TCREUR_Public/080731.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, July 31, 2008, Vol. 9, No. 151

                            Headlines


A U S T R I A

A-K-D WOHNSERVICE: Claims Registration Period Ends August 12
ITV INDUSTRIETEILE-VERTRIEB: Claims Registration Ends August 14
KAYIKO KARIN: Claims Registration Period Ends August 13


B U L G A R I A

KREMIKOVTZI AD: UK High Court Rules Payment to Bondholders


F R A N C E

ALCATEL-LUCENT SA: Reports EUR1.1 Billion Net Loss for Q2 2008
ARES SA: Evry Court Places Software Developer Under Receivership


G E R M A N Y

BIOSCORA GMBH: Claims Registration Period Ends August 8
C61 SERVICES: Claims Registration Period Ends August 8
CRAFT PERSONALLEASING: Claims Registration Period Ends Aug. 8
DECO 7: Fitch Puts 'BB' Notes Ratings Under Negative Watch
ELEKTRO RUDOLSTADT: Claims Registration Period Ends August 8

ESSENTIAL CRM: Claims Registration Period Ends August 8
FERNTRANSPORTE KOWALL: Claims Registration Period Ends Aug. 8
FUN-FOOD MILCHPRODUKTE: Claims Registration Period Ends Aug. 8
HELI-BAU GMBH: Claims Registration Period Ends August 8
LOGMATI GMBH: Claims Registration Period Ends August 8

MATO HOBBYDESIGN: Claims Registration Period Ends August 8
PROSIEBENSAT.1 MEDIA: Media Manager Quits Post


H U N G A R Y

OTP BANKA: Moody's Affirms D- Bank Financial Strength Rating


I R E L A N D

BIFROST INVESTMENTS: Fitch Chips EUR65MM Swaps Rating to BB
BIFROST INVESTMENTS: Fitch Trims EUR75MM Swaps Rating to BB-


I T A L Y

FIAT SPA: Fiat Group Inks Auto Financing Deal with Jaguar

* ITALY: Long-Term Growth Prospects Could Dim Further, S&P Says


K A Z A K H S T A N

ALEX COMPANY: Creditors Must File Claims by September 9
DIGOR-INTER LLP: Claims Deadline Slated for September 3
FIALKA COMMERCE: Claims Filing Period Ends September 3
JYL STROY: Creditors' Claims Due on September 9
KASKAD SERVICE: Claims Registration Ends September 10

MASH SERVICE: Creditors Must File Claims by September 10
PETRO-STROY LLP: Claims Deadline Slated for September 9
SBM GROUP: Claims Filing Period Ends September 9
VOSTOK VTOR: Creditors' Claims Due on September 9


K Y R G Y Z S T A N

ALTYN INVEST: Creditors Must File Claims by September 4


R U S S I A

AGRO-PROM-STROY KAMENSKOE: Tula Bankruptcy Hearing Set August 6
AN-STAR LLC: Court Starts Bankruptcy Supervision Procedure
DIKOM OJSC: Creditors Must File Claims by August 28
DOL LAZRUNYJ: Krasnodar Bankruptcy Hearing Slated for August 13
OASIS CJSC: Court Starts Bankruptcy Supervision Procedure

OLE-COM LLC: Creditors Must File Claims by August 28
POLYMER LLC: Creditors Must File Claims by August 28


S P A I N

AYT CAIXA: Fitch Assigns 'BB-' Rating on EUR21.6MM Class D Notes
BILBAO BIZKAIA: Fitch Holds Support Floor Rating at 'BB+'


S W I T Z E R L A N D

FIT PUNKT: Creditors Have Until Aug. 14 to File Proofs of Claim
HH MOVIE: Aug. 14 Set as Deadline to File Proofs of Claim
KARL BLEIKER: Creditors Must File Proofs of Claim by  Aug. 14
MCPUTER JSC: Deadline to File Proofs of Claim Set  Aug. 15
SCREENTEX JSC: Proofs of Claim Filing Deadline is  Aug. 14

SENNET LLC: Creditors' Proofs of Claim Due by Aug. 14
SURME HOLDING: Aug. 14 Set as Deadline to File Proofs of Claim
TRACY COLLEGE: Creditors Must File Proofs of Claim by  Aug. 14
UBS AG: Some Employees Arrested on Insider Trading Probe
VIOLET ORIENTTEPPICHE: Claims Filing Deadline is August 14

WAWI LLC: Deadline to File Proofs of Claim Set August 14


U K R A I N E

CHERKASSY SEED: Creditors Must File Proofs of Claim by August 13
KSK SWISS: Creditors Must File Proofs of Claim by August 13
MERCURY LLC: Creditors Must File Proofs of Claim by August 10
PIRS LLC: Creditors Must File Proofs of Claim by August 14
SOFIYA AND CO: Creditors Must File Proofs of Claim by August 13

SOUERTE LLC: Creditors Must File Proofs of Claim by August 10
SLOVGRESS LLC: Creditors Must File Proofs of Claim by August 13
TECHNICAL BUILDING: Creditors Must File Claims by August 13


U N I T E D   K I N G D O M

5KS ELECTRICAL: Brings in Liquidators from Tenon Recovery
A & J PRINT: Simon Paterson Leads Liquidation Procedure
BAXALL LTD: Calls in Liquidators from KPMG
BRODY INTERNATIONAL: Taps Liquidators from Smith & Williamson
CAMPAGNA RESTAURANTS: Goes Into Voluntary Liquidation

CPS LTD: Names Richard Dixon Fleming Liquidator
DIGITAL NETWORK: Appoints Liquidator from KPMG
DONNELLY & BAILEY: Claims Filing Period Ends September 13
DRENT LTD: Calls in Liquidator from KPMG
GREATFLEET PLC: Appointments Joint Administrators

HIGHLAND NATURAL: Lack of Funding Prompts Liquidation Proceeding
HOLMES BUILDING: Taps Liquidator from KPMG
LA FEMME: Brings in Liquidators from Tenon Recovery
MONEY QUEST: Goes Into Administration; 40 Jobs at Risk
PERIPATETIC PLAY-CARE: Joint Liquidators Take Over Operations

PHOENIX MORTGAGE: Hires Liquidators from BDO Stoy Hayward
POLYONE CORP: Realigns Manufacturing Assets; Shuts Down Plants
SECURITY CAPITAL: Inks Forbearance and Waiver Pact with Lenders
SECURITY CAPITAL: Moody's Puts Ratings Under Review; May Cut
SOLUTIA INC: Court Hears Settlement for Avoidance Actions

TAYLOR WIMPEY: Taps NM Rothschild for Debt Waiver Talks
UBS AG: Some Employees Arrested on Insider Trading Probe

* S&P Takes Credit Rating Actions on 102 European Synthetic CDO
* Fewer Retailers in Administration in Q2 2008, Says Deloitte

* Upcoming Meetings, Conferences and Seminars


                            *********

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


A-K-D WOHNSERVICE: Claims Registration Period Ends August 12
------------------------------------------------------------
Creditors owed money by LLC A-K-D Wohnservice have until Aug.
12, 2008, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Thomas Zeitler
         Eisenhandstrasse 15
         4020 Linz
         Austria
         Tel: 77 55 44-11
         Fax: 77 55 44-10
         E-mail: insolvenz@bzp.at

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 Linz
         Hall 522
         5th Floor
         Linz
         Austria

Headquartered in Neumarkt im Muehlkreis, Austria, the Debtor
declared bankruptcy on June 25, 2008, (Bankr. Case No. 17 S
27/08g).


ITV INDUSTRIETEILE-VERTRIEB: Claims Registration Ends August 14
---------------------------------------------------------------
Creditors owed money by LLC Itv Industrieteile-Vertrieb have
until Aug. 14, 2008, to file written proofs of claim to the
court-appointed estate administrator:

        Dr. Michael Axmann
        Kalchberggasse 10
        8010 Graz
        Austria
        Tel: 0316/832515
        Fax: 0316/816778
        E-mail: office@anwalt-graz-info

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on Aug. 21, 2008, for the
examination of claims at:

         The Land Court of Graz
         Room 222
         2nd Floor
         Graz
         Austria

Headquartered in Feldkirchen, Austria, the Debtor declared
bankruptcy on June 24, 2008, (Bankr. Case No. 26 S 72/08w).


KAYIKO KARIN: Claims Registration Period Ends August 13
-------------------------------------------------------
Creditors owed money by KG Kayiko Karin Oebster have until Aug.
13, 2008, to file written proofs of claim to the court-appointed
estate administrator:

         Beate Holper
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 533 28 55
         Fax: 533 28 55 28
         E-mail: office@anwaltwien.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Aug. 27, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 25, 2008, (Bankr. Case No. 4 S 95/08k).


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


KREMIKOVTZI AD: UK High Court Rules Payment to Bondholders
----------------------------------------------------------
The High Court of England and Wales has issued a decision
ordering Kremikovtzi AD to repay EUR347 million in principal and
interest due to Law Debenture Trust Corporation, trustee for the
company's seven-year 12% notes due 2013, Dnevnik News reports.

As previously reported in the TCR-Europe, Law Debenture sued
Kremikovtzi and its Bulgaria Steel Finance B.V. unit at the U.K.
High Court, seeking repayment of EUR325 million in principal
plus over EUR20 million in interests.

Law Debenture claimed Kremikovtzi breached the terms of the
notes, which made them immediately payable.  The trustee further
claimed Kremikovtzi failed to pay interest to noteholders
despite receiving notices from March to May.

In its ruling, the High Court ordered that Kremikovtzi
reclassify the principal and interest due as a short-term
liability.

The case is Law Debenture Trust Corp. v. Bulgaria Steel
Finance B.V., No. HC08C1494, Docket ID: X1Q6L00QLDO2

Meanwhile, the committee of Kremikovtzi bondholders has sought
permission from the Sofia City Court to join the insolvency
proceedings against the Bulgarian firm as an interested party,
Dnevnik News relates.

                        About Kremikovtzi

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

The Sofia City Court appointed administrators April 30, 2008, at
Kremikovtzi AD in relation with the steel mill's deteriorating
financial position.

                          *     *     *

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


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


ALCATEL-LUCENT SA: Reports EUR1.1 Billion Net Loss for Q2 2008
--------------------------------------------------------------
Alcatel-Lucent S.A. posted EUR1.102 billion in net losses on
EUR4.1 billion in net revenues for the second quarter ended
June 30, 2008.

During the second quarter, the CDMA activity declined at a
higher pace than the company had planned.  This was due, to a
large extent, to a strong reduction in the capital expenditure
of a key customer in North America.  Although there are new
opportunities in other geographic areas, the uncertainty
regarding spending in North America has led the company to take
more cautious mid-term assumptions in this activity.

This resulted in a goodwill impairment charge of EUR810 million,
which is reflected in the reported net loss of EUR1.102 billion
or EUR0.49 per diluted share for the second quarter.

"Looking beyond the non-cash impairment charge, operationally we
made good progress against our turnaround plan in the second
quarter, delivering top-line and an adjusted operating margin in
line with our expectations," Patricia Russo, CEO, commented.

"First, revenue performance came in at the higher end of our
guidance, posting sequential growth of slightly more than 6% .
We were able to fully absorb the material decline in CDMA,
achieving year-over-year growth of close to 2% at constant
Euro/US$ exchange rate, thanks to the strong growth of our
Enterprise and Services operating segments and good performance
in most of our other carrier activities.  Of particular note,
GSM/W-CDMA/WiMAX continued to enjoy strong, double-digit growth
year-over-year. In addition, our activities in convergence grew
for the first time since completing the merger and we saw slight
growth in our wireline activities.

"Second, our adjusted gross margin is in the mid thirties, which
is in line with our overall guidance for the year.  Factoring
out the impact of one-time gains, our gross margin increased by
150 basis points year-over-year, reflecting a more stringent
pricing discipline and the impact of our product costs reduction
programs.  Sequentially, it declined 90 basis points, in spite
of higher volumes, reflecting to a large extent a negative shift
in the product and geographic mix.

"Finally, we continue to make good progress in reducing our
fixed costs.  Our operating expenses declined 8.6% year-over-
year and 1.7% sequentially.  As a result, we achieved higher
adjusted operating margins in all three business segments, with
break-even performance in the carrier segment and high single-
digit operating margins in the Enterprise and Services
segments."

                       Market and Outlook

"In our outlook for the second quarter and full year, we were
prudent in our view of the telecommunications equipment market
due to the macroeconomic environment and the resulting potential
for lower capital spending in the U.S.," Ms. Russo continued.
"Over the past three months, the global macroeconomic
environment has further deteriorated and the economic slowdown
has begun to spread to Europe. Although not evident yet, we
believe this could impact somewhat the capital expenditure
decisions of certain European customers, especially in fixed
access.

"At the same time, we are seeing a stronger-than-expected demand
for GSM/W-CDMA mobile access in emerging markets, especially in
Asia.  In addition, we feel positive about our prospects in
China, both in 2G and 3G (including CDMA EV-DO) for the fourth
quarter and next year.  Finally, we now see a stronger than
initially expected demand in Services, especially in network
operations and network integration.  Against this mixed
backdrop, we continue to anticipate that the global
telecommunications equipment and related services market should
be flat in 2008 at constant currency."

"With approximately half of the company's revenue in U.S. dollar
or dollar-linked currencies, Alcatel-Lucent reiterates its
previous guidance for the full year 2008 revenue.  Expressed in
current Euro rate and due to the reduction in the value of the
dollar since 2007, revenue should be down in the low to mid
single-digit range.  The company continues to expect an adjusted
gross margin in the mid thirties and an adjusted operating
margin in the low to mid single-digit range in percentage of
revenue in full year 2008.  For the third quarter 2008, Alcatel-
Lucent expects its revenue to be flat to slightly down
sequentially, followed by a strong ramp in the fourth quarter."

                        Net Debt Position

The net debt position was EUR415 million as of June 30, 2008,
compared with EUR30 million as of March 31, 2008.  The increase
in net debt of EUR385 million primarily reflects an increase in
non operating working capital requirements mainly related to the
bonus payments which were concentrated in the second quarter,
cash outflow related to restructuring plans (EUR166 million),
our cash contribution to pensions (EUR112 million) and a
slightly higher-than-anticipated cash income tax payment
(EUR48 million).

Based on the outlook for revenue and adjusted operating margin,
Alcatel-Lucent expects its year-end 2008 net debt to be
materially reduced compared to the level at the end of June
2008.

As of June 30, 2008, Alcatel-Lucent SA had EUR30.94 billion in
total assets, EUR20.98 billion in total liabilities and
EUR9.96 billion in total shareholders' liability.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.

                           *     *     *

Alcatel-Lucent continues to carry Ba3 Corporate Family and
Senior Debt ratings, Not-Prime for short term debt, as well as
B2 ratings for subordinated debt with negative outlook from
Moody's Investors Service.  The ratings were affirmed in
April 2008.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt still carry Standard & Poor's Ratings Services'
BB rating.  Its Short-Term Corporate Credit rating stands at B.


ARES SA: Evry Court Places Software Developer Under Receivership
----------------------------------------------------------------
The Tribunal de Commerce in Evry, France placed Ares SA under a
judicial reorganization and appointed Messrs. Avezou and Vaillot
as administrators on July 21, 2008, Bloomberg News reports.

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

According to Bloomberg News, Ares filed for receivership after
suspending payments to creditors on July 18, 2008.

In a statement, Ares assured employees, suppliers and customers
that its operations would continue normally during the
observation period.  The company added it is drafting a
continuation plan for its core business, which employs 1,300
people and turns over EUR100 million in sales.

Ares recently completed the sale of two subsidiaries, affecting
362 employees.

Ares posted EUR289 million in net losses on EUR329.1 million in
net revenues for fiscal year ended March 31, 2008, compared with
EUR12 million in net losses on EUR411.7 million in net revenues
for fiscal year ended March 31, 2007.

