TCREUR_Public/080811.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

                            E U R O P E

             Monday, August 11, 2008, Vol. 9, No. 158

                             Headlines


A U S T R I A

A. MANDA LLC: Claims Registration Period Ends August 25
CHRISTIAN KONRAD: Claims Registration Period Ends August 19
FOXI LLC: Claims Registration Period Ends August 19
MANGAD LLC: Claims Registration Period Ends August 25


G E R M A N Y

BAUBESCHLAG BERLIN: Creditors' Meeting Slated for August 19
CASA DIVANI: Creditors' Meeting Slated for August 19
CLUSTER LABS: Creditors' Meeting Slated for August 19
DUERR GROUP: Earns EUR10.8 Million for the First Half of 2008
FAHA FAHRZEUGHANDEL: Claims Registration Period Ends August 18

FREY PACKAGING: Claims Registration Period Ends August 18
GESCHAFTSHAUS FARSTERSTRASSE: Claims Filing Period Ends Aug. 18
HAPPY BETT: Claims Registration Period Ends August 18
HESTIA ET VESTA: Claims Registration Period Ends August 18
MAJOR COMPUTER: Claims Registration Period Ends August 15

MVA BAU: Claims Registration Period Ends August 15
MYSELECT VERTRIEBS: Claims Registration Period Ends August 15
REPROGRAFPHIA GMBH: Claims Registration Period Ends August 15
TECMEN ANTRIEBSTECHNIK: Claims Registration Period Ends Aug. 15
VELOX KAROSSERIE: Claim Registration Period Ends August 18

WEST MAIL: Claims Registration Period Ends August 15
WESTLUX LEASING: Claims Registration Period Ends August 18
WORK & PROGRESS: Claims Registration Period Ends August 18


I T A L Y

DANA HOLDING: Wants to Terminate Supply Agreement with Chrysler
DANA HOLDINGS: Chrysler Output May Suffer If Supply Pact Ends


K A Z A K H S T A N

ASIA OIL-2007: Creditors Must File Claims by September 23
AZAMAT-STROY TECH: Claims Deadline Slated for September 23
DIAMOND TECHNOLOGY: Claims Filing Period Ends September 23
MAKER TREK: Creditors' Proofs of Claim Due on September 25
ORAL-SERVICE-A LLP: Claims Registration Ends September 19

SEMEY OJSC: Creditors Must File Claims by September 25
TUSMA-I LLP: Claims Deadline Slated for September 19
UNISTROY LLP: Claims Filing Period Ends September 19
UTK LLP: Creditors' Proofs of Claim Due on September 19


K Y R G Y Z S T A N

ASIA STAR: Creditors Must File Claims by September 16


N O R W A Y

NORSKE SKOG: Reports NOK601 Mln Gross Operating Profit for 2Q08


R U S S I A

HOUSE-SERVICE: Proofs of Claim Filing Deadline Set September 5
KRASNOZAVODSKOE: Names L. Kondratenko as Administrative Manager
NELIDOVSKIY MEAT-COMBINE: Court Names M. Vdovin to Manage Assets
SEVER-INVEST-STROY: Names N. Kazakov as Administrative Manager
STROY-ALLIANCE: Court Names A. Avilov as Administrative Manager

TATNEFT OAO: Moody's Assigns Ba2 Corporate Family Rating
TOP-TRADE: Court Names V. Sokolov as Administrative Manager


S P A I N

SANTANDER FINANCIACION I: S&P Cuts D/E Notes Rating to BB+/B-


S W I T Z E R L A N D

ALVETRA U. WERFFT LTD: Creditors' Proofs of Claim Due by Aug. 22
CALANDIS LLC: Creditors Have Until August 21 to File Claims
FREY-CRANE-EQUIPEMENT: August 21 Set as Deadline to File Claims
HERMANN KECK: Creditors Must File Proofs of Claim by August 21
NEWBASIS FOREXTRUST: Deadline to File Claims Set on August 21

OPEN MARKET: Proofs of Claim Filing Deadline is August 21
ZENKLUSEN REISEN: Creditors' Proofs of Claim Due by August 21


U K R A I N E

KONDAK LLC: Creditors Must File Proofs of Claim by August 20
KORNIN AGRICULTURAL: Creditors Must File Claims by August 20
NORTSIDE-TRANS LLC: Creditors Must File Claims by August 20
REPAIR-BUILDING DISTRICT 2: Creditors' Claim Due by August 20
ZLAGODA LTD: Creditors Must File Proofs of Claim by August 20


U N I T E D   K I N G D O M

BRITISH AIRWAYS: Four Executives Charged Over Price-Fixing
BRITISH ENERGY: John Hutton Says EDF Offer was a Good Deal
CAINS BEER: Brings in Administrators from PricewaterhouseCoopers
CHRYSLER LLC: Dana Wants to End Supply Agreement by December 31
CHRYSLER LLC: Production May Suffer if Dana Severs Contract

CHRYSLER LLC: In Talks with Nissan on Midsize Cars Manufacturing
CHRYSLER LLC: S&P Cuts Ratings to CCC+ on Funding Constraints
ENDEAVORS PLC: Acresail Ltd. Acquires Business & Assets
MJC HEATING: Appoints Liquidator from Mazars
RED SQUIRREL: Brings in Liquidators from Tenon Recovery

TRANSFIXT LTD: Frank Wessely Leads Liquidation Procedure
VISIOCORP PLC: Moody's Confirms 'Ca' Corporate Family Rating

* Fitch: European Automotive Industry Remains Under Pressure
* Moody's Examines European Auto Makers' 2007 Financial Results

* BOND PRICING: For the Week Aug. 4 to Aug. 8, 2008


                             *********


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


A. MANDA LLC: Claims Registration Period Ends August 25
-------------------------------------------------------
Creditors owed money by LLC A. Manda have until Aug. 25, 2008,
to file written proofs of claim to the court-appointed estate
administrator:

          Dr. Ute Toifl
          Tuchlauben 12/20
          1010 Vienna
          Austria
          Tel: 535 46 11
          Fax: 535 46 11 11
          E-mail: office@thr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Sept. 8, 2008, for the
examination of claims at:

          The Trade Court of Vienna
          Room 1705
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 2, 2008,(Bankr. Case No. 3 S 74/08i).


CHRISTIAN KONRAD: Claims Registration Period Ends August 19
-----------------------------------------------------------
Creditors owed money by LLC Christian Konrad have until Aug. 19,
2008, to file written proofs of claim to the court-appointed
estate administrator:

          Dr. Bernhard Schatz
          Enzersdorfer Strasse 4
          2340 Moedling
          Austria
          Tel: 02236/89 33 77
          Fax: 02236/89337740
          E-Mail: bernhard.schatz@bpv-huegel.com

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

          The Land Court of Wiener Neustadt
          Room 15
          Wiener Neustadt
          Austria

Headquartered in Brunn am Gebirge, Austria, the Debtor declared
bankruptcy on July 2, 2008, (Bankr. Case No. 11 S 71/08i).



FOXI LLC: Claims Registration Period Ends August 19
---------------------------------------------------
Creditors owed money by LLC Foxi have until Aug. 19, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

          Dr. Thomas Deschka
          Spiegelgasse 10
          1010 Vienna
          Austria
          Tel: 513 99 39
          Fax: 513 99 39-30
          E-mail: deschka@lawcenter.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Sept. 2, 2008, for the
examination of claims at:

          The Trade Court of Vienna
          1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 1, 2008, (Bankr. Case No. 4 S 93/08s).


MANGAD LLC: Claims Registration Period Ends August 25
-----------------------------------------------------
Creditors owed money by LLC Mangad have until Aug. 25, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

          Dr. Karl Schirl
          Krugerstrasse 17/3
          1010 Vienna
          Austria
          Tel: 513 22 31
          Fax: 513 22 31-1
          E-mail: dr.karl.schirl@der-rechtsanwalt.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Sept. 8, 2008, for the
examination of claims at:

          Trade Court of Vienna
          Room 1705
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 1, 2008, (Bankr. Case No. 3 S 72/08w).


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


BAUBESCHLAG BERLIN: Creditors' Meeting Slated for August 19
-----------------------------------------------------------
The court-appointed insolvency manager for Baubeschlag Berlin
GmbH, Joachim Voigt-Salus, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:00 a.m. on Aug. 19, 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 9:45 a.m. on Nov. 4, 2008, at the same
venue.

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

The insolvency manager can be reached at:

          Joachim Voigt-Salus
          Rankestrasse 33
          10789 Berlin
          Germany

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

The Debtor can be reached at:

          Baubeschlag Berlin GmbH
          Zillestrasse 66
          10585 Berlin
          Germany


CASA DIVANI: Creditors' Meeting Slated for August 19
----------------------------------------------------
The court-appointed insolvency manager for Casa Divani GmbH,
Torsten Martini will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 11:15 a.m. on
Aug. 19, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:15 a.m. on Nov. 4, 2008, at the same
venue.

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

The insolvency manager can be reached at:

          Torsten Martini
          Kurfuerstendamm 26a
          10719 Berlin
          Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Casa Divani GmbH on June 26, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Casa Divani GmbH
          Landsberger Str. 4-8
          12623 Berlin
          Germany


CLUSTER LABS: Creditors' Meeting Slated for August 19
-----------------------------------------------------
The court-appointed insolvency manager for Cluster Labs GmbH,
Torsten Martini will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 11:20 a.m. on
Aug. 19, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:20 a.m. on Nov. 4, 2008, at the same
venue.

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

The insolvency manager can be reached at:

          Torsten Martini
          Kurfuerstendamm 26a
          10719 Berlin
          Germany

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

The Debtor can be reached at:

          Cluster Labs GmbH
          Lessingstr. 79
          13158 Berlin
          Germany


DUERR GROUP: Earns EUR10.8 Million for the First Half of 2008
-------------------------------------------------------------
The Duerr Group achieved strong sales and earnings growth in the
first half of 2008.  While sales revenues were up 15.7% to
EUR752.7 million compared to the previous year's period,
earnings before interest and tax more than doubled to
EUR24.6 million.  Earnings after tax were well into positive
territory at EUR10.8 million after just breaking even in the
first half of 2007.

Ralf Dieter, Duerr AG's CEO, commented: "We are fully on track
at the mid-year mark and momentum will pick up in the second
half.  Demand in the automobile industry's growth markets
remains strong so we are also optimistic for order intake in the
coming months.  As far as earnings generation is concerned we
expect the acceleration in the third and fourth quarters usual
in our business."

               Positive Full-Year Outlook for 2008

For 2008, Duerr expects new orders more or less on a level with
last year provided the economic conditions and exchange rate
situation do not take a decisive turn for the worse.  Sales
revenues will rise by up to 10%.  Duerr continues to expect a
further strong improvement in earnings, to which a higher gross
margin should contribute.  Duerr aims to achieve a cash flow at
least at the 2007 level.  The company expects to be able to
completely run off its net financial debt by the end of the year
and post a positive net cash position for the first time since
1998.

Chief Financial Officer Ralph Heuwing commented on Duerr's
refinancing, "The combination of capital increase and bond
redemption will probably yield significant relief in our
interest expense already in 2009.  It will also make for greater
long-term security while providing us with financial
flexibility."

                           About Duerr

Headquartered in Stuttgard, Germany, The Duerr Group --
http://www.Duerr.com/en/-- supplies products, systems, and
services for automobile manufacturing.  Duerr designs and builds
paint shops and final assembly plants.

The Duerr Group also operates in Czech Republic, France, U.K.,
Italy, Netherlands, Poland, Russia, Slovakia, Spain, Turkey,
Australia, Brazil, China, India, Japan, Mexico, South Africa,
South Korea and the U.S.A.

                           *     *     *

Duerr AG still carries B long-term corporate credit rating with
positive outlook from Standard & Poor's Ratings Services.

Duerr AG also carries B2 Corporate Family, B2 Probability of
Default and Caa1 Senior Subordinate ratings from Moody's
Investor Service, which said the outlook is stable.


FAHA FAHRZEUGHANDEL: Claims Registration Period Ends August 18
--------------------------------------------------------------
Creditors of FAHA Fahrzeughandel und -service GmbH have until
Aug. 18, 2008, to register their claims with court-appointed
insolvency manager Ulrich Hauter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Sept. 18, 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 Muehlhausen
          Hall 91
          Muehlhausen
          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 Hauter
          Untermarkt 12
          Muehlhausen
          Germany

The District Court of Muehlhausen opened bankruptcy proceedings
against FAHA Fahrzeughandel und -service GmbH on July 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          FAHA Fahrzeughandel und -service GmbH
          Langensalzer Landstrasse 52
          99974 Muehlhausen
          Germany


FREY PACKAGING: Claims Registration Period Ends August 18
---------------------------------------------------------
Creditors of Frey Packaging GmbH have until Aug. 18, 2008, to
register their claims with court-appointed insolvency manager
Joachim Schwendinger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Memmingen
          Meeting Hall 103
          Ground Floor
          Buxacher Str. 6
          Memmingen
          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:

          Joachim Schwendinger
          Allgauer Str. 1
          87435 Kempten
          Germany
          Tel: 0831/580 04 34
          Fax: 0831/580 04 64

The District Court of Memmingen opened bankruptcy proceedings
against Frey Packaging GmbH on June 23, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Frey Packaging GmbH
          Attn: Schleicher Anna, Manager
          Allgauer Str. 17
          87719 Mindelheim
          Germany


GESCHAFTSHAUS FARSTERSTRASSE: Claims Filing Period Ends Aug. 18
---------------------------------------------------------------
Creditors of Geschaftshaus Farsterstrasse GmbH have until
Aug. 18, 2008, to register their claims with court-appointed
insolvency manager Henning Jung.

