TCREUR_Public/080728.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, July 28, 2008, Vol. 9, No. 148

                            Headlines


A U S T R I A

MCSS LLC: Claims Registration Period Ends August 4
MOLL LLC: Claims Registration Period Ends August 5
H. KUBIS & R. STEINWENDER: Claims Registration Ends August 4
WAGNER RAMONA: Claims Registration Period Ends August 11


F I N L A N D

M-REAL CORP: Posts EUR8 Million Net Loss in 2nd Quarter 2008
M-REAL CORP: S&P Shifts Outlook to Neg., Holds B Credit Ratings


F R A N C E

PERNOD RICARD: Moody' Cuts Long-Term Rating to Ba1
DURALEX INTERNATIONAL: Orleans Court Selects Buyer


G E R M A N Y

ADVANCED MICRO: Posts US$1.2 Billion Net Loss in 2nd Qtr 2008
AMPEX CORPORATION: Has Until October 26 to File Chapter 11 Plan
APP ARBEIT: Claims Registration Period Ends August 5
ATG GMBH: Claims Registration Period Ends August 5
BELEUCHTUNGSHAUS EMIL: Claims Registration Period Ends Aug. 6

BODYLIZER GMBH: Claims Registration Period Ends August 5
CONVEX VERWALTUNGS: Claims Registration Period Ends August 6
DIEMAK MOBIL: Claims Registration Period Ends August 4
EINKAUFS- UND HANDELS: Claims Registration Period Ends August 5
ELEKTRO FRISCHHOLZ: Claims Registration Period Ends August 5

H&H MASSIVHAUS: Claims Registration Period Ends August 5
IMITZ TRADING: Claims Registration Period Ends August 4
MEIGO AGRARPRODUKTIONS: Claims Registration Period Ends Aug. 5
MG-MEDIA GMBH: Claims Registration Period Ends August 5
PRO SENIOREN-WELT: Claims Registration Period Ends August 4

PROSIEBENSAT.1 MEDIA: Klaus-Peter Schulz Joins Executive Board
TETEKERA GMBH: Claims Registration Period Ends August 5
TRUCKTEC SPEDITIONS: Claims Registration Period Ends August 4
VINO E VITA: Claims Registration Period Ends August 4
WESTFALENSTOLZ VERTRIEB: Claims Registration Period Ends Aug. 5


H U N G A R Y

* Corporate Insolvencies in Hungary Up 13%, Coface Report Says


I R E L A N D

SANDISK CORP Severe 2Q Operating Losses Cue S&P to Cut Ratings


K A Z A K H S T A N

AGRO SERVICE: Creditors Must File Claims by September 9
AKBULAK OJSC: Claims Deadline Slated for September 3
BAZALT ROVING: Claims Filing Period Ends September 9
BTA BANK: Hikes Stake in Russia's BTA Bank LLC to 52.84%
CHASP RSU: Creditors' Claims Due on September 11

JULDYZ OJSC: Claims Registration Ends September 3
INTERNATIONAL TRANSPORT: Creditors Must File Claims by Sept. 3
KUAN-ENERGO LLP: Claims Deadline Slated for September 9
MASTER SET: Claims Filing Period Ends September 11


K Y R G Y Z S T A N

VIP COMPANY: Creditors Must File Proofs of Claim by September 2


L U X E M B O U R G

EVRAZ GROUP: Wins Development License for Mezhegey Coal Deposit


N E T H E R L A N D S

E-MAC DE 2005-I: S&P Drops Ratings on Class D/E Notes to BB/B
X5 RETAIL: To File Arbitration Claims vs Anti-Monopoly Service


R U S S I A

AMRITA LLC: Creditors Must File Claims by August 28
ANZOR-MOTORS: Creditors Must File Claims by August 21
BROILER LLC: Court Names A. Safronov as Insolvency Manager
CLOTHES OJSC: Court Names A. Baskakov as Insolvency Manager
DAIRY OJSC: Court Starts Bankruptcy Supervision Procedure

EVRAZ GROUP: Wins Development License for Mezhegey Coal Deposit
GAMMA LLC: Moscow Court Starts Bankruptcy Supervision Procedure
GAS COMBUSTIBLE: Creditors Must File Claims by August 21
OUR HOUSE-7: Bashkortostan Bankruptcy Hearing Set November 26
NIZHNEKOLYMSKOE CJSC: Court Starts Bankruptcy Supervision

NOVATEK OAO: Extraordinary General Meeting Set October 2
SAMARA-GRAIN-RESOURCE: Names A. Kalandarov as Insolvency Manager
SISTEMA JSFC: Detsky Mir Unit Gains US$20 Million Credit Line
STAROBEZGINSKOE CJSC: Creditors Must File Claims by August 21
STAROMAYNSK-AGRO-SNAB: Creditors Must File Claims by August 28

STROY-BASE LLC: Creditors Must File Claims by August 21
UVELSKAYA POULTRY: Court Names A. Fazlyev as Insolvency Manager
X5 RETAIL: To File Arbitration Claims vs Anti-Monopoly Service


S W E D E N

FORD MOTOR: Net Loss Slides to US$8.7BB in Quarter Ended June 30


S W I T Z E R L A N D

AFFER DA PITTUR: Creditors Have Until Sept. 27 to File Claims
ALUVAL JSC: September 7 Set as Deadline to File Proofs of Claim
BASKRA LLC: Creditors Must File Proofs of Claim by August 31
BEAR FACTORY: Deadline to File Proofs of Claim Set Sept. 27
FRIDBACH IMMOBILIEN: Proofs of Claim Filing Deadline is Aug. 31

GENERAL MOTORS: Global Sales Down 5% in Second Quarter 2008
GUSTAG JSC: Creditors' Proofs of Claim Due by August 31
LASSERGUT JSC: Aug. 18 Set as Deadline to File Proofs of Claim
SEMGROUP LP: Court OKs Use of Cash Collateral, First Day Motions
SEMGROUP LP: Chapter 11 Filing Cues Moody's to Junk Ratings

SEMGROUP LP: Bankruptcy Filing Cues Fitch to Put Default Ratings
SEMGROUP LP: Fitch Cuts, Withdraws Ratings After Chap 11 Filing
UBS AG: Attorney General Cuomo Files Securities Fraud Lawsuit


U K R A I N E

BABILON ELIT: Creditors Must File Claims by August 9
DAKHSERVICE LLC: Creditors Must File Claims by August 9
FREIGHT LLC: Creditors Must File Claims by August 9
INDUSTRIAL ELECTROINDUSTRY: Creditors Must File Claims by Aug. 9
INDUSTRIAL INVESTMENT: Creditors Must File Claims by August 9

MINELI-TRADE MARK: Creditors Must File Claims by August 10
MRIYA LLC: Proofs of Claim Filing Deadline Set August 9
PODOLSKY SMAK: Proofs of Claim Filing Deadline Set August 10
R.T.R. LLC: Creditors Must File Claims by August 9
UKRAINIAN TRADING: Creditors Must File Claims by August 9

VITA-OKS: Creditors Must File Claims by August 10


U N I T E D   K I N G D O M

AIR AFFAIRS: Taps Liquidators from BDO Stoy Hayward
CHESAPEAKE CORP: UK Unit Agrees on Amended Recovery Plan
CHESTERTON INTERNATIONAL: Appoints Liquidators from PwC
CPAM REALISATIONS: Claims Filing Period Ends August 22
CPS REALISATIONS: Brings In Liquidators from PwC

HUGO REALISATIONS: Creditors' Meeting Slated for August 8
INTERPUBLIC GROUP: Moody's Rates US$335MM Debt Facility at Ba3
JAJA INVESTMENTS: Taps Smith & Williamson to Administer Assets
KEVDALE DEVELOPMENTS: Appoints Joint Administrators from Begbies
MK KINGSTON: Calls In Administrators from Smith & Williamson

PHOTO-OPTIX LTD: Creditors' Meeting Slated for August 11
PROCOOK LTD: Exits Administration After Management Buy-Out
QUEBECOR WORLD: Catalyst Slashes Reclamation Claim to US$1.85MM
QUEBECOR WORLD: Inks Two Master Lease Pacts with National City
SCOTTISH RE: A.M. Best Cuts Most Debt Ratings to 'c'

SOLO CUP: Moody's Affirms B3 Corporate Family Rating
VALLEY CONSERVATORIES: Calls In Liquidators from Tenon Recovery
VONAGE HOLDINGS: Gets US$215MM Debt Financing from Silver Point

* UK Industrials Sector Has Highest Pensions Risk, Deloitte Says
* S&P Says European Sovereign Finances Improved In Two Years
* Economic Downturn Pressures S&P's Ratings on European Banks
* Credit Losses Threaten European Consumer Finance, S&P Reports

* BOND PRICING: For the Week July 21 to July 25, 2008


                            *********


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


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

         Nikolaus Vogt
         Zeltgasse 3/13
         1080 Vienna
         Austria
         Tel: 402 5701 33
         Fax: 402 5701-57
         E-mail: nikolaus.vogt@riess.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 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 27, 2008, (Bankr. Case No. 3 S 71/08y).


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

         Peter Riedel
         Pfarrplatz 3
         9020 Klagenfurt
         Tel: 0463/500 246
         Fax: 0463/500 246-8
         E-mail: ra.riedel@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Aug. 12, 2008, for the
examination of claims at:

         The Land Court of Klagenfurt
         Room 225
         2nd Floor
         Klagenfurt
         Austria

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on June 30, 2008, (Bankr. Case No. 40 S 40/08k).


H. KUBIS & R. STEINWENDER: Claims Registration Ends August 4
------------------------------------------------------------
Creditors owed money by LLC H. Kubis & R. Steinwender have until
Aug. 4, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Eva WEXBERG, address:
         Gusshausstrasse 23
         1040 Vienna
         Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 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 23, 2008, (Bankr. Case No. 3 S 69/08d).


WAGNER RAMONA: Claims Registration Period Ends August 11
--------------------------------------------------------
Creditors owed money by KEG Wagner Ramona have until Aug. 11,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Georg Buder
         Bethlehemstr. 3
         4020 Linz
         Austria
         Tel: 77 1877
         Fax: 77 1877 18
         E-mail: moerth.buder@utanet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Aug. 25, 2008, for the
examination of claims at:

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

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on June 23, 2008, (Bankr. Case No. 12 S 53/08v).


=============
F I N L A N D
=============


M-REAL CORP: Posts EUR8 Million Net Loss in 2nd Quarter 2008
------------------------------------------------------------
M-Real Corp. released financial results for the second quarter
of 2008.

M-Real reported a net loss of EUR8 million on sales of EUR1.07
billion for the second quarter of 2008, compared with a net loss
of EUR19 million on sales of EUR1.09 billion for the first
quarter of 2008.

At June 30, 2008, the company's condensed consolidated balance
sheet showed EUR5.2 billion in total assets, EUR3.3 in total
liabilities and EUR1.9 billion in shareholders' equity.

"We have found new profit improvements mainly through
simplifying business concepts, which made it possible to raise
the target of the profit improvement program in May," Mikko
Helander, CEO, M-real Corporation commented.  We will still
launch new profit improvement actions later in the year to cover
as much of the heavy cost inflation as possible. Our divestment
program is seeing good progress, and we believe in our
possibility to exceed the EUR200 million target by the end of
the first quarter of 2009.  There is a definite need to increase
the prices for all paper and paperboard products, and we will do
everything we can to achieve the necessary increases."

Headquartered in Espoo, Finland, M-real Corp. --
http://www.M-Real.com/-- produces and distributes coated and
uncoated fine papers for printing and packaging industries.  The
company has operations in Brazil and Mexico.

                        *     *     *

M-real continues to carry a B2 long-term corporate family rating
and a B2 senior unsecured debt rating from Moody's Investor
Service, with negative outlook.

Standard & Poor's rates the company's long-term foreign and
local issuer credit at B+ and its short-term foreign and local
issuer credit at B.  The outlook is negative.


M-REAL CORP: S&P Shifts Outlook to Neg., Holds B Credit Ratings
---------------------------------------------------------------
Standard & Poor's Rating Services has revised its outlook on
Finland-based forest product company M-real Corp. to negative
from stable.  At the same time, all ratings on M-Real were
affirmed, including the 'B-' long-term and 'B' short-term
corporate credit ratings.

"The outlook revision reflects deterioration in M-Real's
liquidity position," said S&P's credit analyst Jacob Zachrison.

The deterioration results from negative operating cash flow
generation in the first half of 2008 with poor prospects for any
significant medium-term improvement, large upcoming debt
maturities in 2009, and the expiry in 2009 of a EUR500 million
revolving credit facility which is M-real's key liquidity
source.

These factors could lead to serious difficulties in meeting the
company's debt obligations over the next 18 months," Mr.
Zachrison said.

The ratings on M-real continue to reflect its exposure to
challenging market conditions, commoditized products, weak
pricing power, and high and escalating input costs.  They also
reflect its weak operating performance, profitability, credit
measures, and increased refinancing and liquidity risks.

These factors are partly offset by the group's large and modern
asset base, significant restructuring initiatives, meaningful
diversification among paper grades, and sizable shares of the
European fine paper and paperboard markets.  On June 30, 2008,
M-real had adjusted debt of about EUR2.3 billion (including
about EUR86 million in postretirement and leasing liabilities).

The negative outlook reflects challenging market conditions and
the increased risk of a further deterioration in the company's
liquidity position or failure to address upcoming refinancing
needs over the near term.  These factors could lead to a
downgrade.


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


PERNOD RICARD: Moody' Cuts Long-Term Rating to Ba1
--------------------------------------------------
Moody's Investors Service downgraded Pernod Ricard's long-term
rating to Ba1 from Baa3 and its short-term rating to Not Prime
from Prime-3.  The ratings of the bonds issued by Allied Domecq,
and guaranteed by Pernod Ricard, were also downgraded to Ba1
from Baa3.  Concurrently, Moody's assigned a Ba1 Corporate
Family Rating to Pernod Ricard.  The downgrade concludes the
review initiated on March 31, 2008, when Pernod Ricard announced
that it would acquire Vin & Sprit , the Swedish wine and spirits
producer, owner of the Absolut vodka brand, from the Swedish
government.  The rating outlook is stable.

On July 23, 2008, Pernod Ricard completed the acquisition of V&S
for a total enterprise value of EUR5.7 billion, including the
assumption of EUR346 million for it borrowings.  The transaction
was cleared by the European Commission on July 17, 2008, and
whilst the decision is conditional on the sale by Pernod Ricard
of certain brands, Moody's understands that these are minor
contributors to the group's earnings and does not expect these
divestments to have an impact on the business profile of the
company.

The downgrade to Ba1/Not Prime primarily reflects the
significantly higher indebtedness taken on following the
acquisition and the weakening in debt protection ratios.
Moody's estimates that, on a pro forma basis, Debt to Ebitda for
the combined entity would reach approximately 6.9x at FYE June
2008.  Moreover, Moody's considers that the decision to finance
the acquisition of V&S using debt only signals a more aggressive
financial policy.

At the same time, Moody's recognizes that the acquisition of V&S
and its iconic Absolut brand will enhance Pernod Ricard's
position as the world's second-largest producer and distributor
of wines and spirits.  The rating agency also expects the
acquisition to increase Pernod Ricard's geographic diversity
with an improved position in the Nordic region and the U.S.
where V&S generated around 43% of its revenues at fiscal year
ended Dec. 31, 2007.  In addition, the transaction fits nicely
into the company's "premiumization" strategy, bringing a global
premium vodka brand with strong brand equity to its existing
portfolio.

Looking ahead, Pernod Ricard plans to achieve pre-tax synergies
from the integration of V&S in the range of EUR125 million to
EUR150 million on a run-rate basis, mainly from a reduction in
distribution and structure costs, which Moody's views as
achievable.  The rating agency also expects Pernod Ricard to
leverage its existing distribution network with the additional
volumes from the purchased brands, as well as using its
marketing capabilities to improve their growth prospects, in
particular for the Absolut Vodka brand.  The Ba1 rating does not
factor in any execution risks or disruption in connection with
V&S existing distribution arrangements in the U.S., through
Future Brands, and in certain international markets (excluding
the U.S.) via Maxxium, which will remain in force for some time
after the acquisition.

The Ba1 rating factors in Moody's view that credit metrics,
which are expected to weaken significantly after the
transaction, will gradually improve over the next two years to
position the company more comfortably in the Ba1 rating
category.  The pace of recovery could also benefit from various
asset disposals estimated at around EUR1 billion.

Pernod Ricard's liquidity profile is reliant on bank financing
and underpinned by a moderate amount of cash balance and short
term investments as well as relatively stable cash flows
generated by operations.  In order to complete the V&S
transaction, the company has signed a syndicated facility to
fund the acquired assets, refinance existing borrowings, back-
stop short-term maturities and allow sufficient headroom to
cover other potential corporate needs.  This facility comprises
EUR2.978 billion and US$10.138 billion of term loans and
EUR2.020 billion of five-year revolving credit facilities and
includes financial covenants.  It ranks pari passu with Pernod
Ricard's bonds.

