofs of claim to:

         N. Chelapko
         Insolvency Manager
         Post User Box 214
         Anadyr
         689000 Chukotskiy
         Russia

The Arbitration Court of Chukotskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A80-56/2007-B.

The Debtor can be reached at:

         CJSC Sever-Energo-Montazh
         Kurkutskogo Str. 38
         Anadyr
         689000 Chukotskiy
         Russia


SIB-EXPO LLC: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy commenced bankruptcy
supervision procedure on LLC Sib-Expo.  The case is docketed
under Case No. A75-1935/2008.

The Temporary Insolvency Manager is:

         L. Kuznetsova
         Mira Str. 9/2
         Nefteyugansk
         628305 Tyumen
         Russia

The Court is located at:

         The Arbitration Court of Khanty-Mansiyskiy
         Lenina Str. 54/1
         Khanty-Mansiysk
         Russia

The Debtor can be reached at:

         L. Kuznetsova
         628305 Tyumen
         Nefteyugansk
         Mira Str. 9/2
         Russia


SINTAGMA OJSC: Creditors Must File Claims by August 21
------------------------------------------------------
Creditors of CJSC Trade-Financial Company Sintagma have until
Aug. 21, 2008, to submit proofs of claim to:

         O. Ershov
         Insolvency Manager
         Apt. 4
         Building 1
         B. Kornilova Str. 7
         603106 Nizhniy Novgorod
         Russia

The Arbitration Court of Nizhniy Novgorod commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A43-6166/2008 18-51.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Trade-Financial Company Sintagma
         Zamknutaya Str
         TZB
         Nizhniy Novgorod
         Russia


SRED-URAL-PROM-STROY: Creditors Must File Claims by August 21
-------------------------------------------------------------
Creditors of CJSC Sred-Ural-Prom-Stroy (TIN 6670032425) have
until Aug. 21, 2008, to submit proofs of claim to:

         V. Opryshko
         Insolvency Manager
         Post User Box 756
         620000 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60-31661/2007-S11.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Sred-Ural-Prom-Stroy
         Tallinskaya Str. 5-8
         620085 Ekaterinburg
         Russia


TSVET-LIT LLC: Court Names S. Vorobey as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Ryazan appointed S. Vorobey as
Insolvency Manager for LLC Tsvet-Lit.  He can be reached at:

         S. Vorobey
         Office 605
         Derzhavinskaya Str. 16-a
         392000 Tambov
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A54-5327/2007.

The Court is located at:

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

The Debtor can be reached at:

         LLC Tsvet-Lit
         Yablochkova Pr. 6
         Ryazan
         Russia


ZAONEZHSKAYA TIMBER: Kareliya Bankruptcy Hearing Set October 14
---------------------------------------------------------------
The Arbitration Court of Kareliya will convene at 10:00 a.m. on
Oct. 14, 2008, to hear the bankruptcy supervision procedure on
LLC Zaonezhskaya Timber Company.  The case is docketed under
Case No. A26-1504/2008.

The Temporary Insolvency Manager is:

         S. Sedov
         Vidanskaya Str. 15-V
         Petrozavodsk
         Kareliya
         Russia

The Debtor can be reached at:

         LLC Zaonezhskaya Timber Company
         Lva Rokhlina Str. 1-21
         Vilga
         Kareliya
         Russia


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


AUTOLIV INC: To Cut 3000 Jobs, Sees Lower Third Quarter Sales
-------------------------------------------------------------
Autoliv Inc. said that to mitigate the effects of the
deteriorating market outlook, it will implement an action
program that could affect up to 3,000 employees, both
temporaries and permanent.

At the end of June 2008, the company had a total of 43,000
employees and temporary hourly workers.

The main items in the program are:

   -- Adjustment of manufacturing capacity, including plant
      closures, due to lower expected vehicle production.

   -- Accelerated move of sourcing to low-cost countries,
      consolidation of supplier base and standardization of
      products.

   -- Reductions in overhead costs, including consolidation
      of tech centers.

   -- Increased investments in products for small, fuel
      efficient cars.

The program is estimated to generate annual cost savings in the
magnitude of US$120 million.  The savings are expected to be
realized gradually, with full effect in 2010.

The pre-tax cost for the program will be recorded later this
year and is estimated to amount to up to US$75 million.

                     Customer Production Cuts

According to the company, the market outlook is deteriorating as
a result of both accelerating production cuts by customers and
accelerating raw material and energy costs.

North American customers General Motors, Ford and Chrysler, cut
their production by nearly 22%, which was 5 percentage points
more than planned, while Asian and European customers reduced
their production by slightly more than 1%.

The company says pricing pressure from customers remains strong
while cost inflation continues to accelerate.  Costs for raw
materials, freight and utilities have increased by approximately
US$20 million.

                             Outlook

During the third quarter of 2008, Autoliv expects light vehicle
production in North America and Western Europe to decline by 12%
and 5%, respectively.

Autoliv derives 70% of its revenues in North America and Western
Europe.

The declines are expected to continue into the fourth quarter,
while the strong production growth in the rest of the world is
expected to level off.  Average global light vehicle production
is expected to decrease by almost 1% during the fourth quarter.

Meanwhile, Autoliv expects global light vehicle production
during the third quarter of 2008 to increase by nearly 4% due to
Asia, Eastern Europe and South America.

Autoliv says operating margin will also be affected by
accelerating raw material costs, supplier issues, pricing
pressure from customers and prolonged start-up costs in Asia due
to the slow-down in production growth rate in China.

                        About Autoliv Inc.

Headquartered in Stockholm, Sweden, Autoliv Inc. (NYSE: ALV and
SSE: ALIV) -- http://www.autoliv.com/--  is a supplier of
automotive safety systems with a range of product offerings,
including modules and components for passenger and driver-side
airbags, side-impact airbag protection systems, seatbelts,
steering wheels, safety electronics, whiplash protection systems
and child seats, as well as night vision systems and other
active safety systems.  Autoliv owns two principal subsidiaries,
Autoliv AB (AAB) and Autoliv ASP, Inc. (ASP).  AAB is a
developer, manufacturer and supplier to the automotive industry
of automotive safety systems.  AAB's products include seatbelts,
seatbelt pretensioners, frontal airbags, side-impact airbags,
steering wheels and seat sub-systems.  ASP designs, develops and
manufactures airbag modules, inflators, airbag cushions,
seatbelts, and steering wheels.  ASP sells inflators and modules
for use in driver, passenger, side-impact, and knee bolster
airbag systems for worldwide automotive markets.


SAS AB: S&P Downgrades Corporate Credit Rating to BB- from BB
-------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on Scandinavian airline group SAS AB to
'BB-' from 'BB', reflecting deteriorating industry conditions,
including rising oil prices and the slowing economic
environment, which S&P expects to pressure SAS' earnings and
cash flow.

At the same time, the long-term corporate credit rating was
removed from CreditWatch, where it had been placed with negative
implications on April 30, 2008.  The outlook is stable.

"The downgrade reflects our concerns that underlying trading
conditions are deteriorating and important initiatives, such as
the disposal of Spanair, will not be implemented in accordance
with earlier expectations," said S&P's credit analyst Leigh
Bailey.  "This is adversely affecting the group's performance
and is increasing operational risk as additional restructuring
may be required as well as placing pressure on SAS' financial
performance and profile."

Underlying trading profit in the first quarter ended March 31,
2008, fell by about Swedish krona 600 million, resulting in an
adjusted operating loss of SEK472 million.  Further fuel price
rises and a slowdown in business traffic have necessitated an
extension of SAS' strategic plan to include additional
short-term measures (Profit 2008) to save SEK1.1 billion in 2008
by reducing the number of aircraft and cutting jobs.  Profit
2008 will operate in tandem with the Strategy 2011 program,
which aims to save SEK2.8 billion in 2008 and 2009.  Based on
current crude oil prices of about US$135 per barrel, fuel costs
(excluding Spanair) could rise to about SEK11 billion in 2008,
up by about SEK3 billion from 2007.

"The stable outlook reflects the group's solid liquidity
position and relatively limited capital expenditure commitments,
which help support the credit profile," said Mr. Bailey.
Extensive use of operating leases allows the group some
flexibility to preserve cash by adjusting capacity to meet
reduced demand.

SAS is making considerable efforts on the revenue and cost side
to mitigate the impact of extremely challenging industry
conditions.  Nevertheless, a failure to satisfactorily offset
rising costs, delays to cost savings initiatives, or a prolonged
downward trend in premium traffic could lead to a revision of
the outlook to negative or downgrade if credit metrics weaken
beyond S&P's expectations.  S&P expects SAS to maintain FFO to
adjusted debt in the 15%-20% range and adjusted debt to EBITDA
of about 5.0x.  The outlook is unlikely to be revised to
positive in the short term, given S&P's expectation that oil
prices will continue to weigh heavily on trading performance.


