TCREUR_Public/080807.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, August 7, 2008, Vol. 9, No. 156

                            Headlines


A U S T R I A

FRANZ KRONBERGER: Claims Registration Period Ends September 17
JAKUPI LLC: Claims Registration Period Ends August 20
LEMUR LLC: Claims Registration Period Ends August 21
MEDICALINV LLC: Claims Registration Period Ends August 26


F R A N C E

EASTMAN KODAK: S&P Says Full-Year Guidance No Effect on Rating


G E R M A N Y

AVENDERE GMBH: Claims Registration Period Ends August 12
BIOSONIC BIOENERGIE: Creditors Meeting Slated for Aug. 12
EMERALD BIODIESEL: Creditors' Meeting Slated for August 14
EVEREST CONFERENCE: Creditors' Meeting Slated for August 14
G & G: Claims Registration Period Ends August 14

GUARDIAN PERSONEN: Creditors' Meeting Slated for August 14
MEDIA CENTER: Claims Registration Period Ends August 14
MEDIENBERATUNGS- UND -PRODUKTIONS: Claims Filing Ends August 14
OBJECTA-BAUTEAM VERWALTUNGS: Claims Filing Period Ends Aug. 14
PORATH IT-SYSTEMHAUS: Creditors Meeting Slated for August 12

PRO GUSTO: Claims Registration Period Ends August 14
RUEHMANN BAU: Claims Registration Period Ends August 14
SYSTEMPARTNER AS2: Claims Registration Period Ends August 13
VERO VERWALTUNGS: Creditors Meeting Slated for August 12

* Weak Economic Prospects Pressure German Landesbanks, S&P Says


I R E L A N D

ARGON CAPITAL: S&P Cuts Rating on EUR17.961 Variable Notes to B-
BIFROST INVESTMENTS 14: Fitch Cuts Rating on EUR60MM Swaps to BB
BIFROST INVESTMENTS 15: Fitch Cuts Rating on EUR65MM Swaps to BB
GLACIER FUNDING: Fitch Affirms CC Ratings on Two Note Classes
IRALCO: Liquidators Found a Buyer for the Components Plant


I T A L Y

SAFILO SPA: Fitch Holds Ratings and Changes Outlook to Negative


K A Z A K H S T A N

ALISAR-MATA LLP: Creditors Must File Claims by September 18
APHAT-PV LLP: Claims Deadline Slated for September 17
ARTIKO-NS LLP: Claims Filing Period Ends September 18
INSAF LLP: Creditors' Claims Due on September 17
KMB-LAND LLP: Claims Registration Ends September 18

PROFI-K LLP: Creditors Must File Claims by September 17
SAGMEL INC: Claims Deadline Slated for September 16
TRANSCASPIAN HOLDING: Claims Filing Period Ends September 16


K Y R G Y Z S T A N

RAZVITIYE SOTRUDNICHESTVA: Claims Filing Period Ends Sept. 11


L U X E M B O U R G

EVRAZ GROUP: Anti-Trust Agency Launches Price Fixing Probe


N E T H E R L A N D S

KONINKLIJKE AHOLD: Net Sales Down 0.8% in Second Quarter 2008
TRONOX INC: Posts USUS$34.4 Million Net Loss for 2nd Qtr 2008


N O R W A Y

FRONTIER DRILLING: Cash Infusion Cues Moody's to Modify Review


R U S S I A

AUTO-BALT-TRADE: Proofs of Claim Filing Deadline Set September 5
BANK ZENIT: Fitch Affirms Individual Rating at 'D'
BUTTER MAKING: Names S. Gavryutina as Administrative Receiver
EVRAZ GROUP: Anti-Trust Agency Launches Price Fixing Probe
HYDRO-UGLE-STROY: Names V. Boldyrev as Administrative Receiver

RUSSIAN ALTAI: Fitch Puts 'BB-' LT Foreign & Local Currency IDRs
SERAFIMOVICH-AGRO-STROY: Claims Filing Deadline Set September 5
SHEKINSKIE PGU: Proofs of Claim Filing Deadline Set September 5
SOFTY-SALT: Court Names P. Goncharov as Administrative Receiver
SPARTAK-STROY: Names A. Prikhodko as Administrative Receiver

VOLGATELECOM OJSC: Earns RUR1.76 Billion for First Half 2008
ZOLOTUKHINKSIY TEXTILE: Claims Filing Deadline Set September 5


S W E D E N

FORD MOTOR: S&P Cuts Freedom Certificates Classes A, X to 'B'


S W I T Z E R L A N D

ALITEC JSC: Creditors Have Until Aug. 21 to File Proofs of Claim
FIRST LADY: Aug. 16 Set as Deadline to File Proofs of Claim
GENERAL MOTORS: S&P Lowers Rating on Classes A-1, A-2 Certs to B
GENERAL MOTORS: S&P Cuts Ratings on FC Classes A, X to 'B'
HINCAR JSC: Creditors Must File Proofs of Claim by  Aug. 16

MIROPA TECHNOLOGY: Deadline to File Proofs of Claim Set  Aug. 16
SUN RISE: Proofs of Claim Filing Deadline is  Aug. 17
SUTER-GRIMM LLC: Creditors’ Proofs of Claim Due by  Aug. 17
XSTRATA MAGNESIUM: Creditors Have Until Aug. 18 to File Claims


T U R K E Y

FORD OTOSAN: Fitch Chips LT Foreign Currency IDR to BB- from BB+


U K R A I N E

BLIK LLC: Creditors Must File Proofs of Claim by August 15
BRK MODERN: Creditors Must File Proofs of Claim by August 16
CENTRAL TECHNICAL-DESIGN: Claims Filing Deadline Set August 15
DUBOVIAZOVKA BEET Creditors Must File Proofs of Claim by Aug. 14
GRAND VICTORY Creditors Must File Proofs of Claim by August 16

MOTORGAS LLC: Creditors Must File Proofs of Claim by Aug. 16
PALMIRA LLC: Proofs of Claim Filing Deadline Set August 15
PIREUS BANK: Creditors Must File Proofs of Claim by August 15
PTK STRUM: Creditors Must File Proofs of Claim by August 16
RADIAL LLC: Creditors Must File Proofs of Claim by August 15

SPECIAL ORE: Creditors Must File Proofs of Claim by August 15
TECHNOLOGY-5: Proofs of Claim Filing Deadline Set August 15
VELKAM LLC: Proofs of Claim Filing Deadline Set August 15
VICTORY LLC: Proofs of Claim Filing Deadline Set August 15

* S&P Cuts Ukraine's Financial System GPA Estimate to 35%-50%


U N I T E D   K I N G D O M

BAA LTD: Gets Overwhelming Support for Bond Migration Proposal
BRITISH AIRWAYS: July 2008 Traffic Down 3.5 Percent
DHS HEALTHCARE: Appoints Liquidator from Tenon Recovery
DIAMOND LIFESTYLE: Ian S. Carr Leads Liquidation Procedure
GJR EVENTS: Brings in Liquidators from Tenon Recovery

HEATH TOWN: Taps C. K. Rayment to Liquidate Assets
HOME FURNISHING: Claims Filing Period Ends September 1
INTERNATIONAL MEDICAL: Puts Unit Into Administration
KNUCKLES LTD: Calls in Liquidators from Tenon Recovery
MANITOWOC CO: UK Court and Shareholders Approve Enodis Deal

MANITOWOC CO: Signs Deal to Sell Marine Segment for US$120MM
MANITOWOC CO: S&P Says Marine Segment Sale Doesn't Affect Rating
MJC TRANSPORT: Claims Filing Period Ends August 31
MONGOLIAN BARBEQUE: Taps Liquidators from Tenon Recovery
NATCOM DIGITAL: Names Kevin Hellard Liquidator

NEW VARIETY: Taps Liquidators from Baker Tilly
S.C. GARRIOCH: Brings in Liquidators from Tenon Recovery
SEABAIT LTD: Mermaid Sustainable Buys Farm Out of Administration
TIGER PHOTO: Appoints Liquidators from Tenon Recovery
TTNY LTD: Joint Liquidators Take Over Operations

VISAGE TELEVISION: Hires Liquidators from BDO Stoy Hayward
WEIGHT WATCHERS: Compensation Committee Waives ESA Provisions
WILLOW BUILDING: Appoints Liquidators from Vantis

* S&P Says Covenants Key Factor in Euro Technology Biz Liquidity
* Businesses in the UK Must Review Finances, Mace & Jones Says
* Use of IVAs in the UK Dropped Over the Past Year, KPMG Says

* Upcoming Meetings, Conferences and Seminars


                            *********


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


FRANZ KRONBERGER: Claims Registration Period Ends September 17
--------------------------------------------------------------
Creditors owed money by LLC Franz Kronberger have until
Sept. 17, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Susi Pariasek
         Gonzagagasse 15
         1010 Wien
         Austria
         Tel: 01/533 28 55
         Fax: 01/533 28 55 28
         E-mail: ofice@anwaltwien.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Oct. 1, 2008, for the
examination of claims at:

         The Land Court of Korneuburg
         Room 204
         2nd Floor
         Korneuburg
         Austria

Headquartered in Spillern, Austria, the Debtor declared
bankruptcy on June 26, 2008 (Bankr. Case No.36 S 77/08b).


JAKUPI LLC: Claims Registration Period Ends August 20
-----------------------------------------------------
Creditors owed money by LLC Jakupi have until Aug. 20, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Erich Moser
         Schwarzenbergsiedlung 114
         8850 Murau
         Austria
         Tel: 03532-3638
         Fax: 03532-3638-6
         E-mail: dr.e.moser@murau.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:30 p.m. on Sept. 3, 2008, for the
examination of claims at:

         The Land Court of Leoben
         Hall IV
         1st Floor
         Leoben
         Austria

Headquartered in Judenburg, Austria, the Debtor declared
bankruptcy on June 27, 2008, (Bankr. Case No. 18 S 34/08p).


LEMUR LLC: Claims Registration Period Ends August 21
----------------------------------------------------
Creditors owed money by LLC LeMur have until Aug. 21, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Annemarie Kosesnik-Wehrle
         Olzeltgasse 4/6
         1030 Vienna
         Austria
         Tel.: 713 61 92
         Fax: 713 61 92 22
         E-mail: kanzlei@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Sept. 4, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 30, 2008, (Bankr. Case No. 5 S 65/08f).


MEDICALINV LLC: Claims Registration Period Ends August 26
---------------------------------------------------------
Creditors owed money by LLC Medicalinv have until Aug. 26, 2008,
to file written proofs of claim to the court-appointed estate
administrator:

         Bernhard Konecny
         Franz-Josefs-Kai 49
         1010 Vienna
         Austria
         Tel: 533 52 72
         Fax: 533 52 72 15
         E-mail: office@abel-abel.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Sept. 6, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 30, 2008, (Bankr. Case No. 28 S 95/08m).


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


EASTMAN KODAK: S&P Says Full-Year Guidance No Effect on Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that Eastman Kodak Co.'s
(B+/Stable/--) weak second-quarter results and updated earnings
and cash flow guidance for the full year do not affect the
rating or outlook on the company at this time.

For the second quarter, revenue increased by 1%, but EBITDA,
excluding restructuring charges and including cash restructuring
payments, declined by 34%. The company stated that it now
expects to achieve EBIT before restructuring charges at the
lower end of its guidance because of higher commodity costs.

Management also stated that it expects free cash flow (including
proceeds from asset sales and a US$575 million tax settlement)
to be in the range of US$725 million to US$825 million, versus
its original estimate of US$400 million to US$500 million.
Excluding the one-time tax settlement, this translates to a
revised guidance of US$150 million to US$250 million in free
cash flow (including proceeds from asset sales); previously, the
company guided that it expected to receive between US$100
million and US$200 million from asset sales.  Standard & Poor's
does not include proceeds from asset sales in its calculation of
free cash flow and, therefore, it expects discretionary cash
flow, after dividend payments of US$145 million, to be negative
this year. Management expects cash flow generation to be
negatively affected by higher commodity costs, as well as
increased investments in consumer inkjet, digital printing, and
workflow products.

At June 30, 2008, the company had US$1.4 billion in debt and
US$1.4 billion in debt-like obligations, including unfunded
postretirement obligations (retiree health care), the present
value of operating lease obligations, guarantees of third-party
obligations, and asset retirement obligations. For the last 12
months ended June 30, 2008, adjusted leverage and interest
coverage were 5.8x and 3.4x, respectively.

"We expect Eastman Kodak's cash balance, which was US$2.3
billion at June 30, 2008, to remain substantial despite the
revised cash flow guidance and its planned US$1 billion share
repurchase program.  If operating performance and cash flow
generation do not stabilize and the company's liquidity
contracts or financial policy becomes more aggressive, we could
revise the rating outlook to negative," S&P says.


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


AVENDERE GMBH: Claims Registration Period Ends August 12
--------------------------------------------------------
Creditors of Avendere GmbH Gesellschaft fur Marketing und
Vertrieb have until Aug. 12, 2008, to register their claims with
court-appointed insolvency manager Hans-Jurgen Paul.

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

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 037
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Hans-Jurgen Paul
         Getzelauer Strasse 2
         04279 Leipzig
         Germany
         Tel: 0341/336090
         Fax: 0341/3360970
         E-mail: kanzlei@paul-inso.de

The District Court of Leipzig opened bankruptcy proceedings
against Avendere GmbH Gesellschaft fur Marketing und Vertrieb on
July 4, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Avendere GmbH Gesellschaft fur
         Marketing und Vertrieb Hohmannstrasse 6,
         Attn: Ines Luedtke, Manager
         04129 Leipzig
         Germany


BIOSONIC BIOENERGIE: Creditors Meeting Slated for Aug. 12
---------------------------------------------------------
The court-appointed insolvency manager for Biosonic Bioenergie
GmbH & Co. KG, Dirk Ritzenhoff, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
9:30 a.m. on Aug. 12, 2008.

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

         The District Court of Fulda
         Hall 3100
         Koenigstrasse 38
         36037 Fulda
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:30 a.m. on Oct. 6, 2008, at the same
venue.