The stable outlook reflects the strengthened market position and
quality of brand portfolio of Pernod Ricard after the
acquisition as well as Moody's expectation that the acquisition
of V&S will not raise any integration issues, reflecting the
company's demonstrated ability to successfully integrate
purchased brands into its existing portfolio and distribution
network.  The stable outlook also factors in Moody's expectation
that the company will continue to improve profitability and
deliver operating efficiencies, despite a less favorable
environment.

An upgrade is unlikely over the next 18 months given the
company's increased leverage.  However, Moody's would consider
an upgrade if the company reduces its leverage, on a sustainable
basis, with Debt to EBITDA trending towards 4.5x.

Negative pressure would build on the rating and/or outlook if
there is evidence of a deterioration in the business profile,
further acquisition activity or step up in shareholders' returns
that would weigh on the credit metrics and hinder the reduction
in leverage below 6.0x in the next 12 to 18 months.

The last rating action was on March 31, 2008, when Moody's
placed Pernod Ricard's Baa3 rating under review for possible
downgrade after the company's announcement to purchase Vin &
Sprit from the Swedish government.

Incorporated in Paris, France, Pernod Ricard is a leading global
alcoholic beverages company, which generated sales of EUR6.6
billion for the fiscal year ended June 2008.  Pernod Ricard
acquired the spirit and wine company Allied Domecq in July 2005.


DURALEX INTERNATIONAL: Orleans Court Selects Buyer
--------------------------------------------------
The Tribunal de Commerce in Orleans, France, has selected a
group of four investors as winning bidder for the business and
assets of Duralex International France SAS, Bloomberg News
relates, citing a Le Parisien report.

The buyer offered to invest around EUR4 million into the Duralex
and reemploy 200 of its 240 workers, Le Parisien relates.  The
group also offered to revive the company with "more trendy"
products including glasses in new styles and colors.

The buyer -- which bested 17 other bidders -- includes a
turnaround specialist, an industrialist, and two Duralex
executives, Le Parisien adds.

The court placed Duralex into liquidation in April 2008 afte
refusing to extend its six-month receivership, Le Parisien says.
The company had around EUR30 million in debts.

Headquartered in La Chapelle Saint-Mesmin, France, Duralex
International France specializes in making glasses.


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


ADVANCED MICRO: Posts US$1.2 Billion Net Loss in 2nd Qtr 2008
-------------------------------------------------------------
Advanced Micro Devices Inc. disclosed on July 17, 2008, its
financial position and results of operations as of and for its
second fiscal quarter ended June 28, 2008.

In the second quarter of 2008, the company reported a net loss
of US$1.2 billion.  For continuing operations, the second
quarter loss was US$269 million and the operating loss was
US$143 million.  Loss from discontinued operations was US$920
million, including asset impairment charges of US$876 million.

The results for continuing operations for the second quarter of
2008 include a net favorable impact of US$97 million, which
consists of a US$193 million gain on sale of 200mm equipment,
reduced by US$36 million in marketable securities impairment
charges, US$30 million in amortization of acquired intangibles,
integration and other charges, and US$30 million in
restructuring charges.

The company reported second quarter 2008 revenue from continuing
operations of US$1.3 billion, a seven percent decrease compared
to the first quarter of 2008 and a three percent increase
compared to the second quarter of 2007.  As part of its
previously communicated review of its non-core businesses, the
company decided to divest its Handheld and DTV product
businesses, and therefore is classifying them as discontinued
operations for financial reporting.

In the first quarter of 2008 the company had revenue from
continuing operations of US$1.5 billion, a net loss of
US$358 million, a loss from continuing operations of US$308
million and an operating loss of US$214 million.  In the second
quarter of 2007 the company   had revenue from continuing
operations of US$1.3 billion, a net loss of US$600 million, a
loss from continuing operations of US$531 million and an
operating loss of US$396 million.

"While we had a disappointing quarter financially, customer
adoption of our recently introduced microprocessor and graphics
products and platform offerings is strong, and we see increasing
momentum across our businesses," said Robert J. Rivet, the
company's chief financial officer.  "In the face of challenging
macroeconomic conditions, we remain committed to achieving
operating profitability in the second half of the year based on
the continued ramp of new products, increased market penetration
of our differentiated solutions, and continued actions designed
to reduce our breakeven point."

Second quarter 2008 gross margin was 52 percent.  Excluding the
positive impact associated with the sale of 200mm manufacturing
equipment, second quarter 2008 gross margin was 37 percent,
compared to 41 percent in the first quarter of 2008 and 34
percent in the second quarter of 2007.

                         Balance Sheet

At June 28, 2008, the company's consolidated balance sheet
showed US$9.8 billion in total assets, US$8.1 billion in total
liabilities, US$189 million in minority interest in consolidated
subsidiaries, and US$1.5 billion in total stockholders' equity.

                      About Advanced Micro

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

                         *     *     *

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


AMPEX CORPORATION: Has Until October 26 to File Chapter 11 Plan
---------------------------------------------------------------
The Hon. Arthur J. Gonzalez of the United States Bankruptcy
Court for the Southern District of New York extended the
exclusive periods of Ampex Corporation and its debtor-affiliates
to:

  a) file a Chapter 11 plan until Oct. 26, 2008, and

  b) solicit acceptances of that plan until Dec. 25, 2008.

As reported in the Troubled Company Reporter on July 4, 2008,
the requested extension of time will permit the Debtors to
obtain confirmation of their proposed Chapter 11 plan of
reorganization, without any disruption of their restructuring
operation of their businesses.

The Court approved pursuant to Section 1125 of the Bankruptcy
Code the adequacy of the Debtors' disclosure statement dated
June 8, 2008, explaining an amended Chapter 11 plan.  The Court
set a hearing on July 31, 2008, at 10:00 a.m., to consider
confirmation of the Debtors' amended plan.

The Plan provides for the restructuring of the Debtors'
liabilities to maximize recovery to all stakeholders and to
improve financial viability of the reorganized Debtors.  All of
the Debtors' existing common stock will have no value and will
be canceled.  Upon emergence, at least 80% of the reorganized
Debtors' new common stock will be owned by Hillside Capital
Incorporated and its affiliates.  The new common stock will not
be registered and will not be traded on any public exchange.

Under the Plan, holders of Class 5 general unsecured creditors
will receive their pro rata share of the unsecured claim
distribution.  Distributions of new common stock will be made
after the Plan's effective date.  Hillside unsecured deficiency
claims, if any, will be deemed an allowed unsecured claim in the
amount of at least US$41.7 million.

                                   Estimated     Estimated
    Type of Claims     Treatment   Amount        Recovery
    --------------     ---------   -----------   --------
    Hillside           impaired    US$11,000,000     100%
     Secured Claims

    General
     Unsecured Claims  impaired    US$51,000,000     100%

A full-text copy of the Third Amended Disclosure Statement is
available for free at:

             http://ResearchArchives.com/t/s?2d9b

A full-text copy of the Amended Joint Chapter 11 Plan of
Reorganization is available for free at:

             http://ResearchArchives.com/t/s?2d9c

                        About Ampex

Headquartered in Redwood City, California, Ampex Corp. --
http://www.ampex.com/-- (Nasdaq:AMPX) is a licensor of visual
information technology.  The company has two business segments:
Recorders segment and Licensing segment.  The Recorders segment
primarily includes the sale and service of data acquisition and
instrumentation recorders (which record data and images rather
than computer information), and to a lesser extent mass data
storage products.  The Licensing segment involves the licensing
of intellectual property to manufacturers of consumer digital
video products through their corporate licensing division.

On March 30, 2008, Ampex Corp. and six affiliates filed for
protection under Chapter 11 of the Bankruptcy Code with the U.S.
Bankruptcy Court for the Southern District of New York (Case
Nos. 08-11094 through 08-11100).  Matthew Allen Feldman, Esq.,
and Rachel C. Strickland, Esq., at Willkie Farr & Gallagher LLP,
represent the Debtors in their restructuring efforts.  The
Debtors have also retained Conway Mackenzie & Dunleavy as their
financial advisors.  In its schedules of assets and liabilities
filed with the Court, Ampex Corp. disclosed total assets of
US$9,770,089 and total debts of US$82,488,054.

The Debtors have nine foreign affiliates that are incorporated
in seven countries -- one each in the United Kingdom, Japan,
Belgium, Colombia and Brazil and two each in Germany and Mexico.
With the exception of the affiliates located in the U.K. and
Japan, none of the other foreign affiliates conduct meaningful
business activity.  As of March 30, 2008, none of the foreign
affiliates have commenced insolvency proceedings.


APP ARBEIT: Claims Registration Period Ends August 5
----------------------------------------------------
Creditors of APP Arbeit GmbH & Co KG have until Aug. 5, 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 10:00 a.m. on Aug. 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         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
         Frankenstrasse 14-16
         52070 Aachen
         Germany
         Tel: 0241/5591310
         Fax: 0241/55913120

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

The Debtor can be reached at:

         APP Arbeit GmbH & Co KG
         Theaterstrasse 7
         52062 Aachen
         Germany


ATG GMBH: Claims Registration Period Ends August 5
--------------------------------------------------
Creditors of ATG GmbH have until Aug. 5, 2008, to register their
claims with court-appointed insolvency manager Hubertus Bange.

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

The meeting of creditors will be held at:

         The District Court 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:

         Hubertus Bange
         Kardinal-von-Galen-Str. 5
         48268 Greven
         Germany
         Tel: 02571/865-0
         Fax: +4925718645

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

The Debtor can be reached at:

         ATG GmbH
         Gildestrasse 43
         49479 Ibbenbuere
         Germany


BELEUCHTUNGSHAUS EMIL: Claims Registration Period Ends Aug. 6
-------------------------------------------------------------
Creditors of Beleuchtungshaus Emil Stemmler GmbH have until
Aug. 6, 2008, to register their claims with court-appointed
insolvency manager Dr. J. Blersch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wiesbaden
         E 36 A
         Third Floor
         Building E
         Moritzstrasse 5
         Hinterhaus
         65185 Wiesbaden
         Germany

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

The insolvency manager can be reached at:

         Dr. J. Blersch
         C/o Blersch/Goetsch/Partner Insolvenzverwaltungen
         Taunusstrasse 7a
         65183 Wiesbaden
         Germany
         Tel: 0611 / 180 89-100
         Fax: 0611 / 180 89 -189
         E-mail: mail@bgp-insol.de

The District Court of Wiesbaden opened bankruptcy proceedings
against Beleuchtungshaus Emil Stemmler GmbH on June 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Beleuchtungshaus Emil Stemmler GmbH
         Marktplatz 1
         65183 Wiesbaden
         Germany

         Attn: Juergen Demele, Manager
         Dr.-Schmitt-Str. 3
         55452 Guldental
         Germany


BODYLIZER GMBH: Claims Registration Period Ends August 5
--------------------------------------------------------
Creditors of bodylizer GmbH have until Aug. 5, 2008, to register
their claims with court-appointed insolvency manager Michael
Hawelka.

The District Court of Charlottenburg will verify the claims set
out in the insolvency manager's report at 9:45 a.m. on Oct. 7,
2008, at:

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

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

The insolvency manager can be reached at:

         Michael Hawelka
         Friedrichstr. 204
         10117 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against bodylizer GmbH on May 6, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         bodylizer GmbH
         Franzoesische Str. 13
         10117 Berlin
         Germany


CONVEX VERWALTUNGS: Claims Registration Period Ends August 6
-------------------------------------------------------------
Creditors of Convex Verwaltungs GmbH have until Aug. 6, 2008, to
register their claims with court-appointed insolvency manager
Steuerberater Christian Jensen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:47 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 Flensburg
         Hall A 220
         Suedergraben 22
         Flensburg
         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:

         Steuerberater Christian Jensen
         Flensburger Strasse 5-7
         25917 Leck
         Germany

The District Court of Flensburg opened bankruptcy proceedings
against Convex Verwaltungs GmbH on May 29, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Convex Verwaltungs GmbH
         Attn: Reinhardt Schmidt
         Am Bahnhof 18
         24983 Handewitt
         Germany


DIEMAK MOBIL: Claims Registration Period Ends August 4
------------------------------------------------------
Creditors of DIEMAK mobil Dienstleistungsmakler GmbH have until
Aug. 4, 2008, to register their claims with court-appointed
insolvency manager Henry Girbig.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Henry Girbig
         Koenigstrasse 9
         01097 Dresden
         Germany
         Web site: www.handschumacher.de

The District Court of Dresden opened bankruptcy proceedings
against DIEMAK mobil Dienstleistungsmakler GmbH on June 24,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         DIEMAK mobil Dienstleistungsmakler GmbH
         Schnorrstr. 70
         01069 Dresden
         Germany

         Attn: Ingo Voigt, Manager
         Richard-Wagner-Str. 7
         01219 Dresden
         Germany


EINKAUFS- UND HANDELS: Claims Registration Period Ends August 5
---------------------------------------------------------------
Creditors of Einkaufs- und Handels Gesellschaft mbH
Holzfachhandel have until Aug. 5, 2008, to register their claims
with court-appointed insolvency manager Andreas Schenk.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Chemnitz
         Hall 24
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Andreas Schenk
         Schumannstrasse 9
         08056 Zwickau
         Germany
         Tel: (0375) 211 857 0
         Fax: (0375) 211 857 28
         E-mail: zwickau@scharl-schenk-scheuffler.de

The District Court of Chemnitz opened bankruptcy proceedings
against Einkaufs- und Handels Gesellschaft mbH Holzfachhandel on
June 17, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Einkaufs- und Handels Gesellschaft mbH Holzfachhandel
         Attn: M. Lauckner, Manager
         St. Strobel
         Beethovenstr. 1/Industriegebiet West
         08209 Rebesgruen
         Germany


ELEKTRO FRISCHHOLZ: Claims Registration Period Ends August 5
------------------------------------------------------------
Creditors of Elektro Frischholz GmbH have until Aug. 5, 2008, to
register their claims with court-appointed insolvency manager
Alexander Pfadenhauer.

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

The meeting of creditors will be held at:

         The District Court of 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:

         Alexander Pfadenhauer
         Sperberstr. 47,
         90461 Nuremberg
         Germany

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

The Debtor can be reached at:

         Elektro Frischholz GmbH
         Attn: Charlotte Stadelmann, Manager
         Schweppermannstr. 55
         90408 Nuremberg
         Germany


H&H MASSIVHAUS: Claims Registration Period Ends August 5
--------------------------------------------------------
Creditors of h&h Massivhaus GmbH have until Aug. 5, 2008, to
register their claims with court-appointed insolvency manager
Dr. Martin Dreschers.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Dr. Martin Dreschers
         Heideparkstrasse 4
         01099 Dresden
         Germany
         E-mail: http://www.insolnet.de

The District Court of Dresden opened bankruptcy proceedings
against h&h Massivhaus GmbH on June 23, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         h&h Massivhaus GmbH
         Tiergartenstr. 54
         01219 Dresden
         Germany

         Attn: Werner Kuhnert, Manager
         Geboren 1953
         Rasmussenstr. 7
         09405 Zschopau
         Germany


IMITZ TRADING: Claims Registration Period Ends August 4
-------------------------------------------------------
Creditors of IMITZ Trading GmbH have until Aug. 4, 2008, to
register their claims with court-appointed insolvency manager
Marc Schmidt-Thieme.

The District Court of Charlottenburg will verify the claims set
out in the insolvency manager's report at 10:40 a.m. on
Sept. 26, 2008, at:

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

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

The insolvency manager can be reached at:

         Marc Schmidt-Thieme
         Fasanenstr. 71
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against IMITZ Trading GmbH on April 10, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         IMITZ Trading GmbH
         Gneisenaustr. 59
         10961 Berlin
         Germany

MEIGO AGRARPRODUKTIONS: Claims Registration Period Ends Aug. 5
--------------------------------------------------------------
Creditors of MEIGO Agrarproduktions GmbH have until
Aug. 5, 2008, to register their claims with court-appointed
insolvency manager Peter Scholl.

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 Gera
         Room 317
         Rudolf-Diener-Str. 1
         Gera
         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:

         Peter Scholl
         Grosse Allee 1a
         07407 Rudolstadt
         Germany

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

The Debtor can be reached at:

         MEIGO Agrarproduktions GmbH
         Meilitz 1
         07570 Wuenschendorf
         Germany


MG-MEDIA GMBH: Claims Registration Period Ends August 5
-------------------------------------------------------
Creditors of MG-Media GmbH have until Aug. 5, 2008, to register
their claims with court-appointed insolvency manager Dr. Stephan
Schlegel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt/Main
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main
         Germany

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

The insolvency manager can be reached at:

         Dr. Stephan Schlegel
         Hauptstrasse 83
         65760 Eschborn
         Germany
         Tel: 06196/779060
         Fax: 06196/7790620

The District Court of Frankfurt/Main opened bankruptcy
proceedings against MG-Media GmbH on June 13, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MG-Media GmbH
         Attn: Frank Meier, Manager
         The Event Factory
         Rudolf Diesel Strasse 1
         65719 Hofheim am Taunus
         Germany


PRO SENIOREN-WELT: Claims Registration Period Ends August 4
-----------------------------------------------------------
Creditors of pro Senioren-Welt GmbH have until Aug. 4, 2008, to
register their claims with court-appointed insolvency manager
Bernd Ache.