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


C/S-CONSULT LLC: Aug. 6 Set as Deadline to File Proofs of Claim
---------------------------------------------------------------
Creditors owed money by LLC C/S-Consult are requested to file
their proofs of claim by Aug. 6, 2008, to:

         Rene Schelling
         Liquidator
         Holbeinstrasse 19
         4051 Basel
         Switzerland

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


FULTERER INTERNATIONAL: Creditors Must File Claims by  Aug. 6
-------------------------------------------------------------
Creditors owed money by JSC Fulterer International are requested
to file their proofs of claim by Aug. 6, 2008, to:

         JSC Alfred Bischof
         Birkenstrasse 49
         6343 Rotkreuz
         Switzerland

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


IBS REVISIONS: Deadline to File Proofs of Claim Set  Aug. 6
-----------------------------------------------------------
Creditors owed money by JSC IBS Revisions 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
shareholders' meeting held on June 9, 2008.


INTERTER JSC: Proofs of Claim Filing Deadline is Aug. 6
-------------------------------------------------------
Creditors owed money by JSC Interter 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
shareholders' meeting held on June 9, 2008.


SEMGROUP LP: Files for Chapter 11 Bankruptcy Protection in US
-------------------------------------------------------------
SemGroup L.P. and certain of its North American subsidiaries
have filed voluntary petitions for reorganization under Chapter
11 of the U.S. Bankruptcy Code as well as an application for
creditor protection under the Companies' Creditors Arrangement
Act in Canada.

"Our core business in energy distribution and storage remains
strong, and we are taking aggressive steps to address our
financial challenge," said Terry Ronan, SemGroup's acting
President and Chief Executive Officer.  "We have determined that
the best way to maximize value for our creditors is to undertake
a sales process that will transition our valuable businesses to
well-established companies that can carry forward the mission we
undertook.  We believe there will be significant interest in our
assets because of our talented and experienced employees, unique
industry position, expansive customer base and premiere service
capabilities."

Along with its voluntary petitions, SemGroup filed "first-day"
motions covering employees and business operations, post-filing
use of cash collateral, continuing supplier relations, customer
practices, taxes and related matters, utilities and case
administration matters.  The Company expects to receive Court
approval of its motions, including the continuation of all
employee wages and benefits.

                     Supplier Protection Plan

As a key part of its Chapter 11 filing, privately held SemGroup
created a  "Supplier Protection Plan" for suppliers.  Under the
plan, certain suppliers who contractually commit to continue
doing business with SemGroup, on the same terms as before the
Chapter 11 filing, will be eligible to receive full payment, as
due, for goods and services that were delivered before the
filing, but for which the supplier has not yet been paid.

The Supplier Protection Program will not take effect until it
has been approved by the Bankruptcy Court.  The Company
requested approval of the Program today.

                            Liquidity

SemGroup is in negotiations with lenders to secure sufficient
debtor-in-possession (DIP) financing.  The Company anticipates
obtaining a DIP facility within a week.

In the interim, the Company is working with its existing bank
lenders to use cash collateral which, upon Court approval, will
enable SemGroup to utilize existing cash and cash generated
through normal business operations to fund trade and employee
obligations after the Chapter 11 filing.  The Company expects to
continue negotiations with its banks regarding the terms on
which the banks' interest will be adequately protected during
the proceedings.

      Foreign Assets and SemGroup Energy Partners Unaffected

Affiliates of SemGroup L.P. in Mexico, the United Kingdom and
Asia were not included in the filing.  These entities are self-
funding and profitable and will continue their business
operations without supervision from the U.S. Bankruptcy Court.
SemGroup Energy Partners, L.P., is also not included in the
Chapter 11 proceedings.  SemGroup Energy Partners is a Master
Limited Partnership whose units are traded on NASDAQ under the
symbol SGLP.

                          About SemGroup

Based in Oklahoma, SemGroup, L.P., -- http://www.semgrouplp.com/
-- is a midstream service company providing the energy industry
means to move products from the wellhead to the wholesale
marketplace.  SemGroup provides diversified services for end
users and consumers of crude oil, natural gas, natural gas
liquids, refined products and asphalt.  Services include
purchasing, selling, processing, transporting, terminaling and
storing energy.  SemGroup has operations in the United States,
Canada, Mexico, Wales, Switzerland and Vietnam.


SEMGROUP LP: Case Summary & 30 Largest Unsecured Creditors
----------------------------------------------------------
Lead Debtor: SemCrude, L.P.
             aka Seminole Transportation & Gathering, L.P.
             aka Notti Gathering Co., Inc.
             aka SemCrude, L.P.
             aka NOTTI Gathering Co., Inc.
             aka Seminole Transportation & Gathering, L.P.
             aka Dynegy Gathering Services, Inc.
             aka Seminole Transportation & Gathering, Inc.
             aka Seminole Transportation & Gathering, L.P.
             aka STG
             aka Dynegy Crude Gathering Services, Inc.
             Two Warren Place
             6120 South Yale Ave., Ste. 700
             Tulsa, OK 74136-4216

Bankruptcy Case No.: 08-11525

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
        Chemical Petroleum Exchange, Inc.          08-11526
        Eaglwing, L.P.                             08-11527
        Grayson Pipeline, L.L.C.                   08-11528
        Greyhawk Gas Storage Co., L.L.C.           08-11529
        K.C. Asphalt, L.L.C.                       08-11530
        SemCanada II, L.P.                         08-11531
        SemCanada L.P.                             08-11532
        SemCrude Pipeline, L.L.C.                  08-11533
        SemFuel Transport, L.L.C.                  08-11534
        SemMaterials Vietnam, L.L.C.               08-11535
        SemGas Gathering, L.L.C.                   08-11536
        SemKan, L.L.C.                             08-11537
        SemFuel, L.P.                              08-11538
        SemManagement, L.L.C.                      08-11539
        SemGas Storage, L.L.C.                     08-11540
        SemMaterials, L.P.                         08-11541
        SemGas, L.P.                               08-11542
        SemTrucking, L.P.                          08-11543
        SemGroup Asia, L.L.C.                      08-11544
        SemStream, L.P.                            08-11545
        Steuben Development Co., L.L.C.            08-11546
        SemGroup, L.P.                             08-11547
        SemOperating G.P., L.L.C.                  08-11548
        SemGroup Finance Corp.                     08-11549

Type of Business: The Debtors provide gathering, transportation,
                  storage, distribution, marketing and other
                  midstream services primarily to independent
                  producers and refiners of petroleum products
                  in the North American energy corridor from the
                  Gulf Coast region to central Canada and along
                  the West Coast of the U.K.  See
                  http://www.semgrouplp.com/

Chapter 11 Petition Date: July 22, 2008

Court: District of Delaware (Delaware)

Judge: Brendan Linehan Shannon

Debtors' Counsel: John H. Knight, Esq.
                     Email: knight@rlf.com
                  L. Katherine Good, Esq.
                     Email: good@rlf.com
                  Mark D. Collins, Esq.
                     Email: collins@RLF.com
                  Richards Layton & Finger
                  One Rodney Square
                  P.O. Box 551
                  Wilmington, DE 19899
                  Tel: (302) 651-7700
                  Fax: (302) 651-7701
                  http://www.rlf.com

                        -- and --

                  Harvey R. Miller, Esq.
                  Michael P. Kessler, Esq.
                  Sherri L. Toub, Esq.
                  Weil, Gotshal & Manges LLP
                  767 Fifth Ave.
                  New York, NY 10153
                  Tel: (212) 310-8000
                  Fax: (212) 310-8007
                  http://www.weil.com

                        -- and --
                  Martin A. Sosland, Esq.
                  Sylvia A. Mayer, Esq.
                  Weil, Gotshal & Manges LLP
                  200 Crescent Ct., Ste. 300
                  Dallas, TX 75201
                  Tel: (214) 746-7700
                  Fax: (214) 746-7777
                  http://www.weil.com

Claims Agent: Kurtzman Carson Consultants, L.L.C.

Financial Advisor: The Blackstone Group, L.P.

                         -- and --

                   A.P. Services LLC

Prepetition
Lenders'
Counsel:    Margot B. Schonholtz, Esq.
            Scott D. Talmadge, Esq.
            Kaye Scholer, LLP
            425 Park Avenue, New York

            -- and --

            Laurie Selber Silverstein, Esq.
            Potter Anderson & Corroon, LLP
            Hercules Plaza, 6th Floor
            1313 North Market Street
            Wilmington, Delaware

The Debtors' consolidated, unaudited financial conditions as of
June 30, 2007 showed US$5,429,038,000 in total assets and
US$5,033,214,000 in total debts.  In their petition, they showed
more than US$1,000,000,000 in estimated total assets and more
than US$1,000,000,000 in total debts.

