TCREUR_Public/080812.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

            Tuesday, August 12, 2008, Vol. 9, No. 159

                            Headlines


A U S T R I A

ELEKTROTECHNIK ING: Claims Registration Period Ends August 18
ELTRONA LLC: Claims Registration Period Ends August 20
INCENTRO DATA: Claims Registration Period Ends August 21
MUEHLBERGER LLC: Claims Registration Period Ends August 18
MYWAVE JSC: Claims Registration Period Ends August 18

XERIUM TECHNOLOGIES: Earns US$14.1 Mln in 2008 Second Quarter


F R A N C E

DELPHI CORP: Gets US$300MM More Exit Funding from General Motors


G E O R G I A

* GEORGIA: Fitch Lowers LT Local & Foreign Currency IDR to 'B+'


G E R M A N Y

BAVARIA KEYTRONIC: Claims Registration Period Ends August 19
BISANTECH-NUOVA VERWALTUNGS: Claims Registration Ends August 19
BUENDER KLINKERBAU: Claims Registration Period Ends August 19
DECO 7: S&P Places Class H Notes' BB Rating on Watch Negative
DJP CONSULTING: Claims Registration Period Ends August 19

DOCOTEC GMBH: Claims Registration Period Ends August 19
DRESDNER BANK: Posts EUR1.03 Bln Net Loss for First Half 2008
IKB DEUTSCHE: KfW Signs Share Subscription Commitment Deal
KING'S FASHION: Claims Registration Period Ends August 18
KL DEUTSCHLAND: Claims Registration Period Ends August 19

MISSAL INNENAUSBAU: Claims Registration Period Ends August 18
MIT CONSULTING: Claims Registration Period Ends August 19
MOEBA FERNWARME-TECHNIK: Claims Registration Period Ends Aug. 18
OTL OUTLET: Claims Registration Period Ends August 18
PERFECT BETEILIGUNGS: Claims Registration Period Ends August 19

TECHNISCHE BAU: Claims Registration Period Ends September 18
TR TRANSALL: Claims Registration Period Ends August 19
UBS AG: To Buy Back US$18.6 Billion Auction Rate Securities


H U N G A R Y

MASONITE CORPORATION: Moody's Cuts Debt Ratings to Caa1


I R E L A N D

BALLANTYNE RE: S&P Cuts BB Debt Rating on Class A-1 Notes to B-


I T A L Y

PARMALAT SPA: Split Ways with Murray over Dairy Farmers Bid


K A Z A K H S T A N

AJS TRADING: Creditors Must File Proofs of Claim by September 25
ELEMAI-ASTYK LLP: Claims Filing Deadline Slated for September 25
KASPY OIL: Claims Filing Period Ends September 25
MEGASTROY-ALATAU LLP: Creditors' Claims Due on September 25
NUR SERVICE: Claims Registration Ends September 25

PRIBOR STROY: Claims Filing Deadline Slated for September 25
PROMSNUB LLC: Claims Filing Period Ends September 25
TELEP-ASB LLP: Creditors' Proofs of Claim Due on September 25


K Y R G Y Z S T A N

GARANT CONSTRUCTION: Claims Filing Period Ends September 16


L U X E M B O U R G

CRC BREEZE: S&P Puts EUR50MM Sub Notes' BB Rating on Watch Neg.


N E T H E R L A N D S

HARBOURMASTER CLO 3: Fitch Holds BB Rating on EUR15MM ClB2 Notes
HARBOURMASTER CLO 4: Fitch Affirms 'BB' Ratings on Two Notes
HARBOURMASTER CLO 5: Fitch Holds 'BB-' Rating on EUR6.6MM Notes
HARBOURMASTER CLO 6: Fitch Affirms 'BB' Ratings on Three Notes
HARBOURMASTER CLO 7: Fitch Affirms BB Ratings on Two Notes

HARBOURMASTER CLO 8: Fitch Holds 'BB' Rating on EUR11.8MM Notes
HARBOURMASTER CLO 9: Fitch Holds EUR19.25MM Notes Rating at 'BB'
HARBOURMASTER CLO 10: Fitch Affirms 'BB' Rating on EUR9MM Notes
HARBOURMASTER PRO: Fitch Holds Rating on EUR26MM Notes at 'BB'
HARBOURMASTER PRO-RATA: Fitch Holds BB Rating on EUR17.5MM Notes


R U S S I A

AGRO-SERVICE: Court Names V. Vorobey as Administrative Receiver
BRIANT LLC: Court Sets Supervision Hearing on November 11
BUILDING ASSEMBLY 12: Court Names A. Udachin to Manage Assets
CRYSTAL-BEL CJSC: Proofs of Claim Filing Deadline Set Sept. 5
EAST CJSC: Proofs of Claim Filing Deadline Set September 5

EUROPEAN TRUST: Moody's Assigns E+ Financial Strength Rating
FORT-PRESS CJSC: Proofs of Claim Filing Deadline Set September 5
GAS-STROY LLC: Names R. Akhairov as Administrative Receiver
IRKUT CORP: Moody's Lowers Corporate Family Rating to Ba2
KURSK-AGRO-SEL-KHOZ-SNAB: Names Y. Lyashko to Manage Assets

LES-MARKET LLC: Court Names N. Mukha as Administrative Receiver
LIPETSK REGION: Fitch Puts 'BB-' Foreign & Local Currency IDRs
NALCHIKSKIY STOCKINET: Court Sets Supervision Hearing on Sept. 5
NOVOROSSIYSKAYA ROAD: Court Sets Supervision Hearing on Sept. 29
POLYANA LLC: Court Starts Bankruptcy Supervision Procedure

STREAM CJSC: Court Names I. Kolsanov as Administrative Receiver
USMAN TOBACCO: Court Sets Supervision Hearing on November 20


S E R B I A   &   M O N T E N E G R O

* S&P Puts Montenegro Banking Industry on BICRA Group 9 Category


S P A I N

* Fitch Sees TDA Worse-Than-Expected Collateral Performance


S W I T Z E R L A N D

AMCI JSC: August 22 Set as Deadline to File Proofs of Claim
EMFG LLC: Creditors Must File Proofs of Claim by August 22
GENERAL MOTORS: Asks Ads Agencies for a 20% Fees Discount
GENERAL MOTORS: Provides US$300MM to Help Delphi Exit Bankruptcy
MARTI JSC: Deadline to File Proofs of Claim Set August 22

MORIBIE VERWALTUNG: Proofs of Claim Filing Deadline is Aug. 23
RHY-HOLZ JSC: Creditors' Proofs of Claim Due by August 23


U K R A I N E

CREDIT DNEPR: Moody's Affirms E+ Bank Financial Strength Rating
NAFTOGAZ NJSC: Moody's Lowers FC Corporate Family Rating to B1

* Moody's Holds Positive Outlook on Ukraine's Ratings


U N I T E D   K I N G D O M

AIRE VALLEY: S&P Gives BB Rating on Class D GBP210 Million Notes
ALPHABETA OPERATIONS: Taps Tenon Recovery to Administer Assets
BAR GROUP: Seeks Protection from its Creditors
BLUCAT LTD: Brings in Liquidators from Vantis Business Recovery
CHESAPEAKE CORP: Moody's Junks Corporate Family Ratings to Caa2

CHRYSLER AUTOMOTIVE: Moody's Junks Corporate Family Rating
COLT TELECOM: S&P Shifts Outlook to Positive; Affirms B Ratings
COMMUNITY COMMUNICATION: Taps Administrators from Tenon Recovery
DIGITAL THERAPY: Brings in Joint Administrators from Mazars
DUNWOODY MARKETING: Exits Administration Without Print Unit

E A CASTLE: David Elliott Leads Liquidation Procedure
EXPRESS GLASS: Appoints Liquidator from BDO Stoy Hayward
F1 ENGINEERING: Calls in Administrators from Tenon Recovery
FEARNLEY ELECTRICAL: Joint Liquidators Take Over Operations
GALACOURT LTD: Paperun Taps Receiver from PKF

PHAROS INTERNATIONAL: Appoints Joint Administrators from Vantis
SOUTHERN PACIFIC 05-3: S&P Puts BB/B Ratings on Watch Negative
SOUTHERN PACIFIC 06-1: S&P Puts BB/B Ratings on Watch Negative
SPACE KITCHENS: Calls in Joint Administrators from PKF
ULMKE METALS: Taps Joint Administrators from BDO Stoy Hayward

* Large Companies with Insolvent Balance Sheet


                            *********


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


ELEKTROTECHNIK ING: Claims Registration Period Ends August 18
-------------------------------------------------------------
Creditors owed money by LLC Elektrotechnik Ing. Nothard have
until Aug. 18, 2008, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Andreas Alzinger
         Karntner Ring 12
         1010 Vienna
         Austria
         Tel: 515 50 333
         Fax: 515 50 50
         E-mail: a.alzinger@baierboehm.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Sept. 1, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 2101
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 2, 2008, (Bankr. Case No. 38 S 34/08i).


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

         Norbert Abel
         Franz-Josefs-Kai 49/19
         1010 Vienna
         Tel: 01/533 52 72
         Fax: 01/533 52 72 15
         E-mail: office@abel-abel.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:30 a.m. on Sept. 3, 2008, for the
examination of claims at:

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

Headquartered in Schwechat, Austria, the Debtor declared
bankruptcy on July 2, 2008,(Bankr. Case No. 36 S 82/08p).


INCENTRO DATA: Claims Registration Period Ends August 21
--------------------------------------------------------
Creditors owed money by JSC inCentro data services have until
Aug. 21, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Richard Proksch
         Am Heumarkt 9/I/11
         1030 Vienna
         Tel: 713 46 51
         Fax: 713 84 35
         Austria
         E-mail: proksch@eurojuris.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Sept. 4, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 2, 2008, (Bankr. Case No. 2 S 78/08w).


MUEHLBERGER LLC: Claims Registration Period Ends August 18
----------------------------------------------------------
Creditors owed money by LLC Muehlberger have until Aug. 18,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Johannes Welzl
         Hauptplatz 21
         4020 Linz
         Tel: 77 34 61
         Fax: 78 27 32
         E-mail: j.welzl.ra@rae-jlw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Sept. 1, 2008, for the
examination of claims at:

         The Land Court of Linz
         Room 522
         5th Floor
         Linz
         Austria

Headquartered in Traun, Austria, the Debtor declared bankruptcy
on July 2, 2008, (Bankr. Case No. 12 S 57/08g).


MYWAVE JSC: Claims Registration Period Ends August 18
-----------------------------------------------------
Creditors owed money by JSC Mywave have until Aug. 18, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Erhard Hackl
         Hofgasse 7
         4020 Linz
         Tel: 77 62 34-22
         Fax: 77 62 34, 77 62 35
         E-mail: hackl.hatak@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Sept. 1, 2008, for the
examination of claims at:

         The Land Court of Linz
         Room 522
         5th Floor
         Linz
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on July 2, 2008, (Bankr. Case No. 12 S 56/08k).


XERIUM TECHNOLOGIES: Earns US$14.1 Mln in 2008 Second Quarter
-------------------------------------------------------------
Xerium Technologies Inc. reported Wednesday results for the
second quarter ended June 30, 2008.

Net income increased 83.1% to US$14.1 million for the 2008
quarter, compared to net income of US$7.7 million for the 2007
quarter.  The increase in net income was largely due to a
US$13.7 million pre-tax, non-cash credit to interest expense
reflecting the mark-to-market increase in the fair value of the
company's interest rate swaps.

Net sales for the 2008 quarter were US$170.4 million, a 10.9%
increase from net sales for the 2007 quarter of
US$153.7 million.  Excluding the effects of currency on pricing
and translation, second quarter 2008 net sales increased 2.8%
from the second quarter of 2007, with a decline of 1.8% and an
increase of 12.2% in the clothing and roll covers segments,
respectively.

"The transformation that we began in early 2008 is starting to
show results," said Stephen Light, president, chief executive
officer and chairman.  "While the market continues to remain
challenging, we believe we have improved our ability to compete
effectively.  We anticipate that most of the hard work to
restructure certain operations and execute an amended credit
agreement is now largely behind us.  We've begun to reduce
working capital as Xerium's employees remain focused on
delivering the results we expect in our new business plan and
paying down our debt."

Gross margins were US$68.8 million or 40.4% of net sales for the
2008 quarter, compared to US$64.2 million or 41.8% of net sales
for the 2007 quarter.

Income from operations declined by 25.9% to US$17.7 million for
the 2008 quarter from US$23.9 million for the 2007 quarter.
During the second quarter of 2008, the company expensed
approximately US$5.2 million to general and administrative
expenses in connection with the amendments to its credit
facility.  In addition, for the second quarter of 2008,
restructuring and impairment expenses increased by US$1.5
million to US$2.7 million from US$1.2 million in the
second quarter of 2007.

Net cash generated by operating activities was US$11.2 million
for the 2008 quarter, which compares to US$14.8 million for the
2007 quarter.  Cash provided by operating activities was
decreased by approximately US$4.4 million related to amendment
costs in the second quarter of 2008.  The company has reduced
working capital from 30% of revenues in the year-ago quarter to
27%.

Adjusted EBITDA (as defined in the company's amended credit
facility) was US$50.2 million for the 2008 quarter, compared to
US$38.2 million for the 2007 quarter.

Cash on hand at June 30, 2008, was US$25.4 million, compared to
cash on hand at March 31, 2008, of US$31.0 million.  Cash on
hand at June 30, 2007, was US$24.7 million.

During the 2008 quarter, Xerium made senior debt principal
repayments of US$2.3 million.  During the six months ended
June 30, 2008, the company made senior debt repayments of
US$13.5 million.