Creditors have until Sept. 1, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dirk Ritzenhoff
         Kanzlei Gartner, Fluegel & Partner
         Lindenstr. 28
         D 36037 Fulda
         Germany
         Tel: 0661-830400
         Fax: 8304234

The District Court of Fulda opened bankruptcy proceedings
against Biosonic Bioenergie GmbH & Co. KG on July 7, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Biosonic Bioenergie GmbH & Co. KG
         Turmstr. 131
         36093 Kuenzell
         Germany


EMERALD BIODIESEL: Creditors' Meeting Slated for August 14
----------------------------------------------------------
The court-appointed insolvency manager for Emerald Biodiesel
Holding GmbH, Prof. Rolf Rattunde will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 10:30 a.m. on Aug. 14, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:10 a.m. on Nov. 20, 2008, at the same
venue.

Creditors have until Sept. 25, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Prof. Rolf Rattunde
         Kurfuerstendamm 26a
         10719 Berlin
         Germany

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

The Debtor can be reached at:

         Emerald Biodiesel Holding GmbH
         Helmholtzstr. 2-9A
         10587 Berlin
         Germany


EVEREST CONFERENCE: Creditors' Meeting Slated for August 14
-----------------------------------------------------------
The court-appointed insolvency manager for Everest Conference
GmbH, Sebastian Laboga, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:25 a.m. on Aug. 14, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:05 a.m. on Nov. 20, 2008, at the same
venue.

Creditors have until Sept. 25, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Sebastian Laboga
         Einemstr. 24
         10785 Berlin
         Germany

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

The Debtor can be reached at:

         Everest Conference GmbH
         Lennestr. 3
         10785 Berlin
         Germany


G & G: Claims Registration Period Ends August 14
------------------------------------------------
Creditors of G & G Hoch-,Tief- & Umbau, Modernisierung,
Sanierung & Abriss Projektmanagement GmbH have until Aug. 14,
2008, to register their claims with court-appointed insolvency
manager Ulrich Luppe.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Sept. 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         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 Luppe
         Hansering 9/10
         06108 Halle
         Germany
         Tel: 0345/614070
         Fax: 0345/6140710

The District Court of Halle opened bankruptcy proceedings
against  G & G Hoch-,Tief- & Umbau, Modernisierung, Sanierung &
Abriss Projektmanagement GmbH on June 24, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         G & G Hoch-,Tief- & Umbau, Modernisierung,
         Sanierung & Abriss Projektmanagement GmbH

         Hauptstrasse 10-13
         06179 Schochwitz/OT
         Germany

         Attn: Denny Gebhardt, Manager
         Nordring 2
         06198 Beesenstedt
         Germany


GUARDIAN PERSONEN: Creditors' Meeting Slated for August 14
----------------------------------------------------------
The court-appointed insolvency manager for Guardian Personen-,
Objekt- und Wertschutz GmbH, 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. 14,
2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on Oct. 9, 2008, at the same
venue.

Creditors have until Sept. 1, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Koenigswall 21
         44137 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Guardian Personen-, Objekt- und Wertschutz GmbH on
July 1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Guardian Personen-, Objekt- und Wertschutz GmbH
         Rausinger Str. 120
         59439 Holzwickede
         Germany


MEDIA CENTER: Claims Registration Period Ends August 14
-------------------------------------------------------
Creditors of MCC Media Center Cottbus GmbH have until Aug. 14,
2008, to register their claims with court-appointed insolvency
manager Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 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 Cottbus
         Hall 210
         First Floor
         Gerichtsplatz 2
         03046 Cottbus
         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:

         Udo Feser
         Uhlandstrasse 165/166
         10719 Berlin
         Germany

The District Court of Cottbus opened bankruptcy proceedings
against MCC Media Center Cottbus GmbH on July 7, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MCC Media Center Cottbus GmbH
         Sielower Chaussee 38
         03044 Cottbus
         Germany

         Attn: Eli-Meir Gampel, Manager
         Sportplatz 14
         06188 Brachstedt
         Germany


MEDIENBERATUNGS- UND -PRODUKTIONS: Claims Filing Ends August 14
---------------------------------------------------------------
Creditors of MBP Medienberatungs- und -produktionsgesellschaft
mbH have until Aug. 14, 2008, to register their claims with
court-appointed insolvency manager Dr. Michael C. Frege.

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

The meeting of creditors will be held at:

         The District Court of 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 C. Frege
         Brienner Str. 11/V
         80333 Munich
         Germany
         Tel: 089/23807-850
         Fax: 089/23807-110

The District Court of Munich opened bankruptcy proceedings
against MBP Medienberatungs- und -produktionsgesellschaft mbH on
June 12, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         MBP Medienberatungs- und -produktionsgesellschaft mbH
         Professor-Messerschmitt-Str. 3
         85579 Neubiberg
         Germany


OBJECTA-BAUTEAM VERWALTUNGS: Claims Filing Period Ends Aug. 14
--------------------------------------------------------------
Creditors of Objecta-Bauteam Verwaltungs mbH have until Aug. 14,
2008 to register their claims with court-appointed insolvency
manager Stefan Hinrichs.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Hamburg
         Meeting Hall B405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Stefan Hinrichs
         Kaiser-Wilhelm-Strasse 93
         20355 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Objecta-Bauteam Verwaltungs mbH on June 17, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Objecta-Bauteam Verwaltungs mbH
         Attn: Helmut Schoenmakers, Manager
         Ottersbekallee 12
         20255 Hamburg
         Germany


PORATH IT-SYSTEMHAUS: Creditors Meeting Slated for August 12
---------------------------------------------------------------
The court-appointed insolvency manager for Porath IT-Systemhaus
GmbH, Torsten Martini, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 8:50
a.m. on Aug. 12, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:35 a.m. on Nov. 25, 2008, at the same
venue.

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

The insolvency manager can be reached at:

         Torsten Martini
         Kurfuerstendamm 26a
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Porath IT-Systemhaus GmbH on July 7, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Porath IT-Systemhaus GmbH
         Pascalstrasse 10 e
         10587 Berlin
         Germany


PRO GUSTO: Claims Registration Period Ends August 14
----------------------------------------------------
Creditors of Pro Gusto GmbH have until Aug. 14, 2008, to
register their claims with court-appointed insolvency manager
Simone Kaldenbach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 4, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ulm
         Hall 103
         Olgastr. 107
         89073 Ulm
         Germany

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

The insolvency manager can be reached at:

         Simone Kaldenbach,
         c/o Kanzlei Froehlich & Kuenkele
         Radgasse 2
         89073 Ulm
         Germany
         Tel: 0731/2055993-0
         Fax: 0731/205599390
         E-mail: willkommen@froehlich-rae.de
         Web site: www.froehlich-rae.de


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

The Debtor can be reached at:

         Pro Gusto GmbH
         Karlstr. 28
         89143 Blaubeuren
         Germany

         Attn: Alexander Klingler, Manager
         Lindenbergstr. 22
         89134 Blaustein
         Germany


RUEHMANN BAU: Claims Registration Period Ends August 14
-------------------------------------------------------
Creditors of RUEHMANN BAU GmbH have until Aug. 14, 2008, to
register their claims with court-appointed insolvency manager
Marc Schmidt-Thieme.

The District Court of Charlottenburg will  verify the claims set
out in the insolvency manager's report at 11:35 a.m. on Sept.
25, 2008, at:

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

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

The insolvency manager can be reached at:

         Marc Schmidt-Thieme
         Fasanenstr. 71
         10719 Berlin
         Germany

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

The Debtor can be reached at:

         RUEHMANN BAU GmbH
         Beusselstr. 5
         10553 Berlin
         Germany


SYSTEMPARTNER AS2: Claims Registration Period Ends August 13
------------------------------------------------------------
Creditors of Systempartner AS2 Computervertriebs GmbH have until
Aug. 13, 2008, to register their claims with court-appointed
insolvency manager Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

The District Court of Potsdam opened bankruptcy proceedings
against Systempartner AS2 Computervertriebs GmbH on July 1,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Systempartner AS2 Computervertriebs GmbH
         Schlosstr. 1
         12163 Berlin
         Germany


VERO VERWALTUNGS: Creditors Meeting Slated for August 12
--------------------------------------------------------
The court-appointed insolvency manager for Vero Verwaltungs-GmbH
& Co., Dr. Petra Hilgers, will present her first report on the
Company's insolvency proceedings at a creditors' meeting at
9:30 a.m. on Aug. 12, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:40 a.m. on Nov. 25, 2008, at the same
venue.

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

The insolvency manager can be reached at:

         Dr. Petra Hilgers
         Goethestr. 85
         10623 Berlin
         Germany

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

The Debtor can be reached at:

         Vero Verwaltungs-GmbH & Co.
         Buerknerstrasse 25 KG
         Ermanstr.19
         12163 Berlin
         Germany


* Weak Economic Prospects Pressure German Landesbanks, S&P Says
---------------------------------------------------------------
Financial market turbulence and weaker economic prospects
highlight the need for German Landesbanks to deleverage and draw
up efficiency measures, says Standard & Poor's Ratings Services
in the report: "Ratings Affirmed On Four Landesbanks Due To
Owner Support, But How Long Can It Last?"

"Although the currently difficult environment will continue to
put pressure on most financial institutions, we believe that
more pronounced structural changes will be inevitable for
Landesbanks, although to varying degrees.  This is due to a
variety of factors, including the reliance on wholesale funding,
a limited business and revenue diversification, low flexibility
to raise capital, and loan portfolio concentrations," said
S&P's credit analyst Stefan Best.

The ratings on Landesbanks are based on implicit ownership
support, which is essential for the banks in maintaining their
wholesale funding access.  Because of this support, S&P affirmed
its ratings last week on Landesbank Baden-Wuerttemberg (LBBW;
A+/Stable/A-1)), HSH Nordbank AG (A/Negative/A-1), Bayerische
Landesbank (BayernLB; A/Negative/A-1), and WestLB AG (A-
/Negative/A-2), the four Landesbanks that have been most exposed
to markdowns on structured credit investments, such as asset-
backed securities and collateralized debt obligations.  The
ratings and outlooks on Landesbank Hessen-Thueringen
Girozentrale (Helaba A/Positive/A-1) and Norddeutsche Landesbank
Girozentrale (NordLB A/Stable/A-1) are not affected by this
review because markdowns at these institutions have remained
low, reflecting the lower amount and the superior underlying
credit quality of their investments.

However, the ability of public owners to provide ongoing support
will be restricted by European regulations that consider it
state aid if it does not meet a market-investor test.  In return
for state support, the European Commission could require
compensatory measures, such as downsizing, and/or changes in the
ownership structure, such as privatization, which could have
negative rating implications in the future.

Having failed to rigorously revise Landesbanks' business
profiles during the transition period granted by the EC between
July 2001 and July 2005 and during the favorable period that
followed until mid-2007, S&P expects that the abrupt change in
the market environment since then, and a potentially longer
lasting period of uncertainty and difficult business conditions
will eventually enforce quicker and more stringent adaptation,
the report says.

Considering the banks' capital and funding constraints, S&P
expects material deleveraging and derisking, particularly with
respect to the banks' own investment activities, to align their
operations with their reduced risk-taking and funding capacity.
S&P would also expect cost-cutting measures and a reduced risk
appetite because the required debt reduction will inevitably
reduce revenues.

This restructuring would also benefit from an integrated
strategic plan, under which Landesbanks and their owner savings
banks acted as a joint financial group with corresponding
management structures, incentive schemes, and enforcing
measures, the report adds.

"We could lower the ratings on those banks that fail to address
their weaknesses or incur additional large losses that
materially weaken their financial profile, or should concerns
arise regarding ongoing ownership support," said Mr. Best.
"Conversely, we could revise outlooks to stable or take positive
rating actions if the Landesbanks and their owners show that
they can take the steps necessary to reverse the current trend.
This would also facilitate consolidation steps at a later stage
because, presently, mergers of Landesbanks are unlikely to
provide a viable short-term solution considering their currently
weakened financial profiles and the difficult market
environment."


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


ARGON CAPITAL: S&P Cuts Rating on EUR17.961 Variable Notes to B-
----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered to 'B-' from 'B'
and removed from CreditWatch with negative implications its
credit rating on the EUR17.961 million limited-recourse secured
variable-rate notes series 40 issued by Argon Capital PLC.

S&P has lowered the rating after the rating on the underlying
obligor was lowered.  The underlying obligor provides collateral
to the transaction and its long-term rating acts as a supporting
rating to the series 40 notes.


BIFROST INVESTMENTS 14: Fitch Cuts Rating on EUR60MM Swaps to BB
----------------------------------------------------------------
Fitch Ratings has downgraded five tranches of Bifrost
Investments Limited-Series 14's unfunded mezzanine swaps and
removed them from Rating Watch Negative.  The remaining three
tranches have been affirmed, as listed below.

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

  -- EUR160 million Class 7A Series 14 due August 2010: affirmed
     at 'AAA'

  -- EUR130 million Class 7B Series 14 due August 2010: affirmed
     at 'AAA'

  -- EUR80 million Class 7C Series 14 due August 2010:
     downgraded to 'A' from 'AAA'; RWN removed

  -- EUR50 million Class 7D Series 14 due August 2010:
     downgraded to 'BBB' from 'AA-'; RWN removed

  -- EUR185 million Class 10A Series 14 due August 2013:
     affirmed at 'AAA'

  -- EUR135 million Class 10B Series 14 due August 2013:
     downgraded to 'AA' from 'AAA'; RWN removed

  -- EUR105 million Class 10C Series 14 due August 2013:
     downgraded to 'BBB' from 'AA'; RWN removed

  -- EUR60 million Class 10D Series 14 due August 2013:
     downgraded to 'BB' from 'BBB+'; RWN removed

Key drivers of this transaction's credit risk include an
increase of the portfolio's credit risk, with 11.5% of the
portfolio now rated sub-investment grade, compared to 6.5% at
the previous rating action in February 2007.  In addition,
portfolio migration risk has increased, with 9.5% of the
portfolio on RWN and 14% on Negative Outlook.  Fitch also notes
the industry concentration of 46.5% in the three largest
sectors, made up of 24% in banking and finance, 12.5% in
telecommunications and 10% in utilities.