Creditors and other interested parties are encouraged to attend
the meeting at 8:10 a.m. on Sept. 17, 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 Wetzlar
         Meeting Hall 201
         Building B
         Second Stock
         Wetherstr. 1
         35578 Wetzlar
         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:

         Bernd Ache
         GF: 44
         Karl-Kellner-Ring 23
         35576 Wetzlar
         Germany
         Tel: 06441/94240
         Fax: 06441/42843
         E-mail: info@kanzlei-unuetzer.de

The District Court of Wetzlar opened bankruptcy proceedings
against pro Senioren-Welt GmbH on June 30, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         pro Senioren-Welt GmbH
         Attn: Stefan Pecsics, Manager
         Wetzlarer Strasse 19
         35633 Lahnau-Dorlar
         Germany


PROSIEBENSAT.1 MEDIA: Klaus-Peter Schulz Joins Executive Board
--------------------------------------------------------------
Klaus-Peter Schulz, will join the Executive Board of
ProSiebenSat.1 Media AG starting Sept. 1, 2008, as Head of Sales
& Marketing.  He will be responsible for sales, marketing and
research in German-speaking countries, as well as for the
coordination of international sales activities.  Mr. Schulz is
succeeding Mr. Peter Christmann, who left the company at the end
of June 2008.

Guillaume de Posch, CEO of ProSiebenSat.1 Group, said, "I'm very
pleased that we were able to have Klaus-Peter Schulz join
ProSiebenSat.1.  Welcome back! His in-depth knowledge of the
media business and his experience in the customer, media, and
agency segments are sure to lend the Group new momentum."

On his appointment as Board member in charge of Sales &
Marketing, Mr. Schulz said, "The digital media world is evolving
faster than any other industry sector.  That makes my job as
Board member in charge of Sales & Marketing at ProSiebenSat.1
one of the most exciting and most challenging positions.
ProSiebenSat.1 has everything thats needed to successfully
combine the on-air and online realms, and to introduce the
audiovisual content of strong brands on all platforms.  What we
need to do now is position this asset more decisively on the
market."

                      About ProsiebenSat.1

Headquartered in Munich, Germany, ProsiebenSat.1 Media AG --
http://en.prosiebensat1.com/-- broadcasts and produces
TV programs through 24 commercial TV stations, 24 premium Pay TV
channels and 22 radio network.  In June 2007, the ProSiebenSat.1
Group acquired SBS Broadcasting Group.  The company employs
around 6,000 Europe-wide.

                          *     *     *

ProsiebenSat.1 Media AG continues to carry Moody's Investors
Service's Ba1 senior unsecured and corporate family ratings.


TETEKERA GMBH: Claims Registration Period Ends August 5
-------------------------------------------------------
Creditors of Tetekera GmbH have until Aug. 5, 2008, to register
their claims with court-appointed insolvency manager Olaf
Spiekermann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Aug. 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Erfurt
         Hall 12
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         Germany

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

The insolvency manager can be reached at:

         Olaf Spiekermann
         Alfred-Hess-Str. 40
         99094 Erfurt
         Germany

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

The Debtor can be reached at:

         Tetekera GmbH
         Attn: Torsten Thelemann, Manager
         Gustav Kirchhoff Str. 5
         98693 Ilmenau
         Germany


TRUCKTEC SPEDITIONS: Claims Registration Period Ends August 4
-------------------------------------------------------------
Creditors of TRUCKTEC Speditions GmbH have until Aug.4, 2008, to
register their claims with court-appointed insolvency manager
Henning Jung.

Creditors and other interested parties are encouraged to attend
the meeting at 11:25 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 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 TRUCKTEC Speditions GmbH on June 26, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         TRUCKTEC Speditions GmbH
         Attn: Heinrich Luchtmann, Manager
         Im Hage 15
         30966 Hemmingen
         Germany


VINO E VITA: Claims Registration Period Ends August 4
-----------------------------------------------------
Creditors of VINO e VITA GmbH & Co. KG have until Aug. 4, 2008,
to register their claims with court-appointed insolvency manager
Oliver Schulte.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Detmold
         Meeting Hall 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         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:

         Oliver Schulte
         Moltkestr. 12
         32756 Detmold
         Germany

The District Court of Detmold opened bankruptcy proceedings
against VINO e VITA GmbH & Co. KG on July 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         VINO e VITA GmbH & Co. KG
         Attn: Manfred Goldkamp, Manager
         Hoffmannstr. 8
         32105 Bad Salzuflen
         Germany


WESTFALENSTOLZ VERTRIEB: Claims Registration Period Ends Aug. 5
---------------------------------------------------------------
Creditors of WESTFALENSTOLZ Vertrieb- und Verwaltungs- GmbH have
until Aug. 5, 2008, to register their claims with court-
appointed insolvency manager Dirk Kammertoens.

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 Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Dirk Kammertoens
         Otto-Brenner-Strasse 186
         33604 Bielefeld
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against WESTFALENSTOLZ Vertrieb- und Verwaltungs- GmbH on
June 2, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         WESTFALENSTOLZ Vertrieb- und Verwaltungs- GmbH
         Attn: Hans-Jurgen Schoeningh, Manager
         Kinzigweg 18
         33689 Bielefeld
         Germany


=============
H U N G A R Y
=============


* Corporate Insolvencies in Hungary Up 13%, Coface Report Says
--------------------------------------------------------------
The number of corporate insolvencies in Hungary went up by 13%
in the first six months of 2008 compared to the same period of
last year, real deal says, citing a Coface report summarized by
Gazdasagi Radio.

Coface figures, real deal relates, show that of the total
insolvency cases recorded in the first half of 2008 in the
country, 5,601 were winding-ups, 5,009 were liquidation and 10
were court-monitored bankruptcy reorganizations.

The report indicated businesses in the food processing and steel
sector are among the most likely to go bust, real deal adds.


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


SANDISK CORP Severe 2Q Operating Losses Cue S&P to Cut Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured ratings on Milpitas, California-based
SanDisk Corp. to 'B+' from 'BB-', based on the unexpected
severity of second-quarter operating losses and the company's
expectation that industry conditions will worsen in the near
term.  Standard & Poor's also revised the outlook to negative
from stable.

The ratings reflect significant business risk stemming from a
narrow business profile, price volatility in the NAND flash
memory industry, and the substantial investment required to
maintain technology and cost leadership.  Substantial liquidity,
stable royalty income streams, and the risk and cost-sharing
benefits of the company's manufacturing joint ventures with
Toshiba Corp. offset company business risks.

SanDisk's market for flash-based memory cards and other
consumer-oriented applications continues to expand rapidly,
although growth decelerated in the June quarter.  Despite the
growth, excess supply of flash memory has caused annual megabyte
price declines of about 60% for the last three years.

The outlook on SanDisk is negative.  While adequate liquidity
and a good market position provide ratings support, the
company's excess inventories and weakened demand will sharply
depress earnings and cash flow for the near term.

"If the company cannot equalize demand and supply, it is likely
to continue to operate with negative discretionary cash flow,"
said Standard & Poor's credit analyst Lucy Patricola.  If
liquidity is depleted to below US$2 billion over the next two to
three quarters, we could lower the rating.

"Once the company's operating trends return to historical
averages, and leverage statistics recover to levels that are
commensurate with the rating, we could revise the outlook to
stable," she continued.


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


AGRO SERVICE: Creditors Must File Claims by September 9
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP AGRO SERVICE insolvent on June 13, 2008.

Creditors have until Sept. 9, 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) 79-86-66
              8 (7272) 79-86-76
              8 701 795 30-25


AKBULAK OJSC: Claims Deadline Slated for September 3
----------------------------------------------------
OJSC Akbulak has declared insolvency.  Creditors have until
Sept. 3, 2008, to submit written proofs of claims to:

         OJSC Akbulak
         Akbulak
         Almaty
         Kazakhstan


BAZALT ROVING: Claims Filing Period Ends September 9
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared CJSC Bazalt Roving insolvent on June 13, 2008.

Creditors have until Sept. 9, 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) 79-86-66
              8 (7272) 79-86-76
              8 701 795 30-25


BTA BANK: Hikes Stake in Russia's BTA Bank LLC to 52.84%
--------------------------------------------------------
Kazakhstan-based BTA Bank has increased its stake in the
registered capital of Russia's BTA Bank Limited Liability
Company (formerly known as Slavinvestbank) to 52.84% from 15.6%.
Thus, BTA Bank is now a major shareholder of the Russian bank.

As a result, BTA Bank LLC, Russia, has turned into a subsidiary
of Kazakhstan's BTA Bank.

This acquisition for BTA is a next step in the ongoing
consolidation of assets amid toughening competition in the
banking and financial markets of Kazakhstan and the CIS.

BTA Development Strategy until 2015 provides for bank's top
positions in the CIS and at least 2% in the banking market of
Russia.

                         About BTA Bank

Headquartered in Almaty, Kazakhstan, JSC BTA Bank --
http://bta.kz/en/-- is among biggest banks and leader in
creation of banking network in CIS.

BTA operating in the CIS and far-abroad countries is expanding
into the CIS countries.  Activities of its strategic bank
partners cover Ukraine, 4 regions in Russia, Belarus, Georgia,
Armenia, Kyrgyzstan and Turkey.  BTA runs its representative
offices in Russia, Ukraine, China and the United Arab Emirates.

In Kazakhstan, BTA's network consists of 22 branches and 256
cash settlement units.

                          *     *     *

Bank TuranAlem carries Long-term foreign currency IDR at BB+
from Fitch Ratings, which said the Outlook was Stable.

The company also carries Ba1 Foreign Currency Subordinate Debt
Ratings, Ba2 Foreign Currency Junior Subordinate Debt Rating and
D- Bank Financial Strength Rating from Moody's Investor Service.


CHASP RSU: Creditors' Claims Due on September 11
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared JSC Chasp Rsu insolvent.

Creditors have until Sept. 11, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Zelenaya Str. 40
         Baiserke
         Ilyisky
         Almaty
         Kazakhstan
         Tel: 8 701 668 13-30
              8 777 215 94-40


JULDYZ OJSC: Claims Registration Ends September 3
-------------------------------------------------
OJSC Juldyz has declared insolvency.  Creditors have until
Sept. 3, 2008, to submit written proofs of claims to:

         OJSC Juldyz
         Seifullin Str. 174
         Almaty
         Kazakhstan


INTERNATIONAL TRANSPORT: Creditors Must File Claims by Sept. 3
--------------------------------------------------------------
LLP International Transport Company has declared insolvency.
Creditors have until Sept. 3, 2008, to submit written proofs of
claims to:

         LLP International Transport Company
         Micro District 4, 7-49
         Aksai
         Burlinsky
         West Kazakhstan
         Kazakhstan


KUAN-ENERGO LLP: Claims Deadline Slated for September 9
-------------------------------------------------------
LLP Kuan-Energo has declared insolvency.  Creditors have until
Sept. 9, 2008, to submit written proofs of claims to:

         LLP Kuan-Energo
         Abai Str. 15
         Sholak-Korgan
         Suzaksky
         South Kazakhstan
         Kazakhstan


MASTER SET: Claims Filing Period Ends September 11
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Master Set insolvent.

Creditors have until Sept. 11, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Zelenaya Str. 40
         Baiserke
         Ilyisky
         Almaty
         Kazakhstan
         Tel: 8 701 668 13-30
              8 777 215 94-40


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


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

         LLC VIP Company
         Kosmicheskaya Str. 6-1
         Bishkek
         Kyrgyzstan


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


EVRAZ GROUP: Wins Development License for Mezhegey Coal Deposit
---------------------------------------------------------------
Evraz Group S.A. has won the tender to develop the Mezhegey coal
deposit in the Republic of Tyva, Russia.  Evraz has offered
US$725 million in the tender held by the Russian State Mineral
Resources Agency.

The Mezhegey coal deposit is located 800km east of the city of
Novokuznetsk, in the central part of the Republic of Tyva, East
Siberia.  It is a world class coking coal deposit with estimated
category A+B+C1 coal reserves and resources of 213.5 million
tons of hard coking coal (grade Zh under Russian
classification).

The development of the Mezhegey deposit is expected to commence
in 2010 with the first coal to be mined in 2014. Evraz plans
that the target production level of 10 million tons of raw coal,
i.e. approximately 8.4 million tonnes of coal concentrate, will
be reached by 2016. Based on Evraz's experience in developing
coal projects in Siberia, the Company estimates the project's
development cost at approximately US$1.5 billion.

"The purchase of the license to develop the Mezhegey coal
deposit is in line with our strategy to expand Evraz's mining
platform," Alexander Frolov, Evraz's Chairman and CEO, said.
"The Company will secure additional supply of high quality
coking coal to its existing steel making facilities as well as
deliver extra volumes of the coal to meet the growing demand
from the market."

                         About Evraz

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

                         *     *     *

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

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

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


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


E-MAC DE 2005-I: S&P Drops Ratings on Class D/E Notes to BB/B
-------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its credit
ratings on the class C, D, and E notes issued by E-MAC DE 2005-I
B.V. and removed them from CreditWatch with negative
implications where they were placed on April 30.  S&P also
placed on CreditWatch negative its ratings on the class B notes.
The ratings on the class A notes have been affirmed.

The rating actions follow a full credit and cash flow analysis
of the most recent loan-level information that, in particular,
incorporates both an assessed increase in any replacement
servicing fees that S&P assumes and a consideration of the pool
performance.

This analysis showed that the credit enhancement available for
the class C, D, and E notes was insufficient to maintain the
current ratings.

The ratings on the class B notes have been placed on CreditWatch
negative because of the uncertainty about future performance and
S&P expects this to be solved after the next payment date in
August.

The rating on Residential Capital, LLC (CCC+/Negative/C)--the
parent company of the originator, GMAC-RFC Bank GmbH--has
recently decreased.  If the originator, which also provides
certain servicing activities, becomes insolvent, there is
uncertainty about the cost that would be charged by the
subservicer or by any replacement servicer for servicing the
type of mortgage product backing this pool.  Therefore, S&P has
increased the replacement servicing fees included in the cash
flow model to reflect this heightened risk.

In addition, the pool performance continues to deteriorate with
high and increasing delinquencies.  Performance data as of May
2008 shows that loans in arrears for more than 90 days have
increased to 6.3% from 4.9% in February 2008.  At the same time,
total delinquencies have increased to 12.9% in May from 11.6% in
February.

E-MAC DE 2005-I B.V.:

  -- EUR301.5 Million Mortgage-Backed Floating-Rate Notes

Ratings Lowered And Removed From CreditWatch Negative:

Class                   Rating
             To                            From
-----      ----                     -------------
C          BBB+                       A/Watch Neg
D          BB                       BBB/Watch Neg
E          B                        BB+/Watch Neg

Rating Placed On CreditWatch Negative:

B          AA/Watch Neg                  AA

Rating Affirmed:

A          AAA


X5 RETAIL: To File Arbitration Claims vs Anti-Monopoly Service
--------------------------------------------------------------
X5 Retail Group N.V. will apply to the Arbitration Court of the
City of Moscow to invalidate the decision by the Federal Anti-
Monopoly Service to issue an Order in conjunction with its
approval of the acquisition of the Karusel hypermarket chain and
to declare the FAS' actions illegitimate as they are in breach
of the anti-trust legislation.

The approval by FAS of the acquisition of Karusel hypermarket
chain by X5 contained a number of requirements in a form of an
Order with regard to the conduct by X5 of its business in
St. Petersburg, including the Company's dealings with suppliers.

In accordance with the Order and within the required time frame,
the Company has developed and submitted to FAS for approval
rules relating to its dealings with suppliers in St. Petersburg.

However, having undertaken a thorough analysis of the situation,
the Company has concluded that FAS' decision to issue the Order
has no legal grounds and contradicts with the applicable Russian
legislation.

The requirements stipulated in the Order restrain competition as
they limit X5's business activities in St. Petersburg by setting
a confined list of services that can be offered by the Company,
limit the Company's ability to choose counter-parties and may
potentially put the Company in a wittingly unequal position
versus other companies working in the St. Petersburg food retail
market.

Moreover, as the Order contains some unspecified requirements
that FAS plans to define later as well as requirements,
fulfillment of which depends on third parties, the Order is not
practicable and creates basis for unjustified accusation of the
Company for not obeying the Order.

X5 will apply to the Arbitration Court of the City of Moscow
with a request to invalidate the Order issued by the FAS and to
declare the FAS' actions illegitimate as they are in breach of
the anti-trust legislation.

                       About X5 Retail

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

                          *     *     *

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

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


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


AMRITA LLC: Creditors Must File Claims by August 28
---------------------------------------------------
Creditors of LLC Amrita have until Aug. 28, 2008, to submit
proofs of claim to:

         A. Reznikova
         Temporary Insolvency Manager
         Apt. 119
         Dzerzhinskogo Str. 43
         445042 Tolyatti
         Russia

The Arbitration Court of Samara commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A55-4074/2008.