Creditors and other interested parties are encouraged to attend
the meeting at 8:15 a.m. on Sept. 16, 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 Hannover
          Hall 226
          Second Upper Floor
          Service Bldg.
          Hamburger Allee 26
          30161 Hannover
          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:

          Henning Jung
          Odeonstr. 2
          30159 Hannover
          Germany
          Tel: 0511 353960-60
          Fax: 0511 353960-69

The District Court of Hannover opened bankruptcy proceedings
against Geschaftshaus Farsterstrasse GmbH on July 7, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Geschaftshaus Farsterstrasse GmbH
          Attn: Karl-Heinz Thiel, Manager
          An der Worth 1
          30916 Isernhagen
          Germany


HAPPY BETT: Claims Registration Period Ends August 18
-----------------------------------------------------
Creditors of Happy Bett GmbH have until Aug. 18, 2008, to
register their claims with court-appointed insolvency manager
Dr. Martin Moderegger.

Creditors and other interested parties are encouraged to attend
the meeting at 2:10 p.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 Hannover
          Hall 226
          Second Upper Floor
          Service Bldg.
          Hamburger Allee 26
          30161 Hannover
          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. Martin Moderegger
          Schiffgraben 23
          30159 Hannover
          Germany
          Tel: 0511 763529-0
          Fax: 0511 763529-43

The District Court of Hannover opened bankruptcy proceedings
against  Happy Bett GmbH on June 26, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Happy Bett GmbH
          Listholze 72
          30177 Hannover
          Germany

          Attn: Wolfram Zimmermann, Manager
          Freudensprungstr. 7
          93437 Furth
          Germany


HESTIA ET VESTA: Claims Registration Period Ends August 18
----------------------------------------------------------
Creditors of Hestia et Vesta GmbH have until Aug. 18, 2008, to
register their claims with court-appointed insolvency manager
Johannes Klefisch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Aachen
          Meeting Hall D 1.409
          First Floor
          Adalbertsteinweg 92
          52070 Aachen
          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:

          Johannes Klefisch
          Rotter Bruch 6
          52068 Aachen
          Germany
          Tel: 0241/949740
          Fax: 0241/870203

The District Court of Aachen opened bankruptcy proceedings
against Hestia et Vesta GmbH on July 11, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Hestia et Vesta GmbH
          Muehlengasse 36
          52391 Vettweiss
          Germany

          Attn: Frank Heinen, Manager
          Niederweg 54
          50374 Erftstadt
          Germany


MAJOR COMPUTER: Claims Registration Period Ends August 15
---------------------------------------------------------
Creditors of Major Computer International (Deutschland) GmbH
have until Aug. 15, 2008, to register their claims with court-
appointed insolvency manager Michael W. Scholz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Hamburg
          Hall B 405
          Fourth Floor Annex
          Civil Justice Bldg.
          Sievkingplatz 1
          20355 Hamburg
          Germany

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

The insolvency manager can be reached at:

          Michael W. Scholz
          Deichstrasse 1
          20459 Hamburg
          Germany

The District Court of Hamburg opened bankruptcy proceedings
against Major Computer International (Deutschland) GmbH on June
17, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          Major Computer International (Deutschland) GmbH
          Attn: Ursula Peterson, Manager
          Luruper Hauptstrasse 50 a
          22547 Hamburg
          Germany


MVA BAU: Claims Registration Period Ends August 15
--------------------------------------------------
Creditors of MVA Bau GmbH have until Aug. 15, 2008, to register
their claims with court-appointed insolvency manager Georg Caps.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Darmstadt
          Hall 4.307
          Building D
          Mathildenplatz 15
          64283 Darmstadt
          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:

          Georg Caps
          Heinheimer Strasse 50
          64289 Darmstadt
          Germany
          Tel: 06151/1522290
          Fax: 06151/1522299

The District Court of Darmstadt opened bankruptcy proceedings
against MVA Bau GmbH on July 16, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          MVA Bau GmbH
          Am Schaubacher Berg 17
          64401 Gross-Bieberau
          Germany

          Attn: Haci Mustafa Cevik
          Ziegelbusch 17
          64354 Reinheim
          Germany


MYSELECT VERTRIEBS: Claims Registration Period Ends August 15
-------------------------------------------------------------
Creditors of MySelect Vertriebsgesellschaft mbH have until
Aug. 15, 2008, to register their claims with court-appointed
insolvency manager Michael W. Scholz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Hamburg
          Hall B 405
          Fourth Floor Annex
          Civil Justice Bldg.
          Sievkingplatz 1
          20355 Hamburg
          Germany

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

The insolvency manager can be reached at:

          Michael W. Scholz
          Deichstrasse 1
          20459 Hamburg
          Germany

The District Court of Hamburg opened bankruptcy proceedings
against MySelect Vertriebsgesellschaft mbH on June 26, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          MySelect Vertriebsgesellschaft mbH
          Attn: Thorsten Schroeder und
                Arndt Baumann, Managers
          Van-der-Smissen-Str. 1
          22767 Hamburg
          Germany


REPROGRAFPHIA GMBH: Claims Registration Period Ends August 15
-------------------------------------------------------------
Creditors of REPROGRAFPHIA GmbH & Co. KG have until
Aug. 15, 2008, to register their claims with court-appointed
insolvency manager Cornelius Nickert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Offenburg
          Area 0.005
          Basement
          Hindenburgstr. 5
          77654 Offenburg
          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:

          Cornelius Nickert
          Zeller Str. 107
          77654 Offenburg
          Germany

The District Court of Offenburg opened bankruptcy proceedings
against REPROGRAFPHIA GmbH & Co. KG on July 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          REPROGRAFPHIA GmbH & Co. KG
          Attn: Stefan Zimmermann, Manger
          Galgenbergweg 6
          77933 Lahr
          Germany


TECMEN ANTRIEBSTECHNIK: Claims Registration Period Ends Aug. 15
---------------------------------------------------------------
Creditors of TecMen Antriebstechnik GmbH have until
Aug. 15, 2008, to register their claims with court-appointed
insolvency manager Thomas Heimes.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 5, 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 Saarbruecken
          Area Hall 13
          First Floor
          Branch Office Sulzbach
          Vopeliusstrasse 2
          66280 Sulzbach
          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:

          Thomas Heimes
          Faktoreistrasse 4
          66111 Saarbruecken
          Germany
          Tel: (0681) 41010
          Fax: (0681) 4101 279

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

The Debtor can be reached at:

          TecMen Antriebstechnik GmbH
          Attn: Wolfgang Stern, Manager
          Eseiterstrasse 5 b-c
          66557 Illingen
          Germany


VELOX KAROSSERIE: Claim Registration Period Ends August 18
----------------------------------------------------------
Creditors of Velox Karosserie-, Fahrzeugbau und Sys-temtechnik
GmbH have until Aug. 18, 2008, to register their claims with
court-appointed insolvency manager Jochen Sedlitz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Sept. 18, 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 Esslingen
          Festival Hall
          Quadrium Convention Center
          Kirchheimer Str. 68
          73249 Wernau
          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:

          Jochen Sedlitz
          Raiffeisenstr. 30
          70794 Filder-stadt
          Germany
          Tel: 0711/664735-0
          Fax: 0711/664735-20

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

The Debtor can be reached at:

          Velox Karosserie-, Fahrzeugbau und Sys-temtechnik GmbH
          Attn: Fotios Cizivoglou
          Echterdinger Str. 57
          70794 Fil-derstadt
          Germany


WEST MAIL: Claims Registration Period Ends August 15
----------------------------------------------------
Creditors of WEST MAIL Verwaltungs- und Beteiligungs-GmbH have
until Aug. 15, 2008, to register their claims with court-
appointed insolvency manager Dr. Andreas Ringstmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 14, 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 Cologne
          Meeting Hall 1240
          Luxemburger Strasse 101
          50939 Cologne
          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. Andreas Ringstmeier
          Magnusstr. 13
          50672 Koeln
          Germany

The District Court of Cologne opened bankruptcy proceedings
against WEST MAIL Verwaltungs- und Beteiligungs-GmbH on
July 10, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          WEST MAIL Verwaltungs- und Beteiligungs-GmbH
          Attn: Thorsten Ohm and
                Michael Kiesswetter, Managers
          Karl-Benz-Str. 10
          40764 Langenfeld
          Germany


WESTLUX LEASING: Claims Registration Period Ends August 18
----------------------------------------------------------
Creditors of WestLux Leasing- und Vermietungs GmbH have until
Aug. 18, 2008, to register their claims with court-appointed
insolvency manager Reinhard Titz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:55 a.m. on Sept. 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Reinhard Titz
          Gertrudenstrasse 3
          20095 Hamburg
          Germany

The District Court of Hamburg opened bankruptcy proceedings
against WestLux Leasing- und Vermietungs GmbH on July 16, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          WestLux Leasing- und Vermietungs GmbH
          Wendenstrasse 279
          20537 Hamburg
          Germany


WORK & PROGRESS: Claims Registration Period Ends August 18
----------------------------------------------------------
Creditors of Work & Progress Unternehmens- und Personalberatung
GmbH have until Aug. 18, 2008, to register their claims with
court-appointed insolvency manager Dr. Hubert Ampferl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Sept. 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of 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. Hubert Ampferl
          Nymphenburger Str. 20
          80335 Munich
          Germany
          Tel: 089/3090586-0
          Fax: 089/3090586-10

The District Court of Munich opened bankruptcy proceedings
against Work & Progress Unternehmens- und Personalberatung GmbH
on July 7, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          Work & Progress Unternehmens- und Personalberatung GmbH
          Attn: Peter Strauss, Manager
          Fuerstenrieder Str. 5
          80687 Munich
          Germany


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


DANA HOLDING: Wants to Terminate Supply Agreement with Chrysler
---------------------------------------------------------------
Dana Holding Corporation asked the U.S. Bankruptcy Court for the
Southern District of New York to provide a declaratory judgment
confirming that the existing supply agreement between Dana and
Chrysler LLC will conclude on Dec. 31, 2008.

Dana is seeking to confirm its rights relative to the Settlement
Agreement reached by the two companies in August 2007 and
confirmed by the Bankruptcy Court one month later.  The
requested court action is an attempt to determine Dana's future
course as a supplier to Chrysler.

"Our goal is to establish a mutually rewarding supply agreement
with Chrysler moving forward," John Devine, Dana executive
chairman, said.  "However, Dana is prepared to exercise its
right to discontinue supplying Chrysler effective Jan.  1, 2009,
if we continue to be unsuccessful in engaging them to address
this goal in a meaningful way.

"While we sincerely hope that this will not be the case, we have
informed Chrysler of our intentions in order to provide both
companies with the time to consider their options for ongoing
sourcing of the programs we currently support," he added.
"While this is an isolated case, it serves to illustrate our
commitment to pursue only market-competitive business
opportunities moving forward."

Mr. Devine acknowledged that a potential decision to vacate the
Chrysler business could have a substantial impact on select Dana
facilities, but cautioned that any related concerns would be
premature," he said.  "It's far too early and inappropriate to
speculate on potential outcomes at a facility level.  To be
clear, our focus remains on achieving a market-competitive
agreement with Chrysler moving forward."

Dana's history of supplying Chrysler dates back more than 70
years and includes supplying four-wheel drive and axle
technologies for the very first Willys MA Jeep(R) produced in
1941.  This relationship continues with Dana's supply of
drivetrain technologies for several Jeep models including the
Wrangler, Liberty, and select versions of the Grand Cherokee;
the Dodge Nitro and Viper vehicles; and select light- and
medium-duty versions of the Dodge Ram pickup truck.

                          About Chrysler LLC

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

                    About Dana Holding Corporation

Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies.  Dana
employs 46,000 people in 28 countries.  Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60
million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Nov. 30, 2007, the Debtors listed US$7,131,000,000 in total
assets
and US$7,665,000,000 in total debts resulting in a shareholders'
deficit of US$534,000,000.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represented the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, served as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
served as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represented the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP served as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC served as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.  Judge Burton
Lifland of the U.S. Bankruptcy Court for the Southern District
of New York entered an order confirming the Third Amended Joint
Plan of Reorganization of the Debtors on Dec. 26, 2007.