Debtors' Consolidated List of 30 Largest Unsecured Creditors:

   Entity                     Nature of Claim     Claim Amount
   ------                     ---------------     ------------
BP Oil Supply Co.             trade debt          US$159,004,586
Attn: Dan Rosen
28301 Ferry Rd., 126 P.
Warrenville, IL 60555
Tel: (630) 836-4544
Fax: (630) 836-4600

Sunoco Partners Marketing &   trade debt           US$88,894,558
Terminals, LP
Attn: Tony Gallo
1801 Market St., 25th Fl.
Philadelphia, PA 19103
Tel: (215) 977-6897

PIMCO                         bond debt            US$86,000,000
Attn: Mark Afrasiabi
840 Newport Ctr. Dr.,
Ste. 300
Newport Beach, CA 92660
Tel: (949) 720-6052
Fax: (949) 720-6244

Valero, L.P.                  trade debt           US$79,256,580
Attn: Belinda Haecker
P.O. Box 696000
San Antonio, TX 78269
Tel: (210) 345-2064
Fax: (210) 444-8511

Western Asset Management Co.  bond debt            US$77,000,000
Attn: Gibson Cooper
385 East Colorado Blvd.
Tel: (626) 844-9672
Fax: (626) 844-9909

ConocoPhillips                trade debt           US$74,178,604
Attn: Craig Cooper
315 Johnstone, 1350C P.O. Box
Bartlesville, OK 74004
Tel: (918) 661-1559
Fax: (918) 661-6143

Noble Energy, Inc.            trade debt           US$60,606,786
Attn: Dan Cooper
100 Glenbourgh Dr., Ste. 100,
13th Fl.
Houston, TX 77067
Tel: (281) 876-8844
Fax: (281) 876-8845

Plans All Americna Pipeline,  trade debt           US$59,810,095
LP
Attn: Mike McBride
333 Clay St., Ste. 1600
Houston, TX 77002
Tel: (713) 646-4178
Fax: (713) 646-4564

Merrill Lynch Asset Mg't      bond debt            US$55,000,000
Attn: Paul Sharkey
4 World Financial Ctr.,
7th Fl.
New York, NY 10080
Tel: (212) 449-9208
Fax: (212) 449-7148

National Refinery Assn.       trade debt           US$53,733,667
Attn: Mary Minor
1391 Iron Horse Rd.
McPherson, KS 67460
Tel: (620) 241-2340

Central Crude Corp.           trade debt           US$52,196,576
Attn: Sally Phillips
2020 N. Bramblewood
Wichita, KS 67206
Tel: (316) 337-8378
Fax: (316) 265-8690

Husky Energy Marketing, Inc.  trade debt           US$50,137,776
Attn: Steve Downing
707-8th Ave. S.W.
Box 6525, Station D.
Calgary, Alberta T2P 3G7
Tel: (403) 298-6727
Fax: (403) 298-6178

Crescent Point Energy Trust   trade debt           US$42,528,685
Attn: Barb Berry, Consultant
111-5th Ave. S.W., Ste. 2800
Calgary, Alberta T2P 3Y6
Tel: (403) 815-4839

Crude Marketing &             trade debt           US$40,841,569
Transportation
Attn: Credit Dept.
16 E. 16th St., Ste. 300
Tulsa, OK 74119
Tel: (918) 585-6790

ChevronTexaco Corp.           trade debt           US$37,239,528
Attn: Brian DePriest
1500 Louisiana St., 4th Fl.
Houston, TX 77002
Tel: (832) 854-5278

Alon USA, L.P.                trade debt           US$36,455,472
Attn: Michael Dodson
7616 LBJ Freeway, Ste. 300
Dallas, TX 75251
Tel: (972) 367-3621
Fax: (972) 367-3737

Eaton Vance Management        bond debt            US$28,000,000
Attn: David Zimmerman
225 State St.
Boston, MA 02109
Tel: (617) 598-8107
Fax: (617) 482-6811

Bain Capital/Sankaty          bond debt            US$27,500,000
Attn: David Stein
111 Huntington Ave.
Boston, MA 02199
Tel: (617) 516-2690
Fax: (617) 516-2710

Apache Canada, Ltd.           trade debt           US$27,150,273
Attn: John Chung, Houston
Office
700-9th Ave., S.W.
Calgary, Alberta T2P 3V4
Tel: (713) 296-6615
Fax: (713) 296-6675

Fountain Capital Management   bond debt            US$27,000,000
Attn: Zachary Hamel
10801 Mastin Blvd., Ste. 220
Overland Park, KS 66210
Tel: (913) 345-2766
Fax: (913) 345-2763

Arc Energy Trust              trade debt           US$26,248,628
Attn: Credit Dept.
2100-440 2nd Ave. S.W.
Calgary, Alberta T2P 5E0
Tel: (403) 503-8600
Fax: (403) 503-8705

Muzinich & Co.                bond debt            US$25,000,000
Attn: Anthony Iorfino
450 Park Ave.
New York, NY 10022
Tel: (212) 204-0092
Fax: (212) 888-4368

Legal & General Investment    bond debt            US$25,000,000
Management
Attn: David North
3 Queens Victoria St.
London, England EC4N 8NH
Tel: 44-20-7528-6676

Teppo Crude Oil, LLC          trade debt           US$24,872,656
Attn: Gary Yager
1100 Louisiana St., Ste. 8160
Houston, TX 77002
Tel: (713) 381-3639
Fax: (713) 381-7907

Deutsche Capital              bond debt            US$24,000,000
Attn: Angelo D'Urso
60 Wall St.
New York, NY 10005
Tel: (212) 250-5843

Pioneer Natural Resources     trade debt           US$23,206,840
USA, Inc.
Attn: Jamie Fuselier
5205 N. O'Connor Blvd.,
Ste. 1400
Dallas, TX 75039
Tel: (972) 969-3671
Fax: (972) 969-3590

Cimmaron Transportation, LLC  trade debt           US$22,816,846
Attn: John Schmitz
3314 E. Hwy. 82
Gainesville, TX 76240
Tel: (940) 665-4373

Nexen Marketing, Inc.         trade debt           US$22,348,621
Attn: Fred Pacione
801-7th Ave. S.W., Ste. 1700
Calgary, Alberta T2P 3P7
Tel: (403) 699-4075
Fax: (403) 303-2230

Central Kansas Crude, LLC     trade debt           US$21,778,329
920 East First St.
Pratt, KS 67124
Tel: (620) 672-9484

Royal Dutch Petroleum Co.     trade debt           US$17,492,529
(Shell)
Attn: Miguel Correa
Plaza Level One
909 Fannin St.
Houston, TX 77010
Tel: (713) 230-5120
Fax: (713) 265-5120


SEMGROUP ENERGY: Posts US$12.9 Million Net Loss For FY 2007
---------------------------------------------------------
Semgroup Energy Partners, L.P., posted a net loss of
US$12.9 million on total revenues of US$74.6 million for the
year ended Dec. 31, 2007, as compared with a net loss of
US$35.9 million on total revenues of US$28.8 million for the
year ended Dec. 31, 2006.

                      Results of Operations

Service revenues were US$74.6 million for the year ended Dec.
31, 2007, compared with US$28.8 million for the year ended Dec.
31, 2006, an increase of US$45.8 million, or 159%.  Terminaling
and storage revenues increased by US$15.7 million to US$24.8
million for the year ended Dec. 31, 2007, compared with US$9.1
million for the year ended Dec. 31, 2006, primarily due to
revenues generated under the Throughput Agreement subsequent to
the closing of the company's initial public offering.  The
company's predecessor historically did not account for these
services, including its gathering and transportation services,
which were provided on an inter-company basis.

The company's gathering and transportation services revenue
increased by US$30.0 million to US$49.8 million for year ended
Dec. 31, 2007, compared with US$19.8 million for the year ended
Dec. 31, 2006.

Operating expenses include salary and wage expenses and related
taxes and depreciation and amortization expenses.  Operating
expenses increased by US$15.6 million, or 30%, to US$67.2
million for the year ended Dec. 31, 2007, compared with US$51.6
million for the year ended Dec. 31, 2006.  Terminaling and
storage operating expenses increased by US$0.4 million to US$4.9
million for the year ended Dec. 31, 2007, compared with US$4.5
million for the year ended Dec. 31, 2006.

The company's gathering and transportation operating expenses
increased by US$15.2 million to US$62.3 million for the year
ended Dec. 31, 2007.  Around US$5.3 million of this increase in
operating expenses was due to its acquisition of Big Tex Crude
Oil Company on June 30, 2006.  Included in operating expenses
for the year ended Dec. 31, 2007, are US$1.6 million in costs
associated with the clean up of a crude oil leak that occurred
in the year ended Dec. 31, 2007, in relation to a 35-mile
pipeline located in Conroe, Tex.

The company's parent sold this gathering line on April 30, 2007,
and the company's parent has assumed any future obligations
associated with the aforementioned leak.  The company's repair
and maintenance expenses increased by US$2.3 million to
US$8.2 million for the year ended Dec. 31, 2007, compared with
US$5.9 million for the year ended Dec. 31, 2006, of which
US$0.9 million was related to the Big Tex acquisition.  The
additional increase in repair and maintenance expenses was due
primarily to the timing of routine maintenance in its gathering
and transportation segment.