As of March 31, 2008, Ares had EUR242.9 million in total assets,
EUR235.1 million in total liabilities and EUR7.8 million in
total shareholders' equity.

As of March 31, 2008, the company had EUR211.6 million in
current assets and EUR212.8 million in current liabilities,
resulting in EUR1.2 million in net working deficit.

                        About Ares SA

Headquartered in Villebon sur Yvette, France, Ares SA
-- http://www.ares.fr/-- develops computer software and
supplies related services that specializes infrastructure design
and facilities management.


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


BIOSCORA GMBH: Claims Registration Period Ends August 8
-------------------------------------------------------
Creditors of BIOSCORA GmbH have until Aug. 8, 2008, to register
their claims with court-appointed insolvency manager Katrin
Bringezu.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Katrin Bringezu
         Prager Strasse 34
         04317 Leipzig
         Germany
         Tel: 0341/486930
         Fax: 0341/4869393
         E-mail: leipzig@hbml.de

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

The Debtor can be reached at:

         BIOSCORA GmbH
         Deutscher Platz 5c
         04103 Leipzig
         Germany


C61 SERVICES: Claims Registration Period Ends August 8
------------------------------------------------------
Creditors of C61 Services GmbH have until Aug. 8, 2008, to
register their claims with court-appointed insolvency manager
Ernst Wiesner.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Sept. 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Meeting Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Ernst Wiesner
         Schwanenwall 23
         44135 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against C61 Services GmbH on June 24, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         C61 Services GmbH
         Robertstrasse 31
         44145 Dortmund
         Germany

         Attn: Carsten Rosenhoff, Manager
         Vulkanstr. 1
         44225 Dortmund
         Germany


CRAFT PERSONALLEASING: Claims Registration Period Ends Aug. 8
-------------------------------------------------------------
Creditors of Craft Personalleasing GmbH have until Aug. 8, 2008,
to register their claims with court-appointed insolvency manager
Joerg Spies.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Aug. 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D132
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Joerg Spies
         Glashuetter Strasse 104
         01277 Dresden
         Germany
         Web site: http://www.pkl.com/

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

The Debtor can be reached at:

         Craft Personalleasing GmbH
         Attn: Uwe Bednarski and Manuela Bednarski, Managers
         Weisseritzstrasse 3
         01067 Dresden
         Germany


DECO 7: Fitch Puts 'BB' Notes Ratings Under Negative Watch
----------------------------------------------------------
Fitch Ratings has placed seven classes of notes from DECO 7 -
Pan Europe 2 plc on Rating Watch Negative and affirmed one class
as:

  -- EUR487.29 million Class A2 (XS0246470214): affirmed at
     'AAA'; Outlook Stable

  -- EUR108.54 million Class B (XS0244895073): 'AA'; on RWN
  -- EUR53.97 million Class C (XS0244895586): 'A+'; on RWN
  -- EUR17.58 million Class D (XS0244896048): 'A'; on RWN
  -- EUR35.78 million Class E (XS0244896394): 'BBB'; on RWN
  -- EUR19.40 million Class F (XS0246471881): 'BBB-' (BBB
     minus); on RWN

  -- EUR16.37 million Class G (XS0246474042): 'BB'; on RWN
  -- EUR35.62 million Class H (XS0246475445): 'BB'; on RWN

The RWN on the above tranches is the result of an event of
default that has occurred under the Karstadt Kompakt loan.  This
default was caused by the borrowers failing to pay the full
amount of the amortization installment due on July 21, 2008.
The shortfall was EUR1.3 million, implying a decline in debt
service cover ratio to 0.75x from 1.62x in Q208.  The loan
payment default has triggered the note sequential payment
trigger, meaning all loan principal distribution amounts will
now be applied fully sequentially.

The agency has become increasingly concerned that the poor
operating performance of Hertie as tenant in the portfolio may
lead to further under-performance of the loan.  Additionally,
press statements have indicated that Dawnay Day, one of the
owners of the joint venture behind both the borrower and Hertie,
has recently undertaken sales of assets unrelated to this
portfolio to bolster its general financial position.

In April 2008, Deutsche Bank AG, London Branch, acting as
servicer (DBL, rated 'CPS2-UK') instructed Price Waterhouse
Coopers, as auditors, to perform due diligence and assess the
financial strength and viability of the tenant as a going
concern.  The servicer also instructed a valuer to provide a
current vacant possession value assessment.  The nature of some
of the assets creates uncertainty regarding the feasibility of
finding an alternative tenant, should the tenant's cashflow
constraints result in a default by the tenant.  If this should
occur, the VPV will be the most appropriate proxy for likely
loan recoveries rather than the market value.  Nevertheless,
there are a number of leases being negotiated with various
parties, eight of which have been signed, while two remain under
negotiation.

The current VPV was estimated at EUR336.8 million for the
remaining assets (compared to EUR337.7 million in September
2005). This VPV is higher than the current loan amount, implying
that the transaction could continue to have positive equity even
after a default by the tenant.  However, a protracted workout
period, if it were to occur, could erode surplus value
significantly.

The servicer is actively working with the borrowers, the
sponsors and the respective administrator; there is a 45 day
cure period in which the borrowers can rectify the amortization
shortfall and prevent the loan from being transferred to special
servicing. Fitch will resolve the rating watch following receipt
of further information from the servicer or the end of the cure
period, if earlier.

The loan accounts for 35.6% of the current total loan balance.
It was granted to fund the acquisition of a portfolio of 65
retail properties spread throughout Germany, with a
concentration in North-Rhine Westphalia.  The majority of
properties are three- to five-storey department stores
constructed between 1960 and 1979. The portfolio was acquired by
a 50:50 joint venture owned by Dawnay Day (a property investment
company) and Hilco (a distressed debt specialist) in December
2004.


ELEKTRO RUDOLSTADT: Claims Registration Period Ends August 8
------------------------------------------------------------
Creditors of Elektro Rudolstadt GmbH  have until Aug. 8, 2008,
to register their claims with court-appointed insolvency manager
Michael Bleek.

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

The meeting of creditors will be held at:

         The District Court of Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         Germany

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

The insolvency manager can be reached at:

         Michael Bleek
         Grosse Allee 1a
         07407 Rudolstadt
         Germany

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

The Debtor can be reached at:

         Elektro Rudolstadt GmbH
         Werner-John-Strasse 1
         07407 Rudolstadt
         Germany


ESSENTIAL CRM: Claims Registration Period Ends August 8
-------------------------------------------------------
Creditors of Essential CRM GmbH have until Aug. 8, 2008, to
register their claims with court-appointed insolvency manager
Justus Schneidewind.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 a.m. on Sept. 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Justus Schneidewind
         Behlertstrasse 28 a
         14469 Potsdam
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against Essential CRM GmbH on June 18, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Essential CRM GmbH
         Luftschiffhafen 1
         14471 Potsdam
         Germany


FERNTRANSPORTE KOWALL: Claims Registration Period Ends Aug. 8
-------------------------------------------------------------
Creditors of Ferntransporte Kowall Verwaltungs GmbH have until
Aug. 8, 2008, to register their claims with court-appointed
insolvency manager Dr. Heiko Warmbold.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Heiko Warmbold
         Ossenreyerstrasse 16
         18439 Stralsund
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against Ferntransporte Kowall Verwaltungs GmbH on July 7, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Ferntransporte Kowall Verwaltungs GmbH
         Attn: Mirko Krohn, Manager
         Kowall 3
         18574 Garz/Ruegen
         Germany


FUN-FOOD MILCHPRODUKTE: Claims Registration Period Ends Aug. 8
--------------------------------------------------------------
Creditors of FUN-FOOD Milchprodukte GmbH have until
Aug. 8, 2008, to register their claims with court-appointed
insolvency manager Stephan Neubauer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Stephan Neubauer
         Spitalerstrasse 4
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against FUN-FOOD Milchprodukte GmbH on June 17, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         FUN-FOOD Milchprodukte GmbH
         Attn: Mikhail Dneprov, Manager
         Glockengiesserwall 26
         20095 Hamburg
         Germany


HELI-BAU GMBH: Claims Registration Period Ends August 8
-------------------------------------------------------
Creditors of HELI-BAU GmbH Hoch- und Tiefbau have until
Aug. 8, 2008, to register their claims with court-appointed
insolvency manager J. Oehler.

Creditors and other interested parties are encouraged to attend
the meeting at 1:05 p.m. on Sept. 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Gera
         Room 317
         Rudolf-Diener-Str. 1
         Gera
         Germany

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

The insolvency manager can be reached at:

         J. Oehler
         Willy-Brandt-Platz 1
         99084 Erfurt
         Germany

The District Court of Gera opened bankruptcy proceedings against
HELI-BAU GmbH Hoch- und Tiefbau on July 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         HELI-BAU GmbH Hoch- und Tiefbau
         Lindenhof 17
         04626 Schmolln
         Germany


LOGMATI GMBH: Claims Registration Period Ends August 8
------------------------------------------------------
Creditors of Logmati GmbH have until Aug. 8, 2008, to register
their claims with court-appointed insolvency manager Dr. Harald
Schwartz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 8, 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 Fuerth
         Room 216
         Office Building 2
         Baumenstrasse 28
         Fuerth
         Germany

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

The insolvency manager can be reached at:

         Dr. Harald Schwartz
         Creussnerstr. 5
         90409 Nurnberg
         Germany
         Tel: 0911/76600810
         Fax: 0911/76600828

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

The Debtor can be reached at:

         Logmati GmbH
         Nordring 39
         90765 Fuerth
         Germany


MATO HOBBYDESIGN: Claims Registration Period Ends August 8
----------------------------------------------------------
Creditors of MaTo Hobbydesign GmbH have until Aug. 8, 2008, to
register their claims with court-appointed insolvency manager
Reinhold Schmid-Sperber.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Aug. 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Eutin
         Hall B
         1. Stick
         Jungfernstieg 3
         23701 Eutin
         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:

         Reinhold Schmid-Sperber
         Westring 455
         24118 Kiel
         Germany

The District Court of Eutin opened bankruptcy proceedings
against MaTo Hobbydesign GmbH on July 10, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         MaTo Hobbydesign GmbH
         Attn: Torsten Rohreit, Manager
         Thulboden 7
         23744 Heiligenhafen
         Germany


PROSIEBENSAT.1 MEDIA: Media Manager Quits Post
----------------------------------------------
Marcus Wolter, Managing Director of 9Live Fernsehen GmbH and
9Live International GmbH, will be leaving the company at his own
wish as of Sept. 30, 2008.  The media manager will head Endemol
Germany as Managing Director.

Mr. Wolter joined 9Live in 2002, initially as a programming
director and a member of management, and was then appointed the
stations Managing Director in 2003.  During that time he was
able to establish interactive television as a sustainable
business model, and to make 9Live Europe's most profitable
station in its niche.  A search has begun for his successor.

Marcus Englert, Executive Board Member for New Media and
Diversification, said, "Marcus Wolter is a television
professional through and through.  With dedication and passion,
he has established 9Live over the past few years as the most
successful premium call TV brand in the market, and built it
steadily further in the face of rising pressure from
competitors.  We very much regret that we will be losing him as
a manager and colleague at 9Live, and we wish him every success
in his new duties as managing director at Endemol Deutschland."

Under Mr. Wolters management, the station became the first free
TV channel to introduce its own bonus plan in 2005.  Early in
2007 he established the station as the ProSiebenSat.1 Groups
central provider of interactive TV.  In January, neunTV went on
the air, an independent programming window financed primarily
from advertising, with content geared to women.

Mr. Wolter, said, "I lived through six amazing and exciting TV-
years at 9Live.  I would like to thank my great team for our
successful time together.  IN the best sense, we have always
sailed close to the wind together.  We were able to shape a
unique story from a start-up company, through the successful
integration in the ProSiebenSat.1 Group to internationalization.
9Live is in great shape in Germany and internationally.  Now it
is time for me to hand over and take on a new professional
challenge."

                      About ProsiebenSat.1

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

                          *     *     *

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


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


OTP BANKA: Moody's Affirms D- Bank Financial Strength Rating
------------------------------------------------------------
Moody's Investors Service has placed the A2/Prime-1 foreign and
local currency deposit ratings of OTP Banka Slovensko (OBS) on
review for possible downgrade.  The rating action follows a
public statement by Hungary's OTP Bank (rated Aa3/Prime-1/C+),
OBS's parent, that it might sell some of its subsidiaries,
naming OBS as one of the possible divestments, in order to
finance its further expansion in Eastern Europe and the
Commonwealth of Independent States (CIS).

OBS's bank deposit ratings are underpinned by Moody's assessment
that OBS benefits from a very high probability of support from
the parent, given OTP Bank's 97.23% ownership of OBS's share
capital, the fact that the bank shares the parent's name and
logo, integration with the parent and proximity of the two
markets in which the parent and the subsidiary operate.

Moody's does not anticipate imminent changes in OBS's ownership
status and highlights that it would expect OTP Bank to extend
support to its Slovak subsidiary in the case of need. However,
the announcement that OTP Bank is willing to sell OBS suggests
that the strategic importance of the Slovak entity is lower than
was previously the case.  OTP Bank acquired the majority stake
in OBS in 2002 as one of its first foreign subsidiaries, but it
has not managed to strengthen substantially its position on the
Slovak market or reach the profitability comparable to that of
its parent or some of the other group companies.  The review
will focus on assessing the strategic fit and importance of OBS
to the group as well as re-assessing the likelihood of support.

OBS's bank financial strength rating (BFSR) of D- was affirmed
with a stable outlook, as in Moody's view the bank's standalone
rating is not affected by the plans of its parent.  The D-
rating reflects the bank's position of a mid-sized player on the
Slovak banking market and relatively weak profitability and
efficiency.

The following ratings of OBS were put on a review for possible
downgrade:

- Long-term local and foreign currency deposits: A2

- Short-term local and foreign currency deposits: Prime-1

The following ratings were affirmed:

- Bank financial strength rating: D-

                         About OBS

Headquartered in Bratislava, Slovakia, OBS reported consolidated
audited IFRS net income of SKK355.5 million (EUR10.58 million)
in 2007 and total assets of SKK49.7. billion (EUR1.48 billion)

                      About OTP Bank

Headquartered in Budapest, Hungary, OTP Bank reported
consolidated audited IFRS net income of HUF208.5 billion (EUR828
million) and total assets of HUF8,462 billion (EUR33.48billion).


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


BIFROST INVESTMENTS: Fitch Chips EUR65MM Swaps Rating to BB
-----------------------------------------------------------
Fitch Ratings has downgraded five tranches of Bifrost
Investments Limited-Series 12's unfunded mezzanine swaps and
removed them from Rating Watch Negative.  Fitch also affirmed
the remaining three tranches, as listed below.

The rating actions reflect Fitch's view on the credit risk of
the rated tranches following the release of its new Corporate
CDO rating criteria.

  -- EUR160 million Class 7A Series 12 due August 2010: affirmed
     at 'AAA'

  -- EUR125 million Class 7B Series 12 due August 2010: affirmed
     at 'AAA'

  -- EUR82.5 million Class 7C Series 12 due August 2010:
     downgraded to 'A' from 'AA+'; removed from RWN

  -- EUR50 million Class 7D Series 12 due August 2010:
     downgraded to 'BBB' from 'A+'; removed from RWN

  -- EUR185 million Class 10A Series 12 due August 2013:
     affirmed at 'AAA'

  -- EUR135 million Class 10B Series 12 due August 2013:
     downgraded to 'AA-' from 'AAA'; removed from RWN

  -- EUR100 million Class 10C Series 12 due August 2013:
     downgraded to 'BBB' from 'A+'; removed from RWN

  -- EUR65 million Class 10D Series 12 due August 2013:
     downgraded to 'BB' from 'BBB+'; removed from RWN

Key drivers of this transaction's credit risk include
portfolio's credit risk, with 11.1% of the portfolio now rated
sub-investment grade, compared to 5.1% at the previous rating
action in February 2007.  In addition, portfolio migration risk
has increased, with 8.1% of the portfolio on RWN and 8.1% on
Negative Outlook.  Fitch also notes the industry concentration
of 43.4% in the three largest sectors, made up of 27.3% in
banking and finance, 10.1% in telecommunications and 6.1% in
utilities.