Capital expenditures during the 2008 quarter were US$8.8
million, compared to US$7.3 million during the 2007 quarter.

                          Balance Sheet

At June 30, 2008, the company's consolidated balance sheet
showed US$932.6 million in total assets, US$911.9 million in
total liabilities, and US$20.7 million in total stockholders'
equity.

                    About Xerium Technologies

Based on Youngsville, North Carolina, Xerium Technologies Inc.
(NYSE: XRM) -- http://www.xerium.com/-- manufactures and
supplies      two types of consumable products used in the
production of paper: clothing and roll covers.  With 35
manufacturing facilities in 15 countries around the world,
including Austria, Brazil and Japan, Xerium has approximately
3,700 employees.

                         *     *     *

As disclosed in the Troubled Company Reporter on June 9, 2008,
Moody's Investors Service revised Xerium Technologies, Inc.'s
outlook to positive from negative, upgraded its speculative
grade liquidity rating to SGL-3 from SGL-4, and upgraded its
probability of default rating to Caa1 from Caa2.

As related in the Troubled Company Reporter on June 5, 2008,
Standard & Poor's Ratings Services affirmed its ratings on
Xerium Technologies Inc., including the 'CCC+' corporate credit
rating, and removed them from CreditWatch, where they were
originally placed with negative implications on March 19, 2008.
At the same time, S&P assigned a positive outlook.


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


DELPHI CORP: Gets US$300MM More Exit Funding from General Motors
----------------------------------------------------------------
General Motors Corp. will grant Delphi Corp. an additional
US$300 million on top of the US$650 million already promised to
help its former parts unit exit bankruptcy protection, The Wall
Street Journal reports.

WSJ, citing court papers, says that GM may increase its loans to
its top supplier to US$950 million through the end of 2008 to
reimburse Delphi for labor-related costs and other liabilities.
WSJ relates that GM had agreed to assume these liabilities under
a settlement entered into during the Chapter 11 case.

The US$950 million, WSJ indicates, represents a portion of the
amount GM would have paid Delphi had the supplier emerged from
Chapter 11.  GM will receive a top priority claim under
bankruptcy law for the advances, WSJ notes.

The agreement comes amid GM reporting a US$15.5 billion loss for
the second quarter, US$2.8 billion of which was related to
adjusting the accounting for its relationship with Delphi.

GM agreed to increase the loan in July, at about the time the
auto maker was patching together its own plan to boost liquidity
by US$15 billion through 2009, The Journal states according to
GM spokeswoman Julie Gibson.

                      About General Motors

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

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

                          About Delphi

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.


=============
G E O R G I A
=============


* GEORGIA: Fitch Lowers LT Local & Foreign Currency IDR to 'B+'
---------------------------------------------------------------
Fitch Ratings has downgraded Georgia's Long-term local and
foreign currency Issuer Default ratings to 'B+' from 'BB-'.
Following the downgrade, the Outlooks are now Negative.  At the
same time, the agency has downgraded Georgia's Country Ceiling
to 'B+' from 'BB-' and affirmed the Short-term foreign currency
IDR at 'B'.

"The significant escalation in the military conflict between
Georgian government forces and South Ossetian separatists in the
last 24 hours and the elevated risk that Russia could become
more deeply involved in the situation has materially increased
downside risks to Georgia's sovereign creditworthiness," says
Edward Parker, Head of Emerging Europe sovereigns at Fitch.  "We
will continue to monitor the situation closely, including any
potential impact on the Georgian economy, and stand ready to
take further rating action as we judge warranted by events."

Over the past 24 hours there has been a serious escalation in
fighting between Georgian government troops and South Ossetian
separatist forces, involving the loss of life on both sides.
The Russian authorities claim that Russian peacekeepers have
been killed in the fighting and various reports suggest that
Russian aircraft have become involved in military action and
that Russian tanks are on the move.  The agency has previously
highlighted the risk of heightened conflict with Georgia's
secessionist regions of South Ossetia and Abkhazia, and tense
relations with Russia as a major rating weakness and risk.
Events of the past 24 hours mark a significant escalation of the
conflict and represent a material increase in political and war
risks.

Heightened or prolonged military conflict would carry economic
costs and open up some potential channels of vulnerability for
the Georgian economy.  It would likely increase government
expenditure and widen the budget deficit.  Other risks include a
fall in foreign investor confidence, which could reduce foreign
direct investments and other capital inflows that are required
to finance Georgia's substantial current account deficit, which
was some 20% of GDP last year.  In addition, if there were a
reduction in the confidence of Georgian residents, that could
add to pressures on the banking system, currency and foreign
exchange reserves.

Georgia's rating strengths include a moderate level of
government debt, which was equivalent to 25% of GDP at end-2007,
down from 71% at end-2002, and its dynamic economic growth
performance.  Real GDP grew by over 12% in 2007 and has averaged
9.7% over the past five years, driven by massive foreign
investments and impressive structural reforms, underscored by
its ranking of 18th in the 2008 World Bank Doing Business
Survey.


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


BAVARIA KEYTRONIC: Claims Registration Period Ends August 19
------------------------------------------------------------
Creditors of BAVARIA KEYTRONIC Technologie GmbH have until
Aug. 19, 2008, to register their claims with court-appointed
insolvency manager Dr. Thilo Streck.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on Sept. 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Thilo Streck
         Neuer Wall 86
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against BAVARIA KEYTRONIC Technologie GmbH on July 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BAVARIA KEYTRONIC Technologie GmbH
         Attn: Michael Joseph Rogerson, Manager
         Kieler Strasse 103
         22769 Hamburg
         Germany


BISANTECH-NUOVA VERWALTUNGS: Claims Registration Ends August 19
---------------------------------------------------------------
Creditors of BISANTECH-NUOVA Verwaltungs GmbH have until
Aug. 19, 2008, to register their claims with court-appointed
insolvency manager Dr. Volkhard Frenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 2:05 p.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 Dessau-Rosslau
         Hall 123
         Willy-Lohmann-Str. 33
         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. Volkhard Frenzel
         Magdeburger Strasse 23
         06112 Halle
         Germany
         Tel: 0345/2311111
         Fax: 0345/2311199

The District Court of Dessau-Rosslau opened bankruptcy
proceedings against BISANTECH-NUOVA Verwaltungs GmbH on
July 1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         BISANTECH-NUOVA Verwaltungs GmbH
         Attn: Stefan Kerk, Manager
         ChemiePark-Strasse 9
         06749 Bitterfeld-Wolfen
         Germany


BUENDER KLINKERBAU: Claims Registration Period Ends August 19
-------------------------------------------------------------
Creditors of Buender Klinkerbau GmbH have until Aug. 19, 2008,
to register their claims with court-appointed insolvency manager
Martin Kienitz.

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

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Martin Kienitz
         Hahler Strasse 253
         32427 Minden
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Buender Klinkerbau GmbH on July 1, 2008s.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Buender Klinkerbau GmbH
         Attn: Liane Landwehr, Manager
         Wilhelmstr. 74
         32257 Buende
         Germany


DECO 7: S&P Places Class H Notes' BB Rating on Watch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with negative implications its 'BB' rating on the class H notes
issued by Deco 7 Pan Europe 2 PLC.

The CreditWatch negative placement of the class H notes follows
the payment default and subsequent acceleration of the Karstadt
Kompakt loan and the official filing for insolvency of the main
tenant, Hertie GmbH & Co KG.

The Karstadt Kompakt loan is the largest remaining loan in the
pool (34.8%).  On July 24, 2008, a special notice was released
by the servicer announcing the event of default following the
borrower's failure to pay the full amount of the amortization
instalment.  The shortfall was EUR1.252 million.  On Aug. 1,
2008, a special notice from the servicer stated that it had
accelerated the loan by delivery of an acceleration notice to
the borrower, a joint venture between Dawnay Day and Hilco.

The joint venture between Dawnay Day and Hilco was 50:50 at
closing, but S&P understands that Dawnay Day now holds a
material majority interest.

S&P notes that a recent portfolio valuation shows a current
vacant possession value that is considerably higher than the
outstanding loan amount of EUR269.4 million.

S&P will continue to analyze the effect of the default of the
Karstadt Kompakt loan on the ratings on the notes in Deco 7.
S&P's analysis will focus on the various possible resolutions of
the default, its assessment of recovery proceeds, and the impact
on note default risks.

S&P has some concerns that the complexity of any workout may
increase due to the contemporaneous insolvency of the parent of
the borrower and the principal tenant insolvency.

Deco 7 is a multi-jurisdictional true sale CMBS transaction,
which closed in March 2006.  The transaction (which has been

paid down by approximately 50.2% at the July 2008 interest
payment date), was originally backed by 10 loans secured by 499
properties in Germany, The Netherlands, and Switzerland.
According to the latest cash management report (July 2008
interest payment date), six loans remain in the pool with an
outstanding principal balance of EUR774.6 million following the
prepayment of four loans.


DJP CONSULTING: Claims Registration Period Ends August 19
---------------------------------------------------------
Creditors of DJP Consulting GmbH have until Aug. 19, 2008, to
register their claims with court-appointed insolvency manager
Andreas Mueller-Stein.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on Sept. 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 14
         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:

         Andreas Mueller-Stein
         Schuetzenstr. 5
         50126 Bergheim
         Germany

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

The Debtor can be reached at:

         DJP Consulting GmbH
         Lindlacher Weg 31
         50259 Pulheim
         Germany

         Attn: Alfred Jurek, Manager
         Chalonweg 22
         42699 Solingen
         Germany


DOCOTEC GMBH: Claims Registration Period Ends August 19
-------------------------------------------------------
Creditors of Docotec GmbH have until Aug. 19, 2008, to register
their claims with court-appointed insolvency manager Dr.
Ferdinand Kiessner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 30, 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 Baden-Baden
         Hall 009a
         Ground Floor
         Gutenbergstr. 17
         76532 Baden-Baden
         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. Ferdinand Kiessner
         77855 Achern
         Eisenbahnstr. 19-23
         Germany

The District Court of Baden-Baden opened bankruptcy proceedings
against Docotec GmbH on July 8, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Docotec GmbH
         Attn: Hans Geldmacher, Manager
         Im Metzenacker 7
         76532 Baden-Baden
         Germany


DRESDNER BANK: Posts EUR1.03 Bln Net Loss for First Half 2008
-------------------------------------------------------------
Dresdner Bank AG posted a net loss of EUR1,029 million for the
first half of 2008, compared to a net income of EUR1,050 million
for the same period last year.

The ongoing crisis hitting international finance markets has
left its traces at Dresdner Bank in the first half of 2008.
While the operating profit in the corporate sector Private &
Corporate Clients amounted to EUR339 million in the first half
of the fiscal year, the figure for Investment Banking showed
minus EUR1,292 million.  This is primarily a consequence of
value adjustments of almost EUR1.4 billion, for instance, in the
ABS account book and for Monoliner Exposure.  The operating
profit of Dresdner Bank subsequently fell from EUR1,097 million
in the same period of the previous year to a figure of minus
EUR964 million in the first half of 2008.  Total operating
expenses fell considerably by 12.8 per cent to EUR2,303 million.

"The difficulties in the global capital market environment also
had a negative influence on Dresdner Bank's results," reports
Herbert Walter, Chairman of the Board of Managing Directors of
Dresdner Bank.  "In the private and medium-sized business
segment, many of our customers are playing it safe.  In the
investment banking sector, we have continued our policy of
reducing critical assets."  Herbert Walter adds: "We maintain a
strong operational discipline in both our credit policies and in
terms of cost control.  In addition to this, Dresdner Bank also
maintains a stable balance and liquidity situation."

Net interest and current income and net fee and commission
income reflect customer attitudes

The total operating income of Dresdner Bank amounted to EUR1,415
million, following EUR3,793 million in the same period of the
previous year.  This detrimental effect was predominantly due to
the net trading income.  Due to value adjustments in the first
half of 2008, these fell from EUR640 million in the previous
year's period to a figure of minus EUR1,146 million.  Further,
the current defensive attitude of customers with regard to
securities transactions led to a drop in net fee and commission
income of almost 23 per cent to EUR1,162 million.  Net interest
and current income remained at the previous year's one-time-
effect adjusted high level of EUR1,399 million.

Private & Corporate Clients with high yields

In the Private & Corporate Clients segment, the total operating
income was influenced by the cautious attitude of investors in
the first six months of the year.  The results fell by 8 per
cent, to EUR1,716 million.  The Private & Corporate Clients
segment continued to show an appreciable yield with a return on
risk-adjusted capital (RoRAC) after tax of 25.2 per cent.

Another increase in the Private & Corporate Clients segment was
seen in customer volume: this figure rose in mid-2008 to 6.52
million 300,000 above the previous year's level.  A positive
development in new business was also registered in consumer
loans and mortgage lending: in the first half of 2008, this
rose, in comparison with the previous year's figures, by 21 per
cent, to EUR2,147 million.  In a half-year comparison of the
deposits sector, Dresdner Bank recorded an increase in customer
deposits of 13 per cent, to EUR68 billion.

At the same time, the growth initiatives launched in the second
quarter got off to a successful start:

The new product line, dresdner bank direct24 registered
approximately 230,000 users in the first weeks after its launch,
one third of whom were new customers.  The considerable influx
of new customer assets is a cause for particular satisfaction:
With "direct 24", Dresdner Bank has successfully secured around
EUR1 billion of customer assets which would otherwise have been
deposited with competitors.

The campaign for small and medium sized enterprises (SME,
"Mittelstand") is also showing positive effects: for instance,
new Dresdner Bank products made an additional credit volume of
EUR700 million available to SMEs in Germany.  Further growth in
this customer segment has also been registered.  Earnings from
Corporate Banking rose by 6 per cent in the second quarter.