In addition, the company's fuel expenses increased by
US$2.0 million to US$9.6 million for the year ended Dec. 31,
2007, compared with US$7.6 million for the year ended Dec. 31,
2006, of which US$0.6 million was related to the Big Tex
acquisition.

The additional increase in its fuel costs is attributable to the
increase in number of transport trucks the company operated for
the respective periods, the rising price of diesel fuel during
the comparative periods and a fire at a refinery located in
western Texas that resulted in the company's transporting
0.7 million barrels of crude oil to alternative locations, which
were a greater distance from the barrels' respective points of
origination than the refinery that normally receives those
barrels.  The Throughput Agreement provides for a fuel
surcharge, recorded in revenue, which offsets increases in fuel
expenses related to either rising diesel prices or force majeure
events such as the refinery fire that impacted its operations
during the year ended Dec. 31, 2007.

Interest expense represents interest on capital lease
obligations and long-term borrowings under the company's
revolving credit facility.  Interest expense increased by
US$4.6 million to US$6.6 million for the year ended Dec. 31,
2007, compared with US$2.0 million for the year ended Dec. 31,
2006.  The increase was due to an increase in the average long-
term borrowings during the year ended Dec. 31, 2007, compared
with the year ended Dec. 31, 2006, which accounted for around
US$2.4 million of the total increase in interest expense, and is
a reflection of borrowings under its new revolving credit
facility.  In addition, during the third quarter of 2007, the
company entered into two, interest-rate swap agreements, the
fair value accounting for which resulted in US$2.2 million in
interest expense for the year then ended.

              Cash Flows and Capital Expenditures

Net cash used in operating activities was US$0.6 million for the
year ended Dec. 31, 2007, as compared with US$25.8 million for
the year ended Dec. 31, 2006.  This decrease in net cash used in
operating activities is primarily due to a US$22.9 million
decrease in the company's net loss for the year then ended.  In
addition, the company's cash used in operating activities
decreased due to a US$0.9 million increase in depreciation and
amortization, an increase in the company's unrealized loss
related to derivative instruments of US$2.2 million, and an
increase in equity-based incentive compensation expense of
US$1.2 million.  The impact of these increases was partially
offset by an increase of US$1.8 million in cash used related to
changes in working capital.  The company's future results of
operations, including cash flow from operations, may not be
comparable to the historical results of operations of the
company's predecessor because the Crude Oil Business has
historically been a part of the integrated operations of the
company's parent, and neither the company's parent nor the
company's predecessor recorded revenues associated with the
gathering, transportation, terminaling and storage services
provided on an inter-company basis.

Net cash used in investing activities was US$20.0 million for
the year ended Dec. 31, 2007, as compared with US$41.3 million
for the year ended Dec. 31, 2006.  This decrease was
attributable to a reduction in capital expenditures primarily
resulting from the timing of construction projects in its
terminaling and storage segment.  Capital expenditures for the
years ended Dec. 31, 2007, and 2006 were US$20.4 million and
US$41.5 million, respectively, consisting of both the company's
acquisition of Big Tex on June 30, 2006, and expenditures for
the construction of additional crude oil storage capacity during
these periods.  The company added 0.4 million additional barrels
of crude oil storage capacity in the year ended Dec. 31, 2007,
and 2.3 million additional barrels of crude oil storage capacity
in the year ended Dec. 31, 2006.

Cash flow from operations and the company's credit facility are
its primary sources of liquidity.  At Dec. 31, 2007, the company
had around US$160.4 million of availability under its revolving
credit facility.  The company's working capital increased by
around US$2.7 million in 2007 compared with 2006.  The company
believes that cash generated from these sources will continue to
be sufficient to meet its short-term working capital
requirements, long-term capital expenditure requirements and
quarterly cash distributions.  Usage of its revolving credit
facility is subject to ongoing compliance with covenants.  The
company believes it is currently in compliance with all
covenants.

                           Balance Sheet

At Dec. 31, 2007, the company's consolidated balance sheet
showed US$125.5 million in total assets, US$108.3 million in
total liabilities, and US$17.2 million in total partners'
capital.

The company's consolidated balance sheet at Dec. 31, 2007,
showed strained liquidity with US$14.0 million in total current
assets available to pay US$15.3 million in total current
liabilities.

A full-text copy of the company's 2007 annual report is
available for free at http://ResearchArchives.com/t/s?2fc1


                      About SemGroup L.P.

SemGroup L.P. -- http://www.semgrouplp.com/-- is a midstream
service company providing the energy industry means to move
products from the wellhead to the wholesale marketplace.
SemGroup provides diversified services for end users and
consumers of crude oil, natural gas, natural gas liquids,
refined products and asphalt.  Services include purchasing,
selling, processing, transporting, terminaling and storing
energy.  SemGroup serves customers in the United States, Canada,
Mexico, Wales, Switzerland and Vietnam.


SEMGROUP LP: Sunoco Logistics Says Credit Exposure is Minimal
-------------------------------------------------------------
Sunoco Logistics Partners L.P. relates that it has minimal
credit exposure to SemGroup LP and its affiliates.  Affiliates
of Sunoco Logistics conduct business with SemCrude LP for the
purchase and sale of crude oil.

SemCrude LP is one of the affiliates of SemGroup LP, which filed
petitions for reorganization under Chapter 11 of the U.S.
Bankruptcy Code.

Sunoco Logistics has a net-out agreement with SemCrude LP,
pursuant to which receivables and payables are set-off.  As of
the Chapter 11 filing date, Sunoco Logistics estimates that it
is in a net payable position with SemCrude LP, with limited
credit exposure, if any.

In the July 22, 2008, press statement, SemGroup LP stated that
SemGroup created a Supplier Protection Plan for suppliers.
Under the plan, certain suppliers who contractually commit to
continue doing business with SemGroup, on the same terms as
before the Chapter 11 filing, will be eligible to receive full
payment, as due, for goods and services that were delivered
before the filing, but for which the supplier has not yet been
paid.

The Supplier Protection Program will not take effect until it
has been approved by the Bankruptcy Court.  The company
requested approval of the Program on July 22.

               About Sunoco Logistics Partners L.P.

Headquartered in Philadelphia, Sunoco Logistics Partners L.P. --
http://www.sunocologistics.com/-- (NYSE: SXL) is a master
limited partnership formed to acquire, own and operate refined
product and crude oil pipelines and terminal facilities,
including those of Sunoco Inc.

                       About SemGroup L.P.

SemGroup L.P. -- http://www.semgrouplp.com/-- is a midstream
service company providing the energy industry means to move
products from the wellhead to the wholesale marketplace.
SemGroup provides diversified services for end users and
consumers of crude oil, natural gas, natural gas liquids,
refined products and asphalt.  Services include purchasing,
selling, processing, transporting, terminaling and storing
energy.  SemGroup serves customers in the United States, Canada,
Mexico, Wales, Switzerland and Vietnam.


SEMGROUP LP: Moody's Junk Ratings Affect Rated Debt at Other Biz
----------------------------------------------------------------
Moody's Investors Service downgraded SemGroup's Corporate Family
Rating to Caa2 from B2, its Probability of Default Rating to
Caa3 from B2; its senior unsecured rating to Ca (LGD 4; 69%)
from Caa1 (LGD 5; 79%), and its first secured bank facilities to
B3 (LGD 2; 21%) from B1 (LGD 3; 39%).  These actions affect
rated cross guaranteed debt at parent SemGroup, SemCams Holding
Company, and SemCrude, L.C.  The ratings had been under review
for downgrade and remain on review for further downgrade.

Moody's first downgraded SemGroup's ratings on July 17, 2008
after receiving on July 15, 2007 SemGroup's May 2008
consolidating financial statements.  Subsequently, SemGroup
reported that it was evaluating filing Chapter 11 bankruptcy
protection and continuing negotiations to raise new capital.
The review for further downgrade will continue to assess the
possibility of a Chapter 11 filing, SemGroup's covenant coverage
and liquidity profile, and the prospects for losses for
creditors.  Preferably after receiving information more current
than that received on July 15, 2008, the ratings review may
result in either further downgrade, a ratings confirmation, or
an upgrade.

In Moody's view, a major part of SemGroup's liquidity crisis was
the large rapid rise in oil prices this year and that the
extreme volatility of those prices, which would have been
particularly challenging to its hedged trading business.

Additionally, "it would appear that SemGroup's cash margin
requirements exceed what Moody's would have expected given the
scale and other characteristics of SemGroup's hedged trading
activity in the past," Andrew Oram, Moody's vice president and
senior credit officer, commented.

SemGroup's ratings have always been restrained by SemGroup's
comparatively large proportion of earnings from volatile
merchant activity; the highly working capital intensive, price
sensitive, and market confidence sensitive nature of that
merchant activity; very large liquidity needs for cash margin
deposits and working capital funding during surging oil, natural
gas liquids, refined product, and natural gas markets, which
consumed virtually all cash flow after capital spending in first
half 2006; and elevated leverage when including its funding for
working capital and margin deposits.

