TCREUR_Public/080804.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, August 4, 2008, Vol. 9, No. 153

                            Headlines


A U S T R I A

KARL UND FRIEDERIKE: Claims Registration Period Ends August 14
SALK BAU: Claims Registration Period Ends August 14
SG. MAVIL LLC: Claims Registration Period Ends August 14
SOLIDUS LLC: Claims Registration Period Ends August 14
TONEX LLC: Claims Registration Period Ends August 12


B U L G A R I A

ANTENNA TV: Sells Nova TV Bulgaria to MTG for EUR620 Million

* Three to Four Black Sea Coast Hotels Go Bankrupt Every Week


F R A N C E

ALCATEL-LUCENT: S&P Shifts Outlook to Neg., Affirms BB-/B Rtngs
THOMSON S.A.: Moody's Lowers Corporate Family Rating to B1


G E R M A N Y

AMPEX CORPORATION Court Confirms Amended Joint Chapter 11 Plan
EPCOS AG: Inks Business Combination Agreement with Japan's TDK
EPCOS AG: TDK Tender Offer Cues S&P to Put Rating on Watch Pos.
ESCADA AG: Moody's Confirms B2 Corporate Family Rating
FRESENIUS SE: US$2.4BB Debt Issue Won't Affect Fitch's Ratings

GB WORLD: Claims Registration Period Ends August 11
GESELLSCHAFT ZUR: Claims Registration Period Ends August 11
GP CARGO: Claims Registration Period Ends August 13
GRAAFF TRANSPORTSYSTEME: Claims Registration Period Ends Aug. 11
LASER CARE: Claims Registration Period Ends August 11

LEAR CORP: Names William Mattingly VP for Global Electrical Biz
LULIGHT GMBH: Claims Registration Period Ends August 11
MARCANT-SANITAR-GMBH: Claims Registration Period Ends August 11
NEN-ELEKTRONIK GMBH: Claims Registration Period Ends August 11
OEKO-BAU GMBH: Claims Registration Period Ends August 11

PFLEIDERER AG: Revenue Up 3.5% to EUR917 Mln in 2008 First Half
PFLEIDERER: Moody's Reviews Ba2 CFR for Possible Downgrade
PREPS 2005-2: Fitch Puts 'B' Rated Notes Under Negative Watch
SON-TRANS GMBH: Claims Registration Period Ends August 12
STADTNET GMBH: Claims Registration Period Ends August 11

TECH-SOLUTIONS GMBH: Claims Registration Period Ends August 11
WAGGONBAU ELZE: Claims Registration Period Ends August 11
W + N SPANDAU: Creditors Meeting Slated for September 29


G R E E C E

ANTENNA TV: Sells Nova TV Bulgaria to MTG for EUR620 Million
ANTENNA TV: EUR620 Million Asset Sale Cues S&P's WatchDeveloping


I R E L A N D

ELAN CORP: Rating Unaffected by Drug Trial Results, S&P Says


I T A L Y

ALITALIA SPA: Net Debt Reaches EUR1.115 Billion at June 30, 2008
BERICA 6: S&P Puts BB Rating on Class D Notes on WatchNegative
PARMALAT SPA: UniCredit Group Settles for EUR271.7 Million
TISCALI SPA: Unit Partners with Equinix for European Expansion


K A Z A K H S T A N

AKSUSKOYE ATP: Creditors Must File Claims by September 17
AKTAU LAVA: Claims Deadline Slated for September 18
AZAMAT SERVICE: Claims Filing Period Ends September 17
BUILD LLP: Creditors' Claims Due on September 17
GEO MINING: Claims Registration Ends September 18

KAZ SPETS: Creditors Must File Claims by September 17
LAND OIL: Claims Deadline Slated for September 16
ONSHORE LLP: Claims Filing Period Ends September 17
ORDA NEFTEGAS: Creditors' Claims Due on September 16


K Y R G Y Z S T A N

STREITOS LLC: Creditors Must File Claims by September 4


L U X E M B O U R G

EVRAZ GROUP: Forms JV with MCC for Cape Lambert Iron Ore Project
STEEL CAPITAL: Fitch Rates US$1.25 BB Notes Due 2013 at 'BB'


N O R W A Y

CHC HELICOPTER: Extends Offer for 7-3/8% Notes to September 15


R U S S I A

BRIDGE CONSTRUCTION: Court Names V. Boldyrev to Manage Assets
CHUKOTSKOE GOLD: Creditors Must File Claims by August 28
COSMOS OJSC: Perm Bankruptcy Hearing Slated for October 31
CROCUS LLC: Court Starts Bankruptcy Supervision Procedure
DIAMOND LLC: Moscow Bankruptcy Hearing Slated for October 28

ENTERPRISE TAIRA: Court Names A. Bezmolenko to Manage Assets
EVRAZ GROUP: Forms JV with MCC for Cape Lambert Iron Ore Project
HOME CREDIT: S&P Puts B+ L-T Rating on US$250MM Proposed Notes
KORSHINOV-STROY-ETALON: Court Starts Bankruptcy Supervision


S L O V A K   R E P U B L I C

VALEANT PHARMACEUTICALS: Moody's Withdraws Low-B Ratings


S P A I N

* Fitch Says Spanish Consumer ABS Face Rising Credit Risks


S W E D E N

FORD MOTOR: Fitch Highlights Effect of Declining Resale Values
FORD MOTOR: S&P Cuts Rating to B- and Removes Negative Watch


S W I T Z E R L A N D

ANDREAS SCHILD: Aug. 17 Set as Deadline to File Proofs of Claim
BACOSYS LLC: Creditors Have Until Aug. 18 to File Claims
CMD MODEN: Creditors Must File Proofs of Claim by  Aug. 15
DWWI JSC: Deadline to File Proofs of Claim Set  Aug. 16
FIVE ASHES: Proofs of Claim Filing Deadline is  Aug. 15

GENERAL MOTORS: Fitch Details Effect of Declining Resale Values
GENERAL MOTORS: S&P Cuts Rating to B- on Mounting Cash Losses
H. FISCHBACHER: Creditors' Proofs of Claim Due by August 17
HESS KRANKENTRANSPORTE: Aug. 15 Set as Deadline to File Claims
INDATEX JSC: Creditors Must File Proofs of Claim by August 18

ISKY LLC: Deadline to File Proofs of Claim Set August 15
LALITA JSC: Proofs of Claim Filing Deadline is August 17
SEMGROUP LP: Wants to Access BofA's US$250,000,000 DIP Financing
SEMGROUP LP: Term Loan Lenders Assert Distinct Prepetition Liens
SEMGROUP LP: Bankruptcy Impacts Independent Oil Producers

SEMGROUP LP: Selects Weil Gotshal as Bankruptcy Counsel
SEMGROUP LP: Celtic, et al. Disclose Financial Exposures


T U R K E Y

ALBARAKA TURK: Fitch Holds 'BB-' LT Foreign Currency ID Rating
KUVEYT TURK: Fitch Holds LT Foreign Currency ID Rating at 'BB'
TURKIYE IS: Fitch Affirms 'B' Short-Term Foreign Currency IDR

* TURKEY: S&P Shifts Outlook to Stable, Affirms Low-B Ratings

U K R A I N E

ALFA BANK: Moody's Affirms Ba3 Long-Term Foreign Currency Rating


U N I T E D   K I N G D O M

CHRYSLER LLC: Mulling Foreign Auto Tie Ups to Slash Costs
CHRYSLER LLC: Fitch Highlights Effect of Declining Resale Values
CHRYSLER LLC: S&P Cuts Rating; Keeps Watch on Bank Lines Renewal
DAWNAY DAY: BDO Stoy Hayward Takes Control of Two Companies
EUROMANX AIRWAYS: Creditors Unlikely to Recover Investments

FGIC CORP: Fitch Junks Rating on US$325MM of 6% Senior Notes
FROSTFRENCH LTD: Goes Into Administration; Owes GBP4 Million
NUNEATON BOROUGH: Appoints Martin Coyne as Liquidator
RESLOC UK 2007-1: S&P Places BB/B Ratings on Negative Watch
SOLUTIA INC: Posts US$16Mln Net Loss for 2nd Qtr Ended June 30

SOLUTIA INC: Uncertainty Looms at Nylon Biz; Exploring Options
SOLUTIA INC: Registers 600 Million Stock and Debt Securities
SOLUTIA INC: ITC Probes Firms for Infringement of Flexys Patent
VONAGE HOLDINGS: Commences Tender Offer for 5% Convertible Notes

* S&P Reports U.K. Universities Face Risks Despite High Revenues
* U.K. Corporate Insolvencies Down 3.1% in 2Q 2008, PwC Says

* BOND PRICING: For the Week July 25 to July 29, 2008


                            *********


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


KARL UND FRIEDERIKE: Claims Registration Period Ends August 14
--------------------------------------------------------------
Creditors owed money by OG Karl und Friederike Mihelic have
until Aug. 14, 2008, to file written proofs of claim to the
court-appointed estate administrator:

         Peter Handler from Advocacy LLC Handler Rechtsanwalt
         Hauptplatz 33
         8530 Deutschlandsberg
         Austria
         Tel: 03462/4141
         Fax: 03462/414141
         E-mail: office@handler.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:15 p.m. on Aug. 21, 2008, for the
examination of claims at:

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

Headquartered in Wettmannstatten, Austria, the Debtor declared
bankruptcy on July 4, 2008, (Bankr. Case No. 26 S 78/08b).


SALK BAU: Claims Registration Period Ends August 14
---------------------------------------------------
Creditors owed money by LLC Salk Bau have until Aug. 14, 2008,
to file written proofs of claim to the court-appointed estate
administrator:

         Wolfgang Winkler
         Reisnerstrasse 32/12
         1030 Vienna
         Austria
         Tel: 715 50 45
         Fax: 715 50 474
         E-mail: office@anwalt-vienna.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Aug. 28, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1609
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 2, 2008, (Bankr. Case No. 6 S 94/08b).


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

         Clemens Richter
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: kanzlei@engelhart.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:15 a.m. on Aug. 28, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1609
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 3, 2008, (Bankr. Case No. 6 S 97/08v).


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

         Dr. Carl Knittl
         Porzellangasse 22a/7
         1090 Vienna
         Austria
         Tel: 532 47 77
         Fax: 532 47 77 50
         E-mail: rae@kniwi.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Aug. 28, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1609
         Vienna
         Austria
   
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 2, 2008, (Bankr. Case No. 6 S 92/08h).


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

         Dr. Franz Hofbauer
         Hauptplatz 6
         3370 Ybbs/Donau
         Austria
         Tel: 07412/52731
         Fax: 07412/52731-22
         E-mail: dr.hofbauer@wibs.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:50 a.m. on Sept. 2, 2008, for the
examination of claims at:

         The Land Court of St. Poelten
         Room 216
         2nd Floor
         St. Poelten
         Austria

Headquartered in Persenbeug, Austria, the Debtor declared
bankruptcy on July 8, 2008, (Bankr. Case No. S 106/08s).


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


ANTENNA TV: Sells Nova TV Bulgaria to MTG for EUR620 Million
------------------------------------------------------------
Modern Times Group MTG AB has signed an agreement to acquire
100% of Nova Televisia Bulgaria for EUR620 million in cash, on a
cash and debt free basis and subject to closing adjustments,
from Antenna Bulgaria, a member of the Kyriakou-owned Antenna
Group.

Nova Televisia Bulgaria was established in 1994 and owns 100% of
"Nova", the second most watched TV channel in Bulgaria, as well
as 80% of leading Bulgarian women's magazine "EVA".

The Nova commercial TV channel had an 18.2% share of viewing
amongst the target audience group of 18-49 year olds in the
first half of 2008, and an approximately 32.4% share of the
EUR 125 million Bulgarian net TV advertising market in 2007.  
Nova has an urban-focused, young and predominantly female
audience profile, and broadcasts a wide range of local content,
as well as successful international formats such as "Big
Brother", "CSI", "House", "Prison Break" and "Ugly Betty".  Nova
is broadcast under a national terrestrial free-TV license, as
well as on cable and satellite networks, and is available to 99%
of people meter panel households in Bulgaria.

MTG already operates the family of Diema channels in Bulgaria
through its 50% controlling interest in Balkan Media Group
Limited.  The Diema channels had a 10.0% combined share of
viewing (18-49) in the first half of 2008.  The transaction is
expected to yield significant synergies for MTG's Bulgarian TV
operations going forward, and to facilitate the further
development of MTG's "media house" approach in the Bulgarian TV
market.  The Bulgarian TV advertising market grew by 30% in 2007
and is expected to continue to demonstrate high levels of growth
in the coming years.  Nova Televisia Bulgaria generated a 54%
year on year increase in net sales to EUR42.0 (27.3) million in
2007, and a more than doubling of EBIT to EUR19.1 (8.1) million
with an increased operating margin of 45.5% (29.7%).

The acquisition will be financed from MTG's existing available
liquid funds and from new debt financing.  MTG is in the process
of arranging approximately SEK 3 billion of additional debt
funding, in order to fully finance the transaction and provide
continued flexibility for the Group.  MTG generated SEK2.0
billion of EBIT in 2007 and SEK2.4 billion in the first six
months of 2008 (including a SEK1.2 billion gain from the sale of
DTV Group Russia).

The transaction is subject to approval by the relevant
regulatory authorities and is expected to be completed within
approximately three months.

Hans-Holger Albrecht, President and CEO of MTG, commented:
"The acquisition is our largest to date, and substantially
strengthens our position in one of Europe's fastest growing and
most attractive broadcasting markets.  It further demonstrates
our commitment to expand our operations into high growth
emerging markets, and to extend our successful multi-channel
multi-country business model.  Nova has outperformed the growth
in the Bulgarian advertising market and generates healthy
margins.  Its market position as the primary challenger to the
incumbent, as well as the channel's complementary programming
mix and audience profile, fit well with our existing operations.
We look forward to further accelerating the channel's
development and capitalizing on its potential.

"The acquisition will create significant synergies for us as a
media house, as we already operate the Diema group of TV
channels in Bulgaria.  It will not only boost MTG's sales growth
and operating margins, but also accelerate our progress towards
the achievement of the five year strategic objectives that we
set last year.

"We have historically strengthened our balance sheet precisely
in order to have the financial flexibility to seize
opportunities such as this.  The gearing levels that will result
will optimize our overall capital structure, and are moderate
when compared with the strong cash flow generation from our
existing operations".

MTG is being advised on the acquisition of Nova Televisia
Bulgaria by JP Morgan.

Headquartered in Athens, Greece, Antenna TV S.A. --
http://www.antenna.gr/-- operates Antenna TV (the leading
television broadcast network and producer of television
programming in Greece), Antenna FM (a radio station in the
greater Athens area), and also has a 50% interest in Daphne, a
publishing company with a portfolio of 13 magazines.  Antenna
also owns 100% of Nova Television, one of only two private
national television networks in Bulgaria.

                       *      *      *

Antenna TV S.A. continues to carry 'B' long-term corporate
credit and senior unsecured debt ratings from Standard & Poor's
with negative outlook.  S&P affirmed the ratings on the group in
June 2008.


* Three to Four Black Sea Coast Hotels Go Bankrupt Every Week
-------------------------------------------------------------
Three to four hotels on the Black Sea coast in Bulgaria file for
bankruptcy every week, according to data gathered by the
Bulgarian State Agency for Tourism (SAT), Svetlana Guineva of
Sofia Echo reports.

Citing SAT head Aneli Kroushkova, the report relates that supply
is high and demand is low on the Black Sea coast, which saw 820
hotels being built in the first part of 2008.

Ms. Kroushkova said hotel owners could not meet their financial
obligations as hotels remained half-empty.  She said there were
hotels put up for sale.  However, no buyers have expressed
interest so far, the report says.

Ms. Kroushkova, the report adds, expects Bulgaria to buy out all
bankrupt hotels as what Spain did following the downturn in the
Spanish real estate market.


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


ALCATEL-LUCENT: S&P Shifts Outlook to Neg., Affirms BB-/B Rtngs
---------------------------------------------------------------
Standard & Poor's Ratings Services has revised to negative from
stable its outlook on France-based telecommunications equipment
supplier Alcatel Lucent.
     
At the same time, the 'BB-/B' long- and short-term corporate
credit ratings on Alcatel Lucent, the 'BB-/B-1' long and short-
term corporate credit ratings on subsidiary Lucent Technologies
Inc., and all issue ratings on both companies were affirmed.
     
At June 30, 2008, Alcatel Lucent had on-balance-sheet gross debt
of EUR5.5 billion, including the equity component of convertible
bonds.
     
"The outlook revision primarily reflects our concerns about the
slow pace of improvement of Alcatel Lucent's margins and the
group's large negative free cash flow," said S&P's credit
analyst Patrice Cochelin.
     
S&P is also concerned that Alcatel Lucent's announced management
changes could create further disruption for the company at a
time when operating performance remains weak and carrier demand
is softening.  Both Alcatel Lucent's non-executive chairman and
Chief Executive Officer will step down before year-end 2008.  A
new CEO is yet to be found.
     
S&P may downgrade the company by one notch if operating
performance (notably margins and cash flow generation) remains
weak -- in particular if prospects for a mid to high-single
digit adjusted operating margin in 2009 recede -- and if Alcatel
Lucent's liquidity position deteriorates unexpectedly.
     
"An outlook revision to stable would likely require steady and
meaningful sequential improvements in margins, and good
prospects for a sustainable return to free cash flow break even,
with the maintenance of a solid liquidity position," said Mr.
Cochelin.


THOMSON S.A.: Moody's Lowers Corporate Family Rating to B1
----------------------------------------------------------
Moody's Investor's Service downgraded the Corporate Family
Rating for Thomson S.A. to B1 from Ba2 and downgraded the junior
subordinated rating for Thomson's perpetual junior subordinated
bonds to Caa1 from B2 reflecting a LGD 6 loss given default
assessment given the deeply subordinated status of this
instrument.  The outlook has been changed to stable.

Oliver Giani, Senior Analyst at Moody's said: "Thomson's
financial results for the first half of 2008 have weakened with
regard to sales and profitability, which has further tightened
covenant headroom.  New management is expected to continue
executing on cost saving measures already identified with a view
to stabilizing Thomson's H2 performance more in line with the
same period in 2007, which would ensure continued covenant
compliance contained within its debt agreements.  Supported by
the relatively reliable license income and the usual fourth
quarter upswing in the cash generation of the systems and
services businesses, Thomson has the potential to contain its
deteriorating credit metrics below 6 times debt/EBITDA (pre-
restructuring charges) and keep interest cover comfortably above
3 times in 2008.  The B1 rating category, in which Thomson is
reasonably positioned, expects achievement of these metrics with
a modest free cash flow and no major asset write-down or
impairments in the current year."

So far in 2008, the benefits from past restructuring measures
have proven insufficient to offset the reduced business volumes
resulting in a 42% decline of operating profit to EUR43 million
and a EUR182 million net loss.  A further EUR248 million
reduction in equity as a result of the impairment of the stake
in Videocon Industries has also resulted in limited headroom
under Thomson's financial debt covenants.  Still, Moody's does
anticipate continued compliance, because of
   
   (i) a normalization in film processing and DVD replication
       after the end of the US writers strike,
  (ii) contract wins in access products and

(iii) stable license income, all adding to the cost saving
       measures that are being implemented and position the
       company for a stabilization in profitability and cash
       flows.

The three notch difference between Corporate Family Rating and
the junior subordinate rating for the EUR500 million undated
fixed- to floating rate notes issued in 2005 is one notch below
the outcome of Moody's Loss Given Default Rating Model to
reflect the increased risk of a coupon non-payment in addition
to the deeply subordinated status of this instrument ranking
junior to all other creditors except shareholders.

Even though Thomson's historic performance has been volatile, at
least seasonally, the rating outlook has been stabilized since
certain headroom has been incorporated into the rating to
accommodate modest deviation from our central scenario for the
trend in financial metrics, essentially in line with the
performance in H2, 2007.  Moody's B1 rating for Thomson expects
that the company will execute on its restructuring measures and
debt reduction and the overall simplification of the group. As
at June 30, 2008 the company also had 665 million of cash to
support the company's turnaround strategy.

Downgrades:

..Issuer: Thomson S.A.

....Probability of Default Rating, Downgraded to B1 from Ba2

....Corporate Family Rating, Downgraded to B1 from Ba2

....Junior Subordinated Regular Bond/Debenture, Downgraded to
Caa1 from B2

Outlook Actions:

..Issuer: Thomson S.A.

....Outlook, Changed To Stable From Rating Under Review

The last rating action for Thomson has been on July 16, 2008,
when Moody's placed the ratings under review for possible
downgrade.

Headquartered in Paris, France, Thomson is a leading provider of
technology, systems and service solutions for integrated media
and entertainment companies operating in three business
segments: Thomson's Services division offers end-to-end
management of services for the media and entertainment industry,
from finishing movie content (post-production) to content
replication of film and DVD and distribution.  The Systems
division provides professional broadcasting and network
equipment for TV stations and other network operators as well as
broadband access products.  The Technology division combines
Thomson's research and exploitation of its patent portfolio
through licensing programs.  In fiscal year 2007 the company
generated revenues from continuing operations of EUR5.6 billion.
For 6 months to June 30, 2008, the company generated revenues of
EUR2.2 billion.


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


AMPEX CORPORATION Court Confirms Amended Joint Chapter 11 Plan
---------------------------------------------------------------
The Hon. Arthur J. Gonzalez of the United States Bankruptcy
Court for the Southern District of New York confirmed the first
modified third amended joint Chapter 11 plan of reorganization
filed by Ampex Corporation and its debtor-affiliates on July 9,
2008.

The Debtors are expected to emerge from bankruptcy within the
next few months.  Upon emergence, the Debtors will have
deleveraged their capital structure and have access to new
funding that will be used, among other things:

  i) for general working capital purposes, and

ii) to repay a portion of their outstanding senior notes.

Furthermore, the Debtors will have financing in place, if
needed, to satisfy future pension contributions to their defined
benefit
plans.

As reported in the Troubled Company Reporter on July 24, 2008,
the Court granted the Debtors' request to modify their Third
Amended Joint Chapter 11 Plan of Reorganization dated June 8,
2008, and approved a proposed supplement to the disclosure
statement relating to the Plan, and other related relief.  

The plan was modified, among other things, to revise certain
terms relating to lump sum cash payment elections by holders of
unsecured claims and certain conditions precedent to
consummation of the Plan.  The Supplement contains a summary of
the modifications made to the Plan.

On July 9, 2008, the Debtors entered into a Plan Support
Agreement with the Official Committee of Unsecured Creditors.  
Under the PSA, the Committee agreed to support the Plan and to
urge holders of unsecured claims to vote to accept the Plan,
among other things.

As reported in the Troubled Company Reporter on June 12, 2008,
the Committee filed an objection to the Debtors' earlier
versions of the disclosure statement and plan.  The Committee
argued that the plan leaves unsecured creditors with minor
equity share in the reorganized Debtors.

As of March 30, 2008, the Debtors issued at least US$59.6
million of outstanding notes, wherein US$6.9 million represents
amounts due under an agreement dated Feb. 28, 2002, as amended,
entered into between the Debtors and U.S. Bank, National
Association.  Under the agreement, the Debtors issued 12% senior
secured notes due 2008, which are secured by liens on the
Debtors' future royalty receipts.  The remaining US$52.7 million
of outstanding indebtedness represents Hillside Capital
Incorporated Notes that were issued in connection with its
satisfaction of required contribution obligation under the
pension plans -- Ampex Corporation Retirement
Plan and Quantegy Media Retirement Plan.