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

  -- Class 7C Series 14 due August 2010: 5.1%
  -- Class 7D Series 14 due August 2010: 4.1%
  -- Class 10B Series 14 due August 2013: 7.85%
  -- Class 10C Series 14 due August 2013: 5.75%
  -- Class 10D Series 14 due August 2013: 4.55%

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

Fitch released its updated criteria on 30 April 2008 for
Corporate CDOs and, at that time, noted it would be reviewing
its ratings accordingly to establish consistency for existing
and new transactions.  As part of this review, Fitch makes
standard adjustments for any names on RWN or Outlook Negative,
reducing such ratings for default analysis purposes by two
notches and one notch, respectively.  Fitch has previously noted
that its review will be focused first on ratings most exposed to
risks it has highlighted in its updated criteria.  As such, the
transaction was placed on RWN on May 27, 2008.  As previously
indicated, resolution of the Rating Watch status depends on any
plans managers/arrangers may choose to modify either the
structure or the portfolio.  In this case, the arranger has
confirmed that it does not intend to make any modifications.


BIFROST INVESTMENTS 15: Fitch Cuts Rating on EUR65MM Swaps to BB
----------------------------------------------------------------
Fitch Ratings has downgraded five tranches of Bifrost
Investments Limited-Series 15's unfunded mezzanine swaps and
removed them from Rating Watch Negative.  In addition, Fitch has
affirmed the remaining three tranches, as listed below.

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

  -- EUR160 million Class 7A Series 15 due August 2010: affirmed
     at 'AAA'

  -- EUR125 million Class 7B Series 15 due August 2010: affirmed
     at 'AAA'

  -- EUR80 million Class 7C Series 15 due August 2010:
     downgraded to 'A' from 'AAA'; RWN removed

  -- EUR57.5 million Class 7D Series 15 due August 2010:
     downgraded to 'BBB' from 'AA+'; RWN removed

  -- EUR195 million Class 10A Series 15 due August 2013:
     affirmed at 'AAA'

  -- EUR135 million Class 10B Series 15 due August 2013:
     downgraded to 'AA-' from 'AAA'; RWN removed

  -- EUR80 million Class 10C Series 15 due August 2013:
     downgraded to 'BBB' from 'AAA'; RWN removed

  -- EUR65 million Class 10D Series 15 due August 2013:
     downgraded to 'BB' from 'A+'; RWN removed

Key drivers of this transaction's credit risk include an
increase of the portfolio's credit risk, with 12.5% of the
portfolio now rated sub-investment grade, compared to 7.5% at
the previous rating action in February 2007.  In addition,
portfolio migration risk has increased, with 7.5% of the
portfolio on RWN and 10% on Negative Outlook.  Fitch also notes
the industry concentration of 42% in the three largest sectors,
made up of 26% in banking and finance, 9% in utilities and 7% in
chemicals.

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

  -- Class 7C Series 15 due August 2010: 5.02%
  -- Class 7D Series 15 due August 2010: 3.87%
  -- Class 10B Series 15 due August 2013: 7.29%
  -- Class 10C Series 15 due August 2013: 5.69%
  -- Class 10D Series 15 due August 2013: 4.39%

At closing, Bifrost, a special purpose vehicle incorporated
under the laws of Ireland, entered into 12 mezzanine credit
default swaps with BNP Paribas (rated 'AA'/'F1+'/Outlook
Stable), under which it provides notional protection on a static
reference portfolio of 100 corporate entities (now 101 entities)
with a total notional value of EUR5 billion.  The mezzanine
swaps for each series relate to the same reference portfolio of
corporate entities, although the swaps have different loss
thresholds and maturity dates.

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


GLACIER FUNDING: Fitch Affirms CC Ratings on Two Note Classes
-------------------------------------------------------------
Fitch Ratings has downgraded seven classes and affirmed two
classes of notes issued by Glacier Funding CDO V, Ltd. and
Glacier Funding CDO V, LLC.  These rating actions are the result
of Fitch's review process and are effective immediately:

-- US$190,311,532 class A-1 downgraded to 'CCC' from 'BB+',
    removed from Rating Watch Negative;

-- US$122,000,000 class A-2 downgraded to 'CC' from 'BB-',
    removed from Rating Watch Negative;

-- US$46,000,000 class A-3 downgraded to 'CC' from 'B-',
    removed from Rating Watch Negative;

-- US$44,000,000 class B affirmed at 'CC', removed from Rating
    Watch Negative;

-- US$15,000,000 class C affirmed at 'CC', removed from Rating
    Watch Negative;

-- US$20,953,419 class D downgraded to 'C' from 'CC', removed
    from Rating Watch Negative;

-- US$27,245,702 class E downgraded to 'C' from 'CC', removed
    from Rating Watch Negative;

-- US$5,740,580 class F downgraded to 'C' from 'CC', removed
    from Rating Watch Negative;

-- US$7,058,932 class G downgraded to 'C' from 'CCC+', removed
    from Rating Watch Negative.

Glacier V is a cash flow collateralized debt obligation that
closed on March 27, 2007 and is managed by Terwin Money
Management, LLC.  Presently 91% of the portfolio is comprised of
pre-2005, 2005, 2006, and 2007 vintage U.S. subprime residential
mortgage-backed securities, and 8% comprised of 2006 and 2007
vintage U.S. Structured Finance CDOs.

Fitch's rating actions reflect the significant collateral
deterioration within the portfolio, specifically subprime RMBS
and SF CDOs with underlying exposure to subprime RMBS.  Since
Nov. 21, 2007, approximately 92.7% of the portfolio has been
downgraded with 5.5% of the portfolio currently on Rating Watch
Negative.  Nearly 99% of the portfolio is now rated below
investment grade, of which 95.8% of the portfolio is rated
'CCC+' and below.  As per the latest Trustee report dated July
02, 2008, defaulted and deferred interest PIK securities
constitute 61.3%, or US$276.12 million, of the portfolio total.

Classes A-1, A-2, A-3, B, C and D are paid on a monthly basis
and classes E, F, and G receive interest and principal on a
quarterly basis.  At present, the transaction continues to make
the scheduled monthly distributions to the A-1, A-2, A-3, B and
C classes; however, principal distributions are being utilized
to make up for interest shortfalls to B and C classes.  Payment
of interest to the D, E, F, and G classes has been made in kind
by writing up the principal balance of each class by the amount
of interest owed.

The classes are removed from Rating Watch as Fitch believes
further negative migration in the portfolio will have a lesser
impact on these classes.  Additionally, Fitch is reviewing its
SF CDO approach and will comment separately on any changes and
potential rating impact at a later date.

The rating of the class A, B, and C notes address the likelihood
that investors will receive full and timely payments of
interest, as per the governing documents, as well as the stated
balance of principal by the legal final maturity date.  The
ratings of the classes D, E, and F notes address the likelihood
that investors will receive ultimate interest payments, as per
the governing documents, as well as the stated balance of
principal by the legal final maturity date.  The ratings are
based upon the capital structure of the transaction, the quality
of the collateral, and the protections incorporated within the
structure.


IRALCO: Liquidators Found a Buyer for the Components Plant
----------------------------------------------------------
Liquidators appointed to the Iralco car components plant in Co
Westmeath has found a buyer.  The company went into liquidation
in April 2008, belfasttelegraph.co.uk reports.

The company continued its production after a number of leading
manufacturers placed their orders.

The UNITE trade union says it will be having a meeting with the
new owners next week.

Iralco -- http://www.iralco.ie/-- designs and develops
decorative and functional trim for all the major automotive
OEM's.  The company's product range covers all high visibility
trim parts from drip rail systems to pillar cappings and
treadplates.


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


SAFILO SPA: Fitch Holds Ratings and Changes Outlook to Negative
---------------------------------------------------------------
Fitch Ratings has changed Italy-based eyewear designer and
manufacturer Safilo S.p.A's Outlook to Negative from Stable.
Fitch has also affirmed its ratings at Long-term Issuer Default
'BB-' and Short-term IDR 'B'.  Safilo's EUR400 million senior
secured facilities are affirmed at 'BB+' and Safilo Capital
International S.A.'s EUR195 million senior notes due 2013 are
affirmed at 'BB-'.

"Demand for luxury eyewear is considered cyclical and we
anticipate a weaker revenue growth profile in 2008 and 2009,
with further pressure on margins, as a result of slowing
economic growth worldwide," said Michelle De Angelis, Senior
Director in Fitch's Leveraged Finance team.  "At the same time,
Safilo's liquidity risk is increasing: gross debt levels are
rising and the company is relying more heavily on short-term
uncommitted funding lines to replace amortizing term debt, in an
already uncertain credit environment.  Prudent cash conservation
and liquidity management through the downturn, as well as
performance in line with or ahead of management targets, will be
key in returning the Outlook to Stable."

Net financial leverage increased to 4x on a lease-adjusted basis
at end-Q208 from 3.6x at end-2007, as a result of higher drawn
debt, increasing operating lease levels and weaker EBITDA
performance.  This level of leverage is high for the rating, but
Fitch may allow financial metrics some temporary flexibility
during a downturn.  Although the company's revised guidance
levels for 2008 revenues and EBITDA are not lower than the
agency's own expectations, a failure to meet those targets for
the year could provide negative impetus for the ratings.

The overall weaker operating environment coincides with a period
of increasing liquidity risk.  Free cash flow generation in 2007
was minimal and did not result in any reduction in overall gross
debt, as scheduled debt repayments were balanced by new
drawings.  In H108 dividend payments and acquisitions served to
further reduce cash generation and gross debt increased to
EUR606m from EUR575 million at YE07.  Available undrawn
committed facilities have reduced to just EUR66 million at Q208
from EUR110 million at YE07.  Fitch views a financial strategy
which replaces long-term committed funding with short-term
uncommitted funding, even on a gradual basis, as risky,
particularly in the current credit environment and when
coinciding with a period of weaker results.

Further reduction in committed liquidity coverage levels could
also trigger a downgrade.  Given the amortizing nature of the
existing term facility, Fitch expects the reliance on short-term
liquidity sources to increase further unless the company
procures additional committed funding.


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


ALISAR-MATA LLP: Creditors Must File Claims by September 18
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Alisar-Mata insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Astana
         Room 106
         Manas Str. 2
         Astana
         Kazakhstan
         Tel: 8 777 597 79-21


APHAT-PV LLP: Claims Deadline Slated for September 17
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Aphat-PV insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Kutuzov Str. 91/7
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 54-98-55


ARTIKO-NS LLP: Claims Filing Period Ends September 18
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Artiko-NS insolvent.

Creditors have until Sept. 18, 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


INSAF LLP: Creditors' Claims Due on September 17
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Insaf insolvent on June 20, 2008.

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

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


KMB-LAND LLP: Claims Registration Ends September 18
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP KMB-Land insolvent.

Creditors have until Sept. 18, 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


PROFI-K LLP: Creditors Must File Claims by September 17
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Profi-K 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


SAGMEL INC: Claims Deadline Slated for September 16
---------------------------------------------------
LLP Representation of Corporation Sagmel Inc. has declared
insolvency.  Creditors have until Sept. 16, 2008, to submit
written proofs of claims to:

         LLP Representation of Corporation
         Sagmel Inc.
         Office 20
         Abai ave. 157
         Almaty
         Kazakhstan


TRANSCASPIAN HOLDING: Claims Filing Period Ends September 16
------------------------------------------------------------
LLP Transcaspian Holding 2 has declared insolvency.  Creditors
have until Sept. 16, 2008, to submit written proofs of claims
to:

         LLP Transcaspian Holding 2
         Nauryzbai batyr Str. 146
         Almaty
         Kazakhstan


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


RAZVITIYE SOTRUDNICHESTVA: Claims Filing Period Ends Sept. 11
-------------------------------------------------------------
LLC Development of Cooperation Taatan Razvitiye Sotrudnichestva
Taatan has declared insolvency.  Creditors have until Sept. 11,
2008, to submit written proofs of claim.

Inquiries can be addressed to (0-555) 28-81-11.


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


EVRAZ GROUP: Anti-Trust Agency Launches Price Fixing Probe
----------------------------------------------------------
The Russian Federal Anti-Monopoly Service has commenced a probe
into whether Evraz Group S.A. and Raspadsky Coal abused their
dominant coking coal market position, RIA Novosti reports.

According to the report, FAS claims that the companies used
their market positions in fixing coking coal prices.

FAS noted that coking coal prices set by the companies rose by
around 100% from September 2007 to March-April 2008.

Raspadsky is a compact integrated coal mining and enrichment
complex located in the Kemerovo region of the Russian
Federation.  Raspadskaya's license area is part of a very
extensive coal field south-west of Tom-Usinsk area of the
Kuznetsk coal basin which itself accounts for about three
quarters of the total coking coal production in Russia.

                         About Evraz

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

                         *     *     *

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

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

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


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


KONINKLIJKE AHOLD: Net Sales Down 0.8% in Second Quarter 2008
-------------------------------------------------------------
Ahold reported consolidated net sales of EUR5.8 billion for the
second quarter ending July 13, 2008.  Compared to the second
quarter of 2007, net sales decreased by 0.8% but increased by
7.3% at constant exchange rates.

In Europe and the United States, sales growth was supported by
investments in price positioning and strong promotional
activities in all markets.

Underlying retail operating margin guidance for the year remains
unchanged at 4.8-5.3%.

                     Sales Performance

Stop & Shop/Giant-Landover

    * The roll-out of the Value Improvement Program remains on
      track,now expanding beyond price repositioning to
      marketing and branding.

    * Net sales increased 1.7% to US$4.0 billion.

    * Net sales included USD 29 million of sales to Tops.  Prior
      to its disposal, such sales were recorded  as
      inter-company sales.

    * Identical sales increased 2.2% at Stop & Shop (1.0%
      excluding gasoline net sales) and decreased  1.5% at
      Giant-Landover (1.7% excluding gasoline net sales),
      impacted by lower pharmacy sales.