Earnings fell in the Capital Markets segment, Global Banking
remained stable

At Dresdner Kleinwort, the development of earnings in the first
half of 2008 was influenced by the capital markets crisis.
Total operating income from investment banking amounted to minus
EUR254 million.  The Credit Derivatives Division within Capital
Markets was particularly hard hit by the crisis on the financial
markets: income showed a figure of minus EUR846 million as a
consequence of value adjustments.  In comparison, the Global
Banking Division achieved an income of EUR643 million. Total
assets and risk-weighted assets in investment banking were
reduced and margins rose.  The operational cost base of the
corporate division fell considerably credit risks range at a
low level.

Costs are decreasing, the capital base is stable

As already seen in the first quarter, Dresdner Bank again
reveals an ongoing operational discipline throughout the second
quarter.  The decrease in total operating expenses of almost 13
per cent is not only a consequence of lower service-dependent
commissions, when compared with the same period of the previous
year, but is also due to the reduction of the cost base.  On the
whole, total staff costs fell by EUR324 million to EUR1,369
million.  At the same time, non-staff operating costs decreased
by EUR48 million to EUR897 million.

In the case of loan impairment allowances, Dresdner Bank
registered a moderate net increase of EUR76 million in the first
half of 2008.  This reflects the consistently excellent quality
of the loan portfolio.

As of June 30, 2008, Dresdner Bank has reduced its total assets
to EUR480 billion.  The core capital ratio according to Basel II
lies above the targeted bandwidth with a figure of 9.3 per cent.

                           About Dresdner Bank

Based in Frnakfurt.Main, Dresdner Bank AG --
http://www.dresdner-bank.com/-- is a commercial bank.  It has a
network of 838 domestic branch offices and is represented in a
number of centers outside Germany.  The Bank is a wholly owned
subsidiary of Allianz AG, Munich, Germany, and serves
approximately 6.5 million customers.  It offers a range of
banking products and financial services, such as lending and
deposits, capital market products, corporate advisory and
financial services, payment transactions, as well as securities
and custody business.  In addition, the Bank is active in the
investment business.  As part of the Allianz Group, Dresdner
Bank distributes life, health and non-life insurance products
from the Allianz Group.  The Bank's activities are structured
into two business divisions.  Offerings for private and business
clients are combined in Private and Corporate Clients, whereas
Investment Banking bundles advisory services for enterprises and
institutions.

                        *     *     *

Dresdner Bank AG continues to carry 'C' Individual rating from
Fitch.  Fitch downgraded the rating to its current level from
'B/C' in March 2008.


IKB DEUTSCHE: KfW Signs Share Subscription Commitment Deal
----------------------------------------------------------
Kreditanstalt fur Wiederaufbau Bankengruppe and IKB Deutsche
Industriebank AG have signed a commitment pursuant to which KfW
will subscribe for, or procure that a third party subscribes
for, such amount of shares issued under the capital increase
resolved by the general shareholders' meeting of March 27, 2008,
that IKB receives proceeds totaling EUR1.25 billion.

The commitment by KfW is subject to the condition precedent that
the European Commission reaches a decision by Oct. 25, 2008,
that KfW's participation in the capital increase does either not
constitute state aid or is approved as state aid.  A decision by
the European Commission is expected in October 2008.

IKB will amend the prospectus for the rights offering dated
July 25, 2008, by publishing a supplement to the prospectus. The
details of the commitment by KfW are described in the supplement
to the prospectus.

Shareholders who have made a declaration exercising subscription
rights before the publication of the supplement may rescind this
declaration within two business days after publication of the
supplement.  The period in which the right to rescind such
declarations may be exercised will end after expiration of the
subscription period.


                       About IKB Deutsche

Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank
AG -- http://www.ikb.de/-- provides medium-sized companies with
long-term financing.  The bank operates in several German
locations, as well as branches in the United Kingdom,
Luxembourg, Spain and France.

IKB had previously invested in securitized loans on the US
market for subprime mortgages, which are now almost worthless.
This resulted in a deep-seated crisis within the bank, pushing
it on the brink of bankruptcy.

                         *     *     *

Moody's Investors Service currently rates IKB Deutsche
Industriebank AG's bank financial strength at E; subordinated
debt at Ba2; junior subordinated securities at Ca and hybrid
capital instruments eligible for Tier 1 capital and the
preferred securities of IKB Funding Trust I & II at Caa3.  The
ratings, which were downgraded to their current level in
April 2008, have stable outlook.


KING'S FASHION: Claims Registration Period Ends August 18
---------------------------------------------------------
Creditors of King's Fashion GmbH have until Aug. 18, 2008, to
register their claims with court-appointed insolvency manager
Christina Siegert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Sept. 17, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Christina Siegert
         Oskar-von-Miller Ring 34-36
         80333 Munich
         Germany
         Tel: 089-24440930
         Fax: 089-244409365

The District Court of Munich opened bankruptcy proceedings
against King's Fashion GmbH on June 24, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         King's Fashion GmbH
         Attn: Robert Decker, Manager
         Beislerstr. 31
         82194 Groebenzell
         Germany


KL DEUTSCHLAND: Claims Registration Period Ends August 19
---------------------------------------------------------
Creditors of KL Deutschland GmbH have until Aug. 19, 2008, to
register their claims with court-appointed insolvency manager
Michael Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Sept. 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C205
         Second Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         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 Schmitz
         Am Flohbusch 1-3
         47802 Krefeld
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against KL Deutschland GmbH on July 15, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         KL Deutschland GmbH
         Hingbergstr. 365
         45472 Muelheim an der Ruhr
         Germany


MISSAL INNENAUSBAU: Claims Registration Period Ends August 18
-------------------------------------------------------------
Creditors of Missal Innenausbau Parkett- und Dielenstudio GmbH
have until Aug. 18, 2008, to register their claims with court-
appointed insolvency manager Christian Goedecke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 6, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wolfsburg
         Hall D
         Rothenfelder Strasse 43
         38440 Wolfsburg
         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:

         Christian Goedecke
         Schiffgraben 23
         30159 Hannover
         Germany
         Tel: 0511/7635290
         Fax: 0511/76352943
         E-mail: hannover@dr-moderegger.de
         Web site: http://www.dr-moderegger.de

The District Court of Wolfsburg opened bankruptcy proceedings
against Missal Innenausbau Parkett- und Dielenstudio GmbH on
June 27, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Missal Innenausbau Parkett- und Dielenstudio GmbH
         Laagbergstr. 49
         38440 Wolfsburg
         Germany

         Attn: Volker Missal, Manager
         Breslauer Str. 263
         38440 Wolfsburg
         Germany


MIT CONSULTING: Claims Registration Period Ends August 19
---------------------------------------------------------
Creditors of MIT Consulting GmbH have until Aug. 19, 2008, to
register their claims with court-appointed insolvency manager
Dr. Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Sept. 30, 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 Reinbek
         Parkallee 6
         21465 Reinbek
         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. Steffen Koch
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany

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

The Debtor can be reached at:

         MIT Consulting GmbH
         Attn: Stephan Kizina, Manager
         Von-Bronsart-Str. 2
         22885 Barsbuettel
         Germany


MOEBA FERNWARME-TECHNIK: Claims Registration Period Ends Aug. 18
----------------------------------------------------------------
Creditors of MoeBa Fernwarme-Technik GmbH have until Aug. 18,
2008, to register their claims with court-appointed insolvency
manager Dr. Tibor Braun.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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
         Hall 1
         First Floor
         Ritterstr. 5
         Germany

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

The insolvency manager can be reached at:

         Dr. Tibor Braun
         Kriegerstr. 3
         70191 Stuttgart
         Germany
         Tel: 0711/225583-0
         Fax: 225583-20

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

The Debtor can be reached at:

         MoeBa Fernwarme-Technik GmbH
         Attn: Juergen Bader and Gerald Roehl, Manager
         Albstr. 29
         73240 Wendlingen
         Germany


OTL OUTLET: Claims Registration Period Ends August 18
-----------------------------------------------------
Creditors of OTL Outlet GmbH have until Aug. 18, 2008, to
register their claims with court-appointed insolvency manager
Martin Schoebe.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Ingolstadt
         Meeting Hall 28 I
         Schrannenstr. 3
         85049 Ingolstadt
         Germany

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

The insolvency manager can be reached at:

         Martin Schoebe
         Marie-Curie-Strasse 6
         85055 Ingolstadt
         Germany
         Tel: 0841/9014-200
         Fax: 0841/9014-205

The District Court of Ingolstadt opened bankruptcy proceedings
against OTL Outlet GmbH on July 11, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         OTL Outlet GmbH
         Attn: Roland Turtl, Manager
         Niederfelder Strasse 48 b
         85077 Manching
         Germany


PERFECT BETEILIGUNGS: Claims Registration Period Ends August 19
---------------------------------------------------------------
Creditors of Perfect Beteiligungs GmbH have until Aug. 19, 2008,
to register their claims with court-appointed insolvency manager
Dr. Bernd Sundermeier.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on Sept. 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Oldenburg
         Meeting hall
         Second Floor
         Elisabethstrasse 6
         26135 Oldenburg
         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. Bernd Sundermeier
         Alte Wiefelsteder Strasse 3
         26316 Varel
         Germany
         Tel: 04451 913880
         Fax: 04451 913839

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

The Debtor can be reached at:

         Perfect Beteiligungs GmbH
         Wilhelmshavener Heerstr. 79
         26125 Oldenburg
         Germany


TECHNISCHE BAU: Claims Registration Period Ends September 18
------------------------------------------------------------
Creditors of TBP Technische Bau & Putz GmbH have until Sept. 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 12:30 p.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 Hamburg
         Meeting Hall B 405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Reinhard Titz
         Gertrudenstrasse 3
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against TBP Technische Bau & Putz GmbH on July 2, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         TBP Technische Bau & Putz GmbH
         Attn: Hasan Yildirim, Manager
         Marshallweg 6
         22111 Hamburg
         Germany


TR TRANSALL: Claims Registration Period Ends August 19
------------------------------------------------------
Creditors of TR Transall GmbH have until Aug. 19, 2008, to
register their claims with court-appointed insolvency manager
Stefan von der Ahe.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Sept. 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leer
         Hall 101
         Woerde 5
         26789 Leer
         Germany

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

The insolvency manager can be reached at:

         Stefan von der Ahe
         Dr.-Warsing-Str. 205
         26802 Moormerland
         Germany
         Tel: 04954/9570-0
         Fax: 04954/9570-60

The District Court of Leer opened bankruptcy proceedings against
TR Transall GmbH on June 27, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         TR Transall GmbH
         Wankelstrasse 29
         26802 Moormerland
         Germany


UBS AG: To Buy Back US$18.6 Billion Auction Rate Securities
-----------------------------------------------------------
UBS AG on Friday, Aug. 8, 2008, announced a settlement, in
principle, with the New York Attorney General, the Massachusetts
Securities Division, the U.S. Securities and Exchange Commission
and other state regulatory agencies represented by North
American Securities Administrators Association to restore
liquidity to all remaining clients' holdings of auction rate
securities.

Under the agreement in principle, UBS has committed to purchase
a total of US$8.3 billion of ARS, at par, from most private
clients during a two-year time period beginning January 1, 2009.
Private clients and charities holding less than US$1 million in
household assets at UBS will be able to avail themselves of this
relief beginning Oct. 31, 2008.  From mid-September, UBS will
provide loans at no cost to the client for the par value of
their ARS holdings.

In addition, UBS has also committed to provide liquidity
solutions to institutional investors and will agree from
June 2010 to purchase all or any of the remaining US$10.3
billion, at par, from its institutional clients.  Today's news
is in addition to the firm's recently announced intention to
repurchase US$3.5 billion of tax-exempt Auction Preferred Stock.

"Today's solution provides further relief, beginning in
September, to investors who have been understandably frustrated
by the industry-wide failure of the ARS market.  Our leading
position in supporting the market and providing liquidity is
clear, and now, we are the first firm to give all clients --
private, corporate and institutional the opportunity to be made
whole," Marten Hoekstra, Head of UBS Wealth Management Americas,
said.

"Since the breakdown in the market, UBS clients have been
offered multiple liquidity options.  They have been able to
borrow 100 percent against the value of their holdings.  The
solutions announced today provide our clients with the widest
range of choices in the industry, including a two-year window
during which clients can either continue to earn interest or
redeem their ARS at any time," Mr. Hoekstra added.

The firm has also agreed to pay a fine of US$150 million
US$75 million to the state of New York and US$75 million to
other state regulatory agencies.  UBS neither admits nor denies
allegations of wrongdoing.

The full cost of the proposed settlement, taking into account
the projected redemption patterns of clients, the difference
between the purchase prices and the current market value of
client ARS holdings, and the regulatory fine related to the
settlements, is estimated to be in the range of US$900 million
on a pre-tax basis, to be booked in the second quarter results.
This includes reimbursements to all clients for losses incurred
from sales of ARS holdings between Feb. 13 and Aug. 8, 2008.

A provision for the costs of this settlement will be included in
the firm's second quarter financial results, which will be
announced on Aug.12, 2008.

Results, including this settlement, for UBS AG for the second
quarter will be consistent with guidance given by the firm on
July 4, 2008.

          Attorney General's Securities Fraud Lawsuit

As reported in the Troubled Company Reporter-Europe on July 28,
2008, Attorney General Andrew M. Cuomo filed a multi-billion
dollar securities fraud lawsuit against UBS AG's U.S. units --
UBS Securities LLC and UBS Financial Services Inc.