Given Fitch's view of concentration and the current credit
quality of the portfolio, the credit enhancement levels below
are not sufficient to justify the current ratings of the
tranches

  -- Class 7C Series 12 due August 2010: 4.6%
  -- Class 7D Series 12 due August 2010: 3.59%
  -- Class 10B Series 12 due August 2013: 7.18%
  -- Class 10C Series 12 due August 2013: 5.16%
  -- Class 10D Series 12 due August 2013: 3.84%

At closing, Bifrost, a special purpose vehicle incorporated
under the laws of Ireland, entered into 12 mezzanine credit
default swaps with BNP Paribas (rated 'AA'/'F1+'/Outlook
Stable), under which it provides notional protection on a static
reference portfolio of 100 corporate entities with a total
notional value of EUR5 billion.  The mezzanine swaps for each
series relate to the same reference portfolio of currently 99
corporate entities, although the swaps have different loss
thresholds and maturity dates.

Fitch released updated criteria on 30 April 2008 for Corporate
CDOs and, at that time, noted it would be reviewing its ratings
accordingly to establish consistency for existing and new
transactions.  As part of this review, Fitch makes standard
adjustments for any names on RWN or Negative Outlook, reducing
such ratings for default analysis purposes by two notches and
one notch, respectively.  Fitch has previously noted that its
review will be focused first on ratings most exposed to risks it
has highlighted in its updated criteria.  As such, the
transaction was placed on RWN on 20 May 2008.  As previously
indicated, resolution of the Rating Watch status depends on any
plans managers/arrangers may choose to modify either the
structure or the portfolio.  In this case, the arranger has
confirmed that it does not intend to make any modifications.


BIFROST INVESTMENTS: Fitch Trims EUR75MM Swaps Rating to BB-
------------------------------------------------------------
Fitch Ratings has downgraded five tranches of Bifrost
Investments Limited-Series 13's unfunded mezzanine swaps and
removed them from Rating Watch Negative.  The remaining three
tranches are affirmed, with one of them removed from RWN.

The rating actions reflect Fitch's view on the credit risk of
the rated tranches following the release of its new Corporate
CDO rating Criteria.

  -- EUR160 million Class 7A Series 13 due August 2010: affirmed
     at 'AAA'

  -- EUR130 million Class 7B Series 13 due August 2010: affirmed
     at 'AAA'; RWN removed

  -- EUR75 million Class 7C Series 13 due August 2010:
     downgraded to 'A' from 'A+'; RWN removed

  -- EUR62.5 million Class 7D Series 13 due August 2010:
     downgraded to 'BB' from 'BBB'; RWN removed

  -- EUR195 million Class 10A Series 13 due August 2013:
     affirmed at 'AAA'

  -- EUR135 million Class 10B Series 13 due August 2013:
     downgraded to 'A+' from 'AA+'; RWN removed

  -- EUR100 million Class 10C Series 13 due August 2013:
     downgraded to 'BBB-' from 'A'; RWN removed

  -- EUR75 million Class 10D Series 13 due August 2013:
     downgraded to 'BB-' from 'BB+'; RWN removed

Key drivers of this transaction's credit risk include the
portfolio's credit risk, with 12.7% of the portfolio now rated
sub-investment grade, compared to 6.6% at the previous rating
action in February 2007.  In addition, portfolio migration risk
has increased, with 6.6% of the portfolio on RWN and 15.3% on
Negative Outlook.  Fitch also notes the industry concentration
of 54.6% in the three largest sectors, made up of 27.6% in
banking and finance, 15.3% in utilities and 11.7% in
telecommunications.

Given Fitch's view of concentration and the current credit
quality of the portfolio, the credit enhancement levels below
are not sufficient to justify the previous ratings of the
tranches listed below.  While Class 7B due August 2010 was
initially placed on RWN in May, this tranche has benefited from
the reduced risk horizon. As a result, the current credit
enhancement is now sufficient to support the current rating,
resulting in the affirmation and removal from RWN.

  -- Class 7C Series 13 due August 2010: 4.1%
  -- Class 7D Series 13 due August 2010: 2.8%
  -- Class 10B Series 13 due August 2013: 6.9%
  -- Class 10C Series 13 due August 2013: 4.8%
  -- Class 10D Series 13 due August 2013: 3.3%

At closing, Bifrost, a special purpose vehicle incorporated
under the laws of Ireland, entered into 12 mezzanine credit
default swaps with BNP Paribas (rated 'AA'/'F1+'/Outlook
Stable), under which it provides notional protection on a static
reference portfolio of 100 corporate entities with a total
notional value of EUR5 billion.  The mezzanine swaps for each
series relate to the same reference portfolio of 100 corporate
entities, although the swaps have different loss thresholds and
maturity dates.  Due to the Parmalat SpA (December 2003) and
Delphi Corporation (October 2005) credit events, the total value
of the portfolio has decreased to EUR4.9 billion and it
currently references 99 entities.

Fitch released its updated criteria on April 30, 2008 for
Corporate CDOs and, at that time, noted it would be reviewing
its ratings accordingly to establish consistency for existing
and new transactions.  As part of this review, Fitch makes
standard adjustments for any names on RWN or Negative Outlook,
reducing such ratings for default analysis purposes by two and
one notch, respectively.  Fitch has previously noted that its
review will be focused first on ratings most exposed to risks it
has highlighted in its updated criteria.  As such, the
transaction was placed on RWN on May 16, 2008.  As previously
indicated, resolution of the Rating Watch status depends on any
plans managers/arrangers may choose to modify either the
structure or the portfolio.  In this case, the arranger has
confirmed that it does not intend to make any modifications.


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


FIAT SPA: Fiat Group Inks Auto Financing Deal with Jaguar
---------------------------------------------------------
Fiat Group Automobiles Financial Services and Jaguar Land Rover
have signed an agreement for a cooperation in auto financing in
Europe.

Under the agreement, FGAFS, which is a 50%-50% joint venture
between Fiat Group Automobiles and Credit Agricole Group, will
progressively take on all Jaguar Land Roverís financing
activities in ten Europe affiliates, covering retail auto
financing and dealer financing.  It is expected that the
transition period will be finished by June 2009.

The agreement replaces the previous arrangement with Ford, whose
financial arm previously provided support to Jaguar and Land
Rover.

FGAFS was chosen by Jaguar Land Rover after a rigorous selection
process, involving ten potential providers, for its expertise in
automotive financing and its ability to offer Jaguar and Land
Rover branded products with competitive terms to customers and
dealers.  Credit Agricole Group will provide the funding to
FGAFS.

                      About Jaguar Land Rover

Jaguar Land Rover is a business built around two great British
car brands that design, engineer and manufacture in the U.K.
The Jaguar Land Rover business employs some 16,000 people,
predominately in the U.K., including some 3,500 engineers at two
product development centers in Whitley, Coventry and Gaydon,
Warwickshire.  The business is a major wealth generator for the
UK with 78 percent of Land Rovers exported to 169 countries and
70 percent of Jaguars exported to 63 countries, with sales to
customers conducted principally through franchised dealers and
importers.

        About Fiat Group Automobiles Financial Services

Fiat Group Automobiles Financial Services has been created in
December 2006, continuing financial services activities to Fiat
Group Automobilesí brands which were originally set up in 1925.
It finances dealers and more than 30% of total retail sales.  It
is present in 13 countries in Europe and manages, with 1.800
employees, a total portfolio of more than EUR15 billion.

                       About Fiat SpA

Based in Turin, Italy, Fiat SpA -- http://www.fiatgroup.com/--
designs, manufactures, and sells automobiles, trucks, wheel
loaders, excavators, telehandlers, tractors and combine
harvesters.  Outside Europe, the company has subsidiaries in the
United States, Japan, India, China, Mexico, Brazil, and
Argentina.

                         *     *     *

The company continues to carry Standard & Poor's Ratings
Services' BB long-term corporate credit rating.  The company
also carries B short-term rating.  S&P said the outlook is
stable.


* ITALY: Long-Term Growth Prospects Could Dim Further, S&P Says
---------------------------------------------------------------
Italy's onerous general government debt and interest burdens
will continue to constrain policy flexibility until there is
sufficient political will to attack the heart of Italy's fiscal
malaise: an over-sized and inefficient public sector, a weak
budgetary framework which has led to rapidly rising other
current expenditure, an expensive pension system, and the
demands on the budget imposed by the still developing system of
fiscal federalism.  According to Standard & Poor's Ratings
Services' new Full Analysis on Italy, while the recent
commitment to about EUR31 billion (1.7% of 2011 GDP) in
corrective fiscal measures over the period until 2011 raises
hopes of a more pro-active expenditure-focused fiscal
consolidation, the new centre-right government of Silvio
Berlusconi does not propose to implement any structural reform
focusing on these big ticket recurrent expenditure items.

"The new government has promised to broadly balance the budget
by 2011, largely via discretionary expenditure cuts and targeted
tax hikes.  However, as in the past, when Mr. Berlusconi's
2001-2006 government communicated similar aims but failed to
implement them, the ability to lighten the debt burden will
depend not on budgetary plans, but on the full and timely
execution of such plans," S&P's credit analyst Trevor Cullinan
said.

Despite the new coalition benefiting from stronger majorities in
both houses of parliament, S&P expects the structural weaknesses
of Italy's public finances to lead to general government budget
deficits of closer to 3% of GDP until at least 2011, and as a
result the substantial general government debt burden will stay
above 100% of GDP.

The prospects for a more energetic approach to fiscal
consolidation are further impeded by the worsening outlook for
Italian GDP growth.  Longstanding obstacles to economic
performance in the area of physical and institutional
infrastructure and structural rigidities, especially in the
labor market, have yet to be addressed.

As a result, and despite some indications of an acceleration of
private sector restructuring, the economy's growth potential
remains low and international competitiveness continues to be
pressured, with a commensurate loss of export market share.  In
the long term, growth prospects could dim further, as Italy has
one of the most adverse demographic profiles among rated
sovereigns.


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


ALEX COMPANY: Creditors Must File Claims by September 9
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Alex Company Ltd-Aktau insolvent on June 16, 2008.

Creditors have until Sept. 9, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 28, 25-12
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (7292) 40-03-12
              7 701 416 22-23


DIGOR-INTER LLP: Claims Deadline Slated for September 3
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Firm Digor-Inter insolvent.

Creditors have until Sept. 3, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Building of Auto Station
         Micro District 28
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (7292) 41-14-58


FIALKA COMMERCE: Claims Filing Period Ends September 3
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Fialka Commerce insolvent.

Creditors have until Sept. 3, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Suleimanov Str. 17
         Taraz
         Jambyl
         Kazakhstan


JYL STROY: Creditors' Claims Due on September 9
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Housing Building Industry Jyl Stroy Industriya
insolvent on March 21, 2008.

Creditors have until Sept. 9, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Post Office Box 193
         Main Post office
         050000, Almaty
         Kazakhstan
         Tel: 8 777 688 60-47


KASKAD SERVICE: Claims Registration Ends September 10
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Kaskad Service insolvent.

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

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


MASH SERVICE: Creditors Must File Claims by September 10
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Mash Service Trade insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 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


PETRO-STROY LLP: Claims Deadline Slated for September 9
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Construction Company Petro-Stroy
insolvent.

Creditors have until Sept. 9, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan
         Tel: 8 (7252) 53-48-34
              8 (7252) 54-02-36


SBM GROUP: Claims Filing Period Ends September 9
------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP SBM Group Kazakhstan insolvent on
June 16, 2008.

Creditors have until Sept. 9, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Office 203
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 57-83-69


VOSTOK VTOR: Creditors' Claims Due on September 9
-------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Vostok Vtor Prom insolvent on June 16, 2008.

Creditors have until Sept. 9, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Office 203
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 57-83-69


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


ALTYN INVEST: Creditors Must File Claims by September 4
-------------------------------------------------------
LLC Altyn Invest has declared insolvency.  Creditors have until
Sept. 4, 2008, to submit written proofs of claim.

Inquiries can be addressed to(+996 312) 57-83-73.


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


AGRO-PROM-STROY KAMENSKOE: Tula Bankruptcy Hearing Set August 6
---------------------------------------------------------------
The Arbitration Court of Tula will convene at 10:00 a.m. on Aug.
6, 2008, to hear the bankruptcy supervision procedure on CJSC
Agro-Prom-Stroy Kamenskoe.  The case is docketed under Case No.
A68-509/08-12/B.

The Temporary Insolvency Manager is:

         V. Semochkin
         Venevskoe Shosse 13
         300004 Tula
         Russia

The Court is located at:

         The Arbitration Court of Tula
         Hall 35
         Sovetskaya Str. 112
         Tula
         Russia

The Debtor can be reached at:

         CJSC Agro-Prom-Stroy Kamenskoe
         Tula
         Russia


AN-STAR LLC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on LLC An-Star (TIN 7716224702).  The case is docketed
under Case No. A40-12149/08-103-36B.

The Temporary Insolvency Manager is:

         S. Lysenko
         Post User Box 42
         111033 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC An-Star
         Palekhskaya Str. 11
         129337 Moscow
         Russia


DIKOM OJSC: Creditors Must File Claims by August 28
---------------------------------------------------
Creditors of OJSC Dikom have until Aug. 28, 2008, to submit
proofs of claim to:

         A. Avilov
         Insolvency Manager
         Office 313
         Suvorova Str. 111A
         440000 Penza
         Russia

The Arbitration Court of Ulyanovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A72-6728/07-29/45-B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Dikom
         Zagorodnoe Shosse 1
         Ulyanovsk
         Russia


DOL LAZRUNYJ: Krasnodar Bankruptcy Hearing Slated for August 13
---------------------------------------------------------------
The Arbitration Court of Krasnodar will convene at 10:00 a.m. on
Aug. 13, 2008, to hear the bankruptcy supervision procedure on
CJSC Dol Lazrunyj Bereg.  The case is docketed under Case No.
A-32-23773/2006-46/2321-B.

The Temporary Insolvency Manager is:

         D. Khomutov
         Apt. 116
         Building 4
         B. Cheremushkinskaya Str. 26
         117218 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Dol Lazrunyj Bereg
         Pionerskiy Pr. 234
         Anapa
         353440 Krasnodar
         Russia


OASIS CJSC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Kaluga commenced bankruptcy supervision
procedure on CJSC Oasis.  The case is docketed under Case No.
A23-1298/08B-7-61.

