TCREUR_Public/080801.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

            Friday, August 1, 2008, Vol. 9, No. 152

                            Headlines


A U S T R I A

BAUMEL IMMOBILIEN: Claims Registration Period Ends August 12
DATARIUS TECHNOLOGIES: Claims Registration Period Ends August 14
IMB MONTAGEN: Claims Registration Period Ends August 14


G E R M A N Y

BUXTEHUDER TROCKENBAU: Claims Registration Period Ends Aug. 11
DRILLING TOOLS: Claims Registration Period Ends August 11
FROEHLING BESITZGESELLSCHAFT: Claims Period Ends August 11
GE-WE GRUNDSTUECKS: Claims Registration Period Ends August 10
GIGAVISION MEDIA: Claims Registration Period Ends August 10

KLINGBEIL STADTSANIERUNG: Creditors Meeting Slated for Aug. 11
KNABL GMBH: Claims Registration Period Ends August 10
MERLIN MEDICAL: Claims Registration Period Ends August 10
OJJO TRANSPORT: Claims Registration Period Ends August 8
P.A.Z.-BRANDENBURG: Claims Registration Period Ends August 8

PERSONAL PERFORMANCE: Claims Registration Period Ends Aug. 11
PRAXISCONCEPT GMBH: Claims Registration Period Ends August 10
PROCREDIT BANK: Fitch Affirms BB+ LT Foreign Currency ID Rating
SERVICE ZENTRALE 24: Claims Registration Period Ends August 8
SCHUSTER DACHBAU: Claims Registration Period Ends August 8

SUXXEL GMBH: Claims Registration Period Ends August 9
VERWALTUNG GMBH: Claims Registration Period Ends August 8
WEINBERGER DEUTSCHLAND: Claims Registration Ends August 8


I T A L Y

ALITALIA SPA: To Suffer Liquidity Hit in 2009, Says Citigroup
FABBRICA ITALIANA: Financial Woes Spur Liquidation Proceedings
PARMALAT SPA: High Cost, Low Demand Cut H1 EBITDA to EUR146.3MM


I R E L A N D

* S&P Expects Downturn in U.K., Spanish & Irish Housing Markets


K A Z A K H S T A N

AIR KAZAKHSTAN: Creditors Must File Claims by September 17
AL-FARABI LLP: Claims Deadline Slated for September 17
ALLIANCE BANK: Moody's Affirms E+ Financial Strength Rating
ANAR JSC: Claims Filing Period Ends September 17
JIHAZ OJSC: Creditors' Claims Due on September 17

KAZ AGROS: Claims Registration Ends September 17
KOKSHE TRANS: Creditors Must File Claims by September 17
TEMIR DOS: Claims Deadline Slated for September 17

* S&P Puts Low-B Rating to Russia, Ukraine & Kazakhstan Issuers


K Y R G Y Z S T A N

MEGA KYMBAT: Creditors Must File Claims by September 4


L I T H U A N I A

UAB BITE: Fitch Changes B- Rated IDR's Outlook to Negative


N E T H E R L A N D S

X5 RETAIL: Repurchases Global Depositary Receipts for Treasury
X5 RETAIL: To Register Two Ruble Bond Issues Worth RUR16 Billion


R U S S I A

HOME CREDIT: Moody's Assigns Ba3 LT Foreign Currency Rating
NOVATEK OAO: Hikes Production Outputs for First Half 2008
NOVATEK OAO: Shareholders Okay Increase in Number of Directors
STRONG LLC: Court Names V. Anchukov as Insolvency Manager
STROY-PROFIL LLC: Krasnodar Bankruptcy Hearing Set September 8

SVETOZARNOE OJSC: Creditors Must File Claims by August 28
TATNEFT OAO: Board Reviews Work Progress on Nizhnekamsk Factory
TATNEFT OAO: To Start Viscous Oil Drilling in 4Q of 2008
VEKOS LLC: Creditors Must File Claims by August 21
VERTICAL LLC: Rostov Bankruptcy Hearing Slated for October 7

VOSKRESENSKIY MIXED: Creditors Must File Claims by August 28
TAEZHNOE CJSC: Creditors Must File Claims by August 28
X5 RETAIL: Repurchases Global Depositary Receipts for Treasury
X5 RETAIL: To Register Two Ruble Bond Issues Worth RUR16 Billion

* S&P Puts Low-B Rating to Russia, Ukraine & Kazakhstan Issuers


S P A I N

CAIXA PENEDES: Fitch Puts BB Rating on EUR41.6MM Series C Notes
FTA SANTANDER: Fitch Assigns 'CCC' Rating on Class E Notes

* S&P Expects Downturn in U.K., Spanish & Irish Housing Markets


S W I T Z E R L A N D

ABUS SIEBDRUCK: Aug. 13 Set as Deadline to File Proofs of Claim
ATEWEKO LLC: Creditors Have Until Aug. 13 to File Claims
AVANTIUM TRADING: Creditors Must File Claims by August 13
EDELWEISS JSC: Deadline to File Proofs of Claim Set Aug. 13
GENERAL MOTORS: Settles Case vs. RSA Insurance

GUNKEL JSC: Proofs of Claim Filing Deadline is Aug. 13
IAC JSC: Creditors' Proofs of Claim Due by August 14
MP DILCAN LLC: Creditors Must File Proofs of Claim by Aug. 13
PAUHANA JSC: Aug. 14 Set as Deadline to File Proofs of Claim
TECHNEON JSC: Deadline to File Proofs of Claim Set August 13

TEXTACROBAT LLC: Proofs of Claim Filing Deadline is August 11


U K R A I N E

ANTHRACITE COAL: Creditors Must File Proofs of Claim by Aug. 14
BARS LLC: Creditors Must File Proofs of Claim by August 14
EAST-EXPO LLC: Creditors Must File Proofs of Claim by August 14
KORVO-TRADE: Creditors Must File Proofs of Claim by August 14
SLOBODA LLC: Proofs of Claim Deadline Set August 10

SOMERS LLC: Creditors Must File Proofs of Claim by August 14
STROY SI: Proofs of Claim Deadline Set August 14
TOWN-BUILDING LLC: Creditors Must File Claims by August 14
VLAD LLC: Creditors Must File Proofs of Claim by August 14

* S&P Puts Low-B Rating to Russia, Ukraine & Kazakhstan Issuers


U N I T E D   K I N G D O M

BEANSCENE LIMITED: Calls in Administrators After Funding Failure
BEDS DIRECT: Management Buys Company's Remaining Assets
BRITISH ENERGY: EDF Fails to Please Board with Offer; Pulls Out
CHRYSLER LLC: Arm Halts Lease Operations; To Cut 1,000 Employees
CHRYSLER LLC: Fitch Junks Rating on Retail Financing Restriction

CLEAR CHANNEL: Moody's Assigns B2 Corporate Family Rating
CONGREGRATIONAL & GENERAL: S&P Cuts Counterparty Credit to BB+
DAWNAY DAY: Peter Klimt Quits Posts at Three Property Funds
DAWNAY DAY: Carpathian Enters Into New Management Agreement
ESSAY PRINT: Collective UK Buys Firm Out of Administration

FREESCALE SEMICONDUCTOR: Posts US$184 Mln Net Loss in Q2 2008
LAWTEC LTD: Appoints Mark Granville Firmin as Liquidator
LBV LTD: Names Philip Michael Lyon Liquidator
MALTINGS RETAIL: Howard Smith leads Liquidation Procedure
MERCIA PRINT: Taps Niel Price to Liquidate Assets

PACIFIC AND GENERAL: Scheme Creditors Must File Claims by Jan. 9
PAL REALISATIONS: Brings in Liquidator from KPMG
PDC ASSETS: Calls in Liquidator from KPMG
PDC CONSTRUCTION: Hires Liquidator from KPMG
MCNULTY OFFSHORE: Appoints Liquidator from KPMG

RAVINE LIFESTYLE: Brings in Joint Administrators from Deloitte
RE-COOL LTD: Brings in Liquidators from Mazars
UJIMA HOUSING: Bad Mg't. Responsible for Collapse, Inquiry Says
WASTE POINT: Taps Liquidator from KPMG
WRAPIT: In Talks with Banks and Advisers to Avert Administration

* European Project Finance Portfolio Remains Robust, S&P Reports
* S&P Says U.K. Mortgage Borrowers Face Likely Negative Equity
* S&P Expects Downturn in U.K., Spanish & Irish Housing Markets
* Insolvencies in the U.K. Up 17.5% in 1H 2008, Experian Says

BOOK REVIEW: Working Together


                            *********


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


BAUMEL IMMOBILIEN: Claims Registration Period Ends August 12
------------------------------------------------------------
Creditors owed money by LLC Baumel Immobilien Verwaltung have
until Aug. 12, 2008, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Hans-Joerg Haftner
         Wiener Strasse 12
         3100 St. Poelten
         Austria
         Tel.: 02742/35 42 34
         Fax: 02742/35 14 48
         E-mail: office@plusjus.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on Sept. 2, 2008, for the
examination of claims at:

         The Land Court of St. Poelten
         Room 216
         2nd Floor (Old Building)
         St. Poelten
         Austria

Headquartered in St. Poelten–Harland, Austria, the Debtor
declared bankruptcy on June 30, 2008, (Bankr. Case No. 14 S
102/08b).


DATARIUS TECHNOLOGIES: Claims Registration Period Ends August 14
----------------------------------------------------------------
Creditors owed money by LLC DaTARIUS Technologies have until
Aug. 14, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Gunther Nagele
         Suedtiroler Platz 8
         6020 Innsbruck
         Austria
         Tel: 0512/58 74 81
         Fax: 0512/58 08 97
         E-mail: office@nagele-pesl.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Aug. 29, 2008, for the
examination of claims at:

         The Land Court of Innsbruck
         Maximilianstrasse 4
         A-6020 Innsbruck
         Austria

Headquartered in Reutte, Austria, the Debtor declared bankruptcy
on July 1, 2008,(Bankr. Case No. 9 S 13/08y).


IMB MONTAGEN: Claims Registration Period Ends August 14
-------------------------------------------------------
Creditors owed money by IMB Montagen Ltd. & CO KEG have until
Aug. 14, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Gisela Possnig
         Lederergasse 10/2
         8160 Weiz
         Austria
         Tel: 03172/2442
         Fax: 03172/2442-14
         E-mail: office@ra-wpm.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 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 St. Ruprecht an der Raab, Austria, the Debtor
declared bankruptcy on June 30, 2008, (Bankr. Case No.26 S
75/08m).


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


BUXTEHUDER TROCKENBAU: Claims Registration Period Ends Aug. 11
--------------------------------------------------------------
Creditors of BTB Buxtehuder Trockenbau GmbH have until
Aug. 11, 2008, to register their claims with court-appointed
insolvency manager Michael Foehlisch.

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 Tostedt
         Meeting Room I
         Area CE.02
         Linden 23
         21255 Tostedt
         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 Foehlisch
         Hamburger Str. 208
         22083 Hamburg
         Germany
         Tel: 040/27148116
         Fax: 040/27148136

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

The Debtor can be reached at:

         BTB Buxtehuder Trockenbau GmbH
         Heimbrucher Str. 98
         21614 Buxtehude
         Germany

         Attn: Marco Ott
         Am Estedeich 2 a
         21614 Buxtehude
         Germany


DRILLING TOOLS: Claims Registration Period Ends August 11
---------------------------------------------------------
Creditors of Drilling Tools Logistic & Service GmbH have until
Aug. 11, 2008, to register their claims with court-appointed
insolvency manager Karl-Heinz Blaha.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Aug. 25, 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 Celle Nebenstelle
         Hall 014
         Ground Floor
         Branch Mill Road 4
         29221 Celle
         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:

         Karl-Heinz Blaha
         Bahnhofstr. 30 A
         29221 Celle
         Germany
         Tel: 05141/28011
         Fax: 05141/24722
         E-mail: Rae_valentiner_blaha_buchholz@gmx.de

The District Court of Celle Nebenstelle opened bankruptcy
proceedings against Drilling Tools Logistic & Service GmbH on
July 1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Drilling Tools Logistic & Service GmbH
         Attn: Rosemarie Meyer, Manager
         Karl-Schiller-Str. 8
         29225 Celle
         Germany


FROEHLING BESITZGESELLSCHAFT: Claims Period Ends August 11
----------------------------------------------------------
Creditors of Froehling Besitzgesellschaft mbH & Co. KG have
until Aug. 11, 2008, to register their claims with court-
appointed insolvency manager Werner Schneider.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on Aug. 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neu-Ulm
         Room 211
         Heiner-Metzger-Platz 1
         89231 Neu-Ulm
         Germany

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

The insolvency manager can be reached at:

         Werner Schneider
         Bahnhofstr. 41
         89231 Neu-Ulm
         Germany
         Tel: 0731/970 18-0
         Fax: -65

The District Court of Neu-Ulm opened bankruptcy proceedings
against Froehling Besitzgesellschaft mbH & Co. KG on
June 25, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Froehling Besitzgesellschaft mbH & Co. KG
         Thalfinger Str. 140
         in 89233 Neu-Ulm
         Germany


GE-WE GRUNDSTUECKS: Claims Registration Period Ends August 10
-------------------------------------------------------------
Creditors of GE-WE Grundstuecksgesellschaft mbH & Co. Juelicher
Strasse KG have until Aug. 10, 2008, to register their claims
with court-appointed insolvency manager Hartwig Albers.

The District Court of Charlottenburg will verify the claims set
out in the insolvency manager's report at 9:15 a.m. on Sept. 18,
2008, at:

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

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

The insolvency manager can be reached at:

         Hartwig Albers
         Luetzowstr. 100
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against GE-WE Grundstuecksgesellschaft mbH & Co.
Juelicher Strasse KG on May 31, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         GE-WE Grundstuecksgesellschaft mbH & Co.
         Juelicher Strasse KG
         Uhlandstr. 7-8
         10623 Berlin
         Germany


GIGAVISION MEDIA: Claims Registration Period Ends August 10
-----------------------------------------------------------
Creditors of GIGAVISION Mediagesellschaft mbH have until Aug.
10, 2008, to register their claims with court-appointed
insolvency manager Anika Leffler.

The District Court of Charlottenburg will verify the claims set
out in the insolvency manager's report at 9:55 a.m. on Sept. 11,
2008, at:

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

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

The insolvency manager can be reached at:

         Anika Leffler
         Gross-Berliner Damm 73c
         12487 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against GIGAVISION Mediagesellschaft mbH on May 27,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         GIGAVISION Mediagesellschaft mbH
         Gross Berliner Damm 71
         12487 Berlin
         Germany


KLINGBEIL STADTSANIERUNG: Creditors Meeting Slated for Aug. 11
--------------------------------------------------------------
The court-appointed insolvency manager for Klingbeil
Stadtsanierung GmbH & Co, Dr. Christoph Schulte-Kaubruegger,
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 9:45 a.m. on
Aug. 11, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Dec. 1, 2008, at the same
venue.

Creditors have until Oct. 2, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Klingbeil Stadtsanierung GmbH & Co on
July 3, 2008. Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Klingbeil Stadtsanierung GmbH & Co
         Yorckbruecken KG
         Kleiststrasse 3-6
         10787 Berlin
         Germany


KNABL GMBH: Claims Registration Period Ends August 10
-----------------------------------------------------
Creditors of Knabl GmbH have until Aug. 10, 2008, to register
their claims with court-appointed insolvency manager Hans-Joerg
Derra.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neu-Ulm
         Hall 211/II
         Heiner-Metzger-Platz 1
         89231 Neu-Ulm
         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:

         Hans-Joerg Derra
         Frauenstrasse 14
         89073 Ulm
         Germany
         Tel: 0731/922880
         Fax: 0731/9228888

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

The Debtor can be reached at:

         Knabl GmbH
         Thalfinger Str. 140
         89233 Neu-Ulm
         Germany


MERLIN MEDICAL: Claims Registration Period Ends August 10
---------------------------------------------------------
Creditors of Merlin Medical GmbH have until Aug. 10, 2008, to
register their claims with court-appointed insolvency manager
Markus Neumann.

Creditors and other interested parties are encouraged to attend
the meeting at 7:00 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 Detmold
         Meeting Room 213
         Heinrich-Drake-Str. 3
         32756 Detmold
         Germany

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

The insolvency manager can be reached at:

         Markus Neumann
         Gerichtsstr. 12
         32791 Lage
         Germany

The District Court of Detmold opened bankruptcy proceedings
against Merlin Medical GmbH on July 2, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Merlin Medical GmbH
         Lagesche Str. 15
         32657 Lemgo
         Germany

         Attn: Gerald Adolf, Manager
         Saarstr. 24
         32657 Lemgo
         Germany


OJJO TRANSPORT: Claims Registration Period Ends August 8
--------------------------------------------------------
Creditors of OJJO Transport GmbH have until Aug. 8, 2008, to
register their claims with court-appointed insolvency manager
Dr. jur. Stefan N. Frielinghaus.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Sept. 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 7
         Demmlerplatz 14
         19053 Schwerin
         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. jur. Stefan N. Frielinghaus
         Alexandrinenstr. 17
         19055 Schwerin
         Germany

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

The Debtor can be reached at:

         OJJO Transport GmbH
         Attn: Jens Grunwald, Manager
         Am Kreuzsee 20
         19412 Bruel
         Germany


P.A.Z.-BRANDENBURG: Claims Registration Period Ends August 8
------------------------------------------------------------
Creditors of P.A.Z.-Brandenburg Verwaltungs GmbH have until Aug.
8, 2008, to register their claims with court-appointed
insolvency manager Dr. Ulrich Wenzel.