The lawsuit charges UBS with falsely selling and marketing
auction rate securities as safe, highly liquid, and cash-
equivalent securities.  However, Mr. Cuomo said the
representations were deceptive as the auction rate securities
market came under tremendous strain, leaving the securities with
mounting liquidity risks  that eventually blocked thousands of
customers across New York and the nation from accessing their
holdings.

According to Mr. Cuomo, UBS customers are currently holding more
than US$25 billion in illiquid, long-term paper as a result of
UBS's fraudulent misrepresentations and illegal conduct.

Mr. Cuomo's investigation into UBS also discovered that as the
securities market started to collapse, the bank's top executives
quickly sold-off US$21 million in personal holdings of auction
rate securities, but continued to market the securities to its
consumers.  Internal UBS e-mails subpoenaed by Mr. Cuomo detail
top executives' efforts to sell-off personal holdings of auction
rate securities.

Mr. Coumo stated that UBS misrepresented the risks of auction
rate securities to its retail clients and other customers.  UBS
Financial Advisors marketed auction rate securities to UBS
customers as liquid, short-term investments that were similar to
money market instruments with interest rates that would reset at
periodic auctions based on the bids submitted by market
participants.  Customers then received account statements that
identified auction rate securities as cash equivalent
securities.  UBS's representations were false; in fact, UBS knew
that the auction rate securities market was becoming
increasingly strained and that UBS was considering various
options with respect to auction rate securities, including
letting auctions fail.

Mr. Coumo went on to say that UBS's fraudulent sales practices
proved effective - UBS stood out as a market leader in auction
rate securities sales.  As of February 2008, UBS had more than
50,000 customer accounts holding auction rate securities,
including over 7,000 New York customer accounts.  On Feb. 13,
2007, UBS  stopped supporting its auctions, and UBS customers
learned, much to their shock and dismay, that they could not get
access to billions in what they believed was as liquid as cash.

In the final months of 2007 and in the early weeks of 2008,
Mr. Coumo said UBS's management became increasingly concerned
with the unsustainable growth in its holdings of auction rate
securities and its need to support auctions in order to avoid
auction failures.  UBS created an auction rate securities
working group specifically to address the floundering market.
During this period, UBS also looked for ways to have its
financial advisors sell auction rate securities and lessen
the mounting pressure of UBS's growing inventory.  While many
options were discussed, the only one that was repeatedly
implemented was to re-double sales efforts to UBS clients.

Mr. Coumo also noted that despite UBS's aggressive marketing of
auction rate securities to consumers, the bank's top management
continued to demonstrate serious concern over the health of the
overall market.  Furthermore, at least seven working group
members sold a collective US$21 million of their personal
auction rate securities after the working group had been formed.

Mr. Coumo's lawsuit seeks to require UBS to buy back auction
rate securities from defrauded customers at par.  It also seeks
disgorgement of ill-gotten gains, restitution and other damages,
and injunctions from further violations of New York's Martin
Act.  The lawsuit was filed in the Supreme Court of New York,
New York County.

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

                      About UBS AG

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


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


MASONITE CORPORATION: Moody's Cuts Debt Ratings to Caa1
-------------------------------------------------------
Moody's Investors Service has downgraded various Masonite
Corporation's debt ratings, including its CFR from B3 to Caa1.
The outlook is negative.  This concludes the review for possible
downgrade initiated on July 9, 2008.

The downgrade results from the expectation that business
conditions are likely to remain weak over the intermediate
horizon, leading to financial pressure, and the deterioration of
credit metrics.  Additionally, the company's negotiations with
its bank group to address breached debt covenants remain
unresolved at this time.  Weakening business conditions, limit
the company's negotiating options.  The company's position would
likely benefit if KKR, its equity sponsor, were to provide
meaningful equity support.

These debt ratings have been downgraded:

  -- Corporate family rating, downgraded to Caa1 from B3;

  -- Probability of default rating, downgraded to Caa2 from B3;

These ratings have been affirmed and assessments changed:

  -- US$1,172 million Gtd. Sr. Sec. Term Loan due 2013, affirmed
     at B2.  LGD assessment changed to LGD2, 22% from LGD3, 33%;

  -- US$350 million Gtd. Sr. Sec. Revolver due 2011, affirmed at
     B2.  LGD assessment changed to LGD2, 22% from LGD3, 33%;

  -- Speculative grade liquidity rating, is affirmed at SGL-4.

The senior secured credit facility was affirmed and as a result
is now rated two notches higher than the company's CFR to
reflect its senior status in the event of bankruptcy and its
anticipated recovery in a default scenario.  The downgrade in
the company's probability of default rating reflects the view
that the ongoing weakness in the homebuilding and remodeling
slowdown has raised the probability that the company will
default during this downturn.  The CFR and the notching are
primarily a result of the company's capital structure and are
tiered to reflect anticipated recovery by debt class in the
event of default per Moody's LGD rating methodology.  The LGD
rate has been changed to 40% from 50%. Anticipated recovery
estimates consider both the company's capital structure and the
value of the company's business/assets.

The negative outlook results from the company's ongoing weak
cash generation, and unresolved covenant violations.

Masonite is headquartered in Ontario, Canada.  The company is a
leading global manufacturer of doors and door components with
customers in over 70 countries and manufacturing facilities in
18 countries in North America, Europe, Latin America, Asia and
Africa.  Revenues for the trailing twelve month period ended
March 31, 2008 were approximately US$2.1 billion.


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


BALLANTYNE RE: S&P Cuts BB Debt Rating on Class A-1 Notes to B-
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its senior debt
rating on Ballantyne Re plc's Class A-1 notes to 'B-' from 'BB'.

S&P also said that the rating on the notes remains on
CreditWatch, where it was placed on Nov. 21, 2007, with negative
implications.

"We are taking this action in response to the continuing mark-
to-market losses experienced on the assets in the underlying
collateral accounts," explained S&P's credit analyst Gary
Martucci.  Since May 20, 2008, mark-to-market losses have
increased, putting additional strain on the structure.

As set forth in the most recent Scottish Re Group Ltd. 10K,
US$375 million of excess reserves have been recaptured from
Ballantyne Re.  The 10K also said the transaction parties
executed a binding letter of intent whereby they can recapture
an additional US$200 million of excess reserves from Ballantyne
Re, most likely in the third quarter of 2008.  Although the
Class A-1 notes have continued to receive interest payments,
S&P's concern is that if the contemplated recapture does not
occur, or if there is a continuing decline in the underlying
asset values, even with the temporary relief provided by the
recapture, it could result in an interest payment limitation
trigger being breached.

S&P will continue to monitor the developments related to this
latest disclosure and take future ratings actions as warranted.

Ballantyne Re plc and Orkney Re II plc are public limited
companies established in Ireland as special purpose vehicles
associated with Scottish Re (US), Inc., a subsidiary of Scottish
Re Group Limited.  Scottish Re Group Ltd. is a Cayman Islands
company with principal executive offices located in Bermuda.


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


PARMALAT SPA: Split Ways with Murray over Dairy Farmers Bid
-----------------------------------------------------------
Parmalat S.p.A. has withdrawn from negotiations with Murray
Goulburn Cooperative Co. over the creation of a consortium for
acquiring Australian Co-Operative Foods Ltd., the company said
in a statement.

Parmalat said that no mutually satisfactory resolution on terms
and conditions was reached.

As appeared in the TCR-Europe, Parmalat and Murray will create a
joint venture, Fresh Dairy Co., which would merge their and
Dairy Farmers' fresh milk operations.  Fresh Dairy -- in which
Parmalat would hold a 51% stake and operational control while
Murray would own 49% -- is expected to dominate over 50% of the
Australian fresh white milk market.

Murray, meanwhile, would acquire Dairy Farmers' non-fresh dairy
operations, which include cheese, UHT milk and milk powder.

Parmalat, through its Parmalat Australia unit, and Murray
submitted a joint non-binding bid to acquire Dairy Farmers.  The
consortium have also applied for clearance from AAAC to submit a
binding offer.

                        About Parmalat

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

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

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

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

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

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


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


AJS TRADING: Creditors Must File Proofs of Claim by September 25
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP AJS Trading insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District Samal, 15-29
         Taldykorgan
         Almaty
         Kazakhstan


ELEMAI-ASTYK LLP: Claims Filing Deadline Slated for September 25
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Elemai-Astyk insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Gagarin Str. 18-49
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 47-11-85


KASPY OIL: Claims Filing Period Ends September 25
-------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Kaspy Oil Security insolvent.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Komsomolskaya Str. 82
         Uralsk
         West Kazakhstan
         Kazakhstan


MEGASTROY-ALATAU LLP: Creditors' Claims Due on September 25
-----------------------------------------------------------
LLP Construction Company Megastroy-Alatau has declared
insolvency.  Creditors have until Sept. 25, 2008, to submit
written proofs of claims to:

         LLP Construction Company Megastroy-Alatau
         Sakinbai-batyr ave. 14d
         Aktobe
         Aktube
         Kazakhstan


NUR SERVICE: Claims Registration Ends September 25
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Nur Service & K insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Jahaev Str. 71
         Kyzylorda
         Kazakhstan
         Tel: 8 (72422) 27-23-65


PRIBOR STROY: Claims Filing Deadline Slated for September 25
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Pribor Stroy Montage insolvent on June 30,
2008.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Komsomolskaya Str. 82
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (7112) 51-15-29


PROMSNUB LLC: Claims Filing Period Ends September 25
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Promsnub LLC insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District Samal, 15-29
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 25-43-90
              8 777 382 33-86
              8 701 668 13-30


TELEP-ASB LLP: Creditors' Proofs of Claim Due on September 25
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Telep-Asb insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Jahaev Str. 71
         Kyzylorda
         Kazakhstan
         Tel: 8 (72422) 27-23-65


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


GARANT CONSTRUCTION: Claims Filing Period Ends September 16
-----------------------------------------------------------
LLC Garant Construction has declared insolvency.  Creditors have
until Sept. 16, 2008, to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 68-05-79.


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


CRC BREEZE: S&P Puts EUR50MM Sub Notes' BB Rating on Watch Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with negative implications the 'BBB' rating on the EUR300
million class A senior secured notes due in 2026 and the 'BB+'
rating on EUR50 million class B subordinated notes due in 2016
issued by CRC Breeze Finance S.A.

"The CreditWatch placement reflects our concerns about the
foundation problems found in 13 Vestas wind turbines in Germany,
which represent 7.5% of total installed capacity of the Breeze
Two portfolio," said S&P's credit analyst Ralf Etzelmueller.
"It also reflects the lack of visibility regarding whether the
other Vestas turbines in the portfolio face similar issues."

Although these turbines are currently operational, it is
uncertain what potential impact the necessary repairs could have
on the project's cash flows.  Breeze Two is currently
investigating whether similar issues exist with the other Vestas
turbines in the portfolio.

"We expect to meet Breeze Two's technical adviser to gain more
visibility about the seriousness of the foundation problems
identified so far on the 13 turbines, whether any other turbines
could be affected, and about the potential costs involved to
make repairs," said Mr. Etzelmueller.  "We expect to resolve the
CreditWatch in November, by which time we also expect to gain
more information about protection measures built into the
project to mitigate any potential revenue losses."

Breeze Finance, a Luxembourg-based special-purpose vehicle, has
used the proceeds of these issues to make a loan to Breeze Two
Energy GmbH & Co. KG (Breeze Two) and Eoliennes Suroit SNC.
Breeze Two is a German limited partnership company and Eoliennes
Suroit is a French unlimited liability partnership.  Each have
been formed for the purpose of acquiring, constructing, owning,
and operating a portfolio of 39 wind farms with a capacity of
310 megawatts in Germany (Breeze Two) and 27 megawatts in France
(Eoliennes Suroit).


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


HARBOURMASTER CLO 3: Fitch Holds BB Rating on EUR15MM ClB2 Notes
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of 11 classes of
Harbourmaster CLO Pro Rata CLO 3 B.V. notes as listed below.

  -- EUR201.7 million Class A1-T floating-rate notes
     (ISIN: XS0306976266): affirmed at 'AAA'

  -- EUR153 million Class A1-VF floating-rate notes: affirmed at
     'AAA'

  -- EUR95 million Class A2 floating-rate notes
    (ISIN: XS0306976696): affirmed at 'AAA'

  -- EUR52 million Class A3 floating-rate notes
    (ISIN: XS0306977157): affirmed at 'AA'

  -- EUR32 million Class A4 floating-rate notes
    (ISIN: XS0306977314): affirmed at 'A'

  -- EUR21.3 million Class B1 floating-rate notes
    (ISIN: XS0306978981): affirmed at 'BBB'

  -- EUR15 million Class B2 floating-rate notes
    (ISIN: XS0306979955): affirmed at 'BB'

  -- EUR15 million Class S1 combination notes
    (ISIN: XS0306980532): affirmed at 'AAA'

  -- EUR2.3 million Class S2 combination notes
    (ISIN: XS0306980706): affirmed at 'BBB'

  -- EUR9.3 million Class S3 combination notes
    (ISIN: XS0306981423): affirmed at 'BBB'

  -- EUR9.3 million Class S4 combination notes
    (ISIN: XS0306981779): affirmed at 'A-'

Harbourmaster Pro Rata CLO 3 B.V. is a securitization of mainly
European senior secured loans with the total note issuance of
EUR612m invested in a target portfolio of EUR598 million.  The
portfolio is actively managed by Harbourmaster Capital Limited
and advised by Harbourmaster Capital Management Limited (rated
'CAM1-' on Fitch's CDO Asset Manager Rating scale).