    * Comparable sales increased 2.4% at Stop & Shop and
      decreased 1.4% at Giant-Landover.

Giant-Carlisle

    * Net sales increased 11.5% to US$1.1 billion.

    * Identical sales increased 7.0% (4.1% excluding gasoline
      net sales).

    * Comparable sales increased 7.7%.

Albert Heijn

    * Net sales increased 14.2% to EUR2.1 billion.

    * Net sales at Albert Heijn supermarkets increased 14.4% to
      EUR1.9 billion.

    * Identical sales at Albert Heijn supermarkets increased
      11.8%.

Albert/Hypernova (Czech Republic and Slovakia)

    * Net sales increased 20.2% to EUR411 million (4.6% at
      constant exchange rates).

    * Identical sales increased 5.6%.

Unconsolidated joint venture - ICA

    * Net sales increased 8.8% to EUR2.4 billion (9.1% at
      constant exchange rates

On June 30, 2008, Ahold completed  the sale of its 73.2%
interest in Schuitema N.V. to private equity firm CVC Capital
Partners.  Schuitema was classified as a discontinued operation
as of the first quarter of 2008.  Ahold's unconsolidated joint
venture JMR continues to be classified as a discontinued
operation.

Headquartered in Amsterdam, Netherlands, Koninklijke Ahold N.V.
-- http://www.ahold.com/-- retails food through supermarkets,
hypermarkets and discount stores in North and South America,
Europe.  It has operations in Argentina.  The company's chain
stores include Stop & Shop, Giant, TOPS, Albert Heijn and
Bompreco.  Ahold also supplies food to restaurants, hotels,
healthcare institutions, government facilities, universities,
stadiums, and caterers.

                          *     *     *

Koninklijke Ahold carries a BB+ issuer default and
senior unsecured ratings with positive outlook from Fitch.  The
company also carries a short-term rating of B from Fitch.


TRONOX INC: Posts USUS$34.4 Million Net Loss for 2nd Qtr 2008
-------------------------------------------------------------
Tronox Incorporated reported a preliminary loss from continuing
operations of US$29.9 million for the second quarter ended
June 30, 2008, compared with a loss from continuing operations
for the 2007 second quarter of US$20.0 million.

Including discontinued operations, net loss for the quarter was
US$34.4 million, versus a net loss of US$21.2 million in the
2007 second quarter.

Net sales for the quarter increased to US$403.8 million compared
to US$366.5 million in the prior-year quarter, primarily due to
increased TiO2 volumes, the effects of foreign exchange and
increased pricing for acid sales.

The company said that the increase in loss from continuing
operations was primarily due to significant increases in process
chemical, energy and transportation costs; unplanned production
difficulties at the company's Uerdingen, Germany and Kwinana,
Western Australia titanium dioxide (TiO2) plants; a non-cash
impairment charge related to goodwill of US$13.5 million; and a
restructuring charge of US$4.2 million.

These were partially offset by increased sales, lower SG&A and
gain on land sales of US$12.4 million.  In addition, the company
recorded a tax benefit in the 2008 second quarter versus a tax
provision in the prior-year period.

During the second quarter, the Tiwest joint venture (Tronox 50%)
TiO2 plant in Kwinana experienced production difficulties after
a planned shutdown, delaying restart of production.  The company
also experienced processing difficulties at its Uerdingen
facility following a planned maintenance outage that resulted in
reduced production volumes and higher costs.  The impact of the
Kwinana and Uerdingen difficulties was approximately US$11.0
million (pretax) in the second quarter.  Higher natural gas
costs at Tiwest due to the ongoing curtailment of natural gas
supply resulting from the shutdown of Apache's facility in
Western Australia had an impact of approximately US$2.0 million
(pretax) in the quarter.  In addition, significant increases in
process chemical, energy and transportation costs more than
offset the company's ongoing cost reduction efforts.

In connection with a workforce reduction announced in May 2008,
the company incurred pretax charges of US$1.5 million for
severance and other employee related costs and US$2.7 million
for noncash special termination benefits under its pension plan.

                     Debt and Cash Balances

Total debt at June 30, 2008, was US$540.1 million, including
US$69.0 million outstanding on the company's US$250.0 million
revolving credit facility.  Cash and cash equivalents at
June 30, 2008, were US$23.3 million, resulting in net debt
outstanding of US$516.8 million.

Tronox completed the sale of two parcels of 100%-owned property
at the end of June, with net proceeds from the sales totaling
approximately US$12.0 million.  The company used US$3.2 million
of the net proceeds to reduce outstanding debt under its senior
secured credit facility at June 30, 2008, and used the remainder
of the net proceeds, US$8.8 million, to reduce outstanding debt
in July.

As a result of unexpected impacts in the second quarter, Tronox
requested and received approval for a waiver to its financial
covenants for the 2008 second quarter and an amendment to its
leverage ratio financial covenant for the remainder of the year.

                   About Tronox Incorporated

Headquartered in Oklahoma City, Tronox Incorporated (NYSE:TRX)
-- http://www.tronox.com/-- is a producer and marketer of
titanium dioxide pigment.  Titanium dioxide pigment is an
inorganic white pigment used in paint, coatings, plastics, paper
and many other everyday products.  The company's five pigment
plants, which are located in the United States, Australia,
Germany and the Netherlands, supply performance products to
approximately 1,100 customers in 100 countries.  In addition,
Tronox produces electrolytic products, including sodium
chlorate, electrolytic manganese dioxide, boron trichloride,
elemental boron and lithium manganese oxide.

At March 31, 2008, the company's consolidated balance sheet
showed US$1.74 billion in total assets, US$1.29 billion in total
liabilities, and US$451.9 million in stockholders' equity.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 4, 2008,
Standard & Poor's Ratings Services lowered its ratings on Tronox
Inc., including its corporate credit rating to 'CCC+' from 'B'.
At the same time S&P placed the ratings on CreditWatch with
negative implications.


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


FRONTIER DRILLING: Cash Infusion Cues Moody's to Modify Review
--------------------------------------------------------------
Moody's Investors Service changed the review of Frontier
Drilling ASA's ratings to review with direction uncertain from
review for downgrade.  The ratings affected by this action are
the Caa2 Corporate Family Rating, the B2 (LGD2, 10%) rating for
the first lien credit facilities, the Caa3 (LGD 3, 32%) rating
on the second lien term loan, and the Caa3 Probability of
Default Rating.

The change of the review is driven by these factors: (i) the
company's sponsors agreeing to inject US$175 million of new
capital (in the form of redeemable PIK preferred stock) to help
fund cost overruns for the Phoenix and Seillean while also
providing much needed liquidity; (ii) a signed two-year contract
for the Duchess at better than expected dayrates, and; (iii) the
agreement by Shell to increase the dayrates for both the Phoenix
and Discoverer drill ships at higher dayrates and extension of
their terms.  All of these factors, combined with the continued
strengthening of the offshore drilling market, have created
positive credit momentum for Frontier.

However, while Moody's views these events as positive from a
credit perspective, the company still needs to receive
amendments from the first and second lien lenders for the
respective credit agreements.  These credit facility amendments
are needed to have the agreements with Shell converted into
contract amendments and also ensure the company will have the
covenant room needed to continue to operate without an imminent
chance of accelerating the facilities.  The conclusion of
Moody's review will include the actual execution of the proposed
amendments, the proceeds from the new redeemable PIK preferreds
from the equity sponsors that are truly subordinate to the first
and second lien credit facilities and cannot be paid (including
dividends) until the credit facilities are paid in full, the
execution of the contract amendments with Shell for both the
Phoenix and the Discoverer, and further discussions with
management regarding funding of any unexpected additional cost
overruns for both the Phoenix and Seillean.  Satisfactory
completion of these items will likely result in a ratings
upgrade of at least one notch; however, failure to come to an
agreement with the lenders will likely result in a ratings
downgrade as it would appear that the prospects of a default
will increase.

The company is requesting a lowering of the minimum EBITDA test
for both facilities beginning in Q2 '08 and continuing through
second quarter 2009.  Currently the respective tests were to
fall away in third quarter 2009, but with the proposed
amendment, the test will remain in place for the life of the
facility, with minimum EBITDA ramping up to US$150 million by
fourth quarter 2009.  In addition, FDR is seeking to amend
the Interest Coverage test from 2.50x to 2.00x for second
quarter 2009 to allow for the lower expected EBITDA levels from
having the Duchess off contract and the delay of the Phoenix
delivery, now expected in October 2008, originally expected
August 2008.

Prior to close of the amendments, the company's sponsors,
Carlyle/Riverstone, Avista Capital Holdings, Highbridge Capital
Management, and Global Energy Capital have agreed to inject at
least US$175 million in the form of redeemable PIK preferred
stock to be funded in stages over the next three months and
should be sufficient to cover the completion of the Phoenix and
cover operating expenses during that time while the company is
still generating negative cash flow.  In addition, the company
is seeking a provision to permit up to an additional
US$25 million investment to cover any additional cost overruns
from current expectations over the life of the deal.  This
investment, if made, would be in the form of redeemable PIK
preferred stock and common equity into FDR Holdings, the parent
company of FDR, and guarantor of the credit facilities.

The company has also reached an agreement with Shell to amend
its contracts for both the Discoverer and Phoenix.  Under the
Discoverer contract, Shell is agreeing to modify the operating
expense adjustment formula to the oilfield services index, which
is more indicative of the industry cost index versus the current
index which his tied to CPI.  This should help PDR with the
surge in operating costs that have been hitting the offshore
drilling sector.  The contract will also be extended from 3 to 4
years.

For the Phoenix contract, Shell has agreed to an increase in the
dayrate to US$306,000/day from the current rate of
US$209,000/day as well as utilize the same operating expense
adjustment as the Discoverer.  The result of these contract
changes should help drive future earnings and cashflows to
higher levels and improve the company's overall credit profile
and help with debt reduction.

However, it should be noted that these agreements have not been
executed into contract amendments at this time, but is expected
to once the amendment for the credit facilities has been
executed and the sponsors' cash investment has been made.

The company has entered into a two year contract for the Duchess
with Nigerian Petroleum Development Corporation at a rate of
US$308,000/day, which represents a significant increase from the
US$144,500/day contract the Duchess was working for before
coming off contract early this past January.

Frontier Drilling ASA, which is incorporated in Norway and has
an administrative office in Houston, Texas, is a subsidiary of
privately owned FDR Holdings Ltd., and is a specialized provider
of offshore contract drilling and production services to the oil
and gas industry.


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


AUTO-BALT-TRADE: Proofs of Claim Filing Deadline Set September 5
----------------------------------------------------------------
The first creditors meeting of LLC Auto-Balt-Trade has resolved
to place the company under financial rehabilitation and
appointed P. Tarasov as administrative receiver.

The Arbitration Court of St. Petersburg and Leningrad has
sanctioned the creditors' resolution.  The case is docketed
under Case No. A56-54945/2007.

Creditors have until Sept. 5, 2008, to submit proofs of claim
to:

         P. Tarasov, Administrative Receiver
         Post User Box 19
         OPS-100
         170100 Tver
         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 Auto-Balt-Trade
         Moskovskiy Pr. 57A
         St. Petersburg
         Russia


BANK ZENIT: Fitch Affirms Individual Rating at 'D'
--------------------------------------------------
Fitch Ratings has upgraded Russia-based Bank Zenit's Long-term
Issuer Default Rating to 'B+' from 'B' and National Long-term
rating to 'A-(rus)' from 'BBB+(rus)'.  Following the upgrade,
the Outlooks on the Long-term IDR and National Long-term rating
are now Stable.  At the same time, the other ratings are
affirmed at Short-term IDR 'B', Individual 'D', Support '5' and
Support Floor 'No Floor'.

"The upgrade reflects Zenit's enhanced customer franchise,
especially in Russian regions, and its extended track record of
sound performance and good asset quality, backed by an adequate
liquidity position," says Vladimir Markelov, Associate Director
of Fitch's financial institutions team in Moscow.  "However, the
ratings are still constrained by the relatively high proportion
of related-party funding and significant loan portfolio
concentrations."

Zenit's lending is concentrated by borrower; however, the
concentration level has been on a declining trend.  Non-
performing loans are low and well-provisioned for; however,
impairment might rise as credit growth moderates.  The level of
lending to related parties is reportedly insignificant.
Customer funding is concentrated, a third of which is sourced
from the bank's related parties, mainly Tatneft ('BB'/Stable
Outlook) and Novolipetsk Steel ('BB+'/Stable).  Risky
investments were reduced in 2007 and market risk is reasonably
well-managed.  Liquidity is adequate, with positive cumulative
liquidity gaps.  Taking into consideration the bank's lower
credit growth in H108, capitalization, which was adequate at
end-2007, is not expected to worsen in the near term.

A further diversification of its franchise and reduced reliance
on business with related parties would be positive for Zenit's
credit profile.  Downward pressure on the ratings could arise
from considerable asset quality deterioration.

Zenit was among top-20 largest banks in Russia at end-Q108.  It
focuses primarily on corporate- and investment-banking, but is
also developing private and retail businesses.  The integration
of acquired regional banks - Devon-Credit, Lipetskombank and
Zenit-Sochi - is ongoing.  Tatneft directly owns 24.6% of
Zenit's shares and has a 48.8% stake in the International
Petrochemical Growth Fund, which in turn owns 41.8% of Zenit;
this allows Tatneft to exercise certain influence over the bank,
in Fitch's view.


BUTTER MAKING: Names S. Gavryutina as Administrative Receiver
-------------------------------------------------------------
The first creditors meeting of OJSC Butter Making Factory (TIN
7311000119) has resolved to place the company under financial
rehabilitation and appointed S. Gavryutina as administrative
receiver.

The Arbitration Court of Ulyanovsk has sanctioned the creditors'
resolution.  The case is docketed under Case No.
A72-2340/08-20/30-B..