The Debtors' Third Amended Joint Plan of Reorganization was
deemed effective as of Jan. 31, 2008.  Dana Corp., starting on
the Plan Effective Date, operated as Dana Holding Corporation.

(Dana Corporation Bankruptcy News, Issue No. 74; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                           *     *     *

As reported in the Troubled Company Reporter on Feb. 12, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Dana Holding Corp. following the company's
emergence from Chapter 11 on Feb. 1, 2008.  The outlook is
negative.  At the same time, Standard & Poor's assigned Dana's
US$650 million asset-based loan revolving credit facility due
2013 a 'BB+' rating (two notches higher than the corporate
credit rating) with a recovery rating of '1', indicating an
expectation of very high recovery in the event of a payment
default.  In addition, S&P assigned a 'BB' bank loan rating to
Dana's US$1.43 billion senior secured term loan with a recovery
rating of '2', indicating an expectation of average recovery.

The TCR reported on Feb. 18, 2008, that Moody's Investors
Service affirmed the ratings of the reorganized Dana Holding
Corporation as: Corporate Family Rating, B1; Probability of
Default Rating, B1.  In a related action, Moody's affirmed the
Ba3 rating on the senior secured term loan and raised the rating
on the senior secured asset based revolving credit facility to
Ba2 from Ba3.  The outlook is stable.  The financing for the
company's emergence from Chapter 11 bankruptcy protection has
been funded in line with the structure originally rated by
Moody's in a press release dated Jan. 7, 2008.


DANA HOLDINGS: Chrysler Output May Suffer If Supply Pact Ends
-------------------------------------------------------------
Mike Ramsey and Alex Ortolani at Bloomberg News says Chrysler
LLC risks a possible production shutdown should supplier Dana
Holdings Inc.  win a lawsuit to end a money-losing contract.

Dana has asked the Hon.  Judge Burton Lifland of the U.S.
Bankruptcy Court for the Southern District of New York to
confirm that the parties' supply agreement ends Dec.  31, 2008.
Under the 2007 deal, Dana became the exclusive supplier of
driveshafts, axles and other parts to Chrysler until the end of
2008.  Because Chrysler refused to extend the deal into 2009,
Dana said, any orders beyond 2008 are "unenforceable."

Dana, Bloomberg relates, said rising steel prices mean it's
losing US$75 million annually on its parts agreement for six
Chrysler models.

Bloomberg says that, according to the complaint, Chrysler has
told Dana it doesn't have the right to end the supply agreement.

According to Bloomberg, Dana said it supplies parts to
Chrysler's Jeep Liberty, Wrangler and some Grand Cherokee sport-
utility vehicles, as well the Dodge Nitro SUV, Viper sports car
and some Dodge Ram pickups.

Dana in a regulatory filing with the Securities and Exchange
Commission said orders from Chrysler make up 3% of its total
revenues for the first half of 2008.  Ford is Dana's single
largest customer, comprising 19% of revenues for the first half.
Its other largest customers are General Motors, 6% of revenues;
and Toyota, 5%.

James Gillette, a consultant with CSM Worldwide Inc.  in Grand
Rapids, Michigan, told Bloomberg Chrysler would have few options
to replace Dana's axles and driveshafts.  "It puts an enormous
amount of pressure on Chrysler," Mr.  Gillette told Bloomberg in
an interview.  "It's not like there are 200 other suppliers they
could go to.  Dana does have some level of bargaining power."

According to Bloomberg, Dana Chairman John Devine said on a
conference call with analysts that the partsmaker is "not out
here to pick a fight with Chrysler."  Mr.  Devine explained the
Chrysler business has "a significant loss and we need to address
that."

Bloomberg relates that Kevin Frazier, a spokesman for Chrysler,
said Chrysler's view is that "while the agreement may end on
Jan. 1, 2009, the underlying purchase orders were intended to
continue in accordance with their terms."

Mr.  Gillette told Bloomberg that Magna International Inc.,
American Axle & Manufacturing Holdings Inc.  and Tower
Automotive LLC are capable of stepping in for Dana as a Chrysler
supplier.  Cerberus Capital Management LP also owns a
significant stake in Tower.

                           About Chrysler

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

Daimler AG owns roughly 19% stake in Chrysler.  Cerberus Capital
Management LP acquired about 81% of Chrysler in August 2007 for
about US$7.4 billion.

                          About DANA

Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies.  Dana
employs 46,000 people in 28 countries.  Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60
million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Nov. 30, 2007, the Debtors listed US$7,131,000,000 in total
assets and US$7,665,000,000 in total debts resulting in a total
shareholders' deficit of US$534,000,000.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, served as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
served as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represens the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP served as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC served as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.
Judge Burton Lifland of the U.S. Bankruptcy Court for the
Southern District of New York entered an order confirming the
Third Amended Joint Plan of Reorganization of the Debtors on
Dec. 26, 2007.

The Debtors' Third Amended Joint Plan of Reorganization was
deemed effective as of Jan. 31, 2008.  Dana Corp., starting on
the Plan Effective Date, operated as Dana Holding Corporation.

(Dana Corporation Bankruptcy News, Issue No. 79; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 12, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Dana Holding Corp. following the company's
emergence from Chapter 11 on Feb. 1, 2008.  The outlook is
negative.  At the same time, Standard & Poor's assigned Dana's
US$650 million asset-based loan revolving credit facility due
2013 a 'BB+' rating (two notches higher than the corporate
credit rating) with a recovery rating of '1', indicating an
expectation of very high recovery in the event of a payment
default.  In addition, S&P assigned a 'BB' bank loan rating to
Dana's US$1.43 billion senior secured term loan with a recovery
rating of '2', indicating an expectation of average recovery.

The TCR reported on Feb. 18, 2008, that Moody's Investors
Service affirmed the ratings of the reorganized Dana Holding
Corporation as: Corporate Family Rating, B1; Probability of
Default Rating, B1.  In a related action, Moody's affirmed the
Ba3 rating on the senior secured term loan and raised the rating
on the senior secured asset based revolving credit facility to
Ba2 from Ba3.  The outlook is stable.  The financing for the
company's emergence from Chapter 11 bankruptcy protection has
been funded in line with the structure originally rated by
Moody's in a press release dated Jan. 7, 2008.


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


ASIA OIL-2007: Creditors Must File Claims by September 23
---------------------------------------------------------
LLP Asia Oil-2007 has declared insolvency.  Creditors have until
Sept. 23, 2008, to submit written proofs of claims to:

          LLP Asia Oil-2007
          Promzona
          Lisakovsk
          111200 Kostanai
          Kazakhstan


AZAMAT-STROY TECH: Claims Deadline Slated for September 23
----------------------------------------------------------
LLP Azamat-Stroy Tech has declared insolvency.  Creditors have
until Sept. 23, 2008, to submit written proofs of claims to:

          LLP Azamat-Stroy Tech
          Office 5/3
          Syganak Str. 10
          Nomad
          Astana
          Kazakhstan


DIAMOND TECHNOLOGY: Claims Filing Period Ends September 23
----------------------------------------------------------
LLP Diamond Technology has declared insolvency.  Creditors have
until Sept. 23, 2008, to submit written proofs of claims to:

          LLP Diamond Technology
          May 1 Str. 11-47
          Pavlodar
          Kazakhstan


MAKER TREK: Creditors' Proofs of Claim Due on September 25
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Maker Trek insolvent on June 24, 2008.

Creditors have until Sept. 25, 2008, to submit written proofs of
claims to:

          The Specialized Inter-Regional
          Economic Court of East Kazakhstan
          Voroshilov Str. 4-11
          Ust-Kamenogorsk
          East Kazakhstan
          Kazakhstan
          Tel: 8 (7232) 55-55-48


ORAL-SERVICE-A LLP: Claims Registration Ends September 19
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Oral-Service-A insolvent.

Creditors have until Sept. 19, 2008, to submit written proofs of
claims to:

          The Specialized Inter-Regional
          Economic Court of Atyrau
          3rd. Floor
          Abai Str. 10a
          Atyrau
          Kazakhstan


SEMEY OJSC: Creditors Must File Claims by September 25
------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared OJSC Finance-Industrial Group Semey insolvent on
June 26, 2008.

Creditors have until Sept. 25, 2008, to submit written proofs of
claims to:

          The Specialized Inter-Regional
          Economic Court of East Kazakhstan
          Voroshilov Str. 4-11
          Ust-Kamenogorsk
          East Kazakhstan
          Kazakhstan
          Tel: 8 (7232) 55-55-48


TUSMA-I LLP: Claims Deadline Slated for September 19
----------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Tusma-I insolvent on June 24, 2008.

Creditors have until Sept. 19, 2008, to submit written proofs of
claims to:

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


UNISTROY LLP: Claims Filing Period Ends September 19
----------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Construction Company Unistroy insolvent on
July 14, 2008.

Creditors have until Sept. 19, 2008, to submit written proofs of
claims to:

          The Specialized Inter-Regional
          Economic Court of West Kazakhstan
          Seifullin Str. 37
          Uralsk
          West Kazakhstan
          Kazakhstan


UTK LLP: Creditors' Proofs of Claim Due on September 19
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP TV Channel UTK insolvent on
June 23, 2008.

Creditors have until Sept. 19, 2008, to submit written proofs of
claims to:

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


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


ASIA STAR: Creditors Must File Claims by September 16
-----------------------------------------------------
LLC Asia Star Travel has declared insolvency.  Creditors have
until Sept. 16, 2008, to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 66-23-30.


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


NORSKE SKOG: Reports NOK601 Mln Gross Operating Profit for 2Q08
---------------------------------------------------------------
Norske Skogindustrier ASA's gross operating profit before
depreciation and special items was NOK601 million in the second
quarter of 2008, up from NOK489 million in the first quarter.
Sales volumes increased by about four per cent.

"Even though we see signs of improvement, there is far to go
before we have satisfactory financial results from operations,"
CEO Christian Rynning-Tonnesen said.

The results have been improved for the segments Asia,
Australasia and South America from the first to the second
quarter.  Magazine paper operations deliver a somewhat weaker
result in the quarter, while the results from the newsprint
activities in Europe are virtually unchanged.  Sales volumes
increased in all segments except newsprint in Asia.

There has been a good development in Norske Skog's improvement
program throughout the second quarter.  Improvements achieved
now amount to NOK2.5 billion annualized in relation to the base
year of 2005.

"Our most important task is to improve profitability in
operations through higher prices on our end products, while at
the same time applying full pressure on the work to reduce costs
and net debt," Mr. Rynning-Tonnesen said.

Norske Skog is working on reducing net debt by generating a
sufficient cash flow from operations and transactions.

"Following the sale of the Korean operations and properties,
Norske Skog's net debt will be significantly reduced.  Our goal
is to further reduce debt," Mr. Rynning-Tonnesen said.

The sale of the operations in Korea was announced at the end of
June this year.  Completion of the transaction is contingent on
approval by the Korean competition authorities, consent from
certain of Norske Skog's lenders and other customary closing
conditions.  There are still some matters to be clarified
between the buyer and Norske Skog before the transaction can be
closed.

Approval has been received from the competition authorities, as
well as the necessary lenders.  The approval from the lenders
implies that no cash dividend must be disbursed or shares
repurchased.  Norske Skog must keep a liquidity buffer of
minimum NOK2.5 billion, and annual investments must be limited
to NOK1.5 billion.  These conditions are effective until a loan
of EUR 400 million, which falls due in February 2010, is
renegotiated or repaid.  The terms of the agreement between
Norske Skog and the lenders will take effect upon implementation
of the sale of the Korean operations.

                     Improved Net Result

The operating profit after depreciation and special items was
NOK1,269 million in the second quarter, compared with minus
NOK990 million in the first quarter.  The profit in the second
quarter includes changes in the value of power contracts and
built-in derivatives with a gain of NOK1.3 billion in all, while
about NOK700 million was booked to income in the first quarter
from the power portfolio and a total of NOK1.45 billion was
expensed in restructuring costs and write-down of facilities.
Profit after tax and financial items was NOK695 million in the
second quarter compared with minus NOK966 million in the first
quarter.

              Prospects for the Remainder of 2008

The accounts for the second half of the year will be impacted by
the sale of Norske Skog's operations in Korea and the shutdown
of production capacity in Europe.  Shutdowns and downsizing at
the main office will entail reduced fixed costs.

Continued good demand and price increases for newsprint in Asia
and magazine paper in Europe is expected.  The prices for
newsprint in Europe are stable, measured in local currency,
while the demand trend is somewhat uncertain.

In Australia there is a price reduction of seven per cent from
July 1, 2008.  There is reason to believe that there will be a
continued high price level on input factors, with a risk of
further price increases.