Fitch released two new criteria on April 30, 2008: Global
Criteria for Corporate CDOs and Global Criteria for Cash Flow
Analysis in Corporate CDOs.  At that time, Fitch noted that it
would be reviewing its ratings with these two new criteria to
establish consistency for existing and new ratings.  The
elements of the updated criteria having the greatest impact on
the analysis of Harbourmaster Pro Rata CLO 3 include increased
default probability assumptions for underlying assets, as well
as stressed correlation assumptions to reflect the additional
risk posed by portfolio concentrations.  Fitch's new cash flow
criteria also apply updated default timing and interest rate
scenarios.

In analyzing Harbourmaster Pro Rata CLO 3, Fitch has modified
several elements of its public criteria.  The most significant
modification to the cash-flow methodology relates to a
shortening of recovery timing to 12 months from 18 months after
default for rating scenarios at 'BBB' and below.  Fitch also
used scenario analysis to determine whether the rated notes are
in line with the agency's rating definitions.  The most
important scenario analysis tested how robust the rated notes
are against individual obligor defaults.

For example, the Class B1 notes can withstand the default of 20
assets on average or nine of the largest risk contributors and
the Class B2 notes can withstand the default of 14 assets on
average or six of the largest risk contributors.  This analysis
more accurately reflects Fitch's view of the credit quality of
the portfolio, the transaction structure and the ability of the
manager.  While the credit enhancement is considered consistent
with the current ratings, Fitch notes that the lower tranches of
notes are most sensitive to scenarios where defaults occur at
the end of the transaction's life, when assets are due to mature
and there is limited opportunity for the structure to capture
excess spread to protect the notes.

The notional amounts of Class S1, Class S2, Class S3 and Class
S4 refer to the outstanding rated balance.  This takes into
account all previous payments that have been used to reduce the
note balance, in accordance with the terms and conditions of the
notes.

As of the review date, the portfolio contained loans from 65
obligors, with the largest exposure accounting for approximately
3% of the outstanding portfolio amount, and the three largest
obligors accounting for 8% of the outstanding portfolio amount.
Fitch makes downward adjustments for any names on Rating Watch
Negative or Outlook Negative for default analysis in its
Portfolio Credit Model.  Although none of the assets are rated
in the 'CCC' category on an unadjusted basis, on an adjusted
basis approximately 5% of the assets are treated as 'CCC+' or
below and the weighted average portfolio quality is 'B'.  Of the
assets in the portfolio 1% are on RWN, while 15% is on Outlook
Negative.  The largest single industry is business services with
14% of the portfolio volume.


HARBOURMASTER CLO 4: Fitch Affirms 'BB' Ratings on Two Notes
------------------------------------------------------------
Fitch Ratings has affirmed 10 classes of Harbourmaster CLO 4
B.V. notes due 2019 as listed below.

  -- EUR337 million Class A1 floating-rate notes
    (ISIN: XS0203060339): affirmed at 'AAA'

  -- EUR28 million Class A2E floating-rate notes
    (ISIN: XS0203060925): affirmed at 'AAA'

  -- EUR40 million Class A2F fixed-rate notes
    (ISIN: XS0203061063): affirmed at 'AAA'

  -- EUR32 million Class A3 floating-rate notes
    (ISIN: XS0203061493): affirmed at 'AA'

  -- EUR16 million Class A4 floating-rate notes
    (ISIN: XS0203061659): affirmed at 'A'

  -- EUR11 million Class B1 floating-rate notes
    (ISIN: XS0203061907): affirmed at 'BBB'

  -- EUR4 million Class B2E floating-rate notes
    (ISIN: XS0203062467): affirmed at 'BB'

  -- EUR6 million Class B2F fixed-rate notes
    (ISIN: XS0203063945): affirmed at 'BB'

  -- EUR38.74 million Class S1 combination notes
    (ISIN:XS0203066294): affirmed at 'AAA'

  -- EUR4.84 million Class S2 combination notes
    (ISIN: XS0203066534): affirmed at 'BBB-'

Harbourmaster CLO 4 B.V. is a securitization of mainly European
senior secured loans with the total note issuance of EUR474
million invested in a target portfolio of EUR500 million.  The
portfolio is actively managed by Harbourmaster Capital Limited
and advised by Harbourmaster Capital Management Limited (rated
'CAM1-' on Fitch's CDO Asset Manager Rating scale).

Fitch released two new criteria on April 30, 2008: Global
Criteria for Corporate CDOs and Global Criteria for Cash Flow
Analysis in Corporate CDOs.  At that time, Fitch noted that it
would be reviewing its ratings with these two new criteria to
establish consistency for existing and new ratings.  The
elements of the updated criteria having the greatest impact on
the analysis of Harbourmaster CLO 4 include increased default
probability assumptions for underlying assets, as well as
stressed correlation assumptions to reflect the additional risk
posed by portfolio concentrations.  Fitch's new cash flow
criteria also apply updated default timing and interest rate
scenarios.

In analyzing Harbourmaster CLO 4, Fitch has modified several
elements of its public criteria.  The most significant
modification to the cash flow methodology relates to a
shortening of recovery timing to 12 months from 18 months after
default for rating scenarios at 'BBB' and below.  Fitch also
used scenario analysis to determine whether the rated notes are
in line with the agency's rating definitions.  The most
important scenario analysis tested how robust the rated notes
are against individual obligor defaults.  For example, the Class
A3 notes can withstand the default of 27 assets on average or 18
of the largest risk contributors, Class B1 notes can withstand
the default of 22 assets on average or 12 of the largest risk
contributors, and the Class B2E and B2F notes can withstand the
default of 17 assets on average or eight of the largest risk
contributors.

This analysis more accurately reflects Fitch's view of the
credit quality of the portfolio, the transaction structure and
the ability of the manager.  While the credit enhancement is
considered consistent with the current ratings, Fitch notes that
the tranches are most sensitive to scenarios where defaults
occur at the end of the transaction's life, when assets are due
to mature and there is limited opportunity for the structure to
capture excess spread to protect the notes.

The notional amounts of Class S1 and S2 refer to the outstanding
rated balance.  This takes into account all previous payments
that have been used to reduce the note balance, in accordance
with the terms and conditions of the notes.

As of the review date, the portfolio contained loans from 61
obligors, with the largest exposure accounting for approximately
3% of the outstanding portfolio amount, and the three largest
obligors accounting for 8% of the outstanding portfolio amount.

Fitch makes downward adjustments for any names on RWN or Outlook
Negative for default analysis in its Portfolio Credit Model.
Although none of the assets are rated in the 'CCC' category on
an unadjusted basis, on an adjusted basis approximately 5% of
the assets are treated as 'CCC+' or below and the weighted
average portfolio quality is 'B'.  One obligor that makes up 3%
of the portfolio is on RWN, while 11% are on Outlook Negative.
The largest single industry is broadcasting & media with 12% of
the portfolio volume.


HARBOURMASTER CLO 5: Fitch Holds 'BB-' Rating on EUR6.6MM Notes
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings of 12 classes and
withdrawn the rating of one class of Harbourmaster CLO 5 B.V.
notes as listed below.

  -- EUR490 million Class A1 floating-rate notes
    (ISIN: XS0223502005): affirmed at 'AAA'

  -- EUR94.7 million Class A2E floating-rate notes
    (ISIN: XS0223502690): affirmed at 'AAA'

  -- EUR37.3 million Class A2F notes (ISIN: XS0223502856):
     affirmed at 'AAA'

  -- EUR32 million Class A3 floating-rate notes
    (ISIN: XS0223503078): affirmed at 'AA'

  -- EUR9 million Class A4E floating-rate notes
    (ISIN: XS0223503151): affirmed at 'A'

  -- EUR16 million Class A4F notes (ISIN: XS0223503581):
     affirmed at 'A'

  -- EUR4 million Class B1E floating-rate notes
    (ISIN: XS0223503664): affirmed at 'BBB'

  -- EUR15 million Class B1F notes (ISIN: XS0223503748):
     affirmed at 'BBB'

  -- EUR8.3 million Class B2E floating-rate notes
    (ISIN: XS0223503821): affirmed at 'BB'

  -- EUR6.7 million Class B2F notes (ISIN: XS0223504043):
     affirmed at 'BB'

  -- EUR6.6 million Class S1 combination notes
    (ISIN: XS0223504472): affirmed at 'BB-'

  -- EUR12.5 million Class S2 combination notes
    (ISIN: XS0223504555): affirmed at 'A'

  -- EUR25 million Class S3 combination notes
    (ISIN: XS0223504639): 'A' withdrawn

Harbourmaster CLO 5 B.V. is a securitization of mainly European
senior secured loans with the total note issuance of EUR764.5
million invested in a target portfolio of EUR750 million.  The
portfolio is actively managed by Harbourmaster Capital Limited
and advised by Harbourmaster Capital Management Limited (rated
'CAM1-' on Fitch's CDO Asset Manager Rating scale).

Fitch released two new criteria on April 30, 2008: Global
Criteria for Corporate CDOs and Global Criteria for Cash Flow
Analysis in Corporate CDOs.  At that time, Fitch noted that it
would be reviewing its ratings with these two new criteria to
establish consistency for existing and new ratings.  The
elements of the updated criteria having the greatest impact on
the analysis of Harbourmaster CLO 5 include increased default
probability assumptions for underlying assets, as well as
stressed correlation assumptions to reflect the additional risk
posed by portfolio concentrations.  Fitch's new cash flow
criteria also apply updated default timing and interest rate
scenarios.

In analyzing Harbourmaster CLO 5, Fitch has modified several
elements of its public criteria.  The most significant
modification to the cash flow methodology relates to a
shortening of recovery timing to 12 months from 18 months after
default for rating scenarios at 'BBB' and below.  Fitch also
used scenario analysis to determine whether the rated notes are
in line with the agency's rating definitions.  The most
important scenario analysis tested how robust the rated notes
are against individual obligor defaults.  For example, the Class
A2 notes can withstand the default of 37 assets on average or 29
of the largest risk contributors, the Class A4 notes can
withstand the default of 29 assets on average or 18 of the
largest risk contributors, and the Class B2 notes can withstand
the default of 23 assets on average or 12 of the largest risk
contributors.

This analysis more accurately reflects Fitch's view of the
credit quality of the portfolio, the transaction structure and
the ability of the manager.  While the credit enhancement is
considered consistent with the current ratings, Fitch notes that
the lower tranches of notes are most sensitive to scenarios
where defaults occur at the end of the transaction's life, when
assets are due to mature and there is limited opportunity for
the structure to capture excess spread to protect the notes.

Fitch has withdrawn the rating of the Class S3 combination notes
as they have been exchanged for their component notes, and
subsequently canceled.  The notional amounts of the Class S1 and
S2 refer to the outstanding rated balance.  This takes into
account all previous payments that have been used to reduce the
note balance, in accordance with the terms and conditions of the
notes.

As of the review date, the portfolio contained loans from 73
obligors, with the largest exposure accounting for approximately
2% of the outstanding portfolio amount, and the three largest
obligors accounting for 7% of the outstanding portfolio amount.
Fitch makes downward adjustments for any names on Rating Watch
Negative or Outlook Negative for default analysis in its
Portfolio Credit Model.  Although none of the assets are rated
in the 'CCC' category on an unadjusted basis, on an adjusted
basis approximately 8% of the assets are treated as 'CCC+' or
below and the weighted average portfolio quality is 'B'.  Of the
assets in the portfolio 4% are on RWN, while 14% are on Outlook
Negative.  The largest single industry is broadcasting and media
with 11% of the portfolio volume.


HARBOURMASTER CLO 6: Fitch Affirms 'BB' Ratings on Three Notes
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings of 12 classes and
withdrawn the rating of one class of Harbourmaster CLO 6 B.V.
notes as listed below.

  -- EUR327.6 million Class A1 floating-rate notes
    (ISIN: XS0233868107): affirmed at 'AAA'

  -- EUR71 million Class A2 floating-rate notes
    (ISIN: XS0233873875): affirmed at 'AAA'

  -- EUR32 million Class A3 floating-rate notes
    (ISIN: XS0233875227) affirmed at 'AA'

  -- EUR4.5 million Class A4E floating-rate notes
    (ISIN: XS0233876209): affirmed at 'A'

  -- EUR8 million Class A4F notes (ISIN: XS0233876381): affirmed
     at 'A'

  -- EUR15.6 million Class B1 floating-rate notes
    (ISIN: XS0233876621): affirmed at 'BBB'

  -- EUR15.3 million Class B2 floating-rate notes
    (ISIN: XS0233877603): affirmed at 'BB'

  -- EUR3.5 million Class S1 combination notes
    (ISIN: XS0234258076): affirmed at 'BB'

  -- EUR9.5 million Class S2 combination notes
    (ISIN: XS0234259470): affirmed at 'A'

  -- EUR8.9 million Class S3 combination notes
    (ISIN: XS0234260643): affirmed at 'AAA'

  -- EUR9.2 million Class S4 combination notes
    (ISIN: XS0234648375): affirmed at 'BBB'

  -- EUR2.7 million Class S5 combination notes
    (ISIN: XS0234649696): 'BBB+' withdrawn

  -- EUR4 million Class S6 combination notes
    (ISIN: XS0234649852): affirmed at 'BB'

Harbourmaster CLO 6 B.V. is a securitization of mainly European
senior secured loans with the total note issuance of EUR511
million invested in a target portfolio of EUR500 million.  The
portfolio is actively managed by Harbourmaster Capital Limited
and advised by Harbourmaster Capital Management Limited (rated
'CAM1-' on Fitch's CDO Asset Manager Rating scale).