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

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 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:

         Dr. Ulrich Wenzel
         Grossbeerenstrasse 231
         14480 Potsdam
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against P.A.Z.-Brandenburg Verwaltungs GmbH on June 18, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         P.A.Z.-Brandenburg Verwaltungs GmbH
         August-Sonntag-Strasse 6
         14470 Brandenburg
         Germany

         Attn: Bodo Kastner, Manager
         Vereinsstrasse 43
         14770 Brandenburg
         Germany


PERSONAL PERFORMANCE: Claims Registration Period Ends Aug. 11
-------------------------------------------------------------
Creditors of P & P Personal Performance GmbH have until
Aug. 11, 2008, to register their claims with court-appointed
insolvency manager Gerret Hoeher.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on Sept. 1, 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 Offenbach am Main
         Hall 162N
         Kaiserstrasse 16-18
         63065 Offenbach am Main
         Germany

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

The insolvency manager can be reached at:

         Gerret Hoeher
         Zeilweg 42
         60439 Frankfurt
         Germany
         Tel: 069/963 761 730
         Fax: 069/963 761 145

The District Court of Offenbach am Main opened bankruptcy
proceedings against P & P Personal Performance GmbH on
July 7, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         P & P Personal Performance GmbH
         Erbsengasse 27
         63303 Dreieich
         Germany


PRAXISCONCEPT GMBH: Claims Registration Period Ends August 10
-------------------------------------------------------------
Creditors of Praxisconcept GmbH have until Aug. 10, 2008, to
register their claims with court-appointed insolvency manager
Ulrich N. Bildl.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Aug. 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuerzburg
         Room 14
         Second Stock
         Tiepolostr. 6
         Wuerzburg
         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:

         Ulrich N. Bildl
         Steinbachtal 2 b
         97082 Wuerzburg
         Germany
         Tel: 0931/991 560

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

The Debtor can be reached at:

         Praxisconcept GmbH
         Attn: Herrn Joerg Kral, Manage
         Am Hoffeld 12
         97265 Hettstadt
         Germany


PROCREDIT BANK: Fitch Affirms BB+ LT Foreign Currency ID Rating
---------------------------------------------------------------
Fitch Ratings has affirmed ProCredit Bank at Long-term foreign
currency Issuer Default rating 'BB+' with Stable Outlook; Short-
term foreign currency IDR 'B', Long-term local currency IDR
'BB+' with Stable Outlook; Short-term local currency IDR 'B';
Individual 'D' and Support '3'.

PCB's IDRs and Support rating are based on the likelihood of
support from its 80% owner, ProCredit Holding AG ('BBB-'/Stable
Outlook).  The Individual rating reflects the bank's small size,
limited franchise, tight capitalization, and the credit and
operational risks linked to fast growth.  It also reflects good
asset quality to date, adequate profitability and acceptable
liquidity position.

Operating profitability is adequate, supported by the
traditionally wide net interest margins earned on its micro and
small business lending, which are nonetheless tightening under
competition pressures and increasing funding costs, in line with
the domestic market trends.  PCB's cost to income ratio remains
high and is deteriorating as the bank continues to invest in
branch expansion and new hires.

Credit risk represents the bank's largest source of risk,
although PCB has a good record of maintaining adequate asset
quality ratios (at end-2007, impaired loans represented a low
0.76% of total gross loans) and ample loan impairment
allowances.  Operational risk stems from rapid expansion of
staff, branches and intermediated volumes.  The bank's appetite
for market risk is low.

Internal capital generation is insufficient to fund growth and
capitalization is tightening on the back of strong lending
growth, but is supported by regular Tier 1 and Tier 2 capital
injections by PCH.

PCB is part of a global network of 22 banks (as at April 2008)
operating as development-oriented full service banks, which
specialize in lending to micro and small and medium enterprises
in emerging economies.  In late 2007 and April 2008, PCH
exercised a call option to acquire an additional 21.2% in PCB,
bringing its stake in PCB to 80.29%.  Commerzbank owns the
remaining 19.71% in the bank.


SERVICE ZENTRALE 24: Claims Registration Period Ends August 8
-------------------------------------------------------------
Creditors of Service Zentrale 24 h Abschleppdienst und
Unfallmanagement GmbH have until Aug. 8, 2008, to register their
claims with court-appointed insolvency manager Matthias Bott.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Aug. 25, 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 Ravensburg
         Hall 3
         Herrenstr. 42
         88212 Ravensburg
         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:

         Matthias Bott
         Bodnegger Str. 19
         88287 Gruenkraut
         Germany

The District Court of Ravensburg opened bankruptcy proceedings
against Service Zentrale 24 h Abschleppdienst und
Unfallmanagement GmbH on June 23, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Service Zentrale 24 h Abschleppdienst und
         Unfallmanagement GmbH
         Schwanenstr. 6
         88214 Ravensburg
         Germany


SCHUSTER DACHBAU: Claims Registration Period Ends August 8
----------------------------------------------------------
Creditors of Schuster Dachbau GmbH have until Aug. 8, 2008, to
register their claims with court-appointed insolvency manager
Torben Herbold.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.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 Neubrandenburg
         Hall 1
         Fr.-Engels-Ring 15-18
         Neubrandenburg
         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:

         Torben Herbold
         Gerstenstrasse 9
         17034 Neubrandenburg
         Germany

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

The Debtor can be reached at:

         Schuster Dachbau GmbH
         An der Schleife 13
         17153 Stavenhagen
         Germany


SUXXEL GMBH: Claims Registration Period Ends August 9
-----------------------------------------------------
Creditors of Suxxel GmbH have until Aug. 9, 2008, to register
their claims with court-appointed insolvency manager Dr. Petra
Hilgers.

The District Court of Charlottenburg will verify the claims set
out in the insolvency manager's report at 9:00 a.m. on Oct. 8,
2008, at:

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

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

The insolvency manager can be reached at:

         Dr. Petra Hilgers
         Goethestr. 85
         10623 Berlin
         Germany

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

The Debtor can be reached at:

         Suxxel GmbH
         Oranienburger Str. 173/175
         13437 Berlin
         Germany


VERWALTUNG GMBH: Claims Registration Period Ends August 8
---------------------------------------------------------
Creditors of Verwaltung GmbH have until Aug. 8, 2008, to
register their claims with court-appointed insolvency manager
Dr. Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Muenster
         Meeting Hall 13 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Dr. Stephan Thiemann
         Ludgeristr. 54
         48143 Muenster
         Germany
         Tel: 0251/16283-0
         Fax: +492511628311

The District Court of Muenster opened bankruptcy proceedings
against Verwaltung GmbH on June 12, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Verwaltung GmbH
         Sentmaringer Weg 71
         48151 Muenster
         Germany


WEINBERGER DEUTSCHLAND: Claims Registration Ends August 8
---------------------------------------------------------
Creditors of Weinberger Deutschland GmbH have until Aug. 8,
2008, to register their claims with court-appointed insolvency
manager Volker Boehm.

Creditors and other interested parties are encouraged to attend
the meeting at 1:45 p.m. on Sept. 4, 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
         Hall 3
         Ground Floor
         Baumenstrasse 32
         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:

         Volker Boehm
         Rothenburger Str. 241
         90439 Nuremberg
         Germany
         Tel: 0911/600010
         Fax: 0911/6000170

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

The Debtor can be reached at:

         Weinberger Deutschland GmbH
         Am Weichselgarten 3
         91058 Erlangen
         Germany


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


ALITALIA SPA: To Suffer Liquidity Hit in 2009, Says Citigroup
-------------------------------------------------------------
Alitalia S.p.A. may not be liquid enough to finance its
operations in 2009, since the national carrier only has enough
cash until end 2008, Reuters reports citing Citigroup analysts.

According to Reuters, Citigroup said Alitalia was to run out of
cash by third quarter 2008, but a EUR300 million emergency
financing provided by the Italian government should "help
Alitalia to survive until the end of 2008."

"The government loan . . . could be insufficient from 2009
onwards," Citigroup said in research note cited by Reuters.

The bank expects Alitalia to post EUR720 million in net losses
and a 20% drop in revenues for 2008.  The bank also expects
significant markdowns of the fleet in service.

Citigroup said a merger with smaller Italian carrier Air One
appeared to be the only "meaningful solution" now, combined with
a grounding of obsolete planes that would halve capacity.  It
estimated a EUR1 billion equity injection is needed.

                        About Alitalia

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

                        *      *      *

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


FABBRICA ITALIANA: Financial Woes Spur Liquidation Proceedings
--------------------------------------------------------------
Fabbrica Italiana Biciclette SpA has gone into liquidation after
running into serious financial difficulties, Bike Europe
reports.

According to the report, the liquidation is being handled by the
company's founder Matteo Nuzzi.

Data at kompass.com show FIB had turnover of US$5 to US$10
million and employs 21 to 50 people.

Founded in 1997, Fabbrica Italiana Biciclette SpA --
http://www.nuzzisportracing.com/-- manufactures a range of
bikes, including roadrace, MTB, Trekking, City Kids and
Freeride.


PARMALAT SPA: High Cost, Low Demand Cut H1 EBITDA to EUR146.3MM
---------------------------------------------------------------
Parmalat S.p.A. released its preliminary results for the for
half ended June 30, 2008.

The Parmalat Group posted EUR146.3 million in EBITDA on
EUR1.9 billion in net revenues for the first half 2008, compared
with EUR163.2 million in EBITDA on EUR1.81 billion in net
revenues for the same period in 2007.

The company attributed the lower EBITDA compared with 2007 to:

    * increase in the cost of milk raw material;

    * the negative impact of lower unit sales caused by
      shrinking consumer demand and strong competitive pressure
      from private labels;

    * an increase in manufacturing overheads and marketing costs
      attributable almost exclusively to strong inflationary
      pressure in South Africa and Central and South America.

At June 30, 2008, the Group's net financial position showed an
improvement of EUR45.2 million, with net financial assets
increasing from EUR855.8 million at Dec. 31, 2007 to
EUR901 million at June 30, 2008.

The main reasons for this positive change are:

    * cash flow from operating activities, which totaled about
      EUR15 million, net of changes in operating working capital
      and investments;

    * flows from non recurring activities, which amounted to
      EUR36.7 million principally reflecting the deconsolidation
      of EUR35.1 million in net borrowings of Newlat S.p.A.,
      sold in May 2008;

    * inflows from litigation, which reflected proceeds of
      EUR437.9 million from settlement agreements executed
      during the first half of 2008 and expenses of
      EUR28.8 million to pursue legal actions;

    * tax-related flows, which totaled about EUR172.6 million,
      including EUR83 million for operating activities and
      EUR89.6 million for litigation settlements;

    * dividend payments of EUR262.1 million;

    * a change in net indebtedness for the period, with
      liquidity increasing by more than EUR45 million, due in
      part to a positive currency translation effect
      (appreciation of the euro versus the currencies of
      consolidated companies) of more than EUR27 million.

                         Parmalat S.p.A.

Meanwhile, Parmalat S.p.A. posted EUR24.9 million in EBITDA on
EUR458.3 million on net revenues for first half 2008, compared
with EUR34.9 million in EBITDA on EUR426.9 million in net
revenues for the same period in 2007.

Net profit of the period is inclusive of the settlements for a
total amount of EUR437.9 million beyond the adjustment of the
intangible assets due to the impairment test for an amount of
about EUR60 million.

Net financial assets grew from around EUR1.23 billion at
Dec. 31, 2007, to around EUR1.32 billion at June 30, 2008.  The
improvement is the result of a positive cash flow from
operations and reflects the contribution of the nonrecurring
transactions.

                         Business Outlook

The worsening of the economic and financial crisis has affected
the economic trend of Parmalat Australia and Parmalat South
Africa.

To this situation a major decline of the Italian market must be
added.  Damages suffered by the above mentioned markets have
been only partially compensated by the positive trend of other
subsidiaries and by the operational actions already implemented
and in course of implementation.

In consideration of the results and in absence of extraordinary
events, it is confirmed the "guidance" for the Group that
presents an increase in revenues of 3% respect to 2007, while it
is expected that EBITDA of the Group, for this period, could be
around EUR350 million.

Parmalat expects between EUR445 million to EUR450 million in net
profit for first half 2008, compared with EUR198.2 million in
net profit for the same period in 2007.

Parmalat Group expects between EUR425 million to EUR430 million
in consolidated net profit for first half 2008, compared with
EUR244.3 million in consolidated net profit for the same period
in 2007.

                        About Parmalat

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

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

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

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

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

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


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


* S&P Expects Downturn in U.K., Spanish & Irish Housing Markets
---------------------------------------------------------------
The risks posed by high levels of household indebtedness among
European economies are thrown into sharp relief by the collapse
in the U.K., Spanish, and Irish housing markets, says a research
report titled "European Economic Forecast: Boom Turns To Bust In
Exposed Housing Markets," published by Standard & Poor's Ratings
Services.

"Europe's housing markets have enjoyed a spectacular boom in the
past eight years, at levels closely comparable with that in the
U.S.," said S&P's chief economist for Europe, Jean-Michel Six.
"Yet, levels of household indebtedness vary considerably across
European economies.  On the one hand, there are countries with
outstanding mortgage debt exceeding 50% of GDP such as Denmark,
The Netherlands, the U.K., Spain, and Ireland.  On the other
hand, Norway, Sweden, France, and Italy have relatively low
levels of debt in spite of the recent rise in their housing
markets."

As the report points out, the U.K. housing market is confronted
with two evils at the same time:  Affordability and
availability.  Since its peak in August 2007, the U.K. housing
market has been declining more rapidly than after the previous
peak in May 1989, when prices from peak to trough were down
13% in nominal terms.  This time, by contrast, prices are
already down 9.6% over the period from August 2007 to June 2008,
suggesting that the overall decline is likely to be far more
dramatic.  A 25% fall from the August 2007 peak would simply
bring the affordability ratio back to 4.4x earnings -- close
to where it was on average in 2000, when the current cycle
started to gather pace.  Such a drop is reasonable to allow
market fundamentals such as affordability to return to their
long-term averages.

This implies that prices are facing another 17% decline from
their June 2008 level, with a trough occurring around April or
May of 2009.  According to S&P's calculations, a 25% peak to
trough decline in house prices would place about 14% of
borrowers (around 1.7 million) into negative equity.  Compared
with the previous downturn in the late 1980s, this correction is
therefore likely to be much shorter, and more severe.

In Spain, a combination of higher interest rates, oversupply,
and a deteriorating economic climate all point to a prolonged
decline in house prices.  Unemployment in the construction
sector rose 70% in the 12 months to May 2008, while permits for
residential homes dropped 60% year-on-year in the first quarter
of 2008.  In contrast with S&P's projections for the U.K., Spain
could experience a longer correction, albeit leading to a
similar decline in house prices (about 25% peak to trough).

In Ireland, real residential construction spending fell by
around 25% in the first three months of 2008, but this was
outstripped by a decline of 55% in the number of housing starts,
suggesting that the slump is still gathering pace.  And house
prices? They fell 10% in the 12 months to May 2008, and are
down 12% from the peak reached in January 2007.  Here, S&P
expects a peak-to-trough decline, from January 2007 to December
2008, of slightly more than 20%.

The downturn in the U.K., Irish, and Spanish housing markets is
no surprise, but other European markets are also presenting
signs of easing.  This is particularly true of France. One of
the three fastest-growing markets in Western Europe between 2000
and 2008, the French housing market is likely set for a period
of stabilization or modest price declines.  Factors at work here
include a surge in inflation (1.6% over the first half of this
year), which, combined with lower growth in disposable incomes
(1.9%, compared with 2.5% in the second half of last year) will
slow purchasing power growth to a mere 0.3%.  Equally unhelpful,
the recent weakening of the sterling against the euro, and the
weak dollar, will weigh on demand from nonresidents.


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


AIR KAZAKHSTAN: Creditors Must File Claims by September 17
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Air Kazakhstan Express insolvent on June 20, 2008.

Creditors have until Sept. 17, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         P.O. Box 72
         Main Post Office
         050000, Almaty
         Kazakhstan


AL-FARABI LLP: Claims Deadline Slated for September 17
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Al-Farabi insolvent.

Creditors have until Sept. 17, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Rabochaya Str. 55-2
         Borovskoi
         Mendykarinsky
         Kostanai
         Kazakhstan


ALLIANCE BANK: Moody's Affirms E+ Financial Strength Rating
-----------------------------------------------------------
Moody's Investors Service has placed the Ba2 long-term bank
deposit and Ba2/Ba3 senior and subordinated debt ratings of
Alliance Bank on review for possible downgrade.  The bank's E+
bank financial strength rating and Not Prime short-term ratings
are not affected by the review and have been affirmed.

At the same time, Moody's has placed the Ba3 long-term foreign
and local currency issuer ratings of Seimar Alliance Financial
Corporation, a holding company of the bank, on review for
possible downgrade.

Moody's rating action has been prompted by a weakening of
Alliance Bank's BFSR within the E+ category, with the BFSR now
mapping to a Baseline Credit Assessment of B2 compared to B1
previously.  This weakening is a result of the deteriorating
quality of the bank's loan portfolio, liquidity concerns arising
from the outflow of customer deposits from the bank and
significant refinancing issues related to its ongoing high
reliance on wholesale sources of funding along with its
continuing limited access to the market for refinancing.