                 About Norske Skogindustrier

Headquartered in Lysaker, Norway, Norske Skogindustrier ASA --
http://www.norskeskog.com/--produces and supplies paper and
related products to the concerned industry.  The company's
products are used to make newspapers, telephone directories,
inserts, flyers, magazines, catalogs, and books.  Its operations
are carried out through three segments: Newsprint, Magazine
Paper and Other.  Norske Skog, which incorporates
recycled paper into some products, operates about 20 paper mills
worldwide.

                          *     *     *

Norske Skogindustrier ASA continues to carry 'BB-'
long-term corporate credit ratings from Standard & Poor's with
negative outlook.


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


HOUSE-SERVICE: Proofs of Claim Filing Deadline Set September 5
--------------------------------------------------------------
The first creditors meeting of LLC House-Service has resolved to
place the company under financial rehabilitation and appointed
V. Nikolaev as administrative receiver.

The Arbitration Court of Novgorod has sanctioned the creditors'
resolution.  The case is docketed under Case No.
A44-2469/2007.

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

          V. Nikolaev, Administrative Receiver
          K. Libknekhta Str. 16
          174411 Borovichi
          Russia

The Court is located at:

          The Arbitration Court of Novgorod
          Mikhaylova Str. 25
          173001 Velikiy Novgorod
          Russia

The Debtor can be reached at:

          LLC House-Service
          Kovanko 5
          Borovichi
          174405 Novgorod
          Russia


KRASNOZAVODSKOE: Names L. Kondratenko as Administrative Manager
---------------------------------------------------------------
The first creditors meeting of OJSC Krasnozavodskoe has resolved
to place the company under financial rehabilitation and
appointed L. Kondratenko as administrative receiver.

The Arbitration Court of Krasnoyarsk has sanctioned the
creditors' resolution.  The case is docketed under Case No.
A33-1211/2008.

Creditors have to submit proofs of claim to:

          L. Kondratenko, Administrative Receiver
          Post User Box 4
          Berezovka
          Berezovskiy
          662521 Krasnoyarsk
          Russia

The Court is located at:

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

The Debtor can be reached at:

          OJSC Krasnozavodskoe
          Traktovaya Str. 64a
          Krasnaya rechka
          Bogotolskiy
          662081 Krasnoyarsk
          Russia


NELIDOVSKIY MEAT-COMBINE: Court Names M. Vdovin to Manage Assets
----------------------------------------------------------------
The first creditors meeting of OJSC Nelidovskiy Meat-Combine has
resolved to place the company under financial rehabilitation and
appointed M. Vdovin as administrative receiver.

The Arbitration Court of Tver has sanctioned the creditors'
resolution.  The case is docketed under Case No. A66-5493/05.

Creditors have to submit proofs of claim to:

          M. Vdovin, Administrative Receiver
          Apt. 74
          Building 2
          Kustanayskaya Str. 6
          Moscow
          Russia

The Court is located at:

          The Arbitration Court of Tver
          Room 7
          Sovetskaya Str. 23b
          Tver
          Russia

The Debtor can be reached at:

          M. Vdovin, Administrative Receiver
          Apt. 74
          Building 2
          Kustanayskaya Str. 6
          Moscow
          Russia


SEVER-INVEST-STROY: Names N. Kazakov as Administrative Manager
--------------------------------------------------------------
The first creditors meeting of LLC Sever-Invest-Stroy has
resolved to place the company under financial rehabilitation and
appointed N. Kazakov as administrative receiver.

The Arbitration Court of Vologda has sanctioned the creditors'
resolution.  The case is docketed under Case No. A13-13187/2006-
22.

Creditors have to submit proofs of claim to:

          N. Kazakov, Administrative Receiver
          Office 218
          Sovetskiy Pr.
          160000 Vologda
          Russia

The Court is located at:

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

The Debtor can be reached at:

          LLC Sever-Invest-Stroy
          Pervomayskaya Str. 12-a
          Vologda
          Russia


STROY-ALLIANCE: Court Names A. Avilov as Administrative Manager
---------------------------------------------------------------
The first creditors meeting of LLC Stroy-Alliance has resolved
to place the company under financial rehabilitation and
appointed A. Avilov as administrative receiver.

The Arbitration Court of Samara has sanctioned the creditors'
resolution.  The case is docketed under Case No. A55-2097/2008.

Creditors have to submit proofs of claim to:

          A. Avilov, Administrative Receiver
          Office 313
          Suvorova Str. 111a
          440000 Penza
          Russia

The Court is located at:

          The Arbitration Court of Samara
          Avrory Str. 148
          443045 Samara
          Russia

The Debtor can be reached at:

          LLC Stroy-Alliance
          Russia
          Samara
          Tolyatti
          Yubileynaya Str. 2B


TATNEFT OAO: Moody's Assigns Ba2 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service assigned a Ba2 corporate family rating
(CFR), to JSC Tatneft.  In conjunction with the CFR rating, a
Probability of Default Rating of Ba2 was also assigned.  The
outlook is stable.

Tatneft is Russia's sixth largest oil & gas company operating
predominantly in the Republic of Tatarstan (Ba1/Stable), in
which the Tatarstan government holds 36% plus golden share.

Under SPE-LOL classifications, Tatneft's proved oil & gas
reserves at year-end 2007 amounted to 3.16 billion barrels of
oil equivalent.  In 2007 Tatneft produced 184 million boe,
translating into an average production rate of 0.5 million boe
per day.  The company employs 80,000 people.

Tatneft is operating in three major segments: exploration and
production, refining and marketing and petrochemicals, which
contributed 74%, 18% and over 7% to the company's consolidated
2007 revenue respectively.  It also operates a network of 566
petrol stations in Russia and Ukraine, and its petrochemicals
operations, OAO Nizhnekamsknefteshina, have a 28% share of the
Russian tire market.

The company's strategic objective is to transform itself from a
predominantly upstream player to an integrated oil and gas
company.  In 2006 Tatneft embarked on the construction of a
green field refinery and petrochemical facility, Taneco, which,
once completed, will introduce a 7mtpa refining capacity thereby
visibly transforming Tatneft's business profile, strengthening
its vertical integration and profitability.  The current virtual
absence of proprietary refining capacities is considered by
Moody's as Tatneft's major weakness, compared to its peer group.

Given the state-controlled nature of the company's shareholding
structure, Tatneft's ratings incorporate Joint Default Analysis,
Moody's methodology for government related issuers (GRIs).  In
accordance with this methodology, the Ba2 rating of Tatneft
reflects the combination of the following inputs:

    -- Baseline Credit Assessment ("BCA") -- which measures the
       company's fundamental credit strength excluding any
       government support -- of 12 (on a scale of 1 to 21
       corresponding to the equivalent of a Ba2 rating).

    -- Ba1 local currency rating of the Tatarstan

    -- High dependence

    -- Medium support

The medium government support assumption reflects Moody's
estimation of the likelihood that the government of Tatarstan
would be willing and able, in view of its budget capacity and
the company's growing financing needs, to provide direct and/or
indirect financial support to Tatneft, if necessary, and would
thus attempt to prevent a default on its financial obligations.
The high dependence is based on the fact that Tatarstan's budget
is highly dependent on oil and oil-related industries, thereby
making both, the Republic and the company reliant on similar
sources of revenue and susceptible to similar risk factors.

Despite its currently low vertical integration, but taking into
account the company's commitment to the implementation of Taneco
project, Tatneft's BCA analysis was conducted in line with
Moody's Global Rating Methodology for Integrated Oil & Gas
Companies.

Tatneft's BCA assessment positively recognises

    -- the large size of the company's reserves and Tatneft's
       efforts to grow production despite the challenges related
       to the nature of its depleting conventional reserve base
       in Tatarstan and high-sulphur content of its oil deposits,

    -- strong financial metrics illustrated by very low level of
       debt and robust cash flows

    -- on-going efforts to strengthen corporate governance and
       operational transparency, together with corporate
       reorganization measures that are being put in place; and

    -- potential for further growth of Tatneft's reserves through
       development of bitumen deposits and geographic expansion
       outside of Tatarstan, as well as prospects of greater
       vertical integration via the implementation of Taneco
       project.

However the rating is constrained by:

     * high concentration of Tatneft's operations and reserves
       which are located virtually exclusively in Tatarstan, as
       well as the low quality and limited growth potential of
       its traditional reserve base,

     * the company's complex oganizational structure burdened by
       a variety of ancillary non-core businesses (social assets,
       construction and other companies involved in non-core
       activities), which Moody's expects to somewhat simplify in
       part through disposals over the medium term as a result of
       Tatneft's corporate restructuring efforts (Moody's
       positively notes Tatneft's recent disposal of several non-
       core banking assets, including the controlling stake in
       bank Zenit);

     * the sub-investment grade profile of the company's debt
       portfolio, with majority of debt being secured;

     * high customer concentration, with three quarters of the
       company's annual crude sales attributable to four
       customers, and

     * the uncertainty related to the resolution of legal
       disputes vis a vis Tatneft's access to Ukrtatnafta
       refinery.

The rating also reflects challenges related to the successful
implementation of the complex Taneco project, which not only
demands deployment of significant financial and managerial
resources, but is also subject to various risks such as:
availability of adequate financing sources and refinancing risk,
project cost overruns, time delays and the performance of other
project participants.  The implementation of the Taneco project
is regarded by Moody's as a potential challenge that could put
to test the company's ability to efficiently manage large-scale
investments which Moody's will be closely monitoring.

The stable outlook reflects Moody's expectation that over the
medium term Tatneft will primarily be focusing on the
implementation of the Taneco project, maintaining production
levels and improving operational efficiency.  In the medium term
Moody's does not expect Tatneft to pursue any sizable
acquisitions.

The current rating provides the company with headroom to pursue
a range of strategic initiatives given the strong financial
metrics Tatneft currently exhibits.  In order for the rating to
improve, Moody's would expect to see positive qualitative shifts
relating to Tatneft's corporate structure profile, transparency
and corporate governance, as well as further operating
efficiency improvements and prudent liquidity management.
Adherence to the budget and implementation schedule for the
Taneco project, while addressing the refinancing risk associated
with its funding, would be considered a prerequisite for an
upgrade of the BCA.  In any event, an upgrade by one notch of
the BCA or the sovereign rating would result in a one notch
upgrade of the overall rating.

Any developments which would result in a considerably weaker
operational or financial profile of the company, including
declining production, significant deviations from Taneco's
project implementation schedule, cost overruns, or the company's
inability to secure adequate funding to finance its capex or
service debt, could result in a rating downgrade.

JSC Tatneft, headquartered in Almetyevsk, Tatarstan, is the
sixth-largest oil company in the Russian Federation.  Tatneft's
shares are listed on the London Stock Exchange (LSE) and Russian
stock exchanges (RTS and MICEX).  In 2007 the company generated
total sales of US$13.9 billion, EBITDA of nearly US$2.8 billion
and Net Profit of US$1.7 billion.


TOP-TRADE: Court Names V. Sokolov as Administrative Manager
-----------------------------------------------------------
The first creditors meeting of CJSC Top-Trade has resolved to
place the company under financial rehabilitation and appointed
V. Sokolov as administrative receiver.

The Arbitration Court of Irkutsk has sanctioned the creditors'
resolution.  The case is docketed under Case No.
A19-6728/08-3 7.

Creditors have to submit proofs of claim to:

          V. Sokolov, Administrative Receiver
          Post User Box 51
          Lyzina Str. 28
          664009 Irkutsk
          Russia

The Court is located at:

          The Arbitration Court of Irkutsk
          Room 303
          Gagarina Avenue 70
          664025 Irkutsk
          Russia

The Debtor can be reached at:

          CJSC Top-Trade
          Chelyabinskaya Str. 26
          664035 Irkutsk
          Russia


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


SANTANDER FINANCIACION I: S&P Cuts D/E Notes Rating to BB+/B-
-------------------------------------------------------------
Standard & Poor's Ratings Services has removed from CreditWatch
with negative implications and lowered its credit ratings on
the class D and E notes issued by Fondo de Titulizacion de
Activos Santander Financiacion 1.  At the same time, S&P placed
the class C notes on CreditWatch negative and affirmed the
ratings on the class A, B, and F notes.

The class D and E notes were placed on CreditWatch negative on
May 13, 2008 ("Rating On Santander Financiacion 1 Class D And E
Notes Placed On CreditWatch Negative", published on
RatingsDirect).

The rating actions follow a full credit and cash flow analysis
of the most recent transaction information that S&P received.
This analysis showed that the credit enhancement available for
the class D and E notes was insufficient to maintain the
current ratings.

S&P placed the class C notes on CreditWatch negative because of
uncertainty about the extent of performance deterioration in
relation to expected default rates given the levels of long-term
arrears at present.  S&P expects the CreditWatch placement to be
resolved after the next payment date in October 2008.