Fitch released two new criteria on April 30, 2008: Global
Criteria for Corporate CDOs and Global Criteria for Cash Flow
Analysis in Corporate CDOs.  At that time, Fitch noted that it
would be reviewing its ratings with these two new criteria to
establish consistency for existing and new ratings.  The
elements of the updated criteria having the greatest impact on
the analysis of Harbourmaster CLO 6 include increased default
probability assumptions for underlying assets, as well as
stressed correlation assumptions to reflect the additional risk
posed by portfolio concentrations.  Fitch's new cash flow
criteria also apply updated default timing and interest rate
scenarios.

In analyzing Harbourmaster CLO 6, Fitch has modified several
elements of its public criteria.  The most significant
modification to the cash flow methodology relates to a
shortening of recovery timing to 12 months from 18 months after
default for rating scenarios at 'BBB' and below.  Fitch also
used scenario analysis to determine whether the rated notes are
in line with the agency's rating definitions.  The most
important scenario analysis tested how robust the rated notes
are against individual obligor defaults.  For example, the Class
A3 notes can withstand the default of 29 assets on average or 23
of the largest risk contributors, the Class B1 notes can
withstand the default of 23 assets on average or 11 of the
largest risk contributors and the Class B2 notes can withstand
the default of 15 assets on average or six of the largest risk
contributors.

This analysis more accurately reflects Fitch's view of the
credit quality of the portfolio, the transaction structure and
the ability of the manager.  While the credit enhancement is
considered consistent with the current ratings, Fitch notes that
the lower tranches of notes are most sensitive to scenarios
where defaults occur at the end of the transaction's life, when
assets are due to mature and there is limited opportunity for
the structure to capture excess spread to protect the notes.

Fitch has withdrawn the rating of the EUR4 million Class S5
combination notes as they have been exchanged for their
component notes, and subsequently canceled.  The notional
amounts of the Class S1-S6 refer to the outstanding rated
balance.  This takes into account all previous payments that
have been used to reduce the note balance, in accordance with
the terms and conditions of the notes.

As of the review date, the portfolio contained loans from 63
obligors, with the largest exposure accounting for approximately
3% of the outstanding portfolio amount, and the three largest
obligors accounting for 8% of the outstanding portfolio amount.
Fitch makes downward adjustments for any names on Rating Watch
Negative or Outlook Negative for default analysis in its
Portfolio Credit Model.  Although none of the assets are rated
in the 'CCC' category on an unadjusted basis, on an adjusted
basis approximately 9% of the assets are treated as 'CCC+' or
below and the weighted average portfolio quality is 'B'.  Of the
assets in the portfolio 4% are on RWN, while 16% are on Outlook
Negative.  The largest single industry is broadcasting and media
with 13% of the portfolio volume.


HARBOURMASTER CLO 7: Fitch Affirms BB Ratings on Two Notes
----------------------------------------------------------
Fitch Ratings has affirmed the ratings of 10 classes and
withdrawn the rating of one class of Harbourmaster CLO 7 B.V.
notes as listed below.

  -- EUR576 million Class A1 floating-rate notes
    (ISIN: XS0273833516): affirmed at 'AAA'

  -- EUR149 million Class A2 floating-rate notes
    (ISIN: XS0273887363): affirmed at 'AAA'

  -- EUR41 million Class A3 floating-rate notes
    (ISIN: XS0273889229): affirmed at 'AA'

  -- EUR38 million Class A4 floating-rate notes
    (ISIN: XS0273890664): affirmed at 'A'

  -- EUR38 million Class B1 floating-rate notes
    (ISIN: XS0273891639): affirmed at 'BBB'

  -- EUR21 million Class B2 floating-rate notes
    (ISIN: XS0273893502): affirmed at 'BB'

  -- EUR1,682,162 Class S1 combination notes
    (ISIN: XS0273895200): affirmed at 'BB'

  -- EUR4,539,945 Class S2 combination notes
    (ISIN: XS0273896273): affirmed at 'AA'

  -- EUR2,789,060 Class S3 combination notes
    (ISIN: XS0273896943): 'BBB-' withdrawn

  -- EUR6,326,263 Class S4 combination notes
    (ISIN: XS0273897917): affirmed at 'BBB+'

  -- EUR3,594,369 Class S5 combination notes
    (ISIN: XS0273900992): affirmed at 'A-'

Harbourmaster CLO 7 B.V. is a securitization of mainly European
senior secured loans with the total note issuance of EUR925
million invested in a target portfolio of EUR900 million.  The
portfolio is actively managed by Harbourmaster Capital Limited
and advised by Harbourmaster Capital Management Limited (rated
'CAM1-' on Fitch's CDO Asset Manager Rating scale).

Fitch released two new criteria on April 30, 2008: Global
Criteria for Corporate CDOs and Global Criteria for Cash Flow
Analysis in Corporate CDOs.  At that time, Fitch noted that it
would be reviewing its ratings with these two new criteria to
establish consistency for existing and new ratings.  The
elements of the updated criteria having the greatest impact on
the analysis of Harbourmaster CLO 7 include increased default
probability assumptions for underlying assets, as well as
stressed correlation assumptions to reflect the additional risk
posed by portfolio concentrations.  Fitch's new cash flow
criteria also apply updated default timing and interest rate
scenarios.

In analyzing Harbourmaster CLO 7, Fitch has modified several
elements of its public criteria.  The most significant
modification to the cash flow methodology relates to a
shortening of recovery timing to 12 months from 18 months after
default for rating scenarios at 'BBB' and below.  Fitch also
used scenario analysis to determine whether the rated notes are
in line with the agency's rating definitions.  The most
important scenario analysis tested how robust the rated notes
are against individual obligor defaults.  For example, the Class
B1 notes can withstand the default of 20 assets on average or 11
of the largest risk contributors and the Class B2 notes can
withstand the default of 14 assets on average or five of the
largest risk contributors.

This analysis more accurately reflects Fitch's view of the
credit quality of the portfolio, the transaction structure and
the ability of the manager.  While the credit enhancement is
considered consistent with the current ratings, Fitch notes that
the lower tranches of notes are most sensitive to scenarios
where defaults occur at the end of the transaction's life, when
assets are due to mature and there is limited opportunity for
the structure to capture excess spread to protect the notes.

Fitch has withdrawn the ratings of the Class S3 combination
notes as they have been exchanged for their component notes, and
subsequently canceled.  The notional amounts of Class S1-S5
combination notes refer to the outstanding rated balance.  This
takes into account all previous payments that have been used to
reduce the note balance, in accordance with the terms and
conditions of the notes.

As of the review date, the portfolio contained loans from 69
obligors, with the largest exposure accounting for approximately
3% of the outstanding portfolio amount, and the three largest
obligors accounting for 7% of the outstanding portfolio amount.
Fitch makes downward adjustments for any names on Rating Watch
Negative or Outlook Negative for default analysis in its
Portfolio Credit Model.  Although none of the assets are rated
in the 'CCC' category on an unadjusted basis, on an adjusted
basis approximately 4% of the assets are treated as 'CCC+' or
below and the weighted average portfolio quality is 'B'.  Less
than 1% of the assets in the portfolio are on RWN, while 13% are
on Outlook Negative.  The largest single industry is
broadcasting and media with 13% of the portfolio volume.


HARBOURMASTER CLO 8: Fitch Holds 'BB' Rating on EUR11.8MM Notes
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings of six classes of
Harbourmaster CLO 8 B.V. notes as listed below.

  -- EUR317 million Class A1 senior floating-rate notes
     (ISIN: XS0277545033): affirmed at 'AAA'

  -- EUR84 million Class A2 senior floating-rate notes
     (ISIN: XS0277549969): affirmed at 'AAA'

  -- EUR20.5 million Class B deferrable floating-rate notes
     (ISIN: XS0277554886) affirmed at 'AA'

  -- EUR23.2 million Class C deferrable floating-rate notes
     (ISIN: XS0277555933): affirmed at 'A'

  -- EUR21.1 million Class D deferrable floating-rate notes
     (ISIN: XS0277559174) affirmed at 'BBB'

  -- EUR11.8 million Class E deferrable floating-rate notes
     (ISIN: XS0277559844): affirmed at 'BB'

Harbourmaster CLO 8 B.V. is a securitization of mainly European
senior secured loans with the total note issuance of EUR512.6m
invested in a target portfolio of EUR500 million.  The portfolio
is actively managed by Harbourmaster Capital Limited and advised
by Harbourmaster Capital Management Limited (rated 'CAM1-' on
Fitch's CDO Asset Manager Rating scale).

Fitch released two new criteria on April 30, 2008: Global
Criteria for Corporate CDOs and Global Criteria for Cash Flow
Analysis in Corporate CDOs.  At that time, Fitch noted that it
would be reviewing its ratings with these two new criteria to
establish consistency for existing and new ratings.  The
elements of the updated criteria having the greatest impact on
the analysis of Harbourmaster CLO 8 include increased default
probability assumptions for underlying assets, as well as
stressed correlation assumptions to reflect the additional risk
posed by portfolio concentrations.  Fitch's new cash flow
criteria also apply updated default timing and interest rate
scenarios.

In analyzing Harbourmaster 8, Fitch has modified several
elements of its public criteria.  The most significant
modification to the cash flow methodology relates to a
shortening of recovery timing to 12 months from 18 months after
default for rating scenarios at 'BBB' and below.  Fitch also
used scenario analysis to determine whether the rated notes are
in line with the agency's rating definitions.  The most
important scenario analysis tested how robust the rated notes
are against individual obligor defaults.

For example, the Class B notes can withstand the default of 29
assets on average or 22 of the largest risk contributors, the
Class D notes can withstand the default of 18 assets on average
or 10 of the largest risk contributors and the Class E notes can
withstand the default of 13 assets on average or six of the
largest risk contributors.  This analysis more accurately
reflects Fitch's view of the credit quality of the portfolio,
the transaction structure and the ability of the manager.  While
the credit enhancement is considered consistent with the current
ratings, Fitch notes that the lower tranches of notes are most
sensitive to scenarios where defaults occur at the end of the
transaction's life, when assets are due to mature and there is
limited opportunity for the structure to capture excess spread
to protect the notes.

As of the review date, the portfolio contained loans from 62
obligors, with the largest exposure accounting for approximately
3% of the outstanding portfolio amount, and the three largest
obligors accounting for 8% of the outstanding portfolio amount.
Fitch makes downward adjustments for any names on Rating Watch
Negative or Outlook Negative for default analysis in its
Portfolio Credit Model.  Although none of the assets are rated
in the 'CCC' category on an unadjusted basis, on an adjusted
basis approximately 6% of the assets are treated as 'CCC+' or
below and the weighted average portfolio quality is 'B'.  Of the
assets 1% in the portfolio are on RWN, while 17% are on Outlook
Negative.  The largest single industry is broadcasting and media
with 13% of the portfolio volume.


HARBOURMASTER CLO 9: Fitch Holds EUR19.25MM Notes Rating at 'BB'
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of eight classes of
Harbourmaster CLO 9 B.V. notes as listed below.

  -- EUR254.1 million Class A1-T floating-rate notes
     (ISIN: XS0296310856): affirmed at 'AAA'

  -- EUR269.5 million Class A1-VF floating-rate notes:
     affirmed at 'AAA'

  -- EUR46.2 million Class A2 floating-rate notes
    (ISIN: XS0296311581): affirmed at 'AAA'

  -- EUR50.05 million Class B floating-rate notes
    (ISIN: XS0296312126): affirmed at 'AA'

  -- EUR30.8 million Class C floating-rate notes
    (ISIN: XS0296312639): affirmed at 'A'

  -- EUR40.04 million Class D floating-rate notes
    (ISIN: XS0296313017): affirmed at 'BBB'

  -- EUR19.25 million Class E floating-rate notes
    (ISIN: XS0296313108): affirmed at 'BB'

  -- EUR2.8 million Class S combination notes
    (ISIN: XS0296313447): affirmed at 'BBB-'

Harbourmaster CLO 9 B.V. is a securitization of mainly European
senior secured loans with the total note issuance of EUR770
million invested in a target portfolio of EUR750.75 million.
The portfolio is actively managed by Harbourmaster Capital
Limited and advised by Harbourmaster Capital Management Limited
(rated 'CAM 1-' on Fitch's CDO Asset Manager Rating scale).

Fitch released two new criteria on April 30, 2008: Global
Criteria for Corporate CDOs and Global Criteria for Cash Flow
Analysis in Corporate CDOs.  At that time, Fitch noted that it
would be reviewing its ratings with these two new criteria to
establish consistency for existing and new ratings.  The
elements of the updated criteria having the greatest impact on
the analysis of Harbourmaster CLO 9 include increased default
probability assumptions for underlying assets, as well as
stressed correlation assumptions to reflect the additional risk
posed by portfolio concentrations.  Fitch's new cash flow
criteria also apply updated default timing and interest rate
scenarios.

In analyzing Harbourmaster CLO 9, Fitch has modified several
elements of its public criteria.  The most significant
modification to the cash flow methodology relates to a
shortening of recovery timing to 12 months from 18 months after
default for rating scenarios at 'BBB' and below.  Fitch also
used scenario analysis to determine whether the rated notes are
in line with the agency's rating definitions.  The most
important scenario analysis tested how robust the rated notes
are against individual obligor defaults.

For example, the Class D notes can withstand the default of 26
assets on average or 13 of the largest risk contributors and the
Class E notes can withstand the default of 21 assets on average
or 10 of the largest risk contributors.  This analysis more
accurately reflects Fitch's view of the credit quality of the
portfolio, the transaction structure and the ability of the
manager.  While the credit enhancement is considered consistent
with the current ratings, Fitch notes that the lower tranches of
notes are most sensitive to scenarios where defaults occur at
the end of the transaction's life, when assets are due to mature
and there is limited opportunity for the structure to capture
excess spread to protect the notes.