The Court is located at:

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

The Debtor can be reached at:

         LLC Amrita
         Khvorostyanka
         Samara
         Russia


ANZOR-MOTORS: Creditors Must File Claims by August 21
-----------------------------------------------------
Creditors of CJSC Anzor-Motors have until Aug. 21, 2008, to
submit proofs of claim to:

         N. Neustroeva
         Insolvency Manager
         Office 411
         Odesskaya Str. 9
         625023 Tyumen
         Russia

The Arbitration Court of Yamalo-Nenetskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A81-4707/2007.

The Court is located at:

         The Arbitration Court of Yamalo-Nenetskiy
         Chubynina Str. 37A
         Salekhard
         Yamalo-Nenetskiy
         Russia

The Debtor can be reached at:

         CJSC Anzor-Motors
         Yamalo-Nenetskiy
         Russia


BROILER LLC: Court Names A. Safronov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Samara appointed A. Safronov as
Insolvency Manager for LLC Broiler (TIN 6313039550).  He can be
reached at:

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

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A55-14181/2007.

The Court is located at:

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

The Debtor can be reached at:

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


CLOTHES OJSC: Court Names A. Baskakov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Bashkortostan appointed A. Baskakov as
Insolvency Manager for OJSC Factory Clothes.  He can be reached
at:

         A. Baskakov
         Ak. Zhukova Str. 27
         Balakovo
         413853 Saratov
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-9781/06-G-MOG.

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         A. Baskakov
         Ak. Zhukova Str. 27
         Balakovo
         413853 Saratov
         Russia


DAIRY OJSC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Kabardino Balkariya commenced
bankruptcy supervision procedure on OJSC Dairy.  The case is
docketed under Case No. A20-969/2008.

The Temporary Insolvency Manager is:

         E. Rebgun
         Komsomolskaya Str. 49
         Novopavlovsk
         Kabardino Balkariya
         Russia

The Debtor can be reached at:

         OJSC Dairy
         Nalchik
         Kabardino Balkariya
         Russia


EVRAZ GROUP: Wins Development License for Mezhegey Coal Deposit
---------------------------------------------------------------
Evraz Group S.A. has won the tender to develop the Mezhegey coal
deposit in the Republic of Tyva, Russia.  Evraz offered US$725
million in the tender held by the Russian State Mineral
Resources Agency.

The Mezhegey coal deposit is located 800km east of the city of
Novokuznetsk, in the central part of the Republic of Tyva, East
Siberia.  It is a world class coking coal deposit with estimated
category A+B+C1 coal reserves and resources of 213.5 million
tons of hard coking coal (grade Zh under Russian
classification).

The development of the Mezhegey deposit is expected to commence
in 2010 with the first coal to be mined in 2014. Evraz plans
that the target production level of 10 million tons of raw coal,
i.e. approximately 8.4 million tonnes of coal concentrate, will
be reached by 2016. Based on Evraz's experience in developing
coal projects in Siberia, the Company estimates the project's
development cost at approximately US$1.5 billion.

"The purchase of the license to develop the Mezhegey coal
deposit is in line with our strategy to expand Evraz's mining
platform," Alexander Frolov, Evraz's Chairman and CEO, said.
"The Company will secure additional supply of high quality
coking coal to its existing steel making facilities as well as
deliver extra volumes of the coal to meet the growing demand
from the market."

                         About Evraz

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

                         *     *     *

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

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

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


GAMMA LLC: Moscow Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on LLC Gamma.  The case is docketed under Case No.
A41-441/08.

The Temporary Insolvency Manager is:

         P. Plyukhin
         K. Marksa Str. 68a
         Klin
         141600 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         P. Plyukhin
         K. Marksa Str. 68a
         Klin
         141600 Moscow
         Russia


GAS COMBUSTIBLE: Creditors Must File Claims by August 21
--------------------------------------------------------
Creditors of LLC Gas Combustible Materials (TIN 7303020055)
have until Aug. 21, 2008, to submit proofs of claim to:

         R. Shishkin
         Insolvency Manager
         Vodnikov/Krupskoy Str. 20/3
         44309 Samara
         Russia

The Arbitration Court of Ulyanovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A72-7065/07-20/20-b.

The Court is located at:

         The Arbitration Court of Ulyanovsk
         Zheleznodorozhnaya Str. 14
         432063 Ulyanovsk
         Russia

The Debtor can be reached at:

         LLC Gas Combustible Materials
         Efremova Str. 6
         432045 Ulyanovsk
         Russia


OUR HOUSE-7: Bashkortostan Bankruptcy Hearing Set November 26
-------------------------------------------------------------
The Arbitration Court of Bashkortostan will convene on Nov. 26,
2008, to hear the bankruptcy supervision procedure on LLC Our
House-7.  The case is docketed under Case No. A07-4986/
08-G-ShAB.

The Temporary Insolvency Manager is:

         G. Kozub
         Apt. 132
         Avtostroiteley Str. 11
         445031 Tolyatti
         Russia

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         LLC Our House-7
         Komsomolskaya Str. 21B
         Oktyabrskiy
         452600 Bashkortostan
         Russia


NIZHNEKOLYMSKOE CJSC: Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Sakha-Yakutiya commenced bankruptcy
supervision procedure on CJSC Nizhnekolymskoe.  The case is
docketed under Case No. A58-1538/08-0101.

The Temporary Insolvency Manager is:

         L. Baisheva
         Post User Box 166
         Delivery Department
         GVP
         Yakutsk
         677999 Sakha-Yakutiya
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Nizhnekolymskoe
         Komarova Str. 5
         Cherskiy
         Sakha–Yakutiya
         Russia


NOVATEK OAO: Extraordinary General Meeting Set October 2
--------------------------------------------------------
OAO Novatek's Board of Directors has scheduled an Extraordinary
General Meeting of Shareholders and approved these agenda:

   1. early termination of authorities of the Board of Directors
      of OAO Novatek;

   2. election of members of the Board of Directors of OAO
      Novatek; and

   3. dividend payment on the Company's ordinary shares for the
      first six months of 2008.

The Company's EGM will take place on the Oct. 2, 2008.

Shareholders of record at close of business on July 24, 2008,
will be entitled to participate in the Company's EGM.

All relevant materials pertaining to the EGM will be made
available to shareholders of record through the appropriate
notification channels.

                          About Novatek

Headquartered in Tarko-Sale, Russia, OAO Novatek --
http://www.novatek.ru/ -- engages in the exploration,
production and processing of natural gas and liquid
hydrocarbons.  The company's upstream activities are
concentrated in the prolific Yamal-Nenets Region in Western
Siberia.

                         *     *     *

As reported in the TCR-Europe on July 16, 2008, Standard &
Poor's Ratings Services has raised its long-term corporate
credit rating on OAO Novatek, Russia's largest independent
natural gas producer, to 'BB+' from 'BB'.  The outlook is
stable.

OAO Novatek currently carries Ba2 Corporate Family rating from
Moody's Investors Service, which said the outlook is stable.
Ratings apply to date.


SAMARA-GRAIN-RESOURCE: Names A. Kalandarov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Samara appointed A. Kalandarov as
Insolvency Manager for OJSC Samara-Grain-Resource.  He can be
reached at:

         A. Kalandarov
         Post User Box 511
         Internatsionalnaya Str. 25
         Syzran
         446013 Samara
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Samara-Grain-Resource
         Novo-Sadovaya Str. 3
         Samara
         Russia


SISTEMA JSFC: Detsky Mir Unit Gains US$20 Million Credit Line
-------------------------------------------------------------
OJSC Detsky Mir-Centr, a unit of JSFC Sistema, and Deutsche Bank
Russia have signed an agreement for a US$20 million trade
finance line.

"We are glad to broaden our cooperation with Sistema, which has
proven itself to be a reliable and professional partner.  I'm
certain that Deutsche Bank, a leading global institution in
trade finance, will provide quality trade finance services for
OJSC Detsky Mir,"  Joerg Bongartz, Chairman of the Board of
Deutsche Bank Russia, said.

"The contract with Deutsche Bank is a part of the large-scale
program for the replacement of direct crediting with instruments
of trade financing, which Detsky Mir started to use actively
back in 2007.  This program makes the financing of operating
capital more efficient and cost-effective and ensures more
accurate control over supplies," said Detsky Mir - Centr General
Director Maxim Entyakov.

                         About Sistema

Headquartered in Moscow, Russia, Sistema JSFC
-- http://www.sistema.com/-- develops and manages market-
leading businesses in selected service-based industries,
including telecommunications, technology, insurance,
banking, real estate, retail and media.

                         *     *     *

Sistema JSFC currently carries a Ba3 long-term corporate family
rating and a B2 senior unsecured debt rating from Moody's, with
positive outlook.

The company also carries Standard & Poor's BB- long-term foreign
and local issuer credit ratings.  S&P said the outlook is
negative.

Sistema JSFC carries BB- Issuer Default rating from Fitch, which
said the outlook is stable.


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

         V. Petrochenko
         Insolvency Manager
         Office 509
         B. Khmelnitskogo Pr. 133zh
         Belgorod
         Russia

The Arbitration Court of Belgorod commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A08-173/08-11-14B.

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         CJSC Starobezginskoe
         Staraya Bezginka
         Novoolskiy
         Belgorod
         Russia


STAROMAYNSK-AGRO-SNAB: Creditors Must File Claims by August 28
--------------------------------------------------------------
Creditors of OJSC Staromaynsk-Agro-Snab have until
Aug. 28, 2008, to submit proofs of claim to:

         S. Vorobyev
         Insolvency Manager
         Post User Box 67
         Cherdakly
         433400 Ulyanovsk
         Russia

The Arbitration Court of Ulyanovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A72-6655/07-29/44-B.

The Court is located at:

         The Arbitration Court of Ulyanovsk
         Zheleznodorozhnaya Str. 14
         432063 Ulyanovsk
         Russia

The Debtor can be reached at:

         OJSC Staromaynsk-Agro-Snab
         Mira Square 12A
         Staraya Mayna
         Staromynskiy
         Ulyanovsk
         Russia


STROY-BASE LLC: Creditors Must File Claims by August 21
-------------------------------------------------------
Creditors of LLC Stroy-Base (TIN 1831101810) have until
Aug. 21, 2008, to submit proofs of claim to:

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

The Arbitration Court of Udmurtiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A71-110/2008-G9.

The Court is located at:

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

The Debtor can be reached at:

         LLC Stroy-Base
         Kirova Str. 113-64
         Izhevsk
         426008 Udmurtiya
         Russia


UVELSKAYA POULTRY: Court Names A. Fazlyev as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Chelyabinsk appointed A. Fazlyev as
Insolvency Manager for LLC Uvelskaya Poultry Farm (TIN
7440007024).  He can be reached at:

         A. Fazlyev
         Insolvency Manager
         Post User Box 220
         Ufa
         450080 Bashkortostan
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A76-2772/2008-20-14.

The Court is located at:

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

The Debtor can be reached at:

         A. Fazlyev
         Insolvency Manager
         Post User Box 220
         Ufa
         450080 Bashkortostan
         Russia


X5 RETAIL: To File Arbitration Claims vs Anti-Monopoly Service
--------------------------------------------------------------
X5 Retail Group N.V. will apply to the Arbitration Court of the
City of Moscow to invalidate the decision by the Federal Anti-
Monopoly Service to issue an Order in conjunction with its
approval of the acquisition of the Karusel hypermarket chain and
to declare the FAS' actions illegitimate as they are in breach
of the anti-trust legislation.

The approval by FAS of the acquisition of Karusel hypermarket
chain by X5 contained a number of requirements in a form of an
Order with regard to the conduct by X5 of its business in
St. Petersburg, including the Company's dealings with suppliers.

In accordance with the Order and within the required time frame,
the Company has developed and submitted to FAS for approval
rules relating to its dealings with suppliers in St. Petersburg.

However, having undertaken a thorough analysis of the situation,
the Company has concluded that FAS' decision to issue the Order
has no legal grounds and contradicts with the applicable Russian
legislation.

The requirements stipulated in the Order restrain competition as
they limit X5's business activities in St. Petersburg by setting
a confined list of services that can be offered by the Company,
limit the Company's ability to choose counter-parties and may
potentially put the Company in a wittingly unequal position
versus other companies working in the St. Petersburg food retail
market.

Moreover, as the Order contains some unspecified requirements
that FAS plans to define later as well as requirements,
fulfillment of which depends on third parties, the Order is not
practicable and creates basis for unjustified accusation of the
Company for not obeying the Order.

X5 will apply to the Arbitration Court of the City of Moscow
with a request to invalidate the Order issued by the FAS and to
declare the FAS' actions illegitimate as they are in breach of
the anti-trust legislation.

                       About X5 Retail

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

                          *     *     *

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

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


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


FORD MOTOR: Net Loss Slides to US$8.7BB in Quarter Ended June 30
----------------------------------------------------------------
Ford Motor Co. reported net loss of US$8.7 billion including
pre-tax special items totaling US$8 billion for the second
quarter ended June 30, 2008.  This compares with a net profit of
US$750 million in the second quarter of 2007.

According to the Wall Street Journal, Ford's loss was its
largest quarterly setback ever.

In a press statement, Ford said that its second quarter revenue,
excluding special items, was US$38.6 billion, down from
US$44.2 billion a year ago.  Adjusted to exclude Jaguar Land
Rover and Aston Martin from 2007 results, revenue would have
been down slightly, with lower volume, adverse product mix and
lower net pricing, partly offset by favorable exchange.

Special items reduced pre-tax results by US$8 billion in the
second quarter, reflecting charges associated with asset
impairments of US$5.3 billion for Ford North America and US$2.1
billion for Ford Credit.  Because of deteriorating economic
conditions, demand has declined substantially, particularly in
North America.  At the same time, fuel and commodity prices have
increased substantially.

As a result, there has been a significant shift away from large
pickup trucks and traditional SUVs in North America.  This
prompted a review of the company's North American assets and
Ford Credit operating lease portfolio, which led to the pre-tax
non-cash impairment charges.

Automotive gross cash, which includes cash and cash equivalents,
net marketable securities, and loaned securities, was
US$26.6 billion at June 30, 2008, a decrease of US$2.1 billion
from the end of the first quarter.

The decrease reflects working capital increases, upfront
subvention payments to Ford Credit, and Automotive operating
losses, offset partly by the proceeds of the Jaguar Land Rover
sale.

The Journal indicated that most of Ford's loss was related to
US$5.3 billion non-cash charges which reflected the drop in
value of plants and equipment for making trucks.  Ford, WSJ
added, also took an additional write-down of US$2.1 billion to
cover unprofitable auto leases made by its credit arm.

WSJ said, at July 23 composite trading on the New York Stock
Exchange, Ford was down 15% at US$5.11.  A selloff in the stock,
WSJ stated, showed worries about losses in the next quarters and
its impact on Ford's cash levels.

                        About Ford

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

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

                          *     *     *

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

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

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


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


AFFER DA PITTUR: Creditors Have Until Sept. 27 to File Claims
-------------------------------------------------------------
Creditors owed money by LLC Affer da pittur Roland are requested
to file their proofs of claim by Sept. 27, 2008, to:

         Roland Hohenegger
         Liquidator
         Plan dils Mats
         7419 Scheid
         Switzerland

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


ALUVAL JSC: September 7 Set as Deadline to File Proofs of Claim
---------------------------------------------------------------
Creditors owed money by JSC AluVal are requested to file their
proofs of claim by Sept. 7, 2008, to:

         Alexander Eichner
         Walligrundstrasse 27
         3930 Visp
         Switzerland

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


BASKRA LLC: Creditors Must File Proofs of Claim by August 31
------------------------------------------------------------
Creditors owed money by LLC Baskra are requested to file their
proofs of claim by Aug. 31, 2008, to:

         Hans Ruedi P. Wilhelm
         Bettingerstr. 20
         4127 Birsfelden
         Switzerland

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


BEAR FACTORY: Deadline to File Proofs of Claim Set Sept. 27
-----------------------------------------------------------
Creditors owed money by LLC Bear Factory Schweiz are requested
to file their proofs of claim by Sept. 27, 2008, to:

         Neustrasse 50
         4623 Neuendorf
         Switzerland

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


FRIDBACH IMMOBILIEN: Proofs of Claim Filing Deadline is Aug. 31
---------------------------------------------------------------
Creditors owed money by JSC Fridbach Immobilien are requested to
file their proofs of claim by Aug. 31, 2008, to:

         Olivier Widmer
         Industriestrasse 22
         6302 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 2, 2008.


GENERAL MOTORS: Global Sales Down 5% in Second Quarter 2008
-----------------------------------------------------------
Record-setting sales performance in GM's Latin America, Africa
and Middle East, Asia Pacific and Europe regions during the
second quarter of 2008 helped General Motors Corp. sell more
than 2.28 million vehicles globally during the second quarter
2008.  GM sales outside of its North America region grew 10% (up
116,000 vehicles).  Compared to second quarter 2007, GM's total
sales were down 5%, reflecting continuing economic pressures and
labor disruptions in the U.S. market, which pushed North America
sales down 20% (236,000 vehicles).