In January 2008, the percentage of delinquent loans in arrears
over 90 days increased above the trigger level (2.5%), causing
the revolving period to terminate and the transaction to start
amortizing.  Since then, loans in arrears over 180 days rose to
3.77% in April 2008 and slightly decreased over the second
quarter to 3.02%.  Total delinquencies more than 90 days in
arrears are now 4.5%.

In line with the sharp increase in loans in arrears for more
than 180 days over previous quarters (to 3.77% in April 2008
from 2.56% in January 2008 and 1.47% in October 2007), write-
offs for second quarter were EUR22.1 million versus cumulative
write-offs of EUR1.98 million for the first quarter.  This sharp
increase in write-offs caused a draw on the reserve fund of
EUR2.1 million.

Current delinquency and default information was input into S&P's
cash flow analysis.  The initial results showed that the class D
and E notes could not withstand S&P's 'BBB' and 'BB' rating
stresses.

S&P will continue to request detailed portfolio information from
the originator to assess the status of the delinquent loans and
will continue to monitor the build-up of delinquencies, the
transitions to write-offs, and levels of excess spread
available.  This analysis will determine whether the rating on
the class C notes placed on CreditWatch will be lowered.

The notes, issued in 2006, are backed by a portfolio of Spanish
consumer loans originated by Banco Santander S.A.
(AA/Stable/A-1+).

Ratings List:

   -- Fondo de Titulizacion de Activos Santander Financiacion 1
      EUR1,914.3 Million Asset-Backed Floating-Rate Notes

     Class                Rating
     -----                ------
                To                          From
                --                          ----
  Ratings Lowered And Removed From CreditWatch Negative:

      D         BB+                         BBB/Watch Neg
      E         B-                          BB/Watch Neg

  Rating Placed On CreditWatch Negative:

      C         A/Watch Neg                 A

  Ratings Affirmed:

      A         AAA
      B         AA
      F         CCC-


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


ALVETRA U. WERFFT LTD: Creditors' Proofs of Claim Due by Aug. 22
----------------------------------------------------------------
Creditors owed money by Alvetra u. Werfft Ltd. are requested to
file their proofs of claim by Aug. 22, 2008, to:

          Baarerstrasse 96
          6300 Zug
          Germany

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 3, 2008.


CALANDIS LLC: Creditors Have Until August 21 to File Claims
-----------------------------------------------------------
Creditors owed money by LLC Calandis are requested to file their
proofs of claim by Aug. 21, 2008, to:

          Reto Camenisch
          Lehnstrasse 27
          9050 Appenzell
          Switzerland

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


FREY-CRANE-EQUIPEMENT: August 21 Set as Deadline to File Claims
---------------------------------------------------------------
Creditors owed money by LLC Frey-Crane-Equipement are requested
to file their proofs of claim by Aug. 21, 2008, to:

          Frey-Wigger Paul
          Bahnhofstrasse 14
          6130 Willisau
          Switzerland

The company is currently undergoing liquidation in Willisau.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 27, 2008.


HERMANN KECK: Creditors Must File Proofs of Claim by August 21
--------------------------------------------------------------
Creditors owed money by LLC Dr. Hermann Keck & Partner are
requested to file their proofs of claim by Aug. 21, 2008, to:

          Susanne Wentz-Keck
          Liquidator
          Juchstrasse 5
          4312 Magden
          Switzerland

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


NEWBASIS FOREXTRUST: Deadline to File Claims Set on August 21
-------------------------------------------------------------
Creditors owed money by JSC NewBasis ForexTrust are requested to
file their proofs of claim by Aug. 21, 2008, to:

          Trust Company JSC KBT Treuhand
          Grabenstrasse 25
          6340 Baar
          Germany

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


OPEN MARKET: Proofs of Claim Filing Deadline is August 21
---------------------------------------------------------
Creditors owed money by JSC Open Market Group Switzerland are
requested to file their proofs of claim by Aug. 21, 2008, to:

          Seestrasse 9
          6314 Unterageri
          Switzerland

The company is currently undergoing liquidation in Unterageri.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 2, 2003.


ZENKLUSEN REISEN: Creditors' Proofs of Claim Due by August 21
-------------------------------------------------------------
Creditors owed money by LLC Zenklusen Reisen are requested to
file their proofs of claim by Aug. 21, 2008, to:

          Trust Company JSC DR. Viktor KaMPFEN Treuhand
          Viktoriastrasse 15
          Mail Box 648
          3900 Brig-Glis
          Switzerland

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


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


KONDAK LLC: Creditors Must File Proofs of Claim by August 20
------------------------------------------------------------
Creditors of LLC Kondak (code EDRPOU 31855227) have until
Aug. 20, 2008, to submit proofs of claim to:

          Roman Gurin, Liquidator
          Apartment 191
          Gagarin Str. 95
          Cherkassy
          Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent on May 15, 2008.
The case is docketed as 14/2061.

The Court is located at:

          The Economic Court of Cherkassy
          Shevchenko Avenue 307
          18005 Cherkassy
          Ukraine

The Debtor can be reached at:

          LLC Kondak
          Shevchenko Boulevard 366/1
          18000 Cherkassy
          Ukraine


KORNIN AGRICULTURAL: Creditors Must File Claims by August 20
------------------------------------------------------------
Creditors of OJSC Kornin Agricultural Repair Machine
(code EDRPOU 00903386) have until Aug. 20, 2008, to submit
proofs of claim to:

          The Economic Court of Zhytomir
          Putiatinskiy Square 3/65
          10014 Zhytomir
          Ukraine

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent on
April 17, 2008. The case is docketed as 3/42-b.

The Debtor can be reached at:

          OJSC Kornin Agricultural Repair Machine
          Kornin
          Popelniansky District
          Zhytomir
          Ukraine


NORTSIDE-TRANS LLC: Creditors Must File Claims by August 20
-----------------------------------------------------------
Creditors of LLC Firm Nortside-Trans (code EDRPOU 24418885) have
until Aug. 20, 2008, to submit proofs of claim to:

          State Tax Inspection in Cherkassy, Liquidator
          Khreschatik Str. 235
          18000 Cherkassy
          Ukraine

The Economic Court of Cherkassy has commenced bankruptcy
proceedings against the company after finding it insolvent.

The Court is located at:

          The Economic Court of Cherkassy
          Shevchenko Avenue 307
          18005 Cherkassy
          Ukraine

The Debtor can be reached at:

          LLC Firm Nortside-Trans
          L. Ukrainka Str. 6/2
          Cherkassy
          Ukraine


REPAIR-BUILDING DISTRICT 2: Creditors' Claim Due by August 20
-------------------------------------------------------------
Creditors of LLC Repair-Building District 2 (code EDRPOU
03333305) have until Aug. 20, 2008, to submit proofs of claim
to:

          State Tax Inspection in Cherkassy, Liquidator
          Khreschatik Str. 235
          18000 Cherkassy
          Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.

The Court is located at:

          The Economic Court of Cherkassy
          Shevchenko Avenue 307
          18005 Cherkassy
          Ukraine

The Debtor can be reached at:

          LLC Repair-Building District 2
          Lutsenko Str. 7
          Cherkassy
          Ukraine


ZLAGODA LTD: Creditors Must File Proofs of Claim by August 20
-------------------------------------------------------------
Creditors of LLC Zlagoda Ltd. Plus (code EDRPOU 34608802) have
until Aug. 20, 2008, to submit proofs of claim to:

          State Tax Inspection in Cherkassy, Liquidator
          Khreschatik Str. 235
          18000 Cherkassy
          Ukraine

The Economic Court of Cherkassy has commenced bankruptcy
proceedings against the company after finding it insolvent.

The Court is located at:

          The Economic Court of Cherkassy
          Shevchenko Avenue 307
          18005 Cherkassy
          Ukraine

The Debtor can be reached at:

          LLC Zlagoda Ltd. Plus
          Shevchenko Boulevard 205
          Cherkassy
          Ukraine


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


BRITISH AIRWAYS: Four Executives Charged Over Price-Fixing
----------------------------------------------------------
Four men have been charged with cartel offenses under the
Enterprise Act in connection with the Office of Fair Trading's
criminal investigation into price-fixing of fuel surcharges for
long haul passenger flights.

Martin George, Andrew Crawley, Alan Burnett and Iain Burns are
charged with having dishonestly agreed with others to make or
implement arrangements which directly or indirectly fixed the
price for the supply in the United Kingdom of passenger air
transport services by British Airways plc and Virgin Atlantic
Airways Ltd.

The charges relate to the period between July 2004 and April
2006 when the defendants were employed by British Airways.

They will appear at City of London Magistrates' Court on
Sept. 24, 2008.

                    Price-Fixing Collusion

As reported in the TCR-Europe on Aug. 2, 2007, British Airways
admitted that between August 2004 and January 2006, it colluded
with Virgin Atlantic over the surcharges which were added to
ticket prices in response to rising oil prices.  Over that
period, the surcharges rose from GBP5 to GBP60 per ticket for a
typical British Airways or Virgin Atlantic long-haul return
flight.

The OFT imposed a GBP121.5 million penalty on British Airways.

The OFT's investigation was prompted after Virgin Atlantic came
forward with information about price fixing with British Airways
over the surcharges.  Virgin Atlantic was not expected to pay
any penalty as it qualifies in principle for full immunity under
the OFT's leniency policy.

                        U.S. DOJ Probe

A TCR-Europe report disclosed that on Aug. 1, 2007, British
Airways has agreed to plead guilty and pay US$300 million
criminal fines for its role in conspiracies to fix the prices of
passenger and cargo flights.

The charges against the airline were filed in the U.S. District
Court for the District of Columbia.

The court approved the plea agreement between British Airways
and the U.S. Department of Justice on fines of US$300 million
for infringements of competition law in the company's long-haul
passenger and cargo businesses.

The court agreed that the substantial cooperation provided by
British Airways to the U.S. government justified a significant
reduction in fines which under Sentencing Guidelines ranged from
US$450 million to US$900 million.

                   Class Action Settlement

According to a TCR-Europe report, Cohen, Milstein, Hausfeld &
Toll negotiated on Feb. 15, 2008, a ground breaking legal
settlement that, for the first time ever, resolves a class
action lawsuit on a collective basis under both U.S. and U.K.
law.

The agreement, which affects over 8 million people in the U.S.
and U.K., provides US$59 million for American ticket purchasers
and GBP73.5 million for U.K. purchasers who bought tickets from
either British Airways or Virgin Atlantic Airways between August
11, 2004, and March 23, 2006, with no deductions for attorneys'
fees or other costs.  This settlement marks the first collective
settlement of its kind for British consumers.

                     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.


BRITISH ENERGY: John Hutton Says EDF Offer was a Good Deal
----------------------------------------------------------
Department for Business, Enterprise and Regulatory Reform
Secretary John Hutton remain convinced that Electricite de
France S.A.'s takeover offer for British Energy Ltd. was a "good
deal," according to various reports.

Commenting on reports of discussions between British Energy and
EDF, Mr. Hutton said:

"I am disappointed that talks between British Energy and EDF
have not yet been successful.  We thought it was a good
deal and we were ready to accept.  EDF is the world's largest
nuclear operator.  It would have been a sensible way to take
forward new nuclear plans in the UK "That wasn't the view of all
of the shareholders and the government is a minority shareholder
in a publicly listed company.  It is a now matter for both
Boards to see how to proceed.

"Our commitment to nuclear power is clear and nuclear new build
does not depend on one single deal.  BE still has
potential sites: and sites are available from the Nuclear
Decommissioning Authority.

"The level of interest in nuclear new build in the UK from EDF
and from other operators remains high.

"Recent developments in energy markets underline the need for
new nuclear to combat high fossil fuel prices, climate
change and security of supply."

As reported in the TCR-Europe on Aug. 1, 2008, EDF pulled out
from its planned takeover of BE, hours before it was to announce
a done deal.

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

According to the Scotsman, the UK government is likely to urge
EDF to resume talks on a revised offer for BE.

Meanwhile, EDF reiterated its commitment to build nuclear plants
in the UK including Somerset and Anglesey, the Scotsman relates.

The government, the Financial Times adds, also intends to block
any attempt by Centrica plc to merge with BE.

A TCR-Europe report on Aug. 6, 2008, disclosed Centrica
confirmed it is in discussions with a third party
with a view to the group taking a minority ownership position in
BE.

In the event that the third party does not proceed with an offer
for BE, or its discussions with the third party do not result in
an agreement, Centrica might consider a number of other
alternatives with respect to BE.

These alternatives may include proposing to BE: long term power
off take arrangements, Centrica participating in
BE's potential new nuclear partnerships or a possible merger of
Centrica with BE, only if terms could be agreed and if all
parties are fully supportive.

                    About British Energy

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

                           *     *     *

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

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

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


CAINS BEER: Brings in Administrators from PricewaterhouseCoopers
----------------------------------------------------------------
David Chubb, Ian Green and Craig Livesey of
PricewaterhouseCoopers LLP were appointed joint administrators
of Cains Beer Company PLC and related subsidiaries on
Aug. 7, 2008.