The Temporary Insolvency Manager is:

         V. Lavrukhin
         Tsiolkovskogo Str. 33/19
         248000 Kaluga
         Russia

The Court is located at:

         The Arbitration Court of Kaluga
         Staryj Torg Square 4
         Kaluga
         Russia

The Debtor can be reached at:

         CJSC Oasis
         Saltykovo
         Tarusskiy
         Kaluga
         Russia


OLE-COM LLC: Creditors Must File Claims by August 28
----------------------------------------------------
Creditors of LLC Ole-Com have until Aug. 28, 2008, to submit
proofs of claim to:

         A. Krylenko
         Insolvency Manager
         Office 34
         Rozhdestvenskiy Avenue 5-7
         Moscow
         Russia

The Arbitration Court of Ryazan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A54-5243/2007 S19.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ole-Com
         Apt. 14
         Pushkina 49
         Ryazan
         Russia


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

         A. Sokolov
         Insolvency Manager
         Post User Box 63
         433504 Dimitrovograd
         Russia

The Arbitration Court of Ulyanovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A72-7574/07-29/69-B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Polymer
         Altayskaya Str. 69
         Dimitrovograd
         433509 Ulyanovsk
         Russia


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


AYT CAIXA: Fitch Assigns 'BB-' Rating on EUR21.6MM Class D Notes
----------------------------------------------------------------
Fitch Ratings has assigned AyT CAIXA SABADEL HIPOTECARIO I,
Fondo de Titulizacion de Activos EUR300 million mortgage-backed
floating-rate notes due in November 2050 final ratings, as:

  -- EUR248.8 million Class A: 'AAA'; Outlook Stable
  -- EUR17.4 million Class B: 'A'; Outlook Stable
  -- EUR12.6 million Class C: 'BBB-'; Outlook Stable
  -- EUR21.6 million Class D: 'BB- '; Outlook Stable

This transaction is a cash flow securitization of a EUR300
million static pool of first-ranking Spanish mortgage loans
originated and serviced by Caixa d'Estalvis de Sabadell (Caixa
Sabadell, rated 'A-'/'F2'/Outlook Stable).

The final ratings are based on the quality of the collateral,
the underwriting and servicing of the mortgage loans, available
credit enhancement, the integrity of the transaction's legal and
financial structure and Ahorro y Titulizacion S.A., S.G.F.T.'s
administrative capabilities.

Initial CE for the Class A to D notes is provided by
subordination and a reserve fund, which has been fully funded at
closing using a subordinated loan.

The final ratings address the payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger on the Class B, C and D notes, as
well as the repayment of principal by legal final maturity.
Should the deferral trigger on the Class B, C and D notes be
hit, interest on these notes will be deferred in the priority of
payments.  In this instance, interest payments might not be
received for a period of time, but will be received by legal
final maturity.

The fund is regulated by Spanish Securitisation Law 19/1992 and
Royal Decree 926/1998.  Its sole purpose is to transform into
fixed-income securities a portfolio of mortgages certificates
acquired from Caixa Galicia.  The CTHs are subscribed by Ahorro
y Titulizacion S.A., S.G.F.T., whose sole function is to manage
asset-backed notes on behalf of the fund.


BILBAO BIZKAIA: Fitch Holds Support Floor Rating at 'BB+'
---------------------------------------------------------
Fitch Ratings has affirmed Bilbao Bizkaia Kutxa's ratings at
Long-term Issuer Default 'A+', Short-term IDR 'F1', Individual
'A/B' and Support '3'.  Its Support Rating Floor is affirmed at
'BB+'.  The Outlook for the Long-term IDR is Stable.

BBK's ratings reflect its strong local franchise in one of
Spain's wealthiest regions, consistently robust capital base,
track record of good profitability, healthy asset quality, and
good management.  They also consider its appetite for equity
investments and significant risk concentration from combined
equity and credit risks.

The Stable Outlook for its Long-term IDR reflects Fitch's view
that BBK should maintain sound performance thanks to its good
local franchise, good revenues from retail and other
complementary businesses, below-sector-average exposure to the
Spanish real estate sector and strong capital base.  Size,
market risk profile and risk concentration constrain upward
rating potential.  Downside rating risk could arise from a
further significant rise in risk concentration or equity
investments and a marked deterioration of profitability and/or
asset quality due to a more severe slow-down in the Spanish
housing market and economy.

Although BBK's main risk is credit-related, it is also exposed
to market risk from large equity investments (62% of end-2007
Fitch eligible capital net of valuation adjustments), which
results in high risk concentration from combined equity and
credit exposures. Risks are mitigated by holdings to large
Spanish and regional companies with healthy fundamentals.  The
risk profile from retail banking is low, with a large share of
first residential mortgages to individuals (58% of end-2007
loans) diversifying risk, and comparatively lower risks to the
construction/real estate sectors (14% of total loans).  A large
and stable retail deposit base supports liquidity and mitigates
risks of funding long-term loans with short-term deposits.

In addition, BBK has increased access to diversified wholesale
funding sources in recent years.  Despite its market risk
profile and high risk concentration, BBK is well capitalized
(Tier 1 capital ratio of 11.9% at end-2007), helped by high
internal capital generation.

BBK was Spain's ninth-largest savings bank (15th-largest banking
group) by total assets at end-2007.  It has strong market shares
in its home province of Vizcaya.


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


FIT PUNKT: Creditors Have Until Aug. 14 to File Proofs of Claim
---------------------------------------------------------------
Creditors owed money by LLC Fit Punkt are requested to file
their proofs of claim by Aug. 14, 2008, to:

         Beat Hauri
         Liquidator
         Feldweg 4
         5040 Schoftland
         Switzerland

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


HH MOVIE: Aug. 14 Set as Deadline to File Proofs of Claim
---------------------------------------------------------
Creditors owed money by LLC HH Movie are requested to file their
proofs of claim by Aug. 14, 2008, to:

         Rudolf Gerber
         JSC Fineac Management
         Bahnhofstrasse 21
         6304 Zug
         Switzerland

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


KARL BLEIKER: Creditors Must File Proofs of Claim by  Aug. 14
-------------------------------------------------------------
Creditors owed money by LLC Karl Bleiker Instandhaltung are
requested to file their proofs of claim by Aug. 14, 2008, to:

         Unterfeldstrasse 19a
         8500 Frauenfeld
         Switzerland

The company is currently undergoing liquidation in Frauenfeld.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 13, 2007.


MCPUTER JSC: Deadline to File Proofs of Claim Set  Aug. 15
----------------------------------------------------------
Creditors owed money by JSC MCPUTER are requested to file their
proofs of claim by Aug. 15, 2008, to:

         J. Martin Pulver
         Advocacy Pulver & Fahrni
         Uraniastrasse 18
         Mail Box 2276
         8021 Zurich
         Switzerland

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


SCREENTEX JSC: Proofs of Claim Filing Deadline is  Aug. 14
----------------------------------------------------------
Creditors owed money by JSC Screentex are requested to file
their proofs of claim by Aug. 14, 2008, to:

         Dr. Andreas Renggli
         Baarerstrasse 8
         6300 Zug
         Switzerland

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


SENNET LLC: Creditors' Proofs of Claim Due by Aug. 14
------------------------------------------------------
Creditors owed money by LLC Sennet are requested to file their
proofs of claim by Aug. 14, 2008, to:

         Ursula Duerst Grossen
         Liquidator
         Sudweg 14
         2532 Magglingen
         Switzerland

The company is currently undergoing liquidation in Evilard.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 11, 2008.


SURME HOLDING: Aug. 14 Set as Deadline to File Proofs of Claim
--------------------------------------------------------------
Creditors owed money by JSC Surme Holding are requested to file
their proofs of claim by Aug. 14, 2008, to:

         Dr. R. Mosimann
         Baarerstrasse 78
         6300 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 17, 2008.


TRACY COLLEGE: Creditors Must File Proofs of Claim by  Aug. 14
--------------------------------------------------------------
Creditors owed money by JSC Tracy College are requested to file
their proofs of claim by Aug. 14, 2008, to:

         Markus Bur
         Liquidator
         Falkengasse 9
         6330 Bad Zurzach
         Switzerland

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


UBS AG: Some Employees Arrested on Insider Trading Probe
--------------------------------------------------------
The Wall Street Journal reports that British authorities
arrested eight people, including people working at UBS AG as
part of a broadening effort to crack down on insider trading.

According to the report, the Financial Services Authority, the
U.K. markets regulator, has been making greater efforts to
change its reputation as being soft on market abuses such as
insider trading.

In May, the Journal says FSA data showed 28.7% of U.K. takeover
deals in 2007 were preceded by suspicious stock movement, up
from 23.7% in 2005.

The Journal relates that following up on its warnings that it
would come down hard on anyone involved in suspicious trading,
the regulator said it made the arrests across London and
southeastern England as part of "a major ongoing investigation
into insider dealing rings."

A person familiar with the investigation told the Journal that
those arrested were people who worked in the banks' back offices
and their friends, not traders or bankers, and the sums
allegedly involved were in the hundreds of thousands of pounds
or less.

According to the Journal, a spokeswoman for Swiss banking giant
UBS said a junior member of the bank's support staff in London
was arrested and suspended from work during the investigation.

Meanwhile, the Journal relates that a spokeswoman for the FSA
said only that the people arrested were men, 27 to 48 years old,
and she declined to comment further.

                      Multi-Billion Lawsuit

As reported Monday in the Troubled Company Reporter-Europe, UBS
AG's U.S. units -- UBS Securities LLC and UBS Financial Services
Inc. -- are facing a multi-billion U.S. dollar securities fraud
lawsuit filed by Attorney General Andrew M. Cuomo against the
firms.

The lawsuit charges UBS with falsely selling and marketing
auction rate securities as safe, highly liquid, and cash-
equivalent securities.

Auction rate securities are preferred equity securities that pay
dividends that are reset by an auction typically held every
seven or 28 days.  These auctions have consistently been failing
since February 2008.  Consequently, many holders desiring to
sell these securities, including UBS clients, have been unable
to do so.

UBS customers are currently holding more than US$25 billion of
the securities.

The lawsuit, filed in the Supreme Court of New York, New York
County, also alleges that as the securities market started to
collapse, the bank's top executives quickly sold-off US$21
million in personal holdings of auction rate securities, but
continued to market the securities to its consumers.

"Not only is UBS guilty of committing a flagrant breach of trust
between the bank and its customers, its top executives jumped
ship as soon the securities market started to collapse, leaving
thousands of customers holding the bag," said Mr. Cuomo.

As of February 2008, UBS had more than 50,000 customer accounts
holding auction rate securities, including over 7,000 New York
customer accounts.  On February 13,
2007, UBS stopped supporting its auctions, leaving UBS customers
unable to access to billions in what they believed was as liquid
as cash.

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

UBS said on July 15 that it would offer to buyback approximately
US$3.5 billion of auction rate securities, however, Mr. Coumo's
lawsuit seeks to require UBS to repurchase the securities at par
in addition to disgorgement of ill-gotten gains, restitution and
other damages, and injunctions from further violations of New
York's Martin Act.

Commenting on the lawsuit, UBS spokeswoman Karina Byrne said in
an e-mailed statement sent to Bloomberg News that the bank will
"vigorously defend" itself against the allegations in the suit,
and "categorically rejects any claim that the firm engaged in a
widespread campaign" to shift auction-rate debt off
its books and into client accounts.

"While UBS does not believe that there was illegal conduct by
any employee, we have found cases of poor judgment by certain
individuals and are evaluating appropriate disciplinary measures
for these individuals," Ms. Byrne added.

                          About UBS AG

Based in Zurich, Switzerland, UBS AG -- http://www.ubs.com/--
is a global provider of financial services for wealthy clients.
UBS's financial businesses are organized on a worldwide basis
into three Business Groups and the Corporate Center.  Global
Wealth Management & Business Banking consists of three segments:
Wealth Management International & Switzerland, Wealth Management
US and Business Banking Switzerland.  The Business Groups
Investment Bank and Global Asset Management constitute one
segment each.  The Industrial Holdings segment holds all
industrial operations controlled by the Group.  Global Asset
Management provides investment products and services to
institutional investors and wholesale intermediaries around the
globe.  The Investment Bank operates globally as a client-driven
investment banking and securities firm.  The Industrial Holdings
segment comprises the non-financial businesses of UBS, including
the private equity business, which primarily invests UBS and
third-party funds in unlisted companies.


VIOLET ORIENTTEPPICHE: Claims Filing Deadline is August 14
----------------------------------------------------------
Creditors owed money by JSC Violet Orientteppiche are requested
to file their proofs of claim by Aug. 14, 2008, to:

         Iradj Zarnegin
         Gorenmattstrasse 6
         4102 Binningen
         Switzerland

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


WAWI LLC: Deadline to File Proofs of Claim Set August 14
--------------------------------------------------------
Creditors owed money by LLC WaWi are requested to file their
proofs of claim by Aug. 14, 2008, to:

         JSC Conreva
         Geigenmuhlestrasse 5
         8173 Neerach
         Switzerland

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


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


CHERKASSY SEED: Creditors Must File Proofs of Claim by August 13
----------------------------------------------------------------
Creditors of CJSC Cherkassy Seed Company (code EDRPOU 25583344)
have until Aug. 13, 2008, to submit proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent on May 6, 2008.
The case is docketed as 14/1912.

The Debtor can be reached at:

         CJSC Cherkassy Seed Company
         Smilianskaya Str. 144
         Cherkassy
         Ukraine


KSK SWISS: Creditors Must File Proofs of Claim by August 13
-----------------------------------------------------------
Creditors of KSK Swiss (code EDRPOU 33846591) have until
Aug. 13, 2008, to submit proofs of claim to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on July 3, 2008.
The case is docketed as 12/50b.

The Debtor can be reached at:

         KSK Swiss
         Oboronnaya Str. 109
         91047 Lugansk
         Ukraine


MERCURY LLC: Creditors Must File Proofs of Claim by August 10
-------------------------------------------------------------
Creditors of LLC Mercury (code EDRPOU 19159051) have until
Aug. 10, 2008, to submit proofs of claim to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 29/84.

The Debtor can be reached at:

         LLC Mercury
         B. Hmelnitsky Str. 271
         79037 Lvov
         Ukraine


PIRS LLC: Creditors Must File Proofs of Claim by August 14
----------------------------------------------------------
Creditors of State Enterprise Glass Plant LLC Pirs (code EDRPOU
30727912) have until Aug. 14, 2008, to submit proofs of claim
to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on July 1, 2008.
The case is docketed as 45/155-b.

The Debtor can be reached at:

         State Enterprise Glass Plant LLC Pirs
         Tkachenko Ivan Str. 125
         83032 Donetsk
         Ukraine


SOFIYA AND CO: Creditors Must File Proofs of Claim by August 13
---------------------------------------------------------------
Creditors of LLC Sofiya and Co. (code EDRPOU 35076817) have
until Aug. 13, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on June 25, 2008.
The case is docketed as 24/155-b.

The Debtor can be reached at:

         LLC Sofiya and Co.
         Gorky Str. 95
         03150 Kiev
         Ukraine


SOUERTE LLC: Creditors Must File Proofs of Claim by August 10
-------------------------------------------------------------
Creditors of LLC Souerte (code EDRPOU 32227446) have until
Aug. 10, 2008, to submit proofs of claim to:

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 1, 2008.
The case is docketed as B 2/075-08.

The Debtor can be reached at:

         LLC Souerte
         Vishnevoye
         08132 Kiev
         Ukraine


SLOVGRESS LLC: Creditors Must File Proofs of Claim by August 13
---------------------------------------------------------------
Creditors of LLC Slovgress (code EDRPOU 31461102) have until
Aug. 13, 2008, to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as 24-2/82-07-3447.