The pension plans will not be terminated under the Debtors'
Plan.  The Debtor will continue to fund the pension plans in
accordance with the minimum financing standards under the
Internal Revenue Code and the Employee Retirement Income
Security Act of 1974.  The Debtors anticipate making pension
plan contributions of at least US$52.9 million by 2013.  As of
Dec. 31, 2007, both pension plans were underfunded by US$57.7
million in the aggregate.

The First Modified Third Amended Plan classifies claims against
and interest in the Debtors in eight classes.  The
classification and treatment of claims and interests are:

              Treatment of Claims and Interests

             Type of                      Estimated   Estimated
Class         Claims           Treatment   Amount      recovery
-----         -------          ---------   ---------   ---------
unclassified  Administrative               US$100,000    100%
              Expense Claims

unclassified  Fee Claims                   US$2,900,000  100%

unclassified  Priority Tax                 US$200,000    100%
              Claims

1             Priority Non-    unimpaired  US$0          100%
              Tax Claims

2             Senior Secured   impaired    US$6,900,000  
              Note Claims

3             Other Secured    unimpaired  US$0          100%
              Claims

4             Hillside         impaired    US$11,000,000 100%
              Secured
              Claims

5             General          impaired    US$51,600,000 10%
              Unsecured
              Claims

6             Existing Common  impaired    US$0          0%
              Stock

7             Existing         impaired    US$0          0%
              Securities      
              Laws Claims

8             Other Existing   impaired    US$0          0%
              Interests

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

Holders of claims in classes 2, 4 and 5 are entitled to vote to
accept or reject the Plan.

A full-text copy of the First Modified Third Amended Joint
Chapter 11 Plan of Reorganization dated July 9, 2008, is
available for free at:

             http://ResearchArchives.com/t/s?3049  

A full-text copy of the Third Amended Disclosure Statement dated
June 8, 2008, is available for free at:

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

A full-text copy of the Supplement to the Disclosure Statement
with Respect to First Modified Third Amended Joint Chapter 11
Plan of Reorganization, dated July 14, 2008, is available for
free at:

              http://researcharchives.com/t/s?2fcc    

A full-text copy of the Plan Support Agreement dated July 9,
2008, among the Debtors and the Committee is available for free
at:

              http://researcharchives.com/t/s?2fce    

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

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

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


EPCOS AG: Inks Business Combination Agreement with Japan's TDK
--------------------------------------------------------------
TDK Corporation and EPCOS AG have signed a Business Combination
Agreement that would merge the companies' activities in the
electronic components field.

The combination will create an industry-leading electronic
components company with a strong presence across customer
sectors and regions.  The BCA contains the basis of the
partnership and the road map for its implementation.

As a first step, TDK will launch a public tender offer for all
outstanding shares of EPCOS and will offer EPCOS' shareholders
EUR17.85 in cash per share.  The offer price represents a
52% premium over the three-months average closing share price on
the Frankfurt Stock Exchange (Xetra) prior to the date of this
announcement and a 29% premium over the closing price (Xetra) on
July 30, 2008. Based on the number of EPCOS shares outstanding,
this offer would value EPCOS at around EUR1.2 billion equity
value.

Including net financial liabilities, pension obligations and
minority interests this implies an enterprise value for EPCOS of
around EUR1.4 billion.  TDK currently holds around 2.5% of the
current registered share capital of EPCOS and has secured
delivery of a further around 7.0%.

The offer document is expected to be published after approval by
the German Federal Financial Supervisory Authority (BaFin –
Bundesanstalt fuer Finanzdienstleistungsaufsicht) during August
2008.  The offer is subject to certain conditions, including a
50% plus one share minimum acceptance threshold on a fully
diluted basis, and regulatory approvals.  TDK expects the offer
to close by October.  It is intended that the all-cash
transaction will be financed by a bridge loan.

Following the successful completion of the public tender offer,
TDK will immediately begin the process of carving out its
relevant passive components business.  The objective is to
combine this business with EPCOS' business under a new company,
provisionally named TDK EP Components KK.  This corporate
separation is subject to the approval of TDK's general
shareholders' meeting.

                       Continuity Assured

The parties have agreed that the Board of Directors of the new
company will consist of three representatives from TDK and two
from EPCOS and will oversee the management of the combined
passive components businesses of TDK and EPCOS.  Basic
structural changes within EPCOS will require the support of all
new company Board Members.

The new company Board of Directors is committed to EPCOS'
employees and customers and will preserve EPCOS' existing
headquarters.

The well-established TDK and EPCOS brands will continue to be
used in the future.

                 Combination to Create Benefits

"With the signing of the BCA, we are pleased to have reached an
important milestone on the road to a promising joint future,"
said Takehiro Kamigama, President and COO of TDK.  "The
customers, employees and shareholders of both companies will
benefit from the combination of these two outstanding components
companies which have decided to conduct their future business in
the spirit of a merger of equals.  Our very attractive offer
presents full and immediate value to the shareholders of EPCOS."

The Supervisory Board and the Management of EPCOS are fully
supportive of the transaction and are expressly committed to
EPCOS joining TDK.

"TDK is one of the world's most successful components companies
and is an excellent partner for us," explained Klaus
Ziegler, Chairman of EPCOS' Supervisory Board.  "With this
strategy-oriented and financially strong majority shareholder,
our company will noticeably gain standing and create an
especially solid basis for future success."

Combining the components businesses will enable both companies
to concentrate more intensely on strengthening competitiveness
and enhancing enterprise value.

"The combination will create an industry-leading global player,"
said Gerhard Pegam, President and CEO of EPCOS.

The outlook is very promising given that the components
activities of TDK and EPCOS barely overlap and complement each
other very well. That holds true technologically as well as with
respect to the industries served and the geographical footprint
of both parties.

"TDK is well established primarily in Asia, the largest growth
region, as well as in all application areas, particularly in
consumer electronics and IT," noted Mr. Kamigama.  "The
especially strong position of EPCOS in Europe in the growth
markets of automotive and industrial electronics and its global
importance in mobile communications constitute an excellent fit.
In addition, we expect synergy effects in R&D, purchasing and
sales.  Overall, the highly complementary nature of the
businesses will create attractive opportunities for the
employees and customers of both groups."

TDK is looking forward to joining forces with management team
and employees of EPCOS who will bring their highly valued
commitment, experience and creativity into the partnership
and work together with TDK for a successful future.

                            About TDK

TDK is a leading global electronics company based in Japan.  It
was established in 1935 to commercialize "ferrite", a key
material in electronics and magnetic products.  TDK's current
product line includes ferrite materials, electronic components,
wireless computer networking products, magnetic heads for HDD,
and advanced digital recording media.

                         About Epcos

Headquartered in Munich, Germany, Epcos AG --
http://www.epcos.de/-- produces and supplies electronic
components and modules.  Its product portfolio includes
multilayer ceramic components, capacitors, piezo actuators,
thermistors, varistors, sensors and sensor systems, surge
arresters, switching spark gaps, inductors, chokes and
transformers.   

                         *     *     *

Epcos AG carries BB+ short- and long-term corporate credit
ratings from Standard & Poor's, which said the outlook is
stable.


EPCOS AG: TDK Tender Offer Cues S&P to Put Rating on Watch Pos.
---------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with positive implications its 'BB+' long-term corporate credit
rating on Germany-based passive electronic components
manufacturer EPCOS AG.
     
The CreditWatch placement reflects the announcement by
Japan-based TDK Corp. (AA-/Watch Neg/A-1+) that it will launch a
public tender offer for all outstanding EPCOS shares at EUR17.85
in cash per share, representing an enterprise value of about
EUR1.4 billion, including pension liabilities.  The offer is
subject to certain conditions, including a 50%-plus-one-share
minimum acceptance threshold on a fully diluted basis, and
regulatory approvals.  TDK expects the offer to close by
October.  Following the successful completion of the offer, TDK
plans to carve out its combined passive components business
(including EPCOS' business) into a new company.
     
The ratings on TDK have been placed on CreditWatch with negative
implications following the announcement -- indicating that a one
notch rating downgrade is possible -- given the expected
deterioration of its financial position.
     
"If the tender offer is successful, EPCOS is likely to be
upgraded several notches to an investment-grade rating," said
S&P's credit analyst Matthias Raab.
     
"A rating equalization with TDK is possible but not certain at
this stage, as it would depend on certain factors such as the
percentage of shares tendered to TDK, the expected long-term
ownership of the newly formed company by TDK, and the level of
financing support from the latter," said Mr. Raab.
     
S&P expects to resolve the CreditWatch on EPCOS at the same time
as that on TDK, which will likely be after the end of the tender
offer.


ESCADA AG: Moody's Confirms B2 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service has confirmed ESCADA AG Corporate
Family Rating and senior unsecured rating on the notes due 2012
to B2 (LGD3, 47%).  The rating action concludes the review
process initiated on June 23, 2008 when the company announced
the second profit warning in less than three months.  The
outlook on the ratings is left to negative.

The rating confirmation reflects the relief on the company's
liquidity profile following the announced signing of a new EUR90
million bank facility and a EUR50 million capital injection.
According to Paolo Leschiutta, lead analyst at Moody's Investors
Service for ESCADA, "Moody's expects the company's operating
performance during the current financial year to remain under
pressure given the current market conditions, however the
recently announced measures partially remove the concerns on the
company's liquidity profile".  The analyst added: "Moody's
recognizes the effort and the progress the company is making in
restructuring its operations, however current soft consumer
spending in key reference markets is likely to heighten the
execution risk associated with the ESCADA Excellence program".
Profitability and key credit metrics, such as financial leverage
and fixed charge coverage, are likely to remain weak even for a
B2 rating over the intermediate term, at time when free cash
flow generation will be also under pressure given the lower
expected cash flow from operation in conjunction with the
planned investments by the company.

The negative outlook reflects Moody's view that 2008 will remain
a year of transition for ESCADA as the pressure on top line and
the relative high operating leverage of Group's activities
reduce the company's flexibility and that, as a consequence,
profitability is likely to remain under pressure beyond October
2008 as the company implements its restructuring program.  The
outlook also reflects the current economic conditions and the
fact that consumer spending is likely to remain low over the
intermediate term.  The outlook could be changed to stable
following the clear evidence of improvements in operating
margins and successful implementation of the restructuring
program.

Additional erosion in operating performance declining below new
company estimates and deterioration in working capital
management that had to lead to financial leverage, measured as
Debt to EBITDA, to exceed 6x and fixed charge coverage, measured
as (EBITDA - Capex) to Interest Expenses, below 1x on a
sustained basis could result in further negative pressure on the
rating.  Ratings could be also downgraded in case the new bank
facility, maturing December 2009, is not refinanced in a timely
manner or in the case of a change in Moody's perception of
current market conditions.

The following ratings have been confirmed:

* Corporate Family Rating of B2;

* Senior Unsecured rating on the EUR 200 million notes due 2012   
  of B2 (LGD3, 47%);

ESCADA, headquartered in Munich, is one of the leading European
manufacturers and distributors of ready-to-wear luxury apparel
for women.  In the financial year ended Oct. 31, 2007, the
company reported consolidated sales of EUR686 million and EBITDA
of EUR68.2 million.  As at half year April 30, 2008, the company
reported consolidated sales of EUR295.6 million and EBITDA of
EUR19.3 million.


FRESENIUS SE: US$2.4BB Debt Issue Won't Affect Fitch's Ratings
--------------------------------------------------------------
Fitch Ratings says it does not expect Fresenius SE's planned
issuance of US$2.4 billion of secured debt to have any impact on
the 'BB' senior unsecured ratings of both the company and its
main rated subsidiary, Fresenius Medical Care AG Co. KGaA.

The total debt issue includes a five-year term loan A of
US$850 million, a six-year term loan B of US$900 million and a
revolver of US$650 million.  Both the term loans and US$150
million of the revolving facility will be used to finance
Fresenius SE's acquisition of APP Pharmaceuticals Inc.  The
drawn amount of secured debt will account for about 40% of the
total financing package for APP Pharmaceuticals Inc, upon
completion.

Although the debt issue will increase the group secured debt as
a percentage of consolidated EBITDA, to around 2x on a fully
drawn basis based on forward looking pro-forma 2009 EBITDA,
Fitch does not consider this to be material enough to trigger a
downgrade of the senior unsecured debt of Fresenius SE and FMC.  
Fitch expects this ratio to decline in the short-to-medium term,
helped by an increase in EBITDA and a reduction in the amount of
consolidated secured debt.  Therefore, Fitch continues to assume
average recovery prospects for unsecured creditors upon default.

To determine the materiality of the senior secured debt in the
debt structure, Fitch uses a consolidated approach given the
control Fresenius SE has over FMC and the centralized treasury
in place, among other factors.

On July 7, 2008 Fitch changed Fresenius SE's and FMC's Long-term
Issuer Default rating Outlooks to Negative from Stable and
affirmed their Short-term IDRs and instrument ratings.  This
followed Fresenius SE's agreement to purchase APP
Pharmaceuticals Inc., a leading manufacturer of generic I.V.
drugs in North America, for a cash consideration of US$3.7
billion plus an additional US$0.9 billion of net debt assumed
and a contingent value right.

Fitch currently rates Fresenius as:

Fresenius SE:

  -- Long-term Issuer Default rating at 'BB' with Outlook
     Negative

  -- Short-term IDR at 'B'
  -- Senior unsecured debt rating at 'BB'

Fresenius Finance B.V.:

  -- Senior unsecured debt rating for guaranteed senior notes at
     'BB'

Fresenius Medical Care AG & CO. KGaA (FMC):

  -- Long-term IDR at 'BB' with Negative Outlook
  -- Short-term IDR at 'B'
  -- Senior unsecured debt rating at 'BB'

Fresenius Medical Care Capital Trusts:

  -- Subordinated rating for guaranteed trust preferred
     securities at 'B+'


GB WORLD: Claims Registration Period Ends August 11
---------------------------------------------------
Creditors of GB World GmbH have until Aug. 11, 2008, to register
their claims with court-appointed insolvency manager Ulrich
Kraft.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Aug. 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Friedberg (Hessen)
         Hall 20a
         Homburger Strasse 18
         61169 Friedberg (Hessen)
         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 Kraft
         Hanauer Landstrasse 215
         60314 Frankfurt am Main
         Germany
         Tel: (069) 4035 31-0
         Fax: (069) 4035 31-15

The District Court of Friedberg (Hessen) opened bankruptcy
proceedings against GB World GmbH on June 27, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         GB World GmbH
         Hasselheckerstrasse 23
         61239 Ober-Moerlen
         Germany


GESELLSCHAFT ZUR: Claims Registration Period Ends August 11
-----------------------------------------------------------
Creditors of Gesellschaft zur Foerderung des Zimmerer- u.
Holzbaugewerbes mbH have until Aug. 11, 2008, to register their
claims with court-appointed insolvency manager Dr. Michael
Jaffe.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         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. Michael Jaffe
         Franz-Joseph-Str. 8
         80801 Munich
         Germany
         Tel: 089/255487-00
         Fax: 089/255487-10

The District Court of Munich opened bankruptcy proceedings
against Gesellschaft zur Foerderung des Zimmerer- u.
Holzbaugewerbes mbH on June 20, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Gesellschaft zur Foerderung des Zimmerer- u.                            
         Holzbaugewerbes mbH
         Eisenacher Str.17
         80804 Munich
         Germany


GP CARGO: Claims Registration Period Ends August 13
---------------------------------------------------
Creditors of GP Cargo Beteiligungs- und Verwaltungs-GmbH have
until Aug. 13, 2008, to register their claims with court-
appointed insolvency manager Andreas Schoss.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hagen
         Meeting Hall 252
         Second Floor
         Heinitzstrasse 42/44
         58097 Hagen
         Germany   

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

The insolvency manager can be reached at:

         Andreas Schoss
         Alter Markt 9 - 13
         42275 Wuppertal
         Germany

The District Court of Hagen opened bankruptcy proceedings
against GP Cargo Beteiligungs- und Verwaltungs-GmbH on
June 27, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         GP Cargo Beteiligungs- und Verwaltungs-GmbH
         Willertshagener Str. 2 a
         58540 Meinerzhagen
         Germany

         Attn: Udo Schneider, Manager
         Koelner Str. 148
         57290 Neunkirchen
         Germany


GRAAFF TRANSPORTSYSTEME: Claims Registration Period Ends Aug. 11
----------------------------------------------------------------
Creditors of Graaff Transportsysteme GmbH have until Aug. 11,
2008, to register their claims with court-appointed insolvency
manager Helge Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hildesheim
         Hall 124
         Main Building
         Kaiserstrasse 60
         31134 Hildesheim
         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:

         Helge Wachsmuth
         Alexanderstr. 2
         30159 Hannover
         Germany
         Tel: 0511/325095
         Fax: 0511/329934

The District Court of Hildesheim opened bankruptcy proceedings
against Graaff Transportsysteme GmbH on June 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Graaff Transportsysteme GmbH
         Heinrich-Nagel-Str. 1
         31008 Elze
         Germany


LASER CARE: Claims Registration Period Ends August 11
-----------------------------------------------------
Creditors of Laser Care GmbH have until Aug. 11, 2008, to
register their claims with court-appointed insolvency manager
Undine Haller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         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:

         Undine Haller
         Bismarckstrasse 39
         74074 Heilbronn
         Germany
         Tel: 07131/173032
         Fax: 07131/171112

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

The Debtor can be reached at:

         Laser Care GmbH
         Danziger Strasse 6-8
         74613 Oehringen
         Germany


LEAR CORP: Names William Mattingly VP for Global Electrical Biz
---------------------------------------------------------------
Lear Corporation has appointed William Mattingly as vice
president - Engineering, Global Electrical and Electronics,
effective Aug. 1, 2008.

Mr. Mattingly will report to Mr. Ray Scott, president of Lear's
Global Electrical and Electronics business, and will be
responsible for global engineering, including new product
innovation, product development and on-going technical support
of Lear's electrical and electronics portfolio.  He also will
lead Lear's new global Center of Excellence for hybrid electric
and high-voltage power systems located on the Company's
Southfield Campus, as well as the globalization of wireless
products, terminals and connectors and smart junction box
technology.

Mr. Ray Scott, said, "A priority for Lear is to expand its
presence in the global automotive Electrical and Electronics
segment.  To support our growth and margin improvement
objectives, we need world-class engineering support to execute
our plan.  I am extremely pleased to welcome someone with Bill's
industry knowledge and experience in automotive electronics to
lead Lear's global electrical and electronics engineering team
in developing and designing innovative solutions for this
rapidly expanding product segment."

                    About Lear Corporation

Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) -
http://www.lear.com/-- supplies automotive interior systems,     
electrical distribution systems and related electronic products.  
The company has around 91,000 employees at 215 facilities in 35
countries.  Outside the United States, Lear has subsidiaries in
Germany, Luxembourg, Sweden, Singapore, China, India and Mexico,
among others.

                         *     *     *

Lear Corp. still carries Standard & Poor's Ratings Services' B+
corporate credit, Long-Term Foreign and Local Issuer Credit
ratings, which the rating agency affirmed in May 2008.

Lear Corp. also carries B2 Corporate Family, Bank Loan Debt and
Probability-of-Default ratings, and B3 Senior Unsecured Debt
rating from Moody's Investors Service, which said the outlook is
stable.


LULIGHT GMBH: Claims Registration Period Ends August 11
-------------------------------------------------------
Creditors of LuLight GmbH have until Aug. 11, 2008, to register
their claims with court-appointed insolvency manager Jens
Hamdorf.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Lueneburg opened bankruptcy proceedings
against LuLight GmbH on July 9, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         LuLight GmbH
         Landesstrasse 7
         21400 Neu Wendhausen
         Germany


MARCANT-SANITAR-GMBH: Claims Registration Period Ends August 11
---------------------------------------------------------------
Creditors of Marcant-Sanitar-GmbH have until Aug. 11, 2008,to
register their claims with court-appointed insolvency manager
Christina Koerber-Reith.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 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 Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         Germany

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

The insolvency manager can be reached at:

         Christina Koerber-Reith
         Bauerngasse 21
         90443 Nόrnberg
         Germany

The District Court of Nuremberg opened bankruptcy proceedings
against Marcant-Sanitar-GmbH on June 30, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Marcant-Sanitar-GmbH
         Attn: Heinrich Maurer
         Zum Anger 2
         91177 Thalmassing
         Germany


NEN-ELEKTRONIK GMBH: Claims Registration Period Ends August 11
--------------------------------------------------------------
Creditors of NEN-Elektronik GmbH New Electronic Networks have
until Aug. 11, 2008, to register their claims with court-
appointed insolvency manager Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 8:10 a.m. on Aug. 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Nordhorn
         Hall 42
         Seilerbahn 15
         48529 Nordhorn
         Germany

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

The insolvency manager can be reached at:

         Andreas Sontopski
         Gnoiener Platz 10
         48493 Wettringen
         Germany
         Tel: 02557/93840
         Fax: 02557/938450

The District Court of Nordhorn opened bankruptcy proceedings
against  NEN-Elektronik GmbH New Electronic Networks on June 25,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         NEN-Elektronik GmbH New Electronic Networks
         Denekamper Strasse 237
         48529 Nordhorn
         Germany


OEKO-BAU GMBH: Claims Registration Period Ends August 11
--------------------------------------------------------
Creditors of oeko-bau GmbH have until Aug. 11, 2008, to register
their claims with court-appointed insolvency manager Joerg
Riedemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Joerg Riedemann
         Muehlweg 47
         06114 Halle
         Germany
         Tel: 0345/293900
         Fax: 0345/2939029

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

The Debtor can be reached at:

         oeko-bau GmbH
         Attn: Heiko May and Volker Lesko, Managers
         Eisenbahnstrasse 37
         06766 Bitterfeld-Wolfen
         Germany


PFLEIDERER AG: Revenue Up 3.5% to EUR917 Mln in 2008 First Half
---------------------------------------------------------------
On the basis of preliminary figures, Pfleiderer AG increased its
consolidated revenue in the first half of 2008 by 3.5% to EUR917
million (H1 2007: EUR886 million).  The regions of Western
Europe and Eastern Europe were the growth drivers, while revenue
decreased in North America primarily due to the closure of the
La Baie plant and exchange-rate effects.

Earnings before interest, taxes, depreciation and amortization
of EUR119 million were similar to the prior-year level (H1 2007:
EUR121 million).  Earnings were impacted by rising prices for
raw materials and reduced scope for price adjustments.  EBIT
also includes expenses of EUR9.8 million for the closure of the
MDF plant in La Baie, Canada.  EBIT amounted to EUR55 million,
compared with EUR70 million in the first half of 2007.  Earnings
per share for the first half of 2008 were 10 euro cents (H1
2007: 43 euro cents).  Without the plant closure of La Baie,
earnings per share would have been 22 euro cents.

Pfleiderer AG assumes that its business in the second half of
2008 could be affected by the economic consequences of the
ongoing crisis of the financial markets.  At present therefore,
Pfleiderer AG sees only limited opportunities to pass on the
increases in raw-material costs to the required extent in the
short term.  The targets set last year of EUR2 billion revenue
and a 15% EBITDA margin in full-year 2008 must therefore be
questioned.  At present, a shortfall on both targets of 5% to
15% is anticipated, but from today's perspective, the company
expects to surpass last year's EBITDA.

                       About Pfleiderer

Headquartered in Neumarkt, Germany, Pfleiderer AG --
http://www.pfleiderer.com/-- manufactures engineered woods and
infrastructure products through its subsidiaries.  The Company
produces wood-based panels for furniture and interior fittings,
track systems for urban and intercity rail networks, and a range
of poles and towers for energy and commercial infrastructures.

                          *     *     *

Pfleiderer AG continues to carry Ba2 Corporate Family rating
with stable outlook from Moody's Investor Service.