Creditors have to submit proofs of claim to:

         S. Gavryutina, Administrative Receiver
         Office 37
         Krymova Str.12
         432071 Ulyanovsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Butter Making Factory
         Kommunalnaya Str. 58
         Nikolaevka
         Ulyanovsk
         Russia


EVRAZ GROUP: Anti-Trust Agency Launches Price Fixing Probe
----------------------------------------------------------
The Russian Federal Anti-Monopoly Service has commenced a probe
into whether Evraz Group S.A. and Raspadsky Coal abused their
dominant coking coal market position, RIA Novosti reports.

According to the report, FAS claims that the companies used
their market positions in fixing coking coal prices.

FAS noted that coking coal prices set by the companies rose by
around 100% from September 2007 to March-April 2008.

Raspadsky is a compact integrated coal mining and enrichment
complex located in the Kemerovo region of the Russian
Federation.  Raspadskaya's license area is part of a very
extensive coal field south-west of Tom-Usinsk area of the
Kuznetsk coal basin which itself accounts for about three
quarters of the total coking coal production in Russia.

                         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.


HYDRO-UGLE-STROY: Names V. Boldyrev as Administrative Receiver
--------------------------------------------------------------
The first creditors meeting of OJSC Hydro-Ugle-Stroy (TIN
4216000579, OGRN 1024201760318) has resolved to place the
company under financial rehabilitation and appointed V. Boldyrev
as administrative receiver.

The Arbitration Court of Kemerovo has sanctioned the creditors'
resolution.  The case is docketed under Case No. A27-17316/
2003-4.

Creditors have to submit proofs of claim to:

         V. Boldyrev, Administrative Receiver
         Post User Box 99/408
         654000 Novokuznetsk
         Russia

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         OJSC Hydro-Ugle-Stroy
         K. Marksa Str. 2
         Novokuznetsk
         654000 Kemerovo
         Russia


RUSSIAN ALTAI: Fitch Puts 'BB-' LT Foreign & Local Currency IDRs
----------------------------------------------------------------
Fitch Ratings has assigned the Russian Altai region Long-term
foreign and local currency ratings of 'BB-', a Short-term
foreign currency rating of 'B' and a National Long-term rating
of 'A+(rus)'.  The Outlooks for the Long-term foreign and local
currency ratings and National Long-term rating are Positive.

The ratings reflect the modest scale of the region's economy,
its high dependence on financial aid from the federal
government, budget rigidity and increasing contingent
liabilities.  The ratings also factor in the region's sound
budget performance, low debt burden and high quality of
budgetary management.

The Positive Outlooks reflect Fitch's expectation that prudent
fiscal discipline and economic growth will continue to support
revenue growth, allowing the region to maintain sound budget
performance with an operating balance above 10% of operating
revenue, which, in turn, could lead to a rating upgrade in the
near term.  Fitch expects the region's debt burden to remain
low.

The Altai region has demonstrated consistent budget performance
improvement over the last five years.  Over the period 2003-2006
the region recorded an average positive operating balance of
7.8% of operating revenue. In 2007 its operating and current
margins rose sharply to 14.7% from 7.9% a year ago, as operating
revenue grew 28% yoy, outpacing the 18.7% increase in operating
expenditure.  Growth was underpinned by local economic expansion
and the administration's sound public finance management, aimed
at expanding the local tax base and operating expenditure
control.

During 2003-2007 the region's debt burden gradually declined and
the total risk/total revenue ratio dropped to a negligible 2.4%
at end-2007 from 23% in 2003.  The region recorded a strong debt
coverage ratio, which fell below one month by end-2007.
However, the region's contingent liabilities are high,
reflecting the increased debt of the broad public sector
companies.

The region has a modest economy.  Per capita gross regional
product was 42% of the average among Russian regions in 2006.
Agriculture represents a significant proportion of the local
economy and its low profitability affects the size of the
region's tax base and its expansion.  As a result, the Altai
region is dependent on financial aid from the federal
government.  Federal transfers accounted for 58% of total
revenue in 2007, albeit down from 80% in 2003.  A significant
proportion of those transfers are earmarked funding for federal
mandates and grants for capital investments; the latter may
fluctuate and even decline.

This could prove negative for the region's budgetary position,
given its low financial flexibility.  Nevertheless, the region
has become more reliant on its own revenue sources, as direct
federal financial aid accounted for 34% of total revenue in
2007, down from a peak of 61% in 2003.

The Altai region is located in the south-west of Siberia, on the
border with Kazakhstan.  Its gross regional product contributes
0.8% to the national gross domestic product, and its population
accounts for 1.8% of the national total.


SERAFIMOVICH-AGRO-STROY: Claims Filing Deadline Set September 5
---------------------------------------------------------------
The first creditors meeting of OJSC Serafimovich-Agro-Stroy has
resolved to place the company under financial rehabilitation and
appointed S. Kagitin as administrative receiver.

The Arbitration Court of Vologograd has sanctioned the
creditors' resolution.  The case is docketed under Case No. A12-
5586/07-s50.

Creditors have until Sept. 5, 2008, to submit proofs of claim
to:

         S. Kagitin, Administrative Receiver
         Post User Box 3113
         400105 Vologograd
         Russia

The Debtor can be reached at:

         OJSC Serafimovich-Agro-Stroy
         Pionerskaya Str. 37
         Serafimovich
         403441 Vologograd
         Russia


SHEKINSKIE PGU: Proofs of Claim Filing Deadline Set September 5
---------------------------------------------------------------
The first creditors meeting of OJSC Shekinskie PGU (TIN
7118016103) has resolved to place the company under financial
rehabilitation and appointed I. Chizhonkova as administrative
receiver.

The Arbitration Court of Tula has sanctioned the creditors'
resolution.  The case is docketed under Case No. A68-10030/
07-395/B.

Creditors have until Sept. 5, 2008, to submit proofs of claim
to:

         I. Chizhonkova, Administrative Receiver
         Room 610
         Ryazanskaya Str. 1
         300026 Tula
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Shekinskie PGU
         Energetikov Str. 1
         Sovetsk
         Shekinskiy
         301205 Tula
         Russia


SOFTY-SALT: Court Names P. Goncharov as Administrative Receiver
---------------------------------------------------------------
The first creditors meeting of LLC Softy-Salt has resolved to
place the company under financial rehabilitation and appointed
P. Goncharov as administrative receiver.

The Arbitration Court of Moscow has sanctioned the creditors'
resolution.  The case is docketed under Case No. A40-63238/
07-44-161B.

Creditors have to submit proofs of claim to:

         P. Goncharov, Administrative Receiver
         Post User Box 1
         119261 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Softy-Salt
         Tverskaya Str. 7
         125009 Moscow
         Russia


SPARTAK-STROY: Names A. Prikhodko as Administrative Receiver
------------------------------------------------------------
The first creditors meeting of LLC Spartak-Stroy has resolved to
place the company under financial rehabilitation and appointed
A. Prikhodko as administrative receiver.

The Arbitration Court of Kirov has sanctioned the creditors'
resolution.  The case is docketed under Case No. A28-364/
07-230/3.

Creditors have to submit proofs of claim to:

         A. Prikhodko, Administrative Receiver
         Kuznetskiy Most Str. 6/3
         125009 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Kirov
         K-Libknekhta Str. 102
         610017 Kirov
         Russia

The Debtor can be reached at:

         LLC Spartak-Stroy
         Oktyabrskiy Pr. 149
         610001 Kirov
         Russia


VOLGATELECOM OJSC: Earns RUR1.76 Billion for First Half 2008
------------------------------------------------------------
OJSC Volgatelecom has released it financial results for the
first half ened June 30, 2008, prepared according to Russian
Accounting Standards.

Volgatelecom posted a 5.9% year-on-year increase in net profit
to RUR1.76 billion and a 5.7% yea-on-year hike in net revenues
to RUR12.95 billion for the first half of 2008.

Regulatory factors that affected profit:

    * cancellation of compensatory surcharge under RF Government
      regulation No 627 of 19.10.2005 since Jan. 1,2008,
      resulting in RUR204 million drop in revenues from DLD and
      ILD traffic initiation);

    * connection points servicing tariff cancellation since
      March 1, 2008, according to RF Government regulation No.
      666 of 12.10.2007;

    * entry into effect in third quarter 2007 of RF Government
      regulation No. 477 of July 25, 2007 introducing changes
      into Rules of providing local, intrazonal, DLD and ILD
      services:

      -- reducing price of providing access to local telephone
         network in premises equipped with telephone
         connections, to the level of 30% of monthly subscriber
         fee;

      -- change of local telephone connection tariffication unit
         (a fractional tariffication unit which is at least a
         half of tariffication unit is considered to be a full
         unit, and a fractional tariffication unit which is less
         than a half of tariffication unit is considered to be a
         half of tariffication unit).

Volgatelecom's expenses for the six months ended June 30, 2008
were RUR10.24 million, up 11.9%).

                       About VolgaTelecom

Headquartered in Nizhny Novgorod, Russia, OJSC VolgaTelecom
-- http://www.vt.ru/-- provides wide range of telephony,
cellular, Internet and data transmission, TV and radio
broadcasting services in 11 regions of the Volga Federal
district.  The Company's shares are traded at RTS and MICEX. I-
level American Depositary Receipts program is effective since
1997; the ADRs are traded at Frankfurt, Berlin Stock Exchanges
and USA OTC market.

                         *     *     *

OJSC Volgatelecom currently carries Fitch Ratings' Long-term
Issuer Default rating of 'BB-', National Long-term rating of
'A+(rus)' and Short-term IDR of 'B'.  The Outlooks for the Long-
term IDR and National Long-term rating are Stable.

The company also carries Standard & Poor's Ratings Services'
'BB-' long-term corporate credit and 'ruAA-' Russia national
scale ratings on Russian regional telecoms operator VolgaTelecom
OJSC.  The outlook is stable.


ZOLOTUKHINKSIY TEXTILE: Claims Filing Deadline Set September 5
--------------------------------------------------------------
The first creditors meeting of LLC Zolotukhinksiy Textile has
resolved to place the company under financial rehabilitation and
appointed E. Slepushkina as administrative receiver.

The Arbitration Court of Kursk has sanctioned the creditors'
resolution.  The case is docketed under Case No.A35-7006/07g.

Creditors have until Sept. 5, 2008, to submit proofs of claim
to:

         E. Slepushkina  Administrative Receiver
         Apt. 6
         Studencheskaya Str. 16
         305040 Kursk
         Russia

The Court is located at:

         The Arbitration Court of Kursk
         K. Marksa Str. 25
         305004 Kursk
         Russia

The Debtor can be reached at:

         LLC Zolotukhinksiy Textile
         Yuzhnyj Per. 19
         Zolotukhino
         306020 Kursk
         Russia


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


FORD MOTOR: S&P Cuts Freedom Certificates Classes A, X to 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
classes A and X from Freedom Certificates US Autos Series 2004-1
Trust to 'B-' from 'B' and removed them from CreditWatch, where
they were placed with negative implications on July 2, 2008.

The rating actions reflect the July 31, 2008, lowering of the
long-term corporate credit and other ratings on Ford Motor
Credit Co. (Ford Credit; B-/Negative/NR), a subsidiary of Ford
Motor Co. (Ford; B-/Negative/NR), and GMAC LLC (GMAC; B-
/Negative/C), a subsidiary of General Motors Corp. (GM; B-
/Negative/NR), and their removal from CreditWatch with negative
implications.

Freedom Certificates U.S. Autos Series 2004-1 Trust is a pass-
through transaction, and the ratings on classes A and X are
based solely on the lower of the ratings assigned to the
underlying securities, the 7.375% bonds due Feb. 1, 2011, issued
by Ford Credit and the 7.25% notes due March 2, 2011, issued by
GMAC.

The corporate rating actions on Ford and GM and their affiliates
have no immediate rating impact on the Ford and GM-related
asset-backed securities (ABS) supported by collateral pools of
consumer auto loans, auto leases, or auto wholesale loans.


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


ALITEC JSC: Creditors Have Until Aug. 21 to File Proofs of Claim
---------------------------------------------------------------
Creditors owed money by JSC Alitec are requested to file their
proofs of claim by Aug. 21, 2008, to:

         Werner Vetsch
         Liquidator
         Sonnmattrain 13
         6043 Adligenswil
         Switzerland

The company is currently undergoing liquidation in Adligenswil.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 4, 2008.


FIRST LADY: Aug. 16 Set as Deadline to File Proofs of Claim
-----------------------------------------------------------
Creditors owed money by LLC First Lady are requested to file
their proofs of claim by Aug. 16, 2008, to:

         Hans Ulrich Rhyner
         Liquidator
         Etzelstrasse 10
         8852 Altendorf
         Switzerland

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


GENERAL MOTORS: S&P Lowers Rating on Classes A-1, A-2 Certs to B
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class A-1 and A-2 certificates from Corporate Backed Trust
Certificates Series 2001-8 Trust to 'B-' from 'B' and removed
them from CreditWatch, where they were placed with negative
implications on July 2, 2008.

The rating actions follow the July 31, 2008, lowering of the
long-term corporate credit and other ratings on General Motors
Corp. (GM; B-/Negative/NR) and their removal from CreditWatch
negative.

Corporate Backed Trust Certificates Series 2001-8 Trust is a
pass-through transaction, and the ratings on the certificates
are based solely on the rating assigned to the underlying
securities, the 8.10% debentures due June 15, 2024, issued by
GM.

The corporate rating actions on GM have no immediate rating
impact on the GM-related asset-backed securities (ABS) supported
by collateral pools of consumer auto loans, auto leases, or auto
wholesale loans.


GENERAL MOTORS: S&P Cuts Ratings on FC Classes A, X to 'B'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
classes A and X from Freedom Certificates US Autos Series 2004-1
Trust to 'B-' from 'B' and removed them from CreditWatch, where
they were placed with negative implications on July 2, 2008.

The rating actions reflect the July 31, 2008, lowering of the
long-term corporate credit and other ratings on Ford Motor
Credit Co. (Ford Credit; B-/Negative/NR), a subsidiary of Ford
Motor Co. (Ford; B-/Negative/NR), and GMAC LLC (GMAC; B-
/Negative/C), a subsidiary of General Motors Corp. (GM; B-
/Negative/NR), and their removal from CreditWatch with negative
implications.