The Debtor can be reached at:

         LLC Slovgress
         Dalnitskaya Str. 44
         Odessa
         Ukraine


TECHNICAL BUILDING: Creditors Must File Claims by August 13
-----------------------------------------------------------
Creditors of LLC Production-Commerce Firm Technical Building
Center (code EDRPOU 34747018) have until Aug. 13, 2008, to
submit proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on July 2, 2008.
The case is docketed as 27/114-b

The Debtor can be reached at:

         LLC Production-Commerce Firm Technical Building Center
         Universitetskaya Str. 80
         83114 Donetsk
         Ukraine


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


5KS ELECTRICAL: Brings in Liquidators from Tenon Recovery
---------------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of 5KS Electrical & Plumbing Ltd. on
July 9, 2008, on for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         5KS Electrical & Plumbing Ltd.
         c/o Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne and Wear
         SR5 3JN
         England


A & J PRINT: Simon Paterson Leads Liquidation Procedure
-------------------------------------------------------
Simon Paterson of Moore Stephens LLP was appointed liquidator of
A & J Print Ltd. on July 17, 2008, for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         A & J Print Ltd.
         c/o Moore Stephens LLP
         Victory House
         Admiralty Place
         Chatham Maritime
         Kent
         ME4 4QU
         England


BAXALL LTD: Calls in Liquidators from KPMG
------------------------------------------
Paul Andrew Flint and Brian Green of KPMG LLP were appointed
joint liquidators of Baxall Ltd. on July 15, 2008, for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Baxall Ltd.
         c/o KPMG LLP
         8 Princes Parade
         Liverpool
         L3 1QH
         England


BRODY INTERNATIONAL: Taps Liquidators from Smith & Williamson
-------------------------------------------------------------
Stephen Robert Cork and Joanne Elizabeth Milner of Smith &
Williamson Ltd. were appointed joint liquidators of Brody
International Ltd. on July 15, 2008, for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Brody International Ltd.
         c/o Smith & Williamson Ltd.
         Prospect House
         2 Athenaeum Road
         London
         N20 9YU
         England


CAMPAGNA RESTAURANTS: Goes Into Voluntary Liquidation
-----------------------------------------------------
After trading for over 30 years, Campagna Restaurants (Leeds)
Ltd., which owns Da Mario, has gone into voluntary liquidation,
Jo Francisco writes for the Yorkshire Evening Post.

On July 4, 2008, the report relates, liquidators were called in
to wind up Campagna Restaurants (Leeds) Ltd., Bellinis
Restaurants Ltd. and  Boomtown Ltd. after a general meeting
resolved the three businesses could not carry on trading due to
liabilities.

However, a source told Yorkshire Evening Post, it's business as
usual at Da Mario on The Headrow, saying "the owner still owns
this and it's open for business," although according to the
report, the restaurant is now owned by Campagna Holdings Ltd.

Meanwhile, the report discloses Bellinis, which operated Fat
Franco's, was sold to Beato Ltd.

"Both Bellinis and Da Mario were sold by the companies shortly
before liquidation," Susan Wriglesworth, appointed liquidator
from Creditfix Ltd., was quoted by the Yorkshire Evening Post as
saying.  "When a business is sold under the transfer of
undertaking regulations, the staff transfer to the new owner."


CPS LTD: Names Richard Dixon Fleming Liquidator
-----------------------------------------------
Richard Dixon Fleming of KPMG LLP was appointed liquidator of
CPS (Civil Engineering) Ltd. on July 4, 2008, for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         CPS (Civil Engineering) Ltd.
         c/o The Annexe
         The Manor House
         260 Ecclesall Road South
         Sheffield
         S11 9PS
         England


DIGITAL NETWORK: Appoints Liquidator from KPMG
----------------------------------------------
Richard Dixon Fleming of KPMG LLP was appointed liquidator of
Digital Network plc on July 4, 2008, for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Digital Network plc
         c/o The Annexe
         The Manor House
         260 Ecclesall Road South
         Sheffield
         S11 9PS
         England


DONNELLY & BAILEY: Claims Filing Period Ends September 13
---------------------------------------------------------
Creditors of Donnelly & Bailey Surfacing Ltd. have until
Sept. 13, 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 15, 2008, for the creditors' voluntary winding-
up procedure.


DRENT LTD: Calls in Liquidator from KPMG
----------------------------------------
Howard Smith of KPMG LLP was appointed liquidator of Drent
(U.K.) Ltd. on July 4, 2008, for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Drent (U.K.) Ltd.
         c/o KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England


GREATFLEET PLC: Appointments Joint Administrators
-------------------------------------------------
The Board of Greatfleet plc has appointed Michael Healy of
Leonard Curtis and Paul Boyle of Harrisons as joint
administrators to take over and manage the business and affairs
of the company and its subsidiaries.

On July 11, 2008, the company entered into a period of
protection pursuant to the provisions of the Insolvency Act and
Rules.  On July 25, 2008, a further period of protection was
granted until Aug. 8, 2008.

The appointment of joint administrators follows the company's
announcements on July 9 and 10, when dealings in the company's
shares were suspended from trading on AIM pending clarification
of the company's financial position.  This arose following
recent difficult trading and the failure of the company to agree
repayment terms with a major creditor.  As a consequence the
Board was concerned that the company may not have sufficient
working capital for its present requirements.

In connection with the appointment of administrators, the annual
general meeting set for Aug. 4, 2008, has been canceled.

Greatfleet PLC (formerly known as Longbridge International plc.)
provides human resource consultancy specializing in recruitment
for the professional and financial service markets.  The Group
offers search, contingency and contract solutions.  The Group
operates in London, Norwich, Paris, Frankfurt, Brussels,
Amsterdam, Geneva and New York and currently employs over 80
staff.


HIGHLAND NATURAL: Lack of Funding Prompts Liquidation Proceeding
----------------------------------------------------------------
Muir of Ord, Scotland-based cosmetics company Highland Natural
Products has gone into liquidation, Press and Journal reports.

David Menzies of Baker Tilly Restructuring was appointed joint
interim liquidator of the company, the report relates.

According to the report, the company, which initially planned to
plant thousands of acres of bog myrtle for use in cosmetics sold
by pharmaceutical firm Boots, could no longer fund development
of its products.

The report discloses Essentially Scottish Botanicals, backed by
US-based Technology Crop International, took over the company's
work.

Keith Anderson of Highland Natural Products told Press and
Journal "the company ceased to trade in May this year following
the sale of assets to Technology Crops International.  No
redundancies were made as a result of the liquidation."


HOLMES BUILDING: Taps Liquidator from KPMG
------------------------------------------
Richard Dixon Fleming of KPMG LLP was appointed liquidator of
Holmes Building plc (formerly Holmes Buildings Ltd., Holmes
Leeds Ltd., P.H Holmes (Leeds) Ltd.) on July 4, 2008, for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Holmes Building plc
         c/o KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England


LA FEMME: Brings in Liquidators from Tenon Recovery
---------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of La Femme Direct Ltd. on July 15,
2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         La Femme Direct Ltd.
         c/o Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


MONEY QUEST: Goes Into Administration; 40 Jobs at Risk
------------------------------------------------------
Money Quest U.K. has gone into administration after being hit by
the credit crunch, putting about 40 jobs at risk, Rosemary
Gallagher writes for the Scotsman.

According to the report, Money Quest U.K. chief executive Paul
Gratton said it was decided to put the company into
administration following deteriorating market conditions in May
and June, adding "we felt we had no option other than to try and
secure some of the business and protect jobs."

Mr. Gratton, the report relates, set up a new firm in Glasgow
called Money Quest Mortgage Brokers, which bought the customer
base and liabilities of Money Quest U.K. from the
administrators, Mazars.

Money Quest U.K. earlier closed its Edinburgh office, although
it intends to retain two-thirds of the staff at its Glasgow head
office for Money Quest Mortgage Brokers, the report adds.

A spokeswoman for Money Quest U.K. told the Scotsman talks with
staff are ongoing.

Headquartered in Nottingham, Money Quest U.K. --
http://www.moneyquest.co.uk/-- is a remortgage, mortgage and
life insurance broker.


PERIPATETIC PLAY-CARE: Joint Liquidators Take Over Operations
-------------------------------------------------------------
Kerry Bailey and Jonathan Newell of PKF (U.K.) LLP were
appointed joint liquidators of Peripatetic Play-Care Company
Ltd. (formerly Gingerbread Peripatetic Creche Ltd.) (t/a Pied
Piper Childcare) on July 10, 2008, for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Peripatetic Play-Care Company Ltd.
         c/o PKF (U.K.) LLP
         Sovereign House
         Queen Street
         Manchester
         M2 5HR
         England


PHOENIX MORTGAGE: Hires Liquidators from BDO Stoy Hayward
---------------------------------------------------------
Andrew Howard Beckingham and Matthew Tait of BDO Stoy Hayward
LLP were appointed joint liquidators of Phoenix Mortgage
Services (Holdings) Ltd. on July 11, 2008, for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Phoenix Mortgage Services (Holdings) Ltd.
         8A The Gardens
         Broadcut
         Fareham
         Hampshire
         PO16 8SS
         England


POLYONE CORP: Realigns Manufacturing Assets; Shuts Down Plants
--------------------------------------------------------------
As a next step in its strategic transformation, PolyOne
Corporation, on July 28, 2008, disclosed that it is realigning
certain of its manufacturing assets, primarily in North America.

The decision to realign assets is a result of the Company's
ongoing focus on both the operational excellence and
specialization components of its transformation strategy.  This
realignment is designed to enable the Company to improve the
competitiveness of its operations and supply chain across many
platforms and businesses, consistent with current and
anticipated customer requirements.  The impact of these actions
will be to enhance the Company's long-term performance, while
helping to mitigate the effects of the current economic downturn
and the increases in raw material and energy costs.

Over the next nine months, the Company will close certain
production facilities, including seven in North America, and one
in the United Kingdom, resulting in a net reduction of
approximately 150 positions.  Production at the affected
facilities, as well as several manufacturing lines, will be
moved to a limited number of the Company's more than 30
remaining plants.  PolyOne expects no disruption of service, due
to the Company's focus on improved product delivery systems and
inventory management.

"As part of our transformation process, we are committed to
driving operational excellence on a global basis, which includes
improving service and efficiency throughout our supply chain,"
said Thomas J. Kedrowski, senior vice president, operations and
supply chain.  "After conducting a thorough review of our entire
operation, our business teams identified opportunities to
further align our capacity and production assets to improve the
effectiveness of our global manufacturing footprint.  These
changes also reflect our focus on specialization, which is
shifting our portfolio away from non-value-added commodity
applications toward more specialized solutions."

Stephen D. Newlin, chairman, president and chief executive
officer, said, "The recent unprecedented increases in raw
material and energy costs, and longer-term fundamental changes
in the global economy were critical factors in our decision-
making.  Declining demand in markets such as housing and
automotive has created a timely opportunity to remove excess
capacity and address supply chain efficiencies as important
steps in mitigating the effects of the current economic
conditions on PolyOne and its customers."

As a result of these actions, PolyOne expects to incur one-time
charges of approximately US$31 million, of which approximately
US$18 million are expected to be non-cash.  These one-time
charges will include costs related to severance and asset write-
downs, which will be included in the Company's financial results
over the next three quarters.  The Company also expects to
invest approximately US$12 million in additional capital
expenditures at its remaining locations to support these
changes.  The Company expects these actions to generate pre-tax
savings of US$17 million ($0.12 per share after tax), on an
annualized basis.

Newlin said, "Difficult decisions like these are taken very
seriously.  After thorough study, it was determined that this
capacity reduction is needed to improve our near-term operating
efficiency while advancing our longer-term strategic position.
We understand the impact of this announcement on affected
employees, their families and local communities and are
committed to handling these moves with great sensitivity."

                    About PolyOne Corp.

Headquartered in Ohio, PolyOne Corporation (NYSE: POL)
-- http://www.polyone.com/-- provides of specialized polymer
materials, services and solutions.  PolyOne has regional
headquarters in Assese, Belgium and Shanghai, China.

                       *     *     *

PolyOne Corp.'s carries 'B+' corporate credit rating with stable
outlook from Standard & Poor's.

The company also carries B1 corporate family rating with stable
outlook from Moody's.  Moody's affirmed the rating in April
2008.


SECURITY CAPITAL: Inks Forbearance and Waiver Pact with Lenders
---------------------------------------------------------------
Security Capital Assurance Ltd. entered into an amendment,
forbearance and limited waiver agreement with respect to its
Credit Agreement, dated as of Aug. 1, 2006, as amended.
Pursuant to the Credit Agreement Amendment, SCA agreed:

   (i) to permanently reduce the availability under its
       revolving credit facility from US$250.0 million to zero;

  (ii) to reduce the availability under the letter of credit
       facility to the amount of the letter of credit exposure
       as of July 28, 2008; and

(iii) that upon the closing of the Master Transaction
       Agreement, it will cash collateralize the remaining
       letters of credit after giving effect to the transactions
       contemplated by the  Master Transaction Agreement.

In consideration of the foregoing, the lenders under the Credit
Agreement have agreed to:

   (i) forbear from declaring certain defaults, if any, set
       forth in the Credit Agreement Amendment;

  (ii) waive the defaults, if any, upon the satisfaction of
       certain conditions set forth in the Credit Agreement
       Amendment; and

(iii) grant certain waivers in connection with the consummation
       of the Master Transaction Agreement.

SCA and its principal operating subsidiaries, XL Capital
Assurance Inc. and XL Financial Assurance Ltd., also entered
into an agreement with XL Capital Ltd. and certain of XL
Capital's affiliates.  Certain financial institutions that are
counterparties to credit default swap agreements with XLCA are
also parties to the Master Transaction Agreement.

The Master Transaction Agreement provides for the termination,
elimination or commutation of certain reinsurance, guarantees
and other agreements with XL Capital and its subsidiaries in
exchange for a payment by XL Capital to SCA of $1.775 billion in
cash and 8 million shares of XL Capital Class A Ordinary Shares
to SCA's subsidiaries, and the transfer of XL Capital's 46%
ownership stake in SCA to a trust.

Concurrent with the Master Transaction Agreement, SCA also
entered into an agreement with Merrill Lynch & Co., Inc. for the
termination of eight credit default swaps and the related
financial guarantee insurance policies that were issued by XLCA.

Additionally, as of June 30, 2008, due to significant adverse
development on loss reserves, XLCA will report negative
statutory surplus and XLFA will report negative total statutory
capital and surplus.  Upon the closing of the transactions
contemplated by the Master Transaction Agreement, the Merrill
Agreement and related agreements, XLCA expects to have positive
statutory surplus, and XLFA expects to have positive total
statutory capital and surplus.  SCA and XL Capital have obtained
approval from the New York Insurance Department and the Bermuda
Monetary Authority for the Master Transaction Agreement and the
transactions contemplated thereby.  Other required approvals
related to the agreement have been received from the Delaware
Department of Insurance.  The New York Insurance Department has
also approved the Merrill Agreement and the transactions
contemplated thereby.

"The agreements with XL Capital and Merrill Lynch represent a
significant step in the restructuring process of SCA and are
critical to our efforts to stabilize the company," Paul S.
Giordano, chief executive officer of sca, commented.  "While we
are very pleased with the progress made to date, our company
remains exposed to potentially significant adverse loss
development and there is still much work to be done.  In the
next phase, we will commence discussions with swap
counterparties seeking to commute, terminate or restructure our
remaining credit default swaps.  The New York Insurance
Department, the Bermuda Monetary Authority, the Delaware
Department of Insurance and the U.K. Financial Services
Authority, as well as our other regulators, have been extremely
supportive in this process, and we look forward to continuing to
work constructively with them in the future."

                       Corporate Name Change

SCA will formally change its corporate name on Aug. 4, 2008,
from Security Capital Assurance Ltd. to Syncora Holdings Ltd.
SCA's operating subsidiaries will also change names on the same
date: XLCA will become Syncora Guarantee Inc. and XLFA will
become Syncora Guarantee Re Ltd.  As of Aug. 4, 2008, SCA is no
longer permitted to use the "XL" name.  The company's stock
ticker symbol will remain "SCA".

                           About SCA

Security Capital Assurance Ltd (SCA) -- http://www.scafg.com/--
through its subsidiaries -- XL Capital Assurance Inc., (XLCA) a
monoline financial guarantee insurance provider, and XL
Financial Assurance Ltd. (XLFA), a monoline provider of
reinsurance to financial guarantee insurers -- provides credit
enhancement for the obligations of debt issuers worldwide.  As
reported by the Troubled Company Reporter on June 23, 2008,
Moody's Investors Service downgraded to B2, from A3, the
insurance financial strength ratings of XL Capital Assurance
Inc., XL Capital Assurance (U.K.) Limited and XL Financial
Assurance Ltd.  In the same rating action, Moody's also
downgraded the debt ratings of Security Capital Assurance Ltd
(NYSE: SCA -- preference shares to Ca from B3) and a related
financing trust.