The company also continues to carry BB+ Issuer Default and B
short-term ratings from Standard & Poor's.


PFLEIDERER: Moody's Reviews Ba2 CFR for Possible Downgrade
----------------------------------------------------------
Moody's Investors Service has placed the Ba2 Corporate Family
Rating of Pfleiderer AG and the B1 Junior Subordinate Rating of
its subordinated guaranteed finance subsidiary Pfleiderer
Finance B.V. on review for possible downgrade.

The review was prompted by

(1) Pfleiderer's recent announcement that sales and operating
     margins may decline in 2008 by 5-15% from initial
     indications following the weakening of the North American
     market combined with difficulties in Eastern Europe,
     especially in Poland,

(2) Moody's view that Pfleiderer may be challenged to visibly
     improve key credit metrics measured as Debt/EBITDA
     (Debt/EBITDA on a LTM basis as per end of March 2008:
     3.9x), as was expected in the Ba2 rating, against the
     backdrop of increasing raw materials which may be
     challenging to pass on to customers and

(3) Pfleiderer's relatively weak capital structure following
     the acquisition of Pergo in the beginning of 2007 for
     EUR300 million and the execution of share buy-backs in
     combination with the expectation of weaker markets going
     forward.

The review will focus on the impact of the company's revised
outlook for the full year on the operating performance and
leverage metrics of the company in 2008 and beyond and the
measures which the company takes to tackle the weaknesses in
some of its major markets.  The initial rating assignment of Ba2
had assumed that Pfleiderer will improve its leverage ratios
(cash flow to debt and debt to EBITDA) over time following the
positive contribution from the Pergo acquisition.  This is no
longer expected to materialize in full-year 2008, which puts the
rating under downward pressure.

Moody's expects the rating downgrade, if any, to be limited to
one rating notch.

Moody's previous rating action on Pfleiderer was the initial
assignment of the Ba2 Corporate Family Rating with a stable
outlook in April 2007.

On Review for Possible Downgrade:

..Issuer: Pfleiderer AG

....Corporate Family Rating, Placed on Review for Possible
Downgrade, currently Ba2

..Issuer: Pfleiderer Finance B.V.

....Junior Subordinated Regular Bond/Debenture, Placed on Review
for Possible Downgrade, currently B1

Outlook Actions:

..Issuer: Pfleiderer AG

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Pfleiderer Finance B.V.

....Outlook, Changed To Rating Under Review From Stable

Headquartered in Neumarkt/Germany, Pfleiderer AG, is one of the
leading manufacturers of engineered wood in Europe and North
America.  Group sales and operating result in 2007 amounted to
EUR1.8 billion and EUR137 million respectively.


PREPS 2005-2: Fitch Puts 'B' Rated Notes Under Negative Watch
-------------------------------------------------------------
Fitch Ratings has placed PREPS 2005-2 PLC's notes due December
2014 on Rating Watch Negative, as:

  -- EUR204,329,696.39 Class A1 notes (ISIN: XS0236849005): 'AA'
     on RWN,

  -- EUR49,905,409.72 Class A2 notes (ISIN: XS0236849427): 'AA'
on
     RWN,

  -- EUR41,500,000 Class B1 notes (ISIN: XS0236849930): 'B' on
     RWN,

  -- EUR12,500,000 Class B2 notes (ISIN: XS0236850862): 'B' on
     RWN.

Fitch released two new criteria on 30 April 2008: new Global
Criteria for Corporate CDO/CLOs and new Global Criteria for Cash
Flow Analysis in Corporate CDOs.  At that time, Fitch noted that
it would be reviewing its ratings with these two new criteria to
establish consistency for existing and new transactions, and
these rating actions are a result of this review.

This transaction is a cash securitization of subordinated loans
to medium-sized enterprises in five jurisdictions, namely
Germany, Austria, Switzerland, Italy, and Belgium.

As of the review in July 2008, based on the latest portfolio
information available, the portfolio contained 58 performing
obligors.  The largest exposure accounted for 4.1% of the
performing portfolio amount and the top three obligors 12.3% of
the portfolio. Since closing, there have been three defaults.  
One other loan agreement has been terminated with an expectation
to partially prepay in the future.  As highlighted in the
investor report dated June 2008, five of the remaining assets
are under risk management process and one further portfolio
company delayed the quarterly payment, together comprising 15.1%
of the performing portfolio.

The current amount of the principal deficiency ledger equals
EUR31.6 million.  If no further principal deficiency events
occur, Fitch expects that this amount would not be repaid to
Class A noteholders until the scheduled maturity date.  In
Fitch's opinion, among five Fitch-rated PREPS transactions PREPS
2005-2 PLC and PREPS 2006-1 plc are performing worse than the
rest.

The securitised debt instruments comprising the portfolio are
deeply subordinated.  As a result, Fitch assumes no recovery in
its analysis.  In addition to default simulations using its
Portfolio Credit Model, Fitch has performed cash-flow analysis
to stress possible interest rate and default timing patterns.  
The transaction benefits from high levels of excess spread and a
principal deficiency mechanism for excess spread trapping.  The
structure is most sensitive to front-loaded default timing.  
Based on this analysis, the credit enhancement derived from both
subordination and excess spread is not sufficient to justify the
current ratings of the notes.

As no further portfolio deterioration has been observed since
the review by Fitch in December 2007 the Negative Watch status
is, to a large extent, attributable to the CDO methodology
change. Moreover, Fitch is reviewing its default assumptions for
SME CDOs.  Accordingly, given the limited number of obligors in
this transaction, previously applied portfolio approaches to
assessing underlying credit quality may not sufficiently reflect
the risk of the individual borrowers.  Additionally, the
resolution of the Negative Watch status will depend on the
updated credit profiles of the underlying obligors.  Based on
the latter two points the guidance provided regarding the
potential downgrade actions is broad:

  -- Class A1 notes: Likely to be downgraded within the
investment
     grade range

  -- Class A2 notes: Likely to be downgraded within the
investment
     grade range

As the Class B1 and Class B2 notes were downgraded to 'B' on 10
December 2007, no guidance regarding the potential downgrade
actions will be provided.

The resolution of the Negative Watch status will incorporate any
changes made to the portfolio or the transaction along with
additional portfolio migration.  Updated annual financial
information regarding the underlying portfolio is expected to
become available over the next few months, which could have a
material impact on the ratings.


SON-TRANS GMBH: Claims Registration Period Ends August 12
---------------------------------------------------------
Creditors of SON-Trans GmbH have until Aug. 12, 2008, to
register their claims with court-appointed insolvency manager
Dr. Tibor Braun.

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

The meeting of creditors will be held at:

         The District Court of Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Str. 28
         Ludwigsburg
         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. Tibor Braun
         Kriegerstrasse 3
         70191 Stuttgart
         Germany
         Tel: 0711 22 55 83-0

The District Court of Ludwigsburg opened bankruptcy proceedings
against SON-Trans GmbH on July 15, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         SON-Trans GmbH
         Attn: Yakup Zeybek, Manager
         Hertichstrasse 10
         71229 Leonberg
         AG Stuttgart
         Germany


STADTNET GMBH: Claims Registration Period Ends August 11
--------------------------------------------------------
Creditors of StadtNet GmbH have until Aug. 11, 2008, to register
their claims with court-appointed insolvency manager Martin
Schoebe.

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

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Martin Schoebe
         Ainmillerstr. 11
         80801 Munich
         Germany
         Tel: 089/18 93 77 0
         Fax: 089/18 93 77 50

The District Court of Munich opened bankruptcy proceedings
against StadtNet GmbH on June 30, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         StadtNet GmbH
         Infanteriestrasse 5
         80325 Munich
         Germany
         Tel: 089/5597-06
         Fax: 089/5597-2777


TECH-SOLUTIONS GMBH: Claims Registration Period Ends August 11
--------------------------------------------------------------
Creditors of Tech-Solutions GmbH have until Aug. 11, 2008, to
register their claims with court-appointed insolvency manager
Rainer Bachert.

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

The meeting of creditors will be held at:

         The District Court of Mannheim
         Hall 232
         Second Floor
         Schloss
         68149 Mannheim
         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:

         Rainer Bachert
         Hauptstr. 161
         68259 Mannheim
         Germany
         Tel: 0621/43288990

The District Court of Mannheim opened bankruptcy proceedings
against  Tech-Solutions GmbH on July 4, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Tech-Solutions GmbH
         Attn: Monika Florian, Manager
         Buergermeister-Fuchs-Strasse 63
         68169 Mannheim
         Germany


WAGGONBAU ELZE: Claims Registration Period Ends August 11
---------------------------------------------------------
Creditors of Waggonbau Elze GmbH & Co. Besitz-KG have until
Aug. 11, 2008, to register their claims with court-appointed
insolvency manager Helge Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hildesheim
         Hall 13
         Main Building
         Kaiserstrasse 60
         31134 Hildesheim
         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:

         Helge Wachsmuth
         Alexanderstr. 2
         30159 Hannover
         Germany
         Tel: 0511/325095
         Fax: 0511/329934

The District Court of Hildesheim opened bankruptcy proceedings
against  Waggonbau Elze GmbH & Co. Besitz-KG on June 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Waggonbau Elze GmbH & Co. Besitz-KG
         Attn: Guenter Homes and Eberhard Miehlke, Managers
         Heinrich-Nagel-Str. 1
         31008 Elze
         Germany


W + N SPANDAU: Creditors Meeting Slated for September 29
--------------------------------------------------------
The court-appointed insolvency manager for W + N Spandau Motors
GmbH & Co. KG, Dr. Christoph Schulte-Kaubruegger, will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 10:20 a.m. on Aug. 13, 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 10:15 a.m. on Nov. 26, 2008, at the same
venue.

Creditors have until Sept. 29 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 W + N Spandau Motors GmbH & Co. KG on DATE.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         W + N Spandau Motors GmbH & Co. KG
         Am Juliusturm 13-29
         13599 Berlin
         Germany



===========
G R E E C E
===========


ANTENNA TV: Sells Nova TV Bulgaria to MTG for EUR620 Million
------------------------------------------------------------
Modern Times Group MTG AB has signed an agreement to acquire
100% of Nova Televisia Bulgaria for EUR620 million in cash, on a
cash and debt free basis and subject to closing adjustments,
from Antenna Bulgaria, a member of the Kyriakou-owned Antenna
Group.

Nova Televisia Bulgaria was established in 1994 and owns 100% of
"Nova", the second most watched TV channel in Bulgaria, as well
as 80% of leading Bulgarian women's magazine "EVA".

The Nova commercial TV channel had an 18.2% share of viewing
amongst the target audience group of 18-49 year olds in the
first half of 2008, and an approximately 32.4% share of the
EUR 125 million Bulgarian net TV advertising market in 2007.  
Nova has an urban-focused, young and predominantly female
audience profile, and broadcasts a wide range of local content,
as well as successful international formats such as "Big
Brother", "CSI", "House", "Prison Break" and "Ugly Betty".  Nova
is broadcast under a national terrestrial free-TV license, as
well as on cable and satellite networks, and is available to 99%
of people meter panel households in Bulgaria.

MTG already operates the family of Diema channels in Bulgaria
through its 50% controlling interest in Balkan Media Group
Limited.  The Diema channels had a 10.0% combined share of
viewing (18-49) in the first half of 2008.  The transaction is
expected to yield significant synergies for MTG's Bulgarian TV
operations going forward, and to facilitate the further
development of MTG's "media house" approach in the Bulgarian TV
market.  The Bulgarian TV advertising market grew by 30% in 2007
and is expected to continue to demonstrate high levels of growth
in the coming years.  Nova Televisia Bulgaria generated a 54%
year on year increase in net sales to EUR42.0 (27.3) million in
2007, and a more than doubling of EBIT to EUR19.1 (8.1) million
with an increased operating margin of 45.5% (29.7%).

The acquisition will be financed from MTG's existing available
liquid funds and from new debt financing.  MTG is in the process
of arranging approximately SEK 3 billion of additional debt
funding, in order to fully finance the transaction and provide
continued flexibility for the Group.  MTG generated SEK2.0
billion of EBIT in 2007 and SEK2.4 billion in the first six
months of 2008 (including a SEK1.2 billion gain from the sale of
DTV Group Russia).

The transaction is subject to approval by the relevant
regulatory authorities and is expected to be completed within
approximately three months.

Hans-Holger Albrecht, President and CEO of MTG, commented:
"The acquisition is our largest to date, and substantially
strengthens our position in one of Europe's fastest growing and
most attractive broadcasting markets.  It further demonstrates
our commitment to expand our operations into high growth
emerging markets, and to extend our successful multi-channel
multi-country business model.  Nova has outperformed the growth
in the Bulgarian advertising market and generates healthy
margins.  Its market position as the primary challenger to the
incumbent, as well as the channel's complementary programming
mix and audience profile, fit well with our existing operations.
We look forward to further accelerating the channel's
development and capitalizing on its potential.

"The acquisition will create significant synergies for us as a
media house, as we already operate the Diema group of TV
channels in Bulgaria.  It will not only boost MTG's sales growth
and operating margins, but also accelerate our progress towards
the achievement of the five year strategic objectives that we
set last year.

"We have historically strengthened our balance sheet precisely
in order to have the financial flexibility to seize
opportunities such as this.  The gearing levels that will result
will optimize our overall capital structure, and are moderate
when compared with the strong cash flow generation from our
existing operations".

MTG is being advised on the acquisition of Nova Televisia
Bulgaria by JP Morgan.

Headquartered in Athens, Greece, Antenna TV S.A. --
http://www.antenna.gr/-- operates Antenna TV (the leading
television broadcast network and producer of television
programming in Greece), Antenna FM (a radio station in the
greater Athens area), and also has a 50% interest in Daphne, a
publishing company with a portfolio of 13 magazines.  Antenna
also owns 100% of Nova Television, one of only two private
national television networks in Bulgaria.

                       *      *      *

Antenna TV S.A. continues to carry 'B' long-term corporate
credit and senior unsecured debt ratings from Standard & Poor's
with negative outlook.  S&P affirmed the ratings on the group in
June 2008.


ANTENNA TV: EUR620 Million Asset Sale Cues S&P's WatchDeveloping
----------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'B' long-term
corporate credit rating on Greek broadcaster Antenna TV S.A. on
CreditWatch with developing implications, following the
announcement that Antenna has agreed to sell its Bulgarian TV
business, Nova Televizia, to Modern Times Group MTG AB for about
EUR620 million in cash.
     
"While the sale will considerably strengthen Antenna's capital
structure and liquidity, we don't expect the related funds to
remain on balance sheet for long," said S&P's credit analyst
Melvyn Cooke.  S&P expects the cash proceeds from the disposal
to be used for expansion plans, which the group has said it
hasn't yet finalized.
     
The group's ratings, after completion of the transaction and
upon resolution of the CreditWatch status, will depend on the
size and creditworthiness of the asset or assets that Antenna
decides to buy and/or invest in using the disposal proceeds.
The ratings evolution will also depend on the group's financial
policy, capital structure, and liquidity once it has completed
its expansion plans.
     
The sale of Nova Televizia, while subject to regulatory
approval, is expected to be completed over the next three
months.
     
S&P will continue to closely monitor the situation and expect
to update or resolve the CreditWatch status once it has more
information about the group's financial policy and expansion
plans, as well as on Antenna TV's capital structure and
liquidity after completion of any such acquisitions and/or
investments.
     
"Any potential rating upside deriving from the group's expansion
plans would primarily depend on our assessment of the group's
medium-term capital structure and liquidity, as well as
Antenna's ability to replace Nova Televizia with an asset or
assets of similar creditworthiness," said Mr. Cooke.
     
Potential upside could also come from a turnaround of operating
performance at Antenna1.  
     
On the other hand, if such a scenario didn't materialize, and/or
if the cash proceeds were to be used for aggressive shareholder
return actions, the ratings could be affirmed or lowered.


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


ELAN CORP: Rating Unaffected by Drug Trial Results, S&P Says
------------------------------------------------------------
Standard & Poor's Ratings Services said that its rating and
outlook on Elan Corp. PLC (B/Positive/--) are not affected by
the company's mixed Phase II clinical trial results for its
Alzheimer's drug, bapineuzumab.  

The rating and outlook are predicated on the continued growing
sales of the company's main franchise, Tysabri (for the
treatment of multiple sclerosis), and S&P's expectations that
the company will turn profitable in the near-to-intermediate
term.

S&P also expects the company to properly address its upcoming
debt maturities in 2011 and 2013.  While the latest clinical
data creates uncertainty as to the launch, timing, and
commercial prospects of bapineuzumab, the drug's R&D costs and
S&P's analysis of Elan's pipeline are already incorporated into
the current rating and outlook.


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


ALITALIA SPA: Net Debt Reaches EUR1.115 Billion at June 30, 2008
----------------------------------------------------------------
The Alitalia Group's net debt as of June 30, 2008 amounted to
EUR1.115 billion, showing a slight decrease in net indebtedness
of EUR6 million compared to the situation on May 31, 2008,
announced on June 30, 2008; regarding the EUR300 million cashed
according to legislative decree no. 80 of April 23, 2008 and the
subsequent legislative decree no. 93 of May 27, 2008, it should
be noted that this amount is not included in the indebtedness
mentioned, since it is not possible to determine at present how
much will be used according to decree no. 93 of May 27, 2008;

The net debt of the parent company Alitalia on June 30, 2008,
including short-term financial credits and debts for
subsidiaries, amounted to EUR1.106 billion showing a
slight decrease of EUR2 million (-0.2%) compared to net debt as
of May 31, 2008; regarding the EUR300 million cashed according
to legislative decree no. 80 of April 23, 2008 and the
subsequent legislative decree no. 93 of May 27, 2008, it should
be noted that this amount is not included in the indebtedness
mentioned, since it is not possible to determine at present how
much will be used according to decree no. 93 of May 27, 2008.

The Group's cash-to-hand and short-term financial credits as of
June 30, 2008, at the Group level and for Alitalia, amounted to
375 and 392 million respectively (the corresponding figures on
May 31, 2008 were EUR388 million and EUR401 million).

Group's short-term financial indebtedness, as of June 30, 2008,
amounted to EUR173 million.  It should be noted that as of
June 30, 2008, there were several leasing contracts at the
Group level (referring almost entirely to fleet aircraft mostly
held by the parent company amounting to EUR78 million) whose
capital share, including lease closure value, amounted to
EUR89 million.

By comparison, the same figure as of May 31, 2008, amounted
to EUR90 million, of which EUR12 million falling due in the
twelve months from the reference date.

It should also be noted that existing debts to banks are almost
entirely backed up by real guarantees (mortgages on aircraft) or
by personal guarantees (mainly guarantees issued by banks for
export credit).  The relative financing contracts contain
standard legal clauses relating to withdrawal.  None of the
contracts refer to specific requirements regarding assets or
economic/financial aspects, in order to maintain the credit
line.

During June 2008, repayments were made of medium/long-term
financing amounting to about EUR20 million.

Regarding debts of a financial, fiscal and social welfare
nature, there were no outstanding sums or payment irregularities
on June 30, 2008, both for the parent company and for the other
companies in the Group.
As far as debts of a commercial nature are concerned, decisions
are still pending for the petitions filed by Alitalia regarding:

    * an injunction related to supposed different pricing
      policies issued by a carrier for EUR6 million (two
      decrees);

    * another injunction issued by a supplier of on-board movies
      for EUR1.2 million (two decrees);

    * a further injunction has been issued by an IT services
      supplier for EUR812,000;

    * an injunction has been issued by an Italian subsidiary of
      an air carrier bankruptcy for EU288,000;

    * another injunction has been issued by a maintenance
      services supplier for EUR492,000;

    * a further injunction has been issued by the special
      manager of a firm for presumed debts relating to air
      ticket sales, for EUR3.2 million;

    * one injunction issued by a fuel supplier (airport rights)
      for about EUR1 million;

    * another injunction has been issued by an airport
      management company for limited failure to pay handling
      fees for about EU375,000;

    * an injunction has been issued by a supplier of
      several services for EUR112,000.

There are no other injunction orders or executive actions
undertaken by creditors notified as of June 30, 2008, nor are
there any threats by suppliers to suspend operations.  It should
be pointed out that, as part of ordinary management practices,
the Company is committed to maintaining commercial relations
with its customers and suppliers who guarantee -– in the absence
of critical situations or operational emergencies –- the
necessary financial flexibility in support of cash-to-hand
requirements.

                        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.


BERICA 6: S&P Puts BB Rating on Class D Notes on WatchNegative
--------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with negative implications its credit rating on the class D
notes issued by Berica 6 Residential MBS S.r.l.  S&P has also
affirmed its ratings on the remaining classes of notes.
  
The rating actions follow a review of the Berica 6 transaction
in light of the recent performance of the underlying asset pool.
  
The pool has experienced an increase in delinquencies and
defaults over the past few quarters.  At the latest interest
payment date, the cumulative gross defaults for Berica 6 were
2.34%, which is higher than the other Berica transactions and
other Italian RMBS transactions with similar seasoning.
  
The delinquencies for Berica 6 are also higher than average.
Delinquencies between 30 and 90 days due have now stabilized in
the 2.5%-3.5% range, while the trend for 90+ day delinquencies
is higher than in transactions with similar seasoning and
collateral characteristics.
  
On the most recent interest payment date, Berica 6 drew under
its cash reserve for a seventh consecutive time.  The cash
reserve is now EUR10.5 million, 43% lower than its target amount
of EUR18.5 million and 7.3% lower than at closing (EUR11.4
million).  On the first two interest payment dates, the
transaction had topped up its cash reserve to the target amount
of EUR18.5 million by trapping excess spread of EUR7.1 million.
  
The drawings were all made to cover defaulted and delinquent
loans.  Berica 6 features a structural mechanism that traps
excess spread to cover 100% of the balance of defaulted
mortgages, and 15% of the balance of delinquent loans.  As a
result of excess spread trapping and the drawings under the cash
reserve, the balance of the notes is now approximately EUR30
million lower than the collateral balance.
  
Mortgage loans in Berica 6 are defined as being defaulted if
they are 12 months in arrears.  The definition of delinquencies
is five missed installments for loans paying monthly, and one
missed installment for semi-annual loans.
  
The pool factor is currently 78.9%.  The weighted-average
loan-to-value ratio of the pool has decreased to 63.7% from 69%
at closing.  In terms of geographical distribution, the pool is
in line with the closing figures.  The average seasoning is now
42 months.
  
Class D note interest is paid only after the replenishment of
the cash reserve.  As a result of the top-up of the cash reserve
on the first interest payment date and the repeated reserve fund
drawings, interest payments have been skipped in seven out of 10
interest payment dates.  As of the latest interest payment date
the unpaid interest on the class D notes was EUR886,000.
  
Ratings List:
  
  -- EUR1,427.65 Million Mortgage-Backed Floating-Rate Notes
    (Plus An Over-Issuance Of EUR8.565 Million Mortgage-Backed
     Deferrable-Interest Class D Notes)
  
Ratings Placed On CreditWatch With Negative Implications:

Class        To                 From
-----        --                 ----
D        BB/Watch Neg            BB
  
Ratings Affirmed:
  
A2          AAA
B           A+
C           BBB+


PARMALAT SPA: UniCredit Group Settles for EUR271.7 Million
----------------------------------------------------------
Parmalat S.p.A. has reached an agreement with the UniCredit
Group settling all transactions and claims between the parties
in any way related to the period prior to the date when the
Parmalat Group was declared insolvent (December 2003).

Consequently, Parmalat S.p.A. is ceasing all actions to void and
actions for damages that it has filed or could possibly file in
the future against the UniCredit Group.  In consideration of
this agreement, the UniCredit Group will pay Parmalat S.p.A.
EUR229.7 million.