Moody's said that the rating review will focus on:

(i)   developments with regard to Alliance Bank's customer
      deposit base, which, along with the high reliance on
      wholesale funding, raises material concerns about the
      bank's funding and liquidity profile,

(ii)  the bank's ability to generate sufficient operating income
      in the longer term, and

(iii) the impact on capital and profitability of possible future
      write-downs and impairment charges associated with the
      declining trend in the bank's loan portfolio.

Moody's review will also reassess the systemic support
assumptions incorporated in the bank's debt and deposit ratings
given its declining market share, particularly in deposit-
taking.

Moody's previous rating action on Alliance Bank and SAFC was in
November 2007, when it changed the outlook on all of the bank's
and holding company's deposit and debt ratings to negative from
stable to reflect the negative impact of the continued credit
and liquidity crisis on the bank's credit risk.

Alliance Bank, which is headquartered in Almaty, Kazakhstan, had
assets of KZT1,137 billion (US$9.4 billion) at end-March 2008.

Alliance Bank is the principal operating subsidiary of SAFC in
terms of balance sheet size and profitability, accounting for
96% of SAFC's assets.

Based in Almaty, Kazakhstan, SAFC is a holding company that
includes a banking segment (represented largely by Alliance
Bank), as well as non-banking lending, life and non-life
insurance, financial brokerage and business support segments.


ANAR JSC: Claims Filing Period Ends September 17
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared JSC Industrial-Investment Company Anar insolvent.

Creditors have until Sept. 17, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         P.O. Box 72
         Main Post Office
         050000, Almaty
         Kazakhstan


JIHAZ OJSC: Creditors' Claims Due on September 17
-------------------------------------------------
OJSC Jihaz has declared insolvency.  Creditors have until Sept.
18, 2008, to submit written proofs of claims to:

         OJSC Jihaz
         Tashtract Str.55
         Shymkent
         South Kazakhstan
         Kazakhstan


KAZ AGROS: Claims Registration Ends September 17
------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Kaz Agros Avia insolvent.

Creditors have until Sept. 17, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Rabochaya Str. 55-2
         Borovskoi
         Mendykarinsky
         Kostanai
         Kazakhstan


KOKSHE TRANS: Creditors Must File Claims by September 17
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Firm Kokshe Trans insolvent.

Creditors have until Sept. 17, 2008, to submit written proofs of
claims to:

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


TEMIR DOS: Claims Deadline Slated for September 17
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Temir Dos Stroy insolvent.

Creditors have until Sept. 17, 2008, to submit written proofs of
claims to:

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


* S&P Puts Low-B Rating to Russia, Ukraine & Kazakhstan Issuers
---------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its recovery
ratings to 44 unsecured debt issues of 21 corporate issuers in
Russia, Ukraine, and Kazakhstan.

"Standard & Poor's has changed its issue rating methodology for
unsecured debt of issuers rated 'BB+' and below," said S&P's
credit analyst Elena Anankina.  "New issue ratings are now
based on our assessment of recovery prospects in the event of a
payment default and on the issuer credit rating, rather than on
any balance sheet metrics such as the ratio of priority debt to
net assets."

Recovery ratings reflect S&P's estimate of recovery prospects
should a payment default occur.  The roll-out of recovery
ratings in Russia, Ukraine, and Kazakhstan follows three
earlier related initiatives:

  (1) the release of S&P's general recovery rating methodology
      for speculative-grade issuers in June 2007.

  (2) S&P's assessment of insolvency regimes in Russia, Ukraine,
      and Kazakhstan. ("Debt Recovery For Creditors And The Law
      Of Insolvency In Kazakhstan," published Feb. 19, 2008,
      "Debt Recovery For Creditors And The Law Of Insolvency In
      Ukraine," published April 29, 2008, and "Debt Recovery For
      Creditors And The Law Of Insolvency In Russia," published
      May 7, 2007, on RatingsDirect).

  (3) the recent roll-out of recovery ratings in North America
      and Europe ("Standard & Poor's Extends Recovery Ratings To
      Unsecured Speculative-Grade Corporate Issues", published
      March 21, 2008, on RatingsDirect).

Although S&P applies its general recovery methodology
universally to all countries, greater uncertainty and weaker
legal regimes in Russia, Ukraine, and Kazakhstan raise a number
of specific analytical issues.  For example, due to numerous
qualitative risks related to the companies' operations in a more
uncertain environment, S&P does not notch issue ratings up from
the company's credit rating.  At the same time, for the purpose
of S&P's unsecured debt analysis, the risk of security or
structural priority being enforced cannot be ignored.
Therefore, unsecured debt of companies with substantial
priority-ranking debt can be notched down.  These and other
issues are discussed in S&P's Credit FAQ, also published on
RatingsDirect, titled "Recovery Rating Methodology in Russia,
Ukraine, and Kazakhstan."

Under the new methodology, most issue ratings involved in this
roll-out remain unchanged.  Out of 44 issue ratings, only two
(those on notes issued by Colgrade Ltd. [part of Delance Ltd.;
BB-/Stable/--], and Interpipe Ltd. [B+/Negative/--]) were
lowered based on S&P's assessment of low recovery.  Because of
weak legal regimes in the region, issue ratings are capped at
the company's corporate credit rating level and no issue
ratings were raised.

"In the current market environment, recovery analysis plays an
increasingly important role for lenders," added Ms. Anankina.
"Looking ahead, the new methodology will bring greater focus on
companies' capital structures, and will result in more
differentiation between recovery rating levels."

S&P's recovery ratings utilize a numerical scale, with '1+' and
'1' -- the two highest ratings -- denoting different levels of
likelihood that an issue will fully recover principal, plus
prepetition interest, in the event of default. Ratings below
that level -- between '2' and '6' -- denote varying levels of
expected prospects for principal recovery, from just less than
100% to negligible recovery levels.

Standard & Poor's Global Recovery Rating Scale:

  S&P's Recovery Rating                    Recovery Range
  ---------------------                    --------------
    1+  High expectation, full recovery          100%
    1   Very high recovery                   90%-100%
    2   Substantial recovery                  70%-90%
    3   Meaningful recovery                   50%-70%
    4   Average recovery                      30%-50%
    5   Modest recovery                       10%-30%
    6   Negligible recovery                    0%-10%

Ratings List:

A list of new recovery ratings and issue ratings is presented
below.  For the parent company of each issuing entity there is
a separate recovery report with more details.

Issuing Entity                   Recovery/Debt Issue Rating
--------------                   ------------- ------------
ALROSA Finance S.A.                  4            BB
Azovstal Capital B.V.                4            B-
EuroChem Finance PLC                 3            BB
C.R.R. B.V.                          3            B-
Colgrade Ltd.                        5            B+
Evraz Group S.A.                     4            BB-
Evraz Securities S.A.                4            BB-
Gallery Capital                      3            B-
Golden Ring Finance S.A.             4            B
Intergas Finance B.V.                4            BB
Interpipe Ltd.                       5            B
Kazakhstan Temir Zholy Finance B.V.  4            BB+
Kazanorgsintez S.A.                  4        B-/Watch Neg
MegaFon S.A.                         3            BB+
MMK Finance S.A.                     3            BB
Mobile Telesystems Finance S.A.      3            BB-
Novorossiysk Port Capital S.A.       3            BB+
Nutritek International Corp.         3            B
OAO Severstal                        3            BB
TMK Capital S.A.                     4            BB-
TNK-BP Finance S.A.                  3            BB+
UBS (Luxembourg) S.A. (an entity of
Vimpel-Communications [JSC])         3            BB+
Vimpel-Communications (JSC)          3            BB+


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


MEGA KYMBAT: Creditors Must File Claims by September 4
------------------------------------------------------
LLC Mega Kymbat has declared insolvency.  Creditors have until
Sept. 4, 2008, to submit written proofs of claim to:

         LLC Mega Kymbat
         Mahatma Gandi Str. 171/13
         Bishkek
         Kyrgyzstan


=================
L I T H U A N I A
=================


UAB BITE: Fitch Changes B- Rated IDR's Outlook to Negative
----------------------------------------------------------
Fitch Ratings has changed Lithuania-based UAB Bite Lietuva's
Outlook for its Long-term Issuer Default rating of 'B-' to
Negative from Stable.  Fitch has also affirmed the instrument
rating of SIA EECF Bella FinCo's EUR30 million senior secured
revolving credit facility at 'B'/'RR3' and Bite Finance
International BV's EUR190 million senior secured notes at
'B'/'RR3'.  Bite Finance International BV's EUR110 million
senior subordinated notes are affirmed at 'CCC+'/'RR5'.

"Fitch's ratings were predicated on an expectation of continued
growth in Lithuania that would offset the greater degree of
negative EBITDA in the company's Latvian operations.  The
Negative Outlook reflects, in part, Bite's recent EBITDA
performance in Lithuania, and the resulting more challenging
outlook for continued growth in EBITDA, given the inflationary
cost environment and highly competitive, mature markets in which
Bite operates," says Michelle De Angelis, Senior Director in
Fitch's Leveraged Finance team in London.  "Given the high
financial leverage and negative free cashflow, even short-term
cost increases are at risk of tightening further the already
limited headroom that the company has in liquidity terms.  These
factors together signal heightened downside risk, which is what
drives the Negative Outlook."

The agency does not expect to resolve the Outlook immediately;
rather, it will be resolved once a trend is established after
several quarters of results.  The Outlook could be resolved
through a stabilization of the ratings at the current levels if
the company demonstrates a sustained reversal in the trend in
Lithuania EBITDA combined with careful management of liquidity
sources such as capital expenditure scalability and/or extended
payment terms and working capital management.  Should
performance deteriorate, and sources of liquidity be utilized at
a faster than expected rate, the Long-term IDR could be
downgraded by up to one notch.

The agency notes that revenues in both markets continue to grow,
which is a positive factor for the business as a whole. Latvia
performance is reasonable, as subscriber numbers and revenues
are growing and EBITDA appears to be stabilizing and is
currently on track to meet Fitch's target for 2008.  In
Lithuania, revenue growth has slowed in 2008 and EBITDA levels
have been static at around EUR12 million for the last three
quarters, exhibiting no real improvement.  Cost pressures stem
partly from inflationary effects on wages, which the company is
trying to address through a cost optimization program, but which
may not bear much fruit until 2009.  Furthermore, in Q208 the
company added more than 26,000 gross new postpaid subscribers,
and experienced an increase in subscriber acquisition costs as a
result.

While the maintenance or increase of the postpaid subscriber
base is positive in the medium-term, it has a cash cost in the
immediate short-term.  To a certain extent, the company can
choose to slow its acquisition of new subscribers.  However,
when it is faced with a competitor aggressively targeting its
subscriber base, it must act to defend its market position;
therefore, higher SACs are inevitably incurred.  The agency
believes that such instances of heightened competition are
likely to recur in such a highly penetrated market.  Therefore,
the possibility of additional periods of increased churn or
accelerated subscriber acquisition activity cannot be ruled out,
particularly where competitors have greater financial
flexibility to undertake aggressive subscriber campaigns.


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


X5 RETAIL: Repurchases Global Depositary Receipts for Treasury
--------------------------------------------------------------
X5 Retail Group N.V. disclosed that during the period of time
from July 11, 2008, through July 29, 2008, its wholly owned
subsidiary Perekrestok Holdings Limited purchased the aggregate
amount of 267,482 Global Depositary Receipts representing
shares in the capital of its parent company X5, at an average
market price of US$29.35 per GDR in order to hedge the Company’s
obligations under its Employee Stock Option Plan.

Following these transactions as of July 30, 2008, X5 owns
267,482 GDRs as Treasury Stock.

                       About X5 Retail

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

                          *     *     *

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

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


X5 RETAIL: To Register Two Ruble Bond Issues Worth RUR16 Billion
----------------------------------------------------------------
X5 Retail Group N.V. has disclosed that its wholly owned
subsidiary X5 Finance LLC has approved a bond prospectus with
respect to two tranches of corporate ruble bonds series 4 and 5
and plans to submit to the Russian Federal Financial Markets
Service a set of documents for registration of the tranches.

In accordance with the Prospectus, the bonds will have maturity
of seven years.  Notional amount of each tranche will total
RUR8 billion (8 million bonds at a par value of RUR1,000).

The bonds are non-convertible, interest bearing, documentary.
The form of placement will be open subscription.

Chief Financial Officer Evgeny Kornilov commented: "X5 continues
to grow, and ruble bond market offers interesting fund raising
opportunities.  Therefore, we are making steps to prepare for a
potential placement.  Final decision on the issue, including
timing, size and interest rate will depend on the development of
the situation in the debt markets and X5’s financing needs."

                       About X5 Retail

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

                          *     *     *

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

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


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


HOME CREDIT: Moody's Assigns Ba3 LT Foreign Currency Rating
-----------------------------------------------------------
Moody's Investors Service has assigned a Ba3 long-term foreign
currency rating to the senior unsecured Loan Participation Notes
expected to be issued on a limited-recourse basis by Eurasia
Capital S.A., a Luxembourg-based special purpose vehicle, for
the sole purpose of funding loans to Home Credit and Finance
Bank Limited Liability Company.  The planned amount of the issue
will be not less than US$250 million with a three-year maturity
due in 2011. The outlook on the rating is stable.

The Ba3 rating is based primarily on the fundamental ability of
HCFB (rated Ba3/NP/D-/Aa3.ru), the ultimate borrower in respect
of payments under the LPNs, to make timely payments of interest
and ultimate payment of principal on the loan.  As the ultimate
borrower, HCFB must comply with a number of covenants such as
negative pledge, limitations on mergers, disposals and certain
transactions with affiliates.  A financial covenant stipulates
that the bank must maintain a minimum 15% BIS Capital Adequacy
Ratio at the current rating level.  HCFB's BIS CAR stood at
19.8% as per March 31, 2008, providing a substantial buffer in
respect of CAR deterioration before the LPNs become due and
payable.

According to the terms of the issue, the noteholders have been
awarded a put option subject to which they sell the notes back
to the bank 24 months after issuance.  Moody's notes that, if
the noteholders were to exercise the put option, this could
result in HCFB needing to repay a sizable obligation, thus
placing a burden on the bank's financial resources.

Out of the planned minimum issuance amount of US$250 million,
the existing LPN holders of US$200 million with a coupon of 9.5%
due 2010 (rated Ba3 by Moody's on 20 March 2007) were granted an
offer to exchange their outstanding existing notes for new LPNs
due 2011.  Initial guidance on the coupon of the new LPNs has
been set at approximately 11.75%.

Headquartered in Moscow, Russian Federation, HCFB reported under
IFRS total consolidated assets of US$3.505 billion and equity of
US$666 million as of 31 March 2008.


NOVATEK OAO: Hikes Production Outputs for First Half 2008
---------------------------------------------------------
OAO Novatek disclosed its preliminary production data for the
second quarter and first half 2008.

Gross production for the second quarter totaled 7.5 billion
cubic meters of natural gas and 603,000 tons of liquids (gas
condensate and crude oil).

Gross natural gas production increased by 210 million cubic
meters, or by 2.9%, and gross liquids production increased by
10,000 tons, or by 1.7%, as compared with the corresponding
gross production in the second quarter 2007.

In the first half 2008, gross production for Novatek totaled
15.19 billion cubic meters of natural gas and 1.24 million tons
of liquids.  Natural gas production increased by 290 million
cubic meters, or by 1.9%, whereas gross liquids production
increased by 29,000 tons, or by 2.4% as compared with the
corresponding gross production in the first half 2007.
In the second quarter and first half 2008, Novatek processed 515
and 1,066,000 tons of unstable gas condensate at the Purovsky
Gas Condensate Processing Plant (Purovsky Plant).

                          About Novatek

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

                          *     *     *

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

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


NOVATEK OAO: Shareholders Okay Increase in Number of Directors
--------------------------------------------------------------
The Extraordinary General Meeting of Shareholders of OAO Novatek
resolved to introduce amendments to the Company's Charter and
General Policy of the Board of Directors due to the increase in
number of members of the Board of Directors to nine (9) members.

This decision will establish conditions for increasing the
number of independent directors working on the Company's Board,
and is consistent with the Company's ongoing efforts to adopt
corporate governance best practices.

                          About Novatek

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

                         *     *     *

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

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


STRONG LLC: Court Names V. Anchukov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Vologda appointed V. Anchukov as
Insolvency Manager for LLC Strong.  He can be reached at:

         V. Anchukov
         Office 44
         Lunacharskogo Pr. 43
         Cherepovets
         162614 Vologda
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A13-1309/2008

The Court is located at:

         The Arbitration Court of Vologda
         Hall 4
         Gertsena Str. 1a
         Vologda
         Russia

The Debtor can be reached at:

         LLC Strong
         Apt. 11
         Gorkogo Str. 86
         Vologda
         Russia


STROY-PROFIL LLC: Krasnodar Bankruptcy Hearing Set September 8
--------------------------------------------------------------
The Arbitration Court of Krasnodar will convene on Sept. 8,
2008, to hear the bankruptcy supervision procedure on LLC Stroy-
Profil.  The case is docketed under Case No. A32-4076/08-1/101B.

The Temporary Insolvency Manager is:

         A. Savelyev
         Severnaya Str. 309
         Krasnodar
         Russia

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC Stroy-Profil
         Promzona
         Voskresenskiy
         Anapa
         Russia


SVETOZARNOE OJSC: Creditors Must File Claims by August 28
---------------------------------------------------------
Creditors of OJSC Svetozarnoe (OGRN 1058602135460, TIN
8602067254, KPP 860201001) have until Aug. 28, 2008, to submit
proofs of claim to:

         V. Kuzmina
         Insolvency Manager
         2nd Floor
         Roznina Str. 146/2
         Khanty-Mansiysk
         Tyumen
         628011 Yamalo-Nenetskiy
         Russia

The Arbitration Court of Yamalo-Nenetskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A81-3673/2007.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Svetozarnoe
         Promzona
         Gubkinskiy
         629830 Yamalo-Nenetskiy
         Russia


TATNEFT OAO: Board Reviews Work Progress on Nizhnekamsk Factory
---------------------------------------------------------------
The OAO Tatneft Board of Directors, on July 29, 2008, held a
regular meeting with chairman R.N. Minnikhanov, Prime Minister
of the Republic of Tatarstan.

The Board of Directors reviewed the information on the progress
of Construction of the Complex of Petrochemical and Refining
Factories in Nizhnekamsk.  The works on preparation of the
design documentation as well as for financing of the
construction for submitting to the State expertise are performed
in accordance with the schedule.  Starting from the beginning of
the construction, RUR20.9 billion have been spent from the
RUR32.1 billion capital expenditures budget.

The Government of Tatarstan has adopted an appropriate
resolution to provide for staffing of the future complex with
personnel: the agreements have been concluded with a number of
refining and petrochemical entities on the corporate partnership
to arrange for practicing, advanced training and leasing of
personnel and labor migration.  Construction of the first
housing township for the builders and attracted personnel has
been completed with total area of 46 thousand sq. meters and the
plans provide for additional construction of 160 thousand sq.
meters of housing.

                         About Tatneft

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

                          *     *     *

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


TATNEFT OAO: To Start Viscous Oil Drilling in 4Q of 2008
--------------------------------------------------------
The OAO Tatneft Board of Directors, on July 29, 2008, held a
regular meeting with chairman Mr. R.N. Minnikhanov, Prime
Minister of the Republic of Tatarstan.

The Board discussed the progress of fulfilling the program of
developing extra viscous oil fields.  As of June 1, 2008 the
balance of Tatneft includes the reserves of 21 extra viscous oil
fields containing 118 million tons of oil in place and 41.5
million tons recoverable reserves.

A program has been prepared for drilling with application of the
slanted drilling rig and the plans provide for the start of
drilling operations in the fourth quarter of 2008.

Appraising positively the results achieved, the Board of
Directors, assigned the Executive Directorate of the Company to
proceed working in accordance with the program approved.

The Board also reviewed the results of Tatneft budget execution
for the first half of the year and approved the budget for the
August 2008.

                         About Tatneft

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

                          *     *     *

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


VEKOS LLC: Creditors Must File Claims by August 21
--------------------------------------------------
Creditors of LLC Energy-Building Company Vekos (TIN 6672183846)
have until Aug. 21, 2008, to submit proofs of claim to:

         D. Mityushev
         Insolvency Manager
         Post User Box 16
         620041 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60-26401/2007-S11.

The Court is located at:

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

The Debtor can be reached at:

         LLC Energy-Building Company Vekos
         Sazhinskaya Str. 6
         620085 Ekaterinburg
         Russia


VERTICAL LLC: Rostov Bankruptcy Hearing Slated for October 7
------------------------------------------------------------
The Arbitration Court of Rostov will convene at 10:30 a.m. on
Oct. 7, 2008, to hear the bankruptcy supervision procedure on
LLC Vertical (TIN 6147005520).  The case is docketed under Case
No. A53-8780/2008-S1-33.

The Temporary Insolvency Manager is:

         S. Novoshitskiy
         Post User Box 139
         Aksay
         346720 Rostov
         Russia

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         LLC Vertical
         Voroshilova Str. 143/3
         Kamensk-Shakhtinskiy
         347800 Rostov
         Russia


VOSKRESENSKIY MIXED: Creditors Must File Claims by August 28
------------------------------------------------------------
Creditors of OJSC Voskresenskiy Mixed Trade have until Aug. 28,
2008, to submit proofs of claim to:

         O. Kraskovskaya
         Insolvency Manager
         Post User Box 281
         107078 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A41-K2-7171/07.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Voskresenskiy Mixed Trade
         Engelsa Str. 1/2
         Voskresensk
         Voskresenskiy
         140200 Moscow
         Russia


TAEZHNOE CJSC: Creditors Must File Claims by August 28
------------------------------------------------------
Creditors of CJSC Taezhnoe have until Aug. 28, 2008, to submit
proofs of claim to:

         N. Zubenko
         Insolvency Manager
         662501 Sosnovoborsk
         Post User Box 2
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-3496/2008.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Taezhnoe
         Tsentralnaya Str. 60
         Veseloe
         Taseevskiy
         663792 Krasnoyarsk
         Russia


X5 RETAIL: Repurchases Global Depositary Receipts for Treasury
--------------------------------------------------------------
X5 Retail Group N.V. disclosed that during the period of time
from July 11, 2008, through July 29, 2008, its wholly owned
subsidiary Perekrestok Holdings Limited purchased the aggregate
amount of 267,482 Global Depositary Receipts representing
shares in the capital of its parent company X5, at an average
market price of US$29.35 per GDR in order to hedge the Company's
obligations under its Employee Stock Option Plan.

Following these transactions as of July 30, 2008, X5 owns
267,482 GDRs as Treasury Stock.

                       About X5 Retail

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

                          *     *     *

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

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


X5 RETAIL: To Register Two Ruble Bond Issues Worth RUR16 Billion
----------------------------------------------------------------
X5 Retail Group N.V. has disclosed that its wholly owned
subsidiary X5 Finance LLC has approved a bond prospectus with
respect to two tranches of corporate ruble bonds series 4 and 5
and plans to submit to the Russian Federal Financial Markets
Service a set of documents for registration of the tranches.

In accordance with the Prospectus, the bonds will have maturity
of seven years.  Notional amount of each tranche will total
RUR8 billion (8 million bonds at a par value of RUR1,000).

The bonds are non-convertible, interest bearing, documentary.
The form of placement will be open subscription.

Chief Financial Officer Evgeny Kornilov commented: "X5 continues
to grow, and ruble bond market offers interesting fund raising
opportunities.  Therefore, we are making steps to prepare for a
potential placement.  Final decision on the issue, including
timing, size and interest rate will depend on the development of
the situation in the debt markets and X5’s financing needs."

                       About X5 Retail

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

                          *     *     *

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

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


* S&P Puts Low-B Rating to Russia, Ukraine & Kazakhstan Issuers
---------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its recovery
ratings to 44 unsecured debt issues of 21 corporate issuers in
Russia, Ukraine, and Kazakhstan.

"Standard & Poor's has changed its issue rating methodology for
unsecured debt of issuers rated 'BB+' and below," said S&P's
credit analyst Elena Anankina.  "New issue ratings are now
based on our assessment of recovery prospects in the event of a
payment default and on the issuer credit rating, rather than on
any balance sheet metrics such as the ratio of priority debt to
net assets."

Recovery ratings reflect S&P's estimate of recovery prospects
should a payment default occur.  The roll-out of recovery
ratings in Russia, Ukraine, and Kazakhstan follows three
earlier related initiatives:

  (1) the release of S&P's general recovery rating methodology
      for speculative-grade issuers in June 2007.

  (2) S&P's assessment of insolvency regimes in Russia, Ukraine,
      and Kazakhstan. ("Debt Recovery For Creditors And The Law
      Of Insolvency In Kazakhstan," published Feb. 19, 2008,
      "Debt Recovery For Creditors And The Law Of Insolvency In
      Ukraine," published April 29, 2008, and "Debt Recovery For
      Creditors And The Law Of Insolvency In Russia," published
      May 7, 2007, on RatingsDirect).

  (3) the recent roll-out of recovery ratings in North America
      and Europe ("Standard & Poor's Extends Recovery Ratings To
      Unsecured Speculative-Grade Corporate Issues", published
      March 21, 2008, on RatingsDirect).

Although S&P applies its general recovery methodology
universally to all countries, greater uncertainty and weaker
legal regimes in Russia, Ukraine, and Kazakhstan raise a number
of specific analytical issues.  For example, due to numerous
qualitative risks related to the companies' operations in a more
uncertain environment, S&P does not notch issue ratings up from
the company's credit rating.  At the same time, for the purpose
of S&P's unsecured debt analysis, the risk of security or
structural priority being enforced cannot be ignored.
Therefore, unsecured debt of companies with substantial
priority-ranking debt can be notched down.  These and other
issues are discussed in S&P's Credit FAQ, also published on
RatingsDirect, titled "Recovery Rating Methodology in Russia,
Ukraine, and Kazakhstan."

Under the new methodology, most issue ratings involved in this
roll-out remain unchanged.  Out of 44 issue ratings, only two
(those on notes issued by Colgrade Ltd. [part of Delance Ltd.;
BB-/Stable/--], and Interpipe Ltd. [B+/Negative/--]) were
lowered based on S&P's assessment of low recovery.  Because of
weak legal regimes in the region, issue ratings are capped at
the company's corporate credit rating level and no issue
ratings were raised.

"In the current market environment, recovery analysis plays an
increasingly important role for lenders," added Ms. Anankina.
"Looking ahead, the new methodology will bring greater focus on
companies' capital structures, and will result in more
differentiation between recovery rating levels."

S&P's recovery ratings utilize a numerical scale, with '1+' and
'1' -- the two highest ratings -- denoting different levels of
likelihood that an issue will fully recover principal, plus
prepetition interest, in the event of default. Ratings below
that level -- between '2' and '6' -- denote varying levels of
expected prospects for principal recovery, from just less than
100% to negligible recovery levels.

Standard & Poor's Global Recovery Rating Scale:

  S&P's Recovery Rating                    Recovery Range
  ---------------------                    --------------
    1+  High expectation, full recovery          100%
    1   Very high recovery                   90%-100%
    2   Substantial recovery                  70%-90%
    3   Meaningful recovery                   50%-70%
    4   Average recovery                      30%-50%
    5   Modest recovery                       10%-30%
    6   Negligible recovery                    0%-10%

Ratings List:

A list of new recovery ratings and issue ratings is presented
below.  For the parent company of each issuing entity there is
a separate recovery report with more details.

Issuing Entity                   Recovery/Debt Issue Ratings
--------------                   ------------- -------------
ALROSA Finance S.A.                  4            BB
Azovstal Capital B.V.                4            B-
EuroChem Finance PLC                 3            BB
C.R.R. B.V.                          3            B-
Colgrade Ltd.                        5            B+
Evraz Group S.A.                     4            BB-
Evraz Securities S.A.                4            BB-
Gallery Capital                      3            B-
Golden Ring Finance S.A.             4            B
Intergas Finance B.V.                4            BB
Interpipe Ltd.                       5            B
Kazakhstan Temir Zholy Finance B.V.  4            BB+
Kazanorgsintez S.A.                  4        B-/Watch Neg
MegaFon S.A.                         3            BB+
MMK Finance S.A.                     3            BB
Mobile Telesystems Finance S.A.      3            BB-
Novorossiysk Port Capital S.A.       3            BB+
Nutritek International Corp.         3            B
OAO Severstal                        3            BB
TMK Capital S.A.                     4            BB-
TNK-BP Finance S.A.                  3            BB+
UBS (Luxembourg) S.A. (an entity of
Vimpel-Communications [JSC])         3            BB+
Vimpel-Communications (JSC)          3            BB+


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


CAIXA PENEDES: Fitch Puts BB Rating on EUR41.6MM Series C Notes
---------------------------------------------------------------
Fitch Ratings has assigned Caixa Penedes FTGenCat 1 TDA FTA
notes, totalling EUR570 million, due in November 2049 expected
ratings as listed below.  This transaction is a cash flow
securitization of a EUR570 million static pool of secured and
unsecured loans.

  -- EUR206.4 million Series A1: 'AAA'
  -- EUR229.1 million Series A2(CA): 'AAA'
  -- EUR92.9 million Series B: 'A-'
  -- EUR41.6 million Series C: 'BB'

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

The expected ratings are based on the quality of the collateral,
the underwriting and servicing of the loans, available credit
enhancement, the integrity of the transaction's legal and
financial structure and Titulizacion de Activos SGFT, SA's
administrative capabilities.

The ratings address the payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger for the Class B, and Class C
notes, as well as the repayment of principal by legal maturity
in November 2049.

The loans are granted by Caixa d'Estalvis del Penedes (Caixa
Penedes, rated 'A'/ 'F1'/Outlook Stable), a Spanish savings
bank, to small- and medium-sized Spanish enterprises and self-
employed individuals.  The pool consists of loans granted to
SMEs and SEIs in the region of Catalonia, the bank's home
region, and with the purpose of financing business activity.

Caixa Penedes FTGenCat 1 TDA is the second single-seller SME
securitisation transaction originated by Caixa Penedes.  The
issuer is legally represented and managed by Titulizacion de
Activos SGFT, SA, a special-purpose management company with
limited liability incorporated under the laws of Spain.

As announced in Fitch's Rating Action Commentary titled "Fitch
Clarifies Position on New Issue CDO Ratings" published on 6
November 2007, Fitch is reviewing its rating methodology and
model assumptions for all new issue SME CDO ratings.  Investors
should be aware that Fitch is reassessing its analytic views
which could impact existing ratings, including the expected
ratings assigned to the securities in this announcement.


FTA SANTANDER: Fitch Assigns 'CCC' Rating on Class E Notes
----------------------------------------------------------
Fitch Ratings has assigned FTA SANTANDER CONSUMER SPAIN 08-1's
notes totalling EUR510 million due in July 2021 final ratings,
as:

  -- EUR443 million Class A: 'AAA'; Outlook Stable
  -- EUR35 million Class B: 'A'; Outlook Stable
  -- EUR10 million Class C: 'BBB'; Outlook Stable
  -- EUR12 million Class D: 'BB'; Outlook Stable
  -- EUR10 million Class E: 'CCC'; Outlook Stable

This transaction is a cash-flow securitisation of a EUR500m
static pool of consumer and auto loans granted by Santander
Consumer E.F.C.,S.A., a wholly-owned and fully integrated
subsidiary of Santander Consumer Finance('AA' /'F1'/ Outlook
Stable) to individuals and SMEs in Spain.  The final ratings are
based on the quality of the collateral, underwriting and
servicing of the underlying loans, available credit enhancement,
integrity of the transaction's legal and financial structure,
and Santander de Titulizacion S.G.F.T, S.A's administrative
capabilities.

Initial CE for the Class A to C notes is provided by
subordination and a reserve fund.  The Class E notes are an
uncollateralised class issued at closing to finance the reserve
fund.

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, and
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 underlying collateral refers to consumer and auto loans
granted to individuals resident in Spain for different personal
purposes.  All the loans have been originated following
Santander Consumer E.F.C.,S.A. guidelines in the course of its
normal business.

The fund will be regulated by Spanish Securitization Law 19/1992
and Royal Decree 926/1998. Its sole purpose is to convert
consumer and auto loans from the seller into fixed-income
securities.  The fund will be legally represented and managed by
Santander de Titulizacion S.G.F.T, S.A, a limited liability
company incorporated under Spanish law, whose activities are
limited to the management of securitization funds.


* S&P Expects Downturn in U.K., Spanish & Irish Housing Markets
---------------------------------------------------------------
The risks posed by high levels of household indebtedness among
European economies are thrown into sharp relief by the collapse
in the U.K., Spanish, and Irish housing markets, says a research
report titled "European Economic Forecast: Boom Turns To Bust In
Exposed Housing Markets," published by Standard & Poor's Ratings
Services.

"Europe's housing markets have enjoyed a spectacular boom in the
past eight years, at levels closely comparable with that in the
U.S.," said S&P's chief economist for Europe, Jean-Michel Six.
"Yet, levels of household indebtedness vary considerably across
European economies.  On the one hand, there are countries with
outstanding mortgage debt exceeding 50% of GDP such as Denmark,
The Netherlands, the U.K., Spain, and Ireland.  On the other
hand, Norway, Sweden, France, and Italy have relatively low
levels of debt in spite of the recent rise in their housing
markets."

As the report points out, the U.K. housing market is confronted
with two evils at the same time:  Affordability and
availability.  Since its peak in August 2007, the U.K. housing
market has been declining more rapidly than after the previous
peak in May 1989, when prices from peak to trough were down
13% in nominal terms.  This time, by contrast, prices are
already down 9.6% over the period from August 2007 to June 2008,
suggesting that the overall decline is likely to be far more
dramatic.  A 25% fall from the August 2007 peak would simply
bring the affordability ratio back to 4.4x earnings -- close
to where it was on average in 2000, when the current cycle
started to gather pace.  Such a drop is reasonable to allow
market fundamentals such as affordability to return to their
long-term averages.

This implies that prices are facing another 17% decline from
their June 2008 level, with a trough occurring around April or
May of 2009.  According to S&P's calculations, a 25% peak to
trough decline in house prices would place about 14% of
borrowers (around 1.7 million) into negative equity.  Compared
with the previous downturn in the late 1980s, this correction is
therefore likely to be much shorter, and more severe.

In Spain, a combination of higher interest rates, oversupply,
and a deteriorating economic climate all point to a prolonged
decline in house prices.  Unemployment in the construction
sector rose 70% in the 12 months to May 2008, while permits for
residential homes dropped 60% year-on-year in the first quarter
of 2008.  In contrast with S&P's projections for the U.K., Spain
could experience a longer correction, albeit leading to a
similar decline in house prices (about 25% peak to trough).

In Ireland, real residential construction spending fell by
around 25% in the first three months of 2008, but this was
outstripped by a decline of 55% in the number of housing starts,
suggesting that the slump is still gathering pace.  And house
prices? They fell 10% in the 12 months to May 2008, and are
down 12% from the peak reached in January 2007.  Here, S&P
expects a peak-to-trough decline, from January 2007 to December
2008, of slightly more than 20%.

The downturn in the U.K., Irish, and Spanish housing markets is
no surprise, but other European markets are also presenting
signs of easing.  This is particularly true of France. One of
the three fastest-growing markets in Western Europe between 2000
and 2008, the French housing market is likely set for a period
of stabilization or modest price declines.  Factors at work here
include a surge in inflation (1.6% over the first half of this
year), which, combined with lower growth in disposable incomes
(1.9%, compared with 2.5% in the second half of last year) will
slow purchasing power growth to a mere 0.3%.  Equally unhelpful,
the recent weakening of the sterling against the euro, and the
weak dollar, will weigh on demand from nonresidents.


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


ABUS SIEBDRUCK: Aug. 13 Set as Deadline to File Proofs of Claim
---------------------------------------------------------------
Creditors owed money by JSC Abus Siebdruck are requested to file
their proofs of claim by Aug. 13, 2008, to:

         Lukas Vogt
         Trust Company JSC Addetto Treuhand
         Lowenschschanz 3
         Mail Box 1025
         8280 Kreuzlingen
         Switzerland

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


ATEWEKO LLC: Creditors Have Until Aug. 13 to File Claims
--------------------------------------------------------
Creditors owed money by LLC Ateweko are requested to file their
proofs of claim by Aug. 13, 2008, to:

         Roland Meier
         Liquidator
         JSC COLL-Control
         Claragraben 54
         4058 Basel
         Switzerland

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


AVANTIUM TRADING: Creditors Must File Claims by August 13
---------------------------------------------------------
Creditors owed money by LLC Avantium Trading & Consulting are
requested to file their proofs of claim by Aug. 13, 2008, to:

         JSC Veco Trust
         Liquidator
         Via Lavizzari 4
         6900 Lugano
         Switzerland

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


EDELWEISS JSC: Deadline to File Proofs of Claim Set Aug. 13
-----------------------------------------------------------
Creditors owed money by JSC Edelweiss are requested to file
their proofs of claim by Aug. 11, 2008, to:

         BDO Visura
         Barbara Eggenberger
         Fabrikstrasse 50
         8031 Zurich
         Switzerland

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


GENERAL MOTORS: Settles Case vs. RSA Insurance
----------------------------------------------
RSA Insurance Group plc disclosed that the litigation between
General Motors Corp. and current and former members of the RSA
Group has been settled on terms which are confidential.

The settlement will have no effect on RSA's earnings.

                   About General Motors

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

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

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

                           *     *     *

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

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

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


GUNKEL JSC: Proofs of Claim Filing Deadline is Aug. 13
------------------------------------------------------
Creditors owed money by JSC Gunkel are requested to file their
proofs of claim by Aug. 13, 2008, to:

         JSC Nussbaumer & Partner
         Wiesenstrasse 10
         8032 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 18, 2008.


IAC JSC: Creditors' Proofs of Claim Due by August 14
----------------------------------------------------
Creditors owed money by JSC IAC are requested to file their
proofs of claim by Aug. 14, 2008, to:

         Dr. Andreas Kaser
         Liquidator
         Arnold Wehinger Kaelin & Ferrari
         Riesbachstr. 52
         8008 Zurich
         Switzerland

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


MP DILCAN LLC: Creditors Must File Proofs of Claim by Aug. 13
-------------------------------------------------------------
Creditors owed money by LLC MP Dilcan are requested to file
their proofs of claim by Aug. 11, 2008, to:

         Koray Dogan Ozturk
         Gartenstrasse 77
         4052 Basel
         Switzerland

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


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

         Markus Joos
         Marktplatz 4
         9004 St.Gallen
         Switzerland

The company is currently undergoing liquidation in St. Gallen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 13, 200.



TECHNEON JSC: Deadline to File Proofs of Claim Set August 13
------------------------------------------------------------
Creditors owed money by JSC Techneon are requested to file their
proofs of claim by Aug. 13, 2008, to:

         Roger Deutsch
         Liquidator
         JSC Bruker BioSpin
         Industriestrasse 26
         8117 Fallanden
         Switzerland

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


TEXTACROBAT LLC: Proofs of Claim Filing Deadline is August 11
-------------------------------------------------------------
Creditors owed money by LLC Textacrobat are requested to file
their proofs of claim by Aug. 11, 2008, to:

         Dr. Regula A. Merz
         Moranenstrasse 4
         8038 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 23, 2007.


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


ANTHRACITE COAL: Creditors Must File Proofs of Claim by Aug. 14
---------------------------------------------------------------
Creditors of State Enterprise Anthracite Coal Resources (code
EDRPOU 23477354) have until Aug. 14, 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 May 5, 2008.
The case is docketed as 12/39b.

The Debtor can be reached at:

         State Enterprise Anthracite Coal Resources
         Petrovsky Str. 15/16
         Anthracite
         94611 Lugansk
         Ukraine


BARS LLC: Creditors Must File Proofs of Claim by August 14
----------------------------------------------------------
Creditors of LLC Bars (code EDRPOU 31688374) 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 24, 2008.
The case is docketed as 45/115b.

The Debtor can be reached at:

         LLC Bars
         Sovetskaya Square 2
         Makeyevka
         86157 Donetsk
         Ukraine


EAST-EXPO LLC: Creditors Must File Proofs of Claim by August 14
---------------------------------------------------------------
Creditors of LLC East-Expo (code EDRPOU 30501327) have until
Aug. 14, 2008, to submit proofs of claim to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on July 3, 2008.
The case is docketed as B-24/118-08.

The Debtor can be reached at:

         LLC East-Expo
         Gen. Shumilov Str. 127
         Babai
         Kharkov
         Ukraine


KORVO-TRADE: Creditors Must File Proofs of Claim by August 14
-------------------------------------------------------------
Creditors of LLC Ukrainian-Italian Firm Korvo-Trade (code EDRPOU
22681029) have until Aug. 14, 2008, to submit proofs of claim
to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on May 27, 2008.
The case is docketed as B-19/70-08.

The Debtor can be reached at:

         LLC Ukrainian-Italian Firm Korvo-Trade
         Pushkinskaya Str. 56
         Kharkov
         Ukraine


SLOBODA LLC: Proofs of Claim Deadline Set August 10
---------------------------------------------------
Creditors of LLC Sloboda (code EDRPOU 32635040) have until
Aug. 14, 2008, to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy supervision
procedure on the company on July 1, 2008.  The case is docketed
as 21/70-08-2727.

The Debtor can be reached at:

         LLC Sloboda
         Verteletsky Str. 1B
         Ovidiopol
         Odessa
         Ukraine


SOMERS LLC: Creditors Must File Proofs of Claim by August 14
------------------------------------------------------------
Creditors of LLC Somers (code EDRPOU 32494150) have until
Aug. 14, 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 4, 2008.
The case is docketed as 23/493-b.

The Debtor can be reached at:

         LLC Somers
         Dmitrevskaya Str. 18/24
         01054 Kiev
         Ukraine


STROY SI: Proofs of Claim Deadline Set August 14
------------------------------------------------
Creditors of LLC Stroy SI (code EDRPOU 32986635) have until
Aug. 14, 2008, to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy supervision
procedure on the company on June 20, 2008.  The case is docketed
as 2/123-08-2571.

The Debtor can be reached at:

         LLC Stroy SI
         Verteletsky Str. 1B
         Ovidiopol
         Odessa
         Ukraine


TOWN-BUILDING LLC: Creditors Must File Claims by August 14
----------------------------------------------------------
Creditors of LLC Town-Building (code EDRPOU 35768704) have until
Aug. 14, 2008, to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent on June 25, 2008.
The case is docketed as 2/108-08-2342.

The Debtor can be reached at:

         LLC Town-Building
         Arnautskaya Str. 2A
         Bolshaya
         Odessa
         Ukraine


VLAD LLC: Creditors Must File Proofs of Claim by August 14
----------------------------------------------------------
Creditors of LLC Vlad (code EDRPOU 23464950) have until
Aug. 14, 2008, to submit proofs of claim to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on June 2, 2008.
The case is docketed as B-39/17-08.

The Debtor can be reached at:

         LLC Vlad
         Ac. Pavlov Str. 309
         Kharkov
         Ukraine


* S&P Puts Low-B Rating to Russia, Ukraine & Kazakhstan Issuers
---------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its recovery
ratings to 44 unsecured debt issues of 21 corporate issuers in
Russia, Ukraine, and Kazakhstan.

"Standard & Poor's has changed its issue rating methodology for
unsecured debt of issuers rated 'BB+' and below," said S&P's
credit analyst Elena Anankina.  "New issue ratings are now
based on our assessment of recovery prospects in the event of a
payment default and on the issuer credit rating, rather than on
any balance sheet metrics such as the ratio of priority debt to
net assets."

Recovery ratings reflect S&P's estimate of recovery prospects
should a payment default occur.  The roll-out of recovery
ratings in Russia, Ukraine, and Kazakhstan follows three
earlier related initiatives:

  (1) the release of S&P's general recovery rating methodology
      for speculative-grade issuers in June 2007.

  (2) S&P's assessment of insolvency regimes in Russia, Ukraine,
      and Kazakhstan. ("Debt Recovery For Creditors And The Law
      Of Insolvency In Kazakhstan," published Feb. 19, 2008,
      "Debt Recovery For Creditors And The Law Of Insolvency In
      Ukraine," published April 29, 2008, and "Debt Recovery For
      Creditors And The Law Of Insolvency In Russia," published
      May 7, 2007, on RatingsDirect).

  (3) the recent roll-out of recovery ratings in North America
      and Europe ("Standard & Poor's Extends Recovery Ratings To
      Unsecured Speculative-Grade Corporate Issues", published
      March 21, 2008, on RatingsDirect).

Although S&P applies its general recovery methodology
universally to all countries, greater uncertainty and weaker
legal regimes in Russia, Ukraine, and Kazakhstan raise a number
of specific analytical issues.  For example, due to numerous
qualitative risks related to the companies' operations in a more
uncertain environment, S&P does not notch issue ratings up from
the company's credit rating.  At the same time, for the purpose
of S&P's unsecured debt analysis, the risk of security or
structural priority being enforced cannot be ignored.
Therefore, unsecured debt of companies with substantial
priority-ranking debt can be notched down.  These and other
issues are discussed in S&P's Credit FAQ, also published on
RatingsDirect, titled "Recovery Rating Methodology in Russia,
Ukraine, and Kazakhstan."

Under the new methodology, most issue ratings involved in this
roll-out remain unchanged.  Out of 44 issue ratings, only two
(those on notes issued by Colgrade Ltd. [part of Delance Ltd.;
BB-/Stable/--], and Interpipe Ltd. [B+/Negative/--]) were
lowered based on S&P's assessment of low recovery.  Because of
weak legal regimes in the region, issue ratings are capped at
the company's corporate credit rating level and no issue
ratings were raised.

"In the current market environment, recovery analysis plays an
increasingly important role for lenders," added Ms. Anankina.
"Looking ahead, the new methodology will bring greater focus on
companies' capital structures, and will result in more
differentiation between recovery rating levels."

S&P's recovery ratings utilize a numerical scale, with '1+' and
'1' -- the two highest ratings -- denoting different levels of
likelihood that an issue will fully recover principal, plus
prepetition interest, in the event of default. Ratings below
that level -- between '2' and '6' -- denote varying levels of
expected prospects for principal recovery, from just less than
100% to negligible recovery levels.

Standard & Poor's Global Recovery Rating Scale:

  S&P's Recovery Rating                    Recovery Range
  ---------------------                    --------------
    1+  High expectation, full recovery          100%
    1   Very high recovery                   90%-100%
    2   Substantial recovery                  70%-90%
    3   Meaningful recovery                   50%-70%
    4   Average recovery                      30%-50%
    5   Modest recovery                       10%-30%
    6   Negligible recovery                    0%-10%

Ratings List:

A list of new recovery ratings and issue ratings is presented
below.  For the parent company of each issuing entity there is
a separate recovery report with more details.

Issuing Entity                   Recovery/Debt Issue Ratings
--------------                   ------------- -------------
ALROSA Finance S.A.                  4            BB
Azovstal Capital B.V.                4            B-
EuroChem Finance PLC                 3            BB
C.R.R. B.V.                          3            B-
Colgrade Ltd.                        5            B+
Evraz Group S.A.                     4            BB-
Evraz Securities S.A.                4            BB-
Gallery Capital                      3            B-
Golden Ring Finance S.A.             4            B
Intergas Finance B.V.                4            BB
Interpipe Ltd.                       5            B
Kazakhstan Temir Zholy Finance B.V.  4            BB+
Kazanorgsintez S.A.                  4        B-/Watch Neg
MegaFon S.A.                         3            BB+
MMK Finance S.A.                     3            BB
Mobile Telesystems Finance S.A.      3            BB-
Novorossiysk Port Capital S.A.       3            BB+
Nutritek International Corp.         3            B
OAO Severstal                        3            BB
TMK Capital S.A.                     4            BB-
TNK-BP Finance S.A.                  3            BB+
UBS (Luxembourg) S.A. (an entity of
Vimpel-Communications [JSC])         3            BB+
Vimpel-Communications (JSC)          3            BB+


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


BEANSCENE LIMITED: Calls in Administrators After Funding Failure
----------------------------------------------------------------
Beanscene Ltd. has called in Blair Nimmo and Tony Friar of KPMG
LLP as joint administrators after the company's new owners
failed to proceed with an additional investment funding, BBC
News reports.

Following the transfer of Beanscene's business to its new owners
in April 2008, a significant injection of funds was made.

However, Beanscene said that with an unexpected change in
circumstances, the new owners were unable to make further
planned cash injections.

The company added that its GBP4 million revenue from its 14
shops was not enough to sustain its overhead base.

"Add to this the costs of five leases which had been entered
into for premises that were not fitted out or trading and the
result were bottom line losses, which have continued into the
current year," Beanscene said.

Messrs. Nimmo and Friar are currently looking for buyers for the
coffee shop chain's businesses and assets.

Headquartered in Glasgow, Scotland, Beanscene Ltd. --
http://www.beanscene.com/-- is a small chain of local coffee
houses, established to provide a laid back alternative to the
tidal wave of brash city center coffee chains.


BEDS DIRECT: Management Buys Company's Remaining Assets
-------------------------------------------------------
Beds Direct Ltd.'s management has acquired the company's
remaining assets under a "pre-pack" arrangement funded by HSBC,
The Telegraph reports.

According to the report, Beds Direct, which also trades as
Helibeds UK, fell into administration after being hit by the
consumer downturn and its over-ambitious expansion.

Ross Connock, director at administrator PricewaterhouseCoopers,
told the Telegraph that the company had 20 outlets and expanded
to around 40 and launched a Web site.

Ms. Connock also told the Telegraph that they received bids for
Beds Direct's business and assets, but chose IM GH Ltd. -- the
management team's newly formed firm -- since it made the best
offer.

Creditors, however, may not recover their investments due to the
pre-pack arrangement, Mr. Connock told the Telegraph.  HSBC
meanwhile could take any of the proceeds from the
administration.

The report says IM GH will continue to trade from 20 sites and
on the Internet.

                        About Beds Direct

Headquartered in Mid Glamorgan, Wales, Beds Direct Limited
-- http://www.helibeds.co.uk/-- is an established bed retailer
with over 19 years experience in selling beds.


BRITISH ENERGY: EDF Fails to Please Board with Offer; Pulls Out
---------------------------------------------------------------
Electricite de France S.A. has pulled out from its planned
takeover of British Energy Ltd., hours before it was to announce
a done deal, The Financial Times reports.

According to FT, EDF submitted a GBP12 billion takeover offer to
BE's board yesterday, July 31, 2008.  The board, following some
deliberations, rejected EDF's proposal.

Dow Jones cites a source privy to the matter as saying that two
major BE shareholders -- both U.K. pension funds -- requested
that EDF raise its offer, but the French group refused.

Another source told FT that EDF presented two options:

    * 765p per BE share in cash; or

    * 700p per share in cash plus "contingent-value rights
      component" that would pay out if BE performs in line with
      its targets.

Following the rejection of the offer, EDF said: "After in-depth
discussions, EDF considers that the conditions for a major
development in Great Britain are not met to date."

                      About British Energy

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

                          *     *     *

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

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

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


CHRYSLER LLC: Arm Halts Lease Operations; To Cut 1,000 Employees
--------------------------------------------------------------
Chrysler LLC's financial arm, Chrysler Financial, will cease
offering vehicle lease alternatives in the U.S. to focus more on
financing vehicle purchases, various reports say.

According to the reports, the unit will stop offering leases
starting August 1.  Chrysler's decision stems from trouble
taunting its unit's lease business, particularly in the
borrowing and selling end, WSJ adds.

WSJ relates that Chrysler Financial has been trying to persuade
more than 20 banks to renew a $30 billion credit facility but
was unable to do so because of the jittery state of potential
lenders and Chrysler's own uncertain financial situation.

WSJ relates that for years, auto makers have offered leases as a
way of enticing consumers into getting new vehicles.  Monthly
payments for leasing customers is lower than taking out loans to
buy cars outright, WSJ adds.

Leases, according to WSJ, poses a big risk for finance units
such as Chrysler Financial.  These operations need to borrow
billions of dollars, because they buy and own the vehicles to be
leased, WSJ indicates.

                              Job Cut

WSJ, citing a memo sent to employees, states that Chrysler LLC
is planning to reduce 1,000 salaried jobs by September 30 in an
effort to cut costs amid a deep slump in U.S. auto sales.

HR head Nancy Rae, WSJ says, an incremental manpower reduction
will be required to deal with the current market conditions.

The slash in jobs is an addition to the disclosed reductions and
will be accomplished through a combination of attrition,
buyouts, early retirements and involuntary layoffs, WSJ points
out.

According to the memo, WSJ adds, Chrysler's liquidity position
in the first half remained unchanged compared with December as a
result of previous production cuts, asset sales and cost-cutting
efforts.

                        About Chrysler LLC

Based in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                          *     *     *

As reported in the Troubled Company Reporter June 24, 2008,
Moody's Investors Service affirmed the B3 Corporate Family
Rating and Probability of Default Rating of Chrysler LLC, but
changed the outlook to negative from stable.  The change in
outlook reflects the increasingly challenging environment faced
by Chrysler as the outlook for U.S. vehicle demand falls, and as
high fuel costs drive US. consumers away from light trucks and
SUVs, and toward more fuel
efficient vehicles.

Standard & Poor's Ratings Services is placing its corporate
credit ratings on the three U.S. automakers, General Motors
Corp., Ford Motor Co., and Chrysler LLC, on CreditWatch with
negative implications, citing the need to evaluate the financial
damage being inflicted by deteriorating U.S. industry conditions
-- largely as a result of high gasoline prices.  Included in the
CreditWatch placement are the finance units Ford Motor Credit
Co. and DaimlerChrysler Financial Services Americas LLC, as well
as GM's 49%-owned finance affiliate GMAC LLC.

As reported in the Troubled Company Reporter on May 9, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Chrysler
LLC to 'B' from 'B+', with a Negative Rating Outlook.  Fitch has
also downgraded the senior secured bank facilities, including
senior secured first-lien bank loan to 'BB/RR1' from 'BB+/RR1';
and senior secured second-lien bank loan to 'CCC+/RR6' from
'BB+/RR1'.  The recovery rating on the second lien was also
downgraded from 'BB+/RR1' to 'CCC+/RR6' based on lower asset
value assumptions and associated recoveries in the event of a
stress scenario.


CHRYSLER LLC: Fitch Junks Rating on Retail Financing Restriction
----------------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Rating of
Chrysler LLC to 'CCC' from 'B-'.  The Rating Outlook is
Negative.  The downgrade reflects Chrysler's restricted access
to economic retail financing for its vehicles, which is expected
to result in a further step-down in retail volumes.  Lack of
competitive financing is also expected to result in more costly
subvention payments and other forms of sales incentives.  Fitch
is also concerned with the state of the securitization market
and the ability of the automakers to access this market on an
economic basis over the near term, given the steep drop in
residual values, higher default rates, higher loss severity
being experienced and jittery capital markets.

Chrysler Financial is currently in the midst of renewing its
financing facilities.  The higher costs associated with any
renewal will make it more challenging to provide competitive and
economic financing of retail sales.  Given the challenges in the
bank, auto and capital markets, it is unlikely that third-party
financing will step in to fully replace lost volumes.  Higher
sales incentives are also unlikely to close this gap, resulting
in lower production volumes at Chrysler.

Fitch expects that Chrysler's liquidity will remain adequate for
the next 12 months, and the company has moved aggressively to
reduce its fixed cost structure.  However, the rapid decline in
industry sales volumes, coupled with the continuing steep rise
in commodity prices, will continue to result in negative cash
flow at least through 2009.  In the event that 2009 industry
volumes remain flat or deteriorate versus 2008, Fitch expects
that Chrysler could reach minimum required levels to finance
ongoing operations in the second half of 2009.  This could be
accelerated in the event that suppliers or retail customers
become concerned with Chrysler's financial condition and
restrict trade credit or reduce retail purchases.  Liquidity was
recently boosted by a US$2 billion term loan, but further
financing is unlikely and any asset divestitures are limited.

Chrysler's sales volumes have plummeted in 2008, reflecting weak
economic conditions, a product lineup that remains misaligned
with market demand, and strategic efforts to reduce inventories
and daily rental volumes.  New products, including a refreshed
minivan lineup and the Dodge Journey, have been insufficient to
offset industry conditions.  Chrysler should benefit from the
re-introduction of the Dodge Ram in late 2008, but recessionary
conditions in the housing market and high gas prices will limit
the benefits of this re-launch until the housing market
recovers.

Chrysler continues to experience strong growth in exports.

Chrysler's pipeline over the near term is relatively modest, and
the company's product lineup will lag the industry's shift to
smaller, fuel efficient vehicles.  Chrysler's limited financial
resources represent a distinct competitive disadvantage over the
near term as the industry experiences a period of rapid product
migration and technological change.  Alliances are expected to
remain a key strategic effort as Chrysler seeks to leverage its
tangible and intangible assets, and reduce capital investment.

Fitch has downgraded Chrysler as:

  -- IDR to 'CCC' from 'B-';
  -- Senior secured first-lien bank loan to 'B/RR1' from
     'BB-/RR1';

  -- Senior secured second-lien bank loan to 'CC/RR6' from
     'CCC/RR6'.


CLEAR CHANNEL: Moody's Assigns B2 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating
and B2 Probability of Default Rating to Clear Channel
Communications, Inc.  In addition, Moody's assigned a B1 rating
to Clear Channel's new US$15.77 billion senior secured credit
facilities and a Caa1 rating to its proposed US$2.31 billion
guaranteed senior unsecured notes.  Moody's also downgraded the
company's legacy senior unsecured notes to Caa1 from Baa3 and
affirmed the SGL2 speculative grade liquidity rating.  The
rating outlook is stable.  This concludes Moody's review of
Clear Channel's ratings, which was initiated on October 26, 2006
in connection with the company's announcement that its Board of
Directors was evaluating various strategic alternatives to
enhance shareholder value.

Moody's has taken the following rating actions:

Issuer: Clear Channel Communications, Inc.

* Corporate Family Rating -- Assigned B2

* Probability of Default Rating -- Assigned B2

* US$2.0 Billion 6-year Senior Secured Revolving Facility --
  Assigned B1 (LGD 3, 33%)

* US$1.115 Billion 6-year Senior Secured Tranche A Term Loan
  Facility -- Assigned B1 (LGD 3, 33%)

* US$10.7 Billion 7.5-year Senior Secured Tranche B Term Loan
  Facility -- Assigned B1 (LGD 3, 33%)

* US$705.638 Million 7.5-year Senior Secured Tranche C Term Loan
  Facility -- Assigned B1 (LGD 3, 33%)

* US$750 Million 7.5-year Senior Secured Delayed Draw Term Loan
  1 Facility -- Assigned B1 (LGD 3, 33%)

* US$500 Million 7.5-year Senior Secured Delayed Draw Term Loan
  2 Facility -- Assigned B1 (LGD 3, 33%)

* US$980 Million Senior Cash Pay Notes due 2016 -- Assigned Caa1
  (LGD 5, 79%)

* US$1.330 Billion Senior Toggle Notes due 2016 -- Assigned Caa1
  (LGD 5, 79%)

* Existing Senior Unsecured Bonds -- Downgraded to Caa1 (LGD 6,
  91%) from Baa3

* Multiple Seniority Shelf -- Rating Withdrawn

* Outlook -- To Stable from Ratings Under Review

* Speculative Grade Liquidity Rating -- Affirmed SGL2

Issuer: Chancellor Media Corporation of Los Angeles

* Senior Unsecured -- Rating Withdrawn

Issuer: CCCI Capital Trust I

* Preferred Stock Shelf -- Rating Withdrawn

Issuer: CCCI Capital Trust II

* Preferred Stock Shelf -- Rating Withdrawn

Issuer: CCCI Capital Trust III

* Preferred Stock Shelf -- Rating Withdrawn

Clear Channel's B2 Corporate Family Rating reflects the
company's high debt-to-EBITDA leverage (8.2x pro forma for the
trailing twelve months ended March 31, 2008 and incorporating
Moody's standard adjustments) and the substantial interest
burden resulting from the US$24.5 billion leveraged buyout of
the company by private equity sponsors.  Moreover, the rating
incorporates the company's very modest free cash flow-to-debt
metric pro-forma for the completion of the buyout.  Somewhat
mitigating these high financial risks, however, are the dominant
scale of the company, its strong and leading market position in
the radio and outdoor advertising businesses within the U.S.,
good operating margins and substantial geographic diversity in
its domestic and international businesses.  Additionally,
Moody's believes that the financing structure -- including the
option to PIK interest on the US$1.33 billion senior unsecured
toggle notes, a US$2 billion revolving credit facility which is
expected to remain largely undrawn, US$1.25 billion of committed
delayed draw term loan facilities available to support the 2009
bond maturity and the 7.65% notes due 2010, and minimal required
term loan amortization until 2010 -- offers some noteworthy
flexibility to manage cash flows should earnings not meet
expectations.

The B2 rating also incorporates the weak prospects for the radio
industry, which Moody's believes is mature, faces strategic
threats from alternative media and is under secular and cyclical
pressures.  The outdoor advertising sector has had favorable
growth trends and is relatively more resilient but not
completely immune to the impact of the current economic
environment.  Notably, neither the ratings nor the rating
outlook incorporate the potential for a precipitous fall-off in
advertising and the company's revenue base stemming from a
severe economic downturn.

Moody's expects Clear Channel will generate positive (albeit
modest) free cash flow (assuming cash payment of interest on the
PIK toggle notes) over the intermediate term and utilize it to
moderately reduce debt.  Moody's also expects the company to use
proceeds from asset sales to pay down debt.

The Caa1 rating of Clear Channel's legacy senior notes that
remain outstanding reflects their subordination to the material
amount of the company's new senior secured credit facilities and
the new senior notes as the collateral package will be
structured so as to not trigger the equal and ratable clause
under the indentures governing the existing senior notes.

                 About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.  As of Dec. 31, 2007, it owned 717 core radio
stations, 288 non-core radio stations which are being marketed
for sale and a leading national radio network operating in the
United States.


CONGREGRATIONAL & GENERAL: S&P Cuts Counterparty Credit to BB+
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its counterparty
credit and insurer financial strength ratings on Congregational
& General Insurance PLC to 'BB+' from 'BBB-'.  At the same
time, S&P placed its 'BB+' rating on the company on CreditWatch
with negative implications.

"The downgrade primarily reflects poorer-than-expected
underwriting and investment performance, further deterioration
of the capital base, and management's high financial risk
tolerance.  The CreditWatch placement reflects uncertainty
regarding implementation of the stated company strategy," said
S&P's credit analyst Tatiana Grineva.

The ratings are constrained by Congregational & General's
marginal operating performance, marginal capital adequacy, and
marginal competitive position.  The ratings remain underpinned
by robust competitive position within its core, but very small
and diminishing, niche commercial property market.

Despite improvement, its underwriting performance to date, in
the current financial year, remains unprofitable and investment
returns were hampered by weak and volatile equity markets.  This
has led us to have serious doubts about the company's ability to
organically rebuild its capital.

The marginal capital adequacy of the company and its limited
financial flexibility present a real threat for the company to
survive further material operational losses.

The management's high financial risk tolerance, as evidenced by
a high level of investment leverage, is viewed as having an
overall negative impact on the rating.

S&P views the competitive position of the company as marginal.
This reflects S&P's view of the personal property account,
which is Congregational & General's largest book of business.
Nevertheless, it has a robust competitive position within its
core, but very small and diminishing, niche market of insuring
nonconformist Protestant churches in England and Wales.

The Company has, in the context of its agreed strategic
direction, identified major strategic alliances, which could
support its desire to grow and prosper, by way of a coinsurance
arrangement.  The management is in final discussion with
potential strategic allies.

"Standard & Poor's aims to resolve the CreditWatch placement
before the end of October 2008, after meeting with management
and receiving more in-depth information," added Ms. Grineva.

S&P will discuss with management, in detail, the future strategy
as well as plans for operating and capital improvements.  S&P
could affirm the ratings if Congregational & General can
demonstrate a sustainable strategy to deliver good operating
performance over the medium term and ability to successfully
rebuild its capital.  In contrast, S&P could lower the ratings
by up to two notches if the company does not deliver a
sustainable strategy.


DAWNAY DAY: Peter Klimt Quits Posts at Three Property Funds
-----------------------------------------------------------
Peter Klimt quit his posts at Dawnay, Day Treveria Plc, Dawnay,
Day Carpathian Plc, and Dawnay Shore Hotels plc.

                      Dawnay, Day Treveria

The Board of Dawnay, Day Treveria, on July 25, 2008, accepted
the resignation of Mr. Klimt as a non-executive Director of the
Company with immediate effect.

                    Dawnay, Day Carpathian

Mr. Klimt resigned as director Dawnay, Day Carpathian Plc, the
retail property investment company established to invest in
Central and Eastern Europe, on July 23, 2008.

                      Dawnay, Day Hotels

At a meeting of the directors of Dawnay Shore Hotels plc held on
Tuesday, July 22, 2008, Mr. Klimt and Guy Naggar tendered their
resignations as directors of the Company with immediate effect.
These resignations were accepted by the board.

The Company, on July 24, 2008, terminated the engagement of
Dawnay, Day Hotels Limited under the Portfolio Management
Agreement and has engaged Shore Capital Limited to provide the
services previously supplied by DDHL to the Company on the same
terms.  This appointment will take effect immediately.

Howard Shore has been appointed chairman of the Company and
Jonathan Paisner has been appointed to join the board as a
director, both appointments effective as of Tuesday, July 22,
2008.

The board of directors will propose a change of name of the
Company and a notice is being sent to shareholders to convene a
general meeting of the Company to approve the name change to
Puma Hotels plc.

                        Receivership

As reported in the TCR-Europe on July 21, 2008, creditors of
Dawnay Day, Group have appointed Shay Bannon, Toby Underwood and
Mark Shaw of BDO Stoy Hayward as joint administrative receivers
for Starlight Investment and Insureprofit, two of its property
companies.

Creditors opted to call in receivers after they resolved they
could no longer support the company-led restructuring under
Ernst & Young.

A property source said "the market for property assets
has been affected by the global credit crunch and Dawnay has
been hit hard."

Headquartered in London, Dawnay, Day is a diversified
international financial and property group.  Since 2004 Dawnay,
Day has four property funds, Puma (U.K. commercial property),
Dawnay Shore Hotels (U.K. hotels), Dawnay, Day Carpathian
(Eastern Europe) and Dawnay, Day Treveria (German) .  According
to the Times, the group has interests in more than 250
companies, through hundreds of subsidiaries and holding
companies, and owns and manages more than US$10 billion (GBP5
billion) worth of assets.


DAWNAY DAY: Carpathian Enters Into New Management Agreement
-----------------------------------------------------------
Dawnay, Day Carpathian Plc, the retail property investment
company established to invest in Central and Eastern Europe, on
July 28, 2008, confirmed, it has finalized the contractual
documentation giving effect to the formation of a new property
manager and has entered into a new management agreement.  The
finalization of the contractual documentation ensures the
continuity of the management team and severs the final links
with the Dawnay, Day Group.  The Company is intending to change
its name to Carpathian plc, and a circular will be sent to
shareholders shortly to approve this.

The newly-incorporated management company, Carpathian Asset
Management Limited is now formed.  Carpathian will now own
50 per cent of the share capital of CAM, higher than the
original 9.9 per cent mentioned in the announcement of July 14,
2008.  This enlarged shareholding enables Carpathian to benefit
from a corresponding share of future profits or surpluses. The
remaining 50 per cent will be owned by a newly-incorporated
company, which is owned by the two of the principals of Dawnay,
Day PanTerra, Carpathian's former property investment adviser,
namely Paul Rogers and Massimo Marcovecchio.

In addition, the Company has been successful in securing the
acquisition of the management assets formerly owned by DDPT from
the administrators  of certain members of DDG for GBP250,000.
CAM is being funded as to GBP100,000 by the Principals and as to
the remainder by the Company.  These acquired assets include
computers, servers, files and two 75 per cent holdings in Atrium
companies.  These are development companies funded and set up in
Hungary and Romania by DDPT with whom Carpathian had a
development agreement.  Additionally, CAM will acquire 100 per
cent of DDPT's Polish subsidiary Vidius Investments Sp. z o.o.,
which operates DDPT's Warsaw office and Central and Eastern
European asset management operations.

In addition the employees of DDG engaged in managing the
Company's portfolio are transferring to CAM.

Carpathian has also signed a new portfolio management agreement
and a new development management agreement with CAM.  Under the
new contracts Carpathian will pay for all the ongoing running
costs of CAM, the Atrium companies and Vidius so far as they
relate to the management of the Carpathian portfolio.  These new
contracts replace the previous portfolio management and
development management agreements which were terminated on 14
July 2008.  Under the previous portfolio management agreement
Carpathian paid 0.4% of the gross asset value of the portfolio
per annum to the manager.  Under the previous development
management agreement Carpathian agreed to pay the manager at a
rate of up to 5% of the construction costs of each development
project.  Most of the development projects were sub-contracted
to Atrium.