                           *     *     *

As reported in the Troubled Company Reporter on June 23, 2008,
Moody's Investors Service has downgraded to B2, from A3, the
insurance financial strength ratings of XL Capital Assurance
Inc., XL Capital Assurance (U.K.) Limited and XL Financial
Assurance Ltd.  In the same rating action, Moody's also
downgraded the debt ratings of Security Capital Assurance Ltd.
(NYSE: SCA -- preference shares to Ca from B3) and a related
financing trust.


SECURITY CAPITAL: Moody's Puts Ratings Under Review; May Cut
------------------------------------------------------------
Moody's Investors Service has placed the B2 insurance financial
strength ratings of XL Capital Assurance Inc., XL Capital
Assurance (U.K.) Limited and XL Financial Assurance Ltd. under
review with direction uncertain.  In the same rating action,
Moody's placed the ratings of Security Capital Assurance Ltd
(NYSE: SCA -- preference shares at Ca) and a related financing
trust on review for possible downgrade.  July 30's rating action
was prompted by SCA's announcement that it has reached an
agreement with XL Capital Ltd. providing for the termination,
elimination or commutation of certain reinsurance, guarantees
and other agreements with XL and its affiliates in return for a
payment by XL of US$1.775 billion in cash and 8 million shares
of XL Class A ordinary shares.  SCA also announced it has
reached an agreement with Merrill Lynch & Co., Inc. for the
termination of eight credit default swaps on ABS CDOs written by
XLCA in return for a US$500 million cash payment to Merrill
Lynch.

Moody's noted that the Master Agreement has been approved by the
New York Insurance Department and the Bermuda Monetary
Authority.  The Merrill Agreement has also been approved by the
New York Insurance Department.  Prior to July 30's rating
action, the rating outlook for SCA and its subsidiaries was
negative.

Moody's ratings on securities that are guaranteed or "wrapped"
by a financial guarantor are generally maintained at a level
equal to the higher of a) the rating of the guarantor (if rated
at the investment grade level), or b) the published underlying
rating.  In accordance with current rating agency policy,
following Moody's June 20, 2008 rating action on XLCA and XLFA
which lowered their ratings to below the investment grade level,
Moody's withdrew ratings on XLCA and XLFA-wrapped securities for
which there was no published underlying rating.  Should the
guarantors' ratings subsequently move back into the investment
grade range or should the agency subsequently publish the
associated underlying rating, Moody's would reinstate previously
withdrawn ratings on those wrapped instruments.

According to Moody's, the review with direction uncertain on the
insurance financial strength ratings of XLCA and XLFA reflects
the significant improvement to SCA's capital adequacy position
and upward pressure on the ratings that would occur following
the successful completion of the aforementioned transactions, as
well as the likelihood of downgrades if the transactions fail to
be completed.  The Master Agreement and Merrill Agreement are
expected to close in early August 2008, and are subject to the
completion of an announced US$2.5 billion capital raise by XL
and other customary closing conditions.  XL announced this
morning that it has priced offerings of its equity and equity
units totaling US$2.5 billion.  If the contemplated transactions
are successfully completed, Moody's will likely change the
rating review from direction uncertain to a review for possible
upgrade.  However, Moody's stated that the insurance financial
strength ratings are likely to remain non-investment grade at
the conclusion of our rating review given the continued
uncertainty with respect to SCA's remaining mortgage-related
exposures and currently impaired franchise.

The review for possible downgrade of SCA's preferred ratings
reflects the potential for the insurance financial strength
ratings to be lowered in the unlikely event that the Master
Agreement and Merrill Agreement fail to close by August 15,
2008, which would have an impact on those ratings due to their
subordinated status relative to policyholder claims.  Upon the
successful closing of the Master Agreement and Merrill
Agreement, Moody's will likely confirm the current ratings on
SCA's preferred securities with a negative outlook.

The rating agency stated that SCA is expected to record
significant reserve charges on its mortgage-related exposures
during 2Q2008, including both second-lien RMBS and ABS CDOs.
This reserving activity will result in both XLCA and XLFA
reporting negative statutory capital at quarter-end.  However,
the transactions contemplated by the Master Agreement and the
Merrill Agreement will, if completed, result in the companies
having positive statutory capital and result in a significant
improvement in their capital adequacy positions, in Moody's
opinion.  In addition, SCA has announced it has commuted its
outbound reinsurance with RAM Reinsurance Company Ltd and a
portion of inbound reinsurance with Financial Security Assurance
Inc. (the remainder of which will be moved from XLFA to XLCA).
SCA has also earmarked US$820 million for the purpose of
commuting, terminating, amending or restructuring existing
agreements with certain CDS bank counterparties who have signed
the Master Agreement.

Moody's stated that the ratings review will focus on:

1) the successful closing of the Master Agreement and the
   Merrill Agreement;
2) the subsequent risk-adjusted capital adequacy position of
   XLCA and XLFA;
3) prospective dividend capacity of the operating companies and
   preferred share dividend policy going forward; and
4) an assessment of SCA's franchise value and future business
   prospects.

With respect to the Merrill Agreement, Moody's noted that the
negotiated settlement has some elements that are typically
associated with a distressed exchange.  Moody's anticipates that
it will further analyze the terms of the Merrill Agreement to
determine whether a distressed exchange has occurred, though any
conclusions reached from this analysis would not have an impact
on the ratings under review.

                   List of Rating Actions

The following ratings have been placed on review with direction
uncertain:

* XL Capital Assurance Inc. -- insurance financial strength at
  B2;

* XL Capital Assurance (U.K.) Limited -- insurance financial
  strength at B2; and

* XL Financial Assurance Ltd -- insurance financial strength at
  B2.

The following ratings have been placed on review for possible
downgrade:

Security Capital Assurance Ltd. -- provisional rating on senior
debt at (P)Caa3, provisional rating on subordinated debt at
(P)Ca and preference shares at Ca; and

Twin Reefs Pass-Through Trust -- contingent capital securities
at Caa2.

Security Capital Assurance Ltd. is a Bermuda-domiciled holding
company whose primary operating subsidiaries, XL Capital
Assurance Inc. and XL Financial Assurance Ltd, provide credit
enhancement and protection products to the public finance and
structured finance markets throughout the United States and
internationally.  SCA has announced that it will formally change
its corporate name to Syncora Holdings Ltd on August 4, 2008.
XLCA and XLFA will be renamed Syncora Guarantee Inc. and Syncora
Guarantee Re Ltd, respectively.


SOLUTIA INC: Court Hears Settlement for Avoidance Actions
---------------------------------------------------------
Solutia Inc. and its debtor-affiliates, in accordance with their
confirmed Fifth Amended Joint Plan of Reorganization, as
modified, sought the authority of the U.S. Bankruptcy Court for
the Southern  District of New York to pursue, settle, abandon,
release or otherwise resolve certain pending avoidance actions
without further notice to any party or the consent or approval
of  Monsanto Company, the Official Committee of Unsecured
Creditors  or the Court.

On May 4, 2006, the Court approved the Debtors' employment of
Hodgson Russ LLP for the limited purpose of commencing and
prosecuting the Avoidance Actions, seeking recovery of
preferential transfers and fraudulent conveyances, made by the
Debtors pursuant to Chapter 5 and other relevant provisions of
the Bankruptcy Code or applicable state law.

By a separate order, on the same day, the Court also approved
the Debtors' employment of Rosen & Associates to represent them
in  certain of the Avoidance Actions with respect to which
Hodgson  Russ might have had a conflict.

The time for filing adversary proceeding complaints under
Sections 544, 547, 548 and 550 of the Bankruptcy Code expired on
Dec. 17, 2005.  Between Dec. 14 and 17, 2005, Hodgson Russ and
Rosen & Associates timely filed 82 complaints commencing the
Avoidance Actions against various defendants.  A list of the
82 Avoidance Actions is available at no charge at:

     http://bankrupt.com/misc/Solutia_82AvoidanceActions.pdf

In an effort to conserve judicial, legal, financial and other
resources, the Debtors sought and obtained extension of the
deadline to serve complaints in the Avoidance Actions.  The
Debtors stated that they anticipate their eventual plan of
reorganization might eliminate the necessity to further
prosecute certain of the Avoidance Actions, many of which
involved defendants who continued to do business with the
Debtors, Garry M. Graber, Esq., at Hodgson Russ LLP, in New
York, related.

The Debtors' Plan was confirmed on Nov. 29, 2007, and became
effective on Feb. 28, 2008.

Several of the Avoidance Actions have been settled and dismissed
during the course of the Debtors' Chapter 11 proceedings.  None
of the defendants has sought to expedite the litigation of any
of the Avoidance Actions.  Six of the defendants have filed an
answer or other papers responsive to the complaints filed in the
Avoidance Actions.  No further proceedings or discovery has been
had in any of the adversary proceedings, according to Mr.
Graber.

To conserve resources and achieve beneficial economies, and to
expedite resolution of the adversary proceedings that remain
pending, the Reorganized Debtors wish to exclusively pursue
certain Avoidance Actions based solely upon their business
judgment.

                        About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB: SOLUQ) (NYSE:
SOA-WI) -- http://www.solutia.com/-- and its subsidiaries,
manufactures and sells chemical-based materials, which are used
in consumer and industrial applications worldwide.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Lead Case No. 03-
17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  Solutia emerged from chapter 11 protection
Feb. 28, 2008.  (Solutia Bankruptcy News, Issue No. 129;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


TAYLOR WIMPEY: Taps NM Rothschild for Debt Waiver Talks
-------------------------------------------------------
Taylor Wimpey plc has hired NM Rothschild & Sons Ltd. to
negotiate a waiver with bondholders for a possible breach of
covenant or GBP380 million of outstanding private placement
notes, The Telegraph reports.

As previously reported in the TCR-Europe, Taylor Wimpey is also
currently negotiating an amendment to terms of its bank debt,
which carries the same covenants as the bonds.

While Taylor Wimpey said it was still in compliance with the
debt covenants even without an amendment to the terms, the
Telegraph relates that the company might breach banking
covenants due to falling property prices.

The Telegraph says Rothchild's appointment indicates that Taylor
Wimpey believes it could reach a waiver deal with bondholders
without having to restart its failed capital increase.

Rothschild recently negotiated a similar deal on behalf of
Barratt Developments, which have the same lenders as Taylor
Wimpey, The Telegraph notes.

Rothschild, along with Taylor Wimpey's corporate advisers,
JPMorgan Cazenove and UBS AG, hopes to reach a waiver deal by
end of September 2008.

                       About Taylor Wimpey

Headquartered in London, Taylor Wimpey plc --
http://www.taylorwimpey.com/-- builds homes in the U.K., North
America, Spain and Gibraltar. Taylor Wimpey also operates in the
Construction sector under the Taylor Woodrow brand.

Taylor Wimpey plc's major markets are experiencing a significant
downturn, characterized by significantly lower weekly sales
rates and lower average selling prices than in recent years.

Taylor Wimpey remains in full compliance with its banking
covenants.  However, without an amendment to the terms of its
banking facilities, in certain negative market scenarios Taylor
Wimpey might breach one or more banking covenants at the first
testing date in 2009.


UBS AG: Some Employees Arrested on Insider Trading Probe
--------------------------------------------------------
The Wall Street Journal reports that British authorities
arrested eight people, including people working at UBS AG as
part of a broadening effort to crack down on insider trading.

According to the report, the Financial Services Authority, the
U.K. markets regulator, has been making greater efforts to
change its reputation as being soft on market abuses such as
insider trading.

In May, the Journal says FSA data showed 28.7% of U.K. takeover
deals in 2007 were preceded by suspicious stock movement, up
from 23.7% in 2005.

The Journal relates that following up on its warnings that it
would come down hard on anyone involved in suspicious trading,
the regulator said it made the arrests across London and
southeastern England as part of "a major ongoing investigation
into insider dealing rings."

A person familiar with the investigation told the Journal that
those arrested were people who worked in the banks' back offices
and their friends, not traders or bankers, and the sums
allegedly involved were in the hundreds of thousands of pounds
or less.

According to the Journal, a spokeswoman for Swiss banking giant
UBS said a junior member of the bank's support staff in London
was arrested and suspended from work during the investigation.

Meanwhile, the Journal relates that a spokeswoman for the FSA
said only that the people arrested were men, 27 to 48 years old,
and she declined to comment further.

                      Multi-Billion Lawsuit

As reported Monday in the Troubled Company Reporter-Europe, UBS
AG's U.S. units -- UBS Securities LLC and UBS Financial Services
Inc. -- are facing a multi-billion U.S. dollar securities fraud
lawsuit filed by Attorney General Andrew M. Cuomo against the
firms.

The lawsuit charges UBS with falsely selling and marketing
auction rate securities as safe, highly liquid, and cash-
equivalent securities.

Auction rate securities are preferred equity securities that pay
dividends that are reset by an auction typically held every
seven or 28 days.  These auctions have consistently been failing
since February 2008.  Consequently, many holders desiring to
sell these securities, including UBS clients, have been unable
to do so.

UBS customers are currently holding more than US$25 billion of
the securities.

The lawsuit, filed in the Supreme Court of New York, New York
County, also alleges that as the securities market started to
collapse, the bank's top executives quickly sold-off US$21
million in personal holdings of auction rate securities, but
continued to market the securities to its consumers.

"Not only is UBS guilty of committing a flagrant breach of trust
between the bank and its customers, its top executives jumped
ship as soon the securities market started to collapse, leaving
thousands of customers holding the bag," said Mr. Cuomo.

As of February 2008, UBS had more than 50,000 customer accounts
holding auction rate securities, including over 7,000 New York
customer accounts.  On February 13,
2007, UBS stopped supporting its auctions, leaving UBS customers
unable to access to billions in what they believed was as liquid
as cash.

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

UBS said on July 15 that it would offer to buyback approximately
US$3.5 billion of auction rate securities, however, Mr. Coumo's
lawsuit seeks to require UBS to repurchase the securities at par
in addition to disgorgement of ill-gotten gains, restitution and
other damages, and injunctions from further violations of New
York's Martin Act.

Commenting on the lawsuit, UBS spokeswoman Karina Byrne said in
an e-mailed statement sent to Bloomberg News that the bank will
"vigorously defend" itself against the allegations in the suit,
and "categorically rejects any claim that the firm engaged in a
widespread campaign" to shift auction-rate debt off
its books and into client accounts.

"While UBS does not believe that there was illegal conduct by
any employee, we have found cases of poor judgment by certain
individuals and are evaluating appropriate disciplinary measures
for these individuals," Ms. Byrne added.

                          About UBS AG

Based in Zurich, Switzerland, UBS AG -- http://www.ubs.com/--
is a global provider of financial services for wealthy clients.
UBS's financial businesses are organized on a worldwide basis
into three Business Groups and the Corporate Center.  Global
Wealth Management & Business Banking consists of three segments:
Wealth Management International & Switzerland, Wealth Management
US and Business Banking Switzerland.  The Business Groups
Investment Bank and Global Asset Management constitute one
segment each.  The Industrial Holdings segment holds all
industrial operations controlled by the Group.  Global Asset
Management provides investment products and services to
institutional investors and wholesale intermediaries around the
globe.  The Investment Bank operates globally as a client-driven
investment banking and securities firm.  The Industrial Holdings
segment comprises the non-financial businesses of UBS, including
the private equity business, which primarily invests UBS and
third-party funds in unlisted companies.