Freedom Certificates US Autos Series 2004-1 Trust is a pass-
through transaction, and the ratings on classes A and X are
based solely on the lower of the ratings assigned to the
underlying securities, the 7.375% bonds due Feb. 1, 2011, issued
by Ford Credit and the 7.25% notes due March 2, 2011, issued by
GMAC.

The corporate rating actions on Ford and GM and their affiliates
have no immediate rating impact on the Ford and GM-related
asset-backed securities (ABS) supported by collateral pools of
consumer auto loans, auto leases, or auto wholesale loans.


HINCAR JSC: Creditors Must File Proofs of Claim by  Aug. 16
-----------------------------------------------------------
Creditors owed money by JSC Hincar are requested to file their
proofs of claim by Aug. 16, 2008, to:

         Erwin Zurfluh
         Liquidator
         Weiherweg 4
         6410 Goldau
         Switzerland

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


MIROPA TECHNOLOGY: Deadline to File Proofs of Claim Set  Aug. 16
----------------------------------------------------------------
Creditors owed money by JSC Miropa Technology are requested to
file their proofs of claim by Aug. 16, 2008, to:

         Felix Keller
         Vogelgarten 7
         4123 Allschwil
         Switzerland

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


SUN RISE: Proofs of Claim Filing Deadline is  Aug. 17
-----------------------------------------------------
Creditors owed money by  JSC Sun rise Mood are requested to file
their proofs of claim by Aug. 17, 2008, to:

         Tax service
         Obergrundstrasse
         6004 Luzern
         Switzerland

The company is currently undergoing liquidation in Sachseln.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 30, 2008.


SUTER-GRIMM LLC: Creditors’ Proofs of Claim Due by  Aug. 17
-----------------------------------------------------------
Creditors owed money by LLC Suter-Grimm  are requested to file
their proofs of claim by Aug. 17, 2008, to:

         Trust Company LLC Staub Consult
         Schutzeweg 34
         8222 Beringen
         Switzerland

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


XSTRATA MAGNESIUM: Creditors Have Until Aug. 18 to File Claims
--------------------------------------------------------------
Creditors owed money by JSC Xstrata Magnesium are requested to
file their proofs of claim by Aug. 18, 2008, to:

         Bahnhofstrasse 2
         6301 Zug
         Switzerland

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


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


FORD OTOSAN: Fitch Chips LT Foreign Currency IDR to BB- from BB+
----------------------------------------------------------------
Fitch Ratings downgraded Turkey-based Ford Otosan's Long-term
local currency Issuer Default rating to 'BB-' from 'BB+'.  The
Outlook remains Negative.  This follows Fitch's downgrade of the
parent The Ford Motor Company's Long-term IDR to 'B-'/Negative
from 'B'/Negative' on 1 August 2008.

The Negative Outlook continues to reflect FMC's ownership of the
Ford brand, the shareholder relationship between FO and FMC, and
FO's export sales network dependence on the Ford of Europe
system within FMC.  Further deterioration in FMC's Long-term IDR
is likely to negatively affect FO's rating, given the
aforementioned links.  In assessing FO's rating and Outlook,
Fitch has also taken its parent and subsidiary rating linkage
criteria into consideration.  In Fitch's view, the parent's
weaker financial profile compared to the subsidiary and its weak
operational and financial ties with FO warrant the three-notch
rating differential between FMC and FO.

FMC's Long-term 'B-' IDR does not have any direct and immediate
impact on FO's financial profile or its ability to continue its
production and delivery operations in Turkey and Europe.
However, FO's export sales, representing 62% of FY07 revenues,
remain dependent on FMC's international sales and distribution
network in Europe.

FMC and Koc Group of Turkey jointly control FO with a 41% stake
each, while the remaining 18% is quoted on the Istanbul Stock
Exchange.


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


BLIK LLC: Creditors Must File Proofs of Claim by August 15
----------------------------------------------------------
Creditors of LLC Blik (code EDRPOU 24340367) have until
Aug. 15, 2008, to submit proofs of claim to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on July 9, 2008.
The case is docketed as 19/29-08.

The Debtor can be reached at:

         LLC Blik
         Gvardeytsev-Shyronintsev Str. 32
         61069 Kharkov
         Ukraine


BRK MODERN: Creditors Must File Proofs of Claim by August 16
------------------------------------------------------------
Creditors of LLC BRK Modern Design (code EDRPOU 33349148) have
until Aug. 16, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 16, 2008.
The case is docketed as 24/188-b.

The Debtor can be reached at:

         LLC BRK Modern Design
         Bliukher Str. 11
         04128 Kiev
         Ukraine


CENTRAL TECHNICAL-DESIGN: Claims Filing Deadline Set August 15
--------------------------------------------------------------
The Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company on June 13, 2008.  The case is docketed
as B-39/41-08.

Creditors of State Enterprise Central Technical-Design Bureau
(code EDRPOU 14312677) have until Aug. 15, 2008, to submit
proofs of claim to:

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

The Debtor can be reached at:

         State Enterprise Central Technical-Design Bureau
         Gagarin Ave. 98
         61140 Kharkov
         Ukraine


DUBOVIAZOVKA BEET Creditors Must File Proofs of Claim by Aug. 14
----------------------------------------------------------------
Creditors of OJSC Duboviazovka Beet Sovkhoz (code EDRPOU
00386703) have until Aug. 14, 2008, to submit proofs of claim
to:

         Vladimir Shevich, Liquidator
         Office 301
         20 years of Victory Str. 7
         Sumy
         Ukraine
         Phone: (0542)218-869

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent on June 19, 2008.
The case is docketed as 7/155-08.

The Court is located at:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Debtor can be reached at:

         OJSC Duboviazovka Beet Sovkhoz
         Trudovaya Str. 3
         Duboviazovka
         Konotop District
         41655 Sumy
         Ukraine


GRAND VICTORY Creditors Must File Proofs of Claim by August 16
--------------------------------------------------------------
Creditors of LLC Grand Victory (code EDRPOU 31287640) have until
Aug. 16, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 8, 2008.
The case is docketed as 43/160.

The Debtor can be reached at:

         LLC Grand Victory
         Apartment 32
         Layosh Gavro Str. 7
         04210 Kiev
         Ukraine


MOTORGAS LLC: Creditors Must File Proofs of Claim by Aug. 16
------------------------------------------------------------
Creditors of LLC Motorgas (code EDRPOU 32094241) have until
Aug. 16, 2008, to submit proofs of claim to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on June 24, 2008.
The case is docketed as B-50/95-06.

The Debtor can be reached at:

         LLC Motorgas
         Proletarskaya Str. 1
         Izium
         Kharkov
         Ukraine


PALMIRA LLC: Proofs of Claim Filing Deadline Set August 15
----------------------------------------------------------
Creditors of LLC Palmira (code EDRPOU 32146603) have until
Aug. 15, 2008, to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy supervision
procedure on the company. on July 8, 2008.  The case is docketed
as 21/73-08-2817.

The Debtor can be reached at:

         LLC Palmira
         Kirov Str. 75-a
         Ovodiopol
         Odessa
         Ukraine


PIREUS BANK: Creditors Must File Proofs of Claim by August 15
-------------------------------------------------------------
Creditors of OJSC Pireus Bank MKB (code EDRPOU 20099868) have
until Aug. 15, 2008, to submit proofs of claim to:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent on June 27, 2008.
The case is docketed as 10/117-08.

The Debtor can be reached at:

         OJSC Pireus Bank MKB
         Murovanokurilovetsky District
         Bakhtin
         Ukraine
         23412 Vinnica


PTK STRUM: Creditors Must File Proofs of Claim by August 16
-----------------------------------------------------------
Creditors of LLC PTK Strum (code EDRPOU 33240520) have until
Aug. 16, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 16, 2008.
The case is docketed as 24/187-b.

The Debtor can be reached at:

         LLC PTK Strum
         Degtiarevskaya Str. 31
         03057 Kiev
         Ukraine


RADIAL LLC: Creditors Must File Proofs of Claim by August 15
------------------------------------------------------------
Creditors of LLC Radial (code EDRPOU 20785492) have until
Aug. 15, 2008, to submit proofs of claim to:

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

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent on June 3, 2008.
The case is docketed as 6/133-29/215.

The Debtor can be reached at:

         LLC Radial
         Novoyavorovsk
         Yavorovsky District
         Lvov
         Ukraine


SPECIAL ORE: Creditors Must File Proofs of Claim by August 15
-------------------------------------------------------------
Creditors of LLC Ukrainian Special Ore (code EDRPOU 24279202)
have until Aug. 15, 2008, to submit proofs of claim to:

         The Liquidator
         Apartment 33
         2nd five year plan Str. 15
         61007 Kharkov
         Ukraine

The Court is located at:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on July 3, 2008.
The case is docketed as B-24/232-07.

The Debtor can be reached at:

         LLC Ukrainian Special Ore
         Mironositskaya Str. 57-B
         Kharkov
         Ukraine


TECHNOLOGY-5: Proofs of Claim Filing Deadline Set August 15
-----------------------------------------------------------
Creditors of LLC Science-Production Firm Technology-5 (code
EDRPOU 23758120) have until Aug. 15, 2008, to submit proofs of
claim to:

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

The Economic Court of Kharkov has commenced bankruptcy
supervision procedure on the company.  The case is docketed as
B-50/86-08.

The Debtor can be reached at:

         LLC Science-Production Firm Technology-5
         Ac. Proskura Str. 1
         Kharkov
         Ukraine


VELKAM LLC: Proofs of Claim Filing Deadline Set August 15
---------------------------------------------------------
Creditors of LLC Company Velkam (code EDRPOU 25039150) have
until Aug. 15, 2008, to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy supervision
procedure on the company on July 8, 2008.  The case is docketed
as 2/133-08-2742.

The Debtor can be reached at:

         LLC Company Velkam
         Kilevoy Lane 2A
         Odessa
         Ukraine


VICTORY LLC: Proofs of Claim Filing Deadline Set August 15
----------------------------------------------------------
Creditors of LLC Victory (code EDRPOU 32716150) have until
Aug. 15, 2008, to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy supervision
procedure on the company on July 8, 2008.  The case is docketed
as 2/131-08-2740.

The Debtor can be reached at:

         LLC Victory
         Kilevoy Lane 2A
         Odessa
         Ukraine


* S&P Cuts Ukraine's Financial System GPA Estimate to 35%-50%
-------------------------------------------------------------
Standard & Poor's Ratings Services has revised its estimate of
the incidence of gross problematic assets (GPAs) in the
Ukrainian financial system under a reasonable scenario of
economic recession to 35%-50% from 50%-75%.  At the same time,
S&P affirmed its Banking Industry Country Risk Assessment
(BICRA) on Ukraine at Group 10.

"The GPA improvement reflects Ukrainian banks' reduced but still
fairly high single-name and industry lending concentrations,
growing business diversification, better but still not
sufficiently robust underwriting practices and management
quality, as well as gradual strengthening and increasing
transparency of domestic companies, and growing personal
wealth," said S&P's credit analyst Ekaterina Trofimova.

Despite political turbulence and inflationary pressures,
macroeconomic growth has so far been strong, supporting the
development and credit standing of the Ukrainian banking sector
and partly mitigating the still high business and credit risks
for domestic banks.  Nevertheless, the outlook for Ukraine's
economic performance remains highly uncertain, as rapidly rising
inflation starts to weigh on disposable incomes and household
budgets, while a widening current account deficit poses a risk
to exchange rate stability.  The wealth effect created by
exponential gains from export prices could unwind if they
correct lower -- particularly for metals.

"The financial system's rapid loan growth and sharply increasing
debt leverage in a still unstable credit environment with
questionable risk management practices could be storing up
problems for the future and make the system vulnerable to a
potentially severe market correction, namely in real estate and
construction," said Ms. Trofimova.

The banking sector has greatly profited from the demand for
credit, supporting improvements in earnings and credit quality
ratios, which nevertheless remain vulnerable to external shocks
and a potential sharp slowdown in lending growth.  The
government's anti-inflationary measures to limit the money
supply squeezed interbank liquidity in the second quarter of
2008, with some stabilization seen since early July.

Despite a brisk rise in overall deposits, these have not kept
pace with credit growth and banks are increasingly refinancing
themselves abroad.   Although fragmented, foreign capital and
debt have kept flowing in, namely benefiting from increased
foreign bank ownership (over 40% of banking sector assets).

"Although foreign strategic investors cannot fully mitigate
against still high credit risks and potential market downturns,
they would provide some comfort in a hard landing and are
expected to take a leading role to avoid such a scenario," Ms.
Trofimova added.

Their growing role is particularly important in the context of a
still fragile regulatory framework in Ukraine, despite some
continued progress and demonstrated resilience.

In terms of potential extraordinary state support to private-
sector banks, S&P classifies Ukraine as "supportive" (Criteria:
External Support Key In Rating Private Sector Banks Worldwide,"
published Feb. 27, 2007), providing no rating uplift for
private-sector banks.  In a time of crisis, the authorities are
expected to increase supervision and regulation of troubled
entities, but in S&P's opinion they would only provide limited
financial support for domestically owned banks even with large
market shares and only as a last resort.

"The improvement in the GPA range does not automatically lead to
upgrades of Ukrainian financial institutions, but could
contribute to a change in the ratings on a bank on a case-by-
case basis, depending on its progress in strengthening its
commercial and credit profiles," Ms. Trofimova said.

The BICRA reflects the strengths and weaknesses of a country's
banking system relative to those in other countries.  BICRAs
classify countries into 10 groups from the strongest banking
systems (Group 1) to the weakest (Group 10) from the perspective
of country risk.  Other countries included in Group 10 are
Venezuela, Jamaica, and Bolivia.  Comparable countries in the
same 35%-50% GPA range are China, Indonesia, Thailand,
Argentina, Russia, Kazakhstan, and Belarus.

S&P plans to publish a Bank Industry Risk Analysis report on the
Ukrainian system within the next couple of months, which will be
available on RatingsDirect.


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


BAA LTD: Gets Overwhelming Support for Bond Migration Proposal
--------------------------------------------------------------
BAA Limited, on Wednesday, Aug. 6, 2008, secured overwhelming
support for its plans to migrate all series of existing bonds
into a new financial structure.