The group ran into cash flow difficulties following a downturn
in trade due to the impact of the smoking ban on the pubs and
the impact of significant commodity pricing increases on the
brewery.  These were further impacted by reductions in consumer
spend in the leisure sector and the fact the company had run up
a large debt to HM Revenue & Customs that it could not repay.

David Chubb, partner at PricewaterhouseCoopers LLP and joint
administrator, said:

"Cains is a well-established business with a great brand and
brewing facility which has been brewing ales since the mid-19th
century.  Its ales have won a number of awards, most recently
the World's Best Fruit Beer in the World Beer Awards 2007.
Cains is also a major supplier of own label beers to the
supermarket sector."

"It is currently our intention to continue to trade both the
brewery and pub chain businesses and we will seek to achieve
going concern sales over the coming weeks and months.  We have
already received some early indications of interest and we would
also invite any parties interested in acquiring either the
brewery or pub chain businesses to contact us as soon as
possible."

The administrators are working with staff at the brewery and the
landlords and staff in the pubs to ensure that they remain open
whilst the administrators seek buyers.  The administrators are
also presently in communication with the key suppliers and
customers in this regard.

Prospective buyers should contact Jon Nuttall or Jonathan Hall
at PricewaterhouseCoopers on 0161 245 2225.

Based in the North West of England, Cains is a brewer of award-
winning beers and lagers and operates a chain of about 100 pubs
which includes 26 freehold and 76 leasehold pubs, most of which
are managed houses.  Cains was created by the 2007 reverse
takeover of Honeycombe Leisure plc by Robert Cain & Co Limited
and 1,000 people work in the group.

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


CHRYSLER LLC: Dana Wants to End Supply Agreement by December 31
---------------------------------------------------------------
Dana Holding Corporation asked the U.S. Bankruptcy Court for the
Southern District of New York to provide a declaratory judgment
confirming that the existing supply agreement between Dana and
Chrysler LLC will conclude on Dec. 31, 2008.

Dana is seeking to confirm its rights relative to the Settlement
Agreement reached by the two companies in August 2007 and
confirmed by the Bankruptcy Court one month later.  The
requested court action is an attempt to determine Dana's future
course as a supplier to Chrysler.

"Our goal is to establish a mutually rewarding supply agreement
with Chrysler moving forward," John Devine, Dana executive
chairman, said.  "However, Dana is prepared to exercise its
right to discontinue supplying Chrysler effective Jan.  1, 2009,
if we continue to be unsuccessful in engaging them to address
this goal in a meaningful way.

"While we sincerely hope that this will not be the case, we have
informed Chrysler of our intentions in order to provide both
companies with the time to consider their options for ongoing
sourcing of the programs we currently support," he added.
"While this is an isolated case, it serves to illustrate our
commitment to pursue only market-competitive business
opportunities moving forward."

Mr. Devine acknowledged that a potential decision to vacate the
Chrysler business could have a substantial impact on select Dana
facilities, but cautioned that any related concerns would be
premature," he said.  "It's far too early and inappropriate to
speculate on potential outcomes at a facility level.  To be
clear, our focus remains on achieving a market-competitive
agreement with Chrysler moving forward."

Dana's history of supplying Chrysler dates back more than 70
years and includes supplying four-wheel drive and axle
technologies for the very first Willys MA Jeep(R) produced in
1941.  This relationship continues with Dana's supply of
drivetrain technologies for several Jeep models including the
Wrangler, Liberty, and select versions of the Grand Cherokee;
the Dodge Nitro and Viper vehicles; and select light- and
medium-duty versions of the Dodge Ram pickup truck.

                    About Dana Holding Corporation

Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies.  Dana
employs 46,000 people in 28 countries.  Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60
million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

                      About Chrysler LLC

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

                           *     *     *

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

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


CHRYSLER LLC: Production May Suffer if Dana Severs Contract
------------------------------------------------------------
Mike Ramsey and Alex Ortolani at Bloomberg News says Chrysler
LLC risks a possible production shutdown should supplier Dana
Holdings Inc.  win a lawsuit to end a money-losing contract.

Dana has asked the Hon.  Judge Burton Lifland of the U.S.
Bankruptcy Court for the Southern District of New York to
confirm that the parties' supply agreement ends Dec.  31, 2008.
Under the 2007 deal, Dana became the exclusive supplier of
driveshafts, axles and other parts to Chrysler until the end of
2008.  Because Chrysler refused to extend the deal into 2009,
Dana said, any orders beyond 2008 are "unenforceable."

Dana, Bloomberg relates, said rising steel prices mean it's
losing US$75 million annually on its parts agreement for six
Chrysler models.

Bloomberg says that, according to the complaint, Chrysler has
told Dana it doesn't have the right to end the supply agreement.

According to Bloomberg, Dana said it supplies parts to
Chrysler's Jeep Liberty, Wrangler and some Grand Cherokee sport-
utility vehicles, as well the Dodge Nitro SUV, Viper sports car
and some Dodge Ram pickups.

Dana in a regulatory filing with the Securities and Exchange
Commission said orders from Chrysler make up 3% of its total
revenues for the first half of 2008.  Ford is Dana's single
largest customer, comprising 19% of revenues for the first half.
Its other largest customers are General Motors, 6% of revenues;
and Toyota, 5%.

James Gillette, a consultant with CSM Worldwide Inc.  in Grand
Rapids, Michigan, told Bloomberg Chrysler would have few options
to replace Dana's axles and driveshafts.  "It puts an enormous
amount of pressure on Chrysler," Mr.  Gillette told Bloomberg in
an interview.  "It's not like there are 200 other suppliers they
could go to.  Dana does have some level of bargaining power."

According to Bloomberg, Dana Chairman John Devine said on a
conference call with analysts that the partsmaker is "not out
here to pick a fight with Chrysler."  Mr.  Devine explained the
Chrysler business has "a significant loss and we need to address
that."

Bloomberg relates that Kevin Frazier, a spokesman for Chrysler,
said Chrysler's view is that "while the agreement may end on
Jan. 1, 2009, the underlying purchase orders were intended to
continue in accordance with their terms."

Mr.  Gillette told Bloomberg that Magna International Inc.,
American Axle & Manufacturing Holdings Inc.  and Tower
Automotive LLC are capable of stepping in for Dana as a Chrysler
supplier.  Cerberus Capital Management LP also owns a
significant stake in Tower.

                          About DANA

Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies.  Dana
employs 46,000 people in 28 countries.  Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60
million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr.  S.D.N.Y.  Case No.  06-10354).  As of
Nov.  30, 2007, the Debtors listed USUS$7,131,000,000 in total
assets and USUS$7,665,000,000 in total debts resulting in a
total shareholders' deficit of USUS$534,000,000.

Corinne Ball, Esq., and Richard H.  Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B.  Ellman, Esq.,
Carl E.  Black, Esq., and Ryan T.  Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S.  Miller at
Miller Buckfire & Co., LLC, served as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
served as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represens the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP served as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC served as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on
Aug.  31, 2007.  On Oct.  23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.
Judge Burton Lifland of the U.S.  Bankruptcy Court for the
Southern District of New York entered an order confirming the
Third Amended Joint Plan of Reorganization of the Debtors on
Dec. 26, 2007.

The Debtors' Third Amended Joint Plan of Reorganization was
deemed effective as of Jan.  31, 2008.  Dana Corp., starting on
the Plan Effective Date, operated as Dana Holding Corporation.

(Dana Corporation Bankruptcy News, Issue No.  79; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                          *     *     *

As reported in the Troubled Company Reporter on Feb.  12, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Dana Holding Corp.  following the company's
emergence from Chapter 11 on Feb.  1, 2008.  The outlook is
negative.  At the same time, Standard & Poor's assigned Dana's
USUS$650 million asset-based loan revolving credit facility due
2013 a 'BB+' rating (two notches higher than the corporate
credit rating) with a recovery rating of '1', indicating an
expectation of very high recovery in the event of a payment
default.  In addition, S&P assigned a 'BB' bank loan rating to
Dana's USUS$1.43 billion senior secured term loan with a
recovery rating of '2', indicating an expectation of average
recovery.

The TCR reported on Feb.  18, 2008, that Moody's Investors
Service affirmed the ratings of the reorganized Dana Holding
Corporation as: Corporate Family Rating, B1; Probability of
Default Rating, B1.  In a related action, Moody's affirmed the
Ba3 rating on the senior secured term loan and raised the rating
on the senior secured asset based revolving credit facility to
Ba2 from Ba3.  The outlook is stable.  The financing for the
company's emergence from Chapter 11 bankruptcy protection has
been funded in line with the structure originally rated by
Moody's in a press release dated Jan. 7, 2008.

                           About Chrysler

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

Daimler AG owns roughly 19% stake in Chrysler.  Cerberus Capital
Management LP acquired about 81% of Chrysler in August 2007 for
about US$7.4 billion.


CHRYSLER LLC: In Talks with Nissan on Midsize Cars Manufacturing
----------------------------------------------------------------
Chrysler LLC is planning to outsource the engineering and
development of its cars, The Wall Street Journal reports.

According to WSJ, Chrysler LLC is having discussions with
Japan's Nissan Motor Co.  about jointly producing midsize cars,
a partnership that would move the U.S.  auto maker toward a
radical new business model.

The Journal citing people familiar with the matter, states that
both companies agreed in early 2008 to team up on pickup trucks
and subcompact cars.  Since then, the Journal relates, they have
been negotiating a deal: Nissan to manufacture midsize sedans
and Chrysler would sell it in the U.S.  under its own name.

Under its earlier agreement with Nissan, Chrysler will start
selling a subcompact car made by Nissan by about 2011, WSJ
states.  Chrysler, WSJ notes, also has a deal under which
China's Chery Automobile Co.  will make small cars for it.

A deal, according to WSJ, would signal a switch in the way
Chrysler operates, particularly in its passenger-car business.
Chrysler intends to continue developing new trucks, sport-
utility vehicles and minivans itself, from the ground up, WSJ
adds.

A partnership with Nissan on midsize sedans would put Chrysler
on a path to becoming a marketer and seller of cars made by
others, WSJ says.

WSJ states that this outsourcing approach has worked for
computer makers but could be risky for the auto industry.
Sophisticated car buyers, WSJ says, who are aware that Nissan is
manufacturing sedans for Chrysler might simply buy Nissan's
version of the car.  WSJ, citing Michael Ward, an automotive
analyst at Soleil Securities Group, indicates that success of
such deals comes down to marketing and branding.

Outsourcing the manufacturing of cars could offer one big
advantage for Chrysler and its majority shareholder, Cerberus
Capital Management LP: "it could save Chrysler the billions of
dollars it costs to develop a full line of vehicles in-house,"
WSJ points out.

Chrysler is still deciding how to add a new midsize sedan to its
lineup, WSJ states, while Nissan is working on a redesign of its
Altima sedan.  The talks have centered on having Nissan produce
a version of that car for Chrysler, WSJ.

                         About Chrysler LLC

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

                           *     *     *

As reported in the Troubled Company Reporter on Aug 1, 2008,
Standard & Poor's Ratings Services lowered the ratings on
General Motors Corp., Ford Motor Co., and Chrysler LLC, all to
'B-' from 'B'.  The ratings on GM and Ford were removed from
CreditWatch with negative implications, where they had been
placed on June 20, 2008.  Chrysler will remain on CreditWatch
pending the renewal of certain bank lines at DaimlerChrysler
Financial Services Americas LLC, which S&P expects to be
completed in the next few days.  If the bank lines are renewed
as expected, S&P would affirms the ratings on Chrysler and DCFS
and remove them from CreditWatch.

On July 31, 2008, TCR said that Fitch Ratings has downgraded the
Issuer Default Rating of Chrysler LLC to 'CCC' from 'B-'.  The
Rating Outlook is Negative.  The downgrade reflects Chrysler's
restricted access to economic retail financing for its vehicles,
which is expected to result in a further step-down in retail
volumes.  Lack of competitive financing is also expected to
result in more costly subvention payments and other forms of
sales incentives.  Fitch is also concerned with the state of the
securitization market and the ability of the automakers to
access this market on an economic basis over the near term,
given the steep drop in residual values, higher default rates,
higher loss severity being experienced and jittery capital
markets.


CHRYSLER LLC: S&P Cuts Ratings to CCC+ on Funding Constraints
-------------------------------------------------------------
Standard & Poor's Ratings Services said lowered its ratings on
Chrysler LLC, including the corporate credit rating, to 'CCC+'
from 'B-'.

At the same time, S&P lowered the counterparty credit rating on
DaimlerChrysler Financial Services Americas LLC, the auto
finance affiliate of Chrysler, to 'CCC+' from 'B-'.  In
addition, S&P removed all ratings from CreditWatch with negative
implications, where they were placed originally on June 20,
2008.  S&P lowered the ratings to 'B-' on July 31, 2008, and
stated then that the ratings would remain on CreditWatch until
certain bank lines at DCFS had been renewed, which has occurred.
The outlook on both issuers is negative.

Separately, S&P revised the recovery rating on DCFS's US$2
billion first-lien revolving credit facility and US$4 billion
first-lien term loan to '3', indicating that lenders can expect
meaningful (50% to 70%) recovery in the event of a payment
default, from '1'.  The issue level rating on this debt is now
'CCC+', the same as the issuer credit rating on DCFS.  The
first-lien recovery rating revision is largely as a result of
the change in business prospects for DCFS, given the weaker
economy, increased gas prices, and the resultant reduction in
demand for large cars and trucks and the precipitous decline in
residual values.

"The downgrades [] reflect our view that the amount and
structure of DCFS's recently renewed bank lines leave the
finance company with fewer options to overcome any new funding
challenges during the next year," said Standard & Poor's credit
analyst Robert Schulz.  S&P believes Chrysler's and DCFS's
sources of funding, including these bank lines, which are used
to backstop a private securitization conduit, are currently
sufficient to operate the business now that Chrysler has exited
lease financing and assuming no incremental challenges are
created by the uncertain credit markets.  But the US$24 billion
DCFS facility is less than S&P expected and moreover includes
mandatory reductions in commitments totaling US$4 billion over
the next 12 months.  These changes are a reflection of the tense
state of the capital markets, the dismal outlook for the U.S.
auto market this year and next, and the capital markets'
skeptical view of Chrysler's prospects.

The greatest threats to the ratings in the near term are the
depth of economic weakness in the U.S., the extent of the demand
shift away from light trucks, and the ability of the finance
company to continue its timely access to the asset-backed
securities (ABS) markets in support of Chrysler's sales.  DCFS
remains heavily reliant on the public ABS markets to supplement
funding provided by the private conduit.

Although Chrysler does not publicly release financial
statements, S&P expects the company to experience a net cash
outflow from its automotive operations in 2008, its first full
year since being acquired by Cerberus Capital Management L.P.
from Germany's Daimler AG.  Aggressive fixed-cost reduction and
conservative industry sales assumptions have kept Chrysler at or
above most of its financial targets through the first half of
2008.  However, S&P believes the significantly weakened demand,
particularly for pickup trucks and SUVs, will lead to a
continued high rate of cash outflows through the end of 2008 and
into 2009.  Another major headwind has been plummeting used-
pickup and SUV prices, which is causing losses on some leasing
activities.  Chrysler announced in July 2008 that it would stop
offering leases to potential customers through its financial
affiliate effective Aug.  1.

Because of the severe industry weakness, Chrysler recently
augmented its restructuring actions, which will lead to total
reductions of about 26,000 hourly and salaried workers and
elimination of 1.1 million units of capacity.  In June 2008,
Chrysler announced plans to close an additional minivan plant by
the end of this year and reduce shifts at another truck plant to
one shift from two.

S&P expects U.S.  light-vehicle sales to be 14.4 million units
in 2008, the lowest in 15 years and down sharply from
16.1 million units in 2007.  S&P expects sales to fall further
in 2009, to about 14.1 million units, as the economy remains
weak and housing prices and consumers' access to credit remain
under pressure.

The negative outlook reflects S&P's expectation that current
liquidity and funding access could become dangerously
constrained if management's cost-cutting actions fall short of
plan, if industry conditions continue to worsen beyond S&P's
expectations, or if DCFS's access to the ABS markets is
inadequate, whether for company-specific reasons or because of
broader market conditions.

S&P could lower the ratings if S&P came to believe that
Chrysler's cash and short-term investments would drop below the
mid-single-digit billions before the middle of 2009, if Chrysler
appeared unable to successfully meet its 2010 payments to the
UAW health care trust, or if the finance company was unable to
continue its timely access to the ABS markets in support of
Chrysler's sales.

This could occur if U.S.  industry light-vehicle sales drop
significantly below 14 million units this year or next, or if
higher gas prices lead to an even more substantial decline in
light-truck demand beyond levels witnessed in June.  S&P also
could lower the ratings if DCFS loses sufficient and economical
access to funding from securitization markets for any
substantial length of time.

S&P does not expect to revise the outlook to stable within the
next year, given the economic outlook, ongoing turnaround plan
execution risk, and pressure on liquidity.


ENDEAVORS PLC: Acresail Ltd. Acquires Business & Assets
-------------------------------------------------------
KPMG joint administrators, Richard Fleming and Mark Firmin of
KPMG Restructuring, were appointed to Endeavors plc at the
request of the directors on Aug. 8, 2008 and shortly afterwards
sold the company's business and assets, including its two
California based trading subsidiaries, to a newly formed
company, Acresail Limited.

Yorkshire based Endeavors plc, a parent company for two software
streaming technology businesses, failed to secure essential
investment earlier in the year.  The company's directors had
focused on attempting to rescue the company for six months,
specifically by raising funds through both a rights issue in
February 2008 and, in June, an investment fund buy-in, both of
which failed.

"Given the severity of Endeavors plc's cashflow problem the most
likely alternative to this deal was liquidation.  Therefore we
are pleased to have secured a deal to sell the business and
assets of Endeavors plc that allows trading to continue,
safeguarding 54 jobs, largely in the US, and offering the
prospect of a return to secured creditors," Mr. Fleming said.

Endeavors plc, or Tadpole Plc as it was until June 2008, has
been listed on the London Stock Exchange since 1992.  Its shares
were suspended in July 2008 and are expected to be canceled on
Aug. 11, 2008.  Shareholders will not receive a dividend.

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.


MJC HEATING: Appoints Liquidator from Mazars
--------------------------------------------
Martin Dominic Pickard of Mazars LLP was appointed liquidator of
MJC Heating & Plumbing Company Ltd. on July 29, 2008, for the
creditors' voluntary winding-up procedure.

The company can be reached at:

          MJC Heating & Plumbing Company Ltd.
          c/o Mazars LLP
          Sovereign Court
          Witan Gate
          Milton Keynes
          MK9 2HP
          England


RED SQUIRREL: Brings in Liquidators from Tenon Recovery
-------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of Red Squirrel Trading Ltd.
(t/a Mellow Moments) on July 24, 2008, for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

          Red Squirrel Trading Ltd.
          c/o Tenon Recovery
          Unit 1
          Calder Close
          Calder Park
          Wakefield
          WF4 3BA
          England


TRANSFIXT LTD: Frank Wessely Leads Liquidation Procedure
--------------------------------------------------------
Frank Wessely of Vantis Business Recovery Services were
appointed liquidator of Transfixt Ltd. on July 23, 2008, for the
creditors' voluntary winding-up procedure.

The company can be reached at:

          Transfixt Ltd.
          c/o Vantis Business Recovery Services
          81 Station Road
          Marlow
          Buckinghamshire
          SL7 1NS
          England


VISIOCORP PLC: Moody's Confirms 'Ca' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service confirmed the Ca Corporate Family
Rating of Visiocorp plc.  This concludes Moody's rating review
initiated on December 19, 2007 following a complex financial
restructuring earlier that year.  The outlook is stable.

The confirmation of the Ca CFR takes note of the financial
restructuring process undergone in 2007 which resulted not only
in a notable reduction of financial debt and cash interest
payments but also increased financial transparency and
visibility.  In addition, Visiocorp should have the potential
for material further cost savings, in particular by improving
productivity in its Hungarian plant and by allocating production
volumes more efficiently across its various facilities.  Should
these cost savings prove to more than offset current market
pressures on margins and should financial flexibility be
confirmed at a sustainable level, then Moody's would again
consider a rating upgrade.  At this stage, however, Visiocorp's
capital structure must still be considered weak given a high
financial leverage in 2007 of 6.1x pro forma Debt/EBITDA based
on Moody's definitions, continued pressure on earnings, and its
still limited financial flexibility.

The rating takes also into account the currently challenging
environment in the automotive supply sector, especially with
view to

    -- declining demand for new cars, and particularly for SUV
       with premium mirrors in North America and Western Europe,

    -- the for European suppliers unfavorably weak US-Dollar, and

    -- increased input costs.

The rating also considers that management is countering these
challenges with a major restructuring program which so has far
resulted in a successful reduction of SG&A and overhead costs.

At the same time, however, certain targeted efficiency
improvements have not yet been achieved; in particular
restructuring efforts at plants in Germany and Hungary which
started in 2007 have not yet yielded the initially planned
efficiency improvements.  As a result of these developments,
management reduced its normalized EBITDA target for 2008 from
EUR70 million to EUR60.5 million in May 2008 which pressures
compliance with financial covenants under the company's lending
arrangements.  Hence, Moody's expects that Visiocorp will
continue to rely on the ongoing support of its key stakeholders,
in particular its lenders.

Headquartered in the United Kingdom, Visiocorp is a leading
privately owned Tier 1 automotive supplier of interior and
exterior mirrors.  For fiscal 2008, the company targets revenues
of approximately EUR720 million.


* Fitch: European Automotive Industry Remains Under Pressure
------------------------------------------------------------
Fitch Ratings expects the credit quality of European leveraged
automotive credit to deteriorate further, as reflected in the
relatively high proportion of Long-term IDRs on Negative
Outlook.

"While the auto industry as a whole remains under pressure, the
high indebtedness of leveraged auto credits marks an additional
risk factor, squeezing their financial flexibility in the wake
of deteriorating trading conditions," says Markus Leitner,
Director in Fitch's European Industrials team.

"As a result, several players are facing or have recently
escaped financial distress involving comprehensive restructuring
measures with an uncertain outcome," adds Matthias Volkmer,
Director in Fitch's European Leveraged Finance team.

In a special report published, Fitch says automotive companies
in many LBO portfolios have been hit hard over the last two
years by challenging industry conditions and the limited
headroom under their LBO-imposed debt structures.  However,
unlike various North American auto suppliers that have filed for
court protection, leveraged borrowers in most European
jurisdictions prefer private "out-of-court" restructurings.  In
recent years this has resulted in several comprehensive
operating and financial restructurings, including additional
equity contributions or even "debt-for-equity" swaps conceded by
shareholders as part of an agreement with lenders.

The low-growth environment in mature developed markets, unabated
price pressure from original equipment manufacturers, rising raw
material costs and energy prices, a strong euro, and greater
competition from low-cost countries have all contributed to the
erosion in profitability of weaker-positioned players.  'B-*' or
below-rated automotive credits were among the few sectors to
miss original business plan targets and even underperform
against Fitch's more conservative assumptions, making it the
worst-performing sector in the agency's portfolio.

The high-risk profiles of auto credits within the European
leveraged arena as of end-June 2008 translate into the high
share of 55% of credits in this sector that are shadow rated 'B-
*' and below.  This is compared with 48% for Fitch's total
shadow-rated universe.  Compared to higher rated auto peers this
rating subset has substantially lower margins alongside higher
capex-adjusted leverage multiples, both of which are primary
areas of concern.

As of end-June 2008 over 27% of Fitch's shadow-rated leveraged
auto credits were on Negative Outlook or Rating Watch Negative,
compared with only 19% for Fitch's entire shadow-rated universe,
indicating that the sector remains under pressure.  As such,
companies' access to unrestricted cash and committed revolving
and restructuring facilities will be key in supporting any
turnaround plans and business re-organizations.  For distressed
borrowers within the sector, private equity sponsors are likely
to implement measured equity cures more frequently.  However,
this will only be for entities which have exhausted their
liquidity resources but which have long-term viable business
profiles, thereby underpinning enterprise value and avoiding
uncertain and more costly debt-restructuring alternatives.


* Moody's Examines European Auto Makers' 2007 Financial Results
---------------------------------------------------------------
In the fifth of six planned Special Comments outlining
accounting observations on the 2007 results of companies in key
sectors, Moody's Investors Service examines the accounting
disclosures of Europe's rated automotive manufacturers and
comments on constrained comparability between the financial
statements.

The eight companies featured in this report are

    -- Bayerische Motoren Werke AG ('BMW', rated
       A1/P-1/negative), -- Daimler AG (A3/P-2/positive),

    -- Fiat S.p.A. (Baa3/stable),

    -- MAN AG (A3/P-2/stable),
    -- Peugeot S.A. (Baa1/P-2/negative),

    -- Renault S.A. (Baa1/P-2/negative),

    -- Volkswagen AG ('VW', A3/P-2/positive), and

    -- AB Volvo (A3/P-2/stable).

The report -- entitled "Moody's Accounting Observations on the
2007 Results of Europe's Automotive Manufacturers" -- points out
how the differences in preparation and presentation can reduce
comparability between the issuers, particularly as regards (i)
differences in the presentation of intersegment transactions
that are eliminated in arriving at the consolidated results; and
(ii) differences in the allocation of transactions to the
automotive and financial services operations.  Moody's also
provides a summary of the effects of first-time transition to
IFRS (by Daimler, the last of Europe's automotive manufacturers
to adopt this method of financial reporting) and the effects on
the key credit metrics.

"Financial analysis of automotive manufacturers is based on
manufacturing-company stand-alone financial statements,
excluding the separately rated captive financial services
operations (which play an important strategic role in supporting
manufacturers' wholesale distribution and retail sales
operations)", says Philip Robinson, a Moody's Vice President-
Senior Accounting Analyst, and author of the report.

However, the rating agency observes that there are no
requirements in IFRS for the presentation of these stand-alone
financial statements; therefore the separate reporting of these
operations is provided by the issuers as additional unaudited
non-GAAP information, and as such, there is no guidance for its
preparation -- in practice, the issuers provide limited
disclosure as to the methods they use -- resulting in scope for
reduced comparability between the issuers.

"In addition, the information provided for the automotive
operations that is presented tends to be limited -- generally
only the primary statements are given (income statement, balance
sheet and cash flow statement), with the notes to the financial
statements providing detail for the consolidated numbers only,"
adds Mr Robinson.

Although many of the differences noted in the report cannot be
adjusted for on the basis of the disclosures provided, Moody's
factors its understanding of these differences into its
analysis.  Additionally, comparability between the issuers is
improved as a result of the application of Moody's Global
Standard Adjustments (available via Moody's Financial
MetricsTM).

Special Comments in this series that have already been published
have covered Europe's electricity producers, integrated oil and
gas producers, telecoms operators, and paper and forest products
manufacturers.  The final Special Comment in the series will be
European retailers.


* BOND PRICING: For the Week Aug. 4 to Aug. 8, 2008
---------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
HTM Sport Freize          8.500    02/01/14     EUR      60.92
Kommunal Kredit
   Austria AG              0.500    03/15/19     CAD      65.56
                           0.250    10/14/26     CAD      40.53
Immofinanz Immobilien     2.750    01/20/14     EUR      68.11
Republic of Austria       1.000    06/22/22     EUR      70.22

BELGIUM

Fortis Bank               8.750    12/07/10     EUR      55.64

FINLAND
-------
M-Real Serla              7.250    04/01/13     EUR      66.89
Muni Finance PLC          0.500    04/26/13     AUD      73.96
                           1.000    10/30/17     AUD      61.91
                           1.000    02/27/18     AUD      61.03
                           1.000    11/21/16     NZD      62.72
                           0.250    06/28/40     CAD      21.33
                           0.500    09/24/20     CAD      62.09

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      14.84
Altran Technologies S.A.  3.750    01/01/09     EUR      12.62
Calyon                    6.000    06/18/47     EUR      44.99
CAP Gemini S.A.           2.500    01/01/10     EUR      53.47
                           1.000    01/01/12     EUR      47.10
Club Mediterranee S.A.    3.000    11/01/08     EUR      67.08
                           4.380    11/01/10     EUR      46.01
Essilor Intl              1.500    07/02/10     EUR      66.24
Europcar Groupe           8.130    05/15/14     EUR      65.78
                           8.130    05/15/14     EUR      64.92
FCC Rome Alliance
Funding                   2.260    01/08/21     EUR      70.51
Groupe Vial               2.500    01/01/14     EUR      30.46
Havas S.A.                4.000    01/01/09     EUR      10.83
Ingenico                  2.750    01/01/12     EUR      16.28
Maurel & Prom             3.500    01/01/10     EUR      21.25
Publicis Group            1.000    01/18/18     EUR      41.59
Rhodia S.A.               0.500    01/01/14     EUR      34.86
Scor S.A.                 4.125    01/01/10     EUR       2.08
Soc Air France            2.750    04/01/20     EUR      22.30
St Gobain                 5.630    11/15/24     GBP      78.67
Tereos Europe             6.380    04/15/14     EUR      70.88
Theolia S.A.              2.000    01/01/14     EUR      20.35
Valeo                     2.380    01/01/11     EUR      42.27
Wavecom S.A.              1.750    01/01/14     EUR      17.97
Wendel Invest S.A.        2.000    06/19/09     EUR      44.10
                           4.380    08/09/17     EUR      63.88
                           4.880    09/21/15     EUR      71.27
                           4.880    11/04/14     EUR      74.40
                           4.880    05/26/16     EUR      87.08
Zlomrex Int Fin           8.500    02/01/14     EUR      69.73
                           8.500    02/01/14     EUR      69.88

GERMANY
-------
Callahan NRH             16.000    07/15/10     US$       0.01
Deutsche Schifbk          4.200    01/23/09     EUR      99.59
IKB Deutsche
    Industriebank AG       4.500    07/09/13     EUR      72.94
KfW Bankengruppe          0.500    10/30/13     AUD      71.93
                           2.800    08/10/30     EUR      71.81
                           0.500    12/19/17     EUR      68.95
                           1.250    05/23/20     EUR      74.19
                           1.250    07/29/20     EUR      72.82
                           1.250    07/21/25     EUR      67.98
                           1.250    07/07/20     EUR      75.79
Landeskreditbank Baden-
    Wuerttemberg Foerderbk 0.500    05/10/27     CDN      44.47
Landwirtschaftliche
    Rentenbank AG          1.000    03/29/17     NZD      61.35


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

ICELAND
-------
Glitnir Banki HF          6.000    03/05/12     GBP      75.27
                           4.380    02/05/10     EUR      76.27
Kaupthing Bank            6.500    02/03/45     EUR      41.75
                           7.130    05/19/16     US$      63.27
                           7.130    05/19/16     US$      64.59
                           6.130    10/04/16     US$      62.16
                           5.750    10/04/11     US$      76.16
                           5.750    10/04/11     US$      75.22
IRELAND
-------
Banesto Finance Plc       6.120    11/07/37     EUR       6.12
Depfa ACS Bank            0.500    03/03/25     CDN      48.89
                           0.250    07/08/33     CDN      29.08
Irish Nationwide
   Building Society        5.500    01/10/18     GBP      67.54
Irish Perm Plc            2.500    02/15/35     EUR      50.03
Ono Finance II            8.000    05/16/14     EUR      66.15

ITALY
-----
Alitalia SPA              7.500    07/22/10     EUR      64.71
IGD                       2.500    06/28/12     EUR      74.52
Risanamento S.p.A.        1.000    05/10/14     EUR      37.73
Telecom Italia            5.250    03/17/55     EUR      71.85

LUXEMBOURG
----------
Beverage Pack             9.500    06/15/17     EUR      71.63
Global Yatirim Holding    9.250    07/31/12     US$      74.41
Globus Capital Finance SA 8.500    03/05/12     US$      74.14
IT Holding Fin            9.880    11/15/12     EUR      62.75
Kloeckner Fin. Intl       1.500    07/27/12     EUR      71.86
Kudelski Financial
    Services SCA         1.630    10/05/12     CHF      74.31
Lighthouse International  8.000    04/30/14     EUR      72.11
Nell AF S.A.              8.380    08/15/15     EUR      63.41
                           8.380    08/15/15     US$      62.67
NETHERLANDS
-----------
ABN Amo Bank B.V.         6.000    03/16/35     EUR      64.31
Air Berlin Finance B.V.   1.500    04/11/27     EUR      22.96
ALB Finance BV            9.250    09/25/13     US$      73.11
                           7.880    02/01/12     EUR      71.77
BK Ned Gemeenten          0.500    06/27/18     CDN      67.05
                           0.500    02/24/25     CDN      48.93
BLT Finance BV            7.500    05/15/14     US$      70.95
Elec De Car Fin         8.500    04/10/18     US$      74.58
EM.TV Finance B.V.        5.250    05/08/13     EUR       3.68
GMAC Intl Finance BV      5.100    07/15/10     EUR      67.59
                           5.000    06/15/10     EUR      68.32
                           5.000    06/15/10     EUR      68.32
                           5.750    05/21/10     EUR      75.55
                           5.000    06/15/10     EUR      68.32
                           5.100    07/15/10     EUR      67.59
                           5.000    06/15/10     EUR      68.32
                           5.100    07/15/10     EUR      67.59
                           5.200    07/15/10     EUR      67.73
Hypo Real ES Finance      5.500    08/20/08     EUR      41.03
Indah Kiat Intl          11.880    06/15/02     US$      53.00
IVG Finance B.V.          1.750    03/29/17     EUR      55.74
Kazkommerts Fin           8.500    06/13/17     US$      72.99
                           8.630    07/27/16     US$      75.24
Kazkommerts Intl          8.000    11/03/15     US$      75.01
                           6.880    02/13/17     EUR      71.48
                           7.500    11/29/16     US$      72.16
                           7.500    11/29/16     US$      72.09
KBC Ifima NV              5.880    02/07/25     US$      72.14
Lehman Bros TSY B.V.      2.000    03/18/15     EUR      67.83
                           4.170    02/16/17     EUR      66.94
                           6.000    02/15/35     EUR      52.00
                           2.000    03/16/35     EUR      40.89
                           7.000    05/17/35     EUR      42.75
                           7.250    10/05/35     EUR      38.10
                           6.000    11/02/35     EUR      40.51
Montell Finance B.V.      8.100    03/15/27     US$      58.22
Natl Invester Bank       25.982    05/07/29     EUR      31.07
Ned Waterschapbk          6.000    06/01/35     EUR      61.43
                           6.500    08/15/35     EUR      54.50
                           6.000    06/30/45     EUR      57.09
NXP BV/NXP FUNDI          8.630    10/15/15     EUR      59.25
                           9.500    10/15/15     US$      63.75
                           8.630    10/15/15     EUR      59.44
Portugal Tel Fin          4.500    06/16/25     EUR      75.90
Rabobank Groep N.V.       2.500    02/22/35     EUR      59.03
                           5.000    02/28/35     EUR      70.15
                           6.000    05/09/35     EUR      60.03
                           0.440    04/08/20     EUR      72.27
                           2.000    03/23/35     EUR      55.63
Tjiwi Kimia Finance BV   13.250    08/01/01     US$       0.13
Turanalem Fin BV          8.250    01/22/37     US$      74.17

NORWAY
------

Eksportfinans            13.000    02/25/09     US$      69.25
Kommunalbanken A.S.       0.500    02/07/13     AUD      74.81
Norske Skogindustrier ASA 7.000    06/26/17     EUR      60.96

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      75.02
Stena AB                  5.880    02/01/19     EUR      72.75

SWITZERLAND
-----------
Cytos Biotechnology       2.880    02/20/12     CHF      69.45
Swiss RE                  6.000    12/15/08     CHF      73.23
UBS AG Jersey             3.220    07/31/12     EUR      68.05

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

Anglian Water
    Finance Plc            2.400     04/20/35    GBP      52.39
Aspire Defence            4.670     03/31/40    GBP      65.84
                           4.670     03/31/40    GBP      64.69
Bank of Scotland          6.000     02/07/35    EUR      47.87
Bradford&Bin BLD          5.750     12/12/22    GBP      67.88
                           6.630     06/16/23    GBP      65.32
Brit Insurance            6.630     12/09/30    GBP      78.62
Britannia Building
    Society                5.880     03/28/33    GBP      72.04
                           5.750     12/02/24    GBP      74.41
Cattles Plc               7.130     07/05/17    GBP      75.90
F&C Asset Management plc  6.750     12/20/26    GBP      71.81
Grainer Plc               3.630     05/17/14    GBP      57.79
Greene King Finance PLC   5.110     03/15/34    GBP      73.76
Hammerson Plc             6.000     02/23/26    GBP      75.08
HBOS Plc                  4.500     03/18/30    EUR      72.94
Ineos Group Holdings Plc  7.880     02/15/16    EUR      63.35
                           8.500     02/15/16    US$      67.44
Jaztel Plc                5.000     04/29/10    EUR      74.44
Longstone Finance PLC     4.900     04/19/31    GBP      74.92
Louis No1 Plc            10.000     12/01/16    EUR      66.58
                           8.500     12/01/14    EUR      69.90
                           8.500     12/01/14    EUR      69.92
Marston's Issuer PLC      5.640     07/15/35    GBP      72.62
National Grid Gas Plc     1.750     10/17/36    GBP      43.17
                           1.770     03/30/37    GBP      43.17
Rexam Plc                 6.750     06/29/67    EUR      75.10
Royal BK Scotland         9.500     04/04/25    US$      63.92
                           0.250     03/27/14    US$      74.81
Slough Estates plc        5.750     06/20/35    GBP      72.69
Taylor Woodrow            6.380     05/24/19    GBP      53.44
                           6.630     02/07/12    GBP      51.85
TXU Eastern Funding       6.450     05/15/05    US$       0.01
Wessex Water Fin          1.370     07/31/57    GBP      19.61


                             *********

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.

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                  * * * End of Transmission * * *