Similar settlement agreements have been executed by the banks of
the UniCredit Group, on the one hand, and the Extraordinary
Administration Commissioner of the Parmatour Group, Parma
Associazione Calcio and the other companies of the old Parmalat
Group currently under extraordinary administration on the other
hand.

Pursuant to these agreements, the UniCredit Group will pay:

    * EUR37 million to the companies of the Parmatour Group;

    * EUR4 million to Parma Associazione Calcio; and

    * EUR1 million to the other companies under extraordinary
      administration (licensee companies, Streglio, Eliair,
      Parmalat Molkerei and Deutsche Parmalat),

Unicredit also waived all verified claims it may hold against
the companies.

Moreover, the UniCredit Group waived all claims put forth in
actions filed against companies under extraordinary
administration challenging or demanding the verification of
claims and, more in general, any and all claim for damages,
thereby minimizing the impact of the remaining disputes. For his
part, the Extraordinary Commissioner agreed to waive any further
claims or actions to void or actions for damages filed against
the UniCredit Group for aiding and abetting in bringing
about and/or aggravating the financial collapse of various
companies.

The Extraordinary Commissioner further agreed to refrain from
joining as plaintiff seeking damages in any of the pending
criminal proceedings.

Parmalat, UniCredit and the Extraordinary Commissioner express
their satisfaction at the agreement reached.

                        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.


TISCALI SPA: Unit Partners with Equinix for European Expansion
--------------------------------------------------------------
Tiscali International Network has selected Equinix Inc. as a
strategic partner for the expansion of the carrier's European
network initially from Equinixs Frankfurt and Paris Internet
Business Exchange data centers.

Paolo Gambini, Sales and Marketing Director at TINet, "We have
partnered with Equinix in Europe because of the high quality and
reliability of their IBX data centers as well as for the
opportunities Equinix offers to interconnect with important
players and key customers across the world, providing TINet with
an opportunity to expand our global network while enhancing
reliability and performance and reducing overall costs.  To
strengthen our presence in the European data center facilities
of Equinix is part of our expansion plans of TINet footprint
worldwide."

Mr. Michael Winterson, vice president of sales and marketing for
Equinix Europe, comments, "Equinix is pleased to have TINet join
our network partners, providing access to Europe's important
expanding markets.  They bring comprehensive Internet network
expertise and a recognized reputation, providing high
performance network services to the customers and partners in
Equinix's European data center network.  We look forward to
working together and assisting them in meeting their European
growth targets."

TINet offers IP Transit, MPLS lines and long distance Ethernet
services to major service providers in North America, Hong Kong,
Singapore and across Europe.  TINet has an extensive network of
close to 100 IP/MPLS PoPs and prides itself of being a
specialist providing exclusively wholesale services to service
and content providers worldwide. It is also one of the few
companies in Europe to have a "next generation Internet" network
in actual production.

                         About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.

Tiscali posted consecutive net losses for the past years: EUR5.5
million in 1999, EUR101 million in 2000, EUR1.66 billion in
2001, EUR593.1 million in 2002, EUR242.4 million in 2003,
EUR131.8 million in 2004, EUR12.9 million in 2005, and EUR103.6
million in 2006.  It posted EUR3.88 million in net losses on
EUR614.33 million in net revenues for the nine months ended
Sept. 30, 2007.

                         *     *     *

Tiscali S.p.A. continues to carry Standard & Poor's Ratings
Services' B+ long-term corporate credit rating.  The rating was
previously at B and was raised by S&P to its current level in
February 2008.


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


AKSUSKOYE ATP: Creditors Must File Claims by September 17
---------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Aksuskoye ATP 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


AKTAU LAVA: Claims Deadline Slated for September 18
---------------------------------------------------  
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Aktau Lava insolvent.

Creditors have until Sept. 18, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 27, 39-25
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (7292) 41-32-87


AZAMAT SERVICE: Claims Filing Period Ends September 17
------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Firm Azamat Service insolvent on May 12, 2008.

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

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


BUILD LLP: Creditors' Claims Due on September 17
------------------------------------------------  
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Firm Build 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


GEO MINING: Claims Registration Ends September 18
-------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Geo Mining insolvent.

Creditors have until Sept. 18, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Nurmahanov Str. 31
         Micro District Taugul-3
         Almaty
         Kazakhstan
         Tel: 8 (7272) 39-17-43


KAZ SPETS: Creditors Must File Claims by September 17
-----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Kaz Spets Bur Munai insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan


LAND OIL: Claims Deadline Slated for September 16
-------------------------------------------------  
LLP Land Oil has declared insolvency.  Creditors have until
Sept. 16, 2008, to submit written proofs of claims to:

         LLP Land Oil
         Makarenko Str. 50
         Shymkent
         South Kazakhstan
         Kazakhstan


ONSHORE LLP: Claims Filing Period Ends September 17
---------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Onshore insolvent on June 17, 2008.

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

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


ORDA NEFTEGAS: Creditors' Claims Due on September 16
----------------------------------------------------  
LLP Orda Neftegas Consulting has declared insolvency.  Creditors
have until Sept. 16, 2008, to submit written proofs of claims
to:

         LLP Orda Neftegas Consulting
         Shokai Str. 94
         Tas-Boget
         Kyzylorda
         Kazakhstan


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


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

         LLC Streitos
         Isanov Str. 60-39
         Bishkek
         Kyrgyzstan


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


EVRAZ GROUP: Forms JV with MCC for Cape Lambert Iron Ore Project
----------------------------------------------------------------
Evraz Group S.A. has signed a Co-operation Agreement with China
Metallurgical Group Corporation for the joint development of the
Cape Lambert Iron Ore Project located in the Northern coastal
Pilbara region of Western Australia.

The Project comprises a 1.56 billion ton JORC compliant
magnetite iron ore resource with a projected annual output of 15
million tons of magnetite concentrate and is at feasibility
stage.

Evraz and MCC will jointly invest in the development of the
Project with Evraz having a 75% and MCC a 25% economic interest
in the Project.  It is anticipated that all of the Project's
iron ore will be shipped to China to meet the requirements of
Chinese mills, while MCC will be entitled to sign an off-take
agreement for up to 60% of the iron ore volumes.

The new Joint Venture will benefit from a combination of the
extensive magnetite mining and production expertise and
financial resources of the two parent companies, Evraz and MCC.
Evraz has considerable experience in processing magnetite ore to
make significant volumes of pellets and fines.  MCC will bring
its expertise in EPC (provision of engineering design services,
procurement and construction), based on its access to the best
engineering processes, technologies and equipment in China and
worldwide.

Evraz's participation in the Joint Venture is subject to FIRB
approval in Australia.  Merrill Lynch is acting as financial
adviser and Blake Dawson is acting as legal adviser to Evraz.

                         About Evraz

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

                         *     *     *

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

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

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


STEEL CAPITAL: Fitch Rates US$1.25 BB Notes Due 2013 at 'BB'
------------------------------------------------------------
Fitch Ratings has assigned Steel Capital S.A.'s US$1,250 million
loan participation notes due 2013 a final senior unsecured 'BB'
rating.  The notes have a coupon of 9.75%.

Steel Capital S.A. is a public limited liability company
incorporated under the laws of the Grand Duchy of Luxembourg.
Steel Capital S.A. will issue the notes and lend the proceeds
under a loan agreement to the ultimate borrower, OJSC Severstal
(Severstal, 'BB'/'B'/Outlook Stable).  The 'BB' rating of the
LPNs is in line with Severstal's senior unsecured rating of 'BB'
and reflects the strong operational profile of Severstal's core
Russian operations, a higher value-added product mix, self-
sufficiency in raw materials and positive developments in day-
to-day corporate governance practices.

Severstal will use the proceeds for any of the following
purposes: general corporate purposes; financing working capital;
partially funding the acquisition of US-steel producers WCI
Steel and Esmark; refinancing a portion of its existing debt.

Steel Capital S.A. has granted a first fixed charge in respect
of various rights and interests under the loan agreement with
Severstal to Citibank N.A., London Branch, as trustee, for the
benefit of the trustee and the noteholders.  The loan agreement,
notes, trust deed and other related documents are governed by
English law.  The notes are subject to selling restrictions in
the United Kingdom, the United States and the Russian
Federation.

Terms contained in the loan agreement between Steel Capital S.A.
and Severstal include that the loan ranks at least equally with
all unsecured and unsubordinated indebtedness of Severstal, a
negative pledge, restrictions on mergers and disposals,
maintenance of property and authorization, maintenance of
insurance and limitation on indebtedness.  The loan agreement
also includes a consolidated leverage ratio of 3.5:1.  This
covenant is instead of the consolidated net debt/net worth of
0.75 included in Severstal's existing 2009 and 2014 notes.  The
terms and conditions of the new notes are substantially similar
to previous issuances involving Severstal, although the
redemption put event following a change-of-control has been
removed, as has the change-of-control clause.

Severstal's Long-term IDR and senior unsecured ratings were
upgraded to 'BB' from 'BB-' by Fitch on 20 June 2008.

Severstal is the largest Russia-based vertically-integrated
steel producer in Russia by volume, with crude steel production
of 17.5 million tonnes in 2007. The company generated revenues
of US$15.2 billion, EBITDAR of US$3.7 billion and had an
adjusted net leverage of 0.3x at FYE07.


===========
N O R W A Y
===========


CHC HELICOPTER: Extends Offer for 7-3/8% Notes to September 15
--------------------------------------------------------------
CHC Helicopter Corporation extended its cash tender offer for
all of its outstanding 7-3/8% Senior Subordinated Notes due 2014
(CUSIP No. 12541CAF1) and the related consent solicitation to
midnight, New York City time, on Sept. 15, 2008, unless further
extended or earlier terminated by CHC.

As reported in the Troubled Company Reporter on May 29, 2008,
CHC Helicopter Corporation commenced a cash tender offer for all
of its outstanding 7-3/8% Senior Subordinated Notes due 2014
(CUSIP No. 12541CAF1).  Holders tendering their Notes will be
required to consent to proposed amendments to the Indenture and
the Notes, which would eliminate substantially all of the
restrictive covenants contained in the Indenture and the Notes
(except the covenants relating to change of control and asset
sale offers), eliminate certain events of default, modify the
covenant regarding mergers and consolidations, and modify or
eliminate certain other provisions, including certain provisions
relating to defeasance, contained in the Indenture and the
Notes.  Holders may not tender their Notes without also
delivering Consents and may not deliver Consents without also
tendering their Notes.

CHC also disclosed that 6922767 Canada Inc., an affiliate of a
fund managed by First Reserve Corporation, has, as permitted by
the Arrangement Agreement between the Purchaser and CHC dated
Feb. 22, 2008, notified CHC that it has extended the Outside
Date to Sept. 15, 2008.

CHC expects the acquisition of all of the outstanding Class A
and Class B shares of CHC to be completed by Sept. 15, 2008,
however, completion of the Arrangement remains subject to a
number of conditions, including receipt of transportation
regulatory approvals in Canada and Europe.  CHC and the
Purchaser continue discussions with the applicable regulatory
authorities.

Both the Purchaser and CHC retain the ability to extend the
Outside Date from time to time until Nov. 19, 2008, in
accordance with the terms of the Arrangement Agreement.

The consent payment deadline for the Offer and Consent
Solicitation has now passed and withdrawal rights have
terminated.  Consequently tendered Notes may no longer be
withdrawn and consents delivered may no longer be revoked.  
Holders of Notes who have not already tendered their Notes may
do so at any time on or prior to Expiration Date, but such
holders will only be eligible to receive the tender offer
consideration of US$1,035 per US$1,000 principal amount of
Notes.

Holders whose Notes are accepted for payment in the Offer will
receive accrued and unpaid interest in respect of such purchased
Notes from the last interest payment date to, but not including,
the payment date for Notes purchased in the Offer.

Other terms of the Offer and Consent Solicitation as set forth
in CHC's Offer to Purchase and Consent Solicitation Statement
dated May 27, 2008, and the Consent and Letter of Transmittal
remain unchanged.

As of July 28, 2008, approximately US$391.3 million principal
amount of the Notes had been validly tendered and not withdrawn
pursuant to the Offer.

The completion of the Offer is not a condition to completion of
the Arrangement or the financing thereof.  The Offer and the
Consent Solicitation are subject to the satisfaction or waiver
of certain conditions, including the closing of the Arrangement
having occurred or the Arrangement occurring substantially
concurrent with the Expiration Date.  

        Morgan Stanley & Co. Retained as Dealer Manager

CHC has retained Morgan Stanley & Co. Incorporated to act as
Dealer Manager and Solicitation Agent in connection with the
Offer and the Consent Solicitation. Morgan Stanley & Co.
Incorporated may perform the services contemplated by the Offer
and the Consent Solicitation in conjunction with its affiliates
(including, without limitation, its affiliates incorporated
under the federal laws of Canada).  Persons with questions
regarding the Offer or the Consent Solicitation should contact
Morgan Stanley & Co. Incorporated at (800) 624-1808 (toll-free)
or (212) 761-1941 (collect). Persons residing or incorporated in
Canada should contact Morgan Stanley Canada Limited at (416)
943-8417. Requests for documentation may be directed to D.F.
King & Co., Inc., the Information Agent, which can be contacted
at (212) 269-5550 (banks and brokers, call collect) or (888)
869-7406 (all others, call
toll-free).

               About CHC Helicopter Corporation

Headquartered in Richmond, British Columbia, in Canada, CHC
Helicopter Corporation (TSE:FLY.A)V7B - http://www.chc.ca/-- is  
a  commercial helicopter operator.  The company, through its
subsidiaries, operates in over 30 countries, on all seven
continents and in most of the offshore oil and gas producing
regions of the world.  The company's operating units are based
in the United Kingdom, Norway, the Netherlands, South Africa,
Australia and Canada.  It provides helicopter transportation
services to the oil and gas industry for production and
exploration activities through its European and global
operations segments.  It also provides helicopter transportation
services for emergency medical services and search and rescue
activities and ancillary services, such as flight training.  The
company's Heli-One segment is a non-original equipment
manufacturer helicopter support company, providing repair and
overhaul services, aircraft leasing, integrated logistics
support, helicopter parts sales and distribution and other
related services.

                         *     *     *

As reported in the Troubled Company Reporter on February 2008,
Moody's Investors Service placed under review for possible
downgrade the Ba3 corporate family rating and probability of
default rating for CHC Helicopter Corporation.  The review also
covered the B1 (LGD 5, 72%) rating on CHC's US$400 million
senior subordinated notes.  These actions followed the statement
that a fund managed by First Reserve Corporation has entered
into an agreement to acquire CHC.


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


BRIDGE CONSTRUCTION: Court Names V. Boldyrev to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Krasnodar appointed V. Boldyrev as
Insolvency Manager for OJSC Bridge Construction Team (TIN
2320031241).  He can be reached at:

         V. Boldyrev
         Insolvency Manager
         Pushkina Str. 47/1
         350063 Krasnodar
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-15709/05-38/234-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         OJSC Bridge Construction Team
         629830 Krasnodar
         Russia


CHUKOTSKOE GOLD: Creditors Must File Claims by August 28
--------------------------------------------------------
Creditors of CJSC Financial-Industrial Company Chukotskoe Gold
have until Aug. 28, 2008, to submit proofs of claim to:

         S. Kozlov
         Insolvency Manager
         Post User Box 167
         Anadyr
         689000 Chukotskiy
         Russia


The Arbitration Court of Chukotskiy will convene at 10:00 a.m.
on Sept. 19, 2008, to hear bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under
Case No. A80-126/2008-B.

The Debtor can be reached at:

         CJSC Financial-Industrial Company Chukotskoe Gold
         Lenina Str. 22
         Anadyr
         689000 Chukotskiy
         Russia


COSMOS OJSC: Perm Bankruptcy Hearing Slated for October 31
----------------------------------------------------------
The Arbitration Court of Perm will convene at 11:00 a.m. on Oct.
31, 2008, to hear the bankruptcy supervision procedure on OJSC
Cosmos.  The case is docketed under Case No. A50-5594/2008-B-3.

The Temporary Insolvency Manager is:

         Y. Mashkovtsev
         Kirova Str. 224-1
         614068 Perm
         Russia

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:
    
         OJSC Cosmos
         Vseobucha Str. 86
         Solikamsk
         618553 Perm
         Russia


CROCUS LLC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Bashkortostan commenced bankruptcy
supervision procedure on LLC Crocus.  The case is docketed under
Case No. A10-286/08.

The Temporary Insolvency Manager is:

         I. Dolgikh
         Post User Box 3034
         670024 Ulan-Ude
         Russia
         Tel: 8 (3012) 46-05-72

The Court is located at:

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

The Debtor can be reached at:

         LLC Crocus
         Novoselov Str. 23
         Taksimovo
         Muyskiy
         671561 Bashkortostan
         Russia


DIAMOND LLC: Moscow Bankruptcy Hearing Slated for October 28
------------------------------------------------------------
The Arbitration Court of Moscow will convene on Oct. 28, 2008,
to hear the bankruptcy supervision procedure on LLC Diamond.
The case is docketed under Case No. A40-19894/08-38-57B.

The Temporary Insolvency Manager is:

         A. Maltabar
         Post User Box 619
         170006 Tver
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Diamond
         3 Avtozavodskiy Pr. 4
         Moscow
         Russia


ENTERPRISE TAIRA: Court Names A. Bezmolenko to Manage Assets
------------------------------------------------------------
The Arbitration Court of Krasnodar appointed A. Bezmolenko as
Insolvency Manager for CJSC Enterprise Taira.  He can be reached
at:

         A. Bezmolenko
         Insolvency Manager
         Post User Box 8
         352503 Labinsk
         Russia

The Court will convene on Nov. 12, 2008, to hear the bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-32-5731/2008-38/181-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Enterprise Taira
         Lenina Str. 93
         Armavir
         Russia


EVRAZ GROUP: Forms JV with MCC for Cape Lambert Iron Ore Project
----------------------------------------------------------------
Evraz Group S.A. has signed a Co-operation Agreement with China
Metallurgical Group Corporation for the joint development of the
Cape Lambert Iron Ore Project located in the Northern coastal
Pilbara region of Western Australia.

The Project comprises a 1.56 billion ton JORC compliant
magnetite iron ore resource with a projected annual output of 15
million tons of magnetite concentrate and is at feasibility
stage.

Evraz and MCC will jointly invest in the development of the
Project with Evraz having a 75% and MCC a 25% economic interest
in the Project.  It is anticipated that all of the Project's
iron ore will be shipped to China to meet the requirements of
Chinese mills, while MCC will be entitled to sign an off-take
agreement for up to 60% of the iron ore volumes.

The new Joint Venture will benefit from a combination of the
extensive magnetite mining and production expertise and
financial resources of the two parent companies, Evraz and MCC.
Evraz has considerable experience in processing magnetite ore to
make significant volumes of pellets and fines.  MCC will bring
its expertise in EPC (provision of engineering design services,
procurement and construction), based on its access to the best
engineering processes, technologies and equipment in China and
worldwide.

Evraz's participation in the Joint Venture is subject to FIRB
approval in Australia.  Merrill Lynch is acting as financial
adviser and Blake Dawson is acting as legal adviser to Evraz.

                         About Evraz

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

                         *     *     *

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

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

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


HOME CREDIT: S&P Puts B+ L-T Rating on US$250MM Proposed Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'B+'
long-term ratings to the proposed U.S. dollar-denominated senior
unsecured loan participation notes to be issued by Eurasia
Capital S.A.  The notes will be due 2011 and will have limited
recourse to Eurasia Capital.  The sole purpose of the notes is
to finance a loan to Home Credit and Finance Bank LLC (HCFB;
B+/Stable/B).  The minimum amount of the proposed notes will be
US$250 million, but the exact amount will be confirmed in the
first half of August 2008.
     
The proposed loan participation notes issue is an offer to the
holders of the US$200 million 9.5% LPN due 2010 and issued by
Eurasia Capital in April 2007 to exchange those notes for these
proposed ones.
     
"The rating on the proposed notes mirrors the long-term
counterparty credit rating on HCFB," said Standard & Poor's
credit analyst Eugene Tarzimanov.  "Because we base this rating
on draft documentation, we might change it should the final
terms and conditions of the issue materially differ from those
presented in the drafts."
     
The ratings on Home Credit reflect the bank's high credit risk,
short track record in mass consumer lending, lack of funding
diversification, and high refinancing needs.  Positive rating
factors include a supportive owner, which has provided financial
assistance and technical expertise; good capitalization; and
adequate profitability.  In addition, the bank benefits from
Russia's good macroeconomic prospects, which support high loan
demand.

Home Credit and Finance Bank LLC is an important player in
Russia's consumer finance market.  With US$3.5 billion in total
assets at March 31, 2008, the bank provides point-of-sale loans,
revolving credit facilities, and cash loans.


KORSHINOV-STROY-ETALON: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy supervision procedure on LLC Korshinov-Stroy-Etalon
(TIN 5406350608).  The case is docketed under Case No.
A56-2031/2008.

The Temporary Insolvency Manager is:

         A. Korunov
         Room 606
         Building 1
         Mira Pr. 68
         129110 Moscow
         Tel: (495) 680-11-93
         Russia

The Court is located at:

         The Arbitration Court of St. Petersburg and the                     
               
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         LLC Korshinov-Stroy-Etalon
         Premise 7-N
         Letter A
         Mikhaylova Str. 8
         195009 St. Petersburg
         Russia


=============================
S L O V A K   R E P U B L I C
=============================


VALEANT PHARMACEUTICALS: Moody's Withdraws Low-B Ratings
--------------------------------------------------------
Moody's Investor's Service withdrew the ratings of Valeant
Pharmaceuticals International following Valeant's recent
redemption of its US$300 million senior unsecured notes due
2011.  

Moody's has withdrawn the ratings for Moody's business reasons.  
Moody's added that the ratings were withdrawn because the issuer
has no rated debt outstanding.

These ratings have been withdrawn:

-- B2 Corporate Family Rating

-- B1 Probability of Default Rating

-- Ba3 (LGD3, 39%) rating on $300 million 7% senior unsecured
    notes due 2011

Moody's does not rate Valeant's 3% convertible subordinated
notes of US$240 million due 2010 or its 4% convertible
subordinated notes of $US240 million due 2013.

Headquartered in Aliso Viejo, California, Valeant
Pharmaceuticals International [NYSE: VRX] is a multinational
specialty pharmaceutical company.  Valeant reported
approximately US$872 million of total sales during 2007.


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


* Fitch Says Spanish Consumer ABS Face Rising Credit Risks
----------------------------------------------------------
Fitch Ratings says in a special report published that Spanish
consumer ABS face rising credit risk as a slowing economy begins
to weigh on credit quality metrics.

"Given the ongoing credit constraints, coupled with a more
challenging economic environment, we expect to see continued
increases in delinquencies and defaults over the coming months,"
said Rui J. Pereira, Managing Director and Head of Spanish
Structured Finance at Fitch.  "However, we view positively some
of the recent actions taken by the Spanish consumer loan
servicers to address deteriorating credit performance, including
tightening underwriting guidelines and reinforcing their
servicing platforms".

While consumer ABS performance had held up well up to 2007, with
reported arrears and defaults well within expectations, Fitch
has noticed a weakening trend in recent quarters due to the
softening Spanish economy and somewhat more aggressive
underwriting standards employed in recent years.  Notably,
several transactions have reported sharply higher arrears and
breached early amortization triggers.

Even as issuers have begun to take steps to more actively
manage/service their consumer portfolios and mitigate risk,
Fitch believes credit quality statistics will continue to weaken
over the medium-term, with the magnitude dependent on the
duration and severity of the downturn in the Spanish economy.