In meetings held on Tuesday, Aug. 5, 2008, holders of the nine
series of bonds voted to accept BAA's proposal to migrate bonds
into the new ring-fenced structure, backed by Heathrow, Gatwick
and Stansted Airports and Heathrow Express.

This outcome represents a significant step in the re-financing
process.  BAA expects to make a further announcement soon,
confirming that the conditions relating to the effectiveness of
the Proposals have been satisfied or waived.

A number of other workstreams (including finalizing the
arrangement of banking facilities for the non-designated airport
group) are still required for the re-financing to reach a
successful close.  BAA works towards completion during August.

On July 30, 2008, BAA announced that it received the results of
votes cast by bondholders prior to 4:00 p.m. on July 29, 2008,
the Early Incentive Deadline.

The results of the 1564 votes cast indicate overwhelming market
support for the proposals.  Holders of approximately GBP4.3
billion of bonds across the nine series have voted representing
90% of the outstanding nominal value.  Of these votes cast 99%
of bondholders by nominal value are in favor of the proposals.

On that basis, eight out of the nine series are quorate and
would pass the Resolutions.  In relation to the bonds falling
due in 2031 BAA has not yet received sufficient votes to form a
quorum and to pass the Resolution.

BAA is aware that UBS AG holds, on behalf of a client, a
position slightly in excess of 25% of the 2031 bonds.  As yet,
neither UBS nor its client has indicated how they will vote.

                       About BAA Ltd.

Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc)
-- http://www.baa.com/-- owns and operates seven airports in
the United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.

                          *     *     *

BAA Ltd. continues to carry BB- long-term corporate credit
rating from Standard & Poor's Ratings Services, which said the
Outlook is negative.


BRITISH AIRWAYS: July 2008 Traffic Down 3.5 Percent
---------------------------------------------------
In July 2008, passenger capacity, measured in Available-Seat-
Kilometers, was 3.5 per cent above July 2007.  Traffic, measured
in Revenue-Passenger-Kilometers, fell by 3.5 per cent.  This
resulted in a passenger load factor decrease of 5.4 points
versus last year, to 75.8 per cent.  Traffic comprised a 0.4 per
cent increase in premium traffic and a 4.1 per cent fall in non-
premium traffic.

These statistics now incorporate data for OpenSkies operations
between Paris and New York.

Cargo, measured in Cargo-Ton-Kilometers, rose by 3.7 per cent.

                         Market Conditions

Market conditions for the industry remain very difficult on the
back of high oil prices and a weak economic environment.
Longhaul premium remains broadly flat versus last year while
non-premium bookings remain most sensitive to price changes.

                    Strategic Developments

Talks began with Iberia with a view to an all-share merger.
Talks are at an early stage but both companies are confident of
securing regulatory approval.

OpenSkies said it will introduce a daily service between
Amsterdam's Schiphol International Airport and New York's John
F. Kennedy Airport from Oct. 15, 2008.

British Airways announced an in-depth study with Rolls-Royce on
the viability of alternative fuels.  Suppliers will offer
alternative fuel samples for testing on a Rolls-Royce RB211
engine from a British Airways Boeing 747.

British Airways celebrated reaching GBP25 million for its UNICEF
Change for Good program.  UNICEF and British Airways have worked
together on the program for 14 years, raising money to transform
the lives of some of the world's most vulnerable children in
more than 50 countries.

                    About British Airways

Headquartered in Harmondsworth, England, British Airways Plc
-- http://www.ba.com/-- operates of international and domestic
scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.   The British Airways group consists of British
Airways plc and a number of subsidiary companies including in
particular British Airways Holidays Ltd. and British Airways
Travel Shops Ltd.   BA has offices in India and Guatemala.

                        *     *     *

British Airways Plc continues to carry "Ba1" senior
unsecured debt rating from Moody's with a stable outlook.


DHS HEALTHCARE: Appoints Liquidator from Tenon Recovery
-------------------------------------------------------
Christopher Benjamin Barrett of Tenon Recovery was appointed
liquidator of DHS Healthcare Ltd. (formerly D H S Hygiene Ltd.)
on July 23, 2008, for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         DHS Healthcare Ltd.
         c/o Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


DIAMOND LIFESTYLE: Ian S. Carr Leads Liquidation Procedure
----------------------------------------------------------
Ian S. Carr of Grant Thornton U.K. LLP was appointed liquidator
of Diamond Lifestyle Holdings plc (formerly Enterprise North
Plc, Mosaique Plc, Hydro-Dynamic Products Plc, Saverise Public
Limited Company) on July 22, 2008, for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Diamond Lifestyle Holdings plc
         St. Mary's House
         Magdalene Street
         Taunton
         Somerset
         TA1 1SB
         England


GJR EVENTS: Brings in Liquidators from Tenon Recovery
-----------------------------------------------------
Stanley Donald Burkett-Coltman and Alexander Kinninmonth of
Tenon Recovery were appointed joint liquidators of GJR Events
Abroad Ltd. (formerly Hedonistic Ltd.) on July 18, 2008, for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         GJR Events Abroad Ltd.
         c/o Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


HEATH TOWN: Taps C. K. Rayment to Liquidate Assets
--------------------------------------------------
C. K. Rayment of BDO Stoy Hayward LLP were appointed joint
liquidators of Heath Town Estate Association Ltd. on July 16,
2008, for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Heath Town Estate Association Ltd.
         c/o BDO Stoy Hayward LLP
         125 Colmore Row
         Birmingham
         B3 3SD
         England


HOME FURNISHING: Claims Filing Period Ends September 1
------------------------------------------------------
Creditors of Home Furnishing Ltd. have until Sept. 1, 2008, to
send their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to:

         Edward T. Kerr
         Joint Liquidator
         PKF (U.K.) LLP
         Pannell House
         159 Charles Street
         Leicester
         LE1 1LD
         England

Edward T. Kerr and Ian J. Gould of PKF (U.K.) LLP were appointed
joint liquidators of the company by resolutions of members and
creditors on July 23, 2008.


INTERNATIONAL MEDICAL: Puts Unit Into Administration
----------------------------------------------------
EMS Medical has been sacrificed into administration by its
parent, International Medical Devices, in an effort to protect
the holding group, smallcapnews.co.uk reports.

According to the report, in early July 2008, Pro-Care Ltd. and
Response Medical Equipment Ltd., both IMD subsidiaries, were
also put into administration under BDO Stoy Hayward.

The company has been looking for funds since end of July 2008
when its shares were suspended.

International Medical Devices Plc is one of the UK's leading
medical device supplier groups.  It also owns significant
distribution and technology rights throughout North America and
most of Europe.


KNUCKLES LTD: Calls in Liquidators from Tenon Recovery
------------------------------------------------------
Jeremy Woodside and Christopher Ratten of Tenon Recovery were
appointed joint liquidators of Knuckles Ltd. on July 22, 2008,
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Knuckles Ltd.
         Unit 2 Trent Mill Industrial Estate
         Duchess Street
         Shaw
         Greater Manchester
         OL2 7UT
         England


MANITOWOC CO: UK Court and Shareholders Approve Enodis Deal
-----------------------------------------------------------
The Manitowoc Company, Inc. said the Court Meeting and General
Meeting, required under U.K. law, of Enodis, plc (L: ENO)
shareholders resulted in the overwhelming approval of the Scheme
of Arrangement under which Manitowoc would purchase Enodis.
More than 99 percent of shares represented voted in favor of the
proposed purchase.

"We are pleased and excited to have reached another important
milestone in the proposed acquisition of Enodis," said Glen E.
Tellock, Manitowoc's president and chief executive officer.
"With Enodis as an integral part of Manitowoc, our Foodservice
business will have a broader portfolio of products which would
enable us to expand and deepen our relationships with a global
customer base, as well as opening the door to a significantly
wider range of growth opportunities."

Manitowoc continues to expect the transaction to close during
the fourth quarter of 2008, following the completion of
antitrust reviews by regulatory agencies in the U.S. and other
jurisdictions.

As reported by the Troubled Company Reporter on July 3, 2008,
Standard & Poor's Ratings Services said that its ratings and
outlook on Manitowoc (BB/Stable/--) are not affected by the
company's announcement that it has raised its bid to acquire
Enodis PLC to about USUS$2.7 billion from about USUS$2.4
billion, including the assumption of Enodis' net debt.  The
acquisition would enhance Manitowoc's business risk profile by
expanding its global presence in the more stable food service
market.  At the existing ratings, Manitowoc has significant debt
capacity to absorb an acquisition of this size and strategic
importance.

Meanwhile, Manitowoc's 'BB' unsecured debt remains on
CreditWatch with negative implications pending review of final
financing plans for the acquisition, which may include a
significant amount of new secured debt.  S&P have previously
stated that it could rate the issue-level rating on the senior
unsecured debt up to two notches below the corporate credit
rating, depending on the amount of secured financing that may
occur.

On July 31, TCR reported that Moody's Investors Service affirmed
the Ba2 Corporate Family and Probability of Default ratings of
Manitowoc following its announced syndication of a new credit
facility to fund its acquisitions of Enodis plc.  Moody's also
assigned a Ba2 rating to the proposed US$2.925 billion senior
secured bank credit facility and lowered the senior unsecured
notes to B1 from Ba3.  The outlook remains stable.

Headquartered in Maniwotoc, Wisconsin, The Manitowoc Company
Inc. (NYSE: MTW) -- http://www.manitowoc.com/-- provides
lifting equipment for the global construction industry,
including lattice-boom cranes, tower cranes, mobile telescopic
cranes, and boom trucks.  As a leading manufacturer of ice-cube
machines, ice/beverage dispensers, and commercial refrigeration
equipment, the company offers the broadest line of cold-focused
equipment in the foodservice industry.  In addition, the company
is a provider of shipbuilding, ship repair, and conversion
services for government, military, and commercial customers
throughout the maritime industry.  The company has regional
offices in Mexico and Brazil.  Revenues for the twelve months
ended March 31, 2008 totaled about USUS$4.2 billion.


MANITOWOC CO: Signs Deal to Sell Marine Segment for US$120MM
---------------------------------------------------------------
The Manitowoc Company, Inc. has signed a definitive purchase
agreement to sell the stock of its Marine segment to Fincantieri
Marine Group Holdings, Inc., a subsidiary of Fincantieri -
Cantieri Navali Italiani SpA.  Lockheed Martin Corporation
(NYSE: LMT) has agreed to be a minority investor with
Fincantieri in the proposed acquisition.  The transaction, which
is valued at US$120 million (subject to certain closing
adjustments), is an all-cash deal that is anticipated to close
at the end of 2008.  The sale is subject to customary clearances
for transactions of this type including U.S. antitrust and
certain U.S. security agencies.

Manitowoc Marine Group (MMG) is a full-service shipbuilding,
ship repair, and ship conversion organization that operates
facilities in Sturgeon Bay, Wisconsin; Marinette, Wisconsin; and
Cleveland, Ohio.  Serving a broad base of commercial, military,
and government customers that operate vessels both on and off
the Great Lakes, MMG employs a workforce of 1,587 at its Bay
Shipbuilding, Marinette Marine, and Cleveland Shiprepair
operations.

In announcing the pending sale, Glen E. Tellock, Manitowoc's
president and chief executive officer, said: "As our legacy
business, Marine led the way in establishing Manitowoc's
tradition of integrity, commitment to stakeholders, and passion
for excellence -- the values that have driven the success for
all three of our segments.  In addition, this transaction
expands the opportunities for MMG to continue its industry
leadership in the future.  More importantly, it will allow MMG
to become part of a growing, global organization that is
exclusively focused on commercial and military shipbuilding."

"This transaction will allow Manitowoc to focus its financial
assets and managerial resources on the growth of its
increasingly global crane and foodservice businesses.  It also
will allow us to invest the proceeds from the sale to generate
additional shareholder value," Tellock added.

Assuming a timely completion of this sale by year-end, the
transaction is expected to generate a per-share, after-tax gain
of approximately US$0.60.  Manitowoc intends to use the after-
tax proceeds for general corporate purposes, which include pay
down of debt anticipated as a result of the pending acquisition
of Enodis.

Merrill Lynch & Co. served as financial advisor to Manitowoc in
this transaction.

Headquartered in Maniwotoc, Wisconsin, The Manitowoc Company
Inc. (NYSE: MTW) -- http://www.manitowoc.com/-- provides
lifting equipment for the global construction industry,
including lattice-boom cranes, tower cranes, mobile telescopic
cranes, and boom trucks.  As a leading manufacturer of ice-cube
machines, ice/beverage dispensers, and commercial refrigeration
equipment, the company offers the broadest line of cold-focused
equipment in the food service industry.  In addition, the
company is a provider of shipbuilding, ship repair, and
conversion services for government, military, and commercial
customers throughout the maritime industry.  The company has
regional offices in the United Kingdom, Mexico and Brazil.
Revenues for the 12 months ended March 31, 2008 totaled about
USUS$4.2 billion.

                         *     *     *

As reported by the Troubled Company Reporter on July 3, 2008,
Standard & Poor's Ratings Services said that its ratings and
outlook on Manitowoc (BB/Stable/--) are not affected by the
company's announcement that it has raised its bid to acquire
Enodis PLC to about USUS$2.7 billion from about USUS$2.4
billion, including the assumption of Enodis' net debt.  The
acquisition would enhance Manitowoc's business risk profile by
expanding its global presence in the more stable food service
market.  At the existing ratings, Manitowoc has significant debt
capacity to absorb an acquisition of this size and strategic
importance.

Meanwhile, Manitowoc's 'BB' unsecured debt remains on
CreditWatch with negative implications pending review of final
financing plans for the acquisition, which may include a
significant amount of new secured debt.  S&P have previously
stated that it could rate the issue-level rating on the senior
unsecured debt up to two notches below the corporate credit
rating, depending on the amount of secured financing that may
occur.

On July 31, TCR reported that Moody's Investors Service affirmed
the Ba2 Corporate Family and Probability of Default ratings of
Manitowoc following its announced syndication of a new credit
facility to fund its acquisitions of Enodis plc. Moody's also
assigned a Ba2 rating to the proposed US$2.925 billion senior
secured bank credit facility and lowered the senior unsecured
notes to B1 from Ba3.  The outlook remains stable.


MANITOWOC CO: S&P Says Marine Segment Sale Doesn't Affect Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said Manitowoc Co. Inc.'s
announced sale of its Marine segment to a subsidiary of
Fincantieri SpA for US$120 million has no effect on the rating
or outlook on Manitowoc (BB/Stable/--).  The sale, which is
subject to regulatory and security clearances, is expected to
close at the end of 2008.  The divestiture will have no effect
on Manitowoc's business risk profile.  Although the sale will
reduce diversity slightly, the Marine group has had a somewhat
diminished role in Manitowoc's business strategy and operations;
it accounts for only about 6% of Manitowoc's sales pro forma for
the pending acquisition of food service company Enodis PLC.
Manitowoc has invested heavily in its two other strategic
segments, Cranes and Foodservice, and may use the proceeds of
the Marine segment sale to reduce some of the acquisition-
related debt for Enodis.


MJC TRANSPORT: Claims Filing Period Ends August 31
--------------------------------------------------
Creditors of MJC Transport Ltd. have until Aug. 31, 2008, to
send in their full names, addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any), to:

         David Elliott
         Liquidator
         Moore Stephens LLP
         First Floor
         Victory House
         Quayside
         Chatham Maritime
         Kent
         ME4 4QU
         England

David Elliott of Moore Stephens LLP was appointed liquidator of
the company on July 23, 2008, for the creditors' voluntary
winding-up procedure.


MONGOLIAN BARBEQUE: Taps Liquidators from Tenon Recovery
--------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of Mongolian Barbeque Ltd. on July 21, 2008,
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Mongolian Barbeque Ltd.
         c/o Tenon Recovery
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


NATCOM DIGITAL: Names Kevin Hellard Liquidator
----------------------------------------------
Kevin Hellard of Grant Thornton U.K. LLP was appointed
liquidator of Natcom Digital Ltd. on July 18, 2008, for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Natcom Digital Ltd.
         Trafalgar House
         Grenville Place
         Mill Hill
         London
         NW7 3SA
         England


NEW VARIETY: Taps Liquidators from Baker Tilly
----------------------------------------------
Mark John Wilson and Tracey Elizabeth Callaghan of Baker Tilly
Restructuring and Recovery LLP were appointed joint liquidators
of New Variety Ltd. on July 25, 2008, for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         New Variety Ltd.
         c/o Baker Tilly Restructuring and Recovery LLP
         First Floor
         46 Clarendon Road
         Watford
         Hertfordshire
         WD17 1JJ
         England


S.C. GARRIOCH: Brings in Liquidators from Tenon Recovery
--------------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of S.C. Garrioch Ltd.
on July 18, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         S.C. Garrioch Ltd.
         c/o Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


SEABAIT LTD: Mermaid Sustainable Buys Farm Out of Administration
----------------------------------------------------------------
Mermaid Sustainable Resources LLP has acquired Seabait Limited's
business and certain assets from Ernst & Young, The Northern
Echo reports.

As reported in the Troubled Company Reporter-Europe, the company
appointed Ernst & Young LLP as joint administrators on May 29,
2008.

"We received a great deal of interest in the business from as
far afield as the Americas and the Far East,"  Gurpreet Singh
Jagpal, finance manager of Ernst & Young was quoted by Northern
Echo as saying.

Headquartered in Ashington, England, Seabait Ltd. --
http://www.seabait.com/-- breeds and grows premium quality
marine worms for use in aquaculture feeds, sea angling and
scientific research.


TIGER PHOTO: Appoints Liquidators from Tenon Recovery
-----------------------------------------------------
Matthew Colin Bowker and Thomas Dixon of Tenon Recovery were
appointed joint liquidators of Tiger Photo Ltd. on July 24,
2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Tiger Photo Ltd.
         c/o Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


TTNY LTD: Joint Liquidators Take Over Operations
------------------------------------------------
Steven Philip Ross and Ian Williams Kings of Tenon Recovery were
appointed joint liquidators of TTNY Ltd. (t/a The Potters Wheel)
on July 18, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         TTNY Ltd.
         c/o Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         SR5 3JN
         England


VISAGE TELEVISION: Hires Liquidators from BDO Stoy Hayward
----------------------------------------------------------
Malcolm Cohen and David Harry Gilbert of BDO Stoy Hayward LLP,
were appointed joint liquidators of The Instrumental Media Group
Ltd. (formerly Visage Group Ltd., Any Other Business Ltd. and
Strikereal Ltd.), Applied Television Ltd. (formerly Future Proof
Facilities Ltd.), Assimilator-CKN Ltd. (formerly Assimilator-VKB
Ltd.), Inside Broadcast Ltd. (formerly St. Cyprien Ltd.), Visage
Productions Ltd. (formerly Tayston Electrics Ltd.), Sense Look &
Feel Ltd. (formerly Beacon 2000 Ltd.) and Visage Television Ltd.
on July 18, 2008, for the creditors' voluntary winding-up
proceeding.

The companies can be reached at:

         Visage Television Ltd.
         c/o BDO Stoy Hayward LLP
         55 Baker Street
         London
         W1U 7EU
         England


WEIGHT WATCHERS: Compensation Committee Waives ESA Provisions
-------------------------------------------------------------
The Compensation and Benefits Committee of the Board of
Directors of Weight Watchers International, Inc. waived certain
provisions of the Employee Stockholder's Agreement, dated as of
May 12, 2004, between the company and Thilo Semmelbauer, the
chief operating officer of the company, limiting his ability to
transfer a certain percentage of shares of the company's common
stock received upon the exercise of vested stock options.

Under the terms of the Stockholder's Agreement, the transfer
limitation provisions would have expired on the fifth
anniversary of the grant date of the underlying stock options,
and were generally intended to correspond to the fifth
anniversary of the recipient's employment with the company.

Mr. Semmelbauer notified that he will be leaving the company
effective July 31, 2008 to pursue other business opportunities.
Prior to joining the company in 2004, Mr. Semmelbauer served
since 2000 as the Chief Operating Officer of WeightWatchers.com,
Inc., a corporation in which the company owned a significant
minority interest until July 2005, when WeightWatchers.com
became a majority-owned subsidiary of the company.

In light of Mr. Semmelbauer's combined continuous service with
the company and WeightWatchers.com being far in excess of the
required five years, the Compensation Committee waived the
transfer limitation provisions under the Stockholder's Agreement
effective as of July 30, 2008.

                     About Weight Watchers

Headquartered in New York City, Weight Watchers International
Inc. (NYSE: WTW) -- http://www.weightwatchersinternational.com/
-- provides weight management services, operating globally
through a network of company-owned and franchise operations.

                          *     *     *

Weight Watchers International Inc. continues to carry 'BB'
corporate credit rating from Standard & Poor's.  S&P revised its
outlook on the company to stable from negative in March 2008.


WILLOW BUILDING: Appoints Liquidators from Vantis
-------------------------------------------------
Christopher David Stevens and Colin Ian Vickers of Vantis
Business Recovery Services were appointed joint liquidators of
Willow Building Contractors Ltd. on July 23, 2008, for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Willow Building Contractors Ltd.
         c/o Vantis Business Recovery Services
         Fourth Floor
         Southfield House
         11 Liverpool Gardens
         Worthing
         West Sussex
         BN11 1RY
         England


* S&P Says Covenants Key Factor in Euro Technology Biz Liquidity
----------------------------------------------------------------
Since its last review of the sector, at the end of March,
Standard & Poor's Ratings Services has taken negative rating
action on four European high-technology groups.  S&P is closely
monitoring the liquidity of the same two companies, Vestel
Elektronik Sanayi Ve Ticaret A.S. (B/Negative/--), which on
balance has slightly improved, and Thomson S.A. (B+/Negative/B),
for which S&P's focus on liquidity has increased.

In a report published titled, "Financial Covenants Are The
Weakest Link For European High-Tech Companies' Liquidity," S&P
takes a closer look at the liquidity of the sector and, more
specifically, the importance to the ratings of meeting financial
covenants.

"The sector continues to cope with the twin strong headwinds of
soft consumer spending and a weak dollar but pressure is still
building," said S&P's credit analyst Patrice Cochelin.

From a pure liquidity standpoint, however, the picture for the
sector remains relatively comforting at this point, with
operating concerns also important to several of S&P's recent
downgrades.

"For all companies, liquidity positions are likely to continue
to evolve rapidly, and we expect to update this analysis on a
company or sector-specific basis in the coming months," said Mr.
Cochelin.


* Businesses in the UK Must Review Finances, Mace & Jones Says
--------------------------------------------------------------
Businesses are being urged to undertake a full financial review
after Bank of England figures revealed cash balances companies
hold with banks have fallen at an annual rate for the first time
in a decade.

Law firm Mace & Jones said it is concerned that early next year
bank support could start drying up leaving cash strapped
businesses stranded.

Mace & Jones corporate recovery and insolvency partner Dominic
Vincent said businesses could not rely on banks to bail them out
and need to start reviewing their finances as a matter of
priority.

"As the Bank of England figures show both businesses and banks
finances are under pressure," he said.  "This is bad news for
small businesses and there is an urgent need for firms to
tighten their belts and their credit control systems.  The next
six to eight months could be a rough ride.  The banks are likely
to be unhelpful as cash is tight and demand for extra cash from
corporate customers is intensifying.  Furthermore this is
against a backdrop of the Financial Services Authority urging
banks to hoard funds while the Treasury wants banks to step up
mortgage lending.  The bottom line is there is less cash around
for SMEs."

Mr. Vincent said it is critical for businesses to communicate
with banks now and not to spring problems on them at a late
stage.

"Financial planning is vital in the present climate to ensure
cash flow is healthy," he said.  "Cash is king.  If there are
problems or could be problems we would advise talking to your
bank and implementing an immediate review of internal costs.
What savings can be made?  Do staff numbers need to be cut?
Moreover run credit checks on customers or clients who are bad
creditors and review whether it is worth keeping them.  Equally
be active in business development to find solid financially
reliable new clients.  It is further worth offering incentives
such as discounts for prompt payment and making customers aware
of their obligation to pay with prompt invoices."

Mr. Vincent pointed to research by accountancy firm Deloitte
which found that the number of businesses going into
administration in the North West has increased dramatically in
the first quarter of 2008.  According to the Deloitte figures,
147 businesses in the region went into administration in the
first quarter of 2008, compared to 102 in the same period of
2007 - a sharp rise of 44.1%.  Nationally the Insolvency Service
has reported the number of firms going into administration rose
to 858 in the first three months of 2008 from 557 in the final
quarter of 2007.

"Chasing payment can be enormously frustrating and time
consuming," he said.  "For these reasons businesses should
consider outsourcing collections to a legal firm.  The authority
of a solicitor's letter can snap bad debtors out of their
inertia and make them pay quickly.  Moreover using a lawyer
saves business owners' time and money and allows them and their
staff to get on with the job of managing and growing the
business."

New research commissioned by the Banker's Automated Clearing
Services (Bacs) this year showed a massive GBP18.6 billion is
owed in outstanding payments to Britain's small-to-medium sized
enterprises - a leap of GBP2.6 billion in the last year.

Bacs' annual business omnibus found that the average amount owed
to an SME at any one time is GBP30,000 -- an alarming figure
considering almost a third (29%) of those surveyed claimed they
could go bust if faced with overdue invoices of up to just
GBP20,000.

The research also showed that almost a fifth of SMEs (19%) now
employ a dedicated person to chase in late payments -- losing an
average of 17 working days a year to this onerous task.


* Use of IVAs in the UK Dropped Over the Past Year, KPMG Says
-------------------------------------------------------------
According to figures released by the Insolvency Service on
Aug. 1, 2008, the total number of personal insolvencies in the
UK, when compared to the same period the year before, fell for
the fourth quarter in a row.  However, KPMG predicts that as the
pressures on consumers continue unabated the number of personal
insolvencies will resume their long term trend and increase once
more.

The figures show that 25,783* people went into bankruptcy or
entered into an Individual Voluntary Arrangement (IVA) in the
quarter ended June 30, 2008, a decrease of six percent compared
to the same quarter in 2007, reflecting a fall in the use of
IVAs over the past year.

Mark Sands, Director of Personal Insolvency at KPMG said:

"As the first anniversary of the credit crunch approaches,
consumers are seeing the cost of their mortgages continuing to
eat up more of their income, energy costs are about to leap and
food prices are rising in a manner not seen for years.  More
than 1 million homeowners face the end of cheap fixed rate deals
this year, mortgage deals continue to be difficult to secure and
unsecured lending has tighter restrictions than for many years.

"KPMG has reviewed the IVAs put forward over the past year and
have identified a worrying trend.  Consumers with a mortgage now
make up 40 percent of those seeking help, a dramatic increase
from the 30 percent level seen until recently," Mr. Sands
commented.  "While many individuals will have to take formal
steps to deal with their over indebtedness in the months and
years ahead, numerous others may be able to take advantage of
informal arrangements and tighter budgeting to avoid the worst
effects of over indebtedness.  The message to everyone in
difficulty is to take advice on all the options and then to act
on that advice.

"After many years of increases we have seen four consecutive
quarterly falls when compared to the year before.  Concerns
raised about the appropriate use of IVAs were addressed by the
introduction of the IVA Protocol in February 2008.  Since then
we have seen a slight increase in the use of IVAs.  Nonetheless,
our research shows that only 25 percent of new IVAs are taking
advantage of the new approach and that 17 percent of IVAs put
forward in the last quarter were rejected.  These and other
factors have contributed to IVAs actually falling in the most
recent quarter by 13 percent compared to a year ago," Mr. Sands
said.

The data prepared by KPMG also showed that average debt owed by
someone entering an IVA in the last quarter was GBP47,800 and
that in the same period more than 500 people entered into an IVA
with debts in excess of GBP100,000.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                     *      *      *

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

                            *********

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

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

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

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

                            *********


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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