These rating actions also reflect Moody's concern for SemGroup's
ability to meet its bank covenant tests at a time when higher
oil prices had already driven major increases in borrowing
requirements under expanded bank facilities.  If SemGroup were
to breach covenants, given conditions in the debt, equity, and
commodity markets Moody's believes it would be a difficult time
to seek covenant waivers and arrange more borrowing capacity or
alternative equity funding.

In support of SemGroup's hedged middleman functions in the oil,
refined product, natural gas, and asphalt businesses, it is
constantly hedging long positions by using futures and other
hedge products to lock in hydrocarbon prices.  When prices rise
above the hedged price, hedges effected through the futures
exchanges are subject to daily cash margin calls.  Oil prices
rose from approximately US$97 per barrel at the end of first
quarter 2008, to US$122 per barrel at the end of May, US$128 per
barrel at the end of June and peaked at roughly US$147 per
barrel before settling back to a still high US$129 per barrel so
far this week.  Moody's does note that SemGroup would realize
substantial cash from declining working capital and margin
deposits needs if hydrocarbon prices were to retreat back to
first quarter 2008 let alone still low fourth quarter 2007
levels.

The bank facilities are first secured by all working capital and
fixed assets.  All bank debt is borrowed under bank monitored
working capital secured borrowing bases, providing important
protections, and risk of loss should there be a shortfall in
value coverage receives important support from the banks' first
security in fixed assets.  Most of those fixed assets have long
served important regional roles in the midstream functions of
moving hydrocarbons from point of production to point of
consumption. To date,

SemGroup, L.P. is headquartered in Tulsa, Oklahoma.


SEMGROUP LP: IDR Rating Tumbles to D Due to Bankruptcy Filing
-------------------------------------------------------------
Fitch Ratings lowered the Issuer Default Ratings of SemGroup
L.P., SemCrude L.P, and SemCAMS Midstream Co. to 'D' following
the bankruptcy petition by SemGroup and most of units on July
22, 2008.

These ratings are removed from Rating Watch where they were
placed on July 17, 2008.  The bank facility and securities
ratings of SemGroup and units remain on Rating Watch Negative
pending a review of the bankruptcy court petition.  Ratings
affected by this action are as follows:

SemGroup L.P.
SemCrude L.P.
SemCAMS Midstream Co.
--IDR lowered to 'D' from 'B-'.

Ratings remaining on Rating Watch Negative:

SemGroup L.P.
--Senior unsecured 'B/RR3'.

SemCrude L.P.
--Senior secured working capital facility 'BB-/RR1';
--Senior secured revolving credit facility 'B+/RR1';
--Senior secured term loan B 'B+/RR1'.

SemCAMS Midstream Co. (SemCAMS)
--Senior secured working capital facility 'BB-/RR1';
--Senior secured revolving credit facility 'B+/RR1';
--Senior secured term loan B 'B+/RR1'.

SemGroup L.P. is a privately held midstream energy partnership
focused on providing gathering, transportation, processing, and
marketing services for crude oil and refined products in the
U.S. Midcontinent region and Canada.  SemGroup Energy Partners
L.P., a publicly traded Master Limited Partnership affiliate,
was not included in the bankruptcy petition and is not rated by
Fitch.


TRANSAG JSC: Creditors' Proofs of Claim Due by August 6
-------------------------------------------------------
Creditors owed money by JSC Transag 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
shareholders' meeting held on June 9, 2008.


YC DUFTKERZEN: Aug. 31 Set as Deadline to File Proofs of Claim
---------------------------------------------------------------
Creditors owed money by LLC YC Duftkerzen are requested to file
their proofs of claim by Aug. 31, 2008, to:

         Francis W. Thode
         LLC Thode Treuhand
         Museumstrasse 6
         8904 Aesch b. Birmensdorf
         Switzerland

The company is currently undergoing liquidation in Adliswil.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 14, 2008.


ZERNO JSC: Creditors Must File Proofs of Claim by Aug. 6
--------------------------------------------------------
Creditors owed money by JSC Zerno 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
shareholders' meeting held on June 9, 2008.


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


AGROMASH-IMPEKS LLC: Creditors Must File Claims by August 8
-----------------------------------------------------------
Creditors of LLC Agromash-Impeks (code EDRPOU 30213845) have
until August 8, 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 19, 2008.
The case is docketed as 44/4-b.

The Debtor can be reached at:

         LLC Agromash-Impeks
         Saksagansky Str. 31
         01033 Kiev
         Ukraine


AMETHYST OJSC Proofs of Claim Filing Deadline Set August 8
----------------------------------------------------------
Creditors of OJSC Project-Design Technological Institute
Amethyst (code EDRPOU 14311689) have until August 8, 2008, to
submit proofs of claim to:

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

The Economic Court of Herson commenced bankruptcy supervision
procedure on the company on June 6, 2008.  The case is docketed
as 5/151-B-08.

The Debtor can be reached at:

         OJSC Project-Design Technological Institute Amethyst
         Krasnoflotskaya Str. 17
         73000 Herson
         Ukraine


HUSAR U-A: Creditors Must File Claims by August 8
-------------------------------------------------
Creditors of Joint Ukrainian-Polish Enterprise LLC Husar U-A
(code EDRPOU 31183555) have until August 8, 2008, to submit
proofs of claim to:

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

The Economic Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent on June 19, 2008.
The case is docketed as 7/106-B.

The Debtor can be reached at:

         Joint Ukrainian-Polish Enterprise LLC Husar U-A
         Pobeda Avenue 38
         Lutsk
         Volin
         Ukraine


INAGRO OJSC: Creditors Must File Claims by August 8
---------------------------------------------------
Creditors of OJSC Investment-Industrial Company Inagro (code
EDRPOU 30923259) 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 June 19, 2008.
The case is docketed as 5/43b

The Debtor can be reached at:

         OJSC Investment-Industrial Company Inagro
         Lenin Str. 154
         Snezhnoye
         Donetsk
         Ukraine


INDUSTRIAL SUGAR: Proofs of Claim Filing Deadline Set August 8
------------------------------------------------------------
Creditors of CJSC Industrial Sugar (code EDRPOU 31180465) 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 supervision
procedure on the company on June 23, 2008.  The case is docketed
as B-48/92-08.

The Debtor can be reached at:

         CJSC Industrial Sugar
         Kotlov Str. 115
         Kharkov
         Ukraine

INTERNATIONAL SCIENCE: Creditors Must File Claims by August 8
-------------------------------------------------------------
Creditors of LLC International Science Committee (code EDRPOU
30637580) have until August 8, 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 3, 2008.
The case is docketed as 28/86-b.

The Debtor can be reached at:

         LLC International Science Committee
         Artem Str. 77
         04050 Kiev
         Ukraine


IVANOVKA AGRICULTURAL: Creditors Must File Claims by August 8
-------------------------------------------------------------
Creditors of Ivanovka Agricultural LLC (code EDRPOU 25364217)
have until August 8, 2008, to submit proofs of claim to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on June 23, 2008.
The case is docketed as 1/62b.

The Debtor can be reached at:

         Ivanovka Agricultural LLC
         Soviet Str. 18
         Ivanovka
         Krasnodon District
         Lugansk
         Ukraine


KELMENETSKY REGIONAL: Creditors Must File Claims by August 8
------------------------------------------------------------
Creditors of OJSC Kelmenetsky Regional Agricultural Chemistry
(code EDRPOU 05491706) have until August 8, 2008, to submit
proofs of claim to:

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

The Economic Court of Chernovcy commenced bankruptcy proceedings
against the company after finding it insolvent on June 24, 2008.
The case is docketed as 8/218/B.

The Debtor can be reached at:

         OJSC Kelmenetsky Regional Agricultural Chemistry
         Lenkovtsy
         Kelmenetsky District
         60111 Chernovcy
         Ukraine


KTC LLC: Creditors Must File Claims by August 8
-----------------------------------------------
Creditors of LLC Science-Production Firm KTC (code EDRPOU
30306614) have until August 8, 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 has commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 15/797-b

The Debtor can be reached at:

         LLC Science-Production Firm KTC
         Tverskoy Deadlock, 5-A
         Kiev
         Ukraine


OFAL DELIVERY: Creditors Must File Claims by August 8
-----------------------------------------------------
Creditors of LLC Company Ofal Delivery Plus (code EDRPOU
33830764)have until August 8, 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 25, 2008.
The case is docketed as 43/450.

The Debtor can be reached at:

         LLC Company Ofal Delivery Plus
         Mechnikov Str. 16
         01023 Kiev
         Ukraine


ZHOVTENVUGILLIA: Creditors Must File Claims by August 8
--------------------------------------------------------
Creditors of State OJSC Enterprise on Repair and Adjusting of
Material Mining Equipment – of Subsidiary Enterprise of State
Holding Company Zhovtenvugillia (code EDRPOU 05515619) 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 June 17, 2008.
The case is docketed as 27/99-b.