The notional amount of the Class S notes refers to the
outstanding rated balance.  This takes into account all previous
payments that have been used to reduce the note balance, in
accordance with the terms and conditions of the notes.

As of the review date, the portfolio contained loans from 78
obligors, with the largest exposure accounting for approximately
2% of the outstanding portfolio amount, and the three largest
obligors accounting for 7% of the outstanding portfolio amount.
Fitch makes downward adjustments for any names on Rating Watch
Negative or Outlook Negative for default analysis in its
Portfolio Credit Model.  Although none of the assets are rated
in the 'CCC' category on an unadjusted basis, on an adjusted
basis approximately 4% of the assets are treated as 'CCC+' or
below and the weighted average portfolio quality is 'B'.  Less
than 1% of the assets in the portfolio are on RWN, while 17% are
on Outlook Negative.  The largest single industry is business
services with 14% of the portfolio volume.


HARBOURMASTER CLO 10: Fitch Affirms 'BB' Rating on EUR9MM Notes
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings of seven classes of
Harbourmaster CLO 10 B.V. notes as listed below.

  -- EUR5 million Class X floating-rate notes
    (ISIN: XS0331132935): affirmed at 'AAA'

  -- EUR290 million Class A1 floating-rate notes
    (ISIN: XS0331138890): affirmed at 'AAA'

  -- EUR72 million Class A2 floating-rate notes
    (ISIN: XS0331143973): affirmed at 'AAA'

  -- EUR24 million Class A3 floating-rate notes
    (ISIN: XS0331156108): affirmed at 'AA'

  -- EUR41 million Class A4 floating-rate notes
    (ISIN: XS0331171081): affirmed at 'A'

  -- EUR22 million Class B1 floating-rate notes
    (ISIN: XS0331161017): affirmed at 'BBB'

  -- EUR9 million Class B2 floating-rate notes
    (ISIN: XS0331162684): affirmed at 'BB'

Harbourmaster CLO 10 B.V. is a securitization of mainly European
senior secured loans with the total note issuance of EUR495.8
million invested in a target portfolio of EUR500 million.  The
portfolio is actively managed by Harbourmaster Capital Limited
and advised by Harbourmaster Capital Management Limited (rated
'CAM1-' on Fitch's CDO Asset Manager Rating scale).

Fitch released two new criteria on April 30, 2008: Global
Criteria for Corporate CDOs and Global Criteria for Cash Flow
Analysis in Corporate CDOs.  At that time, Fitch noted that it
would be reviewing its ratings with these two new criteria to
establish consistency for existing and new ratings.  The
elements of the updated criteria having the greatest impact on
the analysis of Harbourmaster CLO 10 include increased default
probability assumptions for underlying assets, as well as
stressed correlation assumptions to reflect the additional risk
posed by portfolio concentrations.  Fitch's new cash flow
criteria also apply updated default timing and interest rate
scenarios.

In analyzing Harbourmaster CLO 10, Fitch has modified several
elements of its public criteria.  The most significant
modification to the cash flow methodology relates to a
shortening of recovery timing to 12 months from 18 months after
default for rating scenarios at 'BBB' and below.  Fitch also
used scenario analysis to determine whether the rated notes are
in line with the agency's rating definitions. The most important
scenario analysis tested how robust the rated notes are against
individual obligor defaults.  For example, the Class B1 notes
can withstand the default of 22 assets on average or 11 of the
largest risk contributors and the Class B2 notes can withstand
the default of 18 assets on average or eight of the largest risk
contributors.

This analysis more accurately reflects Fitch's view of the
credit quality of the portfolio, the transaction structure and
the ability of the manager.  While the credit enhancement is
considered consistent with the current ratings, Fitch notes that
the lower tranches of notes are most sensitive to scenarios
where defaults occur at the end of the transaction's life, when
assets are due to mature and there is limited opportunity for
the structure to capture excess spread to protect the notes.

As of the review date, the portfolio contained loans from 60
obligors, with the largest exposure accounting for approximately
3% of the outstanding portfolio amount, and the three largest
obligors accounting for 7% of the outstanding portfolio amount.
Fitch makes downward adjustments for any names on Rating Watch
Negative or Outlook Negative for default analysis in its
Portfolio Credit Model.  Although none of the assets are rated
in the 'CCC' category on an unadjusted basis, on an adjusted
basis approximately 4% of the assets are treated as 'CCC+' or
below and the weighted average portfolio quality is 'B'.  Of the
assets in the portfolio, 1% are on RWN, while 17% are on Outlook
Negative.  The largest single industry is broadcasting and media
with 14% of the portfolio volume.


HARBOURMASTER PRO: Fitch Holds Rating on EUR26MM Notes at 'BB'
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings of six classes of
Harbourmaster Pro Rata CLO I B.V. notes as listed below.

  -- EUR160 million Class A1 floating-rate notes
    (ISIN: XS0253960735): affirmed at 'AAA'

  -- EUR35 million Class A2 floating-rate notes
    (ISIN: XS0253961386): affirmed at 'AA'

  -- EUR32 million Class A3 floating-rate notes
    (ISIN: XS0253963168): affirmed at 'A-'

  -- EUR28 million Class B1 floating-rate notes
    (ISIN: XS0253963754): affirmed at 'BBB'

  -- EUR26 million Class B2 floating-rate notes
    (ISIN: XS0253964307): affirmed at 'BB'

  -- EUR2.79 million Class S1 combination notes
    (ISIN: XS0255335340): affirmed at 'BBB'

Harbourmaster Pro Rata CLO I B.V. is a securitization of mainly
European senior secured loans with EUR318.98 million of note
proceeds deposited in a guaranteed investment contract account
and serves as collateral for the EUR850 million referenced
portfolio.  The portfolio is actively managed by Harbourmaster
Capital Limited and advised by Harbourmaster Capital Management
Limited (rated 'CAM 1- ' on Fitch's CDO Asset Manager Rating
scale).

Fitch released two new criteria on April 30, 2008: Global
Criteria for Corporate CDOs and Global Criteria for Cash Flow
Analysis in Corporate CDOs.  At that time, Fitch noted that it
would be reviewing its ratings with these two new criteria to
establish consistency for existing and new ratings.  The
elements of the updated criteria having the greatest impact on
the analysis of Harbourmaster Pro Rata CLO I B.V. include
increased default probability assumptions for underlying assets,
as well as stressed correlation assumptions to reflect the
additional risk posed by portfolio concentrations.  Fitch's new
cash flow criteria also apply updated default timing and
interest rate scenarios.

In analyzing Harbourmaster Pro Rata CLO I B.V., Fitch has
modified several elements of its public criteria.  The most
significant modification to the cash-flow methodology relates to
a shortening of recovery timing to 12 months from 18 months
after default for rating scenarios at 'BBB' and below.  Fitch
also used scenario analysis to determine whether the rated notes
are in line with the agency's rating definitions.  The most
important scenario analysis tested how robust the rated notes
are against individual obligor defaults.  For example, the Class
B2 notes can withstand the default of 22 assets on average or 10
of the largest risk contributors.

This analysis more accurately reflects Fitch's view of the
credit quality of the portfolio, the transaction structure and
the ability of the manager.  While the credit enhancement is
considered consistent with the current ratings, Fitch notes that
the lower tranches of notes are most sensitive to scenarios
where defaults occur at the end of the transaction's life, when
assets are due to mature and there is limited opportunity for
the structure to capture excess spread to protect the notes.

The notional amount of the Class S1 notes refers to the
outstanding rated balance.  This takes into account all previous
payments that have been used to reduce the note balance, in
accordance with the terms and conditions of the notes.

As of the review date, the portfolio contained loans from 77
obligors, with the largest exposure accounting for approximately
3% of the outstanding portfolio amount, and the three largest
obligors accounting for 8% of the outstanding portfolio amount.
Fitch makes downward adjustments for any names on Rating Watch
Negative or Outlook Negative for default analysis in its
Portfolio Credit Model.  Although none of the assets are rated
in the 'CCC' category on an unadjusted basis, on an adjusted
basis approximately 7% of the assets are treated as 'CCC+' or
below and the weighted average portfolio quality is 'B'.  Of the
assets in the portfolio, 3% are on RWN, while 18% are on Outlook
Negative.  The largest single industry is cable with 12% of the
portfolio volume.


HARBOURMASTER PRO-RATA: Fitch Holds BB Rating on EUR17.5MM Notes
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings on eleven classes and
withdrawn the ratings of two classes of Harbourmaster Pro-Rata
CLO 2 B.V. notes as listed below.

  -- EUR150 million Class A1VF notes (CUSIP: BCC0S1G34):
     affirmed at 'AAA'

  -- EUR199 million Class A1T notes (ISIN: XS0262176364):
     affirmed at 'AAA'

  -- EUR120 million Class A2 notes (ISIN: XS0262176794):
     affirmed at 'AAA'

  -- EUR43.5 million Class A3 notes (ISIN: XS0262176877):
     affirmed at 'AA'

  -- EUR6 million Class A4E notes (ISIN: XS0262177172):
     affirmed at 'A'

  -- EUR6.75 million Class A4F notes (ISIN: XS0262177255):
     affirmed at 'A'

  -- EUR2 million Class B1E notes (ISIN: XS0262177339):
     affirmed at 'BBB'

  -- EUR14.5 million Class B1F notes (ISIN: XS0262640575):
     affirmed at 'BBB'

  -- EUR17.5 million Class B2 notes (ISIN: XS0262177412):
     affirmed at 'BB'

  -- EUR12.7 million Class S1 notes (ISIN: XS0262178907):
     affirmed at 'BBB'

  -- EUR15 million Class S2 notes (ISIN: XS0262179202): 'BBB',
     withdrawn

  -- EUR3 million Class S3 notes (ISIN: XS0262179384): 'BBB',
     withdrawn

  -- EUR5.4 million Class S4 notes (ISIN: XS0262179467):
     affirmed at 'A-'

Harbourmaster Pro-Rata CLO 2 B.V. is a securitization of mainly
European senior secured loans with the total note issuance of
EUR602 million invested in a target portfolio of EUR587.5
million.  The portfolio is actively managed by Harbourmaster
Capital Limited and advised by Harbourmaster Capital Management
Limited (rated 'CAM1-' on Fitch's CDO Asset Manager Rating
scale).

Fitch released two new criteria on April 30, 2008: Global
Criteria for Corporate CDOs and Global Criteria for Cash Flow
Analysis in Corporate CDOs.  At that time, Fitch noted that it
would be reviewing its ratings with these two new criteria to
establish consistency for existing and new ratings.  The
elements of the updated criteria having the greatest impact on
the analysis of Harbourmaster Pro-Rata CLO 2 include increased
default probability assumptions for underlying assets, as well
as stressed correlation assumptions to reflect the additional
risk posed by portfolio concentrations.  Fitch's new cash flow
criteria also apply updated default timing and interest rate
scenarios.

In analyzing Harbourmaster Pro-Rata CLO 2, Fitch has modified
several elements of its public criteria.  The most significant
modification to the cash flow methodology relates to a
shortening of recovery timing to 12 months from 18 months after
default for rating scenarios at 'BBB' and below.  Fitch also
used scenario analysis to determine whether the rated notes are
in line with the agency's rating definitions.  This analysis
more accurately reflects Fitch's view of the credit quality of
the portfolio, the transaction structure and the ability of the
manager.  For all the rated tranches, the current credit
enhancement levels are deemed sufficient to justify their
ratings.

Fitch has withdrawn the ratings of the Class S2 and Class S3
combination notes, as they have been exchanged for their
component notes, and subsequently canceled.  The notional
amounts of the Class S1 and S4 refer to the outstanding rated
balance.  This takes into account all previous payments that
have been used to reduce the note balance, in accordance with
the terms and conditions of the notes.

As of the review date, the portfolio contained loans from 67
obligors, with the largest exposure accounting for approximately
2% of the outstanding portfolio amount, and the three largest
obligors accounting for 7% of the outstanding portfolio amount.
Fitch makes downward adjustments for any names on Rating Watch
Negative or Outlook Negative for default analysis in its
Portfolio Credit Model.  Although none of the assets are rated
in the 'CCC' category on an unadjusted basis, on an adjusted
basis approximately 7% of the assets are treated as 'CCC+' or
below and the weighted average portfolio quality is 'B'.  None
of the assets in the portfolio are on RWN, while 13 obligors
(corresponding to 17% of the portfolio) are on Outlook Negative.
The largest single industry is business services with 13% of the
portfolio volume.


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


AGRO-SERVICE: Court Names V. Vorobey as Administrative Receiver
---------------------------------------------------------------
The first creditors meeting of LLC Agro-Service (TIN 6823003537)
has resolved to place the company under financial rehabilitation
and appointed V. Vorobey as administrative receiver.

The Arbitration Court of Tambov has sanctioned the creditors'
resolution.  The case is docketed under Case No.
A64-2553/08-10.

Creditors have to submit proofs of claim to:

         V. Vorobey, Administrative Receiver
         Sportivnaya Str. 15
         Kirsanov
         393360 Tambov
         Russia

The Court is located at:

         The Arbitration Court of Tambov
         Penzenskaya Str. 67/12
         392020 Tambov
         Russia

The Debtor can be reached at:

         LLC Agro-Service
         Gusevka
         Gavrilovskiy
         Tambov
         Russia


BRIANT LLC: Court Sets Supervision Hearing on November 11
---------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy supervision
procedure against LLC Briant (TIN 7718537130) and appointed A.
Oksamitnyj as interim receiver.  The case is docketed under Case
No. A40-26335/08-73-63B.