Nonetheless, in Fitch's view, some of the structural features of
these deals provide additional support to investors.  Those
include early amortization triggers tied to delinquencies,
provisioning mechanisms that allow defaulted loans to be written
off using available excess spread as well as interest deferral
triggers on the subordinated notes to protect senior investors.


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


FORD MOTOR: Fitch Highlights Effect of Declining Resale Values
--------------------------------------------------------------
The recent announcements by the financing arms of Chrysler LLC,
GM Corp. and Ford Motor Co. regarding the discontinuation or
overhaul of their auto lease programs underscores the impact of
rapidly declining vehicle resale values, according to Fitch
Ratings.

Earlier this week Chrysler Financial, GMAC and Ford Motor Credit
announced significant changes to their auto lease businesses
with Chrysler Financial suspending their U.S. auto lease program
all together.  GMAC announced it will stop subsidizing leases in
Canada and will eliminate certain lower credit quality borrowers
from consideration domestically.  Ford announced significant
increases in lease rates for certain SUVs and trucks.  All three
companies indicated that their decision was influenced by the
ongoing decay in the resale values of vehicles coming off lease.

Coincident with these declines, Fitch is currently completing a
review of its auto lease ratings with a focus on the 2007 and
2008 vintages.  Fitch currently has 20 public ratings
outstanding from 10 transactions representing approximately
US$7.2 billion in principal outstanding from 2007 and 2008 U.S.
captive finance company issuances.  The initial review is
expected to be completed over the next two to three weeks.

"As Fitch has noted, dramatic drops in the value of used cars is
impacting the entire auto ABS sector, but those declines are
having an amplified affect on the performance of auto lease
transactions," said Managing Director and U.S. ABS group head
Kevin Duignan.  "Transactions from 2007 and 2008 may not have
built enough credit enhancement to offset the potential increase
in residual value losses while still maintaining coverage
consistent with Fitch's original ratings."

U.S. captive finance companies, in particular, are experiencing
higher than expected residual value losses due to the steep drop
in the values of vehicles coming off lease especially for SUVs
and trucks.  Fitch's base case residual value loss expectation
for these companies' auto lease ABS transactions has increased
by 20-30% since the second half of 2007 as value declines
accelerated.  However, current data suggests that actual
declines are exceeding this range in certain transactions with
further deterioration expected.  'While ratings in the auto
lease sector have traditionally been remarkably stable, the
rapid rate of decline in vehicle values over the past six months
is unprecedented and will put those ratings to the test,' said  
ABS Senior Director Ravi Gupta.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles  
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

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


FORD MOTOR: S&P Cuts Rating to B- and Removes Negative Watch
------------------------------------------------------------
Standard & Poor's Ratings Services lowered the ratings on
General Motors Corp., Ford Motor Co., and Chrysler LLC, all to
'B-' from 'B'.  The ratings on GM and Ford were removed from
CreditWatch with negative implications, where they had been
placed on June 20, 2008.  Chrysler will remain on CreditWatch
pending the renewal of certain bank lines at DaimlerChrysler
Financial Services Americas LLC, which S&P expects to be
completed in the next few days.  If the bank lines are renewed
as expected, S&P would affirms the ratings on Chrysler and DCFS
and remove them from CreditWatch.
   
At the same time, S&P lowered the ratings on GMAC LLC, Ford
Motor Credit Co., and DCFS, also to 'B-' from 'B', and removed
the ratings on GMAC and Ford Credit from CreditWatch negative,
where they had also been placed on June 20, 2008.  The ratings
on DCFS will remain on CreditWatch negative until its bank line
renewal is complete.  S&P also lowered the corporate credit
rating on FCE Bank PLC, Ford Credit's European bank, to 'B' from
'B+'.  The outlooks on all the companies are negative. (The
issuer credit rating on GMAC's Residential Capital LLC mortgage
unit  [CCC+/Negative/C] is not affected by these rating
actions.)

The downgrades reflect mounting cash losses in GM's, Ford's, and
Chrysler's North American automotive operations and
deteriorating conditions in the U.S. auto market.
   
"We believe sharply lower U.S. light-vehicle demand and the
recent dramatic shift in demand away from large pickup trucks
and SUVs amid higher gas prices will complicate the turnaround
efforts of all three automakers and reduce their currently
adequate liquidity considerably over the next year and a half,"
said Standard & Poor's credit analyst Robert Schulz.  "This will
leave them more vulnerable to already adverse industry,
economic, and credit market conditions."  The greatest threats
to the ratings over the next 18 months are the depth of economic
weakness and the extent of the demand shift away from light
trucks in the U.S.
   
S&P estimates GM will use as much as US$16 billion from its
global automotive operations this year, including cash
restructuring costs and costs related to bankrupt former unit
Delphi Corp.  Of that amount, GM used US$3.9 billion in the
first quarter.  S&P estimate Ford will burn as much as US$12
billion to US$13 billion from its global automotive operations
this year, including cash restructuring costs.  Of that amount,
Ford used US$4.9 billion in the first six months of 2008.  
Chrysler does not make its financial results public, but S&P
expects the company to experience a net cash outflow from its
automotive operations in 2008, its first full year since being
acquired by Cerberus Capital Management L.P.  Aggressive fixed-
cost reduction and conservative industry sales assumptions have
kept Chrysler at or above most of its financial targets through
the first quarter and likely through the second quarter.
   
Liquidity for all three automakers is adequate for now, but will
be significantly reduced in the second half of this year and
during 2009 by continued heavy losses and cash outflows.
   
Industry sales, including those of pickups and SUVs, continue to
weaken, which will likely lead to higher cash losses for all
three automakers in the second half of the year.  S&P expects
U.S. light-vehicle sales to be 14.4 million units in 2008, the
lowest in 15 years and down sharply from 16.1 million units in
2007.  S&P expects sales to fall further in 2009, to about 14.1
million units, as the economy remains weak and housing prices
and consumers' access to credit remain under pressure.  S&P
estimates that there is a 20% chance that auto sales in 2008 and
2009 will plummet to 13.6 million and 11.7 million units,
respectively, which would present an overwhelming challenge for
all three Michigan-based automakers.
   
Another major headwind has been plummeting prices for used SUVs
and pickups, which is causing alarming losses on leasing
activities and will lead Ford Credit to be unprofitable for
2008, even excluding a US$2 billion charge booked in the second
quarter.  GM and GMAC will likely take impairment charges in the
upcoming quarters.
   
There has been periodic speculation that the Michigan-based
automakers might eventually seek to reorganize under Chapter 11
bankruptcy protection.  Managements at all three companies have
strongly denied any such intention and appear committed to
executing on their turnaround plans.  Few of the automakers'
problems--including lower sales, adverse product mix shifts, and
high commodity costs--would be altered by a bankruptcy filing.  
S&P believe the most likely trigger for a bankruptcy filing
would be cash reserves falling to dangerously low levels, rather
than the automaker's making a strategic choice to seek Chapter
11 reorganization.
   
The outlooks on each company and its financial unit reflect our
expectation that liquidity at each automaker will be almost
halved by cash losses in 2008 and 2009 but will not sink to
dangerously low levels, even if industry conditions do not
materially improve by the end of next year.  S&P could revise
the outlooks, or place the ratings on CreditWatch and
subsequently lower them, if it came to believe that cash and
short-term investments plus secured revolving credit facility
availability would drop below certain levels before the end of
2009.  This could occur if U.S. light-vehicle sales drop well
below 14 million units this year and next, or if higher gas
prices lead to an even more substantial decline in light-truck
demand beyond current levels.  S&P could also lower the rating
on GM if GMAC loses access to the asset-backed securitization
markets for any extended period.
   
S&P does not expect to revise the outlook to stable or raise the
ratings within the next year, given the economic outlook,
ongoing turnaround plan execution risk, and potential pressure
on liquidity.


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


ANDREAS SCHILD: Aug. 17 Set as Deadline to File Proofs of Claim
---------------------------------------------------------------
Creditors owed money by JSC Andreas Schild are requested to file
their proofs of claim by Aug. 17, 2008, to:

         Schild-Neiger Andreas
         Mittlere Gasse
         3856 Brienzwiler
         Switzerland

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


BACOSYS LLC: Creditors Have Until Aug. 18 to File Claims
--------------------------------------------------------
Creditors owed money by LLC Bacosys are requested to file their
proofs of claim by Aug. 18, 2008, to:

         Martin Rodemich
         Mail Box: 66
         8612 Uster 2
         Switzerland

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


CMD MODEN: Creditors Must File Proofs of Claim by  Aug. 15
----------------------------------------------------------
Creditors owed money by JSC CMD Moden are requested to file
their proofs of claim by Aug. 15, 2008, to:

         Ursula Tschannen
         Liquidator
         Gassackerweg 71
         4402 Frenkendorf
         Switzerland

The company is currently undergoing liquidation in Frenkendorf.  
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 1, 2008.


DWWI JSC: Deadline to File Proofs of Claim Set  Aug. 16
-------------------------------------------------------
Creditors owed money by JSC DWWI - Dighton World Wide
Investments are requested to file their proofs of claim by
Aug. 16, 2008, to:

         J. Donnet, Budin & Associates
         20, rue Senebier
         1211 Geneve 12
         Switzerland

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


FIVE ASHES: Proofs of Claim Filing Deadline is  Aug. 15
-------------------------------------------------------
Creditors owed money by LLC Five Ashes are requested to file
their proofs of claim by Aug. 15, 2008, to:

         Sander Herden
         Liquidator
         Gotthardstrasse 31
         6304 Zug
         Switzerland

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


GENERAL MOTORS: Fitch Details Effect of Declining Resale Values
---------------------------------------------------------------
The recent announcements by the financing arms of Chrysler LLC,
GM Corp. and Ford Motor Co. regarding the discontinuation or
overhaul of their auto lease programs underscores the impact of
rapidly declining vehicle resale values, according to Fitch
Ratings.

Earlier this week Chrysler Financial, GMAC and Ford Motor Credit
announced significant changes to their auto lease businesses
with Chrysler Financial suspending their U.S. auto lease program
all together.  GMAC announced it will stop subsidizing leases in
Canada and will eliminate certain lower credit quality borrowers
from consideration domestically.  Ford announced significant
increases in lease rates for certain SUVs and trucks.  All three
companies indicated that their decision was influenced by the
ongoing decay in the resale values of vehicles coming off lease.

Coincident with these declines, Fitch is currently completing a
review of its auto lease ratings with a focus on the 2007 and
2008 vintages.  Fitch currently has 20 public ratings
outstanding from 10 transactions representing approximately
US$7.2 billion in principal outstanding from 2007 and 2008 U.S.
captive finance company issuances.  The initial review is
expected to be completed over the next two to three weeks.

"As Fitch has noted, dramatic drops in the value of used cars is
impacting the entire auto ABS sector, but those declines are
having an amplified affect on the performance of auto lease
transactions," said Managing Director and U.S. ABS group head
Kevin Duignan.  "Transactions from 2007 and 2008 may not have
built enough credit enhancement to offset the potential increase
in residual value losses while still maintaining coverage
consistent with Fitch's original ratings."

U.S. captive finance companies, in particular, are experiencing
higher than expected residual value losses due to the steep drop
in the values of vehicles coming off lease especially for SUVs
and trucks.  Fitch's base case residual value loss expectation
for these companies' auto lease ABS transactions has increased
by 20-30% since the second half of 2007 as value declines
accelerated.  However, current data suggests that actual
declines are exceeding this range in certain transactions with
further deterioration expected.  'While ratings in the auto
lease sector have traditionally been remarkably stable, the
rapid rate of decline in vehicle values over the past six months
is unprecedented and will put those ratings to the test,' said  
ABS Senior Director Ravi Gupta.

                     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.

General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units.  GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.

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.


GENERAL MOTORS: S&P Cuts Rating to B- on Mounting Cash Losses
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered the ratings on
General Motors Corp., Ford Motor Co., and Chrysler LLC, all to
'B-' from 'B'.  The ratings on GM and Ford were removed from
CreditWatch with negative implications, where they had been
placed on June 20, 2008.  Chrysler will remain on CreditWatch
pending the renewal of certain bank lines at DaimlerChrysler
Financial Services Americas LLC, which S&P expects to be
completed in the next few days.  If the bank lines are renewed
as expected, S&P would affirms the ratings on Chrysler and DCFS
and remove them from CreditWatch.
   
At the same time, S&P lowered the ratings on GMAC LLC, Ford
Motor Credit Co., and DCFS, also to 'B-' from 'B', and removed
the ratings on GMAC and Ford Credit from CreditWatch negative,
where they had also been placed on June 20, 2008.  The ratings
on DCFS will remain on CreditWatch negative until its bank line
renewal is complete.  S&P also lowered the corporate credit
rating on FCE Bank PLC, Ford Credit's European bank, to 'B' from
'B+'.  The outlooks on all the companies are negative. (The
issuer credit rating on GMAC's Residential Capital LLC mortgage
unit  [CCC+/Negative/C] is not affected by these rating
actions.)

The downgrades reflect mounting cash losses in GM's, Ford's, and
Chrysler's North American automotive operations and
deteriorating conditions in the U.S. auto market.
   
"We believe sharply lower U.S. light-vehicle demand and the
recent dramatic shift in demand away from large pickup trucks
and SUVs amid higher gas prices will complicate the turnaround
efforts of all three automakers and reduce their currently
adequate liquidity considerably over the next year and a half,"
said Standard & Poor's credit analyst Robert Schulz.  "This will
leave them more vulnerable to already adverse industry,
economic, and credit market conditions."  The greatest threats
to the ratings over the next 18 months are the depth of economic
weakness and the extent of the demand shift away from light
trucks in the U.S.
   
S&P estimates GM will use as much as US$16 billion from its
global automotive operations this year, including cash
restructuring costs and costs related to bankrupt former unit
Delphi Corp.  Of that amount, GM used US$3.9 billion in the
first quarter.  S&P estimate Ford will burn as much as US$12
billion to US$13 billion from its global automotive operations
this year, including cash restructuring costs.  Of that amount,
Ford used US$4.9 billion in the first six months of 2008.  
Chrysler does not make its financial results public, but S&P
expects the company to experience a net cash outflow from its
automotive operations in 2008, its first full year since being
acquired by Cerberus Capital Management L.P.  Aggressive fixed-
cost reduction and conservative industry sales assumptions have
kept Chrysler at or above most of its financial targets through
the first quarter and likely through the second quarter.
   
Liquidity for all three automakers is adequate for now, but will
be significantly reduced in the second half of this year and
during 2009 by continued heavy losses and cash outflows.
   
Industry sales, including those of pickups and SUVs, continue to
weaken, which will likely lead to higher cash losses for all
three automakers in the second half of the year.  S&P expects
U.S. light-vehicle sales to be 14.4 million units in 2008, the
lowest in 15 years and down sharply from 16.1 million units in
2007.  S&P expects sales to fall further in 2009, to about 14.1
million units, as the economy remains weak and housing prices
and consumers' access to credit remain under pressure.  S&P
estimates that there is a 20% chance that auto sales in 2008 and
2009 will plummet to 13.6 million and 11.7 million units,
respectively, which would present an overwhelming challenge for
all three Michigan-based automakers.
   
Another major headwind has been plummeting prices for used SUVs
and pickups, which is causing alarming losses on leasing
activities and will lead Ford Credit to be unprofitable for
2008, even excluding a US$2 billion charge booked in the second
quarter.  GM and GMAC will likely take impairment charges in the
upcoming quarters.
   
There has been periodic speculation that the Michigan-based
automakers might eventually seek to reorganize under Chapter 11
bankruptcy protection.  Managements at all three companies have
strongly denied any such intention and appear committed to
executing on their turnaround plans.  Few of the automakers'
problems--including lower sales, adverse product mix shifts, and
high commodity costs--would be altered by a bankruptcy filing.  
S&P believe the most likely trigger for a bankruptcy filing
would be cash reserves falling to dangerously low levels, rather
than the automaker's making a strategic choice to seek Chapter
11 reorganization.
   
The outlooks on each company and its financial unit reflect our
expectation that liquidity at each automaker will be almost
halved by cash losses in 2008 and 2009 but will not sink to
dangerously low levels, even if industry conditions do not
materially improve by the end of next year.  S&P could revise
the outlooks, or place the ratings on CreditWatch and
subsequently lower them, if it came to believe that cash and
short-term investments plus secured revolving credit facility
availability would drop below certain levels before the end of
2009.  This could occur if U.S. light-vehicle sales drop well
below 14 million units this year and next, or if higher gas
prices lead to an even more substantial decline in light-truck
demand beyond current levels.  S&P could also lower the rating
on GM if GMAC loses access to the asset-backed securitization
markets for any extended period.
   
S&P does not expect to revise the outlook to stable or raise the
ratings within the next year, given the economic outlook,
ongoing turnaround plan execution risk, and potential pressure
on liquidity.


H. FISCHBACHER: Creditors' Proofs of Claim Due by August 17
-----------------------------------------------------------
Creditors owed money by LLC H. Fischbacher are requested to file
their proofs of claim by Aug. 17, 2008, to:

         Silvia Marti
         Florastrasse 19
         8620 Wetzikon
         Switzerland

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


HESS KRANKENTRANSPORTE: Aug. 15 Set as Deadline to File Claims
--------------------------------------------------------------
Creditors owed money by LLC Hess Krankentransporte are requested
to file their proofs of claim by Aug. 15, 2008, to:

         Oliver Gafner
         Eisenbahnstrasse 11
         4901 Langenthal
         Switzerland

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


INDATEX JSC: Creditors Must File Proofs of Claim by August 18
-------------------------------------------------------------
Creditors owed money by  JSC Indatex are requested to file their
proofs of claim by Aug. 18, 2008, to:

         JSC Wirtschafts-Treuhand AUCTOR SCHWYZ
         Oberer Steisteg/PF 148
         6431 Schwyz
         Switzerland

The company is currently undergoing liquidation in Emmen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 25, 2008.


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

         Martin M. Iskraut
         Wasserwerkstrasse 24
         4332 Stein
         Switzerland

The company is currently undergoing liquidation in Stein AG.  
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 21, 2008.


LALITA JSC: Proofs of Claim Filing Deadline is August 17
--------------------------------------------------------
Creditors owed money by JSC Lalita are requested to file their
proofs of claim by Aug. 17, 2008, to:

         JSC OBT
         Rorschacherstrasse 63
         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 26, 2008.


SEMGROUP LP: Wants to Access BofA's US$250,000,000 DIP Financing
--------------------------------------------------------------
SemCrude, L.P., SemGroup, L.P., and their debtor-affiliates
sought the authority of U.S. Bankruptcy Court for the District
of Delaware to obtain US$250,000,000 of senior secured
superpriority postpetition financing from Bank of America, as
administrative agent for a syndicate of lenders.

Pending final approval of the request, the Debtors sought
authority, on an interim basis, to borrow up to US$150,000,000
under the DIP Facility to allow them to (i) meet all of their
administrative obligations during the early stages of their
Chapter 11 cases, and (ii)  purchase inventory critical to the
operation of their businesses.

The Debtors previously obtained interim permission from the
Court to use until Aug. 15, 2008, the cash collateral encumbered
by liens granted to a group of lenders led by BofA who extended
more than US$2,000,000,000 of prepetition loans to the Debtors.  
The DIP Lenders, according to the Debtors' proposed counsel,
Harvey R. Miller, Esq., at Weil, Gotshal & Manges, LLP, in New
York, constitute a subset of the lenders under the Debtors'
prepetition loan agreements.

Mr. Miller related that the Debtors lack sufficient unencumbered
funds with which to operate their business on an ongoing basis.  
The cash available under the Interim Cash Collateral Order is
not sufficient to operate the Debtors' business beyond a very
short term.  In particular, he said the Debtors are unable to
purchase sufficient inventory for the operation of their
businesses without borrowing additional funds.  The funds
available under the DIP Facility will be available to provide
the Debtors with working capital and funds for other general
corporate purposes solely in accordance with a weekly budget
covering a 13-week period.  The Budget, however, will still be
filed with the Court on or before the hearing on the request for
interim authority.

The salient terms of the DIP Credit Agreement are:

  Borrower:          SemCrude, L.P.

  Administrative  
  Agent and Lender:  Bank of America, N.A., as administrative
                     agent for a syndicate of lenders

  Guarantors:        SemOperating GP, L.L.C., SemGroup, L.P.,
                     and each of SemGroup's debtor subsidiaries

  DIP Facility:      A secured superpriority DIP credit facility
                     in an aggregate amount of US$250,000,000,
                     with a sublimit of US$150,000,000 for
                     letters of credit

  Interest Rate:     1-month LIBOR, subject to a floor of 4.00%,
                     plus 6.00% or Prime, subject to a floor of
                     3.00%, plus 5.00%

  Fees:              The Debtors will pay an unused line fee of
                     1% for undrawn amounts under the DIP
                     Facility.  The Debtors will also pay 6.00%
                     per annum on the outstanding face amount of
                     each letter of credit plus customary fees
                     for issuance, amendments, and processing
                     and a fronting fee equal to 0.25-1.00% per
                     annum.

  Maturity:          The DIP Facility will expire no later than
                     January 18, 2009, provided that the
                     maturity may be extended until April 18,
                     2009, upon the DIP Lenders' holding more
                     than 50% of the aggregate DIP Facility
                     commitments satisfaction that certain
                     conditions relating to the sale of the
                     Debtors' assets have been met.

  Priority & Liens:  BofA, for its own benefit and for the
                     benefit of the DIP Lenders, will be
                     granted:

                        (i) a perfected first priority lien on
                            and security interest in all
                            property of the Debtors' estates not
                            subject to valid, perfected, and
                            non-avoidable liens as of the
                            bankruptcy filing, other than the
                            Avoidance Actions, but subject to
                            the entry of a final DIP Order, any
                            proceeds or property recovered in
                            respect of any Avoidance Actions;

                       (ii) a perfected junior lien on all
                            property of the Debtors that is
                            subject to valid, perfected and
                            non-avoidable liens; and

                      (iii) a perfected first priority, senior
                            priming lien on and security
                            interest in all of the collateral
                            that is subject to existing liens
                            that secure the obligations of the
                            Debtors under or in connection with
                            the Prepetition Credit Agreement.

                     The obligations under the DIP Facility will
                     be entitled to superpriority claim status
                     in the Debtors' Chapter 11 cases.  All of
                     the Debtors' obligations under the DIP
                     Facility will be senior to all obligations
                     under the Prepetition Credit Agreement.  
                     Thus, the liens created under the DIP
                     Facility are priming liens with respect to
                     liens currently held by the Prepetition
                     Lenders.

  Carve-Out:         As provided under the Interim Cash
                     Collateral Order, refers to the statutory
                     fees payable to the U.S. Trustee, and after
                     the termination date of the Cash
                     Collateral, the payments of allowed
                     professionals fees and disbursements
                     incurred by the Debtors or any official
                     unsecured creditors committee provided that
                     the amount will not exceed US$2,000,000.

  Events of Default: [To be determined]

  Conditions:        The DIP Facility will be conditioned on,
                     among other things, BofA's receipt of an
                     initial Budget, receipts of all necessary
                     consents, finalization of satisfactory
                     legal documentation, and the Court's entry
                     of interim and final approvals of the DIP
                     Facility.

A full-text copy of the DIP Term Sheet is available for free at
http://bankrupt.com/misc/semgroup_DIPTermSheet.pdf

According to Mr. Miller, the Final DIP Agreement will set forth
milestones and timeframes, acceptable to BofA and the DIP
Lenders, for the successful completion of the sale of all or
substantially all of the Debtors' assets.  Law Phelps,
spokesperson for SemGroup, told The Journal Record that
"discussions [on the proposed sale] are under way."  He said
"the company has gotten lots of calls from people."