The Debtor can be reached at:

         State OJSC Enterprise on Repair and Adjusting of
         Material Mining Equipment – of Subsidiary Enterprise of
         State Holding Company Zhovtenvugillia
         3rd District Str.
         Gornoye
         Hartsyzsk
         86782 Donetsk
         Ukraine


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


7T'S LTD:  Appoints Joint Administrators from KPMG
--------------------------------------------------
David John Crawshaw and Jonathan Scott Pope of KPMG LLP were
appointed joint administrators of 7T's Ltd. (Company Number
04332705) on July 15, 2008.

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

The company can be reached at:

         7T's Ltd.
         18 Park Place
         Cardiff
         CF10 3PD
         Wales


A A INSULATIONS: Brings In Liquidators from Tenon Recovery
----------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of A A Insulations Ltd. on June 26 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

          A A Insulations Ltd.
          c/o Tenon Recovery
          Sherlock House
          73 Baker Street
          London
          W1U 6RD
          England


BAA LTD: Rejects Ryanair's Request to Cancel Landing Fees
---------------------------------------------------------
BAA Ltd. rejected Ryanair's request for cancellation of landing
fees, Amanda Vermeulen writes for the Financial Times.

Ryanair, the FT relates, asked for a 100% reduction in landing
fees charged by BAA, citing lower winter demand and soaring oil
prices.

FT reveals Ryanair is grounding more than a third of its winter
fleet.  The airline, the FT adds, is also cutting 150 jobs.

BAA, however, responded that while Ryanair cut capacity last
winter, there had been no decline passenger numbers, the FT
discloses.

"We have no intention of being drawn into a public discussion
about negotiations with any airline, or the possibility of them"
BAA was quoted by the paper as saying.  "But we are committed to
how best we can help them.  We are trying to narrow the gap
between being poles apart."

                       About BAA Ltd.

Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc)
-- http://www.baa.com/-- owns and operates seven airports in
the United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.

                          *     *     *

BAA Ltd. continues to carry BB- long-term corporate credit
rating from Standard & Poor's Ratings Services, which said the
Outlook is negative.


C & H PLASTICS: Creditors' Meeting Slated for August 6
------------------------------------------------------
Creditors of C & H Plastics Ltd. (Company Number 01644079) will
meet at 11:30 a.m. on Aug. 6 2008, at:

         66 Wigmore Street
         London
         W1U 2SB
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Aug. 5, 2008, to:

         Frank Wessely
         Joint Administrator
         Vantis Plc
         81 Station Road
         Marlow
         Buckinghamshire
         SL7 1NS
         England

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.


DBE PRODUCTS: Taps Joint Administrators from Smith & Williamson
---------------------------------------------------------------
Henry Anthony Shinners and Anthony Cliff Spicer of Smith &
Williamson Ltd. were appointed joint administrators of DBE
Products Ltd. (Company Number 05820977) on July 16, 2008.

Smith & Williamson -- http://www.smith.williamson.co.uk/--
provides investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates and non-profit organizations.

The company can be reached at:

         DBE Products Ltd.
         Unit 1 Europa Business Park
         Kingston
         Milton Keynes
         Buckinghamshire
         MK10 0BF
         England


DELL TRANSPORT: Calls In Liquidators from PKF
---------------------------------------------
Kerry Bailey and Jonathan Newell of PKF (UK) LLP were appointed
joint liquidators of Dell Transport Ltd. on July 2 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Dell Transport Ltd.
         Unit 3
         Sandfield Industrial Estate
         Dodgson Street
         Rochdale
         England


CLUB PARASITE: Appoints Ian William Kings as Liquidator
-------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed liquidator of
Club Parasite Ltd. on April 4 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Club Parasite Ltd.
         c/o Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


FLOORS-2-GO: Calls In Administrators from Kroll
-----------------------------------------------
Blaming deteriorating housing market and slump in do-it-yourself
home improvements, Floors-2-Go Ltd. has called in administrators
from Kroll, timesonline.co.uk reports.

Putting the company, which was acquired by UK private equity
group Alchemy Partners in December 2006, into administration has
rendered almost 100 personnel jobless and the closure of 41
stores out of 132, timesonline.co.uk relates.

"We understand that this is a difficult time for everyone
involved.  Retailers are battling a particularly hostile trading
environment at present, and it is clear that the pain is being
felt acutely in the home improvements sector," Fraser Gray, a
Kroll partner, was quoted by timesonline.co.uk as saying.

Headquartered in Birmingham, Floors-2-Go Ltd. --
http://www.floors2go.co.uk/-- sells wood and laminates
flooring.  The company employs a total of 450 retail and head
office staff.


FOOD & DRINK: Biz to Be Sold Via Pre-Packaged Administration
------------------------------------------------------------
Food & Drink Group, which owns the Jamies wine bar chain, is
expected to be sold in a pre-packaged administration,
Dominic Walsh writes for Times Online, citing M&C Report as its
source.

Times Online says the pre-packaged administration will cover all
of FDG's senior debt and some of its subordinate debt.  BDO Stoy
Hayward, Times Online discloses, will handle the administration
part of the sale.

Times Online relates FDG is said to be in negotiations with two
potential buyers of the whole business.  Parties thought to be
interested in some or all the group's bars, include Novus
Leisure, Premium Bars & Restaurants and Agilo.

FDG, Times Online adds, is also eyeing a reverse takeover of 3D
Entertainment.  On June 17, 2008, FDG confirmed that it was in
discussions with several other parties which may lead to either
the reverse takeover of another business in the leisure sector
for the consideration of shares in the company, or may or may
not lead to an offer for the company.

              Suspension of Share Trading

On June 17, 2008, following the continuation of challenging
trading conditions, FDG confirmed that it was in discussions
with providers of finance to procure sufficient additional
funding to secure the immediate future of the business.  The
company, however, said there can be no guarantee that these
discussions will lead to a favorable outcome for FDG.

Due to the uncertainty surrounding the outcome of the
discussions, the company requested that the trading of its
ordinary shares be suspended with immediate effect.

FDG runs 30 bars and 17 franchises.  The bars are trading mainly
under the Jamies and Henry J Bean's brands, Times Online
reveals.


FRUDD CONSTRUCTION: Claims Filing Period Ends September 1
---------------------------------------------------------
Creditors of Frudd Construction Ltd. (formerly Frudd Building
Services Ltd.) have until Sept. 1, 2008, to send their names and
addresses and particulars of their debts or claims and the names
and addresses of the solicitors (if any) to:

         Robert Hunter Kelly
         Joint Liquidator
         Ernst & Young LLP
         1 Bridgewater Place
         Water Lane
         Leeds
         LS11 5QR
         England

Robert Hunter Kelly and Charles Graham John King of Ernst &
Young LLP were appointed joint liquidators of the company on
July 3, 2008, for the creditors' voluntary winding-up
proceeding.


GENERAL TRADING: Brings In Administrators from MCR
--------------------------------------------------
The General Trading Company (Mayfair) Limited was placed into
administration on July 21, 2008.  Philip Duffy, Jason Godefroy
and Paul Clark, partners at MCR, have been appointed as joint
administrators.

The Company runs the department store by the same name in
fashionable Sloane Square, which has a number of Royal Warrants.
More recently it was famous for running the wedding list for
Prince Charles and Camilla Parker-Bowles.

Founded by the Part family in 1920, the General Trading Company
was one of London's first "boutique" home stores focusing on
soft furnishings, interior decor, chinaware and glassware as
well as clothing and accessories.  It rapidly became highly
fashionable as well as gaining Royal patronage.  It was one of
the first stores in the U.K. to develop the concept of the
"Wedding List" now a traditional part of any marriage.

Philip Duffy, Partner, MCR commented: "This is a world famous
department store with a strong and loyal customer base.  It is
too early to determine the reasons why the Company which
operates the store has gone into Administration and we are
concentrating on saving the business and selling the store as a
going concern thus saving a piece of history as well as the
employment of those working there.  We are confident that there
will be a significant amount of interest."

The store was synonymous with the "Swinging Sixties", with a
fashionably smart site it moved to on Sloane Street from where
it began to make a name for itself.  Over the 1960's and 1970's
the store grew and expanded overseas.   At the same time it also
expanded in the U.K. opening a store in Cirencester,
subsequently closed in 2007.

The joint administrators are trading the business as normal and
anticipate that they will secure a going concern sale very
shortly.


I.W.S. SOUTHERN: Claims Filing Period Ends September 3
------------------------------------------------------
Creditors of I.W.S. Southern Ltd. have until Sept. 3, 2008, to
detail their names and addresses (and solicitors if applicable)
together with particulars of their debts or claims, in writing,
or in person, to:

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

Duncan R. Beat of Tenon Recovery was appointed liquidator of the
company on July 2, 2008, for the creditors' voluntary winding-up
procedure.


MYHOME INT'L: Breaches Bank Facility Agreement with Lloyds TSB
--------------------------------------------------------------
Myhome International plc has provided a trading update for the
third quarter of 2008.