As originally disclosed in the admission document, dated July
20, 2005, the performance fee structure sits outside of the
management agreement and was not terminated on 14 July 2008.
The Principals, who own 40% of the Promote, have agreed to
allocate at least 10% of their interest for the benefit of CAM
employees engaged on Carpathian activities.  Negotiations with a
view to acquiring the balance of the Promote not held by the
Principals are expected to commence although finalization of
these negotiations could take many weeks.

Commenting on the acquisition, Rupert Cottrell, Chairman of
Dawnay, Day Carpathian PLC said:

"We are delighted with the deal set out in the announcement
which we feel is structured to give, in our view, the best value
to our shareholders.  This new portfolio management agreement is
very positive indeed and we look forward to continue working
with our existing team headed by Paul Rogers and Massimo
Marcovecchio.

"The employees of Carpathian Asset Management have a track
record of being one of the leading property teams focused in the
CEE region with their ability to deliver in a marketplace that
presents significant opportunities and I am confident that the
team will continue to add value for the shareholders of
Carpathian.  It is business as usual for the Company."

                        Receivership

As reported in the TCR-Europe on July 21, 2008, creditors of
Dawnay Day, Group have appointed Shay Bannon, Toby Underwood and
Mark Shaw of BDO Stoy Hayward as joint administrative receivers
for Starlight Investment and Insureprofit, two of its property
companies.

Creditors opted to call in receivers after they resolved they
could no longer support the company-led restructuring under
Ernst & Young.

A property source said "the market for property assets
has been affected by the global credit crunch and Dawnay has
been hit hard."

Headquartered in London, Dawnay, Day is a diversified
international financial and property group.  Since 2004 Dawnay,
Day has four property funds, Puma (U.K. commercial property),
Dawnay Shore Hotels (U.K. hotels), Dawnay, Day Carpathian
(Eastern Europe) and Dawnay, Day Treveria (German) .  According
to the Times, the group has interests in more than 250
companies, through hundreds of subsidiaries and holding
companies, and owns and manages more than US$10 billion (GBP5
billion) worth of assets.


ESSAY PRINT: Collective UK Buys Firm Out of Administration
----------------------------------------------------------
Essay Print has exited administration after being bought by
Collective UK for GBP4 million, Adam Hooker writes for
printweek.com.

According to the report, the company went into administration on
July 9, 2008.  Geoffrey Martin and Co were appointed as the
insolvency practitioner.

The report adds that Collective UK has taken Essay Print's Inca
Columbia flatbed large-format digital press business.

"What the new business does is lead us into large-format digital
printing – we would hope to hold on to the majority of Essay's
customer base.  We currently have around a GBP3.3 million
turnover and we will be geared to reaching GBP4 million in the
next 18 months," Tony Sidebottom, managing director was quoted
by printweek.com as saying.

All 20 staff of the company were absorbed by Collective UK, the
report said.

Based in Leeds, London, Essay Print is a printing press that
runs a Roland B2 five-colour with coater, a B2 Komori five-
colour, an SRA2 Lithrone four-colour, a Konica Minolta 6500 and
the Inca.  It also has a host of finishing equipment.


FREESCALE SEMICONDUCTOR: Posts US$184 Mln Net Loss in Q2 2008
-------------------------------------------------------------
Freescale Semiconductor Inc. reported US$184.0 million in net
loss for the second quarter ended June 27, 2008, compared with
US$288.0 million in  net loss in the corresponding period in
2007.

Net sales for the second quarter of 2008 were US$1.5 billion,
compared to US$1.4 billion in the second quarter of 2007.
Higher net sales were driven by a 41% increase in Cellular
Product net sales and 19% in Networking and Multimedia net
sales, partially offset by lower sales related to decreasing
production in the U.S. automotive industry.

The company reported an operating loss of US$137.0 million for
the second quarter of 2008, compared to an operating loss of
US$268 million during the second quarter of 2007.

Excluding reorganization of business charges and non-cash
purchase accounting expenses of US$371.0 million in the second
quarter of 2008, and US$427.0 million in the second quarter of
2007 related to the company's acquisition by a private equity
consortium in December 2006, operating earnings were US$234.0
million during the second quarter of 2008, compared to operating
earnings of US$159.0 million during the second quarter of 2007.

                       Six Months Results

Net sales were US$2.9 billion in the first half of 2008 compared
to US$2.7 billion in the first half of 2007.  Higher net sales
were driven primarily by a 29% increase in Cellular Product net
sales, and 8% in Networking and Multimedia net sales partially
offset by lower sales related to decreasing production in the
U.S. automotive industry.

The company had a net loss of US$429.0 million in the first half
of 2008 compared to a net loss of US$827.0 million in the first
half of 2007.

                Liquidity and Capital Resources

Cash, cash equivalents and short-term investments were
US$1.2 billion at June 27, 2008, compared to US$751.0 million at
Dec. 31, 2007.  Of the US$1.2 billion of cash and cash
equivalents and short-term investments held at June 27, 2008,
US$173.0 million was held by the company's U.S. subsidiaries and
approximately US$1.0 billion was held by the company's foreign
subsidiaries.

Capital expenditures were US$159.0 million for the first six
months of 2008, compared with US$164.0 million in the same
period of 2007.

Net cash used for financing activities was US$95.0 million and
US$22.0 million for the first half of 2008 and 2007,
respectively.

During the first half of 2008, the company utilized US$67.0
million to repurchase a portion of its outstanding Senior
Subordinated Notes, Fixed Rate Notes and Floating Rate Notes,
and US$28.0 million to make additional long-term debt and
capital lease payments.  Cash used for financing activities
during the first quarter of 2007 primarily consisted of long-
term debt and capital lease payments.

At June 27, 2008, the company had a senior secured credit
facility   that included (i) a US$3.5 billion term loan,
including letters of credit and swing line loan sub-facilities,
and (ii) a revolving credit facility with a committed capacity
of US$750.0 million.  The Term Loan will mature on Dec. 1, 2013.
The Revolver will be available through Dec. 1, 2012, at which
time all outstanding principal amounts under the Revolver will
be due and payable.

At June 27, 2008, approximately US$3.4 billion was outstanding
under the Term Loan, and there were no borrowings outstanding
under the Revolver.  The company had US$18.0 million in letters
of credit outstanding under the Revolver at June 27, 2008.

The company had an aggregate principal amount of approximately
US$5.8 billion in senior notes outstanding at June 27, 2008,
consisting of (i) US$492.0 million of floating rate notes
maturing in 2014, (ii) US$1.5 billion of 9.125% / 9.875% PIK-
election notes maturing in 2014 ("Toggle Notes"), (iii)
approximately US$2.3 billion of 8.875% notes maturing in 2014,
and (iv) approximately US$1.5 billion of 10.125% senior
subordinated notes maturing in 2016.

                         Balance Sheet

At June 27, 2008, the company's consolidated balance sheet
showed US$14.7 billion in total assets, US$11.9 billion in total
liabilities, and US$2.8 billion in total stockholders' equity.

The company's consolidated balance sheet at June 27, 2008, also
showed strained liquidity with US$3.1 billion in total current
assets available to pay US$9.3 billion in total current
liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 27, 2008, are available
for free at http://researcharchives.com/t/s?302d

                 About Freescale Semiconductor

Headquartered in Austin, Texas, Freescale Semiconductor Inc.
(NYSE: FSL) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.  The
company has design, research and development, manufacturing or
sales operations in more than 30 countries.

In Europe, the company has operations in Czech Republic, France,
Germany, Ireland, Italy, Romania, Turkey and the United Kingdom.
In Latin America, the company has operations in Argentina,
Brazil and Mexico.  Freescale is one of the world's largest
semiconductor companies with 2007 sales of US$5.7 billion.

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 15, 2008,
Fitch Ratings revised the rating outlook on Freescale
Semiconductor Inc. to negative from stable and affirmed these
ratings: (i) issuer default rating at 'B+'; (ii) senior secured
bank revolving credit facility at 'BB+/RR1'; (iii) senior
secured term loan at 'BB+/RR1'; (iv) senior unsecured notes at
'B/RR5'; and (v) senior subordinated notes at 'CCC+/RR6'.


LAWTEC LTD: Appoints Mark Granville Firmin as Liquidator
--------------------------------------------------------
Mark Granville Firmin of KPMG LLP was appointed liquidator of
Lawtec Ltd. (formerly LAWTEC (Development) Ltd.) on July 4,
2008, for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Lawtec Ltd.
         c/o KPMG LLP
         Quayside House
         110 Quayside
         Newcastle upon Tyne
         NE1 3DX
         England


LBV LTD: Names Philip Michael Lyon Liquidator
---------------------------------------------
Philip Michael Lyon of Mazars LLP was appointed liquidator of
LBV (Hereford) Ltd. (formerly Dish It Up Restaurant Ltd.) on
July 9, 2008, for the creditors' voluntary winding-up procedure.

The company can be reached at:

         LBV (Hereford) Ltd.
         c/o Mazars LLP
         Cartwright House
         Tottle Road
         Nottingham
         NG2 1RT
         England


MALTINGS RETAIL: Howard Smith leads Liquidation Procedure
---------------------------------------------------------
Howard Smith of KPMG LLP was appointed liquidator of Maltings
Retail Ltd. (formerly UNS Properties Ltd., United News Shops
Ltd., Post News Shops Ltd.) on July 4, 2008, for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Maltings Retail Ltd.
         c/o KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England


MERCIA PRINT: Taps Niel Price to Liquidate Assets
-------------------------------------------------
Nigel Price and Colin Prescott of Moore Stephens LLP were
appointed joint liquidators of Mercia Print & Packaging Ltd. on
July 7, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Mercia Print & Packaging Ltd.
         c/o Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham
         B3 1PB
         England


PACIFIC AND GENERAL: Scheme Creditors Must File Claims by Jan. 9
----------------------------------------------------------------
In the Matter of Pacific & General Insurance Company Limited
(in Liquidation) and in the matter of the companies Act 2006
Notice is hereby given that, by an Order dated June 26, 2008,
made in the High Court of Justice of England and Wales in the
matter of Pacific & General Insurance Company Limited (in
Liquidation) and in the matter of the Companies Act 2006 the
scheme of arrangement proposed to be made between the Company
and its Scheme Creditors pursuant to Part 26 of the Companies
Act 2006 which was approved by the Scheme Creditors at the
Meeting of Creditors held on June 9, 2008, was sanctioned.  A
copy of the Order was delivered to the Registrar of Companies in
England and Wales for registration on July 7, 2008, and the
Scheme became effective on that date.

Scheme Creditors that wish to claim in the Scheme must complete
and return their completed Claim Forms (together with supporting
information) in accordance with the instructions accompanying
the Claim Forms so as to be received by the Liquidators before
11:59 p.m. (Greenwich Mean Time) on Jan. 9, 2009.  Scheme
Creditors do not need to complete and return their Claim Form
(unless they wish to assert Projected Claims) if they ticked the
relevant box on the Vote Registration and Proxy Form indicating
that they wanted the same value submitted for voting purposes to
be also submitted as a Scheme Claim.  Scheme Creditors wishing
to assert Projected Claims must submit a Claim Form with
supporting information by the Bar Date.  If a Claim Form is not
received by the Liquidators by the Bar Date then, (except in
relation to Scheme Claims which have been agreed by the Company
and fallen due for payment on or before the Effective Date,
which have been included on a Claim Form prepared by the
Liquidators, but not returned by the Scheme Creditors and
received by the Liquidators before the Bar Date), the Scheme
Creditor shall not be entitled to assert, or receive payment in
respect of a claim against the Company.

Any person believing himself to be a Scheme Creditor who is
unclear about or has any queries regarding the Scheme,
the completion of the Claim Form this Notice, or the action they
are required to take, should contact:

          LCL Insurance Services Limited
          Attn: Michael Tolhurst
          Cornhill House
          32 Cornhill
          London
          EC3V 3SG
          England
          Tel: +44 (0) 20 7398 5600
          Fax: +44 (0) 20 7623 4352
          E-mail: pacific.general@lcl-group.com

Copies of the Scheme and the explanatory statement required to
be provided to creditors pursuant to Section 897 of the
Companies Act 2006 and of this notice can be obtained from
http://www.gt-pandg.com/. Alternatively, upon request, these
documents may be obtained on CD or in hard copy from Michael
Tolhurst of LCL.


PAL REALISATIONS: Brings in Liquidator from KPMG
------------------------------------------------
Richard Dixon Fleming of KPMG LLP was appointed liquidator of
PAL (2112) Realisations Ltd. (formerly Pendle Aerofoam Ltd.) on
July 4, 2008, for the creditors' voluntary winding-up procedure.

The company can be reached at:

         PAL (2112) Realisations Ltd.
         c/o KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England


PDC ASSETS: Calls in Liquidator from KPMG
-----------------------------------------
Howard Smith of KPMG LLP was appointed liquidator of PDC Assets
Ltd. (formerly PDC Engineering Ltd.) on July 4, 2008, for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         PDC Assets Ltd.
         c/o KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England


PDC CONSTRUCTION: Hires Liquidator from KPMG
--------------------------------------------
Howard Smith of KPMG LLP was appointed liquidator of PDC
Construction Ltd. (formerly  Power Distribution & Civil
Engineering Construction Ltd., Power Distribution Contractors
Ltd.) on July 4, 2008, for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         PDC Construction Ltd.
         c/o KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England


MCNULTY OFFSHORE: Appoints Liquidator from KPMG
-----------------------------------------------
Mark Granville Firmin of KPMG LLP was appointed liquidator of
McNulty Offshore Contractors Ltd. (formerly Petalprint Ltd.) on
July 4, 2008, for the creditors' voluntary winding-up procedure.

The company can be reached at:

         McNulty Offshore Contractors Ltd.
         c/o KPMG LLP
         Quayside House
         110 Quayside
         Newcastle upon Tyne
         NE1 3DX
         England


RAVINE LIFESTYLE: Brings in Joint Administrators from Deloitte
--------------------------------------------------------------
Lee Manning and Nick Edwards of Deloitte, the business advisory
firm, have been appointed joint administrators to Ravine
Lifestyle Limited.  The company entered administration on
July 24, 2008.

Ravine Lifestyle employs seven people and is the holding company
for seven separate special purpose vehicles each financing the
development of either two or three bedroom flats in the Camford
Cliffs and Lilliput area of Poole in Dorset.  Currently only two
developments are complete and on the market.

Lee Manning, Partner in Deloitte's Reorganisation Services
practice and joint administrator, said:  "We are continuing to
trade the business as a going concern with a view to completing
the developments and marketing the flats individually to members
of the public."


RE-COOL LTD: Brings in Liquidators from Mazars
----------------------------------------------
Tim Alan Askham and Robert David Adamson of Mazars LLP were
appointed joint liquidators of Re-Cool Ltd. on  July 16, 2008,
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Re-Cool Ltd.
         Mazars LLP
         Merchant Exchange
         Whitworth Street West
         Manchester
         M1 5WG
         England


UJIMA HOUSING: Bad Mg't. Responsible for Collapse, Inquiry Says
---------------------------------------------------------------
The Housing Corporation, on July 28, 2008, published the report
of the independent Inquiry into the circumstances surrounding
the collapse of Ujima Housing Association.

Peter Dixon, Chairman of the Housing Corporation said, "The
Housing Corporation Board is determined that we should properly
understand the circumstances surrounding Ujima's insolvency.  We
-– and the sector more widely –- should learn lessons from what
occurred.  This report reinforces the importance of strong
governance and effective financial management within housing
associations.  And it provides a firm basis for ensuring that
the future regulation of the housing association sector is as
robust and effective as possible.

"We note from the conclusion of the report that the primary
responsibility for Ujima's collapse was its own bad management
and ineffective Board, but that it is possible that Ujima might
have been able to avoid insolvency, or at least have had more
time in which to exercise choice and consult with its tenants
and stakeholders in reaching a solution to its problems, had the
Corporation intervened at an earlier stage.

"We welcome the report's recognition of the Corporation's
success in acting swiftly to ensure that –- when Ujima went into
insolvency -– no tenants lost their homes, no tax payers' money
was lost and lenders were successfully protected."

The report highlights areas where the Housing Corporation could
have acted differently in the way it dealt with Ujima, in
particular in relation to the speed with which it took
regulatory action in late 2006 and early 2007, and –- more
generally -– in relation to the handling of allegations and the
Corporation's approach to dealing with an unco-operative RSL.
It also highlights the new, more graduated, regulatory powers
that will be exercised by the Tenant Services Authority, which
might have provided a wider range of possible interventions, had
they been available to the Housing Corporation at the time.

Steven Douglas, Chief Executive of the Housing Corporation, who
ordered the review, has already put in place a number of changes
since Ujima to address these issues, which have been endorsed by
the report.

"We are determined to learn the lessons from this independent
Inquiry, and welcome the Inquiry report's endorsement of the
changes we have made to our systems and processes in the light
of our experience handling Ujima," said Mr. Douglas.

According to Mr. Douglas, the fundamental changes to the way the
Housing Corporation will regulate going forward fall into five
main areas:

   1. We have strengthened the management of regulation and
      introduced a new Regulation Leadership team to oversee all
      our regulatory activity, which meets monthly. This will
      help ensure going forward that we deliver effective and
      cross-regional peer challenge;

   2. We have changed the management arrangements for
      supervision so that, working with regional teams, there
      is icebergs oversight, and built-in quality assurance, of
      any decision to change an HCA traffic light from green to
      amber or red;

   3. We have conducted a review of every association owning
      over 1,000 homes to confirm that our regulatory strategy
      remains appropriate and that our risk classification is
      correct;

   4. For our next round of annual viability reviews we will be
      instituting external review of outcomes to ensure that our
      judgments are robust, accurate and consistent; and

   5. We have reviewed our approach to whistle blowing to ensure
      that when allegations come in, they are routed through a
      central point to enable them to be dealt with effectively
      and consistently, and the result of investigations
      followed through.

Mr. Douglas further added, since the report was commissioned, we
have instituted regular monitoring of the impact of the current
credit crunch on associations businesses, the results of which
we are publishing regularly.

A detailed list of the 17 changes the Housing Corporation is
making to processes and structures is appended to this
statement.

"As a result of these reforms, we have fundamentally
strengthened our regulatory systems and processes and our
regulation of the industry will be stronger as a result.  Most
importantly, the social housing sector will be even stronger,
with lenders receiving greater levels of reassurance, which is
much needed in these difficult economic times," said Mr.
Douglas.

"We are determined to learn from the experience of Ujima.  We
will study the report in detail, as will those working to
establish the new Tenant Services Authority.  Where there are
further lessons to learn, our aim will be to ensure they are
embedded in future approaches to housing regulation."

                       Background

Ujima was placed under Housing Corporation regulatory
supervision in October 2007 because of concerns about its
governance.  Following this move it became clear that Ujima were
in very severe financial difficulties and the Board of Ujima
subsequently agreed that its financial difficulties were such
that it could not sustain an independent future.

The Housing Corporation worked closely with the Board of Ujima
to identify a solution which would address these problems which
involved transferring the stock of Ujima to a large London-based
association with sufficient financial capacity to manage this
situation and a good track record of high quality services to
tenants.  This proposal was unanimously supported by Ujima's
Board but was not supported by the required 75% majority of
Ujima's shareholders at a meeting on Dec. 17, 2007.

Following the rejection of the Board's proposal, Ujima sought a
winding up Petition from the Court on Dec. 20.

                About The Housing Corporation

The Housing Corporation -- http://www.housingcorp.gov.uk/--
is responsible for regulating housing associations, which
provide some two million homes across England.  The Housing
Corporation is the Government's national affordable homes
agency, responsible for investing in new affordable homes and
regulating nearly 2,000 housing associations across England.

                    About Ujima Housing

Ujima Housing Association -- http://www.ujimagroup.org.uk/--
managed around 4,600 homes, mainly in London.  Ujima was founded
in 1977 to tackle the housing problems facing young, black
single men and women in London.


WASTE POINT: Taps Liquidator from KPMG
--------------------------------------
Richard Dixon Fleming of KPMG LLP was appointed liquidator of
Waste Point Ltd. on July 4, 2008, for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Waste Point Ltd.
         c/o Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


WRAPIT: In Talks with Banks and Advisers to Avert Administration
----------------------------------------------------------------
Wrapit is in talks with banks and advisors in an attempt to save
the company from going into administration, Stuart Arnold of the
Northern Echo reports.

"We do not want to go into administration and want to come to a
solution to secure the business and then we can fulfill our
customers with their gifts," Wrapit marketing head Sarah Fawkner
was quoted by the Northern Echo as saying.

Ms. Fawkner, however, is optimistic that there was "a realistic
chance" it could still fulfill outstanding orders, the report
notes.

The report relates Wrapit's previous deals with investors
collapsed at the last minute.

According to the report, Wrapit, which handles about 2,500 to
3,500 wedding lists a year, ran into financial difficulties
after being hit by the credit crunch and the downturn in the
retail market.

A Wrapit spokesman told yourcanterbury.co.uk "our bankers HSBC
have held GBP1 million of our money which would otherwise have
been devoted to fulfilling our orders," adding "we are working
with our advisors, KPMG, to resolve this situation and will make
further announcements in due course."

Meanwhile, the report says, Wrapit disclosed there will be
delays in delivering items to customers.

Wrapit is a wedding gift list provider.  The company employs
about 100 full-time and part-time staff.  It has 15 showrooms
across the U.K. and a central warehouse in Acton, west London.


* European Project Finance Portfolio Remains Robust, S&P Reports
----------------------------------------------------------------
The stable performance typical of project finance assets is
continuing to hold up in spite of ongoing turmoil in the credit
markets, the economic downturn, and negative rating actions
taken on the monoline bond insurers, says a research report
published July 28, 2008, by Standard & Poor's Ratings Services.
Titled "Credit Quality Of European Infrastructure Projects
Remains Healthy Despite Market Volatility," the report reveals
that about 92% of S&P's European and Middle Eastern project
finance portfolio was rated at investment-grade level as of June
16, 2008.

"Most project finance rating actions in 2008 to date relate to
rating actions on the monolines and have not directly affected
Standard & Poor's underlying ratings (SPURs), which reflect our
opinion on projects' stand-alone creditworthiness," said S&P's
credit analyst Beata Sperling-Tyler.  "In most cases, the
insured debt rating remains higher than the SPUR.  However, the
downgrade of Financial Guaranty Insurance Co. and FGIC UK Ltd.
to 'BB/Watch Neg' and XL Capital Assurance (U.K.) Ltd. to
'BBB-/Watch Neg' means that for the first time, the SPURs on
eight projects are higher than the related insured rating."

As the report points out, S&P does not expect significant
changes to the underlying ratings on most projects, as reflected
in the stable outlooks on about 83% of SPURs.  Of those SPURs
with a negative outlook, the main reasons for any subsequent
downgrade are likely to be further delays to construction,
declining operational and/or financial performance, or a
deterioration in the relationship between the project and its
public sector counterparty.

The report covers project finance assets in U.K. public-private
partnerships and private finance initiatives, as well as the
energy, oil and gas, and wind sectors.


* S&P Says U.K. Mortgage Borrowers Face Likely Negative Equity
--------------------------------------------------------------

With U.K. house prices continuing to fall, a significant number
of U.K. mortgage borrowers could fall into negative equity,
about 1.7 million by its estimation, according to a report
published by Standard & Poor's Ratings Services.

"The downward trend in U.K. house prices now seems well
established, and we expect prices to continue falling in the
near term," said S&P's credit analyst Andrew South.  "In a
separate article published today, our economists forecast a
further drop of around 17% before prices flatten off in 2009."

S&P has researched the risk of negative equity under various
house price scenarios, and estimate that:

  -- The average U.K. mortgage has a loan-to-value (LTV) ratio
     of only around 54%.

  -- Nevertheless, around 70,000 or 0.6% of U.K. borrowers are
     currently in negative equity.

  -- A further house price decline of 17% would raise this
     number to around 1.7 million (14%).

  -- Borrowers in the buy-to-let and nonconforming sectors are
     more exposed to negative equity under this house price
     decline assumption.

S&P's research is based on a cross-sectional sample of over two
million outstanding mortgage loans from the pools backing
residential mortgage-backed securities (RMBS) and covered bond
transactions that S&P rates.

"House price declines and rising LTV ratios generally are an
indicator of rising mortgage credit risk, and are therefore an
important factor in our rating analysis for RMBS notes," Mr.
South said.  "Ratings on both junior and senior notes could
therefore be sensitive to house price deflation, which we have
explored further in our recently published scenario analyses."


* S&P Expects Downturn in U.K., Spanish & Irish Housing Markets
---------------------------------------------------------------
The risks posed by high levels of household indebtedness among
European economies are thrown into sharp relief by the collapse
in the U.K., Spanish, and Irish housing markets, says a research
report titled "European Economic Forecast: Boom Turns To Bust In
Exposed Housing Markets," published by Standard & Poor's Ratings
Services.

"Europe's housing markets have enjoyed a spectacular boom in the
past eight years, at levels closely comparable with that in the
U.S.," said S&P's chief economist for Europe, Jean-Michel Six.
"Yet, levels of household indebtedness vary considerably across
European economies.  On the one hand, there are countries with
outstanding mortgage debt exceeding 50% of GDP such as Denmark,
The Netherlands, the U.K., Spain, and Ireland.  On the other
hand, Norway, Sweden, France, and Italy have relatively low
levels of debt in spite of the recent rise in their housing
markets."

As the report points out, the U.K. housing market is confronted
with two evils at the same time:  Affordability and
availability.  Since its peak in August 2007, the U.K. housing
market has been declining more rapidly than after the previous
peak in May 1989, when prices from peak to trough were down
13% in nominal terms.  This time, by contrast, prices are
already down 9.6% over the period from August 2007 to June 2008,
suggesting that the overall decline is likely to be far more
dramatic.  A 25% fall from the August 2007 peak would simply
bring the affordability ratio back to 4.4x earnings -- close
to where it was on average in 2000, when the current cycle
started to gather pace.  Such a drop is reasonable to allow
market fundamentals such as affordability to return to their
long-term averages.

This implies that prices are facing another 17% decline from
their June 2008 level, with a trough occurring around April or
May of 2009.  According to S&P's calculations, a 25% peak to
trough decline in house prices would place about 14% of
borrowers (around 1.7 million) into negative equity.  Compared
with the previous downturn in the late 1980s, this correction is
therefore likely to be much shorter, and more severe.

In Spain, a combination of higher interest rates, oversupply,
and a deteriorating economic climate all point to a prolonged
decline in house prices.  Unemployment in the construction
sector rose 70% in the 12 months to May 2008, while permits for
residential homes dropped 60% year-on-year in the first quarter
of 2008.  In contrast with S&P's projections for the U.K., Spain
could experience a longer correction, albeit leading to a
similar decline in house prices (about 25% peak to trough).

In Ireland, real residential construction spending fell by
around 25% in the first three months of 2008, but this was
outstripped by a decline of 55% in the number of housing starts,
suggesting that the slump is still gathering pace.  And house
prices? They fell 10% in the 12 months to May 2008, and are
down 12% from the peak reached in January 2007.  Here, S&P
expects a peak-to-trough decline, from January 2007 to December
2008, of slightly more than 20%.

The downturn in the U.K., Irish, and Spanish housing markets is
no surprise, but other European markets are also presenting
signs of easing.  This is particularly true of France. One of
the three fastest-growing markets in Western Europe between 2000
and 2008, the French housing market is likely set for a period
of stabilization or modest price declines.  Factors at work here
include a surge in inflation (1.6% over the first half of this
year), which, combined with lower growth in disposable incomes
(1.9%, compared with 2.5% in the second half of last year) will
slow purchasing power growth to a mere 0.3%.  Equally unhelpful,
the recent weakening of the sterling against the euro, and the
weak dollar, will weigh on demand from nonresidents.


* Insolvencies in the U.K. Up 17.5% in 1H 2008, Experian Says
-------------------------------------------------------------
Experian, the global information services company, revealed that
10,512 U.K. businesses failed in the first half of the year, a
17.5% increase compared to the same period in 2007.

According to Experian's Insolvency Report and Distress Index,
over half of these were recorded in quarter two.  Between
April 1 and June 30, 5,413 businesses went under, a 19.7%
increase compared to quarter two 2007, which saw 4,521 failures.

Twenty one of the 34 sectors Experian monitors saw increases in
business failures over the year to date compared to the same
period in 2007.  Key sectors impacted are Property (up 80.6%),
Banking and Financial Services (up 57.7%), Post and
Telecommunications (up 45.7%) and Agriculture (up 36.4%).

In terms of absolute numbers, the Business Services sector has
seen the largest number of failures in the year to date at
2,235, an increase of 15.1% on the first six months of 2007.
Meanwhile, the Building and Construction sector saw over 1,000
businesses fail compared to 867 in the same period last year.

Tony Pullen, Managing Director of Experian's Business
Information division, comments: "Insolvencies are currently
running at their highest level since the final quarter of 2006
and the indications are that the credit squeeze is taking hold
across more industry sectors.  On top of this, it is also the
second quarter-on-quarter increase in failures we have seen.
All these factors drive home the need for businesses to look to
minimize their exposure to risk and, therefore, the risk of
failure themselves."

                          Economic Impact

Matthew Sherwood, senior global economist with Experian,
comments: "The numbers for financial and banking services are
not surprising given that the credit crunch has plagued the
economy for the last year.  The bursting of the property bubble
is also having the expected impact.  However, given the major
fault lines in the consumer sector, we would expect failures in
wholesaling and non-food retailing, currently running at
increases of 18% and 8.5% respectively, to accelerate
significantly.  Things are going to get worse before they get
better."

                    Companies Failing in Q2 2008

High profile business failures over the last quarter have
included Silverjet, which went into administration with the loss
of 420 jobs.  Silverjet is the third business airline to go bust
in recent months after MaxiJet and Eos, underscoring the
challenges facing business carriers who are losing out to budget
airlines as organizations increasingly watch their travel costs.

Other failures, including Lancashire-based Sleep Depot, and
MKOne, highlight the pressure that already exists on the
retailing sector, which has seen 535 insolvencies so far this
year, as consumer confidence continues to slide and both high
street retailers and out of town shopping centers see a decline
in footfall.

                         Regional Overview

All but two of the 14 regions monitored by Experian saw an
increase in insolvencies to date in 2008 compared to the first
half of 2007.  Northern Ireland (up 74.8%), North East (up
46.7%) and the East Midlands (up 41%) are the three regions
bearing the brunt of the increased number of failures.  Only the
South West (down 2.1%) and Scotland (down 16.7%) have seen a
decrease in failures in the year to date.

Outside of the South East and London, business failures in
volume terms are running at their highest in the North West and
Yorkshire and the Humber.  Failures in the North West increased
by over a third to 1,451, while in Yorkshire and the Humber
failures rose by a fifth to 1,033.

The outlook: Experian's Commercial Delphi Distress Index
Analysing key industry sectors using the Commercial Delphi
Distress Index further highlights sectors on the critical list.
Commercial Delphi is a risk assessment tool that uses a blend of
integrated consumer and business data and sophisticated scoring
technology to derive a single score that predicts the likelihood
of business failure within the subsequent 12-month period.

According to the Index, twelve sectors are showing clear signs
of distress, displaying average industry Commercial Delphi
scores of between 25 and 50 indicating an above average risk of
failure for businesses in these sectors as a whole in the next
12 months.  Sectors feeling the stress include Post and
Telecommunications, Hotels and Leisure and Retail Trade – all
areas that would be impacted by any further decrease in consumer
confidence.


BOOK REVIEW: Working Together
-----------------------------
Title: Working Together: 12 Principles for Achieving
       Excellence in Managing Projects, Teams, and
       Organizations
Author:     James P. Lewis
Publisher:  Beard Books
Paperback:  208 pages
List Price: US$34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/158798279X/internetbankru
pt

Henry Berry of Turnarounds & Workouts said in December 2006:
Working Together is about the passionate implementation of a set
of management principles that were instrumental in the
development of new airplanes at the Boeing Company and, in
particular, the groundbreaking Boeing 777 aircraft.

The chief engineer of the Boeing 777 program when it was
undertaken in the early 1980s was Alan Mulally.  He was soon
promoted to general manager of the project and, in 1986, was
named president of Commercial Airplanes.  Mr. Mulally remained
with Boeing for 37 years, eventually leading Boeing Commercial
Airplanes to a turnaround that began in 1996.

And if the name sounds more than familiar, it should: in
September 2006, Ford Motor Company named Mr. Mulally as its new
President and CEO, citing his record of success during his long
tenure at Boeing.  Through all of those years, Mr. Mulally made
the "working together" principles and practices his gospel.  He
has been a vocal advocate of both the principles and this book
by James Lewis even during his highly visible transition to
Ford.

Working Together chronicles the application of Mulally's
leadership principles during his years at Boeing, especially
during the execution of the 777 project.  The 12 principles
espoused in "working together" comprise a management philosophy
that enabled Boeing "to dramatically increase production on all
of our airplanes, improve our entire production system, and
develop a number of new airplanes all simultaneously," as Mr.
Mulally notes in the Foreword to the book.

The value and effectiveness of working together is conveyed in a
dramatic way by the author.  Mr. Lewis introduces the high
stakes that Boeing faced in developing the 777.  At first, the
company bit off more than it could chew.  Fired by the
enthusiasms and passions of employees exemplified by Mr.
Mulally, Boeing pursued an ideal that exceeded its capacity to
meet.  At one point, Boeing had to "stop global production for
lack of parts."  Boeing was losing money, risking its future,
and disappointing its customers, investors, and employees.

But the roots of its problems were basically a lack of proper
preparedness and organization.  With Mr. Mulally in charge,
operations were revised according to the model of working
together.  Work processes were reinforced, reinvigorated, and
closely monitored.  Practices such as focused agendas for
meetings, clear assignments, communication among disparate
employee segments, solicitation of input, and keeping a project
on track, were implemented.

Boeing underwent a transformation from a company in danger of
permanently damaging its reputation and competence, to a company
that reaffirmed its preeminence in the field of airplane design
and production.

As he took over the reins at Ford, Mr. Mulally observed that
many of the challenges he addressed in commercial airline
manufacturing are analogous to the issues he will now face at
the car manufacturing giant.  He stated, "I'm looking forward to
working closely with Bill [Ford] in the ongoing turnaround of
this great company.  I'm also eager to begin engagement with the
leadership team.  I believe strongly in teamwork and I fully
expect that our efforts will be a productive collaboration."

James P. Lewis is President of Lewis Institute, Inc., a training
and consulting company specializing in project management, which
he founded in 1981.  He also teaches seminars on the subject in
the United States, England, and Asia.


                            *********

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

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

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

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

                            *********


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

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


                 * * * End of Transmission * * *