"We want to just keep running oil through the pipelines and keep
the business running as normally as possible while this orderly
asset sale is under way, because if you're a potential buyer of
assets, you'd much rather buy assets that have customers
attached to them, at the end of the pipeline, for example, and
employees who know how to run the system," the Journal Record
further quoted Mr. Phelps as saying.

Mr. Miller said the Debtors, BofA, and the DIP Lenders have
entered into letter agreements regarding fees in connection with
the postpetition financing.  However, the Fee Letters were not
publicly disclosed due to the commercially sensitive nature of
the fees.

Judge Shannon will convene a hearing on July 31, 2008, to
consider approval of the request to obtain the DIP Facility.  
Objections are due July 30.
                                                                             
                                             
                       About SemGroup L.P.

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

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

SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude
Company, sought protection under the Companies' Creditors
Arrangement Act (Canada) on July 22, 2008.  Ernst & Young, Inc.  
The CCAA stay expires on Aug. 20, 2008.

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

(SemGoup Bankruptcy News, Issue No. 4; Bankruptcy Creditors'  
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).   

                         *     *    *

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

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

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


SEMGROUP LP: Term Loan Lenders Assert Distinct Prepetition Liens
----------------------------------------------------------------
A group of prepetition lenders who provided SemGroup L.P. and
its debtor-affiliates a US$142,000,000 term loan asserted that
their claims are distinct from the claims of the other
prepetition lenders.  The distinctions, according to the Term
Loan Lenders' counsel, Mark Minuti, Esq., at Saul Ewing, LLP, in
Wilmington, Delaware, may have substantial economic impact on
the recoveries of each lender categories, which may diverge
significantly.

Mr. Minuti told the U.S. Bankruptcy Court for the District of
Delaware that the issues they presented are (i) broader in scope
than those that Bank of America, as administrative agent to the
prepetition lenders, is required to undertake, and (ii) reflect
conflicting interests among the Term Loan Lenders and the other
competing lender groups.  Accordingly, the Term Loan Lenders
asserted that BofA is an unsuitable advocate for their
interests.

The Term Loan Lenders sought separate representation of their
issued in the Debtors' Chapter 11 cases, and seek entitlement to
the payment of the fees and expenses they or their professionals
incur in connection with the Debtors' bankruptcy cases.  Mr.
Minuti contended that the distinct rights and interests of the
Term Loan Lenders, as holders of a first priority lien on the
revolver/term priority collateral and second priority lien on
the working capital priority collateral, will require separate
representations and diligence throughout the Debtors' Chapter 11
cases.

The Debtors have obtained interim authority from the Bankruptcy
Court to use until Aug. 15, 2008, the cash collateral securing
more than US$2,000,000,000 of prepetition loans extended by a
group of lenders led by Bank of America.

As adequate protection for any diminution in the value of the
cash collateral, the Debtors clarified that the Prepetition
Lenders will be granted a valid, perfected, replacement security
interest in and lien on all of the Collateral, including,
without limitation, subject to entry of a final DIP order, the
proceeds or property recovered in respect of the Avoidance
Actions.  The Adequate Protection Liens will be subject and
subordinate only to:

  (i) valid, perfected and enforceable prepetition liens, if
      any, which are senior to the Prepetition Lenders' liens or
      security interests as of the bankruptcy filing;

(ii) the liens granted to BofA, for its own benefit and for the
      benefit of the DIP Lenders, and any liens on the
      Collateral senior to BofA's liens; and

(iii) the Carve-Out.

To reduce the outstanding principal balance of the prepetition
indebtedness, the Debtors will pay to the Prepetition Lenders
all proceeds from a sale, lease or disposition of the
Collateral, after deducting necessary costs of the Debtors,
provided that all of the Debtors' obligations under the DIP
Facility have been paid in full, all commitments under the DIP
Facility have been terminated, and all outstanding letters of
credit issued under the DIP Facility have been cash
collateralized.

                       About SemGroup L.P.

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

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

SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude
Company, sought protection under the Companies' Creditors
Arrangement Act (Canada) on July 22, 2008.  Ernst & Young, Inc.  
The CCAA stay expires on Aug. 20, 2008.

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

(SemGoup Bankruptcy News, Issue No. 4; Bankruptcy Creditors'  
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).   

                         *     *    *

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

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

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


SEMGROUP LP: Bankruptcy Impacts Independent Oil Producers
---------------------------------------------------------
Small oil producers in Oklahoma, Kansas, and Texas, are hit the
greatest by SemGroup, L.P.'s bankruptcy filing, the Wall Street
Journal reported.  SemGroup, which said it lost US$2,400,000,000
from trading in the oil-futures market, collects oil from more
than 2,000 independent oil producers and operators in southwest
United States, and most of these independent producers have not
been paid for delivered oil since June or early July.

SemGroup, in its petition for protection under Chapter 11,
disclosed that it owes more than US$1,300,000,000 to oil
vendors.  SemGroup listed BP Oil Supply Co. as its largest
unsecured creditor with more than US$159,000,000 in trade debt.  

Since July 22, 2008, the day SemGroup sought bankruptcy
protection, until July 29, oil producers Dorado Oil Company,
D.E. Exploration, Inc., Mull Drilling Company, and Bominflot
Atlantic, Inc., filed reclamation notices demanding payment of
oil they delivered to SemGroup and its affiliates during the 45
days before July 22.  Other independent oil producers, including
Sunoco Logistics Partners, L.P., ARC Resources, Ltd., Petroflow
Energy, Ltd., and Hiland Holdings GP, LP, expressed that they
have million dollar collectibles from SemGroup for the delivery
of oil.

The Bankruptcy Abuse Prevention and Consumer Protection Act of
2005 gives vendors rights to reclaim payment for goods delivered
to the debtor during the 45-day period before the debtor
commenced a Chapter 11 filing.  The vendor has until the 20th
day
after the Chapter 11 filing to deliver a reclamation demand to
the debtor.  The BAPCPA also gives vendors the right to receive
an administrative expense claim for the value of goods delivered
within 20 days before the Chapter 11 filing provided that the
goods were sold "in the ordinary course of business."

Mike Terry, president of the Oklahoma Independent Petroleum
Association, told the Journal that "[t]here will be some oil
taken off the market."  However, traders in the physical oil
market, according to the Journal, said any significant change to
the amount of crude shipped via SemGroup's pipelines isn't
expected to become apparent before August 2008.

According to Dow Jones Newswires, Semgroup's collapse has
illuminated the inner workings of the U.S.' energy markets.  
Unlike oil futures that are listed on the New York Mercantile
Exchange, real barrels of crude oil change hands in thousands of
transactions daily in an opaque physical market dominated by
often secretive trading companies.  Whether these firms will
retain their influence in the wake of SemGroup's bankruptcy
filing in the market remains to be seen, as key participants
along the energy supply chain scramble to keep oil flowing, the
report said.
                                                                             
                                             
                       About SemGroup L.P.

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

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

SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude
Company, sought protection under the Companies' Creditors
Arrangement Act (Canada) on July 22, 2008.  Ernst & Young, Inc.  
The CCAA stay expires on Aug. 20, 2008.

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

(SemGoup Bankruptcy News, Issue No. 4; Bankruptcy Creditors'  
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).   

                         *     *    *

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

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

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


SEMGROUP LP: Selects Weil Gotshal as Bankruptcy Counsel
-------------------------------------------------------
SemGroup L.P. sought authority from the U.S. Bankruptcy Court
for the District of Delaware to employ Weil, Gotshal & Manges
LLP, as their bankruptcy counsel, nunc pro tunc to the
bankruptcy filing.

The Debtors selected Weil Gotshal as their attorneys because of
the firm's extensive experience and knowledge in the rights of
debtors and creditors, and Chapter 11 business reorganizations.

As the Debtors' counsel, Weil Gotshal will:

  (a) take all necessary action to protect and preserve the
      Debtors' estates, including the prosecution on behalf of
      the Debtors' estates, the defense of any actions commenced
      against those estates, negotiation of disputes, and the
      preparation of objections to  claims filed against the
      estates;

  (b) prepare, on the Debtors' behalf, necessary motions,
      applications, answers, orders, reports and other legal
      papers necessary to the administration of the
      Debtors' estates;

  (c) take all necessary or appropriate action in connection
      with a Chapter 11 plan, disclosure statement, and all
      related documents, as well as other actions as may be
      required in the administration of the Debtors' estates;
      and

  (d) perform other necessary legal services in connection with
      the Debtors' Chapter 11 cases.

Prior to the bankruptcy filing, Weil Gotshal received
US$1,100,000 from the Debtors for professional services
performed and expenses incurred, as an advanced payment to cover
charges from July 10, 2008, to the bankruptcy filing.  The
Debtors will pay Weil Gotshal professionals according to their
customary hourly rates:

    Professional                       Hourly Rates
    ------------                       ------------
    Members and Counsel                US$650 to US$900
    Associates                         US$355 to US$595
    Paraprofessionals                  US$155 to US$290

The Debtors will also reimburse Weil Gotshal for any necessary
out-of-pocket expenses the firm incurs while providing services
for the Debtors.

Martin A. Sosland, Esq., at Weil Gotshal, assured the Court that
the members, counsel, and associates of Weil Gotshal are
"disinterested persons" as the term is defined under Section
101(14) of the Bankruptcy Code.
                                                                             
                                             
                       About SemGroup L.P.

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

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

SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude
Company, sought protection under the Companies' Creditors
Arrangement Act (Canada) on July 22, 2008.  Ernst & Young, Inc.  
The CCAA stay expires on Aug. 20, 2008.

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

(SemGoup Bankruptcy News, Issue No. 4; Bankruptcy Creditors'  
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).   

                         *     *    *

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

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

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


SEMGROUP LP: Celtic, et al. Disclose Financial Exposures
--------------------------------------------------------
Various entities disclosed financial exposures to the bankruptcy
filing of SemGroup L.P. and its debtor-affiliates.

A. Celtic Exploration

Celtic Exploration Ltd. has potential financial exposure to
SemCAMS ULC, a Canadian subsidiary of U.S. based SemGroup LP,
relating to the marketing of a portion of the company's natural
gas and associated by-products production.

SemGroup filed a petition for reorganization under Chapter 11 of
the U.S. Bankruptcy Code.  In addition, SemCAMS filed an
application to obtain an order under the Companies' Creditors
Arrangement Act (Canada) in the Court of Queen's Bench of
Alberta Judicial District of Calgary.

Celtic has a potential financial exposure of approximately
CUS$30,000,000 relating to natural gas and associated by-product
sales, net of processing costs.  The Company is now marketing
its natural gas through an alternative purchaser, with the
agreement of SemCAMS.  These new arrangements are effective
immediately.  At this time, Celtic cannot determine the period
within which or the amount of the financial exposure that will
ultimately be collected.

Celtic is diligently pursuing all options available to recover
the amounts owing to the Company.  Celtic has sufficient
available bank credit lines to finance the potential financial
exposure, without affecting the planned 2008 capital expenditure
budget of CUS$180,000,000.  The amount of the potential
financial exposure represents approximately 17% of the Company's
forecasted annualized exit 2008 funds from operations of
CUS$176,500,000.  This forecast is based on commodity price
assumptions of US$96.00 per barrel for WTI oil and US$9.75 per
mmbtu for NYMEX natural gas.  Applying the full potential
financial exposure, Celtic's debt to 2008 exit funds from
operations ratio would remain under 1.0 times.

B. Iteration Energy

Iteration Energy Ltd. announced that it has potential exposure
of approximately CUS$16,000,000 to SemCanada Crude Company and
SemCAMS, both Canadian subsidiaries of SemGroup, L.P., relating
to the marketing of a portion of the Company's crude oil,
natural gas liquids and natural gas production.

SemCanada, togehter with SemCAMS, filed for creditor protection
in Canada under the CCAA.  As of this date, the company is not
able to quantify the portion, if any, of the US$16,000,000
exposure that will be collectible.

C. Orleans Energy

Orleans Energy Ltd. announces that it has estimated potential
financial exposure of approximately US$8,600,000 to SemCAMS ULC,
a Canadian subsidiary of SemGroup L.P., relating to the
marketing of a portion of the company's natural gas and natural
gas liquids sales for the month of June 2008 and for 22 days in
July 2008.  The contract pertaining to the production volumes
purchased by SemCAMS has been terminated and does not represent
an ongoing exposure for Orleans.

As of the date of reporting, Orleans is not able to neither
determine the period within which nor quantify with certainty
the portion of the exposure that will be ultimately collected
from SemCAMS.  However, the monetary exposure amount is not
considered significantly material to Orleans' overall financial
position nor is it anticipated to impair the company's ability
to fund its remaining 2008 capital expenditures program. Based
on the company's current market guidance projections, applying
the full potential financial exposure, Orleans' year-end net
debt-to-2008 cash flow from operations would remain under one
times.  As of the close of business on July 25, 2008, the
company had US$17,680,000 of bank debt drawn against its
available US$65,000,000 operating credit facility in-place with
a Canadian chartered bank.

D. KA Fund Advisors

KA Fund Advisors, LLC has evaluated the impact of recent adverse
developments related to SemGroup, L.P. and its affiliate,
SemGroup
Energy Partners, L.P., on the three publicly-traded funds it
manages:

    * Kayne Anderson MLP Investment Company (KYN: 26.73, -0.21,
      -0.8%),

    * Kayne Anderson Energy Total Return Fund, Inc. (KYE: 26.98,
      -0.36, -1.3%), and

    * Kayne Anderson Energy Development Company (KED: 22.82,
      +0.29, +1.3%).

Between July 16 and July 24, 2008, the net asset values per
share of KYN, KYE and KED decreased US$0.04, US$0.07 and US$0.31
per share, respectively, as a result of the decline in value of
securities issued by SemGroup and SGLP.  For KYN and KYE, the
impact is equivalent to a decline in NAV of 0.2% compared to the
NAV as of July 10, 2008.  For KED, the impact is equivalent to a
decline in NAV of 1.3% compared to the NAV as of May 31, 2008,
the most recently published NAV for KED.

SemGroup is a privately held, diversified energy midstream
company that transports, stores and markets multiple energy
products.  SGLP, an affiliate of SemGroup, is a publicly-traded
master limited partnership that stores and transports crude oil
and asphalt.  SGLP derives a substantial portion of its revenues
from SemGroup.  On July 22, 2008, SemGroup filed Chapter 11
bankruptcy due to claimed liquidity issues. SGLP has not filed
for bankruptcy and is not included in SemGroup's filing.  As a
result of these events, SemGroup's 8.75% Senior Notes declined
in value from approximately 96.5% of par on July 16, 2008 to
approximately 17% of par on July 24, 2008.  SGLP's common unit
price has declined significantly from a close of US$22.80 per
unit on July 16, 2008 to a close of US$7.72 per unit on July 24,
2008.

As of July 24, 2008, KED no longer held any SemGroup debt or
any SGLP common units.

                       About SemGroup L.P.

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

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

SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude
Company, sought protection under the Companies' Creditors
Arrangement Act (Canada) on July 22, 2008.  Ernst & Young, Inc.  
The CCAA stay expires on Aug. 20, 2008.

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

(SemGoup Bankruptcy News, Issue No. 4; Bankruptcy Creditors'  
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).   

                         *     *    *

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

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

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


===========
T U R K E Y
===========


ALBARAKA TURK: Fitch Holds 'BB-' LT Foreign Currency ID Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Turkey-based Albaraka Turk Katilim
Bankasi A.S.'s (Albaraka Turk) ratings as:

  -- Long-term foreign currency Issuer Default rating: affirmed
     at 'BB-'

  -- Short-term foreign currency IDR: affirmed at 'B'
  -- Long-term local currency IDR: affirmed at 'BB-'
  -- Short-term local currency IDR: affirmed at 'B'
  -- National Long-term rating: affirmed at 'A+(tur)'
  -- Individual rating: affirmed at 'D'
  -- Support rating: affirmed at '3'

The Outlooks for the Long-term ratings are Stable.

The Long-term foreign and local currency, Support and National
ratings reflect Fitch's view over the probability of support
from Albaraka Turk's majority shareholder, Albaraka Banking
Group in case of need.  Fitch believes ABG would have a high
propensity to support, but its ability to do would be limited
resulting in a moderate probability of support.  The Individual
rating reflects Albaraka Turk's good asset quality, minimal
market risk and improved capitalization.  These factors are
offset by the bank's small size in the Turkish financial system,
limited diversification of funding and slight concentration into
certain sectors.

Albaraka Turk is primarily involved with its core lending
business, as it does not trade any interest bearing instrument.
Its loan book is slightly concentrated on construction.
Otherwise, asset quality and reserve coverage are good and
improving, helped also by recovery of impaired receivables.  The
company has been sustaining good operating profitability in line
with its peers.  Net fees and commissions are also growing very
fast but the contribution to operating revenue is still low.  
The bank has adequate liquid assets and funding has proved
stable but the bank's small size and structural maturity
mismatch make it potentially vulnerable.  Capitalization was
considerably improved with the issuance of new capital through
an IPO in 2007.

Albaraka Turk is the fourth and the smallest participation bank
in Turkey, with a market share of 18.9% in the participation
banking segment.  The bank is a member of the Bahrain-registered
ABG, a leading Islamic banking group.  The bank offers corporate
and retail finance, leasing and international banking.  Albaraka
Turk has 90 branches, nearly half of which are located in the
Istanbul area.


KUVEYT TURK: Fitch Holds LT Foreign Currency ID Rating at 'BB'
--------------------------------------------------------------
Fitch Ratings has affirmed Kuveyt Turk Katilim Bankasi A.S.'s
ratings as:

  -- Long-term foreign currency Issuer Default rating: affirmed
     at 'BB'

  -- Short-term foreign currency IDR: affirmed at 'B'
  -- Long-term local currency IDR: affirmed at 'BBB-'
  -- Short-term local currency IDR: affirmed at 'F3'
  -- National Long-term rating: affirmed at 'AAA(tur)'
  -- Individual rating: affirmed at 'D'
  -- Support rating: affirmed at '3'

The Outlooks for the Long-term ratings are Stable.

Kuveyt Turk's Long-term foreign and local currency IDRs, Short-
term local currency IDR, Support and National ratings reflect
the moderate likelihood of support from its majority
shareholder, Kuwait Finance House ('A'/Outlook Stable), in case
of need.  The Individual rating reflects its below-average,
albeit improving, efficiency and loan concentration in certain
sectors.  These are offset by Kuveyt Turk's improving
capitalization and relatively diversified funding.

Kuveyt Turk's operating profitability improved, bringing it
closer to the peer average and making it more sustainable, with
a greater focus on stable fee-generating businesses.  The bank
has higher exposure to retail lending than its peers and longer
loan maturities.  Asset quality has continuously improved since
2006, although there is some loan concentration in certain
sectors and reserve coverage of impaired loans remains moderate.  
Kuveyt Turk maintains a stable deposit base, with no dependence
on large funding sources, and its asset liquidity remains
adequate.

Kuveyt Turk was incorporated in 1989 and is 62%-owned by KFH.  
Kuveyt Turk engages in interest-free banking, primarily
involving commercial lending.  The bank also targets retail
customers and has a larger exposure to that segment, as compared
to immediate peers.  Kuveyt Turk is the third-largest of
Turkey's four participation banks in terms of funds collected,
with a 21% market share in this segment at end-2007.


TURKIYE IS: Fitch Affirms 'B' Short-Term Foreign Currency IDR
-------------------------------------------------------------
Fitch Ratings has affirmed Turkiye Is Bankasi A.S.'s ratings at
Long-term foreign currency Issuer Default 'BB', LT local
currency IDR 'BBB-', ST foreign currency IDR 'B', ST local
currency IDR 'F3', National LT 'AAA(tur)', Individual 'C' and
Support '4'.  The Outlooks on the LT foreign and local currency
IDRs and the National LT rating remain Stable.  The Support
Rating Floor is affirmed at 'B+'.

The LT foreign currency IDR is constrained by Turkey's 'BB'
Country Ceiling.  The LT local currency IDR is rated two notches
above the sovereign's due to the bank's stand-alone financial
strength.  The Individual rating reflects Isbank's dominant
position in Turkey's banking system as the largest bank by
equity and with leading market shares in assets (14.3%), loans
(12.5%) and deposits (13.8%) at end-2007.  In addition, the
rating acknowledges its good profitability, healthy risk
profile, stable core funding and adequate capitalization, but
also its exposure to a volatile operating environment.

Profitability improved in 2007, driven by strong growth in
retail and commercial lending.  Compared to its peers, Isbank's
performance was also satisfactory in 2007, a trend which
continued into Q108.  Despite slowing growth, gross loans
including leasing receivables represented a higher 47% of assets
at end-Q108 (2006: 41%, 2005: 36%), reflecting the shift in
Isbank's asset composition in favour of loans.  Loan portfolio
is dominated by Turkish lira retail and commercial loans, while
the share of FX loans rose to 33% in Q108 (2007: 29.1%) on the
back of project finance loans.  Its asset quality remains sound
as the loan portfolio continues to be diversified and healthy.

Isbank's structural maturity mismatch and potential liquidity
risks are mitigated to some extent by its stable core deposit
base and continued access to both international syndicated loan
markets and money market funds.  At end-Q108 Isbank's
consolidated regulatory Tier 1 ratio declined to 17.6% (2007:
20.5%), mainly due to an increase in risk-weighted assets.  
However, it remains adequate and one of the highest among
Turkey's private banks.

Isbank was established in 1924 as Turkey's first private
commercial bank to support the country's economic development.  
It was Turkey's largest bank by equity at end-Q108.  Isbank
Group's core business is retail, corporate, commercial and
private banking services.  The group is also active through its
subsidiaries in a wide range of financial services and has a
portfolio of non-core strategic participations in large Turkish
companies - mainly in the glass and telecommunications sectors.


* TURKEY: S&P Shifts Outlook to Stable, Affirms Low-B Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
the Republic of Turkey to stable from negative.
     
S&P also said that it affirmed its 'BB-/B' foreign currency,
'BB/B' local currency, and 'trAA+/trA-1' Turkish national scale
credit ratings on the republic.  The 'BB+' transfer and
convertibility assessment on Turkey was also affirmed.
      
"The revision of the outlook to stable from negative reflects
Turkey's diminished near-term political uncertainties,"
explained S&P's credit analyst Farouk Soussa.  "This follows the
July 30 decision by the constitutional court not to ban the
ruling Justice and Development Party and many of its leading
politicians from office.  The resulting improved prospects for
policy continuity and political stability will likely bolster
investor confidence, widening the sources for the financing of
Turkey's large current account deficit."
     
The external imbalances in the Turkish economy continue to
constrain the ratings.  Turkey's current account registered a
deficit of 5.7% of GDP and 25% of current account receipts in
2007.  Although net inward foreign direct investment offset 53%
of the deficit, with portfolio equity making up for another 9%,
external borrowing remained substantial.  Since 2003, the
cumulative net portfolio and debt inflow into Turkey has
amounted to 17% of 2007 GDP, almost 30% of which was invested in
domestic debt and equity markets.  This massive cumulative
inflow has subjected the relatively shallow Turkish domestic and
foreign exchange markets to pronounced downswings when foreign
investors withdraw their funds en masse in response to either
changing global liquidity conditions or a perceived increase in
domestic risk.  Such swings could have a detrimental effect on
Turkey's creditworthiness if they are prolonged, raising the
government's financing costs and hurting the domestic economy.
     
Supporting the ratings are the Turkish government's track record
of sound economic and fiscal management as well as the
significant structural improvements these have yielded to
Turkey's public finances since 2001.  Moreover, since 2003,
privatization and foreign investment have picked up
considerably, and real economic growth has averaged almost 7%.
      