GM sold 4.54 million vehicles in the first half of 2008, keeping
it on track to exceed nine million vehicles for the fourth
consecutive year.  Sales outside of North America grew by
209,000 vehicles during the same period.  On a year-over-year
basis, GM total global sales were down 3% for the first six
months of 2008.

           GM Continues Growth in Emerging Markets

"Our sales performance around the world shows that we are moving
quickly to respond to new market opportunities around the globe
and are meeting customer needs with fuel-efficient products that
offer compelling design and great value," Jonathan Browning,
vice president, global sales, service and marketing, said.  "Our
global sales performance during the second quarter was fueled by
Chevrolet globally and Wuling and GM Daewoo regionally."

Chevrolet sales in Asia Pacific, the industry's second-largest
region, grew 27% compared with the second quarter a year ago.
Chevrolet sales in China (up 33%) and India (up 9%) powered much
of this growth.  The Chevrolet brand was recently introduced in
Vietnam, a new market with strong growth.  The Wuling brand
continued strong growth in China with sales up 35% in the second
quarter compared to the same period a year ago.  The Buick
LaCrosse ECO-hybrid, made by GM's flagship venture Shanghai
General Motors, has just begun sales in China and is expected to
be the first mass-produced hybrid sedan in China's mid and above
market segment.

In the Latin America, Africa and Middle East region – a
traditional Chevrolet stronghold – sales grew 18% compared with
the second quarter 2007.  Chevrolet accounted for nearly 90% of
the region's second quarter sales.

Chevrolet sales in Europe also contributed to the brand's solid
second-quarter results, growing 19%.  Chevrolet is seeing strong
growth in emerging markets including Eastern Europe.  For the
first half of the year, in Russia, Opel sales increased by 96%
while Saab increased 81% and Chevrolet was up 49%.  Also in
Russia, Cadillac saw a 51% increase in first half sales and
Hummer was up 21% compared with a year ago.

Chevrolet sales in North America were down 16.5%; however, GM is
adding production capacity to satisfy the strong demand for the
all-new Malibu sedan.

Sales of Cadillac outside of the United States grew 14% in the
second quarter, supported by strong growth of the brand in Latin
America, Africa and Middle East (up 28%), Asia Pacific (up 11%)
and Europe (up 7%).  Cadillac expects a further boost to global
sales with the recently announced CTS coupe and restyled SRX
crossover vehicle.  In North America, Cadillac sales declined
about 8,000 vehicles, largely due to pressure in the luxury SUV
market.

                   About General Motors

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

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in
Miramar, Florida.


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

                           *     *     *

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

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

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


GUSTAG JSC: Creditors' Proofs of Claim Due by August 31
-------------------------------------------------------
Creditors owed money by SC Gustag are requested to file their
proofs of claim by Aug. 31, 2008, to:

         Ursula Birrer
         Suhrgasse 9
         5037 Muhen
         Switzerland

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


LASSERGUT JSC: Aug. 18 Set as Deadline to File Proofs of Claim
-------------------------------------------------------------
Creditors owed money by JSC Lassergut are requested to file
their proofs of claim by Aug. 18, 2008, to:

         Dr. Alexander Faber
         Dufourstrasse 58
         8702 Zollikon
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on May 26, 2008.


SEMGROUP LP: Court OKs Use of Cash Collateral, First Day Motions
----------------------------------------------------------------
SemGroup L.P. received approval from the U.S. Bankruptcy Court
for the District of Delaware of its essential initial motions
requesting relief, including authorization to use cash
collateral.

The use of cash collateral will enable SemGroup to utilize
existing cash and cash generated through normal business
operations to meet its obligations post-Chapter 11 filing,
including trade payables and wages and benefits.  SemGroup's
bank lenders have also approved the use of cash collateral.

Meanwhile, SemGroup is continuing its negotiations with lenders
to secure sufficient debtor-in-possession financing.  The
company anticipates obtaining a DIP facility within a week of
the Chapter 11 filing, which occurred on July 22, 2008.

The Court also approved SemGroup's initial request for
US$50 million to support its Supplier Protection Program.  Under
the Program, 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.

In addition, the company received the following approvals to
ensure business as usual during its restructuring.  The ability
for SemGroup to:

  -- manage its Supply Chain by continuing to pay trade vendors
     in the ordinary course of business;

  -- reimburse employees for business-related expenses; and

  -- pay certain shipping and related obligations without
     interruption.

"The approval of these motions will provide critical relief to
our employees, customers and suppliers," Terry Ronan, acting
president and CEO of SemGroup, said.  "They help ensure that we
will be able to operate our business as usual as we undertake
our reorganization to maximize value for our creditors."

                     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 L.P. and its debtor affiliates filed for Chapter 11
protection on July 22, 2008 (Bankr. D. Del. Lead Case No.: 08-
11525) These represent the Debtors' restructuring efforts: John
H. Knight, Esq., L. Katherine Good, Esq. and Mark D. Collins,
Esq. at Richards Layton & Finger; Harvey R. Miller, Esq.,
Michael P. Kessler, Esq. and Sherri L. Toub, Esq. at Weil,
Gotshal & Manges LLP; and Martin A. Sosland, Esq. and Sylvia A.
Mayer, Esq. at Weil Gotshal & Manges LLP.  Kurtzman Carson
Consultants L.L.C. is the Debtors' claims agent.  The Debtors'
financial advisors are The Blackstone Group L.P. and A.P.
Services LLC.  Margot B. Schonholtz, Esq. and Scott D. Talmadge,
Esq. at Kaye Scholer LLP; and Laurie Selber Silverstein Esq. at
Potter Anderson & Corroon LLP represent the Debtors' prepetition
lenders.

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.


SEMGROUP LP: Chapter 11 Filing Cues Moody's to Junk Ratings
-----------------------------------------------------------
Moody's Investors Service downgraded SemGroup, L.P.'s Corporate
Family Rating to Ca from Caa2, its Probability of Default Rating
to D from Caa3, its senior unsecured rating to C (LGD 5; 86%)
from Ca (LGD 4; 69%), and its first secured bank facilities to
Caa3 (LGD 3; 38%) from B3 (LGD 2; 21%).  These actions affect
rated cross guaranteed debt at parent SemGroup and its
subsidiaries SemCams Holding Company and SemCrude, L.P.

The downgrades reflect that on July 22, 2008, SemGroup, L.P.
filed, on behalf of itself and most of its subsidiaries,
voluntary petitions under Chapter 11 of the United States
Bankruptcy Code in the United States Bankruptcy Court for the
District of Delaware.

The ratings had been under review for downgrade, with the new
ratings being Moody's final ratings for the company.  These
ratings will be withdrawn in the near future due to the
bankruptcy.

More specifically, the ratings affected include:

At parent SemGroup, L.P.:

-- Corporate Family rating: Ca
-- Probability of Default Rating: D
-- Guaranteed senior unsecured notes: C

At wholly owned SemCrude, L.P.:

-- Senior secured working capital facility: Caa3
-- Senior secured bank revolver: Caa3
-- Senior secured term loan: Caa3

At wholly owned SemCams Holding Company:

-- Senior secured working capital facility: Caa3
-- Senior secured bank revolver: Caa3
-- Senior secured term loan: Caa3

Moody's first downgraded SemGroup's ratings on July 17, 2008,
after receiving SemGroup's May 2008 consolidating financial
statements on July 15, 2007.  The ratings were downgraded again
on July 21, 2008 to the most recent level.  Subsequently,
SemGroup filed for Chapter 11 bankruptcy protection.

The bankruptcy filing documents brought to light additional
hedging liabilities that had not been reflected in SemGroup's
liability structure at the time of the July 21, 2008 downgrades,
which had assumed a 35% loss for the consolidated liabilities.
In light of the new information, the expected consolidated loss
was increased to 50%.

The large majority of the firm's assets include accounts
receivable, inventories, cash margin deposits, and balance sheet
cash, with a minority of assets being in the fixed asset
category.

The fixed assets consist of logistical assets that support the
movement of crude oil and refined products from point of
production to consuming regions.

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


SEMGROUP LP: Bankruptcy Filing Cues Fitch to Put Default Ratings
----------------------------------------------------------------
Fitch Ratings has 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:

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 is a privately held midstream energy partnership
focused primarily 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.


SEMGROUP LP: Fitch Cuts, Withdraws Ratings After Chap 11 Filing
---------------------------------------------------------------
Fitch Ratings has downgraded the ratings of SemGroup, L.P.,
SemCrude L.P, and SemCAMS Midstream Co. and simultaneously
withdrawn all ratings.  Ratings affected by this action are:

These ratings are being withdrawn:

SemGroup, L.P.
SemCrude, L.P.
SemCAMS Midstream Co.

-- Issuer default Rating D

Fitch Ratings has downgraded, removed from Rating Watch
Negative, and simultaneously withdrawn these:

SemGroup, L.P.
-- Senior unsecured to 'C' from'B/RR3'.

SemCrude L.P.
-- Senior secured working capital facility to 'CCC' from
    'BB-/RR1';

-- Senior secured revolving credit facility to 'CC' from
    'B+/RR1';

-- Senior secured term loan B to 'CC' from 'B+/RR1'.

SemCAMS Midstream Co. (SemCAMS)
-- Senior secured working capital facility to 'CCC' from
    'BB-/RR1';

-- Senior secured revolving credit facility to 'CC' from
    'B+/RR1';

-- Senior secured term loan B to 'CC' from 'B+/RR1'.

On July 22, 2008, SemGroup, LP and its major domestic wholly
owned subsidiaries filed a petition for bankruptcy under
Chapter 11 reflecting severe liquidity strains following a spike
in crude oil prices.  The company is seeking buyers for its
assets and does not appear likely to emerge from bankruptcy.
Additional news disseminated from the company and media reports
highlight large losses in trading positions which have
subsequently been closed, sold, or transferred to other parties
as well as previously undisclosed exposures to an affiliate of
the company's co-founder and former chief executive officer.

At this time, Fitch is unable to evaluate, with any precision,
estimated recovery levels on the various facilities and
instruments in the capital structure. Consequently, no recovery
ratings are assigned.  To date, the company has not obtained
debtor-in-possession financing, restricting ongoing business
activities and impairing realizable asset values from potential
sales.  Bank facility and debt instrument ratings reflect their
relative ranking in the capital structure and/or their
collateral position.  Fitch believes recovery prospects for the
SemGroup LP senior unsecured noteholders are extremely poor.  A
protracted bankruptcy proceeding appears likely.

SemGroup is a privately held midstream energy partnership
focused primarily on providing gathering, transportation,
processing, and marketing services for crude oil and refined
products in the U.S. Midcontinent region and Canada.
Additionally, through its SemMaterials subsidiary, SemGroup
stores, transport and markets asphalt and asphalt products in
the United States and Mexico.


UBS AG: Attorney General Cuomo Files Securities Fraud Lawsuit
-------------------------------------------------------------
Attorney General Andrew M. Cuomo, on July 24, 2008, filed a
multi-billion dollar securities fraud lawsuit against UBS
Securities LLC and UBS Financial Services, Inc.  The lawsuit
charges UBS with falsely selling and marketing auction rate
securities as safe, highly liquid, and cash-equivalent
securities.  However, the representations were deceptive as the
auction rate securities market came under tremendous strain,
leaving the securities with mounting liquidity risks that
eventually blocked thousands of customers across New York and
the nation from accessing their holdings.

Today, UBS customers are holding more than US$25 billion in
illiquid, long-term paper as a result of UBS's fraudulent
misrepresentations and illegal conduct.

Mr. Cuomo's investigation into UBS also discovered that as the
securities market started to collapse, the bank's top executives
quickly sold-off US$21 million in personal holdings of auction
rate securities, but continued to market the securities to its
consumers.  Internal UBS e-mails subpoenaed by Mr. Cuomo detail
top executives' efforts to sell-off personal holdings of auction
rate securities.

"Not only is UBS guilty of committing a flagrant breach of trust
between the bank and its customers, its top executives jumped
ship as soon the securities market started to collapse, leaving
thousands of customers holding the bag," said Attorney General
Mr. Cuomo.  "Today we bring the first nationwide lawsuit against
UBS, seeking to recover billions of dollars for customers and
sending a resounding message to the rest of the industry that
this type of deceptive behavior will not be tolerated."

UBS misrepresented the risks of auction rate securities to its
retail clients and other customers.  UBS Financial Advisors
marketed auction rate securities to UBS customers as liquid,
short-term investments that were similar to money market
instruments with interest rates that would reset at periodic
auctions based on the bids submitted by market participants.
Customers then received account statements that identified
auction rate securities as cash equivalent securities.  UBS's
representations were false; in fact, UBS knew that the auction
rate securities market was becoming increasingly strained and
that UBS was considering various options with respect to auction
rate securities, including letting auctions fail.

UBS's fraudulent sales practices proved effective - UBS stood
out as a market leader in auction rate securities sales.  As of
February 2008, UBS had more than 50,000 customer accounts
holding auction rate securities, including over 7,000 New York
customer accounts.  On Feb. 13, 2007, UBS stopped supporting its
auctions, and UBS customers learned, much to their shock and
dismay, that they could not get access to billions in what they
believed was as liquid as cash.

In the final months of 2007 and in the early weeks of 2008,
UBS's management became increasingly concerned with the
unsustainable growth in its holdings of auction rate securities
and its need to support auctions in order to avoid auction
failures.  UBS created an auction rate securities working group
specifically to address the floundering market.  During this
period, UBS also looked for ways to have its financial advisors
sell auction rate securities and lessen the mounting pressure of
UBS's growing inventory.  While many options were discussed, the
only one that was repeatedly implemented was to re-double sales
efforts to UBS clients.

Despite UBS's aggressive marketing of auction rate securities to
consumers, the bank's top management continued to demonstrate
serious concern over the health of the overall market.
Furthermore, at least seven working group members sold a
collective US$21 million of their personal auction rate
securities after the working group had been formed.

Attorney General Cuomo's lawsuit seeks to require UBS to buy
back auction rate securities from defrauded customers at par.
It also seeks disgorgement of ill-gotten gains, restitution and
other damages, and injunctions from further violations of New
York's Martin Act.  The lawsuit was filed in the Supreme Court
of New York, New York County.

This case is being handled by Assistant Attorneys General Pamela
Lynam Mahon, Ethan Zlotchew, and Christopher Mulvihill, as well
as Economist for the Division of Economic Justice Kitty Kay
Chan, under the supervision of Investor Protection Bureau Chief
David A. Markowitz and Executive Deputy Attorney General for
Economic Justice Eric Corngold.

                        About UBS AG

UBS AG (NYSE:UBS) -- http://www.ubs.com/-- together with its
subsidiaries, provides a range of financial products and
services worldwide.  UBS' businesses are Global Wealth
Management and Business Banking, Global Asset Management, and
Investment Banking.  The company was founded in 1862 and is
based in Zurich, Switzerland.  UBS employs more than 80,000
people around the world.  Its Wealth management services in the
United States are provided by UBS Financial Services Inc.  UBS'
U.S. headquarters is at 1285 Avenue of the Americas, New York
City.


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


BABILON ELIT: Creditors Must File Claims by August 9
----------------------------------------------------
Creditors of LLC Babilon Elit Stroy (code EDRPOU 34883566) have
until Aug. 9, 2008, to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
June 26, 2008.  The case is docketed as B 26/126-08.

The Debtor can be reached at:

         LLC Babilon Elit Stroy
         Apartment 3
         Krasnozavodskaya Str. 68
         49000 Dnipropetrovsk
         Ukraine


DAKHSERVICE LLC: Creditors Must File Claims by August 9
-------------------------------------------------------
Creditors of LLC Dakhservice (code EDRPOU 32613268) have until
Aug. 9, 2008, to submit proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on
June 26, 2008.  The case is docketed as 12/4/08.

The Debtor can be reached at:

         LLC Dakhservice
         8th of March Str. 24/1
         69068 Zaporozhje
         Ukraine


FREIGHT LLC: Creditors Must File Claims by August 9
---------------------------------------------------
Creditors of LLC Building Agricultural Freight (code EDRPOU
34268164) have until Aug. 9, 2008, to submit proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on
June 26, 2008.  The case is docketed as 12/5/08.

The Debtor can be reached at:

         LLC Building Agricultural Freight
         8th of March Str. 74/7
         69068 Zaporozhje
         Ukraine


INDUSTRIAL ELECTROINDUSTRY: Creditors Must File Claims by Aug. 9
----------------------------------------------------------------
Creditors of LLC Trading Enterprise Industrial Electroindustry
(code EDRPOU 33431588) have until Aug. 9, 2008, to submit proofs
of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on
May 19, 2008.  The case is docketed as 16/123/08.

The Debtor can be reached at:

         LLC Trading Enterprise Industrial Electroindustry
         Hortitsa Highway Str. 44-A
         Apartment 108
         69124 Zaporozhje
         Ukraine


INDUSTRIAL INVESTMENT: Creditors Must File Claims by August 9
-------------------------------------------------------------
Creditors of LLC Trading Company Building Industrial Investment
(code EDRPOU 33446824) have until Aug. 9, 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 9, 2008.
The case is docketed as 44/32-b.