The Company's results for the third quarter of the financial
year were in line with the Board's expectations.  A total of 50
new franchisees were recruited in the quarter.  The Board
remains confident that the Company's performance in the quarter
to Sept. 30, 2008 will be in line with its expectations.

                   Bank Facilities

The Company is currently in constructive discussions with Lloyds
TSB regarding the re-negotiation of its GBP8 million bank
facility.  These discussions are being held as a result of the
deteriorating economic outlook in the United Kingdom and the
Company's reduced trading expectations set out in the interim
results announcement released on June 30, 2008, which has meant
that the Company is in breach of some of the covenants within
the bank facility agreement.  The bank is aware of these
breaches but remains committed to a restructuring of the
facility.

As a result of these discussions the Board and Lloyds TSB have
concluded that it would be sensible and prudent for the Company
to significantly reduce the bank facility to a level more
appropriate to the Company's current trading position.  A number
of options are being explored to achieve this including an
equity issue which may be at a realistic discount to the current
share price.  At the same time the Company will seek to improve
its working capital position.  The Board is in preliminary
discussions with some of its larger shareholders about the
possibility of participating in such an equity fundraising.

Further announcements will be made in due course.

Headquartered in Esher, England, Myhome International plc --
http://www.myhome.com/group/-- is a franchisor for residential
cleaning and maintenance services operated under various Group
brand names throughout the United Kingdom and worldwide.  Myhome
has two operating divisions: home services, based in Esher and
automotive services, based in Kidderminster.


SCI ENTERTAINMENT: Sees Over GBP100MM FYE June 30 EBITDA Loss
-------------------------------------------------------------
SCi Entertainment Group Plc has provided a trading update
following the end of its financial year on June 30, 2008.

The Company will release its preliminary results for the year to
June 30, 2008, on September 15, 2008.

                      Financial Performance

The 2007/2008 financial year was one of restructuring and
transition.  Revenues are expected to be around GBP134 million
and losses at the EBITDA level (excluding share based
compensation and restructuring charges) are expected to
be no more than GBP100 million.

The full year loss reflects both the significant write-offs made
to the carrying value of the Group's development projects at the
half year and the decision, as previously announced, to delay a
number of major product launches out of the second half
into the next financial year.

The Group ended the financial year with net cash of GBP28
million, which was ahead of internal projections due to prudent
cash management and the timing of payments under the
restructuring program.

In addition Age of Conan, for which Eidos is the co-publisher,
was released in May and met its internal sales target of
one million units faster than expected benefiting the timing of
cash receipts.  The game has been the best selling PC
title in the U.K., U.S.A., Germany and many other territories.

All financial figures are unaudited.

              Cost Reduction and Restructure Update

During the second half of the financial year good progress has
been made with the cost reduction and restructuring plan
outlined on February 29, 2008.  In addition, during the period,
the Company arranged a new debt facility of GBP25 million and
raised GBP60 million before expenses by way of a successful
Placing and Open Offer of new shares to provide working capital.

The Board has been strengthened with the appointment of two new
Non-executive Directors, Kevin Tsujihara and Aaron Brown,
representing investors Time Warner and Thorson respectively, and
the appointment of a new Chief Financial Officer, Robert Brent.

    * annual operating costs reduced by targeted GBP14 million
      with associated one-off costs within the original
      GBP7 million restructuring estimate;

    * 25% reduction in Group headcount on target;

    * sale of PROEIN, Eidos' distribution business in Spain,
      imminent;

    * substantial downsizing of Pivotal Games;

    * transition of production services to Montreal on track;

    * integration of North American distribution with Warner
      Bros on track with full collaboration on upcoming title
      launches; and

    * leaner European distribution and new managing director
      appointed.

                           Game Release

Game releases scheduled for the first half of 2008/09 include
Tomb Raider Underworld.  This next edition of the Lara Croft
title is scheduled to be released on November 18, 2008, in the
U.S. and November 21, 2008, in Europe/ROW to capitalize on the
run-up to the key holiday season.

Tomb Raider Underworld was one of the most eagerly awaited
properties at E3, the major global video games show.

In the second half of the 2008/09 financial year, our launch
schedule includes Just Cause 2, Battlestations Pacific and a
Batman game.

Phil Rogers, Chief Executive said: "We have a clear strategy in
place and have taken decisive steps to become a studio-led
business with a focus on cornerstone franchises and a flexible
approach to distribution.  There has been substantial change and
the business is in good shape to take advantage of the strong
overall market for video gaming worldwide."

Headquartered in London, SCi Entertainment Group plc --
http://www.sci.co.uk/ -- along with its subsidiaries, engages
in the development, publishing, licensing and distribution of
entertainment software.  It creates and owns content for a range
of digital media including personal computer (PC), Sony’s
PlayStation2, PlayStation3 and PSP, Microsoft Xbox 360 and Xbox
Live, Nintendo Wii and DS, the Internet, mobile phones and
digital television.  It owns some of the brands in the games
industry, including Tomb Raider, Hitman, Championship Manager,
Conflict, Just Cause, Thief, Carmageddon, Deus Ex and Kane &
Lynch.

SCi Entertainment posted GBP28.1 million in net losses for
financial year ended June 30, 2007.

At June 30, 2007, the company had GBP7.2 million in current
assets and GBP30 million in current liabilities, resulting in
GBP22.8 million in net working deficit.


SCOTTISH RE: Ernst & Young Expresses Going Concern Doubt
--------------------------------------------------------
Ernst & Young LLP raised substantial doubt about the ability of
Scottish Re Group Limited to continue as a going concern after
auditing the company's financial statements for the year ended
Dec. 31, 2007.  The auditing firm pointed to the company's net
loss for the year ended Dec. 31, 2007, accumulated deficit of
US$1,042,400,000 as of Dec. 31, 2007, and the company's
deteriorating financial performance and worsening liquidity and
collateral position.

The company posted a net loss of US$895,742,000 on total
revenues of US$1,505,373,000 for the year ended Dec. 31, 2007,
as compared with a net loss of US$366,714,000 on total revenues
of US$2,429,500,000 in the prior year.

                      Management's Statement

As a result of declines in the fair value of its invested
assets, which contain a significant concentration of sub-prime
and Alt-A residential mortgage-backed securities, the company
has experienced deteriorating financial performance and a
worsening liquidity and collateral position.

The continuing deterioration in the market for sub-prime and
Alt-A securities through the first half of 2008 has compounded
the considerable financial challenges and uncertainties faced by
the company.

In addition to causing significant impairment charges and
reported losses, these adverse market conditions have impacted
the value of underlying collateral used to secure the company's
life reinsurance obligations and statutory reserves for its
operating units.

Any reserve credit shortfalls arising from a decline in the
value of collateral places increased demand on the company's
available capital and liquidity.

The impairment charges and associated decline in the company's
consolidated shareholders equity will also result in the failure
to meet minimum net worth covenants for the HSBC II and
Clearwater Re collateral finance facilities.

The company had recently executed forbearance agreements with
the counterparties under these facilities who have agreed to
forbear taking action until Dec. 15, 2008, in return for certain
economic and non-economic terms.

Such terms have placed additional constraints on the company's
available capital and liquidity.  The company's liquidity is
insufficient to fund its needs beyond the short term and,
without additional sources of capital or the successful
completion of strategic actions, is currently projected to be
exhausted by the first quarter of 2009.

                          Recent Events

The company has faced a number of significant challenges during
the latter part of 2007 and continuing into 2008, which have
required the company to change its strategic focus.  These
challenges have included:

-- The continuing deterioration in the U.S. residential
   housing market in general and the market for sub-prime and
   Alt-A residential mortgage-backed securities specifically.
   These conditions have had, and will likely continue to have,
   a material adverse effect on the value of the company's
   consolidated investment portfolio and capital and liquidity
   position;

-- The negative outlooks placed on its financial strength
   ratings by each of the rating agencies in November 2007,
   followed by the ratings action taken by Standard & Poors
   in early 2008 lowering the financial strength ratings of the
   company's operating subsidiaries from "BB+" to "BB" and
   placing the ratings on CreditWatch with negative
   implications, as well as the subsequent ratings downgrades
   and negative outlooks placed on its financial strength
   ratings by other rating agencies, with the resulting material
   negative impact on its ability to achieve its previous goal
   of attaining an "A-" or better rating by the middle of 2009;
   and

-- The material negative impact of ratings declines and negative
   outlooks by rating agencies on the company's ability to grow
   its life reinsurance businesses and maintain its core
   competitive capabilities.

                        Company's Strategy

On January 21, 2008, the company's board of directors
established a special committee to evaluate the alternatives
developed by management.  On Feb. 22, 2008, management announced
the unanimously adopted business strategy recommended by the
special committee.

The strategy consists of:

-- the disposal of its non-core assets or lines of business,
   including the Life Reinsurance International Segment and the
   Wealth Management business;

-- the development, through strategic alliances or other means,
   of opportunities to maximize the value of its core
   competitive capabilities within the Life Reinsurance North
   America Segment, including mortality assessment and treaty
   administration; and

-- rationalization of the company's cost structure to preserve
   capital and liquidity.