"The stable outlook on Turkey balances the improvement in the
republic's external financing prospects and underlying
fundamentals against its vulnerability to financing shocks," Mr.
Soussa added.  "If the government continues to reduce the
economy's vulnerability to external financing shocks through
continued reform and fiscal consolidation, the ratings on Turkey
could improve.  If significant slippage in fiscal policy occurs
or there is a resurgence in political risks beyond what we
currently envisage, the ratings could come under downward
pressure."


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


ALFA BANK: Moody's Affirms Ba3 Long-Term Foreign Currency Rating
----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 long-term foreign
currency rating of Alfa Bank Ukraine's upcoming senior unsecured
notes expected to be issued by Ukraine Issuance Plc, a UK-based
special-purpose company.  The notes will be issued on a limited
recourse basis with the sole purpose of financing senior
unsecured loans to Alfa Bank Ukraine.  The rating affirmation
follows Moody's receipt of further details of the issuance,
which do not affect the rating.  This includes the tenor of the
notes, which is expected to be three years with a put option
after 1 year, and the amount of the notes, which is US$250
million. The outlook for the rating is stable.

According to Moody's, the Ba3 rating is based on the fundamental
credit strength of ABU -- currently rated Ba3/Not
Prime/E+/Aa1.ua -- and does not incorporate any potential
systemic support from the Ukrainian authorities in case of need.
It does, however, incorporate a moderate probability of parental
support from the bank's affiliated companies.

Moody's also notes that, according to the terms of the
programme, ABU will have to comply with a number of covenants
such as a negative pledge, a limitation on mergers and
consolidations as well as restrictions on mergers, disposals,
transactions with affiliates, restricted payments and
maintenance of capital adequacy.  According to the rating
agency, the likelihood of any of the above covenants being
triggered is relatively low.  However, if any such were to
occur, it could potentially have adverse liquidity implications
for the bank and might exert severe downward pressure on its
ratings.  ABU is required to maintain full compliance with
prudential supervision ratios and other requirements of the
National Bank of Ukraine.

Moody's cautions that the transaction also has an embedded
rating trigger whereby the notes will become payable if, within
90 days after a change of control of ABU, its ratings are
downgraded by one or more notches or publicly placed under
review for possible downgrade.  Moody's notes that a change of
control of ABU will be viewed as a risk factor; if the
noteholders' put option were to be exercised, this could result
in the need to repay a sizeable obligation, thus placing a
burden on the bank's financial resources and potentially
destabilising its ratings further.

Alfa Bank Ukraine is headquartered in Kiev, Ukraine, and
reported total assets of US$3.2 billion and net income of US$8.8
million under IFRS-compliant Condensed Interim Financial
Information and Review Report as of March 31, 2008.


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


CHRYSLER LLC: Mulling Foreign Auto Tie Ups to Slash Costs
---------------------------------------------------------
Chrysler LLC is mulling potential joint ventures with foreign
counterparts to cut costs and to secure finances, The Wall
Street Journal reports, citing people familiar with the matter.

Reuters relates that Chrysler and Fiat S.p.A. are negotiating
production and distribution deals, while Chrysler is discussing
plans with Tata Motors Ltd. relating to the sale and assembly of
Chryslers' Jeep Wrangler SUV in India and other Asian markets
through Tata Motors.

In April 2008, the Troubled Company Reporter disclosed that
Chrysler and Nissan Motor Co., Ltd., entered into two new
agreements for the supply of products between both companies.  
Nissan agreed, in January, to supply Chrysler with a new car
based on the Nissan Versa sedan for limited distribution in
South America on an Original Equipment Manufacture basis in
2009.

According to WSJ, owner Cerberus Capital Management LP is
seeking ways to push Chrysler's turnaround plan, including joint
ventures with foreign auto makers.  Chrysler is also restricting
its costs on development projects and reconsidering increasing
production plans for the fuel-efficient Phoenix auto engine.

As disclosed in the TCR on July 29, 2008, Chrysler's financial
arm, Chrysler Financial, will cease offering vehicle lease
alternatives in the U.S. to focus more on financing vehicle
purchases.  In addition, Chrysler 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.

                       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 disclosed in the Troubled Company Reporter-Europe on
Aug. 1, 2008, 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.

As reported in the Troubled Company Reporter on 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.  

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, 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.


CHRYSLER LLC: Fitch Highlights Effect of Declining Resale Values
----------------------------------------------------------------
The recent announcements by the financing arms of Chrysler LLC,
GM Corp. and Ford Motor Co. regarding the discontinuation or
overhaul of their auto lease programs underscores the impact of
rapidly declining vehicle resale values, according to Fitch
Ratings.

Earlier this week Chrysler Financial, GMAC and Ford Motor Credit
announced significant changes to their auto lease businesses
with Chrysler Financial suspending their U.S. auto lease program
all together.  GMAC announced it will stop subsidizing leases in
Canada and will eliminate certain lower credit quality borrowers
from consideration domestically.  Ford announced significant
increases in lease rates for certain SUVs and trucks.  All three
companies indicated that their decision was influenced by the
ongoing decay in the resale values of vehicles coming off lease.

Coincident with these declines, Fitch is currently completing a
review of its auto lease ratings with a focus on the 2007 and
2008 vintages.  Fitch currently has 20 public ratings
outstanding from 10 transactions representing approximately
US$7.2 billion in principal outstanding from 2007 and 2008 U.S.
captive finance company issuances.  The initial review is
expected to be completed over the next two to three weeks.

"As Fitch has noted, dramatic drops in the value of used cars is
impacting the entire auto ABS sector, but those declines are
having an amplified affect on the performance of auto lease
transactions," said Managing Director and U.S. ABS group head
Kevin Duignan.  "Transactions from 2007 and 2008 may not have
built enough credit enhancement to offset the potential increase
in residual value losses while still maintaining coverage
consistent with Fitch's original ratings."

U.S. captive finance companies, in particular, are experiencing
higher than expected residual value losses due to the steep drop
in the values of vehicles coming off lease especially for SUVs
and trucks.  Fitch's base case residual value loss expectation
for these companies' auto lease ABS transactions has increased
by 20-30% since the second half of 2007 as value declines
accelerated.  However, current data suggests that actual
declines are exceeding this range in certain transactions with
further deterioration expected.  'While ratings in the auto
lease sector have traditionally been remarkably stable, the
rapid rate of decline in vehicle values over the past six months
is unprecedented and will put those ratings to the test,' said  
ABS Senior Director Ravi Gupta.

                       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.


CHRYSLER LLC: S&P Cuts Rating; Keeps Watch on Bank Lines Renewal
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered the ratings on
General Motors Corp., Ford Motor Co., and Chrysler LLC, all to
'B-' from 'B'.  The ratings on GM and Ford were removed from
CreditWatch with negative implications, where they had been
placed on June 20, 2008.  Chrysler will remain on CreditWatch
pending the renewal of certain bank lines at DaimlerChrysler
Financial Services Americas LLC, which S&P expects to be
completed in the next few days.  If the bank lines are renewed
as expected, S&P would affirms the ratings on Chrysler and DCFS
and remove them from CreditWatch.
   
At the same time, S&P lowered the ratings on GMAC LLC, Ford
Motor Credit Co., and DCFS, also to 'B-' from 'B', and removed
the ratings on GMAC and Ford Credit from CreditWatch negative,
where they had also been placed on June 20, 2008.  The ratings
on DCFS will remain on CreditWatch negative until its bank line
renewal is complete.  S&P also lowered the corporate credit
rating on FCE Bank PLC, Ford Credit's European bank, to 'B' from
'B+'.  The outlooks on all the companies are negative. (The
issuer credit rating on GMAC's Residential Capital LLC mortgage
unit  [CCC+/Negative/C] is not affected by these rating
actions.)

The downgrades reflect mounting cash losses in GM's, Ford's, and
Chrysler's North American automotive operations and
deteriorating conditions in the U.S. auto market.
   
"We believe sharply lower U.S. light-vehicle demand and the
recent dramatic shift in demand away from large pickup trucks
and SUVs amid higher gas prices will complicate the turnaround
efforts of all three automakers and reduce their currently
adequate liquidity considerably over the next year and a half,"
said Standard & Poor's credit analyst Robert Schulz.  "This will
leave them more vulnerable to already adverse industry,
economic, and credit market conditions."  The greatest threats
to the ratings over the next 18 months are the depth of economic
weakness and the extent of the demand shift away from light
trucks in the U.S.
   
S&P estimates GM will use as much as US$16 billion from its
global automotive operations this year, including cash
restructuring costs and costs related to bankrupt former unit
Delphi Corp.  Of that amount, GM used US$3.9 billion in the
first quarter.  S&P estimate Ford will burn as much as US$12
billion to US$13 billion from its global automotive operations
this year, including cash restructuring costs.  Of that amount,
Ford used US$4.9 billion in the first six months of 2008.  
Chrysler does not make its financial results public, but S&P
expects the company to experience a net cash outflow from its
automotive operations in 2008, its first full year since being
acquired by Cerberus Capital Management L.P.  Aggressive fixed-
cost reduction and conservative industry sales assumptions have
kept Chrysler at or above most of its financial targets through
the first quarter and likely through the second quarter.
   
Liquidity for all three automakers is adequate for now, but will
be significantly reduced in the second half of this year and
during 2009 by continued heavy losses and cash outflows.
   
Industry sales, including those of pickups and SUVs, continue to
weaken, which will likely lead to higher cash losses for all
three automakers in the second half of the year.  S&P expects
U.S. light-vehicle sales to be 14.4 million units in 2008, the
lowest in 15 years and down sharply from 16.1 million units in
2007.  S&P expects sales to fall further in 2009, to about 14.1
million units, as the economy remains weak and housing prices
and consumers' access to credit remain under pressure.  S&P
estimates that there is a 20% chance that auto sales in 2008 and
2009 will plummet to 13.6 million and 11.7 million units,
respectively, which would present an overwhelming challenge for
all three Michigan-based automakers.
   
Another major headwind has been plummeting prices for used SUVs
and pickups, which is causing alarming losses on leasing
activities and will lead Ford Credit to be unprofitable for
2008, even excluding a US$2 billion charge booked in the second
quarter.  GM and GMAC will likely take impairment charges in the
upcoming quarters.
   
There has been periodic speculation that the Michigan-based
automakers might eventually seek to reorganize under Chapter 11
bankruptcy protection.  Managements at all three companies have
strongly denied any such intention and appear committed to
executing on their turnaround plans.  Few of the automakers'
problems--including lower sales, adverse product mix shifts, and
high commodity costs--would be altered by a bankruptcy filing.  
S&P believe the most likely trigger for a bankruptcy filing
would be cash reserves falling to dangerously low levels, rather
than the automaker's making a strategic choice to seek Chapter
11 reorganization.
   
The outlooks on each company and its financial unit reflect our
expectation that liquidity at each automaker will be almost
halved by cash losses in 2008 and 2009 but will not sink to
dangerously low levels, even if industry conditions do not
materially improve by the end of next year.  S&P could revise
the outlooks, or place the ratings on CreditWatch and
subsequently lower them, if it came to believe that cash and
short-term investments plus secured revolving credit facility
availability would drop below certain levels before the end of
2009.  This could occur if U.S. light-vehicle sales drop well
below 14 million units this year and next, or if higher gas
prices lead to an even more substantial decline in light-truck
demand beyond current levels.  S&P could also lower the rating
on GM if GMAC loses access to the asset-backed securitization
markets for any extended period.
   
S&P does not expect to revise the outlook to stable or raise the
ratings within the next year, given the economic outlook,
ongoing turnaround plan execution risk, and potential pressure
on liquidity.


DAWNAY DAY: BDO Stoy Hayward Takes Control of Two Companies
-----------------------------------------------------------
Dawnay Day Properties and Dawnay Day International have been put
under BDO Stoy Hayward's control, various reports say.

BDO, Times Online relates, has been appointed administrator to
Dawnay Day International, which according to the Telegraph had  
gross assets of US$3 billion and managed another US$4.5 billion.

BDO, however, said other businesses of the group will continue
to trade under the existing management.

BDO, the Telegraph adds, is now in control of 65 of the group's
operations.

A TCR-Europe report on July 21, 2008, disclosed 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.  

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.


EUROMANX AIRWAYS: Creditors Unlikely to Recover Investments
-----------------------------------------------------------
PriceWaterhouseCoopers LLP's Mike Simpson, liquidator for
Euromanx Airways IOM Ltd., has told around 7,000 creditors that
they might not receive their investments back, Ilse of Man
Examiner reports.

Mr. Simpson told the Examiner that Euromanx had little assets
when it ceased operations in May 2008.  The company had around
GBP3 million in debt

"There's not so much in the way of assets but certainly dealing
with such a large number of creditors has been challenging," Mr.
Simpson was quoted by the Examiner as saying.

The company also owes around GBP1.1 million to preferential
creditors including various branches of government which are
owed VAT, National Insurance and money paid out as compensation
for employees' unpaid wages, the Examiner relates.

The High Court of Wales and England on July 10, 2008, issued a
winding up order against Euromanx and appointed Mr. Simpson as
liquidator.

Mr. Simpson has called a creditors meeting at 12 noon on
Aug. 4, 2008.

Euromanx Airways IOM Ltd. -- http://www.euromanx.com/--  
provides flights from Isle of Man to locations that includes
Belfast, Liverpool, London and Manchester.


FGIC CORP: Fitch Junks Rating on US$325MM of 6% Senior Notes
------------------------------------------------------------
Fitch Ratings has downgraded these ratings on FGIC Corporation
and its financial guaranty insurance subsidiaries Financial
Guaranty Insurance Company and FGIC UK Ltd. as shown below:

FGIC
FGIC UK Ltd.

  -- Insurer financial strength to 'CCC' from 'BBB'.

Fitch has placed these ratings on Rating Watch Evolving.

FGIC Corp.

  -- Long-term Issuer to 'CCC-' from 'BB';
  -- US$325 million of 6% senior notes due Jan. 15, 2034 to
     'CCC-' from 'BB'.

Fitch has placed these ratings on Rating Watch Negative.

The rating action is based on Fitch's expectation that FGIC will
experience further credit deterioration on its book of business
backed by residential mortgage-backed securities.  This
deterioration could lead to further additions in loss reserves
which will increase the possibility that FGIC could become
subjected to some form of regulatory intervention.

Moreover, as of March 31, 2008 FGIC would have negative
statutory capital if not for the $600 million 'contingent gain'
the company recognized related to a structured finance CDO
transaction, known as Havenrock II, that is currently being
disputed in court.  Fitch continues to monitor developments with
respect to this dispute for potential implications to the
financial condition of FGIC.

In the event that some form of regulatory intervention were to
occur, FGIC's exposure to credit derivatives would be subject to
immediate termination with its outstanding counterparties.  In
this scenario, FGIC would be required to settle the CDS
contracts at their current market value; a level that Fitch
believes is considerably greater than the company's existing
claims-paying resources.

Given the heightened risk of regulatory intervention, and FGIC's
inability to date to raise additional third-party capital,
either from its existing owners or externally, it is likely the
company will need to pursue the commutation of some of its most
capital intensive exposures, namely SF CDOs underwritten in CDS
form.  Such options are more likely given the precedent set by
the recently announced commutation of several SF CDO contracts
between Security Capital Assurance Ltd. and Merrill Lynch & Co.,
Inc.

The Rating Watch Evolving reflects:

  -- The uncertainty noted above related to the outcome of the
     Havenrock II dispute, and the potential for either
     favorable or negative outcomes;

  -- Fitch's expectation for higher RMBS loss reserves in the
     next several quarters;

  -- Ongoing negotiations with external reinsurance providers  
     that could ultimately improve certain policyholder
     positions; and

  -- Rating implications tied to Fitch's ultimate viewpoint
     related to the nature of the negotiations surrounding
     probable commutations.  Given FGIC's greatly weakened
     financial condition, Fitch would evaluate any commutation
     to judge whether it was 'distressed' and viewed as an
      economic default per Fitch's rating methodology.

The Rating Watch Negative on FGIC Corp.'s long-term issuer and
senior unsecured debt ratings reflects Fitch's expectation that
if FGIC's financial condition continues to deteriorate and
triggers some form of regulatory intervention, regulators will
likely prevent FGIC from paying dividends to FGIC Corp. in order
to service its debt or other holding company operating expenses.

Fitch will comment on the impact of the downgrade of FGIC's IFS
rating on the ratings of securities insured by FGIC in a
separate release.

FGIC Corp. is a U.S. holding company whose primary operating
financial guaranty subsidiaries are FGIC and FGIC U.K Ltd.  For
March 31, 2008, FGIC Corp. reported consolidated assets under
Generally Accepted Accounting Principles of $6.7 billion and
shareholders' equity of approximately $548 million.  On an
aggregated basis, net par outstanding for FGIC totaled $308
billion as of March 31, 2008.


FROSTFRENCH LTD: Goes Into Administration; Owes GBP4 Million
------------------------------------------------------------
FrostFrench Ltd., a clothing company, has gone into
administration, racking up debts of more than GBP4 million, the
Independent reports.

FrostFrench owners Sadie Frost and Jemima French, the report
relates, blamed poor sales and management changes for the
company's troubles.

"After external investment in FrostFrench in 2006, in which they
had to relinquish their overall control and influence in the
company, a new management team was installed.  Sadie and Jemima
have been unhappy with the strategic direction and many of the
day-to-day decisions," FrostFrench said in a statement.

The two, however, set up a new company, FrostFrench Retail Ltd.,
along with a new Norwegian investor, the report discloses.

According to the report, the business and assets of the previous
company, whose administration is being handled by Asher Miller
of David Rubin & Partners, were transferred to Frost French
Retail, ensuring the future of the brand and preserving jobs.

The report adds FrostFrench underwear and accessories will still
be sold at Debenhams.  The Islingston store will also remain
open despite the closure of the King's Road boutique.


NUNEATON BOROUGH: Appoints Martin Coyne as Liquidator
-----------------------------------------------------
Nuneaton Borough Football Club called in Martin Coyne of
Poppleton & Appleby to liquidate its assets, the Coventry
Telegraph reports.

Mr. Coyne, the report relates, was appointed liquidator of the
club at a shareholders' and creditors' meeting.

The report says the club incurred deficiencies of more than GBP1
million.

"Nuneaton Borough was operated by Stadia Safe Ltd. but was wound
up last week owing considerable amounts of money to the Revenue
and Excise, trade creditors and directors," Mr. Coyne was quoted
by the Coventry Telegraph as saying.  "Several creditors - and
supporters - have asked us to investigate what happened to
proceeds from that sale, and we are currently undertaking that
work."

Mr. Coyne added Borough Leisure Ltd. is taking over the club,
which will be renamed Nuneaton Town next season, the report
discloses.  The club was relegated two divisions from Conference
to BGB Souther Midlands Division after it went into liquidation.

Nuneaton Borough AFC -- http://www.nbafc.net/--   
plays football in the Conference North division of English
football: The highest level of football within the market town
of Nuneaton, Warwickshire.


RESLOC UK 2007-1: S&P Places BB/B Ratings on Negative Watch
-----------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with negative implications its credit ratings on the class E1b,
E2b, and F1b notes issued by ResLoc U.K. 2007-1 PLC.  All other
classes of notes in this transaction are unaffected by the
CreditWatch placements.
  
On the June 2008 interest payment date, ResLoc 2007-1 drew
GBP904,548 (7.6%) of its opening quarter reserve fund balance,
leaving the reserve fund at 90% of the reserve fund required
amount.  This draw is mainly due to a loss of GBP1,061,551 in
the quarter.
  
Total delinquencies on the June interest payment date were 9.9%
and 90+ day delinquencies were 5%.  These values are low
compared with other 2007 vintage nonconforming residential
mortgage backed securities (RMBS) transactions.  However, S&P
has seen 48 properties repossessed in Q2, so it may see further
losses in the coming quarters.
  
The weighted-average loan-to-value ratio as reported in the June
investor report is 81.7%.  If house prices continue to decrease,
this will place further pressure on losses experienced on the
sale of the repossessed properties.
  
S&P has received loan-level data for this transaction and will
now carry out a more detailed cash flow analysis to investigate
whether these classes of notes can retain their current ratings.
The results of this review and any changes in the ratings are
expected in due course.
  
The notes, issued in May 2007, are backed by a portfolio of
first-ranking residential mortgages secured over freehold and
leasehold properties in the U.K.  The loans were originated by
GMAC (75.3%), Advantage (11%), Amber (10.2%), and Victoria
(3.5%).

Ratings List:
  
  -- GBP485.8 Million, EUR395.5 Million, And US$303.7 Million
     Mortgage-Backed And Excess Spread Floating-Rate Notes
  
Ratings Placed On CreditWatch Negative:
                    
Class         To                From
-----         --                ----
E1b        BB/Watch Neg          BB
E2b        BB/Watch Neg          BB
F1b        B/Watch Neg           B
  

SOLUTIA INC: Posts US$16Mln Net Loss for 2nd Qtr Ended June 30
---------------------------------------------------------------
Solutia Inc. reported net sales of US$1,095,000,000 for the
second quarter of 2008, a 20% increase over net sales of
US$911,000,000 for the same period in 2007.  Approximately 8% of
this increase is attributable to the consolidation of Flexsys
sales beginning on May 1, 2007, following Solutia's acquisition
of the remaining 50% share of its former joint venture.  On a
pro forma basis, adjusting 2007 second quarter sales to include
Flexsys, sales increased 14% over the prior year.

Solutia had a consolidated loss of US$16,000,000 for the second
quarter 2008 compared to income from continuing operations of
US$27,000,000 for the same period in 2007.  Solutia's results
were impacted by certain events affecting comparability totaling
an after-tax loss of US$33,000,000 in 2008 and an after-tax gain
of US$10,000,000 in 2007.  After consideration of these special
items in both periods, income held steady at US$17,000,000 in
the second quarter of 2008 or US$0.28 per share, despite
increased depreciation and amortization expense, higher interest
cost and higher stock compensation expense.

"We are pleased to report solid second quarter growth, driven by
strong volumes and price increases across our businesses," said
Jeffry N. Quinn, chairman, president and chief executive officer
of Solutia Inc.  "Importantly, even though the escalation of raw
materials accelerated in the second quarter compared to the
first, our focused pricing actions and strong market positions
allowed us to recover a significant percentage of this cost
increase.  We also continued to benefit from our geographically
diverse business, as international growth -- particularly in
China -- more than offset softening domestic markets."

Mr. Quinn added, "In addition to producing strong results during
the second quarter, we announced two important strategic
developments which will have the potential to further enhance
our transformation to a high-margin pure play specialty chemical
company.  We retained HSBC to review strategic alternatives for
the Nylon business, and laid the foundation for a key longer-
term growth opportunity by establishing our Saflex Photovoltaic
business."

Reported consolidated EBITDA for the second quarter decreased to
US$67,000,000 from US$110,000,000 in 2007.  After taking into
consideration events affecting comparability and non-cash stock
compensation expense (as detailed below in the summary of events
affecting comparability) of net charges totaling US$51,000,000
and net gains totaling US$26,000,000 for 2008 and 2007,
respectively, Adjusted EBITDA increased to US$118,000,000 from
US$84,000,000.  On a pro forma basis, including Flexsys results
for April 2007 on a 100% basis, Adjusted EBITDA in the second
quarter 2008 increased US$25,000,000 from US$93,0000,000 over
the prior year.

The most significant adjustment in the current quarter was a
negative margin impact from the selling of inventory that was
fair valued at the time of emergence as required by fresh start
accounting.  This impact was a non-cash charge of US$49,000,000.

The company's June 30, 2008 balance sheet showed US$4.7 billion
in total assets, US$3.7 billion in total liabilities, and
US$1.7 billion in stockholders' equity.