The Debtor can be reached at:

         LLC Trading Company Building Industrial Investment
         Oranzhereynaya Str. 3
         04112 Kiev
         Ukraine


MINELI-TRADE MARK: Creditors Must File Claims by August 10
----------------------------------------------------------
Creditors of LLC Mineli-Trade Mark (code EDRPOU 34762193) have
until Aug. 10, 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 11, 2008.
The case is docketed as 49/90-b.

The Debtor can be reached at:

         LLC Mineli-Trade Mark
         Bulgakov Str. 16
         03134 Kiev
         Ukraine


MRIYA LLC: Proofs of Claim Filing Deadline Set August 9
-------------------------------------------------------
Creditors of LLC Mriya (code EDRPOU 30812858) have until
Aug. 9, 2008, to submit proofs of claim to:

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

The Economic Court of Chernovcy commenced bankruptcy supervision
procedure on the company on May 19, 2008.  The case is docketed
as 9/2/B.

The Debtor can be reached at:

         LLC Mriya
         Oprisheny
         Glibochetsky District
         60400 Chernovcy
         Ukraine


PODOLSKY SMAK: Proofs of Claim Filing Deadline Set August 10
------------------------------------------------------------
Creditors of LLC Podolsky Smak (code EDRPOU 22783818) have until
Aug. 10, 2008, to submit proofs of claim to:

         The Economic Court of Hmelnitskij
         Nezalezhnosti Square 1
         29000 Hmelnitskij
         Ukraine

The Economic Court of Hmelnitskiy commenced bankruptcy
supervision procedure on the company.  The case is docketed as
13/143-B.

The Debtor can be reached at:

         LLC Podolsky Smak
         Ac. Zabolotny Str. 86/1
         29021 Hmelnitskij
         Ukraine


R.T.R. LLC: Creditors Must File Claims by August 9
--------------------------------------------------
Creditors of LLC R.T.R. (code EDRPOU 34663195) have until
Aug. 9, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on June 25, 2008.
The case is docketed as 24/163-b.

The Debtor can be reached at:

         LLC R.T.R.
         Saksagansky Str. 83
         01033 Kiev
         Ukraine


UKRAINIAN TRADING: Creditors Must File Claims by August 9
---------------------------------------------------------
Creditors of LLC Trading Company Ukrainian Trading Investment
(code EDRPOU 33446793) have until Aug. 9, 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 9, 2008.
The case is docketed as 44/26-b.

The Debtor can be reached at:

         LLC Trading Company Ukrainian Trading Investment
         Oranzhereynaya Str. 3
         04112 Kiev
         Ukraine


VITA-OKS: Creditors Must File Claims by August 10
-------------------------------------------------
Creditors of LLC Vita-OKS (code EDRPOU 34716791) have until
Aug. 10, 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 11, 2008.
The case is docketed as 49/92-b.

The Debtor can be reached at:

         LLC Vita-OKS
         Siretskaya Str. 37A
         04073 Kiev
         Ukraine


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


AIR AFFAIRS: Taps Liquidators from BDO Stoy Hayward
---------------------------------------------------
Simon Edward Jex Girling and Graham David Randall of BDO Stoy
Hayward LLP were appointed joint liquidators of Air Affairs
(U.K.) Ltd. on July 10 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Air Affairs (U.K.) Ltd.
         c/o BDO Stoy Hayward LLP
         One Victoria Street
         Bristol
         BS1 6AA
         England


CHESAPEAKE CORP: UK Unit Agrees on Amended Recovery Plan
--------------------------------------------------------
One of Chesapeake Corp.'s U.K. subsidiaries, on July 15, 2008,
agreed with the Trustee of the Field Group Pension Plan on an
amended recovery plan.  As disclosed on April 17, 2008, the
previous recovery plan required that the U.K. subsidiary make
supplementary annual cash contributions to the Plan of at least
GBP6 million over and above those needed to cover benefits and
expenses and, if an interim funding level for the Plan of 90%
was not achieved by April 5, 2008, an additional supplementary
contribution to achieve an interim funding level of 90% to be
paid on or before July 15, 2008.

An interim valuation of the Plan as of April 5, 2008, determined
that the supplementary payment necessary, in addition to the
GBP6 million annual payment due on or before July 15, 2008, to
achieve an interim funding level of 90% was GBP29.6 million.

Under the terms of the Amended Recovery Plan, the Plan Trustee
agreed to accept annual supplemental payments of GBP6 million
over and above those needed to cover benefits and expenses until
the earlier of (a) 2021 or (b) the Plan attaining 100% funding
on an on-going basis after 2014, and has waived the requirement
for the additional cash payment due on or before July 15, 2008,
to achieve an interim funding level of 90%.

The company's U.K. subsidiary has agreed, subject to certain
terms and conditions, to grant fixed equitable and floating
charges on assets of the U.K. subsidiary and its subsidiaries in
the United Kingdom and the Republic of Ireland securing an
amount not to exceed the Plan funding deficit on a scheme-
specific basis.  The security being granted to the Plan Trustee
would be subordinated to the security given to the lenders under
the Senior Revolving Credit Facility in Amendment No. 6, dated
as of March 5, 2008, to the Second Amended and Restated Credit
Agreement, dated as of Feb. 23, 2004, by and among Chesapeake
and various subsidiary borrowers, the banks and other
institutional lenders and Wachovia Bank, National Association,
as administrative agent for the lenders.

The subsidiary's agreement with the Plan Trustee also includes
provisions for releases of the Plan Trustee's security interest
under certain conditions in the event of the sale, transfer or
other disposal of assets over which the Plan Trustee holds a
security interest or upon the Plan Trustee's receipt of agreed
cash payments to the Plan in addition to those described above.
The U.K. subsidiary has made the GBP6 million supplemental
payment to the Plan due for 2008.

Also on July 15, 2008, the company agreed with its lenders on an
amendment of certain provisions of its Credit Facility in
Amendment No. 7, dated July 15, 2008, to the Credit Facility.
The Seventh Amendment increases the total leverage ratio to
7.00:1 for the second fiscal quarter of 2008 and the senior
leverage ratio to 3.40:1 for the second fiscal quarter.  The
Seventh Amendment also provides for agreement on the Amended
Recovery Plan, including providing for an intercreditor
agreement among the Credit Facility lenders, Chesapeake and the
Trustee, places a limit on the future borrowing of the U.S.
borrower under the Credit Facility, and provides for a new Event
of Default if The Pensions Regulator in the U.K. issues a
Contribution Notice or Financial Support Direction.

Based on the company's current projections, it expects that it
may not be in compliance with the financial covenants set forth
in the Seventh Amendment as of the end of the third fiscal
quarter of 2008.

Failure to comply would be an event of default under the Credit
Facility.  If such an event were to occur, the lenders under the
Credit Facility could require immediate payment of all amounts
outstanding under the Credit Facility and terminate their
commitments to lend under the Credit Facility and, pursuant to
cross-default provisions in many of the instruments that govern
other outstanding indebtedness, immediate payment of the
company's other outstanding indebtedness could be required, all
of which would likely have a material adverse effect on the
company's business, results of operations and financial
condition.

                     About Chesapeake Corp.

Headquartered in Richmond, Virginia, Chesapeake Corporation
(NYSE: CSK) -- http://www.cskcorp.com/-- is a supplier of
specialty paperboard packaging products in Europe and an
international supplier of plastic packaging products to niche
end-use markets.  Chesapeake has 47 locations in France,
Ireland, United Kingdom, North America, China, HongKong, among
others and employs approximately 5,500 people.

For the quarter ended March 30, 2008, the company reported
US$1,225,100,000 in total assets and US$948,100,000 in total
liabilities.

                       *     *     *

As disclosed in the Troubled Company Reporter on July 2, 2008,
Moody's Investors Service placed all the credit ratings of
Chesapeake Corp. on review for possible downgrade.  This rating
action follows Chesapeake's statement on June 27, 2008 that the
completion of a proposed new credit facility will not be
completed prior to the expiration of the commitment letter on
July 1, 2008.

Chesapeake further disclosed it is reviewing its balance sheet
and exploring other alternatives for reducing leverage and
improving its capital structure, in addition to the continued
pursuit of asset sales to reduce debt.  The existing credit
facility matures in February 2009 and had an outstanding balance
of US$185 million as of March 30, 2008.

Moody's review for possible downgrade will primarily focus on
the company's near-term liquidity pressures.  Despite a recent
amendment to the existing credit agreement that relaxed
financial covenant levels through the end of 2008, Moody's is
concerned that Chesapeake may breach its financial covenants at
June 30, 2008.

Regardless, Moody's estimate that effective availability under
the revolver has been significantly diminished due to covenant
constraints.

Moody's placed these ratings of Chesapeake Corporation on review
for possible downgrade: US$18.75 million 6.375% senior unsecured
revenue bonds due 2019, B3 / LGD3 (48%); US$31.25 million 6.25%
senior unsecured revenue bonds due 2019, B3 / LGD3 (48%);
GBP67.1 million 10.375% senior subordinated notes due 2011, Caa1
/ LGD5 (72%); EUR100 million 7% senior subordinated eurobonds
due 2014, Caa1 / LGD5 (72%); Corporate Family Rating, B2; and
Probability of Default Rating, B3.


CHESTERTON INTERNATIONAL: Appoints Liquidators from PwC
-------------------------------------------------------
Ian Christopher Oakley Smith and Michael John Andrew Jervis of
PricewaterhouseCoopers LLP were appointed joint liquidators of
Chesterton International Ltd. on July 9 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Chesterton International Ltd.
         c/o PricewaterhouseCoopers LLP
         Hill House
         Richmond Hill
         Bournemouth
         BH2 6HR
         England


CPAM REALISATIONS: Claims Filing Period Ends August 22
------------------------------------------------------
Creditors of CPAM Realisations Ltd.(formerly Chesterton Property
Asset Management Ltd.) have until Aug. 22, 2008, to send in
writing their names and addresses and the particulars of their
debts or claims, and the names and addresses of their Solicitors
(if any), to:

         Ian Christopher Oakley Smith
         Michael John Andrew Jervis
         Joint Liquidators
         PricewaterhouseCoopers LLP
         Hill House
         Richmond Hill
         Bournemouth
         BH2 6HR
         England

Ian Christopher Oakley Smith and Michael John Andrew Jervis of
PricewaterhouseCoopers LLP were appointed joint liquidators of
the company by the members and creditors on July 7, 2008.


CPS REALISATIONS: Brings In Liquidators from PwC
------------------------------------------------
Ian Christopher Oakley Smith and Michael John Andrew Jervis of
PricewaterhouseCoopers LLP were appointed joint liquidators of
CPS Realisations Ltd. (formerly Chesterton Property Services
Ltd.) and CO Realisations Ltd. (formerly Chesterton Overseas
Ltd.) on July 7 for the creditors' voluntary winding-up
proceeding.

The companies can be reached at:

         CO Realisations Ltd.
         c/o PricewaterhouseCoopers LLP
         Hill House
         Richmond Hill
         Bournemouth
         BH2 6HR
         England


HUGO REALISATIONS: Creditors' Meeting Slated for August 8
---------------------------------------------------------
Creditors of Hugo Realisations Ltd.(formerly Hugo Russell and
Co. Ltd.)(Company Number 01095274) and Dilldash Holdings Ltd.
(Company Number 04521292) will meet at 10:00 a.m. on Aug. 8,
2008, at:

         Smith & Williamson Ltd.
         25 Moorgate
         London
         EC2R 6AY
         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. 7, 2008, to:

         Joanne Elizabeth Milner
         Joint Administrator
         Smith & Williamson Ltd.
         25 Moorgate
         London
         EC2R 6AY
         England

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.


INTERPUBLIC GROUP: Moody's Rates US$335MM Debt Facility at Ba3
--------------------------------------------------------------
Moody's assigned a Ba3 rating to The Interpublic Group of
Companies, Inc.'s (IPG) new US$335 million senior unsecured
revolving credit facility expiring on July 18, 2011.  The
facility allows IPG to increase the aggregate commitment to a
maximum amount of US$485 million if lenders agree to the
additional commitments.

In Moody's opinion the bank credit facility enhances IPG's
already solid liquidity position, which as of March 31, 2008 was
supported by:

  (1) a large cash balance of US$1.5 billion;

  (2) free cash flow of US$212 million generated over the last
12 months period ended 03/31/2008 (3) US$750 million mostly
unused Enhanced Liquidity Facility (ELF) maturing in June 2009
(4) modest near-term debt maturities and a largely unencumbered
balance sheet.  The new facility effectively replaces the ELF
when it matures in 2009.  IPG has an SGL-1 speculative grade
liquidity rating.  The rating outlook is positive.

The new facility is not guaranteed by IPG's subsidiaries and
ranks pari passu with other senior unsecured indebtedness of the
company.  The credit agreement possesses more stringent
covenants as compared to the ELF, which had no covenants.  It
has a minimum interest coverage covenant of 4.5x and a maximum
leverage covenant of 3.5x at Sept. 30, 2008, stepping down to
3.25x at March 31, 2009.  Additionally, IPG is required to
maintain minimum consolidated last 12 months EBITDA of US$600
million commencing with the first fiscal quarter ended Sept. 30,
2008.  The company has the ability to add back US$75 million of
non-cash charges to EBITDA in any period of four fiscal
quarters.

Further, cash acquisitions, capital expenditures and restricted
payments (dividends, share repurchases and distribution of
assets or securities to stockholders) together cannot exceed
US$600 million in any fiscal year.  IPG can carry forward US$200
million of the unused amount to the succeeding year if leverage
is below 2.75x. Moody's notes that covenants under the facility
(particularly interest coverage) may be tight over the next
twelve months but should ease as the company expands its
operating margins.

The tightness of the covenant will likely result in the company
maintaining its significant cash balance as interest income is
netted against interest expense under the calculation.  Based on
the company's positive momentum in the last twelve months and
prospects for improving margins over the coming year, we expect
IPG to grow EBITDA and be covenant compliant over the next 12
months.  Besides the substandard margins, economic pressure is
the only anticipated near term challenge facing the company.

Headquartered in New York, The Interpublic Group of Companies,
Inc. is among the world's largest advertising, marketing and
corporate communications holding companies in the world.
Revenues and EBITDA (Moody's adjusted) for the last 12 months
period ended March 31, 2008 were US$6.7 billion and US$1 billion
respectively.


JAJA INVESTMENTS: Taps Smith & Williamson to Administer Assets
--------------------------------------------------------------
Anthony Cliff Spicer and Henry Anthony Shinners of Smith &
Williamson Ltd. were appointed joint administrators of Jaja
Investments Ltd. (Company Number 05600507) on July 18, 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:

         Jaja Investments Ltd.
         Ashfields Suite
         International House
         Cray Avenue
         Orpington
         Kent
         BR5 3RS
         England


KEVDALE DEVELOPMENTS: Appoints Joint Administrators from Begbies
----------------------------------------------------------------
Paul Stanley and Stephen Conn of Begbies Traynor were appointed
joint administrators of Kevdale Developments Ltd. (Company
Number 05401648) on July 18, 2008.

Begbies Traynor -- http://www.begbies.com/-- assists companies,
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.

The company can be reached at:

         Kevdale Developments Ltd.
         c/o Begbies Traynor
         340 Deansgate
         Manchester
         M3 4LY
         England


MK KINGSTON: Calls In Administrators from Smith & Williamson
------------------------------------------------------------
Henry Anthony Shinners and Anthony Cliff Spicer of Smith &
Williamson Ltd. were appointed joint administrators of MK
Kingston Property Ltd. (Company Number 05479885) on July 17,
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:

         MK Kingston Property Ltd.
         Unit 1 Europa Business Park
         Kingston
         Milton Keynes
         Buckinghamshire
         MK10 0BF
         England


PHOTO-OPTIX LTD: Creditors' Meeting Slated for August 11
--------------------------------------------------------
Creditors of Photo-Optix Ltd. (Company Number 00506094) will
meet at 10:00 a.m. on Aug. 11, 2008, at:

         Smith & Williamson
         25 Moorgate
         London
         EC2R 6AY
         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. 8, 2008, to:

         Stephen Robert Cork
         Joint Administrator
         Smith & Williamson
         25 Moorgate
         London
         EC2R 6AY
         England

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.


PROCOOK LTD: Exits Administration After Management Buy-Out
----------------------------------------------------------
ProCook Ltd. has been acquired in a management buy-out for an
undisclosed sum, saving 260 jobs and 39 stores, Retail Week
reports.

KPMG administrator Joff Pope told Retail Week ProCook's business
and assets were sold to Ensco 688.

A TCR-Europe report on July 4, 2008, disclosed the company went
into administration following tough trading conditions in the
retail sector.

Headquartered in Cheltenham, England, ProCook Ltd.  --
http://www.procook.co.uk/-- retails kitchen equipment and
cookware.  The business operates online via its Web site and
through a chain of 39 stores across the U.K., both in outlet
villages and high street shops.  It was established in 1993 and
now employs 261 staff, including 20 at its head office in
Cheltenham.


QUEBECOR WORLD: Catalyst Slashes Reclamation Claim to US$1.85MM
----------------------------------------------------------------
Catalyst Paper (U.S.A.), Inc., informed the U.S. Bankruptcy
Court for the Southern District of New York that it has amended
the amount of its reclamation claim to US$1,852,016 against
Quebecor World Inc. and its debtor-affiliates.

Catalyst formerly demanded a US$8,388,821, reclamation claim on
goods it sold to the Debtors 20 days before the bankruptcy
filing.

                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.

The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The Debtors have until Sept. 30, 2008, to file a plan of
reorganization in the chapter 11 case.  The Debtors' CCAA stay
has been extended to July 25, 2008.  (Quebecor World Bankruptcy
News, Issue No. 21; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


QUEBECOR WORLD: Inks Two Master Lease Pacts with National City
--------------------------------------------------------------
Quebecor World (USA) Inc., entered into two prepetition master
lease agreements with National City Commercial Capital Company,
LLC.  National City asserts that the Debtor has defaulted under
the terms of the Master Lease Agreements.

Accordingly, National City asks the Court to compel the Debtor
to decide whether to assume or reject the Lease Agreement, and
compel the Debtor to pay US$20,273 per month.

If the Debtor fails to deliver the amounts, National City asks
the Court to direct the Debtor to immediately deliver the
equipment subject to the Lease Agreement, or lift the automatic
stay, or award National City with an administrative claim for
all monies coming due postpetition.

Frank Peretore, Esq., at Peretore & Peretore, P.C., in Sparta,
New Jersey, tells the Court that National City has demanded
payments from the Debtor but the Debtor has not paid the
demanded amounts.  He asserts that if the Debtor does not decide
whether to assume or reject the Leases, National City will
continue to be irreparably harmed since the Debtor is using the
leased equipment yet not making the required monthly payments.

Aside from the US$20,273 monthly payment, National City also
seeks payment of the rental for the use of the leased equipment,
plus counsel fees, taxes and late charges.

                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.

The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The Debtors have until Sept. 30, 2008, to file a plan of
reorganization in the chapter 11 case.  The Debtors' CCAA stay
has been extended to July 25, 2008.  (Quebecor World Bankruptcy
News, Issue No. 21; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SCOTTISH RE: A.M. Best Cuts Most Debt Ratings to 'c'
----------------------------------------------------
A.M. Best Co. has downgraded the ICR to "c" from "cc" and most
debt ratings of Scottish Re.  A.M. Best also has affirmed the
remaining debt ratings of Scottish Re and Scottish Holdings
Statutory Trust II and III.  All ratings have been removed from
under review with negative implications and assigned a negative
outlook.

Concurrently, A.M. Best Co. has downgraded the financial
strength rating to C- (Weak) from C+(Marginal) and issuer credit
ratings to "cc" from "b-" of the primary operating insurance
subsidiaries of Scottish Re Group Limited (Cayman Islands).


These rating actions reflect A.M. Best's opinion that Scottish
Re's financial position and liquidity have continued to
deteriorate since A.M. Best's last review.  The company's
recently filed 10-K indicated severely strained liquidity and a
further weakening in its capital position.  The rating
downgrades also reflect A.M. Best's concerns with the ongoing
pricing, volatility, valuation and default risk in the mortgage-
backed securities market, which have resulted in a substantial
negative impact on Scottish Re's consolidated balance sheet.

In its year-end 2007 10-K filing, Scottish Re reported
significant impairments to its subprime and Alt-A asset
portfolio valued at roughly US$780 million, with an additional
first quarter 2008 impairment estimated of about US$752 million.
The company indicated that a large portion of the impairment
charges were in two of its three securitization structures,
Ballantyne Re plc and Orkney Re II plc.

While these securitization structures are without recourse to
Scottish Re, they are consolidated in its financial statements
under U.S. GAAP, and changes in the fair value of investments
can negatively impact its reported financial results as well as
the statutory reserve credit that Scottish Re (U.S.), Inc is
able to recognize for these transactions.  As a result of
the fair value declines in the subprime and Alt-A securities,
Scottish Re's statutory capital position and its ability to
continue to take reserve credits for the reinsurance ceded to
Ballantyne Re and Orkney Re II has been significantly reduced.

At year-end 2007, reserves at Scottish Re (U.S.) Inc. were
required to be strengthened by US$208 million, which adversely
impacted the group's liquidity position.  A.M. Best notes that
the recently completed sale of its life reinsurance
international (U.K) segment affords additional short-term
liquidity but believes that Scottish Re's liquidity position
continues to be strained.

A.M. Best believes Scottish Re would face significant challenges
in raising additional capital or securing letters of credit at
this time.  While Scottish Re has documented a very
comprehensive strategic plan to ensure longer-term financial
flexibility, any variation from the stated timelines documented
by the company may result in exhaustion of its liquidity by
first quarter 2009 or sooner.  This would result in a likely
need for Scottish Re to file for bankruptcy protection and
creates an elevated risk for insolvency.

The outlook will remain negative while A.M. Best obtains further
clarity on the performance of the company's subprime and Alt-A
mortgage-backed portfolios and assesses the impact of the
revised strategy on Scottish Re's balance sheet.  In addition,
A.M. Best will monitor the disposition of the company's wealth
management segment, the disposition of other key life
reinsurance segments and their overall impact to the financial
strength of Scottish Re.

A.M. Best believes that the sale of Scottish Re's North American
life reinsurance segment is integral to the ability of the
organization to remain as an ongoing viable entity.

The FSR has been downgraded to C-(Weak) from C+(Marginal) and
ICRs to "cc" from "b-" for the following primary operating
subsidiaries of Scottish Re Group Limited:

-- Scottish Annuity & Life Insurance Company (Cayman) Ltd.
-- Scottish Re (U.S.), Inc.
-- Scottish Re Life Corporation
-- Orkney Re, Inc.

The ICR has been downgraded to "c" from "cc" for Scottish Re
Group Limited.

This debt rating has been downgraded:

Stingray Pass-Though Trust—
-- to "c" from "b-" on US$325 million 5.902% senior secured
    pass-through certificates, due 2012

These indicative ratings have been downgraded:

Scottish Re Group Limited—
-- to "c" from "cc" on senior unsecured debt
-- to "c" from "cc" on subordinated debt

This debt rating has been affirmed:

Scottish Re Group Limited—
-- "d" on US$125 million non-cumulative preferred shares

These indicative ratings have been affirmed:

Scottish Re Group Limited—
-- "c" on preferred stock

Scottish Holdings Statutory Trust II and III—
-- "c" on preferred securities


SOLO CUP: Moody's Affirms B3 Corporate Family Rating
----------------------------------------------------
Moody's Investors Service assigned a Speculative Grade Liquidity
Rating of SGL-2 to Solo Cup Company.  Concurrently, Moody's also
affirmed Solo Cup's B3 Corporate Family Rating and stable
outlook.  The SGL-2 liquidity rating reflects Solo Cup's
adequate cash flow, covenant cushion and availability under
credit facilities.  Solo Cup's liquidity has been improved
through the reduction in debt from the proceeds of asset sales
and positive free cash flow generation from cost management and
the divestiture of less profitable product lines.  Funds from
operations are expected to cover all cash needs over the next
four quarters with the exception of the seasonally heavy first
quarter which will require a modest draw on the revolver
(depending upon resin prices).  Free cash flow is expected to be
sufficient for a modest level of debt reduction.  Additional
asset sales pending are bound by covenant to be applied to
further debt reduction.  The company is expected to maintain
adequate cushion under its interest coverage ratio and leverage
ratio covenant tests despite significant covenant step downs
into year end 2008.  Solo Cup has exceeded expectations year to
date resulting in better than projected cushion under financial
covenants.

The SGL-2 rating remains sensitive to the company's level of
funds from operations and cushion under financial covenants.  A
significant negative variance in operating performance would
pressure the rating.  Moody's ratings incorporate an expectation
that the company will continue to maintain adequate cushion
under its covenants, generate sufficient cash flow to cover the
majority of cash needs, complete all asset sales before year
end, and require only modest borrowings under its revolver.

                       About Solo Cup

Headquartered in Highland Park, Illinois, Solo Cup Company --
http://www.solocup.com/-- manufactures disposable foodservice
products for the consumer and retail, foodservice, packaging,
and international markets.  Solo Cup has broad expertise in
plastic, paper, and foam disposables and creates brand name
products under the Solo, Sweetheart, Fonda, and Hoffmaster
names.  The company was established in 1936 and has a global
presence with facilities in Asia, including Japan; Canada;
Europe; Mexico; Panama; and the United States.


VALLEY CONSERVATORIES: Calls In Liquidators from Tenon Recovery
---------------------------------------------------------------
Jeremy Woodside and Christopher Ratten of Tenon Recovery were
appointed joint liquidators of Valley Conservatories Ltd. (t/a
Valley Windows and Conservatories) on July 9 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Valley Conservatories Ltd.
         Unit 1 Valley Forge Business Park
         Reedyford Road
         Nelson
         Lancashire
         BB9 8TU
         England


VONAGE HOLDINGS: Gets US$215MM Debt Financing from Silver Point
---------------------------------------------------------------
Vonage Holdings Corp. entered into a commitment letter with
Silver Point Finance LLC establishing the terms and conditions
for up to US$215 million in private debt financing of which
Silver Point has committed to provide US$125 million.

The availability of the Silver Point financing is subject to the
negotiation and execution of definitive documentation and the
satisfaction of certain conditions including certain other
lenders committing to provide US$60 million of the private debt
financing.

If these conditions are met, an initial closing for between
US$185 million and US$215 million of amounts under the financing
is expected to occur in the third quarter of 2008.

The company intends to use the net proceeds from the financing,
plus cash on hand, to repurchase its existing convertible notes
in a tender offer, which the company is required to commence
promptly.  The existing convertible notes can be put to the
company on Dec. 16, 2008, and have a principal amount
outstanding of approximately US$253 million.

"Refinancing our existing debt has been a key priority for the
company, John S. Rego, executive vice president and chief
financial officer, said.  "We believe this new financing will
provide Vonage with the solid financial foundation to continue
to grow our business profitably."

Miller Buckfire & Co. LLC and Shearman & Sterling LLP are acting
as financial and legal advisors to the company and Paul Weiss
Rifkind, Wharton & Garrison LLP is acting as legal advisor to
Silver Point in connection with this transaction.

                             New CEO

The Wall Street Journal reported that Vonage Holdings will name
a new chief executive early as next week.

According to WSJ, Jeffrey Citron, Vonage's chairman and interim
CEO, plans to let someone else manage Vonage's day-to-day
operations, though he will remain involved with the company.

                    About Vonage Holdings Corp.

Headquartered in Holmdel, New Jersey, Vonage Holdings Corp.
(NYSE:VG) -- http://www.vonage.com/-- provides broadband
telephone services with nearly 2.6 million subscriber lines.
The company's Residential Premium Unlimited and Small Business
Unlimited calling plans offer consumers unlimited local and long
distance calling, and features like call waiting, call
forwarding and voicemail  for a flat monthly rate.  Vonage's
service is sold on the web and through national retailers
including Best Buy, Circuit City, Wal-Mart Stores Inc. and
Target and is available to customers in the U.S., Canada and the
United Kingdom.

                       Going Concern Doubt

BDO Seidman, LLP, in Woodbridge, New Jersey, raised substantial
doubt as to Vonage Holdings Corp.'s ability to continue as a
going concern after auditing the company's consolidated
financial statements for the years Dec. 31, 2007, and 2006.

As reported by the Troubled Company Reporter on May 12, 2008
that Vonage Holdings's balance sheet at March 31, 2008, showed
US$458.3 million in total assets and US$540.5 million in total
liabilities, resulting in an US$82.2 million stockholders'
deficit.


* UK Industrials Sector Has Highest Pensions Risk, Deloitte Says
----------------------------------------------------------------
The investment strategies of FTSE 100 company pension schemes
are exposing their corporate sponsors to significant risk
according to analysis by actuaries at Deloitte, the business
advisory firm.

David Robbins, Pensions Partner at Deloitte, comments: "We
estimate that the average FTSE 100 company is currently putting
8% of its market value at risk through its pension scheme.  Our
analysis shows a wide variation in the pensions risk being
taken, from less than 1% of company market value to more than
100%, but the bottom line is that most companies are taking too
much risk in their pension schemes.

"To give an idea of the extent of the risk, we calculate that
there is a 1 in 20 chance of FTSE 100 pension scheme deficits
increasing by a further GBP80 billion over the next year.  I
seriously question whether this is the right economic climate
for businesses to take such large gambles."

Pension funding levels have deteriorated on the back of economic
turmoil, pushing the accounting value of FTSE 100 pension
schemes back into the red.  Deloitte estimate that the aggregate
position has worsened since the start of 2008 from a surplus of
GBP15 billion to a deficit of GBP23 billion today.

Typical pension scheme investment strategies currently focus on
higher risk asset classes such as equities and property.  While
these asset classes may be expected to yield higher returns in
the long term, market values can be volatile and expose the
sponsoring company to the risk of having to inject high levels
of cash into the pension scheme.

David Robbins added: "Companies need to pro-actively work with
pension scheme trustees to focus on the right strategy for their
individual circumstances.  There are a range of options
available to manage pension liabilities and investment risk.
The one thing that companies must not do is ignore it.

"There has been a giant shift in pensions legislation and
practice in recent years.  Some companies have already reacted
to the risks and taken action – others need to consider their
options."

These options could include:

    * matching expected benefit payments using bonds or
      derivatives – as carried out by WH Smith.

    * offloading risk by selling the liabilities to an insurance
      company - as recently carried out by Emap and Rank.

    * transfer–out programs for former employees – as recently
      carried out by P&O.

                      Analysis By Sector

Analyzing some of the trends by industry sector shows that:

    * The Industrials sector has the highest pensions risk (16%)
      compared to company value.  These companies tend to have
      large defined benefit liabilities relative to their market
      value, which reflects both the decline of UK manufacturing
      relative to other sectors and the long history of defined
      benefit pension provision in this industry.
      Interestingly, within the sector, there is nevertheless a
      wide range of pensions risk being taken, from 3% to 27% of
      company value.

    * The companies in the Oil & Gas sector have a total of
      GBP16 billion at risk – 20% of the total for the FTSE 100.
      However, when compared to the market value of these
      companies, the pensions risk taken is below the FTSE 100
      average.

    * Companies in the Financials sector are running slightly
      more conservative investment strategies when compared to
      the rest of the current FTSE 100.  However, they still
      have significant pensions risk due to the scale of their
      pension liabilities.


* S&P Says European Sovereign Finances Improved In Two Years
------------------------------------------------------------
Budgetary positions across the 27 European Union sovereigns have
by and large improved over the past couple of years, a trend
that is mainly due to buoyant economic growth and the associated
boost to revenues, according to a Standard & Poor's Ratings
Services published report, titled "European Government Finances:
Past Simple, Future Tense."  Now that the tide has turned for
European economies, the question is to what degree cyclical
factors contributed to these favorable budgetary performances,
and, following from this, how the ongoing slowdown will weigh on
public finances in 2008 and 2009.

"The ongoing slowdown in economic growth across the E.U. will
undoubtedly have an effect on government finances," S&P's credit
analyst Marko Mrsnik said.

More than one-half of the countries analyzed for the report were
not able to achieve their targeted declines in the expenditure-
to-GDP ratio in 2007.  The main reason for worse-than-expected
overall budgetary outcomes was the failure to comply with the
previously set expenditure targets.  This in turn was primarily
related to weak control of government spending, rather than to
variations in the GDP growth cycle -- the latter being a
frequently invoked reason on the part of governments for
incompliance with their own targets.

"Given that the large majority of the sovereigns' budgetary
plans for budgetary improvement in 2008 and 2009 are based on
expenditure-side adjustments, these findings generate doubts
regarding their credibility.  This is particularly the case in
the countries which, despite favorable cyclical conditions in
recent years, have not fully complied with their own expenditure
targets," Mr. Mrsnik said.

From a sovereign ratings perspective, worsening budgetary
outcomes in countries with currently relatively high public
finance imbalances and high indebtedness -- which in some cases
is coupled with low fiscal flexibility, such as in France,
Greece, Hungary, and Italy -- would weigh on the current
ratings, despite some recent improvement in the latter three.
The same negative pressure also applies in countries where
governments have pursued clearly pro-cyclical fiscal policies,
such as in Romania and Lithuania.  On the positive side,
however, several sovereigns managed to substantially improve
their budgetary situation over the past couple of years --
namely Cyprus, Czech Republic, Bulgaria, Finland, Germany,
Slovenia, and Sweden.

Finally, the notable lack of expenditure control over the past
two years points to the importance of fiscal frameworks,
including fiscal rules and institutions.  In this context, any
revisions of the rules now that the economic outlook has turned,
such as those currently debated in the U.K., are harmful to
their credibility in ensuring compliance with budgetary targets.


* Economic Downturn Pressures S&P's Ratings on European Banks
-------------------------------------------------------------
The major European banks are battling a range of rating
pressures.  The prospect of higher loan losses driven by the
economic downturn, the hits on capital from market turmoil, and
reduced investor appetite for the banking sector are all
contributing to weaker financial profiles, Standard & Poor's
Ratings Services noted in the published industry report card
titled, "Credit Losses, Capital, And Confidence -- A Sharp
Economic Downturn Adds To Pressures On Major European Bank
Ratings".

Although wholesale banking losses (and other write-downs of
structured finance investment portfolios) continue to be high,
they are likely to be in line with the expectations factored
into existing ratings.

"The focus is now shifting to the emerging problems in
traditional loan books as the European economies enter into a
downturn at varying speeds," said S&P's credit analyst Michelle
Brennan.

S&P expects to see these economic pressures reflected first in
slower lending and revenues before the rating agency sees
significant loan loss charges emerge.  S&P is seeing generally
more muted earnings expectations even from those banks that are
still reporting respectable headline earnings.  Further
pressures arise from strained capital positions and the
continuing adjustments to tougher funding conditions --
requiring structural changes rather than simply responses to a
weaker part of the economic cycle.

S&P expects to see an acceleration in the number of rating
downgrades as these factors feed through to performance in the
second half of 2008 and even more strongly into 2009.  Although
the main factors driving rating actions in the last year were
liquidity pressures and the impact of write-downs, S&P expects
rating actions over the coming year to be driven primarily by
concerns over the level of credit losses in loan books, and by
differences in capital philosophy.  The difficult funding
environment for smaller or more specialized institutions may
also encourage some consolidation.

As the European banking industry prepares to report its earnings
for the first half of 2008, S&P expects wholesale banking to be
the main driver of divergences in performance, predominantly on
the back of the continued spillover from the United States
housing markets.  The agency expects write-downs to be lower for
the second quarter than the first quarter, except for those
banks that are heavily exposed to monoline bond insurers.  The
outlook for wholesale banking is still difficult, but S&P has
largely factored this into its existing ratings.

Rating actions through into 2009 are more likely to be driven by
what is happening in the domestic real economies.  S&P expects
to see the greatest economic adjustments in the United Kingdom,
Spain, and Ireland, although there is a widespread pattern of
weaker economic activity driving slower revenues.  S&P is also
watching other markets including some of the Central European
and Baltic economies where inflationary and fiscal pressures are
high, and several Western European economies such as Denmark,
the Netherlands, and France.  From an asset-quality perspective,
the first half of 2008 may be more interesting for what it will
not yet show very clearly -- higher loan impairments -- than for
the headline numbers.  S&P does not expect to see significant
increases in loan loss provisions for the first half of 2008,
but it expects to notice early signs of rising delinquencies,
tighter underwriting, slower loan growth, and increased
resources in credit units -- and therefore the expectation of
higher impairments.  The rating agency also see increasing signs
of sset-quality pressures in some specialized books, and expect
this to spread more widely depending on the slowdowns in the
European economies.

"We expect asset-quality problems to be a feature of 2009 rather
than 2008 results, but this has already led to negative rating
actions (or outlook changes) in the U.K., Spain, and Ireland
during the second quarter of 2008 (including several banks
outside the Top-50 banks)," added Ms. Brennan.

Capital adequacy has also come back into focus, and S&P expects
diverging capital policies to contribute to rating actions.  The
growing consensus is that many European banks need to be more
strongly capitalized to cope with times of turbulence.  S&P
welcomes banks' focus on higher capital targets, and greater
emphasis on the quality of capital.  "We anticipate that banks
with more aggressive capital policies will look increasingly out
of step, have greater problems with investor confidence, and
face more rating pressures," added Ms. Brennan.

The slowdown in the real economy is likely to constrain earnings
and therefore restrict internal capital generation.  This may
make it more difficult for some banks to repair their financial
profiles to levels more in line with their ratings.  S&P also
notes the turbulent responses to some recent efforts by European
banks to raise capital.

The market adjustments do create opportunities for some banks,
however.  Stronger players may have the capacity to take
advantage of weaker competition and perhaps to acquire
institutions that have reduced financial flexibility as
independent entities.  S&P expects this to lead to future
opportunistic consolidation, when potential purchasers are happy
with the underlying asset quality.  Banco Santander S.A.'s
agreed offer for Alliance & Leicester PLC is a good example.

Within the Top-50 major European banks, the number of downgrades
has risen, and a high proportion of banks have negative outlooks
assigned to their long-term ratings (16 out of the Top-50, with
one more on CreditWatch with negative implications).  S&P
expects the major European banks to maintain relatively high
rating levels, but the probability of a one-notch downgrade is
meaningful for a range of banks.  Likely triggers include
reduced ability to rebuild financial profiles to levels more in
line with ratings (particularly if weaker economic conditions
hold back revenues and lead to greater-than-expected loan
problems), or capital strategies that do not reflect heightened
risk.


* Credit Losses Threaten European Consumer Finance, S&P Reports
---------------------------------------------------------------
Despite their strong profitability, solid risk management, and
satisfactory business positions, European consumer finance
companies face a less benign business environment now than they
have enjoyed over the past few years, said Standard & Poor's
Ratings Services in a published report titled "Narrowing Margins
And Rising Credit Losses Will Threaten The Risk Reward Balance
In European Consumer Finance."

"Rising funding costs and stiff competition are putting pressure
on interest margins and limiting revenue growth potential," said
S&P's credit analyst Aurélie Thiellet.  "In addition, credit
risk is rising, resulting from both deteriorating economic
conditions and expansion in more volatile markets."

The persistence of adverse conditions could lead us to review
downward our assessment of some companies' stand-alone
creditworthiness.  Given that most of them benefit from parental
support from membership in sound banking or corporate groups,
however, this would not automatically translate into a change in
our ratings.

Given these companies' wholesale funded profiles, liquidity risk
management is key. Market turmoil has increased the
vulnerability of funding, particularly for players that do not
benefit from the support of a solid parent, but all have handled
the crisis so far.

S&P considers rated European consumer finance companies'
capitalization as only adequate, and not a strength for the
ratings on the companies.  Subsidiaries of large banking groups
maintain minimum regulatory requirements, due to their parents'
centralized capital management policy.  While S&P considers
these levels as insufficient for the riskiness of consumer
finance activities, the rating agency believes that the
likelihood of ongoing and extraordinary parental support in case
of need counterbalances the low capital levels.  On the other
hand, players that do not belong to banking groups have higher
regulatory ratios, which S&P considers adequate for their
business profiles.

Under Basel II, most rated consumer finance players will benefit
from capital relief.  Despite this, based on group capital
management policies and independent capital management
decisions, S&P does not expect capitalization to stray far from
current levels.


* BOND PRICING: For the Week July 21 to July 25, 2008
-----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CAD      64.11
                          0.250    10/14/26     CAD      40.36
Immofinanz Immob          2.750    01/20/14     EUR      65.72
Republic of Austria       1.000    06/22/22     EUR      69.02
                          0        10/10/25     EUR      62.83

BELGIUM
-------
Fortis Bank               8.750    12/07/10     EUR      56.73

FINLAND
-------
M-Real Serla              7.250    04/01/13     EUR      66.00
Muni Finance Ltd          1.000    03/19/13     AUD      74.68
Muni Finance PLC          0.500    04/26/13     AUD      72.08
                          1.000    10/30/17     AUD      59.32
                          1.000    02/27/18     AUD      58.44
                          1.000    11/21/16     NZD      62.55
                          0.250    06/28/40     CAD      21.13
                          0.500    09/24/20     CAD      61.02

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      14.73
Altran Technologies S.A.  3.750    01/01/09     EUR      12.61
BNP Paribas               0.250    12/20/14     US$      74.73
Calyon                    6.000    06/18/47     EUR      43.76
CAP Gemini S.A.           2.500    01/01/10     EUR      52.33
                          1.000    01/01/12     EUR      45.09
Club Mediterranee S.A.    3.000    11/01/08     EUR      67.05
                          4.375    11/01/10     EUR      46.15
Essilor Int'l             1.500    07/02/10     EUR      63.25
Europcar Groupe           8.125    05/15/14     EUR      64.28
                          8.125    05/15/14     EUR      64.92
FCC Rome Alliance
Funding                   2.260    01/08/21     EUR      68.60
Groupe Vial               2.500    01/01/14     EUR      31.75
Havas S.A.                4.000    01/01/09     EUR      10.83
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR       0.25
Ingenico                  2.750    01/01/12     EUR      19.29
Maurel & Prom             3.500    01/01/10     EUR      21.19
Publicis Group            1.000    01/18/18     EUR      41.49
Rhodia S.A.               0.500    01/01/14     EUR      33.10
Scor SA                   4.125    01/01/10     EUR       2.06
Soc Air France            2.750    04/01/20     EUR      21.56
ST Gobain                 5.625    11/15/24     GBP      77.02
Theolia                   2.000    01/01/14     EUR      20.79
Valeo                     2.375    01/01/11     EUR      41.85
Wavecom S.A.              1.750    01/01/14     EUR      18.50
Wendel Invest S.A.        2.000    06/19/09     EUR      42.68
                          4.875    11/04/14     EUR      71.55
                          4.875    09/21/15     EUR      69.52
                          4.875    05/26/16     EUR      68.57

GERMANY
-------
Callahan NRH             16.000    07/15/10     US$       0.01
Deutsche Bank London      2.790    07/27/15     EUR      71.37
Deutsche Schifbk          4.200    01/23/09     EUR      99.52
IKB Deut Industriebank    4.080    12/20/35     EUR      73.45
KfW Bankengruppe          0.500    10/30/13     AUD      69.75
                          0.500    12/19/17     EUR      66.56
                          1.250    05/23/20     EUR      72.28
                          1.250    07/07/20     EUR      73.58
                          2.793    07/29/20     EUR      72.72
                          1.250    09/21/25     EUR      66.80
                          5.000    08/10/30     EUR      65.96
                          5.000    09/01/25     EUR      70.37
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      44.04
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      61.10
Westlb AG                 3.350    10/19/26     EUR      74.19

ICELAND
-------
Glitnir banki HF          4.375    02/05/10     EUR      77.44
                          6.000    03/05/12     GBP      77.39
Kaupthing Bank            6.500    02/03/45     EUR      41.68
                          5.750    10/04/11     US$      77.26
                          5.750    10/04/11     US$      78.29
                          7.125    05/19/16     US$     105.63
                          6.125    10/04/16     US$      73.42

IRELAND
-------
Banesto Finance Plc       6.120    11/07/37     EUR       6.12
Depfa ACS Bank            0.500    03/03/25     CDN      48.35
                          0.250    07/08/33     CDN      28.84
Irish Nationwide
  Building Society        5.500    01/10/18     GBP      64.37
Irish Perm Plc            2.500    02/15/35     EUR      49.65
Ono Finance II            8.000    05/16/14     EUR      65.06
UT2 Funding Plc           5.320    06/30/16     EUR      74.92

ITALY
-----
Alitalia SPA              7.500    07/22/10     EUR      65.61
Telecom Italia            5.250    03/17/55     EUR      71.27

LUXEMBOURG
----------
Globus Capital Finance SA 8.500    03/05/12     US$      68.20
IT Holding Fin            9.880    11/15/12     EUR      64.37
Kloeckner & Co Fin Intl   1.500    07/27/12     EUR      71.22
Kudelski Financial
  Services SCA            1.625    10/05/12     CHF      74.52
Lighthouse Intl           8.000    04/30/14     EUR      74.91
Nell AF S.A.R.L.          8.375    08/15/15     EUR      62.80
                          8.375    08/15/15     US$      63.83

NETHERLANDS
-----------
ABN Amo Bank B.V.         6.000    03/16/35     EUR      64.31
Air Berlin Finance B.V.   1.500    04/11/27     EUR      22.85
ALB Finance B.V.          7.875    02/01/12     EUR      73.31
BK Ned Gemeenten          0.500    06/27/18     CDN      66.22
                          0.500    02/24/25     CDN      48.39
BLT Finance BV            7.500    04/17/74     US$      67.55
Clondalkin BV             8.000    03/15/14     EUR      74.92
EM.TV Finance B.V.        5.250    05/08/13     EUR      04.03
Hypo Real ES Finance      5.500    08/20/08     EUR      39.48
Indah Kiat Intl          11.880    06/15/02     US$      53.00
ING Bank N.V.             4.200    12/19/35     EUR      73.94
IVG Finance B.V.          1.750    03/29/17     EUR      50.94
Kazkommerts Finance       8.500    06/13/17     US$      73.46
Kazkommerts Intl          7.500    11/29/16     US$      74.04
                          7.500    11/29/16     US$      74.71
                          6.875    02/13/17     EUR      72.90
KBC Ifima NV              5.880    02/07/25     US$      72.40
Lehman Bros TSY B.V.      2.000    03/18/15     EUR      73.94
                          4.169    02/16/17     EUR      65.02
                          6.000    02/15/35     EUR      53.17
                          2.000    03/16/35     EUR      36.25
                          7.000    05/17/35     EUR      45.25
                          7.250    10/05/35     EUR      38.10
                          6.000    11/02/35     EUR      40.51
Montell Finance B.V.      8.100    03/15/27     US$      58.21
Natl Invester Bank       25.982    05/07/29     EUR      29.26
Ned Waterschapbk          6.000    06/01/35     EUR      62.38
                          6.500    08/15/35     EUR      55.78
                          6.000    06/30/45     EUR      56.92
NXP BV/NXP FUNDI          8.625    10/15/15     EUR      64.02
                          9.500    10/15/15     US$      70.25
Portugal Tel Fin          4.500    06/16/25     EUR      71.93
Rabobank Groep N.V.       2.500    02/22/35     EUR      59.38
                          2.000    03/23/35     EUR      57.08
                          6.000    05/09/35     EUR      60.50
Tjiwi Kimia Fin          13.250    08/01/01     US$       0.01

NORWAY
------
Eksportfinans            13.000    02/25/09     US$      69.25
Kommunalbanken A.S.       0.500    02/07/13     AUD      73.07
Norske Skogindustrier ASA 7.000    06/26/17     EUR      61.90

SPAIN
-----

General De Alqui          2.750    08/20/12     EUR      74.85

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      73.02
Swedish Exp Cred         10.500    09/30/15     TRY      74.48

SWITZERLAND
-----------
Cytos Biotechnology       2.875    02/20/12     CHF      69.33
S-Air Group               0.125    07/07/05     CHF      11.97
Swiss RE                  6.000    12/15/08     CHF      71.37
UBS AG Jersey             3.220    07/31/12     EUR      69.59

TURKEY
------
Turkey Govt Bond         16.000    03/07/12     TRY      91.92

UNITED KINGDOM
--------------
Allianc&Leic Bld          5.875    08/14/31     GBP      78.94
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      50.74
Aspire Defence            4.670     03/31/40    GBP      67.62
                          4.670     03/31/40    GBP      67.59
Bank of Scotland          6.000     02/07/35    EUR      60.93
Bradford&Bin BLD          5.750     12/12/22    GBP      67.88
                          6.625     06/16/23    GBP      65.63
                          4.910     02/01/47    EUR      74.93
Brit Insurance            6.625     12/09/30    GBP      77.37
Britannia Building
   Society                5.875     03/28/33    GBP      72.55
                          5.750     12/02/24    GBP      72.14
Cattles Plc               7.125     07/05/17    GBP      72.17
Derby Healthcare          5.564     06/30/41    GBP      74.70
F&C Asset Management plc  6.750     12/20/26    GBP      70.51
Grainer Plc               3.630     05/17/14    GBP      56.45
Greene King Fin           5.106     03/15/34    GBP      72.93
Hammerson Plc             6.000     02/23/26    GBP      75.00
HBOS Plc                  4.500     03/18/30    EUR      70.23
HSBC Bank Plc             3.750     05/18/15    EUR      71.77
Ineos Group Holdings Plc  7.875     02/15/16    EUR      64.17
                          7.875     02/15/16    EUR      63.84
                          8.500     02/15/16    US$      67.55
Jaztel Plc                5.000     04/29/10    EUR      73.93
Lloyds TSB Bank           6.210     12/14/37    EUR      49.11
Louis No1 Plc             8.500     12/01/14    EUR      70.75
                          8.500     12/01/14    EUR      70.42
                         10.000     12/01/16    EUR      68.92
Marton's Issuer Plc       5.177     07/15/32    GBP      73.22
                          5.641     07/15/35    GBP      74.24
National Grid Gas Plc     1.754     10/17/36    GBP      41.68
                          1.771     03/30/37    GBP      41.67
ONO Finance PLC          10.500     05/15/14    EUR      65.42
                         10.500     05/15/14    EUR      65.67
Rexam Plc                 6.750     06/29/67    EUR      69.79
Royal BK Scotland         0.250     03/27/14    US$      73.65
                          9.500     04/04/25    US$      64.41
                          1.250     06/09/25    EUR      49.10
                          2.793     06/29/30    EUR      43.50
Slough Estates plc        5.625     12/07/20    GBP      77.13
                          5.750     06/20/35    GBP      72.54
Taylor Woodrow            6.375     05/24/19    GBP      53.00
TXU Eastern Funding Co    6.450     05/15/05    US$       0.01
Unique Pub Fin            6.464     03/30/32    GBP      73.31
Wessex Water Finance      1.369     07/31/57    GBP      19.65


                            *********

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 D. 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 * * *