The company has changed its strategic focus and initiated a
number of actions to preserve capital and mitigate growing
liquidity demands.  The company had ceased writing new
reinsurance treaties and notified existing clients that it will
not be accepting new risks on existing treaties.

The company have also taken steps to reduce its operating
expenses including reducing staffing levels.  The company is
also actively pursuing the sale of its Life Reinsurance North
America Segment and recently entered into definitive agreements
for the sale of its Life Reinsurance International Segment and
Wealth Management business.

The company also continues to pursue the restructuring of
certain of its collateral financing facilities and potential
alternatives to these facilities to alleviate the collateral
requirements of its reinsurance operating subsidiaries.

If the company fails in reaching a definitive agreement for the
sale of its Life Insurance North America Segment by Dec. 15,
2008, the company will continue to follow a run-off strategy and
will need to obtain additional forbearance from the relevant
counterparties to Clearwater Re and HSBC II; find alternative
collateral support for Clearwater Re and HSBC II or raise
additional capital.  If the company fails to successfully
execute on these actions, its insurance operating subsidiaries
may become insolvent and the company may need to seek bankruptcy
protection.

                          Balance Sheet

At Dec. 31, 2007, the company's balance sheet showed
US$12,821,063,000 in total assets, US$11,909,454,000 in total
liabilities, US$9,025,000 in minority interest, US$555,857,000
in convertible cumulative preferred shares, and US$346,727,000
in total stockholders' equity.

A full-text copy of the company's 2007 annual report is
available for free at http://ResearchArchives.com/t/s?2fc3

                       About Scottish Re

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

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

                        *      *      *


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

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


SELECT TRIMMINGS: Brings In Liquidators from PKF
------------------------------------------------
Edward T. Kerr and Ian J. Gould of PKF (UK) LLP were appointed
joint liquidators of Select Trimmings Ltd. on July 7 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Select Trimmings Ltd.
         c/o PKF (UK) LLP
         Pannell House
         159 Charles Street
         Leicester
         LE1 1LD
         England


* Administration Figures Dip 18% in 2nd Qtr. 2008, Deloitte Says
----------------------------------------------------------------
Deloitte, the business advisory firm, has revealed its analysis
of administration figures for the last quarter, which highlight
a dip in administrations compared to Q1, but an overall rise in
the number of administrations compared with this time last year.

Lee Manning, reorganization services partner at Deloitte
commented: "The first quarter of the year certainly bore the
brunt of the deteriorating economic environment: while
administration figures fell 18% in the second quarter, the 2008
figures are still up 16% compared with the same period in 2007.
Unsurprisingly, property and construction have seen the most
significant increase in administrations; with the value of land
stock declining, house prices and mortgage approvals falling,
administrations have risen by over 50% compared to last summer.
Rising fuel prices would appear to be just one of the problems
facing the transport sector with administrations up by 30% since
the first quarter of this year.  Furthermore, we are seeing
small, independent IT businesses taking a hit, with
administration figures up by 40%.  While overall administrations
are down this quarter, the outlook is still far from rosy.  We
expect the figures are set to worsen before they improve."

Proposals put forward by the European High Yield Association for
reform of the insolvency regime has ignited political debate.
Neville Kahn, reorganization services partner at Deloitte,
commented: "The vast majority of administrations concern small
companies because larger companies tend to restructure out of
court in a distressed situation.  However, with the worsening
economic environment, there will be increased pressure from
creditors for larger companies to enter into formal proceedings,
such as administration.  As a practitioner, my view is that
improvements could be made to the insolvency legislation to
create a more stable platform for working out larger
administrations.  The current administration process works wells
for small businesses but this is not the case for larger
companies where financing has become ever more complex."

Key statistics:

    * the first half of 2008 saw a 16% increase in
      administrations compared with the same period in 2007;
      administrations fell by 18% in Q2 08 compared to Q1 08;

    * property, construction, electrical, installation and
      plumbing saw administrations increase by 54% compared to
      the same period in 2007;

    * printing and publishing administrations were up by 54%
      compared to 2007;

    * film & photographics, media & IT administrations were up
      40% compared to 2007.

Commenting on the regional breakdown, Manning said: "The impact
of the harsher financial climate is being felt throughout the
country, particularly in the North East, which has seen a
staggering 466% increase in the number of administrations,
compared to the same period last year.  The South has not
escaped unharmed.  Administrations in the South West rose a
significant 73% compared to last year.  The credit crunch is
permeating all areas and industries, we can only hope that Q1
saw the worst of it but it is more likely that more pain is to
come."


* UK Companies Facing Critical Problems Up 700% in Q2 2008
----------------------------------------------------------
Begbies Traynor, on July 23, 2008, revealed that the number of
UK companies experiencing "Critical Problems" in the second
quarter of 2008 has increased substantially over the same period
in 2007.  Staggeringly, 4,258 companies faced "critical"
problems (those with CCJs totaling over GBP5,000 or Winding-Up
Petition related actions) in the second quarter of 2008 compared
with 542 as in the same period last year, an overall increase of
685 per cent.

The research also shows that conditions are getting more
difficult as the year progresses, with an increase in the number
of companies facing critical problems of nearly 30 per cent
(28.68 per cent) in Q2 2008 compared to Q1 2008.

Ric Traynor, Executive Chairman of Begbies Traynor Group,
commented, "The last set of Red Flag A!ert Statistics showed the
effects of the credit crunch were just beginning to be felt by
UK businesses.  With credit conditions still tightening, these
new figures demonstrate that the effects are certainly getting
worse, and we would anticipate that they will continue to do so,
certainly until the end of this year at least."

                   Sector Highlights

The Q2 2008 Red Flag A!ert statistics show substantial year on
year increases in "critical problems" across all sectors, but
Construction (up 370 per cent on Q2 2007), IT (up 371 per cent)
and Retail (up 335 per cent) are among those areas suffering the
most.  On the positive side, the statistics show a fall in the
rate of growth of appointments within the manufacturing,
automotive and wholesale sectors in Q2 2008 compared to Q2 2007.

Analysis of the trends in the first half of the year shows
Financial Services (Q2 up 36 per cent on Q1), Retail (up 23 per
cent) and Property Services (up 20 per cent) as those suffering
the most.  Pressure did ease slightly in Q2 2008 in certain
sectors, including engineering and automotive industries which,
although the overall numbers were higher, the rate of increase
had slowed in actions received over the first quarter of the
year.

                   Breakdown of Sectors
               with Most Significant Changes
                  in Critical Problems

              Co's with Critical   Co's with Critical
Sector       Problems in Q2 2007  Problems in Q2 2008  Change %
------       -------------------  -------------------  ------

IT                   24              113            371%
Construction      136              639           370%
Manufacturing       37              165           346%
Retail             46              200            335%
Print & Packaging     15               61            307%
Financial Services    16               64           300%
Transport & Comms     43              167            288%
Engineering       17               65            282%
Automotive       22               68            209%
Wholesale             41              116           183%

Ric Traynor added, "In times of economic slowdown, you would
expect the Construction and Retail sectors to suffer – and that
is certainly borne out by our research.  However, the statistics
also show that many other industry sectors are being affected by
the current conditions, and the gloom is certainly not
restricted to those areas.  Credit lines have dried up and
companies which might have been supported by extended credit up
to a year ago are now at real risk."

The quarterly "Begbies Traynor Red Flag A!ert" Statistics for
the second quarter of 2008 monitors adverse actions and other
corporate distress signals.  Based on previous Begbies Traynor
research, approximately 15 per cent of the companies
experiencing the most difficult of circumstances, categorized by
Red Flag as those with "Critical Problems", will enter into a
formal insolvency procedure within 12 months.

Begbies Traynor is a UK business rescue, recovery and
restructuring specialist.


* FSA to Consult Changes to Liquidity Support Disclosure Rules
--------------------------------------------------------------
The Financial Services Authority will consult on a proposal that
financial institutions in receipt of liquidity support from a
central bank will have a legitimate interest for delaying the
public disclosure of such support.

Under the EU's Market Abuse Directive from which the disclosure
rules are derived, firms admitted to trading on a regulated
market are obliged to publicly disclose inside information to
the market.  The directive allows, in certain specific
circumstances, the disclosure of inside information to be
delayed.  The FSA proposals make clear that a financial
institution in receipt of liquidity support from a central bank
may have a legitimate interest to delay the disclosure of such
support.  The delay would be justified on the grounds that
immediate disclosure could, by leading to a loss of confidence
among consumers, exacerbate the existing liquidity problems and
cause a threat to the solvency of the financial institution.

It should be noted that the proposal would not grant a financial
institution an unconditional or indefinite delay to disclose the
receipt of liquidity support.  Under certain circumstances,
immediate disclosure would still be required.  The consultation
will close on Sept. 30, 2008.


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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

Nov. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Interaction Between Professionals in a
         Restructuring/Bankruptcy
            Bankers Club, Miami, Florida
               Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                     *      *      *

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


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *