TCREUR_Public/080729.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, July 29, 2008, Vol. 9, No. 149

                            Headlines


A R M E N I A

ARDSHININVESTMENTBANK CJSC: Moody's Assigns D- BSFR/Stable


A U S T R I A

BINDER KEG: Claims Registration Period Ends August 11
EKT–EFERDINGER LLC: Claims Registration Period Ends August 11
PROJEKT GRAZ-RUDERSDORF: Claims Registration Ends August 11
REIN + SAUBER: Claims Registration Period Ends August 11
WUK CONSULT: Claims Registration Period Ends August 11


B E L G I U M

PORTOLA PACKAGING: Will Restructure by Pre-Package Chapter 11
PORTOLA PACKAGING: Bankruptcy Filing Cues Moody's to Junk Rating


F R A N C E

REVLON INC: Posts Preliminary Results For 2008 Second Quarter

* S&P's Concerns on French Banks Shift From Capital to Domestic


G E R M A N Y

ABEDO IMMOBILIEN: Creditors' Meeting Slated for August 7
ADVANCED MICRO: Dirk Mayer Succeeds Hector Ruiz as CEO
CAN GMBH: Creditors' Meeting Slated for August 5
CREATIVE UNTERNEHMENSBERATUNG: Creditors' Meeting Set August 5
DENTALLEGIERUNGEN STRASSER: Creditors' Meeting Set August 7

IKB DEUTSCHE: Unveils EUR1.25 Billion Capital Increase Details
SPIELMIT FREIZEIT: Claims Registration Period Ends August 6


I T A L Y

ALITALIA SPA: Board Expresses Concern Over Rescue Plan

* Fitch: Italy's Loan Renegotiation Scheme Won't Move Ratings


K A Z A K H S T A N

ALUA LLP: Creditors Must File Claims by September 10
EGIDA-ATYRAU LLP: Claims Deadline Slated for September 11
GAS TECH: Claims Filing Period Ends September 11
GRAMELIYA JSC: Creditors' Claims Due on September 10
INVENSYS SYSTEMS: Claims Registration Ends September 11

KOKSHETAUSKAYA VET: Creditors Must File Claims by September 4
RIELT-YAIK LLP: Claims Deadline Slated for September 4
TEMIR-DOSTYK INT'L.: Claims Filing Period Ends September 10


K Y R G Y Z S T A N

TREST OIL: Creditors Must File Claims by September 4


N E T H E R L A N D S

ELM BV: S&P Removes BB+ Rating From CreditWatch Negative
NXP BV: S&P Puts B+ Corp. Credit Rating on CreditWatch Negative


R O M A N I A

BANCA TRANSILVANIA: Fitch Affirms 'B' Individual Rating


R U S S I A

AGRO-GRAIN-PLASTOVSKOE: Court Names A. Fazlyev to Manage Assets
AGROVALUYSKIY COMPLEX: Belgorod Bankruptcy Hearing Set October 9
ALCOR-ENERGO-STROY: Creditors Must File Claims by August 28
BUR-GAS-SERVICE: Creditors Must File Claims by August 28
COM-WOOD-PROM: Krasnoyarsk Bankruptcy Hearing Set September 11

DISTILLERY PETROVSKIY: Ivanovo Bankruptcy Hearing Set October 29
DOR-MASHINA OJSC: Creditors Must File Claims by August 28


S W E D E N

FORD MOTOR: Improves Car Conversion Plan, Realigns Manufacturing


S W I T Z E R L A N D

BGS VERWERTUNG: Creditors Have Until Aug. 9 to File Claims
CONSTRUCAL JSC: Aug. 9 Set as Deadline to File Proofs of Claim
GYGLI LEBENSMITTEL: Creditors Must File Claims by Aug. 10
HBE SERVICE: Deadline to File Proofs of Claim Set August 10
KRONE KEMPRATEN: Proofs of Claim Filing Deadline is August 10

LUWA LLC: Creditors' Proofs of Claim Due by August 10
NEUTHERM JSC: August 10 Set as Deadline to File Proofs of Claim
PRANTL JSC: Creditors Must File Proofs of Claim by August 9
SCHREINEREI PAUL: Deadline to File Proofs of Claim Set Aug. 10
SEMGROUP ENERGY: Omnibus Agreement with SemGroup LP Terminated

SEMGROUP LP: Bankruptcy Won't Affect SemGroup Energy Unit
SEMGROUP LP: Affiliates Seek Protection Under CCAA (Canada)
SEMGROUP LP: Ceases as White Cliffs Manager Over Loan Default
TEMPO LLC: Proofs of Claim Filing Deadline is August 10


U K R A I N E

BANK DIAMANT: Fitch Holds 'BB-(ukr)' National Long-Term Rating


U N I T E D   K I N G D O M

ABITIBIBOWATER INC: Inks Consulting Deal with T. Thorsteinson
ACUMEN DIRECT: Claims Filing Period Ends September 9
ADVANSA LTD: Taps Liquidators from PricewaterhouseCoopers
AIRE VALLEY: Fitch Assigns 'BB' Rating on GBP210MM Class D Loans
APEX LOAN: Fitch Moves Class E Notes to Special Servicing

AUXILIA GROUP: Brings In Liquidators from KPMG
BRITISH ENERGY: Holding Final Sale Talks with EDF SA
CANINE CORPORATION: Calls In Liquidators from Grant Thornton
COBRA DESIGN: Calls In Joint Administrators from Tenon Recovery
ELLERINGTON OFFICE: HSBC Bank Taps Receivers from PwC

EURO PROPERTY: Appoints Liquidators from Tenon Recovery
FIVE STAR: Brings In Joint Administrators from Begbies Traynor
FLOORS-2-GO LTD: Unable to Pay Employees; Faces Cash Flow Woes
GOLDCROFT LTD: Claims Filing Period Ends September 7
ILVA FURNITURE: Closing Three UK Stores; 400 Jobs Affected

NEWGATE FUNDING: S&P Removes 7 Low-B Ratings From Nagative Watch
P&M TRADE: Appoints Joint Administrators from Begbies Traynor
TEAL INTERNATIONAL: Taps Begbies Traynor to Administer Assets

* Large Companies with Insolvent Balance Sheet


                            *********


=============
A R M E N I A
=============


ARDSHININVESTMENTBANK CJSC: Moody's Assigns D- BSFR/Stable
----------------------------------------------------------
Moody's Investors Service assigned a bank financial strength
rating of D- to Armenia's Ardshininvestbank, as well as Ba1
long-term and Not Prime short-term global local currency deposit
ratings, and Ba3 long-term and Not Prime short-term foreign
currency deposit ratings.  The outlook on all ratings is stable.

According to Moody's, ASHIB's D- BFSR -- which maps to a
Baseline Credit Assessment of Ba3 -- derives from its good
franchise as one of Armenia's largest banks (ranking second in
terms of assets with a 12.2% market share as at YE2007 --
reportedly moving up to first place by March 2008) and good
financial metrics, particularly, buoyant profitability, solid
capitalization and above-average efficiency ratios, within the
Armenian context.  As the successor of the (merged and
rehabilitated) former state-owned Soviet Promstroy Bank and
Armagrobank, ASHIB is one of the oldest banks in Armenia.  It is
a universal bank with broad market reach afforded by its large
branch network, and is active in most economically viable
sectors in the country.

However, ASHIB's BFSR additionally reflects these challenges:

(i) intensifying competitive pressures, particularly following
    the entry of foreign banks into the Armenian banking system;

(ii) the evolving nature of the bank's risk management function
     and operational structure limitations;

(iii) high concentrations on both sides of the balance sheet;
      and

(iv) geographic concentration to its country of domicile. The
     rating also reflects Moody's view that the bank's asset
     quality, which although currently strong, has started to
     exhibit early signs of weakening, is subject to risks
     relating to Armenia's potentially volatile operating
     environment as well as to currency-induced credit risk (a
     significant proportion of loans are denominated in foreign
     currency).

Going forward, Moody's expects that intensifying competitive
pressures will weigh on ASHIB's currently exceptional margins
while -- as the loan portfolio goes through a full economic
cycle -- asset quality will weaken to levels observed in other
countries when undergoing similar stages of development.

ASHIB's long-term local currency deposit rating of Ba1 is based
on Moody's assessment that the probability of systemic support
for the bank (using Armenia's local currency deposit ceiling of
Baa1) in the event of need is high. Hence, this rating enjoys a
two-notch uplift from the bank's Ba3 Baseline Credit Assessment.

ASHIB's Ba3/Not Prime foreign currency deposit ratings are
constrained by Armenia's foreign currency deposit ceilings and
would move up in tandem with any upgrades of this ceiling -- up
to the level of the bank's global local currency deposit
ratings, currently Ba1/Not Prime.

                   About Ardshininvestbank

Headquartered in Yerevan, Ardshininvestbank reported total
assets of AM$104.6 billion (US$344 million) as at March 2008.


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


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

         Dr. Klaus Doernhoefer
         Franz Liszt-Gasse 1
         7000 Eisenstadt
         Austria
         Tel: 02682/62468
         Fax: 02682/66214
         Austria
         E-Mail: office@wirhabenrecht.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Aug. 25, 2008, for the
examination of claims at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Poettsching, Austria, the Debtor declared
bankruptcy on June 27, 2008, (Bankr. Case No. 41 S 30/08m).


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

         Dr. Peter Posch
         Eisenhowerstrasse 40
         4600 Wels
         Austria
         Tel: 07242/61212, 47024
         Fax: 07242/47167
         E-mail: peter.posch@kapo.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Aug. 11, 2008 for the
examination of claims at:

         The Land Court of Wels
         Hall 101
         Wels
         Austria

Headquartered in Breitenaich, Austria, the Debtor declared
bankruptcy on June 27, 2008, (Bankr. Case No. 20 S 80/08b).


PROJEKT GRAZ-RUDERSDORF: Claims Registration Ends August 11
-----------------------------------------------------------
Creditors owed money by LLC Projekt Graz-Rudersdorf Errichtung
have until Aug. 11, 2008, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Wolfgang Klobassa
         Conrad-von-Hoetzendorf-Strasse 15
         8570 Voitsberg
         Austria
         Tel: 03142/21850-0
         Fax: 03142/21850-6
         E-mail: office@ra-semlitsch-klobassa.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 3:10 p.m. on Aug. 28, 2008, for the
examination of claims at:

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

Headquartered in Koaflach, Austria, the Debtor declared
bankruptcy on July 1, 2008, (Bankr. Case No. 25 S 45/08t).


REIN + SAUBER: Claims Registration Period Ends August 11
--------------------------------------------------------
Creditors owed money by REIN + SAUBER International LTD have
until Aug. 11, 2008, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Alois Nussbaumer
         Stadtplatz 19
         4840 Voecklabruck
         Austria
         Tel: 07672/72607
         Fax: 07672/75567
         E-mail: rae.nuss-hoff-herz@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on Aug. 21, 2008, for the
examination of claims at:

         The Land Court of Wels
         Hall 101
         Wels
         Austria

Headquartered in Voecklabruck, Austria, the Debtor declared
bankruptcy on June 24, 2008, (Bankr. Case No. 20 S 79/08f).


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

         Hubert Hohenberger
         2320 Schwechat
         Brauhausstrasse 9a
         Austria

Creditors and other interested parties are encouraged to attend
the creditors' meeting at [time] on [date] for the examination
of claims at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Neusiedl am See, Austria, the Debtor declared
bankruptcy on June 30, 2008, (Bankr. Case No. 26 S 59/08s).


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


PORTOLA PACKAGING: Will Restructure by Pre-Package Chapter 11
-------------------------------------------------------------
Portola Packaging Inc. entered into a restructuring support
agreement with its principal secured lenders and holders in
excess of 80% in amount of its 8-1/4% Senior Notes due 2012
which will enable the company to significantly reduce its
outstanding indebtedness.  The company plans to implement the
proposed restructuring through a pre-packaged Chapter 11
bankruptcy filing.

In connection with the restructuring, the company also has
reached agreement with Wayzata Investment Partners LLC, a
Minnesota-based investment firm with more than US$6 billion in
assets under management, which will provide the company with
access to a US$10 million bridge facility to fund the
restructuring process.

Pursuant to the restructuring, holders of the senior notes will
receive 100% of the common stock of reorganized Portola in
exchange for their claims.  Wayzata is expected to be the
company's controlling shareholder upon emergence from Chapter
11.

Importantly, the restructuring contemplates that all obligations
owed to trade creditors, suppliers, customers and employees in
the ordinary course of business will be unimpaired and
unaffected by the restructuring.

The company expects to commence the formal process of vote
solicitation in early August.  When the necessary votes are
received, the restructuring will be finalized through a
voluntary pre-packaged bankruptcy filing under chapter 11 of the
U.S. Bankruptcy Code to be commenced in early September 2008.

The company anticipates that the restructuring process will be
completed by the end of October 2008 at the latest.

"We are pleased to have achieved such strong support for a
consensual restructuring that dramatically improves our balance
sheet, reduces our annual cash interest obligations by
approximately US$15 million, and enables continued reinvestment
in our products and future growth," Brian J. Bauerbach,
Portola's President and CEO, stated.  "We are thrilled to have
the continued support of Wayzata and look forward to its long
term commitment to the business."

                         Notice of Default

As reported in the Troubled Company Reporter on July 21, 2008,
Portola Packaging received a notice of default under its
US$60.0 million revolving credit agreement dated Jan. 16, 2004,
with General Electric Capital Corporation.

The notice was prompted by the company's filing stating that the
company was investigating accounting irregularities at certain
subsidiaries in China that may require restatement of these
financial statements for approximately $2.5 million net over
these periods, in total.

            S&P Cuts Corporate Credit Rating to 'CCC-'

Standard & Poor's Ratings Services said on July 23, 2008, it
lowered its ratings on Portola Packaging Inc. by one notch,
including its corporate credit rating to 'CCC-' from 'CCC'.  The
outlook remains negative.

The downgrade reflects a potential debt restructuring that S&P
could view as tantamount to a default, heightened liquidity
concerns, and continued poor operating results.  The company
recently disclosed that it is evaluating alternatives that could
include a restructuring of its funded debt obligations.

On June 30, 2008, Portola received a notice of default and
reservation of rights from General Electric Capital Corp. in
accordance with the credit agreement governing its US$60 million
senior secured revolving credit facility.  The notice was
prompted by Portola's earlier filing stating that it was
investigating accounting irregularities at certain subsidiaries
in China that may require an unfavorable restatement of
financial statements.

Portola reported on July 7, 2008, that GECC continued to make
funds available under the credit agreement.

"However, we are becoming increasingly concerned about its
continuing access to the facility in light of the accounting
investigation and ongoing discussions with GECC and Wayzata
Investment Partners LLC regarding forbearance arrangements that
would allow the company to pursue a balance sheet
restructuring," credit analyst Henry Fukuchi said.

"In addition, recent operating results have been weaker than
expected due to ongoing challenges related to resin and energy-
related cost increases," Mr. Fukuchi said.

With annual sales of about US$284 million, Batavia, Illinois-
based Portola produces tamper-evident plastic closures on
packaging applications for noncarbonated beverages such as dairy
drinks, fruit juices, and water; cosmetics; and food products.

                      About Portola Packaging

Headquartered in Batavia, Illinois, Portola Packaging Inc. --
http://www.portpack.com/-- designs, manufactures and markets
tamper-evident plastic closures used in dairy, fruit juice,
bottled water, sports drinks, institutional food and other non-
carbonated beverage markets.  The company also produces a wide
variety of plastic bottles for use in dairy, water and juice
markets, including various high density bottles, as well as
five-gallon polycarbonate water bottles.  In addition, the
company designs, manufactures and markets capping equipment for
use in high speed bottling, filling and packaging production
lines.  Portola is also engaged in the manufacture and sale of
tooling and molds used for blow molding.  The company has
locations in China, Mexico and Belgium.


PORTOLA PACKAGING: Bankruptcy Filing Cues Moody's to Junk Rating
----------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
of Portola Packaging, Inc. to Caa3 from Caa1 and changed the
outlook for the ratings to negative from stable.  The company's
Probability of Default Rating was lowered to Ca from Caa1.

The downgrades were prompted by Portola's announcement that it
intends to file for bankruptcy, which is reflective of
deteriorating business conditions, higher input costs, and
liquidity constraints.  The company has announced its intention
to seek a Chapter 11 bankruptcy.  Portola also announced that it
has reached an agreement with 80% of the holders of the senior
notes due 2012 to exchange these notes for common stock in the
reorganized company.  Minnesota investment firm Wayzata
Investment Partners LLC is expected to provide a US$10 million
bridge loan to fund the restructuring.

Portola has faced ongoing business challenges, including weak
demand, negative changes in mix and inflationary pressures,
which have pressured volumes and margins.  In addition, on June
30, 2008, Portola received a notice of default and reservation
of rights from the lender for its US$60 million senior secured
revolving credit facility.  The notice was prompted by the
company's June 23, 2008 filing stating that it was investigating
accounting irregularities at its China subsidiaries, which may
require a restatement of financial statements which would lower
net income by approximately US$2.5 million.

Moody's took these rating actions:

- Downgraded and withdrew the US$60 million Guaranteed Senior
  Secured Revolver due 2009, to B3 (LGD2, 13%) from B1 (LGD 2,
  11%)

- Downgraded the US$180 million Guaranteed Senior Unsecured
  Notes due 2012, to Ca (LGD4, 56%) from Caa2 (LGD4, 65%)

- Downgraded the Corporate Family Rating to Caa3 from Caa1

- Downgraded the Probability of Default Rating to Ca from Caa1

The rating outlook was changed to negative from stable.

The Ca Probability of Default Rating (PDR) reflects the very
high probability of default in the near-term.  Moody's believes
that the overall family recovery (Loss Given Default Assessment)
for Portola will be approximately 60%, which is somewhat better
than the standard 50% family recovery.  As a result of the
slightly-higher-than-average recovery rate, the Corporate Family
Rating is, at Caa3, one notch higher than the PDR.  The Ca
rating on the Guaranteed Senior Unsecured Notes reflects a
sizable expected loss for this class of debt.  The B3 rating for
the Senior Secured Revolver is one notch lower than that
indicated by Moody's Loss-Given-Default methodology but is
believed to be more indicative of the small losses likely to be
incurred by the lender as a result of the company's bankruptcy
and restructuring.  The proximity to default was also a factor
in adjusting the Revolver rating downward to B3.

                    About Portola Packaging

Portola Packaging Inc. -- http://www.portpack.com/-- designs,
manufactures and markets tamper evident plastic closures used in
dairy, fruit juice, bottled water, sports drinks, institutional
food products and other non-carbonated beverage products.  The
company also produces a wide variety of plastic bottles for use
in the dairy, water and juice industries, including various high
density bottles, as well as five-gallon poly carbonate water
bottles.  In addition, the company designs, manufactures and
markets capping equipment for use in high-speed bottling,
filling and packaging production lines.  The company is also
engaged in the manufacture and sale of tooling and molds used in
the blow molding industry.  The company has locations in China,
Mexico and Belgium.


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


REVLON INC: Posts Preliminary Results For 2008 Second Quarter
-------------------------------------------------------------
Revlon Inc. disclosed Thursday its preliminary estimated
earnings for the second quarter ended June 30, 2008.

Preliminary second quarter 2008 financial results, compared to
the second quarter of last year:

-- Net sales of approximately US$375 million, compared to
    US$349.2 million.

-- Operating income of approximately US$60 million, compared to
    US$16.9 million.

-- Net income of approximately US$20 million, compared to a net
    loss of US$11.3 million.

-- Adjusted EBITDA of approximately US$80 million, compared to
    US$42.0 million.

Revlon president and chief executive officer David Kennedy said,
"Our strong preliminary results in the second quarter continue
to validate our strategy.  We continue to focus on the key
drivers, including: innovative, high-quality, consumer-preferred
new products; effective, integrated brand communication;
competitive levels of advertising and promotion; and superb
execution with our retail partners, which build our brands,
particularly the Revlon brand, and generate sustainable,
profitable sales growth.  We also remain focused on controlling
our costs and driving efficiencies throughout our organization,
which continue to positively impact our margins and cash flows."

               Preliminary Second Quarter Results

Net sales in the second quarter of 2008 increased by 8% to
approximately US$375 million, compared to net sales of
US$349.2 million in the second quarter of 2007.  Excluding the
favorable impact of foreign currency fluctuations, net sales in
the second quarter increased approximately 6% versus year-ago.

In the United States, net sales in the second quarter of 2008
increased 6% to approximately US$215 million, compared to net
sales of US$204.2 million in the second quarter of 2007.  The
company reported that the primary driver of the second quarter
net sales growth was higher shipments of Revlon color cosmetics,
largely due to 2008 new product launches, including initial
shipments of its  more extensive second half 2008 new product
lineup.

In the company's international operations, net sales in the
second quarter of 2008 increased 10% to approximately
US$160 million, compared to net sales of US$145.0 million in the
second quarter of 2007.  Excluding the favorable impact of
foreign currency fluctuations, net sales in the second quarter
of 2008 increased 5% compared to the same period last year,
reflecting primarily higher shipments of Revlon color cosmetics
products launched in 2008.

Each of the company's international regions, namely, Asia
Pacific, Europe, and Latin America, experienced net sales growth
and margin expansion in the second quarter of 2008 compared to
the year-ago quarter.

Operating income was approximately US$60 million in the second
quarter of 2008, versus US$16.9 million in the second quarter of
2007.  Net income in the second quarter of 2008 was
approximately US$20 million, compared with a net loss of US$11.3
million in the second quarter of 2007.  Adjusted EBITDA was
approximately US$80 million in the second quarter of 2008,
compared to US$42.0 million in the same period last year.

Operating income, net income and Adjusted EBITDA in the second
quarter of 2008 improved significantly compared to the same
period last year, primarily driven by higher net sales and the
non-recurrence of brand support in the second quarter of 2007
related to the launch of Revlon Colorist hair color.  Operating
income and Adjusted EBITDA in the second quarter of 2008 include
a net gain of approximately US$6 million related to the sale of
a facility in Mexico.  The expected full year impact of the sale
of the facility in Mexico will be approximately US$4 million,
after recording restructuring and other related charges in the
second half of the year.

Adjusted EBITDA is defined as net earnings before interest,
taxes, depreciation, amortization, gains/losses on foreign
currency transactions, gains/losses on the early extinguishment
of debt and miscellaneous expenses.  The company's management
utilizes Adjusted EBITDA as an operating performance measure in
conjunction with GAAP measures, such as net income and gross
margin calcu latedin accordance with GAAP.

                       About Revlon Inc.

Headquartered in New York City, Revlon Inc. (NYSE: REV)
-- http://www.revloninc.com/-- is a worldwide cosmetics, hair
color, beauty tools, fragrances, skincare, anti-
perspirants/deodorants and personal care products company.  The
company's brands, which are sold worldwide, include Revlon(R),
Almay(R), Mitchum(R), Charlie(R), Bozzano(R), Gatineau(R) and
Ultima II(R).    The company's European operations are located
in the United Kingdom, France and Italy.

At March 31, 2008, the company's consolidated balance sheet
showed US$882.6 million in total assets and US$2.0 billion in
total liabilities, resulting in a US$1.1 billion total
stockholders' deficit.


* S&P's Concerns on French Banks Shift From Capital to Domestic
---------------------------------------------------------------
The current financial crisis has hit French banks hard and now
they are facing domestic banking pressure, said Standard &
Poor's Ratings Services in a published report, "Bank Industry
Risk Analysis: For French Banks, Concerns Shift From Capital
Markets To Domestic Pressures."

"Although the French banking industry is among the healthiest in
the world, after several years of improvement, French banks'
creditworthiness deteriorated in the past year," said S&P's
credit analyst Bernard de Longevialle.  "This reflects a
combination of factors, including pressure on domestic banking
revenues, comparatively large U.S. subprime exposure, and other
elements specific to each institution."

While S&P does not expect any sharp deterioration in French
banks' financial profiles in the coming quarters, the
persistence of domestic earnings pressure amid weakened economic
conditions could, over time, erode current ratings.

The French banking sector is one of the most consolidated among
large European economies, with six universal banking groups
occupying center stage.  This high level of consolidation has
not resulted in a reduction of distribution capacity in retail
banking, though.  Competition is very stiff, particularly on the
credit side.

The domestic market's limited growth prospects have been pushing
banks increasingly to develop outside France in the past few
years.  Large commercial banks have strong international
operations, making the French banking sector among the most
geographically diversified in Europe.

Although French banks' direct and indirect exposures to the
subprime sector generated heavy depreciation charges in 2007 and
the first half of 2008, the banking sector appears resilient.
However, the financial crisis is forcing some of the large
banking groups to revise downward their ambitions in corporate
and investment banking activities, but without threatening the
universal banking model that they have built over the past
years.

On the domestic side, strong pressure on revenues and higher
refinancing costs translate into incremental deterioration of
profitability metrics for most players.  In addition, while
domestic credit risk should remain low by international
standards, some deterioration could take place, including in
mortgage lending where banks have produced many very high LTV
loans until recently.

Thanks to a high household savings rate, the French banking
sector benefits from a large and stable retail deposit base.
This constitutes a sound and comparatively cheap funding source,
which enables banks to maintain limited recourse to
securitization.

Overall, S&P does not expect implementation of Basel II to
modify significantly large universal banks' capital policies in
the short term.


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


ABEDO IMMOBILIEN: Creditors' Meeting Slated for August 7
--------------------------------------------------------
The court-appointed insolvency manager for Abedo Immobilien
GmbH, Dr. Wolfgang Petereit, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
9:45 a.m. on Aug. 7, 2008.

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

         The District Court of Mainz
         Hall 174
         Building B
         Ernst-Ludwig Strasse 7
         55116 Mainz
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:45 a.m. on Oct. 6, 2008, at the same
venue.

Creditors have until Aug. 30, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Wolfgang Petereit
         Kaiserstrasse 24a D
         55116 Mainz
         Germany
         Tel: 06131/626080
         Fax: 06131/6260813

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

The Debtor can be reached at:

         Abedo Immobilien GmbH
         Am Alten Weg 29
         55127 Mainz
         Germany


ADVANCED MICRO: Dirk Mayer Succeeds Hector Ruiz as CEO
------------------------------------------------------
Advanced Micro Devices Inc. disclosed last week that its board
of directors elected president and chief operating officer Dirk
Meyer as the company's chief executive officer.  Mr. Meyer
succeeds Hector Ruiz, who will become executive chairman of the
company and chair of the board of directors.

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

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

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

Mr. Meyer, 46, joined the company in 1995.  In 2006, Mr. Meyer
was appointed president and chief operating officer, and in
2007, he was elected to the company's board of directors.

Mr. Ruiz, 62, joined the company as president and chief
operating officer in January 2000 and became the company's chief
executive officer on April 25, 2002.  He has served on the
company's board of directors since 2000 and was appointed
chairman of the board of directors in 2004.

                      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.   Outside the United States, the company
has subsidiaries in Belgium, Brazil, China, Germany, Japan,
Malaysia and Bermuda.

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.

                         *     *     *

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


CAN GMBH: Creditors' Meeting Slated for August 5
------------------------------------------------
The court-appointed insolvency manager for Can GmbH, Ruediger
Wienberg will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 11:30 a.m. on
Aug. 5, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:10 a.m. on Nov. 4, 2008, at the same
venue.

Creditors have until Sept. 4, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Can GmbH on June 20, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Can GmbH
         Breitkopfstr. 75
         13409 Berlin
         Germany


CREATIVE UNTERNEHMENSBERATUNG: Creditors' Meeting Set August 5
--------------------------------------------------------------
The court-appointed insolvency manager for Creative
Unternehmensberatung GmbH, Dr. Detlef Ruediger Beckmann will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 11:25 a.m. on Aug. 5, 2008.

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

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

The Court will verify the claims set out in the insolvency
manager's report at the same time on the same date at the same
venue.

Creditors have until Sept. 4, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Detlef Ruediger Beckmann
         Lindenallee 33
         14050 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Creative Unternehmensberatung GmbH on
June 11, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Creative Unternehmensberatung GmbH
         Kantstr. 115
         10627 Berlin
         Germany


DENTALLEGIERUNGEN STRASSER: Creditors' Meeting Set August 7
-----------------------------------------------------------
The court-appointed insolvency manager for Dentallegierungen
Strasser GmbH, Joachim Voigt-Salus, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:25 a.m. on Aug. 7, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:05 a.m. on Nov. 6, 2008, at the same
venue.

Creditors have until Sept. 7, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Dentallegierungen Strasser GmbH on June 24,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Dentallegierungen Strasser GmbH
         Sophie-Charlotten-Strasse 9-10
         14059 Berlin
         Germany


IKB DEUTSCHE: Unveils EUR1.25 Billion Capital Increase Details
--------------------------------------------------------------
The Board of Managing Directors of IKB Deutsche Industriebank AG
has determined, with approval of the Supervisory Board, on
July 25, 2008, the details of the capital increase resolved by
the shareholders' meeting on March 27, 2008.  The resolution of
the shareholders' meeting was entered into the commercial
registry on July 25, 2008.

The new shares will be offered to shareholders on a pre-emptive
basis during the period from July 29, 2008, until Aug. 11, 2008,
(inclusive) at a price of EUR2.56 per new share.

In addition to their statutory pre-emptive rights, the
shareholders will be granted the opportunity, against payment of
the share price, to subscribe for new shares for which pre-
emptive rights are not exercised during the subscription period.

During the period from July 29, 2008, until Aug. 6, 2008
(inclusive), the pre-emptive rights can be traded on the
Frankfurt Stock Exchange.

KfW has informed the company that it intends to undertake
towards IKB to subscribe for a sufficient number of new shares,
such that IKB will receive proceeds of at least EUR1.25 billion
(before costs and not including a premium from interest income)
from the capital increase.  This obligation to subscribe for new
shares is expected to be subject to the condition precedent that
the European Commission issues an approving decision.

In order to maximize the proceeds from the capital increase, the
Board of Managing Directors principally intends to delay the
registration of the recording of the completion of the capital
increase in the commercial register until the European
Commission has issued its decision or KfW has subscribed for the
relevant number of new shares.

The Board of Managing Directors expects that the European
Commission will make its decision in October of 2008.  The
admission of the new shares to trading will be applied for after
recording of the completion of the capital increase in the
commercial register and is expected to take place in the fourth
quarter of 2008.

                       About IKB Deutsche

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

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

                         *     *     *

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


SPIELMIT FREIZEIT: Claims Registration Period Ends August 6
-----------------------------------------------------------
Creditors of Spielmit Freizeit und Unterhaltung GmbH have until
Aug. 6, 2008, to register their claims with court-appointed
insolvency manager Joerg Trittermann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Braunschweig
         Hall E 01
         Martinikirche 8
         38100 Braunschweig
         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:

         Joerg Trittermann
         Lessingplatz 9D
         38100 Braunschweig
         Germany
         Tel: (0531) 1206875
         Fax: (0531) 1206880
         E-mail: insolvenz@trittermann.de

The District Court of Braunschweig opened bankruptcy proceedings
against Spielmit Freizeit und Unterhaltung GmbH on June 12,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Spielmit Freizeit und Unterhaltung GmbH
         Attn: Rudolf Jung, Manager
         Berliner Platz 1c
         38102 Braunschweig
         Germany


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


ALITALIA SPA: Board Expresses Concern Over Rescue Plan
------------------------------------------------------
Alitalia S.p.A.'s board of directors expressed concern over the
Italian government's plan to place the national carrier under
extraordinary administration, Thomson Financial News says,
citing an unsourced La Repubblica report.

As reported in the TCR-Europe on July 24, 2008, Intesa Sanpaolo
S.p.A.'s "Fenice" plan entails that the Italian government will
amend a law used to reorganized Parmalat S.p.A.  The government
tapped Intesa Sanpaolo as adviser for the sale of its 49.9%
stake in Alitalia.

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

Alitalia chairman Aristide Police noted that directors might
face prosecution if the carrier were placed in administration.

The board, Corriere della Sera reports, has asked the government
for clarifications on the planned reorganization of the company.

According to Corriere della Sera, a clarification would serve as
basis for Alitalia whether to prepare its first-half accounts as
going concern or going as administration.

Meanwhile, La Repubblica reports that Intesa Sanpaolo is asking
for a one-month extension of its August 10 deadline to present
Alitalia's rescue plan to the government.

                        About Alitalia

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

                        *     *     *

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


* Fitch: Italy's Loan Renegotiation Scheme Won't Move Ratings
-------------------------------------------------------------
Fitch Ratings says in a report that the Italian government's
newly implemented loan renegotiation scheme for domestic
mortgage borrowers will not result in immediate rating action on
the ratings of Italian RMBS notes.

The decree provides that the renegotiation scheme can be
requested by borrowers only if the lender or, in the case of
RMBS, the notes' issuer, has agreed to implement it.  For this
reason, it is unlikely that Fitch will take rating actions on
the outstanding ratings of Italian RMBS unless the issuer
decides to implement the renegotiation scheme or unless the
prepayment rate on transactions where the scheme is not
implemented is expected to rise significantly and is likely to
result in negative impacts.

Fitch expects each lender will define its own way to
operationally implement the renegotiation, based on the features
of its mortgage products and therefore it is currently not
possible to draw any general conclusions, except that the scheme
proposed by the decree would clearly alter the portfolio cash
flows and create potential mismatches with the interest rate to
be paid to the RMBS notes.

Should the issuer decide not to offer the renegotiation option,
Fitch will, in addition to its regular analysis, test
transaction-specific high prepayment scenarios to take into
account the possibility of other refinancing options from the
originator or other lenders for borrowers eligible for a
renegotiation.  In such instances, the transaction-specific
stresses will be disclosed in the presale and new issue rating
reports.


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


ALUA LLP: Creditors Must File Claims by September 10
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Agro Firm Alua insolvent.

Creditors have until Sept. 10, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         0ffice 8
         Kassin Str. 2/1
         Mamyr
         050052, Almaty
         Kazakhstan
         Tel: 8 (7272) 26-38-44
              8 777 559 68-31
              8 777 258 50-41


EGIDA-ATYRAU LLP: Claims Deadline Slated for September 11
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Egida-Atyrau insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (71222) 32-90-02


GAS TECH: Claims Filing Period Ends September 11
------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Gas Tech Stroy insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (71222) 32-90-02


GRAMELIYA JSC: Creditors' Claims Due on September 10
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared JSC Grameliya insolvent.

Creditors have until Sept. 10, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Rayimbek Str. 12
         Erkin
         Talgarsky
         Almaty
         Kazakhstan


INVENSYS SYSTEMS: Claims Registration Ends September 11
-------------------------------------------------------
LLP Representation of the Company Invensys Systems GmbH has
declared insolvency.  Creditors have until Sept. 11, 2008, to
submit written proofs of claims to:

         LLP Representation of the Company
         Invensys Systems GmbH
         Kazybek bi Str. 41
         Almaty
         Kazakhstan


KOKSHETAUSKAYA VET: Creditors Must File Claims by September 4
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared JSC Kokshetau Veterinary Drug Store
Kokshetauskaya Vet Apteka insolvent.

Creditors have until Sept. 4, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Lomonosov Str.
         Molodejnoye
         Jumabaev
         North Kazakhstan
         Kazakhstan


RIELT-YAIK LLP: Claims Deadline Slated for September 4
------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Rielt-Yaik insolvent.

Creditors have until Sept. 4, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Tolstoi Str. 59
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (7112) 50-35-81


TEMIR-DOSTYK INT'L.: Claims Filing Period Ends September 10
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Joint Enterprise Temir-Dostyk International
insolvent.

Creditors have until Sept. 10, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         0ffice 8
         Kassin Str. 2/1
         Mamyr
         050052, Almaty
         Kazakhstan
         Tel: 8 (7272) 26-38-44
              8 777 559 68-31
              8 777 258 50-41


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


TREST OIL: Creditors Must File Claims by September 4
---------------------------------------------------
LLC Trest Oil has declared insolvency.  Creditors have until
Sept. 4, 2008, to submit written proofs of claim to:

         LLC Trest Oil
         Kuiruchuk Str. 81/2
         Residential District Kok-Jar
         Bishkek
         Kyrgyzstan


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


ELM BV: S&P Removes BB+ Rating From CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services has raised the ratings on
nine Asia-Pacific synthetic collateralized debt obligations
(CDOs).  The ratings on another 10 CDOs were affirmed.

Of the 19 CDOs affected by the announcement, 10 had their
ratings taken off CreditWatch with negative implications, eight
were taken off CreditWatch With positive implications, and one
was taken off CreditWatch with developing implications.

The rating on Morgan Stanley Managed ACES SPC Series 2006-12
Class IA, is the only one of the group to remain on CreditWatch.
Its rating was raised but placed on CreditWatch with negative
implications due to its dependency on MBIA Insurance Corp.
('AA/Watch Neg') as the issuer of its authorized investments.

These rating actions follow an earlier review on July 9, 2008,
entitled "Ratings On 10 Asia-Pacific Synthetic CDOs Placed On
CreditWatch, 12 Taken Off Watch Neg".

For the transactions that had their ratings raised, their SROCs
have stayed above 100% at the higher rating level.  Transactions
that had their ratings removed from CreditWatch with negative
implications have synthetic rated overcollateralization levels
that are more than 100% at the current rating, due to positive
rating migration in their portfolios.

Where the SROC is less than 100%, scenarios that project the
current portfolio 90 days into the future are run, assuming no
asset rating migration.  Where this projection indicates that
the SROC would return to a level above 100%, the rating is
maintained, but placed on CreditWatch with negative
implications.  If the projection indicates that the SROC would
remain below 100%, the rating is immediately lowered.

The rating actions taken on the affected transactions are:

Name                 Rating to    Rating From          SROC
----                 ---------    -----------          ----
ARLO Ltd. Series
   2005 (SKL CDO
   Series 6)           AA-pNRi    BBB+pNRi/Watch Neg  101.1714%
Castle Finance 1 Ltd.
   Series 1              AA+        AA+/Watch Neg     100.0849%
Corsair (Jersey)
   No.2 Ltd.
   Series 70             BBB        BBB/Watch Neg     100.4117%
Corsair (Jersey)
   No.2 Ltd.
   Series 88             A+         A-/Watch Pos      100.1431%
Corsair (Jersey)
   No.2 Ltd.
   Series 90              A+        A-/Watch Pos      100.1435%
Echo Funding Pty Ltd.
   Series 19             BBB-      BBB-/Watch Neg     100.2041%
Echo Funding Pty Ltd.
   Series 21             BBB+      BBB+/Watch Dev     100.2333%
ELM B.V. Series 99      BB+        BB+/Watch Neg     100.1840%
Lion City CDO Ltd.
   Series 2006-6          A-        A-/Watch Neg      100.0489%
Lunar Funding V PLC
   Series 2006-24        AA-        A+/Watch Pos      100.0182%
Morgan Stanley ACES
   SPC Series 2006-31    AA+       AA+/Watch Neg      100.0023%
Morgan Stanley
   Managed ACES SPC
   Series 2006-12
   Class IA          AA/Watch Neg   A+/Watch Pos      100.1345%
Morgan Stanley
   Managed ACES
   SPC Series
   2006-12 Class IIA       A-      BBB+/Watch Pos     100.2019%
Obelisk Trust
   2006-1 Eden            BBB       BBB/Watch Neg     100.0130%
Rembrandt Australia
   Trust 2003-10          AAA       AA+/Watch Pos     100.7696%
SHIELD Series 19         AA+        AA/Watch Pos     101.0825%
Thunderbird
   Investments PLC
   Series 21               A-      BBB+/Watch Pos     100.0167%
XELO PLC Series
   2006 (Spinnaker
   III Asia Mezzanine)
   Tranche B              BBB+     BBB+/Watch Neg     100.0522%
XELO PLC Series
   2007 (Spinnaker
   III Asia
   Mezzanine 3)           BBB+     BBB+/Watch Neg     100.0969%


NXP BV: S&P Puts B+ Corp. Credit Rating on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services has placed its ratings on
Netherlands-based semiconductor manufacturer NXP B.V. on
CreditWatch with negative implications, including the 'B+'
long-term corporate credit rating and all issue ratings on NXP
and its subsidiary NXP Funding LLC.

At June 30, 2008, NXP had US$6.7 billion of gross debt on its
balance sheet.

"The CreditWatch placement follows NXP's fall in profitability
and cash flow generation in second-quarter 2008," said S&P's
credit analyst Patrice Cochelin.

Because of the company's highly negative free operating cash
flow in first-half 2008 -- negative US$835 million -- S&P is
increasingly concerned that NXP might need to use a large part
of the proceeds (US$1.55 billion, gross) from the upcoming sale
of its wireless chip business to STMicroelectronics N.V.
(A-/Negative/A-2) to repay revolver drawings and to fund
possible further restructuring, rather than for EBITDA-enhancing
acquisitions.  S&P is also concerned that the company will
struggle to generate enough EBITDA to create positive free cash
flow after interest and capital expenditures.  As a result,
NXP will find it difficult to reduce leverage sufficiently to
bring it back in line with the current ratings.

S&P aims to resolve the CreditWatch status in the coming weeks,
after meeting with NXP's management.

"Our review will primarily focus on NXP's ability to improve
profitability and reverse its negative cash flow generation,
cost resizing needs in the wake of its wireless disposal, and
its acquisition strategy," said Mr. Cochelin.

At this point, a one-notch downgrade to 'B' appears likely, in
view of NXP's excessive leverage, low operating margins, and
negative cash flow generation, which are only partly offset by
the likely improvement of its near-term liquidity position from
the upcoming wireless transaction.

To affirm the 'B+' rating, S&P would need to be very confident
that NXP's cash flow generation could rapidly return to positive
despite the loss of the wireless EBITDA and possible upcoming
restructuring costs, and that profitability, and hence leverage
measures are likely to also improve rapidly.

A two-notch downgrade to 'B-' would reflect concerns over NXP's
liquidity position, delayed or materially lower disposal
proceeds, a significant weakening of free cash flow generation
prospects, or a departure from the company's announced plan not
to use disposal proceeds for shareholder payments or other
credit-dilutive transactions.


=============
R O M A N I A
=============


BANCA TRANSILVANIA: Fitch Affirms 'B' Individual Rating
-------------------------------------------------------
Fitch Ratings has affirmed Romania-based Banca Transilvania
S.A.'s ratings at Long-term foreign currency Issuer Default
'BB-', Short-term foreign currency IDR 'B' and Individual 'D',
Support '3' and Support Rating Floor 'BB-'.  The Outlook for the
Long-term foreign currency IDR is Positive.

The Positive Outlook reflects Fitch's expectations that the
bank's franchise and key performance indicators will continue to
improve.  An upgrade on BT's Long-term IDR and Individual rating
may be triggered by improvements in the macroeconomic
environment, provided that there is no significant deterioration
in its loan performance or operating profitability, despite its
rapid loan growth in the last three years and intense
competition.

Since 2002, after European Bank for Reconstruction and
Development's acquisition of a 15% stake in BT, under a new
management team, the Romanian bank has been re-branded and has
achieved a significant improvement in its franchise.  It has
transformed itself from a regional bank, providing mainly retail
banking services, into a bank that offers a wide range of
banking services with a nationwide presence.  BT became the
fourth-largest bank and the largest domestically-owned bank in
Romania at end-2007, with a 5.5% market share in total bank
assets, serving through 500 branches and agencies as at end-
H108.  BT is listed on the Bucharest stock exchange and
ownership is widespread.


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


AGRO-GRAIN-PLASTOVSKOE: Court Names A. Fazlyev to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Chelyabinsk appointed A. Fazlyev as
Insolvency Manager for LLC Agro-Grain-Plastovskoe (TIN
7416008997).  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.
A76-2775/2008-20-15.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agro-Grain-Plastovskoe
         Plast
         Russia


AGROVALUYSKIY COMPLEX: Belgorod Bankruptcy Hearing Set October 9
----------------------------------------------------------------
The Arbitration Court of Belgorod will convene at 10:30 a.m. on
Oct. 9, 2008, to hear the bankruptcy supervision procedure on
LLC Agrovaluyskiy Complex (TIN 3126010490).  The case is
docketed under Case No. A08-2276/08-31B.

The Temporary Insolvency Manager is:

         V. Bushuev
         With a note: to Mr. V. Bushuev
         Yuzhnaya Str. 1
         Gubkin
         309182 Belgorod
         Russia

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         LLC Agrovaluyskiy Complex
         Baluyki
         Belgorod
         Russia


ALCOR-ENERGO-STROY: Creditors Must File Claims by August 28
-----------------------------------------------------------
Creditors of LLC Alcor-Energo-Stroy have until Aug. 28, 2008, to
submit proofs of claim to:

         A. Kulikov
         Insolvency Manager
         Post User Box 505
         Zhukovskiy
         140186 Moscow
         Russia
         Tel: 778-68-45

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-49382/07-86-142B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Alcor-Energo-Stroy
         Building 3
         Petrovka Str. 17
         107031 Moscow
         Russia


BUR-GAS-SERVICE: Creditors Must File Claims by August 28
--------------------------------------------------------
Creditors of OJSC Bur-Gas-Service (TIN 6204005576) have until
Aug. 28, 2008, to submit proofs of claim to:

         A. Popov
         Insolvency Manager
         Post User Box 345
         115230 Moscow-230
         Russia

The Arbitration Court of Ryazan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A54-4619/2007s20.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Bur-Gas-Service
         Kasimov St.
         Ryazan
         Russia


COM-WOOD-PROM: Krasnoyarsk Bankruptcy Hearing Set September 11
--------------------------------------------------------------
The Arbitration Court of Krasnoyarsk will convene on Sept. 11,
2008, to hear the bankruptcy supervision procedure on LLC Com-
Wood-Prom.  The case is docketed under Case No. A33-1696/2008.

The Temporary Insolvency Manager is:

         I. Gorn
         Post User Box 1530
         634006 Tomsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Com-Wood-Prom
         Taezhnyj 5
         Boguchanskiy
         663467 Krasnoyarsk
         Russia


DISTILLERY PETROVSKIY: Ivanovo Bankruptcy Hearing Set October 29
----------------------------------------------------------------
The Arbitration Court of Ivanovo will convene at 1:00 p.m. on
Oct. 29, 2008, to hear the bankruptcy supervision procedure on
OJSC Distillery Petrovskiy.  The case is docketed under Case No.
A17-1075/2008-10-B.

The Temporary Insolvency Manager is:

         V. Tarasov
         Office 314
         Building 2
         Stolovyj Per. 6
         121069 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Ivanovo
         B. Khmelnitskogo Str. 59B
         Ivanovo
         Russia

The Debtor can be reached at:

         OJSC Distillery Petrovskiy
         Petrovskiy
         Gavrilovo-Posadskiy
         Ivanovo
         Russia


DOR-MASHINA OJSC: Creditors Must File Claims by August 28
---------------------------------------------------------
Creditors of CJSC Dor-Mashina have until Aug. 28, 2008, to
submit proofs of claim to:

         N. Shirokov
         Insolvency Manager
         Room 301
         3rd floor
         Lenina Str. 39a
         302028 Orel
         Russia

The Arbitration Court of Orel commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A48-536/08-17b.

The Court is located at:

         The Arbitration Court of Orel
         Gorkogo Str. 42
         302000 Orel
         Russia

The Debtor can be reached at:

         CJSC Dor-Mashin
         Kromskoe Shosse 3
         Orel
         Russia


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


FORD MOTOR: Improves Car Conversion Plan, Realigns Manufacturing
----------------------------------------------------------------
The Wall Street Journal reported that Ford Motor Co. will retool
three North American truck plants to make small cars that it now
makes and sells in Europe.  WSJ related that the plan amounts to
a gamble that small cars can save a company whose business has
long been based on trucks.

WSJ, citing Don Leclair, Ford's chief financial officer, said
that Ford is in a stress period right now.  Ford's U.S. business
has been hit by declining vehicles sales and a sudden consumer
shift to small cars.

According to the Journal, Ford is slashing costs and shifting
capacity to passenger-car production in amid the troublesome
realities of the U.S. market.

In a press statement, Ford disclosed a significant acceleration
of its transformation plan with the addition of several new
fuel-efficient small vehicles in North America and a realignment
of its North American manufacturing.

The actions represent a shift in Ford's North American product
plans and investments toward smaller vehicles and fuel-efficient
powertrains in both the near- and mid-term in line with rapid
changes in customer buying preferences.

In addition to bringing six small vehicles to North America from
the company's acclaimed European lineup, Ford is accelerating
the introduction of fuel-efficient EcoBoost and all-new four-
cylinder engines, boosting hybrid production and converting
three existing truck and SUV plants for small car production,
beginning this December.

"We continue to take fast and decisive action implementing our
plan and responding to the rapidly changing business
environment," Alan Mulally, Ford president and CEO, said.  "Ford
is moving aggressively using our global product strengths to
introduce additional smaller vehicles in North America and to
provide outstanding fuel economy with every new product."

Mr. Mulally said the company is focused on its transformation
plan, which calls for:

  -- aggressively restructuring to operate profitably at the
     current demand and changing model mix;

  -- accelerating the development of new products that customers
     want and value;

  -- financing the plan and improving the balance sheet;

  -- working together effectively as one team, leveraging Ford's
     worldwide assets

"The progress we have made in working together to create a 'One
Ford' global enterprise during the past two years gives us a
unique competitive advantage in today's environment," Mr.
Mulally said.  "We are in a stronger position than ever to
leverage Ford's global assets to address the North American
business environment. We also are building on the past few years
of progress in continuously improving our quality, reducing our
cost structure and introducing strong new products."

                   Aggressively Restructuring

Ford will convert three existing North American truck and SUV
plants for small car production, with the first conversion
beginning this December.

The moves are in addition to Ford's statements in May and June
that it is reducing its North American production plans for
large trucks and SUVs for the remainder of 2008, well as
increasing production of smaller cars and crossovers.

"We are transforming Ford's North American manufacturing
operations into a lean, flexible system that is fully
competitive with the best in the business," Mark Fields, Ford
president of The Americas, said.  "We remain committed to
matching our capacity with real consumer demand, and we are
equipping nearly all of our assembly plants with flexible body
shops, ensuring we can respond quickly to changing consumer
tastes."

"In addition, we are adding four-cylinder engine capacity to
meet the growing consumer demand, while expanding production of
our new EcoBoost engines, six-speed transmissions and other
fuel-saving technologies," Mr. Fields said.

Among the manufacturing realignment actions are:

  -- Michigan Truck Plant in Wayne, Michigan, which builds the
     Ford Expedition and Lincoln Navigator full-size SUVs, will
     be converted beginning this December to production of small
     cars derived from Ford's global C-car platform in 2010.

  -- Production of the Ford Expedition and Lincoln Navigator
     will be moved to the Kentucky Truck Plant in Louisville,
     Kentucky, early next year.

  -- Cuautitlan Assembly Plant in Mexico, which produces
     F-Series pickups, will be converted to begin production of
     the new Fiesta small car for North America in early 2010.

  -- Louisville, Kentucky Assembly Plant, which builds the Ford
     Explorer mid- size SUV, will be converted to produce small
     vehicles from Ford's worldwide C-car platform beginning in
     2011.

  -- Twin Cities, Minnesota Assembly Plant -- which was
     scheduled to close in 2009 -- will continue production of
     the Ford Ranger through 2011 to meet consumer demand for
     the compact pickup.

  -- Kansas City Assembly Plant this year will add a third crew
     to its small utility line for the Ford Escape, Escape
     Hybrid and Mercury Mariner and Mariner Hybrid.

With the realignments, Ford will continue to offer targeted
hourly buyouts at its U.S. plants and facilities, working with
the UAW to secure competitive employment levels.  Ford also said
it remains on track to reduce salaried-related costs by 15% in
North America by Aug. 1.

Ford North America still expects to reduce annual operating
costs by US$5 billion by the end of 2008 -- at constant volume,
mix and exchange, and excluding special items -- compared with
2005.  In addition, the company said it plans to continue to
reduce structural costs beyond 2008.

The company also confirmed Ford, Lincoln and Mercury will remain
in its North American brand portfolio.  Ford said it will work
with its dealers to broaden and accelerate its dealer
consolidations, which will result in a dealer network that
reflects the changing industry size and model mix.

Ford also updated its North American planning assumptions, which
include:

  -- U.S. economic recovery to begin by early 2010;

  -- U.S. industry sales to return to trend levels as the
     economy returns to health;

  -- Product mix changes are permanent, but some recovery will
     occur from the current share-of-industry for full-size
     pickups -- though not back to levels experienced previously
     -- as the economy and housing sector recover;

     * oil prices to remain volatile and high;

     * no near-term relief from current level of commodity
       prices; and

     * about 14% U.S. market share for Ford, Lincoln and Mercury
       brands

                    Accelerating New Products

Ford is adding several new North American products in the near-
and mid- term, and shifting from a primary emphasis on large
trucks and SUVs to smaller and more fuel-efficient vehicles.  By
the end of 2010, two-thirds of spending will be on cars and
crossovers -- up from one-half.

"We are accelerating the development of the new products
customers want and value," Mr. Mulally said.  "We sell some of
the best vehicles in the world in our profitable European and
Asian operations, and we will bring many of them to North
America on top of our already aggressive product plans."

The new products include six European small vehicles to be
introduced in North America by the end of 2012.  Ford's European
products are set apart by their world-class driving dynamics,
exciting design and outstanding quality.

"While we have no intention of giving up our longtime truck
leadership, we are creating a new Ford in North America on a
foundation of small, fuel-efficient cars and crossovers that
will set new standards for quality, fuel economy, product
features and refinement," Mr. Fields said.

The Ford, Lincoln, Mercury line will be almost completely
upgraded by the end of 2010, including:

  -- 2009 Ford F-150, on sale in late fall with the most
     capability, most choice and most smart features of any
     full-size pickup, and with more than a 7 percent fuel
     economy improvement;

  -- 2010 Ford Fusion, Mercury Milan, Lincoln MKZ sedans, on
     sale in early 2009, with Fusion's and Milan's four-cylinder
     fuel economy expected to top Honda Accord and Toyota Camry;

  -- 2010 Ford Fusion Hybrid and Mercury Milan Hybrid, beginning
     production late this year and on sale in early 2009 -- with
     fuel economy expected to top the Toyota Camry hybrid;

  -- New Ford Mustang -- coupe, convertible, and glass-roof
     models -- in early 2009;

  -- New Ford Taurus sedan -- with EcoBoost engine and even more
     advanced safety and convenience technologies -- in mid-
     2009;

  -- New European Transit Connect small multi-purpose van in
     mid-2009;

  -- New Lincoln seven-passenger crossover -- with EcoBoost
     engine -- in mid-2009;

  -- New European Ford Fiesta, in both four- and five-door
     versions, in early 2010;

  -- New European Ford Focus, in both four- and five-door
     versions, in 2010;

  -- New Mercury small car in 2010;

  -- New European small vehicle that will be a "whitespace"
     entry in North America in 2010;

  -- Next-generation Ford Explorer -- with unibody construction,
     EcoBoost, six-speed, weight savings and improved
     aerodynamics for up to 25 percent better fuel economy - in
     2010.

With every new product, Ford expects to be the best or among the
best for fuel economy.  This is aided by one of the most
extensive powertrain upgrades ever for Ford.  By the end of
2010, nearly all of Ford's North American engines will be
upgraded or replaced.  In addition, within two years, nearly all
of Ford's North American lineup will offer fuel-saving six-speed
automatic transmissions.

The improvements build on several Ford fuel economy such as:

  -- 2009 Ford Flex, which is the most fuel-efficient standard
     seven-passenger vehicle on the market, topping the 2009
     Honda Pilot;

  -- 2009 Ford Focus, with highway fuel economy of up to 35 mpg;

  -- better than the smaller 2008 Honda Fit and 2009 Nissan
     Versa SL and a key reason Focus retail sales are up 50%;

  -- 2009 Escape, with a new 2.5-liter four-cylinder engine and
     six-speed transmission delivering best-in-class highway
     fuel economy of 28 mpg -- ahead of Toyota RAV4 and Honda
     CR-V;

  -- 2009 Ford Escape Hybrid, delivering 34 mpg in the city and
     31 mpg on the highway, making it the most fuel-efficient
     utility vehicle available;

Coming in 2009 are the first applications of Ford's new EcoBoost
engines.  EcoBoost uses gasoline turbocharged direct-injection
technology for up to 20% better fuel economy, up to 15% fewer
CO2 emissions and superior driving performance versus larger-
displacement engines.

EcoBoost V-6 engines will be introduced on several vehicles next
year, beginning with the Lincoln MKS and Ford Taurus sedans, and
Ford Flex crossover.  Four-cylinder EcoBoost engines will debut
in 2010 in both North America and Europe.  Ford will offer
EcoBoost on more than 80% of its North American lineup by the
end of 2012.

Ford also plans to double capacity for North American four-
cylinder engines to more than 1 million units by 2011, to meet
the consumer trend toward downsized engines for fuel economy.
The smaller engines will deliver significant fuel savings.

In addition, Ford plans to double its hybrid volume and
offerings next year -- and is looking to expand further going
forward.

Production of the all-new 2010 Ford Fusion Hybrid and Mercury
Milan Hybrid begins in December -- with fuel economy expected to
top the Toyota Camry hybrid.

With these new models, the Ford Escape Hybrid -- now in its
fifth year of production -- and the Mercury Mariner Hybrid, Ford
will offer four hybrid vehicles.  That will make Ford the
largest domestic producer of full hybrid vehicles in North
America, second only to Toyota in sales volume.

Ford also is introducing six-speeds with PowerShift that offers
the fuel economy of a manual transmission and convenience of an
automatic; start-stop engines that shut off when the vehicle
stops; electric power steering; direct injection, and Twin
Independent Variable Cam Timing engines.  These technologies
will be progressively introduced within the North American
lineup by 2012.

                           "One Ford"

Driving Ford's product transformation is the company's "One
Ford" worldwide product development vision, which will deliver
more vehicles worldwide from fewer core platforms, further
reduce costs and allow for the increased use of common parts and
systems.

In the next five years, Ford will build more than 1 million
vehicles a year worldwide off its global B-car platform and
nearly 2 million units worldwide off its global C-car platform.

"Ford is investing most where consumer growth is taking place --
and that's in highly fuel-efficient global small cars," said
Derrick Kuzak, Ford group vice president of Global Product
Development.  "One of every four vehicles in the world today is
a 'C' or Ford Focus-sized vehicle, and we expect the segment to
grow more than 20% to 6 million units in North America and 25
million worldwide by 2012.  We see similar strong growth in the
B-segment, where the Fiesta competes."

With Ford's worldwide product development plan, all of the
company's vehicles competing in worldwide segments will be
common in North America, Europe and Asia within five years.  In
addition to B- and C-sized small cars, the company's Fusion- and
Mondeo-sized C/D cars and utilities will be common globally.
The same will be true for commercial vans.

Ford said it is positioned to take advantage of its scale,
already acclaimed worldwide products and the strength of the
Ford brand around the world to respond to the changing
marketplace and to begin to grow profitably.  The company said
its success in growing market share and profits with smaller,
more fuel-efficient vehicles in Europe is now the template
around the world.

"We remain absolutely committed to creating an exciting, viable
Ford going forward -- and to transforming Ford into a lean
global enterprise delivering profitable growth over the long
term," said Mr. Mulally.  "We continue to make progress on every
element of our transformation plan, and we are taking decisive
steps in the near term to ensure our long-term success."

                      About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, 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 reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4'.

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's US$3-billion of senior convertible notes
due 2036.


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


BGS VERWERTUNG: Creditors Have Until Aug. 9 to File Claims
----------------------------------------------------------
Creditors owed money by JSC BGS Verwertung are requested to file
their proofs of claim by Aug. 9, 2008, to:

         Peter Briner
         Liquidator
         Rutenenhof
         8544 Rickenbach-Attikon
         Switzerland

The company is currently undergoing liquidation in Elgg.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on  May 8, 2008.


CONSTRUCAL JSC: Aug. 9 Set as Deadline to File Proofs of Claim
--------------------------------------------------------------
Creditors owed money by JSC Construcal are requested to file
their proofs of claim by Aug. 9, 2008, to:

         Urs Manser
         Liquidator
         Hubstrasse 4
         8269 Fruthwilen
         Switzerland

The company is currently undergoing liquidation in Tagerwilen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 20, 2008.


GYGLI LEBENSMITTEL: Creditors Must File Claims by Aug. 10
---------------------------------------------------------
Creditors owed money by LLC Gygli Lebensmittel are requested to
file their proofs of claim by Aug. 10, 2008, to:

         Erika Gygli-Fischli
         Lerchenstrasse 5
         8754 Netstal
         Switzerland

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


HBE SERVICE: Deadline to File Proofs of Claim Set August 10
-----------------------------------------------------------
Creditors owed money by JSC HBE Service Sanitar Heizung are
requested to file their proofs of claim by Aug. 10, 2008, to:

         Marco Falsitta
         Erlenstrasse 49 d
         6020 Emmenbrucke
         Switzerland

The company is currently undergoing liquidation in Emmen LU.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 24, 2008.


KRONE KEMPRATEN: Proofs of Claim Filing Deadline is August 10
-------------------------------------------------------------
Creditors owed money by JSC Krone Kempraten are requested to
file their proofs of claim by Aug. 10, 2008, to:

         Trust Company JSC Stieger Treuhand
         Neuhofstrasse 5
         8645 Jona
         Switzerland

The company is currently undergoing liquidation in Rapperswil-
Jona.  The decision about liquidation was accepted at an
extraordinary shareholders' meeting held on May 14, 2008.


LUWA LLC: Creditors' Proofs of Claim Due by August 10
-----------------------------------------------------
Creditors owed money by LLC LUWA are requested to file their
proofs of claim by Aug. 10, 2008, to:

         Laurenz Wagner
         Liquidator
         Buchenweg 24
         5036 Oberentfelden
         Switzerland

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


NEUTHERM JSC: August 10 Set as Deadline to File Proofs of Claim
---------------------------------------------------------------
Creditors owed money by JSC Neutherm are requested to file their
proofs of claim by Aug. 10, 2008, to:

         Rene Klemenz
         Liquidator
         Buhaldenstrasse 16
         5023 Biberstein
         Switzerland

The company is currently undergoing liquidation in Hunzenschwil.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 23, 2008.


PRANTL JSC: Creditors Must File Proofs of Claim by August 9
-----------------------------------------------------------
Creditors owed money by JSC Prantl are requested to file their
proofs of claim by Aug. 9, 2008, to:

         F. Wiegers
         Schmiedenstr. 8
         5013 Niedergosgen
         Switzerland

The company is currently undergoing liquidation in Aarau.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 9, 2008.


SCHREINEREI PAUL: Deadline to File Proofs of Claim Set Aug. 10
--------------------------------------------------------------
Creditors owed money by LLC Schreinerei Paul Kathriner in
liquidation, Meggen are requested to file their proofs of claim
by Aug. 10, 2008, to:

         JSC Acorus-Treuhand
         Liquidator
         Huobmattstrasse 7
         6045 Meggen
         Switzerland

The company is currently undergoing liquidation in Meggen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 20, 2008.


SEMGROUP ENERGY: Omnibus Agreement with SemGroup LP Terminated
--------------------------------------------------------------
SemGroup Energy Partners, L.P. (the Partnership) disclosed in a
regulatory 8-K filing Thursday that as a result of the
reconstitution of the five-member board of directors at SGLP's
General Partner (SemGroup Energy Partners G.P., L.L.C.), to
include two representatives from Manchester Securities Corp.,
one from Alerian Financial Partners, LP, and two existing
independent directors, SemGroup, L.P.'s obligation to provide
Partnership services under the Amended Omnibus Agreement has
terminated.

Manchester and Alerian effectively took control of the General
Partner, on July 18, 2008.

Manchester is an investment firm controlled by Elliott
Associates, L.P., which together with its sister fund, Elliott
International, L.P. have more than US$10.5 billion of capital
under management.

Alerian is a registered investment advisor that manages
portfolios exclusively focused on midstream energy master
limited partnerships.

In addition, the Partnership's license to use certain trade
names and marks, including the name "SemGroup," has also
terminated.

SemGroup, LP (Parent) has continued to provide services to the
Partnership since the change of control.  The Partnership is
discussing the continued provision of services and the license
of certain trade names and marks with Parent.  Other portions of
the Amended and Restated Omnibus Agreement, including the
indemnification provisions, non-competition restrictions and
rights of first refusal are still in full force and effect.

The Partnership and the general partner of the Partnership are
party to an Amended and Restated Omnibus Agreement, dated
Feb. 20, 2008, with SemGroup, L.P. and certain of its
subsidiaries.  The Omnibus Agreement and other agreements
address, among other things, the provision of general and
administrative and operating services to the Partnership.

                   Parent's Bankruptcy Filing

On July 22, 2008, Parent filed a voluntary petition for
reorganization under Chapter 11 of the Bankruptcy Code in the
United States Bankruptcy Court for the District of Delaware.
Various subsidiaries of Parent also filed voluntary petitions
for reorganization under Chapter 11 of the Bankruptcy Code on
such date.  None of the Partnership, the General Partner, nor
any of the subsidiaries of the Partnership or the General
Partner were included in the Bankruptcy Filings.

SGLP said Parent's actions related to the bankruptcy filings as
well as Parent's liquidity issues and any corresponding impact
upon the Partnership both before and after the bankruptcy
filings may have in the past and may yet in the future result in
events of default under the Partnership's Amended and Restated
Credit Agreement, dated Feb. 20, 2008, among the Partnership,
Wachovia Bank, National Association, as Administrative Agent,
L/C Issuer and Swing Line Lender, Bank of America, N.A., as
Syndication Agent and the other lenders from time to time party
thereto.

The Partnership and its subsidiaries are party to various
agreements with Parent and its subsidiaries, including
subsidiaries that are debtors in the bankruptcy filings.  Under
a Throughput Agreement, the Partnership provides certain crude
oil gathering, transportation, terminalling and storage services
to a subsidiary of Parent that is a debtor in the bankruptcy
filings.   Under a Terminalling and Storage Agreement, the
Partnership provides certain liquid asphalt cement terminalling
and storage services to a subsidiary of Parent that is a debtor
in the bankruptcy filings.  The Partnership derives a
substantial majority of its revenues from Parent and its
subsidiaries pursuant to the Throughput Agreement and the
Terminalling and Storage Agreement.

Under the terms of the Credit Agreement, an event of default
will occur if Parent or its subsidiaries fail to make payments
under the Throughput Agreement or the Terminalling and Storage
Agreement.  An event of default will also occur under the Credit
Agreement if Parent or its subsidiaries fail to observe or
perform any other term, agreement or condition contained in the
agreements or other material agreements with Parent.  In
addition, the termination of certain provisions of the Amended
and Restated Omnibus Agreement resulted in an event of default
under the Credit Agreement.

As a result of events of default under the Credit Agreement, the
lenders under the Credit Agreement may, among other remedies,
declare all outstanding amounts under the Credit Agreement
immediately due and payable and exercise all rights and remedies
available to the lenders under the Credit Agreement and related
loan documents.  The Partnership is in dialogue with the agent
for the lenders regarding the events of default under the Credit
Agreement, but no assurance can be given as to the outcome of
these discussions.

                          Other Events

On July 21, 2008, the Partnership received a letter from the
staff of the Securities and Exchange Commission notifying the
Partnership that the SEC is conducting an inquiry relating to
the Partnership and requesting, among other things, that the
Partnership voluntarily preserve, retain and produce to the SEC
certain documents and information relating primarily to the
Partnership's disclosures respecting Parent's liquidity issues,
which were the subject of the Partnership's July 17, 2008 press
release.  The Partnership has retained counsel and intends to
cooperate fully with the staff's inquiry.

On July 21, 2008, a lawsuit styled Poelman v. SemGroup Energy
Partners, L.P., et al., Civil Action No. 08-CV-6477, was filed
in the United States District Court for the Southern District of
New York and, on July 22, 2008, a lawsuit styled Carson v.
SemGroup Energy Partners, L.P., et al., Civil Action No. 08-CV-
425, was filed in the United States District Court for the
Northern District of Oklahoma against the Partnership, the
General Partner, Kevin L. Foxx, Alex Stallings, and Gregory C.
Wallace.

Both cases were filed as putative class actions on behalf of all
purchasers of the Partnership's common units between Feb. 20,
2008, and July 17, 2008.  Plaintiffs allege violations of
Sections 10(b) and 20(a) of the Securities Exchange Act of 1934
and SEC Rule 10b-5, resulting in damages to members of the
putative class.

Plaintiffs' specific allegations include that, despite an
obligation to do so, the Defendants failed to disclose between
Feb. 20, 2008, and May 8, 2008 that Parent was engaged in high-
risk crude oil hedging transactions that could affect its
ability to continue as a going concern or that Parent was
suffering from liquidity problems.  The Partnership intends to
vigorously defend these actions.

On July 23, 2008, the Partnership and the General Partner each
received Grand Jury subpoenas from the United States Attorney's
Office in Oklahoma City, Oklahoma, requiring, among other
things, that the Partnership and the General Partner produce
financial and other records related to the Partnership's
July 17, 2008 press release.  The Partnership and the General
Partner have retained counsel and intend to cooperate fully with
this investigation.

On July 17, 2008, SemGroup Energy Partners, L.P. issued a press
release addressing the unusual volume and decrease in its unit
price.  A copy of the press release was filed as Exhibit 99.1 to
the company's Form 8-K filing dated July 18, 2008.

A full-text copy of the July 17, 2008 press release, filed as
Exhibit 99.1 to the company's Form 8-K filing dated
July 18 2008, is available for free at
           http://researcharchives.com/t/s?3011

                 About SemGroup Energy Partners

Tulsa, Oklahoma-based SemGroup Energy Partners, L.P. (Nasdaq:
SGLP) -- http://www.SGLP.com/-- owns and operates a diversified
portfolio of complementary midstream energy assets.  SemGroup
Energy Partners provides crude oil and liquid asphalt cement
terminalling and storage services and crude oil gathering and
transportation services.

As reported in the Troubled Company Reporter on July 21, 2008,
Roy Jacobs & Associates is investigating possible securities law
violations affecting the public shareholders of SemGroup Energy
Partners, L.P.

Roy Jacobs alleged that from the sale of at least 6 million
units at US$23.90 per unit on or about Feb. 20, 2008, in an
offering through July 16, 2008, the stock traded at high levels,
but plummeted in price on July 17, 2008.

Roy Jacobs said that on July 17, 2008, after the news had become
known to the market, it was disclosed that the company's parent,
SemGroup L.P. was experiencing liquidity issues and was
exploring various alternatives, including the filing for
Bankruptcy protection.

Roy Jacobs further stated that the company was spun off from the
parent, but remains materially dependent on the parent.  The
parent owns and controls the company's general partner, and
provides the company with employees to run its operations.
Simultaneously with the closing of the offering, the company
purchased the parent's asphalt operations for US$378 million,
using the proceeds from the offering and a credit line to effect
that transaction.  The parent is the company's only significant
customer.

                         *     *     *

At March 31, 2008, SemGroup Energy Partners, L.P.'s consolidated
balance sheet showed US$262.0 million in in total assets and
US$316.6 million in total liabilities, resulting in a US$54.6
million partners' deficit.


SEMGROUP LP: Bankruptcy Won't Affect SemGroup Energy Unit
---------------------------------------------------------
Officials at SemGroup LP's publicly traded affiliate, SemGroup
Energy Partners, LP, assured investors in a conference call on
July 22, 2008, that the company "is a separate entity that
operates under a radically different business model" than that
of its parent, NewsOK.com reported.

During the conference call, SemGroup Energy's officials laid out
survival strategies for the company, including:

  * Completingg an internal review of all relationships with
    SemGroup LP, which include throughput revenue and
    administrative services.

  * Aggressively seeking out new customers and product volumes
    for its petroleum and asphalt transportation, storage and
    terminalling operations.

  * Developing a new cash flow model independent of the SemGroup
    LP throughput contracts.

  * Pursuing merger and acquisition discussions with interested
    parties.

"We feel confident about the ability of [SemGroup Energy] to
succeed as an independent company," The Journal Record quoted
Kevin Foxx, SemGroup Energy president and CEO, as saying.  "Our
assets remain strategically located and we are making effort to
ensure our assets remain busy and generating cash flow.  We are
diligently focused on expanding third-party diversity of assets
structure.  We want to make sure our assets remain busy,
maintain cash flow."

Mike Brochetti, SemGroup Energy's chief financial officer,
elaborated Mr. Foxx' statement by relating to investors that the
company's second-quarter profits would beat prior guidance, the
Journal Records said.  According to Mr. Brochetti, 80% of
SemGroup Energy's revenues from the second quarter were derived
from its throughput contracts with SemGroup LP.

Two of SemGroup Energy's investors -- Manchester Securities of
New York and Alerian Capital Management of Dallas -- took
control over the company, after activating a clause in a loan
agreement on which SemGroup LP defaulted on.

James Carnett, senior portfolio manager with Fredric E. Russell
Investment Management Co., told the Journal Record that SemGroup
still has an ongoing viable business with revenue-producing
assets; however, he said the company still has US$295,000,000 in
debt on its balance sheets that is  not related to the parent
company.  The New York Times echoed Mr. Carnett's opinion by
saying that SemGroup LP could still drag SemGroup Energy down
given the present condition of the credit markets.

Shares in SemGroup Energy plunged 50% since July 17, the Wall
Street Journal said.  As of July 22, 2008, SemGroup's common
stock closed at US$8.22 per share.  Sempra Energy shares were
sold at US$22 apiece in an initial public offering a year ago,
Bloomberg News related.

SemGroup Energy's officials contend that the company's survival
is in the best interest of SemGroup LP, even in bankruptcy
court.  Mr. Brochetti told the Journal Record that SemGroup
Energy has US$8,000,000 in receivables from SemGroup LP, of
which US$2,700,000 is due August 15.  SemGroup Energy also has
more than US$400,000,000 of SemGroup LP assets in storage, said
Jerry Parsons, SemGroup Energy's executive vice president of
asphalt operations, told the Journal Record.

Days before SemGroup LP sought protection under Chapter 11,
several shareholder actions on behalf of a class of investors
were filed against SemGroup Energy.  The lawsuits alleged that
SemGroup LP was in financial difficulty or at high risk for
financial difficulty as a result of its investment in risky
crude oil hedge transactions but hid that situation from
investors in SemGroup Energy.  Rather, the lawsuits said, on or
about February 20, 2008, SemGroup Energy effected a secondary
offering, where it sold 6,000,000 units at US$23.90 for proceeds
of US$137,000,000, and borrowed substantial funds and purchased
SemGroup LP's asphalt business for US$387,000,000.

                      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.

(SemGoup Bankruptcy News, Issue No. 1; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).

                         *     *    *

On July 25, 2008, the Troubled Company Reported that Fitch
Ratings   downgraded the ratings of SemGroup, L.P., SemCrude
L.P, and SemCAMS Midstream Co. and simultaneously withdrawn all
ratings.  The withdrawn ratings include Issuer default Rating D
assigned to SemGroup, L.P., SemCrude, L.P., and SemCAMS
Midstream Co.  Fitch Ratings has downgraded, removed from Rating
Watch Negative, and simultaneously withdrawn (a) SemGroup,
L.P.'s Senior unsecured to 'C' from'B/RR3'; (b) SemCrude L.P.'s
Senior secured working capital facility to 'CCC' from 'BB-/RR1';
Senior secured revolving credit facility to 'CC' from 'B+/RR1';
and Senior secured term loan B to 'CC' from 'B+/RR1'; and (c)
SemCAMS Midstream Co.  (SemCAMS) Senior secured working capital
facility to 'CCC' from 'BB-/RR1'; Senior secured revolving
credit facility to 'CC' from 'B+/RR1'; and Senior secured term
loan B to 'CC' from 'B+/RR1'.

Also, 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.

Further, Fitch Ratings lowered the Issuer Default Ratings of
SemGroup, L.P., SemCrude L.P, and SemCAMS Midstream Co. to 'D'
following the bankruptcy petition by SemGroup and most of units
on July 22, 2008.  These ratings are removed from Rating Watch
where they were placed on July 17, 2008.  The bank facility and
securities ratings of SemGroup and units remain on Rating Watch
Negative pending a review of the bankruptcy court petition.


SEMGROUP LP: Affiliates Seek Protection Under CCAA (Canada)
-----------------------------------------------------------
SemGroup L.P. affilates filing petitions under the Companies'
Creditors Arrangement Act:

    Applicant                       File No.
    ---------                       --------
    SemCAMS ULC                    0801-08685
    SemCanada Crude Company        0801-08510

CCAA Petition Date: July 22, 2008

Canadian Court: Court of Queen's Bench of Alberta
               Judicial District of Calgary

Canadian Judge: Honorable Madame Justice Romaine

Applicants' Solicitors:  A. Robert Anderson, Q.C., Esq.
                        Kelly Bourasa, Esq.
                        Blake, Cassels & Graydon LLP
                        3500, 855 - 2nd Street Southwest
                        Calgary, AB T2P 4J8
                        Tel No.: (403) 260-9624
                        Fax No.: (403) 260-9700

CCAA Monitor: Ernst & Young, Inc.

                Applicants Obtain CCAA Stay Order

SemCAMS ULC and SemCanada Crude Company sought and obtained an
order for creditor protection under the Companies' Creditors
Arrangement Act before the Honourable Madame Justice Romaine in
the Court of Queen's Bench of Alberta, in the Judicial District
of Calgary, Canada.

Until and including August 21, 2008, creditors and parties-in-
interest are prohibited from commencing or continuing any action
against the Applicants, their directors and officers, or Ernst &
Young, Inc., as the proposed CCAA Monitor, except with the
written consent of the Applicants and the Monitor, or with leave
of the Canadian Court.

The Applicants will remain in possession and control of their
current and future assets, undertakings, and properties,
including all their proceeds.  The Applicants will continue to
carry on business including, but not limited to, operation of
their three sour natural gas processing plants known as the
Kaybob South No. 3 Gas Plant, the Kaybob South Amalgamated Plant
Nos. 1 and 2, and the West Whitecourt Gas Plant, and their sweet
natural has processing plant known as West Fox Creek Plant, as
well as all associated gas gathering and transportation
pipelines.

The Applicants will continue to hire employees, consultants, and
other professionals they deem necessary in the ordinary course
of business, to assist the Applicants in their restructuring,
and continue to pay these employees and professionals in the
ordinary course of business.  The Applicants are authorized, but
not directed, to pay all expenses necessary for the preservation
of their properties and businesses provided that those capital
expenditures will not exceed US$5,000,000 in the aggregate for
SemCAMS and US$1,000,000 in the aggregate for SemCanada Crude.

The Applicants are given the right to:

  (a) permanently or temporarily cease, downsize, or shut down
      any of their business or operations and to dispose of
      redundant or non-material assets not exceeding US$250,000,
      in any one transaction, or US$1,000,000 in the aggregate;

  (b) terminate the employment of employees or temporarily lay
      off employees as the Applicants may deem appropriate;

  (c) vacate, abandon, or quit any leased premises or repudiate
      any real property lease and any ancillary agreements
      relating to any leased premises;

  (d) pursue all avenues of refinancing and offers for material
      parts of the Applicants' business or property, in whole or
      in part;

  (e) repudiate those arrangements that the Applicants deem
      appropriate; and

  (f) settle claims of any of their customers and suppliers that
      in dispute.

SemCAMS is permitted to borrow and repay from SemCanada Crude
intercompany advances not exceeding US$15,000,000, unless
permitted by the Canadian Court.

The Applicants will indemnify their directors and officers from
all costs and expenses except to the extent of a director's or
officer's breach of fiduciary duties or gross negligence.  The
directors and officers of the Applicants will be entitled to a
director's charge not exceeding US$3,000,000, for SemCAMS and
not exceeding US$1,000,000 for SemCanada Crude as security for
the indemnity.  The D&O will only be entitled to the Director's
Charge to the extent they do not have coverage under by D&O's
insurance policy.

                      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.

(SemGoup Bankruptcy News, Issue No. 1; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).

                         *     *    *

On July 25, 2008, the Troubled Company Reported that Fitch
Ratings   downgraded the ratings of SemGroup, L.P., SemCrude
L.P, and SemCAMS Midstream Co. and simultaneously withdrawn all
ratings.  The withdrawn ratings include Issuer default Rating D
assigned to SemGroup, L.P., SemCrude, L.P., and SemCAMS
Midstream Co.  Fitch Ratings has downgraded, removed from Rating
Watch Negative, and simultaneously withdrawn (a) SemGroup,
L.P.'s Senior unsecured to 'C' from'B/RR3'; (b) SemCrude L.P.'s
Senior secured working capital facility to 'CCC' from 'BB-/RR1';
Senior secured revolving credit facility to 'CC' from 'B+/RR1';
and Senior secured term loan B to 'CC' from 'B+/RR1'; and (c)
SemCAMS Midstream Co.  (SemCAMS) Senior secured working capital
facility to 'CCC' from 'BB-/RR1'; Senior secured revolving
credit facility to 'CC' from 'B+/RR1'; and Senior secured term
loan B to 'CC' from 'B+/RR1'.

Also, 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.

Further, Fitch Ratings lowered the Issuer Default Ratings of
SemGroup, L.P., SemCrude L.P, and SemCAMS Midstream Co. to 'D'
following the bankruptcy petition by SemGroup and most of units
on July 22, 2008.  These ratings are removed from Rating Watch
where they were placed on July 17, 2008.  The bank facility and
securities ratings of SemGroup and units remain on Rating Watch
Negative pending a review of the bankruptcy court petition.


SEMGROUP LP: Ceases as White Cliffs Manager Over Loan Default
-------------------------------------------------------------
General Electric Capital Corp., as administrative agent for a
group of lenders on a US$120,000,000 loan, on July 18, 2008,
notified SemGroup L.P. and its debtor-affiliates that they are
in default under the prepetition secured loan, and that all of
SemCrude Pipeline, L.L.C.'s membership interest in non-debtor
White Cliffs Pipeline, LLC, ceased and became vested in GECC.

Under the prepetition loan agreement, SemCrude Pipeline pledged
and granted a security interest in substantially all of its
assets, including its membership interest in White Cliffs, to
GECC as security for the loans.  The loan agreement provides
that upon occurrence of an event of default, all of SemCrude
Pipeline's membership interest rights in White Cliff will cease
and become vested in GECC.

As a result of the Debtors' default under the loan agreements,
GECC removed SemCrude Pipeline as manager of White Cliffs and
appointed PE-Pipeline Services, L.L.C., as successor manager.

According to GECC's counsel, Kurt F. Gwynne, Esq., at Reed Smith
LLP, in Wilmington, Delaware, there is substantial and actual
controversy that exists between GECC and the Debtors as to:

  (1) whether GECC properly exercised its rights under the loan
      agreements by appointing a new manager for White Cliff;
      and

  (2) whether White Cliff is the holder of the equitable
      interests in the construction and other contracts relating
      to the crude oil pipeline and its related facilities being
      constructed by White Cliff or the contracts are property
      of the Debtors.

Accordingly, GECC and PE-Pipeline asked the U.S. Bankruptcy
Court for the District of Delaware to declare that (i) their
actions were lawful, valid, and binding on the parties; (ii) PE-
Pipeline has been validly appointed as the successor manager of
White Cliff; (iii) control of White Cliff, including management
of its day-to-day operations, has passed from SemCrude Pipeline
to PE-Pipeline; (iv) White Cliff is holder of the equitable
interests in the Project Contracts; and (v) the equitable
interests are not property of the estate of the Debtors.

GECC and PE-Pipeline also asked the Court to (i) enjoin the
Debtors taking any action to gain control over White Cliff's
assets; (ii) order the Debtors to cooperate with PE-Pipeline in
its efforts to operate White Cliff; and (iii) confirm PE-
Pipeline's ability, while the Adversary Proceeding is pending,
to take all acts necessary to preserve the current status quo,
protect the value of White Cliff and its assets, and continue
White Cliff's ongoing business operations including performance
of the Project Contracts.

Mr. Gwynne told the Court that despite repeated demands,
SemCrude Pipeline has not recognized PE-Pipeline as the
successor manager for White Cliff and refused to cooperate with
PE-Pipeline in its demand for access to White Cliff, including
its books and records.  He asserts that it is essential to White
Cliff's business that performance under the Project Contracts
not be affected by the Debtors' bankruptcy filings.

Mr. Gwynne further asserted that the Debtors' refusal to
recognize PE-Pipeline as new manager for White Cliff is wrongful
and contrary to applicable contracts and law, and risk immediate
and irreparable harm to GECC and PE-Pipeline.

                      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.

(SemGoup Bankruptcy News, Issue No. 1; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).

                         *     *    *

On July 25, 2008, the Troubled Company Reported that Fitch
Ratings   downgraded the ratings of SemGroup, L.P., SemCrude
L.P, and SemCAMS Midstream Co. and simultaneously withdrawn all
ratings.  The withdrawn ratings include Issuer default Rating D
assigned to SemGroup, L.P., SemCrude, L.P., and SemCAMS
Midstream Co.  Fitch Ratings has downgraded, removed from Rating
Watch Negative, and simultaneously withdrawn (a) SemGroup,
L.P.'s Senior unsecured to 'C' from'B/RR3'; (b) SemCrude L.P.'s
Senior secured working capital facility to 'CCC' from 'BB-/RR1';
Senior secured revolving credit facility to 'CC' from 'B+/RR1';
and Senior secured term loan B to 'CC' from 'B+/RR1'; and (c)
SemCAMS Midstream Co.  (SemCAMS) Senior secured working capital
facility to 'CCC' from 'BB-/RR1'; Senior secured revolving
credit facility to 'CC' from 'B+/RR1'; and Senior secured term
loan B to 'CC' from 'B+/RR1'.

Also, 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.

Further, Fitch Ratings lowered the Issuer Default Ratings of
SemGroup, L.P., SemCrude L.P, and SemCAMS Midstream Co. to 'D'
following the bankruptcy petition by SemGroup and most of units
on July 22, 2008.  These ratings are removed from Rating Watch
where they were placed on July 17, 2008.  The bank facility and
securities ratings of SemGroup and units remain on Rating Watch
Negative pending a review of the bankruptcy court petition.


TEMPO LLC: Proofs of Claim Filing Deadline is August 10
-------------------------------------------------------
Creditors owed money by LLC Tempo are requested to file their
proofs of claim by Aug. 10, 2008, to:

         Christian Jaussi
         Hubelweg 9
         3303 Jegenstorf
         Switzerland

The company is currently undergoing liquidation in Jegenstorf.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 23, 2008.


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


BANK DIAMANT: Fitch Holds 'BB-(ukr)' National Long-Term Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Ukraine-based Bank Diamant's National
Long-term rating at 'BB-(ukr)'.  The Outlook remains Stable.

The rating reflects the bank's high borrower concentrations,
large credit exposure to the construction sector, weak
profitability and significant related party lending, low free
capital, potentially vulnerable liquidity position and certain
weaknesses in the operating environment.  At the same time, the
rating also considers the moderate level of reported non-
performing loans.

The Stable Outlook on the rating reflects the fact that the
bank's funding base seems to have remained reasonably stable in
recent weeks, notwithstanding the increased political risk
relating to the bank's owner.  However, a deterioration of the
liquidity position or a significant reduction in the bank's
already narrow customer franchise would exert downward pressure
on the rating, as could significant credit losses.  Upside
potential for the rating is currently very limited given the
political risk.  However, an expansion of franchise,
diversification of customer base and industry loan exposures and
improvement in performance and capital ratios would be positive
for Diamant's credit profile.

Bank Diamant was established in 1993 and specializes mainly in
corporate lending and private banking services.  The bank was
ranked 62nd in Ukraine by total assets, with a market share of
0.2%, at end-Q108.  Bank Diamant has a network of four branches
and about 45 outlets covering 11 regions of Ukraine.  It is
solely owned by David Zhvania, a member of the Ukrainian
parliament (the Verkhovnaya Rada).  Mr. Zhvania appears to have
come under some pressure from the Ukrainian authorities
following recent reports that he had questioned some of the
circumstances surrounding President Yuschenko's election victory
in 2004.


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


ABITIBIBOWATER INC: Inks Consulting Deal with T. Thorsteinson
-------------------------------------------------------------
On July 14, 2008, in connection with the retirement of Thor
Thorsteinson, the company's Senior Vice President, International
Business Division, effective Aug. 1, 2008, AbitibiBowater Inc.
and Mr. Thorsteinson entered into a consulting agreement.

Pursuant to the consulting agreement, Mr. Thorsteinson will
provide consulting services to the company until Dec. 31, 2008,
primarily in connection with the company's international
business.  Total compensation under the consulting agreement
will not exceed US$380,000.

In addition, Mr. Thorsteinson has agreed to extend the period of
his non-compete obligations under his severance agreement until
July 31, 2011, and in consideration of such agreement the
company will pay to Mr. Thorsteinson US$400,000.

In connection with his retirement, and the execution of the
consulting agreement, Mr. Thorsteinson will execute a customary
waiver and release agreement in favor of the company.

Following his retirement, Mr. Thorsteinson will be entitled to
severance benefits as set out in the Severance Compensation
Agreement, dated April 1, 2002, between Abitibi-Consolidated
Inc. and Mr. Thorsteinson.

Mr. Thorsteinson's executive responsibilities were reallocated
to the remaining executive officers.

                   About AbitibiBowater Inc.

Headquartered in Montreal, Canada, AbitibiBowater Inc. --
http://www.abitibibowater.com/-- produces a wide range of
newsprint, commercial printing papers, market pulp and wood
products.  AbitibiBowater owns or operates 27 pulp and paper
facilities and 34 wood products facilities located in the United
States, Canada, the United Kingdom and South Korea.
AbitibiBowater is also among the world's largest recyclers of
newspapers and magazines.  AbitibiBowater's shares trade under
the stock symbol ABH on both the New York Stock Exchange and the
Toronto Stock Exchange.

As reported in the Troubled Company Reporter on May 20, 2008,
the company's consolidated balance sheet at March 31, 2008,
showed US$10.3 billion in total assets, US$8.7 billion in total
liabilities, and US$1.6 billion in total stockholders' equity.

                         *     *     *

As reported in the Troubled Company Reporter on April 16, 2008,
Standard & Poor's Ratings Services assigned recovery ratings to
the senior unsecured debt issues of AbitibiBowater Inc.,
Abitibi-
Consolidated Inc., and Bowater Inc.  At the same time, S&P
lowered the issue-level rating on these debts to 'CCC+' from
'B-'.


ACUMEN DIRECT: Claims Filing Period Ends September 9
----------------------------------------------------
Creditors of Acumen Direct Marketing Ltd. have until Sept. 9,
2008, to detail their names and addresses (and solicitors if
applicable) together with particulars of their debts or claims,
in writing, or in person, to:

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

Duncan R. Beat of Tenon Recovery was appointed liquidator of the
company on July 11, 2008, for the creditors' voluntary winding-
up procedure.


ADVANSA LTD: Taps Liquidators from PricewaterhouseCoopers
---------------------------------------------------------
Tim Walsh and Richard Setchim of PricewaterhouseCoopers LLP were
appointed joint liquidators of Advansa Ltd. (formerly Burginhall
1113 Ltd. and Dupont Sabanci Polyester Ltd.) on July 14, 2008,
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Advansa Ltd.
         Eversheads House
         70 Great Bridgewater Street
         Manchester
         M1 5ES
         England


AIRE VALLEY: Fitch Assigns 'BB' Rating on GBP210MM Class D Loans
----------------------------------------------------------------
Fitch Ratings has assigned Aire Valley Mortgages 2008-1 plc's
GBP-equivalent 2.9 billion notes final ratings.  The notes are
backed by loans originated by Mortgage Express, Bradford and
Bingley's wholly-owned subsidiary, which focuses on specialized
lending.

  -- GBP625 million Series 1 Class A1: 'AAA'
  -- EUR786 million Series 1 Class A2: 'AAA'
  -- GBP625 million Series 2 Class A1: 'AAA'
  -- EUR786 million Series 2 Class A2: 'AAA'
  -- GBP190 million Series 2 Class C: 'BBB'
  -- GBP210 million Series 2 Class D: 'BB'

Each rated class in the transaction has a Stable Outlook.

The notes are the sixth listed issuance under the Aire Valley
master trust program and the sixth issuance through the
beneficiary Aire Valley Funding 1 Limited.

The final ratings are based on Fitch's assessment of the
underlying collateral, available credit enhancement, the
origination and underwriting procedures used by MX, its
servicing capabilities and the transaction's sound legal
structure.  Credit enhancement for the Class A notes initially
totals 16.1%, which is provided by the subordination of Aire
Valley's outstanding Class B notes (3.94%), Class C notes
(6.23%), the Class D notes (2.37%) from current and previous
Aire Valley issuances and an initial reserve account of 3.56%.

To analyze credit enhancement levels at transaction closing,
Fitch evaluated the collateral using its default model, details
of which can be found in the report "UK Residential Mortgage
Default Criteria", dated 8 February 2008.  The agency assessed
the transaction cash flows using default and loss severity
assumptions indicated by the default model under various
recession timings, prepayment speeds, interest rates and
originator default scenarios.  The cash flow tests showed that
each class of notes could withstand loan losses at a level
corresponding to the related stress scenario without incurring
any principal loss or interest shortfall and can retire the
principal by legal final maturity.

In rating this transaction, it is necessary to ensure that the
previous issuances from the Aire Valley master trust program
under the beneficiary Funding 1 pass Fitch's stress scenarios.
Accordingly, upon the closing of this transaction, Fitch has
affirmed the ratings of the outstanding notes from these
issuances:

  -- Aire Valley Mortgages 2004-1 plc
  -- Aire Valley Mortgages 2005-1 plc
  -- Aire Valley Mortgages 2006-1 plc
  -- Aire Valley Mortgages 2007-1 plc
  -- Aire Valley Mortgages 2007-2 plc

There are no revisions to the existing rating Outlooks for each
rated class in the above transactions.


APEX LOAN: Fitch Moves Class E Notes to Special Servicing
---------------------------------------------------------
Fitch Ratings notes that the Apex loan, which is part of the
Indus (Eclipse 2007-1) plc transaction, was transferred to
Special Servicing.  The ratings as per April 23 2008, were:

  -- GBP702.64 million Class A due January 2020 (XS0294756449):
     affirmed at 'AAA'; Outlook Stable

  -- GBP0.08 million Class X due January 2020 (XS0294756878):
     affirmed at 'AAA'; Outlook Stable

  -- GBP47.27 million Class B due January 2020 (XS0294757173):
     affirmed at 'AA'; Outlook Stable

  -- GBP53.18 million Class C due January 2020 (XS0294757256):
     affirmed at 'A'; Outlook Stable

  -- GBP52.69 million Class D due January 2020 (XS0294757504):
     affirmed at 'BBB'; Outlook Stable

  -- GBP9.93 million Class E due January 2020 (XS0294757686):
     affirmed at 'BB'; Outlook Negative

The Apex loan, which is backed by a single office property in
Edgbaston, Birmingham, was transferred to Special Servicing
following a failure of the borrower to make its full payment
obligations under the loan agreement.  The shortfall occurred as
a result of the withholding of rent by one tenant at the
property due to a dispute with the landlord.  Should rent
continue to be withheld, the landlord will start legal
proceedings against the tenant.  To cover the shortfall at the
note level, an amount of GBP26,837.50 (0.5% of the total) has
been drawn on the liquidity facility.

Fitch is currently awaiting additional information relating to
the nature of the dispute and how quickly it will be resolved.
Once such information has been received, the status of the
transaction will be reassessed and a report will be published.


AUXILIA GROUP: Brings In Liquidators from KPMG
----------------------------------------------
Allan Watson Graham and Richard James Philpott of KPMG LLP were
appointed joint liquidators of Auxilia Group Ltd. on July 11,
2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Auxilia Group Ltd.
         c/o KPMG LLP
         2 Cornwall Street
         Birmingham
         B3 2DL
         England


BRITISH ENERGY: Holding Final Sale Talks with EDF SA
----------------------------------------------------
Electricite de France SA is holding final negotiations to
acquire British Energy Limited, the Wall Street Journal reports,
citing people privy with the matter.

People close to the talks told the Journal that the companies
may announce a GBP12 billion deal this week.

BE, in which the British government owns 35.8% stake, confirmed
on its web site that it is in advanced talks with one interested
party, but did not disclose the bidder.  The company added
"there can be no certainty that the discussions will lead to an
offer being made for British Energy."

Should the companies reach an agreement, EDF would sell between
20%-25% stake to U.K.-based Centrica plc.

According to the Journal, depending on how the agreement is
structured, EDF may have to ask approval from BE's minority
shareholders, some of whom said they wouldn't accept an offer of
less than 750 pence.

EDF had offered GBP11 billion for BE, but the government-
controlled company rejected the bid, saying that it does not
represent value for shareholders.   BE added that the offers
"failed to take proper account of the current forward price of
electricity and the value of its sites and people in the context
of nuclear new build."

EDF then said it would increase its takeover bid if BE's board
approves the offer.

                      About British Energy

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

                          *     *     *

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

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

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


CANINE CORPORATION: Calls In Liquidators from Grant Thornton
------------------------------------------------------------
Martin Ellis and Nicholas Wood of Grant Thornton U.K. LLP were
appointed joint liquidators of Canine Corporation plc on July 4,
2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Canine Corporation plc
         Grant Thornton U.K. LLP
         Grant Thornton House
         Melton Street
         Euston Square
         London
         NW1 2EP
         England


COBRA DESIGN: Calls In Joint Administrators from Tenon Recovery
---------------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint administrators of Cobra Design Centre (Seats) Ltd.
(Company Number 04227260) on July 18, 2008.

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

The company can be reached at:

         Tenon Recovery
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


ELLERINGTON OFFICE: HSBC Bank Taps Receivers from PwC
-----------------------------------------------------
HSBC Bank plc appointed Ian David Stokoe and Ian David Green of
PricewaterhouseCoopers LLP joint administrative receivers of
Ellerington Office Supplies Ltd. (Company Number 01610428) on
July 16, 2008.

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


EURO PROPERTY: Appoints Liquidators from Tenon Recovery
-------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Euro Property Trading Ltd., Peer
Construction Ltd., Peer Marketing Ltd. on July 8, 2008, for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

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


FIVE STAR: Brings In Joint Administrators from Begbies Traynor
--------------------------------------------------------------
J.N.R. Pitts and D.F. Wilson of Begbies Traynor were appointed
joint administrators of Five Star Facilities (UK) Ltd. (Company
Number 05780207) on July 9, 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:

         Five Star Facilities (UK) Ltd.
         Begbies Traynor
         Glendevon House
         Hawthorn Park
         Coal Road
         Leeds
         LS14 1PQ
         England


FLOORS-2-GO LTD: Unable to Pay Employees; Faces Cash Flow Woes
--------------------------------------------------------------
Floors-2-Go Ltd. confirmed it will not be able to pay its 100
employees, including 97 that were made redundant, blaming cash
flow problems, Rachael Singh writes for Accountancy Age.

"Unfortunately, employees made redundant upon the appointment of
the joint administrators did not receive their final pay for the
period prior to the appointment due to cash flow constraints of
the business," a spokesman for administrator Kroll Accountancy
Age was quoted by Accountancy Age as saying.

Meanwhile, a source close to Floors-2-Go told Accountancy Age
that up to seven senior managers are also at risk of losing
their investment in the company.

A TCR-Europe report on July 24, 2008, disclosed Floors-2-Go
called in administrators from Kroll, blaming deteriorating
housing market and slump in do-it-yourself home improvements.

The administrators closed 41 of the company's 132 stores.

Floors-2-Go was acquired by U.K. private equity group Alchemy
Partners in December 2006.

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


GOLDCROFT LTD: Claims Filing Period Ends September 7
----------------------------------------------------
Creditors of Goldcroft Ltd. have until Sept. 7, 2008, to detail
their names and addresses (and solicitors if applicable)
together with particulars of their debts or claims, in writing,
or in person, to:

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

Duncan R. Beat of Tenon Recovery was appointed liquidator of
Goldcroft Ltd. on July 9, 2008, for the creditors' voluntary
winding-up procedure.


ILVA FURNITURE: Closing Three UK Stores; 400 Jobs Affected
----------------------------------------------------------
Ilva Furniture Ltd. is closing its stores at Thurrock,
Manchester and Gateshead over the coming weeks after failing to
find a buyer, Nicola Harrison writes for Retail Week.

The closures, Retail Week relates, will affect 400 jobs.

"All employees have been made aware of the situation and a wind-
down program is being implemented at each of the stores," Kroll
partner Peter Saville was quoted by Retail Week as saying.

Ilva, however, said in its Web site that the business is trading
as usual.

On June 25, 2008, Peter Saville, Simon Appell and Anne O'Keefe,
partners at Kroll's Corporate Advisory and Restructuring Group,
were appointed joint administrators of the company.

As previously reported in the TCR-Europe, Ilva, which is owned
by Iceland-based Lagerinn, called in administrators after
suffering from poor trading conditions.  According to accounts
filed at Companies House, the company posted a GBP62 million
loss on GBP26 million of sales in the year to April 2007.

Ilva Furniture Ltd. -- http://www.ilva.co.uk/--  is
headquartered in Reading, England.


NEWGATE FUNDING: S&P Removes 7 Low-B Ratings From Nagative Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services has taken various rating
actions on the series 2007-1 and 2007-2 notes issued by Newgate
Funding PLC.

The rating actions on these transactions are based on three main
factors:

  -- The continued dislocation between LIBOR and the Bank of
     England base rate;

  -- The potential correction in house prices leading to higher
     losses; and

  -- The transactions' expected pool performance given limited
     deleveraging to date.

On the June interest payment dates, series 2007-1 topped up its
reserve fund by GBP165,932, leaving the reserve fund at 88% of
the required amount.  Series 2007-2 drew GBP33,174, leaving the
reserve fund at 84% of the required amount.  In both
transactions, the class Q notes continue to defer interest.

These transactions do not have a basis rate swap to hedge
against the difference between the three-month LIBOR paid on the
notes and Bank of England base rate paid on some of the
mortgages.  To mitigate this risk at closing, S&P looked at the
historical difference between LIBOR and Bank of England base
rate over time and modeled this additional risk in the cash
flows.  S&P incorporated the current dislocation between these
interest rates into the current cash flow analysis.

These transactions contain fixed-rate loans.  This interest rate
risk is mitigated through a fixed/floating swap.  As of May 22,
92% of the pool was paying a fixed rate of interest for series
2007-1, the majority of which will revert to a floating rate of
interest linked to Bank of England base rate in fourth quarter
2008.  As of June 6, 96.6% of the pool was paying a fixed rate
of interest for series 2007-2, the majority of which will revert
to a floating rate of interest linked to Bank of England base
rate in Q1 2009.

90+-day delinquencies for series 2007-1 increased to 13.44% as
of April 30, up from 11.27% as of Jan. 31.  Unsold repossessions
increased to 2.04% from 1.07% of the outstanding principal
balance.  The cumulative principal losses were GBP227,164 (0.04%
of the original principal balance) with an average loss severity
of 7.55%.

90+-day delinquencies for series 2007-2 increased to 12.70% as
of May 31, up from 11.04% as of Feb. 29.  Unsold repossessions
increased to 0.93% from 0.72% of the outstanding principal
balance, and cumulative principal losses were GBP262,379 (0.06%
of the original principal balance) with an average loss severity
of 15.32%.

With house prices likely to continue falling in the coming
months, S&P expects to see higher losses in all U.K. residential
mortgage-backed securities transactions.  This will place
pressure on excess spread, leading to the possibility of further
reserve fund draws and a decrease in credit enhancement.

S&P has estimated the expected cash flows for the next period
based on various assumptions regarding arrears, losses,
collection rates (actual versus expected interest received),
interest rates, and prepayment rates.  Based on this analysis,
S&P expects a further reserve fund draw for series 2007-2 on the
September interest payment dates.  A further reserve fund draw
for series 2007-1 is highly dependent on the collection rates
achieved.

S&P will continue to monitor the performance of these
transactions using the most recent loan-level data for a full
credit and cash flow analysis.  S&P will pay particular
attention to future repossessions, losses, and changes in
collection rates and prepayment rates.  The results of S&P's
analysis, together with any effects on the ratings on any of the
notes, will be released after the September 2008 Investor
Reports are published.

Newgate Funding PLC:

  -- EUR162.8 Million, GBP406.95 Million, And US$132 Million
     Mortgage-Backed And Excess-Spread Floating-Rate Notes
     Series 2007-1

Class                    Rating
           To                            From

Ratings Lowered And Removed From CreditWatch With Negative
Implications:

Cb         A-                            A/Watch Neg
Db         BBB-                          BBB/Watch Neg
T          BBB-                          BBB/Watch Neg

Ratings Placed On CreditWatch Negative:

Ba         AA/Watch Neg                  AA
Bb         AA/Watch Neg                  AA

Ratings Removed From CreditWatch Negative And Affirmed:

E          BB                            BB/Watch Neg
F          B                             B/Watch Neg
Q          BB                            BB/Watch Neg

Ratings Affirmed:

A1a        AAA
A1b        AAA
A1c        AAA
A2         AAA
A3         AAA
Ma         AAA
Mb         AAA
MERCs      AAA

Newgate Funding PLC:

  -- EUR177.55 And GBP337.5 Million Mortgage-Backed And Excess-
     Spread Floating-Rate Notes Series 2007-2

Ratings Lowered And Removed From CreditWatch Negative:

T          BB                            BBB/Watch Neg
Q          B                             BB/Watch Neg

Ratings Lowered And Kept On CreditWatch Negative:

Cb         A-/Watch Neg                  A/Watch Neg
Db         BBB-/Watch Neg                BBB/Watch Neg

Ratings Removed From CreditWatch Negative And Affirmed:

Bb         AA                            AA/Watch Neg
E          BB                            BB/Watch Neg
F          B                             B/Watch Neg

Ratings Affirmed:

A1a        AAA
A1b        AAA
A2         AAA
A3         AAA
M          AAA
MERCs      AAA


P&M TRADE: Appoints Joint Administrators from Begbies Traynor
-------------------------------------------------------------
David Anthony Horner and David Adam Broadbent of Begbies Traynor
were appointed joint administrators of P&M Trade Windows Ltd.
(Company Number 03927549) on July 15, 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:

         P&M Trade Windows Ltd.
         c/o Begbies Traynor
         11 Clifton Moor Business Village
         James Nicolson Link
         Clifton Moor
         York
         YO30 4XG
         England


TEAL INTERNATIONAL: Taps Begbies Traynor to Administer Assets
-------------------------------------------------------------
G. N. Lee, W. J. Kelly and J. A. Lowe of Begbies Traynor were
appointed joint administrators of Teal International Ltd.
(Company Number 05496118) on July 16, 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:

         Teal International Ltd.
         c/o Begbies Traynor
         340 Deansgate
         Manchester
         M3 4LY
         England


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

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


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


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


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

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


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

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

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

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

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


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


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


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


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


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


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


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


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


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


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


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


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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