* S&P Takes Credit Rating Actions on 102 European Synthetic CDO
---------------------------------------------------------------
Standard & Poor's Ratings Services has taken credit rating
actions on 102 European synthetic collateralized debt obligation
(CDO) tranches.

Specifically, the ratings on:

  -- 41 tranches were lowered and removed from CreditWatch with
     negative implications;

  -- 3 tranches were lowered and remain on CreditWatch negative;

  -- 17 tranches was removed from CreditWatch with negative
     implications and affirmed;

  -- 27 tranches were removed from CreditWatch with positive
     implications and raised; and

  -- 14 tranches were raised.

Of the 44 tranches lowered:

  -- 30 reference U.S. residential mortgage-backed securities
    (RMBS) and U.S. CDOs that are exposed to U.S. RMBS, which
     have experienced recent negative rating actions; and

  -- 14 have experienced corporate downgrades in their
     portfolios.

                     Rating Action Summary

       Downgrades   Upgrades            Key to
        (No. of     (No. of            corporate
        tranches)   tranches)          downgrades

Jan-08    57       8             United Parcel Service Inc.
                 (AAA/Watch Neg to AA-/Stable) Jan. 9, 2008
                                        Quebecor World Inc.
                         (CCC/Watch Neg to D) Jan. 16, 2008
Feb-08    90       9                               GMAC LLC
                  (BB+/Negative to B+/Negative) Feb. 2, 2008
                                    Residential Capital, LLC
                  (BB+/Negative to B/Negative) Feb. 22, 2008
Mar-08    79       2                              FGIC Corp.
                (BBB/Watch Neg to B/Negative) March 28, 2008
                                                FGIC UK Ltd.
                 (A/Watch Neg to BB/Negative) March 28, 2008
Apr-08    118      9            Royal Caribbean Cruises Ltd.
                 (BBB-/Negative to BB+/Stable) April 3, 2008
                                    Residential Capital, LLC
               (B/Negative to CCC+/Watch Neg) April 24, 2008
May-08    152      1            Countrywide Home Loans, Inc.
               (BBB+/Watch Pos to BB+/Watch Dev) May 2, 2008
                                    Residential Capital, LLC
                (CCC+/Watch Neg to CC/Watch Neg) May 2, 2008
Jun-08    109      0                   Ambac Assurance Corp.
                (AAA/Negative to AA/Watch Neg) June 5, 2008
                                                   MBIA Inc.
                 (AA-/Negative to A-/Watch Neg) June 5, 2008
Jul-08     44     41             Radian Asset Assurance Inc.
                 (AA/Watch Neg to A/Watch Neg) June 16, 2008
                                Countrywide Home Loans, Inc.
                (BB+/Watch Dev to AA/Negative) July 1, 2008

*Those corporate names that have experienced a significant notch
downgrade or upgrade as well as being highly referenced within
European synthetic CDOs.

For those transactions that have been on CreditWatch negative
for longer than 90 days, where S&P has either not received
material levels of information or relative portfolio credit
quality has not improved since the CreditWatch placement to a
level sufficient to affirm the rating, S&P has modeled recovery
rates in accordance with its criteria and assessed portfolio
quality based on its credit quality.

Where SROC (synthetic rated overcollateralization) is less than
100%, S&P runs scenarios that project the current portfolio 90
days into the future, assuming no asset rating migration.  Where
this projection indicates that the SROC would return to a level
above 100% at that time, the rating is maintained, but S&P
places it on CreditWatch negative.  If, on the other hand, the
projection indicates that the SROC would remain below 100%, S&P
immediately lowers the rating.

Ratings List:

Class (where applicable)

To                From             Rating      SROC   Projected
                                   scenario    (%)    90 day+
                                                       SROC(%)

Alexandria Capital PLC:

  -- EUR212 Million Secured Floating-Rate Credit-Linked Notes
Series 2004-12 (Karnak)

B-2a
AA+             AA+/Watch Neg       AA+   101.0300

B-2b
AA+             AA+/Watch Neg       AA+   101.0300

Alexandria Capital PLC:

  -- EUR160 Million Secured Floating- And Fixed-Rate Notes
Series 2005-1 (ISIS I (A))

A-e1
AAA            AA/Watch Pos         AAA   100.7100
                                    AA+   100.9700
                                    AA    101.0700

Alexandria Capital PLC:

  -- EUR160 Million Secured Floating- And Fixed-Rate Notes
Series 2005-1 (ISIS I (A))

A-e2
AAA           AA/Watch Pos          AAA   100.7063
                                    AA+   100.9664
                                    AA    101.0686

Alexandria Capital PLC:

  -- EUR160 Million Secured Floating- And Fixed-Rate Notes
Series 2005-1 (ISIS I (A))

C-e1
AA-           A/Watch Pos           AA-   100.1108
                                    A+    100.2325
                                    A     100.3745

Alexandria Capital PLC:

  -- EUR160 Million Secured Floating- And Fixed-Rate Notes
Series 2005-1 (ISIS I (A))

C-e2
AA-           A/Watch Pos          AA-    100.1108
                                   A+     100.2325
                                   A      100.3745

Alexandria Capital PLC:

  -- EUR50 Million And US$37 Million Secured Floating- And
Fixed-Rate Notes Series 2005-2 (ISIS I (B))

A-e5
AAA           AA/Watch Pos         AAA    100.7063
                                   AA+    100.9664
                                   AA     101.0686

Alexandria Capital PLC:

  -- EUR50 Million And US$37 Million Secured Floating- And
Fixed-Rate Notes Series 2005-2 (ISIS I (B))

C-u2
AA-           A/Watch Pos          AA-    100.1122
                                   A+     100.2422
                                   A      100.3745

Alexandria Capital PLC:

  -- EUR50 Million And US$37 Million Secured Floating- And
Fixed-Rate Notes Series 2005-2 (ISIS I (B))

D-u1
AA-           A/Watch Pos          AA-    100.1122
                                   A+     100.2422
                                   A      100.3745

Aphex Capital PLC:

  -- US$5 Million DESIGN Secured Portfolio Credit-Linked
Floating-Rate Notes Series 2005-12

AA-           A-/Watch Pos         AA-    100.0078
                                   A+     100.1260
                                   A      100.2520

Aphex Capital PLC:

  -- EUR15 Million Kalgoorlie Secured Callable Portfolio
Credit-Linked Floating-Rate Notes Series 2006-28

AA-           AA-/Watch Neg        AA-    102.8700

Aphex Capital PLC:

  -- EUR15 Million SENWAI Secured Callable Portfolio
Credit-Linked Floating-Rate Notes Series 2006-31

BBB+         BBB+/Watch Neg        BBB+   102.9800

Asset-Backed Obligaties Ltd.:

  -- EUR470 Million Limited-Recourse Variable Coupon
Credit-Linked And Seven-Year Euro Swap Rate-Linked Notes (series
05-01)

A
AAA          AA/Watch Pos          AAA    103.0939
                                   AA+    105.0187
                                   AA     105.7926

Baker Street Finance Ltd.:

  -- EUR519.2 Million Floating-Rate Credit-Linked Notes

B
A            A+/Watch Neg          A+      99.4300   99.7051
                                   A      100.0400  100.3002

Bassi Co. Ltd.:

  -- EUR33 Million Floating-Rate Secured Portfolio Callable
Credit-Linked Notes Series 2

A
AA           AA-/Watch Pos         AA     109.1842
                                   AA-    112.4154

Bifrost Investments Ltd.:

  -- EUR160 Million Mezzanine Portfolio Credit Swap Transaction,
Reference Portfolio 27

5B CDS
AAA         AA/Watch Pos           AAA     100.9424
                                   AA+     101.1309
                                   AA      102.0969

Bifrost Investments Ltd.:

  -- EUR160 Million Mezzanine Portfolio Credit Swap Transaction,
Reference Portfolio 28

5B CDS
AAA         AA/Watch Pos           AAA     100.4712
                                   AA+     100.6832
                                   AA      101.2251

BNP Paribas and Calyon:

  -- EUR40 Million Credit Default Swap Between BNP Paribas And
Calyon

BB+        BBB-/Watch Neg         BBB-     83.5000   77.7156
                                  BB+     100.0000  100.0000

Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.:

  -- EUR225 Million Floating- And Fixed-Rate Notes
A1
AA+        AAA/Watch Neg          AAA      99.1900   99.2713
                                  AA+     100.5600  100.5659

Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.:

  -- EUR225 Million Floating- And Fixed-Rate Notes
A2
A+          AA/Watch Neg          AA       99.0300   99.0340
                                  AA-      99.4400   99.4534
                                  A+      100.2500  100.2780

Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.:

  -- EUR225 Million Floating- And Fixed-Rate Notes

A3
BBB          A/Watch Neg          A       98.4300    98.4447
                                  A-      98.8300    98.8231
                                  BBB+    99.9000    99.8912
                                  BBB    100.3500   100.3675

Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.:

  -- EUR225 Million Floating- And Fixed-Rate Notes

A4
BB           BBB/Watch Neg        BBB     98.1500    98.1599
                                  BBB-    98.7500    98.7708
                                  BB+     99.7100    99.7280
                                  BB     100.0700   100.0819

Brooklands Euro Referenced Linked Notes 2004-1 Ltd.:

  -- EUR182.5 Million And YEN677.5 Million Fixed- And
Floating-Rate Notes

C-Y
BBB+          A-/Watch Neg        A-       99.8600   99.9624
                                  BBB+    100.5500  100.6670

Carneros III PLC:

  -- US$10 Million JPY2,400 Million And EUR176.5 Million
Floating-Rate Credit-Linked Secured Notes

B
AA-/Watch Neg   AA/Watch Neg       AA      99.7600   99.8481
                                   AA-     99.9400  100.0233

Carneros III PLC:

  -- US$10 Million JPY2,400 Million And EUR176.5 Million
Floating-Rate Credit-Linked Secured Notes

C
A+/Watch Neg    AA-/Watch Neg      AA-     99.7700   99.9228
                                   A+      99.9200  100.0616

Carneros III PLC:

  -- US$10 Million JPY2,400 Million And EUR176.5 Million
Floating-Rate Credit-Linked Secured Notes

E
AA+              AAA/Watch Neg     AAA     99.8400   99.9305
                                   AA+    100.1100  100.1888

Claris III Ltd.:

  -- GBP25 Million Zero Coupon Credit-Linked Notes Series
10/2007

BBB              BBB+/Watch Neg    BBB+    99.6000   99.6900
                                   BBB    100.0100  100.1044

Claris IV Ltd.:

  -- US$49 Million Leibnitz 2006-1 SYNTHETIC CDO OF RMBS
Variable-Rate Notes Series 9/2006

CCC             CCC+/Watch Neg     CCC+    99.5900   99.6536
                                   CCC    100.8100  100.8111

Claris IV Ltd.:

  -- US$22 Million Leibnitz 2006-1 Synthetic CDO Of RMBS
Variable-Rate Notes Series 10/2006

CCC-            CCC/Watch Neg      CCC      99.4600   99.4562
                                   CCC-    100.5500  100.5456

Cloverie PLC:

  -- US$20 Million Floating-Rate Portfolio Credit-Linked Notes
Series 2004-5

AAA             AA/Watch Pos       AAA     100.1821
                                   AA+     100.2306
                                   AA      100.2549

Cloverie PLC:

  -- JPY1 Billion Fixed-Rate Portfolio Credit-Linked Notes
Series 2005-15 (Rotonda II)

AA+             AA+/Watch Neg      AA+     100.3800

Cloverie PLC:

  -- SEK324 Million Variable-Rate Portfolio Credit-Linked Notes
Series 2005-32

AA              AA-/Watch Pos       AA     100.3062
                                    AA-    100.4639

Corsair Finance (Ireland) No. 4 Ltd.:

  -- EUR25 Million Floating-Rate Secured Portfolio Credit-Linked
Notes Series 7

A+             A+/Watch Neg         A+     100.7800

Corsair Finance (Ireland) No. 4 Ltd.:

  -- EUR25 Million Floating-Rate Secured Portfolio Credit-Linked
Notes Series 8

A-             A-/Watch Neg         A-     104.9700

Corsair (Cayman Islands) No. 4 Ltd.:

  -- EUR40 Million Floating-Rate Secured Callable Portfolio
Credit-Linked Notes Series 3

A+             A+/Watch Neg         A+     100.5300

Coriolanus Ltd.:

  -- US$5 Million Class B Secured Floating-Rate Notes Series 69

B
BB+     BBB-/Watch Neg             BBB-     99.4300    99.4255
                                   BB+     101.0900   101.0881

Coriolanus Ltd.:

  -- EUR70 Million Class B Secured Credit-Linked Floating-Rate
Notes Series 72

AAA      AAA/Watch Neg             AAA     100.0300

Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC:

  -- EUR20 Million Limited-Recourse Secured Credit-Linked
Variable-Rate Notes Series 33 (Aramis)

BB+      BBB-/Watch Neg            BBB-     99.9000   99.8971
                                   BB+     100.7200  100.7159

Deutsche Bank AG and Coriolanus Ltd.:

  -- EUR15 Million Unfunded Credit Default Swap Between
(Deutsche Bank AG and Coriolanus Ltd.)

AA+srp   AAAsrp/Watch Neg          AAA     99.8700   99.9676
                                   AA+     100.2300  100.3199

Edam Funding One Ltd.
EUR20 Million Secured Limited-Recourse Credit-Linked Notes
Series 03-01
A
AAA      AA/Watch Pos              AAA     101.0782
                                   AA+     101.2571
                                   AA      101.3466

Edam Funding One Ltd.:

  -- EUR70 Million Limited-Recourse Variable-Coupon
Credit-Linked And Inflation-Linked Notes Series 04-02

A
AA+      AA+/Watch Neg             AA+     100.6500

Eirles Two Ltd.:

  -- EUR21 Million Variable-Rate Secured Notes Series 160

BBB+     A-/Watch Neg             A-        99.2300   99.4740
                                  BBB+     100.0500  101.4564

Eirles Two Ltd.:

  -- EUR27.5 Million Variable-Rate Secured Notes Series 223

BB       BB+/Watch Neg            BB+      99.8000   99.8103
                                  BB      100.8300  100.8444

Eirles Two Ltd.:

  -- EUR42.75 Million Variable-Rate Secured Notes Series 224

B+       BB-/Watch Neg            BB-     99.8900   99.9018
                                  B+     100.4300  100.4303

Eirles Two Ltd.:

  -- EUR26.125 Million Variable-Rate Secured Notes Series 225

B-       B/Watch Neg              B      99.9000   99.8957
                                  B-    100.4100  100.4057

Eirles Two Ltd.:

  -- EUR27.5 Million Variable-Rate Secured Notes Series 227

CCC-     CCC/Watch Neg            CCC     99.7800   99.7810
                                  CCC-   100.3600 100.3565

Eirles Two Ltd.:

  -- US$16.5 Million Class B Variable-Rate Secured Notes Series
269

B
CCC-    B-/Watch Neg             B-       97.9800   98.0102
                                 CCC+     99.1400   99.1811
                                 CCC      99.6800   99.6846
                                 CCC-    101.1600  101.1679

Eirles Two Ltd.:

  -- US$18 Million Class C Variable-Rate Secured Notes Series
270

C
CCC-    CCC/Watch Neg            CCC      98.4700   98.4676
                                 CCC-     99.9200   99.9327

Eirles Two Ltd.:

  -- EUR14.1 Million Class B Variable-Rate Secured Notes Series
297

CCC+    B-/Watch Neg             B-       99.4000   99.4740
                                 CCC+    101.3800  101.4564

Eirles Two Ltd.
US$16 Million Variable-Rate Secured Notes Series 305
A-2
BBB-    AA/Watch Neg             AA       94.9400    94.9350
                                 AA-      95.4800    95.4829
                                 A+       96.4100    96.4129
                                 A        96.8300    96.8293
                                 A-       97.5400    97.5470
                                 BBB+     98.7100    98.7399
                                 BBB      99.7800    99.8082
                                 BBB-    101.4300   101.4714

Eirles Two Ltd.:

  -- US$17 Million Variable-Rate Secured Notes Series 306

B+        BBB/Watch Neg          BBB      95.4900    95.5153
                                 BBB-     97.0700    97.1070
                                 BB+      97.9700    98.0085
                                 BB       98.9000    98.9351
                                 BB-      99.7900    99.8281
                                 B+      100.5000   100.5414

Eirles Two Ltd.:

  -- US$17 Million Variable-Rate Secured Notes Series 307

A-4
CCC+      B/Watch Neg            B        98.2900    98.3210
                                 B-       99.1000    99.1344
                                 CCC+    100.2800   100.3177

Eirles Two Ltd.:

  -- JPY3.7 Billion Variable-Rate Secured Notes Series 317

A-4
CCC+      B/Watch Neg            B        98.2900   98.3210
                                 B-       99.1000   99.1333
                                 CCC+    100.2800  100.3177

Elva Funding PLC:

  -- EUR162.5 And US$68.5 Million Floating- And Fixed-Rate Notes
Series 2004-4

D1
AAA       AA/Watch Pos           AAA     100.0000
                                 AA+     100.0000
                                 AA      100.0000

Elva Funding PLC:

  -- EUR162.5 And US$68.5 Million Floating- And Fixed-Rate Notes
Series 2004-4

D2
AAA       AA/Watch Pos           AAA      100.0000
                                 AA+      100.0000
                                 AA       100.0000

Elva Funding PLC:

  -- EUR162.5 And US$68.5 Million Floating- And Fixed-Rate Notes
Series 2004-4
D3
AAA       AA/Watch Pos           AAA      100.0000
                                 AA+      100.0000
                                 AA       100.0000

Elva Funding PLC:

  -- EUR157 Million, JPY4.15 Billion And US$28 Million Floating-
And Fixed-Rate Notes Series 2005-2

F-1
BBB+      A-/Watch Neg           A-       99.8000   99.8020
                                 BBB+    100.0000  100.0000

Elva Funding PLC:

  -- EUR157 Million, JPY4.15 Billion And US$28 Million Floating-
And Fixed-Rate Notes Series 2005-2

F-2
BBB+      A-/Watch Neg           A-       99.8000   99.8020
                                 BBB+    100.0000  100.0000

Elva Funding PLC:

  -- EUR157 Million, JPY4.15 Billion And US$28 Million Floating-
And Fixed-Rate Notes Series 2005-2

F-3
BBB+     A-/Watch Neg            A-       99.8000   99.8020
                                 BBB+    100.0000  100.0000

Elva Funding PLC:

  -- EUR157 Million, JPY4.15 Billion And US$28 Million Floating-
And Fixed-Rate Notes Series 2005-2

F-4
BBB+     A-/Watch Neg            A-       99.8000   99.8020
                                 BBB+    100.0000  100.0000

Elva Funding PLC:

  -- EUR80 Million And US$36.3 Million Floating- And Fixed-Rate
Notes Arosa X-Subordination 7 Years Notes Series 2005-4

D-1
AAA       AA/Watch Pos           AAA     100.2613
                                 AA+     100.2734
                                 AA      100.2794

Elva Funding PLC:

  -- EUR80 Million And US$36.3 Million Floating- And Fixed-Rate
Notes Arosa X-Subordination 7 Years Notes Series 2005-4

D-2
AAA       AA/Watch Pos           AAA      100.2613
                                 AA+      100.2734
                                 AA       100.2794

Elva Funding PLC:

  -- EUR80 Million And US$36.3 Million Floating- And Fixed-Rate
Notes Arosa X-Subordination 7 Years Notes Series 2005-4

D-3
AAA      AA/Watch Pos            AAA      100.2613
                                 AA+      100.2734
                                 AA       100.2794

Elva Funding PLC:

  -- US$2.5 Million And EUR10 Million Secured Floating-Rate
Credit-Linked Notes Series 2006-5

B2
AA       A/Watch Pos             AA       100.0708


                                 AA-      100.1939
                                 A+       100.3166
                                 A        100.4204

Elva Funding PLC:

  -- EUR165 Million, US$40 Million And JPY2.2 Billion Secured
Credit-Linked Floating-Rate Notes Series 2007- 2 (Euclid CDO)

B
AA      AA/Watch Neg             AA        100.7900

Elva Funding PLC:

  -- EUR165 Million, US$40 Million And JPY2.2 Billion Secured
Credit-Linked Floating-Rate Notes Series 2007- 2 (Euclid CDO)

B2
AA      AA/Watch Neg             AA        100.7900

Elva Funding PLC:

  -- EUR165 Million, US$40 Million And JPY2.2 Billion Secured
Credit-Linked Floating-Rate Notes Series 2007- 2 (Euclid CDO)
B3
AA       AA/Watch Neg             AA       100.7900

Elva Funding PLC:

  -- EUR165 Million, US$40 Million And JPY2.2 Billion Secured
Credit-Linked Floating-Rate Notes Series 2007- 2 (Euclid CDO)

B4
AA       AA/WatchNeg              AA       100.7900

Elva Funding PLC:

  -- EUR165 Million, US$40 Million And JPY2.2 Billion Secured
Credit-Linked Floating-Rate Notes Series 2007- 2 (Euclid CDO)

C
A        A/Watch Neg              AA       100.0300

Fermat Ltd.:

  -- US$10 Million Floating-Rate Secured Portfolio Credit-Linked
Notes Series 6

BBB       BBB-                    BBB     100.0482
                                  BBB-    100.4801

Herald Ltd.:

  -- US$121.4 Million Floating-Rate Credit-Linked Secured Notes
(Logan CDO) Series 25

A-1
B      BB-/Watch Neg              BB-      99.0300    99.0434
                                  B+       99.6500    99.6606
                                  B       100.3500   100.3568

Herald Ltd.:

  -- US$17.2 Million Floating-Rate Credit-Linked Secured Notes
(Logan CDO) Series 27

B
CCC-     CCC+/Watch Neg           CCC+     99.2600   99.2717
                                  CCC      99.6200   99.6241
                                  CCC-    100.3200  100.3309

Linker Finance PLC:

  -- US$86.5 Million Class B Floating-Rate Secured Notes Series
2 (Tsar 16)

B
B/Watch Neg  B+/Watch Neg         B+      99.2100   99.3853
                                  B       99.9200  100.0519

Linker Finance PLC:

  -- US$28.5 Million Class C Floating-Rate Secured Notes Series
3 (Tsar 16)

C
CCC     CCC+/Watch Neg            CCC+    99.7500   99.8222
                                  CCC    100.7400  100.8076

Linker Finance PLC:

  -- US$18 Million Class D Floating-Rate Secured Notes Series 4
(Tsar 16)

D
CCC     CCC+/Watch Neg            CCC+    99.0300   99.1119
                                  CCC    100.0200  100.0897

Lunar Funding V PLC:

  -- US$25 Million Limited Recourse Secured Floating-Rate
Credit-Linked Notes Series 2006-29

CCC-     CCC/ Watch Neg           CCC      96.2500   96.2482
                                  CCC-     98.6500   98.6546

Mainsail CDO I Ltd.:

  -- US$298.25 Mil Secured Floating Credit-Linked Notes

A1
CCC-     CCC+/Watch Neg           CCC+    97.0300    97.0515
                                  CCC     99.1400    99.1799
                                  CCC-   101.4800   101.5068

Menton CDO IV Ltd.:

  -- US$250 Million Secured Floating-Rate Notes

A-2
CCC       B+/Watch Neg            B+      98.4100    98.4118
                                  B       98.4100    98.4118
                                  B-      98.4100    98.4118
                                  CCC+    98.4100    98.4118
                                  CCC    100.1100    100.1066

Momentum CDO (Europe) Ltd.:

  -- AU$40 Million Floating-Rate Notes Series 2005-5

A-      A-/Watch Neg              A-     100.2400

Natixis S.A.:

  -- EUR6 Million Floating-Rate Credit-Linked Notes Linked To A
Refernce Portfolio Initally Comprising 114 Reference Entities
Series 2262

BBB-     BBB-/Watch Neg           BBB-   100.1000

Prime Square CDO Ltd.:

  -- US$50 Million Tranche Ba & Bb PRIMO Secured Floating-Rate
Notes Series 2006-1

Ba
AA-       A                       AA-     100.0600
                                  A+      100.1800
                                  A       100.3000

Prime Square CDO Ltd.:

  -- US$50 Million Tranche Ba & Bb PRIMO Secured Floating-Rate
Notes Series 2006-1

Bb
AA-      A                        AA-     100.0600
                                  A+      100.1800
                                  A       100.3000

Prime Square CDO Ltd.:

  -- EUR10 Million Tranche B PRIMO secured Floating-Rate Notes
Series 2006-2

B
AA-       A                       AA-     100.0600
                                  A+      100.1800
                                  A       100.3000

Prime Square CDO Ltd.:

  -- US$5 Million Tranche C PRIMO Secured Floating-Rate Notes
Series 2006-3

C
A-        BBB+                    A-       100.0800
                                  BBB+     100.3700

Prime Square CDO Ltd.:

  -- EUR6 Million Tranche A PRIMO Secured Floating-Rate Notes
Series 2006-4

A
AA+        AA                     AA+      100.1200
                                  AA     100.4500

Prime Square CDO Ltd.:

  -- EUR20 Million Tranche C PRIMO Secured Floating-Rate Notes
Series 2006-5

C
A-         BBB+                   A-       100.0800
                                  BBB+     100.3700

Prime Square CDO Ltd.:

  -- US$20 Million Tranche B PRIMO Secured Floating-Rate Notes
Series 2006-6

B
AA-         A                     AA-      100.0600
                                  A+       100.1800
                                  A        100.3000

Prime Square CDO Ltd.:

  -- JPY2,000 Million Tranche A PRIMO Secured Floating-Rate
Notes Series 2006-7

A
AA+         AA                    AA+      100.1200
                                  AA       100.4500

Prime Square CDO Ltd.:

  -- JPY2 Billion Tranche A PRIMO Secured Floating-Rate
Credit-Linked Notes Series 2006-8

A
AA+         AA                     AA+    100.1200
                                   AA     100.4500

Prime Square CDO Ltd.:

  -- JPY1 Billion Tranche B PRIMO Secured Floating-Rate
Credit-Linked Notes Series 2006-9

B
AA-          A                      AA-   100.0600
                                    A+    100.1800
                                    A     100.3000

Rheinwest Credit Management:

  -- EUR10 Million Credit-Linked Floating-Rate Notes Series 11

BBB      BBB+/WatchNeg             BBB+    99.8900   99.9651
                                   BBB    100.2100  100.2735

Saphir Finance PLC:

  -- EUR15 Million Class A1 Credit-Linked Synthetic Portfolio
Premium Notes Series 2006-2

A1
A        A/Watch Neg               A     100.1400

Saphir Finance PLC:

  -- US$5 Million Class B1 Credit-Linked Synthetic Portfolio
Premium Notes Series 2006-2

B1
A        A/Watch Neg               A      100.1800

Saphir Finance PLC:

  -- US$10 Million Class A2 Credit-Linked Synthetic Portfolio
Vantage Point Notes Series 2006-2

A2
BBB+BBB+/Watch Neg           BBB+    106.2500

Signum Finance II PLC:

  -- EUR135 million Secured Medium-Term Credit-Linked Notes
Series 2007-5

A         AA/Watch Neg            AA       99.6900   99.7602
                                  AA-      99.7900   99.8552
                                  A+       99.9100   99.9758
                                  A       100.0100  100.0763

Starling Finance PLC:

  -- EUR35 Million Floating-Rate Portfolio Credit-Linked Notes
Series 2005-6

AA-       A+/Watch Pos            AA-     100.1525
                                  A+      100.2716
                                  A       100.4090

Starling Finance PLC:

  -- JPY500 Million Class C Floating-Rate Jinkoki Portfolio
Credit-Linked Notes Series 2007-04

BBB+       BBB-                   BBB+    100.0634
                                  BBB     100.3817
                                  BBB-    100.8828

Starling Finance PLC:

  -- JPY1.1 Billion Class B Floating-Rate Jinkoki Portfolio
Credit-Linked Notes Series 2007-005

A-         BBB                    A-      100.0453
                                  BBB+    100.3538
                                  BBB     100.6266

Starling Finance PLC:

  -- JPY1.1 Billion Class B Floating-Rate Jinkoki Portfolio
Credit-Linked Notes Series 2007-015

A-         BBB                    A-      100.1180
                                  BBB+    100.4252
                                  BBB     100.7003

Xelo PLC:

  -- EUR40 Million Secured Limited Recourse Credit-Linked Notes
Series 2006 (Spinnaker III Europe series 1)

AA      AA/Watch Neg              AA      100.0700

Xelo PLC:

  -- EUR10 Million Secured Limited Resource Credit-Linked Notes
Series 2006 (Spinnaker III Europe TRED 1 Series 1)

AA        AA/Watch Neg             AA     100.0700


* Fewer Retailers in Administration in Q2 2008, Says Deloitte
--------------------------------------------------------------
Deloitte & Touche LLP has disclosed its analysis of the retail
administration figures for the second quarter of 2008.

Lee Manning, reorganization services partner at Deloitte
commented, "Contrary to expectations, the latest retail
administration figures show that there has been a drop of 16% in
quarter two compared with the previous quarter and a staggering
30% drop in retail administrations for the first half of 2008
compared with the same period in 2007.

"While the decrease in administrations is surprising, there are
other trends playing in the market which have caused this
somewhat counter-cyclical set of numbers.  Traditional book,
music and DVD retailers really struggled over the past two
years, as did card, gift and toy retailers largely as a result
of competition from the Internet.  The drop-off in figures in
these sectors this year shows that the worst effects of this
maturing market may have been felt.  The same cannot be said for
fashion clothing, however, where we are starting to see the
effects of the credit crunch: there has been a 28% increase in
administrations in this sector this year.  Fashion is often one
of the first sectors to be hit hard as consumersí discretionary
spend is tightened and those retailers whose customer offering
isn't spot on experience sales slippage.

"It is important to note that the administration figures are
generally skewed towards smaller businesses, as larger
businesses are better suited to being restructured, because of
their greater scale and financing models.  If, as we are now
seeing, the larger retailers are feeling the pinch, their
smaller counterparts will also be suffering and may struggle to
survive if the present economic environment persists.  In
particular, we would expect furniture and household related
retailers to experience an increase in failures next quarter."

The administration figures do not bear out general market
sentiment, Richard Hyman, strategic adviser to Deloitte,
commented.

"Retailers are faced with an equation that does not balance:
customers are reining in spend while costs are escalating.  The
retailers that are able to both react quickly to the market by
adapting their offerings to changing customer needs while
encumbering as little cost as possible will be able to both
survive and achieve business success."

              Retail Sector Administration Figures

Sub-sector           2007 H1     2008 H1     % change
----------
Book, music, DVD        17           3          -82.4
Cards, gifts, toys      19           6          -66.6
Furniture, household,
   electrical            29          27           -6.9
Clothing, fashion,
   cosmetics[[           33          40           21.2
Food and drink          12           8          -33.3
Vehicles and parts  16           3          -81.3
IT                       9           3          -66.6
Travel and sports        4           1          -75
Other                   11           8
Total                  150         107          -28.7

Deloitte & Touche LLP -- http://www.deloitte.co.uk/-- is the
United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss
Verein, whose member firms are legally separate and independent
entities.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                     *      *      *

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


                            *********

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

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

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

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

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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, Marie Therese Profetana 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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