                      Unallocated and Other

After taking into consideration unusual charges and gains and
decreases in equity earnings as a result of the Flexsys
acquisition, corporate and other expenses were down
US$15,000,000 compared to the second quarter 2007 predominantly
due to lower adjustments to the company's LIFO inventory
valuation allowance.

                            Cash Flow

Cash from operations before reorganization activities for
six months ended June 2008 was a usage of US$63,000,000.  This
included a US$204,000,000 increase in inventory and trade
accounts receivable, of which approximately 60% is due to
escalating raw material and energy costs and the company's
implementation of related price increases.  This increase in
working capital was partially offset by improved supplier
payment terms.

                             Outlook

The company is raising its full-year 2008 adjusted EBITDA
guidance to a range of US$400,000,000 to US$425,000,000 from its
previous estimate of US$375,000,000 to US$400,000,000.

                        About Solutia Inc.

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

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

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

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


SOLUTIA INC: Uncertainty Looms at Nylon Biz; Exploring Options
--------------------------------------------------------------
The future of Solutia, Inc.'s nylon business continues to be
uncertain, Brazoria County, Texas-based The Facts reports,
citing Dan Jenkins, spokesperson of Solutia, who said that it
could be months before HSBC Securities (USA), Inc., could find a
solution.

Solutia has retained HSBC Securities to explore strategic
alternatives with respect to its nylon business, which generated
net sales of US$1,892,000,000 in 2007, accounting for 51% of
Solutia's total revenue.

HSBC is tasked to explore strategies for Solutia, which
including keeping its nylon business, selling it or possibly
creating a joint venture with another company, Mr. Jenkins said,
according to The Facts.  "They're starting to put together some
of their documentation."

According to Mr. Jenkins, demand continues to be strong for
nylon.  However, he said , the company is evaluating its nylon
business because energy costs and the costs for the raw
materials to make it, much of it petroleum-based, are rising.

CEO Jeffry Quinn said the company is considering strategic
alternatives for its nylon business at a time when demand for
nylon is high.  Mr. Quinn and Jonathon P. Wright, senior vice
president of Solutia Inc. and president of the company's
integrated nylon division, have said they are mulling on giving
up the nylon business to other firms who may be able produce
nylon more cheaply.

Mr. Wright said that the cost of the raw materials to make nylon
is becoming a drain on Solutia's other businesses.  "If the
price of oil went back to 2002 levels, then the nylon division
would be more profitable, and we probably would think about
staying in the business," he told the Pensacola News Journal.

Solutia's nylon business operates six plants and includes the
Chocolate Bayou plant, located in Alvin, Texas and Gonzalez
Plant, Pensacola Florida.  Paul Zawila, Solutia's environmental
health and safety lead at Chocolate Bayou, said the plant
employs about 525 people as well as 350 contractors.   The
Gonzalez plant has 1,500 employees.

                        About Solutia Inc.

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

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

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

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


SOLUTIA INC: Registers 600 Million Stock and Debt Securities
------------------------------------------------------------
Solutia Inc. has filed Amendment No. 1 to its Form S-3
registration statement under the Securities Act of 1933 with the
U.S. Securities and Exchange Commission.  Solutia amends the
Registration Statement, as necessary, to delay its effective
date until further amendments, which specifically states that
the Registration Statement will thereafter become effective in
accordance with Section 8(a) of the Securities Act of 1933, as
amended, or until the Registration Statement will become
effective on a date determined by the SEC.

The prospectus, subject to completion, dated July 16, 2008, is
available for free at http://ResearchArchives.com/t/s?302f   

As previously reported, Solutia has the authority to issue a
total of 600,000,000 shares of capital stock consisting of:

    -- 500,000,000 shares of Common Stock at US$0.01 per share;
       and
    -- 100,000,000 shares of Preferred Stock at US$0.01 apiece

As of March 31, 2008, Solutia has 60,763,046 shares of issued
and outstanding Common Stock, and no shares of Preferred Stock
have been issued and outstanding.

                          *     *     *

Solutia has filed a notice of effectiveness of its Form S-3 with
the SEC.  The effectiveness date is July 25, 2008.

                        About Solutia Inc.

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

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

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

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


SOLUTIA INC: ITC Probes Firms for Infringement of Flexys Patent
---------------------------------------------------------------
Flexsys(R) America L.P., a subsidiary of Solutia Inc., said that
the United States International Trade Commission has voted to
institute an investigation of certain rubber antidegradants,
antidegradant intermediates, and products containing the same.  

The respondents named in the case are: Sinorgchem Co., Shandong;
Korea Kumho Petrochemical Co., Ltd. (KKPC); Kumho Tire Co.,
Inc.; and Kumho Tire USA, Inc.  This investigation is based upon
a complaint filed by Flexsys on May 12, 2008, which asserts that
the importation of Sinorgchem's 4-ADPA or any antidegradants
made from its 4-ADPA into the U.S. violates section 337 of the
U.S. Tariff Act, due to Sinorgchem's infringement upon Flexsys'
patents for the production of 4-ADPA intermediates.

"This action is one example of the aggressive measures we are
taking to prevent our competitors from illegally
misappropriating our patented technologies," said Jim Voss,
senior vice president of Solutia Inc. and president of Flexsys.  
"We will continue to protect Flexsys' significant investment in
manufacturing processes by enforcing our legal rights on a
global scale."

In this case, Flexsys seeks an exclusion order barring the
importation of Sinorgchem's 4-ADPA as well as 6PPD made from
Sinorgchem's 4-ADPA into the U.S., including that manufactured
by KKPC.

The technology at issue in this case relates to environmentally
friendly methods for preparing compounds used in the manufacture
of rubber products such as tires, belts and hoses.  These
compounds prevent premature degradation of rubber due to
exposure to sun, heat, ozone and other factors.  One such
antidegradant is 6PPD, which is manufactured and sold by Flexsys
under the brand name Santoflex(r) 6PPD.  The material known as
4-ADPA is an intermediate compound used in the production of
6PPD.

Flexsys also has a civil patent infringement case against Kumho
Tire, KKPC and Sinorgchem, which is currently pending in U.S.
District Court for the Northern District of Ohio.

Flexsys products play an important role in the manufacture of
tires and other rubber products, such as belts, hoses, seals
and footwear.  Flexsys is a global business with offices,
manufacturing facilities and technology centers around the
world.  Flexsys has annual sales of more than US$650,000,000,
about two-thirds of which take place outside the U.S.

       Flexsys Unit to Halt Wales Manufacturing by Year-End

The Troubled Company Reporter related on June 19, 2008, that
Flexsys(r) intends to cease manufacturing at its facility in
Ruabon, Wales, by the end of 2008, with complete site exit by
the end of 2011.

"This action is part of our strategy to strengthen the
profitable,market-leading positions that Flexsys holds across
most of its portfolio, while taking steps to limit our exposure
in smaller product lines where Flexsys is no longer cost
competitive," said Jim Voss, president of Flexsys and senior
vice president of Solutia Inc.

                        About Solutia Inc.

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

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

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

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


VONAGE HOLDINGS: Commences Tender Offer for 5% Convertible Notes
----------------------------------------------------------------
Vonage Holdings Corp., on July 30, 2008, commenced a cash tender
offer for any and all of its outstanding 5.0% Senior Unsecured
Convertible Notes due 2010.  The tender offer is being made in
connection with the proposed refinancing of Vonage's debt
announced last week.

Vonage is offering to purchase the notes at a price of US$1,000
for each US$1,000 of principal amount of notes tendered, plus
accrued and unpaid interest up to, but not including, the date
the notes are paid pursuant to the offer.  The tender offer is
conditioned upon US$185,000,000 minimum principal amount of
Notes being validly tendered and not properly withdrawn, the
receipt by Vonage of the proceeds from a US$95 million senior
secured first lien credit facility and the issuance by Vonage
and its wholly owned subsidiary, Vonage America Inc., as co-
issuers, of US$90 million of convertible secured second lien
notes contemplated by the commitment letter, dated July 22,
2008, between Vonage and Silver Point Finance, LLC and
satisfaction of certain other conditions.

The tender offer will expire at midnight, Eastern Time on
Aug. 27, 2008 unless extended.  Any notes purchased pursuant to
the tender offer will be canceled, and those notes will cease to
be outstanding.  The complete terms and conditions of the tender
offer are set out in the Offer to Purchase filed with the U.S.
Securities and Exchange Commission.  Vonage noteholders may
obtain copies of all the offering documents, including the Offer
to Purchase, free of charge at the SEC's website (www.sec.gov)
or by directing a request to D.F. King & Co., Inc., the
Information Agent for the offer, at 48 Wall Street, New York, NY
10005 and by telephone 212-269-5550, for banks and brokers, or
1-888-628-9011 for others.

Vonage has retained Miller Buckfire & Co., LLC to act as Dealer
Manager in connection with the offer.

American Stock Transfer & Trust Company, LLC has been appointed
to act as the depositary for the offer, and D.F. King & Co.,
Inc. has been appointed to serve as information agent.  Neither
the Board of Directors of Vonage nor any other person makes any
recommendation as to whether holders of notes should tender
their notes, and no one has been authorized to make such a
recommendation.  Holders of notes must make their own decisions
as to whether to tender their notes, and, if they decide to do
so, the principal amount of notes to tender.

                  About Vonage Holdings Corp.

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

                       Going Concern Doubt

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

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


* S&P Reports U.K. Universities Face Risks Despite High Revenues
----------------------------------------------------------------
From a credit perspective, the U.K. higher education sector
has made positive strides in the past few years, but it faces
increasing risks in the medium-to-long term, according to a
new report card published by Standard & Poor's Ratings Services,
titled "U.K. Universities Enjoy Higher Revenues But Still Face
Spending Pressures."
     
"The U.K. university sector has benefited from higher revenues
from tuition fees and growth in overseas student numbers, while
the most research-intensive universities have seen a significant
increase in their research income," S&P's credit analyst Hugo
Foxwood said.  "At the same time, however, universities are
facing significant expenditure pressures, mainly relating to
staff costs and capital investment in academic and residential
infrastructure."
     
The higher education sector may also face more intense
competition, as an increasing number of U.K. universities
compete with one another for overseas students as they seek to
grow, or even just maintain student numbers in the face of an
expected demographic decline.
     
Maintaining global competitiveness will continue to require
investment in staff and infrastructure.  For many universities,
this may mean accepting greater financial risk in the short
term, in the hope of strengthening their overall competitiveness
in the longer term.
     
"In a future environment that is more competitive and more
global -- and therefore less regulated -- we would expect the
credit differentials of U.K. universities to widen, with certain
universities ceasing to exist," Mr. Foxwood said.  "We believe,
however, that those universities publicly rated by Standard &
Poor's are in a strong position to deal with these longer-term
challenges."


* U.K. Corporate Insolvencies Down 3.1% in 2Q 2008, PwC Says
------------------------------------------------------------
PricewaterhouseCoopers LLP conducted its own analysis into
corporate insolvencies and found that the number of corporate
insolvencies in quarter two of 2008 actually fell by 3.1% from
the first quarter of the year, but were up by 22% on the same
quarter of last year.

In total, 3,277 businesses across England and Wales entered into
insolvency in April, May and June of this year.  However, even
though this number is down on the previous quarter, when taking
into account seasonal trends –- this figure is still at a five
year high.

Mike Jervis, partner in the business recovery services practice
at PricewaterhouseCoopers LLP, commented:

"Despite the small decrease in the figures this quarter, the
numbers of insolvencies continue to rise on an annual basis at
around 10%, as we predicted in January.  We do think the numbers
will continue to rise at least at this rate throughout the year.
Firstly, because there are an increasing number of companies in
work-out and secondly, because many management teams have not
been through a downturn before.  We recommend that they re-think
their scenario planning, if necessary on a worst case basis, to
manage through the downturn.

"However, insolvency is not viewed as a death sentence anymore
and businesses are seeing that insolvency techniques can be used
as a mechanism to salvage and revitalize ailing operations.  
Used in the right circumstances, insolvency procedures including
pre-packaged administrations can help to rescue a company,
saving jobs, and preserving value for the company and continuity
for suppliers.”

The high levels of insolvencies continue to be driven by the
retail and construction sectors.  There were 449 insolvent
construction companies in quarter two 2008 –- a 35% increase on
the same period last year, and 432 retail companies went
insolvent –- a 28% increase on the same time last year. When
looking at the figures on a 12 month rolling basis, both are
also seeing five year highs this quarter with 431 and 500
insolvencies respectively.

In contrast, the manufacturers -– who have traditionally fared
worse in a downturn –- are currently showing a five year low in
insolvencies on the 12 months to the end of quarter two.  This
may be a reflection of the attractiveness of the U.K. market as
the euro grows in strength against the pound.

Commenting on the construction figures, Barry Gilbertson,
partner in the property team at PricewaterhouseCoopers LLP,
said:

"In addition to the high numbers of construction insolvencies,
the real estate sector is also starting to show some signs of
pain with an 18% increase in insolvencies on the last quarter
and a 92% increase on the same quarter last year with 117
insolvencies.

"It is clear that the consumer downturn is now starting to have
a real effect on the construction industry, but the slowdown in
the industry is not yet fully visible.  A large number of the
construction insolvencies are sub-contractors to the housing
industry whose pipelines of work have all but dried up following
the slowdown in residential property as many projects are
mothballed or stopped before they even begin.

"We expect to see the problems in the industry further impacted
by the amount of speculative built properties which are now
unable to find tenants, giving no impetus for projects in the
pipeline to be built.  In addition, having a property pre-let
provides no guarantee on occupation as previous downturns have
shown that businesses are willing to walk away from pre-let
property and lose their deposits if necessary."

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


* BOND PRICING: For the Week July 25 to July 29, 2008
-----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CAD      65.09
                          0.250    10/14/26     CAD      40.45
Immofinanz Immobilien     2.750    01/20/14     EUR      66.56
Republic of Austria       0.000    10/10/25     EUR      72.59
                          5.000    10/24/35     EUR      64.35
                          0.000    02/21/16     EUR      72.59
                          5.000    10/24/35     EUR      64.35

BELGIUM

Fortis Bank               8.750    12/07/10     EUR      54.64

FINLAND
-------
M-Real Serla              7.250    04/01/13     EUR      66.99
Muni Finance PLC          0.500    04/26/13     AUD      72.86
                          1.000    10/30/17     AUD      60.65
                          1.000    02/27/18     AUD      59.78
                          1.000    11/21/16     NZD      63.23
                          0.250    06/28/40     CAD      21.23
                          0.500    09/24/20     CAD      61.92

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      14.74
Altran Technologies S.A.  3.750    01/01/09     EUR      12.66
Calyon                    6.000    06/18/47     EUR      46.56
CAP Gemini S.A.           2.500    01/01/10     EUR      53.14
                          1.000    01/01/12     EUR      46.75
Club Mediterranee S.A.    3.000    11/01/08     EUR      67.16
                          4.380    11/01/10     EUR      45.90
Essilor Intl              1.500    07/02/10     EUR      64.06
Europcar Groupe           8.130    05/15/14     EUR      65.25
                          8.130    05/15/14     EUR      64.92
FCC Rome Alliance
Funding                   2.260    01/08/21     EUR      70.31
Groupe Vial               2.500    01/01/14     EUR      31.49
Havas S.A.                4.000    01/01/09     EUR      10.82
Infogrames
   Entertainment S.A.     4.000    04/01/09     EUR       0.25
Ingenico                  2.750    01/01/12     EUR      16.31
Maurel & Prom             3.500    01/01/10     EUR      21.33
Publicis Group            1.000    01/18/18     EUR      45.51
Rhodia S.A.               0.500    01/01/14     EUR      34.13
Scor S.A.                 4.125    01/01/10     EUR       2.08
Soc Air France            2.750    04/01/20     EUR      21.41
St Gobain                 5.630    11/15/24     GBP      78.21
Theolia S.A.              2.000    01/01/14     EUR      20.16
Valeo                     2.380    01/01/11     EUR      41.99
Wavecom S.A.              1.750    01/01/14     EUR      18.36
Wendel Invest S.A.        2.000    06/19/09     EUR      44.00
                          4.380    08/09/17     EUR      63.45
                          4.880    09/21/15     EUR      73.24
                          4.880    11/04/14     EUR      74.19
                          4.880    05/26/16     EUR      69.59

GERMANY
-------
Callahan NRH             16.000    07/15/10     US$       0.01
KfW Bankengruppe          0.500    10/30/13     AUD      70.73
                          0.500    12/19/17     EUR      68.38
                          1.250    05/23/20     EUR      73.05
                          1.250    07/29/20     EUR      72.82
                          5.000    07/21/25     EUR      67.94
                          5.000    08/10/30     EUR      66.21
                          1.250    07/07/20     EUR      73.83
                          5.000    09/01/25     EUR      70.35
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      44.46
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      61.88


GREECE
------
Fage Dairy Industries     7.500    01/15/15     EUR      60.08

ICELAND
-------
Glitnir Banki HF          6.000    03/05/12     GBP      68.61
                          4.380    02/05/10     EUR      76.72
Kaupthing Bank            6.500    02/03/45     EUR      41.75
                          7.130    05/19/16     US$     106.34
                          6.130    10/04/16     US$      73.44
                          5.750    10/04/11     US$      75.02
                          5.750    10/04/11     US$      73.71
IRELAND
-------
Banesto Finance Plc       6.120    11/07/37     EUR       6.12
Depfa ACS Bank            0.500    03/03/25     CDN      48.81
                          0.250    07/08/33     CDN      28.96
Irish Nationwide
  Building Society        5.500    01/10/18     GBP      60.44
Irish Perm Plc            2.500    02/15/35     EUR      50.04
Ono Finance II            8.000    05/16/14     EUR      64.89

ITALY
-----
Alitalia SPA              7.500    07/22/10     EUR      65.71
Risanamento S.p.A.        1.000    05/10/14     EUR      37.02
Telecom Italia            5.250    03/17/55     EUR      73.55

LUXEMBOURG
----------
Ak Bars Bank              8.000    10/27/08     US$     100.22
Beverage Pack             9.500    06/15/17     EUR      73.42
Global Yatirim Holding    9.250    07/31/12     US$      74.19
Globus Capital Finance SA 8.500    03/05/12     US$      74.44
IT Holding Fin            9.880    11/15/12     EUR      65.20
Kloeckner Fin. Intl       1.500    07/27/12     EUR      73.00
Lighthouse International  8.000    04/30/14     EUR      73.23
Nell AF S.A.              8.380    08/15/15     EUR      64.30

NETHERLANDS
-----------
ABN Amo Bank B.V.         6.000    03/16/35     EUR      64.31
Air Berlin Finance B.V.   1.500    04/11/27     EUR      22.73
ALB Finance BV            9.250    09/25/13     US$      74.24
                          7.880    02/01/12     EUR      71.63
BK Ned Gemeenten          0.500    06/27/18     CDN      68.56
                          0.500    02/24/25     CDN      48.85
EM.TV Finance B.V.        5.250    05/08/13     EUR       3.90
Hypo Real ES Finance      5.500    08/20/08     EUR      40.25
Indah Kiat Intl          11.880    06/15/02     US$      53.00
IVG Finance B.V.          1.750    03/29/17     EUR      53.92
Kazkommerts Fin           8.500    06/13/17     US$      73.06
Kazkommerts Intl          6.880    02/13/17     EUR      72.18
                          7.500    11/29/16     US$      73.12
KBC Ifima NV              5.880    02/07/25     US$      72.21
Lehman Bros TSY B.V.      2.000    03/18/15     EUR      73.73
                          4.169    02/16/17     EUR      62.97               
           
                          6.000    02/15/35     EUR      53.17
                          2.000    03/16/35     EUR      40.91
                          7.000    05/17/35     EUR      43.25
                          7.250    10/05/35     EUR      38.10
                          6.000    11/02/35     EUR      40.51
                          3.050    09/22/14     EUR      77.19
Montell Finance B.V.      8.100    03/15/27     US$      58.28
Natl Invester Bank       25.982    05/07/29     EUR      31.19
Ned Waterschapbk          6.000    06/01/35     EUR      62.33
                          6.500    08/15/35     EUR      54.67
                          6.000    06/30/45     EUR      57.22
NXP BV/NXP FUNDI          8.630    10/15/15     EUR      65.00
                          8.630    10/15/15     EUR      65.65
                          9.500    10/15/15     US$      69.00
Portugal Tel Fin          4.500    06/16/25     EUR      74.49
Rabobank Groep N.V.       2.500    02/22/35     EUR      59.13
                          5.000    02/28/35     EUR      58.13
                          6.000    05/09/35     EUR      59.96
                          0.440    04/08/20     EUR      72.27
Tjiwi Kimia Finance BV    13.25    08/01/01     US$       0.01

NORWAY
------

Eksportfinans            13.000    02/25/09     US$      69.25
Kommunalbanken A.S.       0.500    02/07/13     AUD      73.58
Norske Skogindustrier ASA 7.000    06/26/17     EUR      60.76

SPAIN
-----
General De Alqui          2.750    08/20/12     EUR      74.58

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      74.03

SWITZERLAND
-----------
Cytos Biotechnology       2.880    02/20/12     CHF      73.06
S-Air Group               0.130    07/07/05     CHF      11.97
Swiss RE                  6.000    12/15/08     CHF      69.89
UBS AG Jersey             3.220    07/31/12     EUR      68.40

UNITED KINGDOM
--------------

Anglian Water
   Finance Plc            2.400     04/20/35    GBP      51.83
Aspire Defence            4.670     03/31/40    GBP      64.18
                          4.670     03/31/40    GBP      67.61
Bradford&Bin BLD          5.750     12/12/22    GBP      68.49
                          6.630     06/16/23    GBP      64.93
Brit Insurance            6.630     12/09/30    GBP      77.98
Britannia Building
   Society                5.880     03/28/33    GBP      73.33
                          5.750     12/02/24    GBP      73.80
Cattles Plc               7.130     07/05/17    GBP      74.15
Enterprise Inns Plc       6.380     09/26/31    GBP      73.80
F&C Asset Management plc  6.750     12/20/26    GBP      70.96
Grainer Plc               3.630     05/17/14    GBP      57.63
Greene King Finance PLC   5.110     03/15/34    GBP      73.57
Hammerson Plc             6.000     02/23/26    GBP      76.09
HBOS Plc                  4.500     03/18/30    EUR      72.36
HSBC Bank Plc             3.750     05/18/15    EUR      73.97
Ineos Group Holdings Plc  7.880     02/15/16    EUR      64.24
                          7.880     02/15/16    EUR      64.17
                          8.500     02/15/16    US$      67.59
Jaztel Plc                5.000     04/29/10    EUR      73.61
Longstone Finance PLC     4.900     04/19/31    GBP      74.92
Louis No1 Plc            10.000     12/01/16    EUR      69.58
                          8.500     12/01/14    EUR      70.50
                          8.500     12/01/14    EUR      70.17
Marston's Issuer PLC      5.640     07/15/35    GBP      74.41
                          5.180     07/15/32    GBP      74.21
National Grid Gas Plc     1.750     10/17/36    GBP      42.67
                          1.770     03/30/37    GBP      42.66
ONO Finance PLC          10.500     05/15/14    EUR      65.17
                         10.500     05/15/14    EUR      65.92
Rexam Plc                 6.750     06/29/67    EUR      75.04
Royal BK Scotland         9.500     04/04/25    US$      64.63
                          2.790     06/29/30    EUR      43.79
                          2.790     06/29/30    EUR      43.79
Slough Estates plc        5.750     06/20/35    GBP      72.23
Taylor Woodrow            6.380     05/24/19    GBP      53.29
TXU Eastern Funding       6.450     05/15/05    US$       0.01

  
                            *********

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.


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