Creditors have to submit proofs of claim to:

         A. Oksamitnyj, Interim Receiver
         Building 2
         Stromynka Str. 19
         107076 Moscow
         Russia

The Court will convene on Nov. 11, 2008, to hear the case at:

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

The Debtor can be reached at:

         LLC Briant
         Building 2
         Stromynka Str. 19
         107076 Moscow
         Russia


BUILDING ASSEMBLY 12: Court Names A. Udachin to Manage Assets
-------------------------------------------------------------
The first creditors meeting of CJSC Building Assembly Enterprise
12 has resolved to place the company under financial
rehabilitation and appointed A. Udachin as administrative
receiver.

The Arbitration Court of Krasnodar has sanctioned the creditors'
resolution.  The case is docketed under Case No.
A-32-13117/2006-1/627-B.

Creditors have to submit proofs of claim to:

         A. Udachin, Administrative Receiver
         Office 307
         Kolkhoznaya str. 3
         350042 Krasnodar
         Russia

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Building Assembly Enterprise 12
         Rostovskoe Shosse Str. 226
         Krasnodar
         Russia


CRYSTAL-BEL CJSC: Proofs of Claim Filing Deadline Set Sept. 5
-------------------------------------------------------------
The first creditors meeting of CJSC Crystal-Bel (TIN 3119003188)
has resolved to place the company under financial rehabilitation
and appointed A. Ovchinnikov as administrative receiver.

The Arbitration Court of Belgorod has sanctioned the creditors'
resolution.  The case is docketed under Case No. A08-674/08-2B.

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

         A. Ovchinnikov, Administrative Receiver
         309290 Belgorod
         Shebekino
         Rzhevskoe Shosse 11
         Tel: 8 (47248) 3-06-40

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         CJSC Crystal-Bel
         Stroitelnaya Str. 19
         Chernyanka
         309561 Belgorod
         Russia


EAST CJSC: Proofs of Claim Filing Deadline Set September 5
----------------------------------------------------------
The first creditors meeting of CJSC East has resolved to place
the company under financial rehabilitation and appointed A.
Samokhin as administrative receiver.

The Arbitration Court of Kemerovo has sanctioned the creditors'
resolution.  The case is docketed under Case No. A27-11550/
20074.

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

         A. Samokhin, Administrative Receiver
         Rossiyskaya Str. 29-26
         Prokopyevsk
         653002 Kemerovo
         Russia

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         A. Samokhin, Administrative Receiver
         Rossiyskaya Str. 29-26
         Prokopyevsk
         653002 Kemerovo
         Russia


EUROPEAN TRUST: Moody's Assigns E+ Financial Strength Rating
------------------------------------------------------------
Moody's Investors Service has assigned the following global
scale ratings to European Trust Bank:

   -- B3 long-term and Not Prime short-term foreign and local
      currency deposit ratings, and

   -- E+ bank financial strength rating.

The outlook for all ratings is stable.

At the same time, Moody's Interfax Rating Agency has assigned a
Baa3.ru long-term national scale credit rating to ETB.
Moscow-based Moody's Interfax is majority-owned by Moody's, a
leading global rating agency.

According to Moody's and Moody's Interfax, the B3/NP/E+ global
scale ratings assigned to ETB reflect its global default and
loss expectation, while the Baa3.ru NSR reflects the standing of
the bank's credit quality relative to its domestic peers.

Moody's notes that the ratings are underpinned by ETB's
expertise in providing mortgage facilities under Agency for
Housing Mortgage Lending standards and its regional coverage
across Russia that is relatively strong for the bank's size.
The ratings also reflect ETB's effectively managed MIGOM payment
system that supports its recurring earning streams. On the other
hand, the ratings are constrained by:

   -- the bank's tight liquidity profile and limited access to
      long-term funding;

   -- the relatively high dependence on certain names on
      both sides of the balance sheet; and

   -- low profitability and efficiency indicators that are not
      expected to strengthen in the near term due to investments
      into regional expansion.

ETB's B3/NP local currency deposit ratings do not incorporate
any expectation of support from the bank's owners.  In Moody's
view, although such support cannot be ruled out, its scope and
timeliness are rather uncertain.  Nor do the ratings incorporate
any expectation of support from the Russian financial
authorities as this would be unlikely given ETB's size and
market position.

According to Moody's, the ratings could be upgraded if the bank
were to diversify its product profile but at the same time
retain its currently successful niches and also achieve a more
stable and longstanding funding structure.  Other factors that
are currently constraining the bank's ratings include its low
efficiency and profitability indicators and therefore related
improvements could have positive rating implications provided
the bank also at the same time manages to maintain its healthy
asset quality ratios.  Conversely, if the bank's earnings volume
were to decrease as a result of a stagnation of the bank's
business development, or if its liquidity profile were to
tighten further and/or if efficiency and profitability measures
were to deteriorate, a downgrade of ETB's BFSR might be
warranted.

Headquartered in Moscow, ETB reported total IFRS assets of RUB11
billion (US$446 million) as at Dec. 31, 2007 and net income of
RUB13 million (US$510,000) for that calendar year.


FORT-PRESS CJSC: Proofs of Claim Filing Deadline Set September 5
----------------------------------------------------------------
The first creditors meeting of CJSC Printing Establishment Fort-
Press has resolved to place the company under financial
rehabilitation and appointed V. Poroshkov as administrative
receiver.

The Arbitration Court of Novosibirsk has sanctioned the
creditors' resolution.  The case is docketed under Case No.
A45-14808/07-54/60.

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

         V. Poroshkov, Administrative Receiver
         Post Use Box 23
         630102 Novosibirsk
         Russia

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk
         Russia

The Debtor can be reached at:

         CJSC Printing Establishment Fort-Press
         Kombinatskiy Per. 3a
         Novosibirsk
         Russia


GAS-STROY LLC: Names R. Akhairov as Administrative Receiver
-----------------------------------------------------------
The first creditors meeting of LLC Gas-Stroy has resolved to
place the company under financial rehabilitation and appointed
R. Akhairov as administrative receiver.

The Arbitration Court of Tambov has sanctioned the creditors'
resolution.  The case is docketed under Case No. A64-4414/07-21.

Creditors have to submit proofs of claim to:

         R. Akhairov, Administrative Receiver
         Office 210
         Kalinina Str. 1086
         440034 Penza
         Russia

The Court is located at:

         The Arbitration Court of Tambov
         Penzenskaya Str. 67/12
         392020 Tambov
         Russia

The Debtor can be reached at:

         LLC Gas-Stroy
         Turmasovo
         Michurinsk
         Tambov
         Russia


IRKUT CORP: Moody's Lowers Corporate Family Rating to Ba2
---------------------------------------------------------
Moody's Investors Service has downgraded to Ba2 from Ba1 the
corporate family rating of Irkut Corporation reflecting the
expectation that the currently weak financial performance will
not materially improve over the next years.  Concurrently,
Moody's Interfax Rating Agency downgraded the national scale
rating of Irkut Corporation to Aa2.ru. from Aa1.ru. The outlook
for the ratings is stable.

According to Moody's and Moody's Interfax, the Ba2 global scale
rating reflects the company's global default and loss
expectation, while the Aa2.ru NSR reflects the standing of the
company's credit quality relative to its domestic peers.  The
Baseline credit assessment was downgraded to 15 from 14 under
the GRI methodology (on a scale of 1-21, where 1 represents
lowest credit risk) which primarily reflects

   -- adverse currency movements of the strengthening rouble
      against the US$ and the domestic cost inflation pressuring
      Irkut's profitability since its aircraft deliveries are
      billed in US$ and contractual cost recovery is limited,

   -- slow progress in revenue diversification from defense
      programs to civil aircraft and components;

   -- the expectation that weak cash flow coverage of debt will
      not strengthen in view of operating challenges.

The Baseline Credit Assessment of 15 primarily reflects:

   (1) the strong market position of Irkut's SU-30MK multi-role
       jet fighter among the Indian, Algerian and Malaysian air
       forces and increasing exports to other markets;

   (2) the company's ability to deliver products which can
       compete internationally;

   (3) positive trends of diversifying the product range into
       non- defense related areas, for example the BE-200
       multipurpose amphibious aircraft, components production
       for EADS and participation in a conversion program; and

   (4) a solid backlog of signed orders providing for visibility
       for medium-term revenues.

At the same time, the rating remains constrained by

   a) the weak position with its most significant domestic
      client, the Russian military, where it is exposed to
      political uncertainties which may affect business
      prospects and undermine future revenue potential;

   b) concentration on one foreign customer accounting for a
      large part of the order book;

   c) substantial global competition;

   d) one main aircraft accounting for a core part of the
      revenue and approaching the maturity of its lifecycle,
      requiring significant research and development expenditure
      to replace the model for which customer-funded development
      contracts have not yet been obtained;

   e) the competitive disadvantage of a rouble-based cost
      position while its deliveries are billed in US$; and

   f) a challenging operating environment characterised by
      significant political, legal, and fiscal risks.

By virtue of its current ownership structure (80.9% owned by UAC
and 11.89% by Sukhoi Company), Irkut is considered a government-
related issuer.  As such, Irkut's Ba2 corporate family rating
incorporates the following four inputs:

    * baseline Credit Assessment of 15 (on a scale of 1 to 21,
      where 1 represents the lowest credit risk);

    * the Baa1, positive outlook local currency rating of the
      support provider, the Government of Russia;

    * a medium default dependence; and

    * the medium likelihood of systemic support.

Medium dependence reflects foremost the expectation of Irkut's
rising share of Russia's aircraft procurements creating an
increasing dependence on state revenues.

Medium support reflects Irkut's strong export performance in
high technology applications, the social and political
importance of the company to the state, anticipated increases in
government weapons procurements for state defense, and increases
in state funding to finance military modernization.

Moody's last rating action on March 7, 2007 was to upgrade the
corporate family rating of Irkut Corporation to Ba1 from B1
following a change in ownership

Irkut Corporation is a leading military aircraft producer and
one of the largest companies in the Russian aviation industry,
with defense-related revenues in 2007 of over US$896 million and
total company revenues of US$1,022 million and reported EBITDA
of US$136.6 million.  The order book in mid-2008 is estimated at
US$4.6 billion.  In the aftermath of the reorganization of the
Russian aviation industry, the Russian government gained control
over 38.22% of Irkut through majority state-owned holding
company United Aircraft Corporation.  Subsequently, UAC launched
a mandatory tender offer for the remaining shares of Irkut which
was finalized in June 2008.  The government now directly and
indirectly controls 92.79% of the company with.  Free float is
7.21%.


KURSK-AGRO-SEL-KHOZ-SNAB: Names Y. Lyashko to Manage Assets
-----------------------------------------------------------
The first creditors meeting of LLC Agro-Holding Kursk-Agro-Sel-
Khoz-Snab (TIN 4632037612) has resolved to place the company
under financial rehabilitation and appointed Y. Lyashko as
administrative receiver.

The Arbitration Court of Kursk has sanctioned the creditors'
resolution.  The case is docketed under Case No. A35-2405/07g.

Creditors have to submit proofs of claim to:

         Y. Lyashko, Administrative Receiver
         1st Maya Str. 26
         Pavlovsk
         Voronezh
         Russia
         Tel: 8 (47362) 24701

The Court is located at:

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

The Debtor can be reached at:

         LLC Agro-Holding Kursk-Agro-Sel-Khoz-Snab
         1st Parkovyj Per. 5-1
         305018 Kursk
         Russia


LES-MARKET LLC: Court Names N. Mukha as Administrative Receiver
---------------------------------------------------------------
The first creditors meeting of LLC Les-Market has resolved to
place the company under financial rehabilitation and appointed
N. Mukha as administrative receiver.

The Arbitration Court of Arkhangelsk has sanctioned the
creditors' resolution.  The case is docketed under Case No.
A05-2805/2008.

Creditors have to submit proofs of claim to:

         N. Mukha, Administrative Receiver
         Room 19
         Industrialnaya Str. 4-a
         Nyandoma
         164200 Arkhangelsk
         Russia

The Court is located at:

         The Arbitration Court of Arkhangelsk
         Loginova Str. 17
         163069 Arkhangelsk
         Russia

The Debtor can be reached at:

         LLC Les-Market
         Industrialnaya Str. 4-a
         Nyandoma
         164200 Arkhangelsk
         Russia


LIPETSK REGION: Fitch Puts 'BB-' Foreign & Local Currency IDRs
--------------------------------------------------------------
Fitch Ratings has assigned the Region of Lipetsk's RUB1.5
billion domestic bond with a five-year maturity a National Long-
term 'AA-(rus)' rating.  The region has Long-term foreign and
local currency ratings 'BB-' with Positive Outlook and a
National Long-term rating 'AA-(rus)' with Stable Outlook.

The bond has a fixed-rate coupon and the principal will be
amortized by 25% of the nominal amount in June 2010, June 2011,
June 2012 and June 2013.  The proceeds from the new bond will be
used for both capital expenditure and refinancing existing debt.

The ratings reflect the region's strong local economy, with
significant foreign capital participation, moderate debt and low
interest expense.  However, they also take into account its high
tax concentration and growing social expenditure pressures.

The regional economy is heavily weighted towards ferrous
metallurgy, and the Novolipetsk steel smelting plant is the
single-largest contributor to the regional budget.  The
dominance of this single taxpayer leaves the budget vulnerable
to market fluctuations that NLMK faces.  However, the region's
dependence on tax revenue from NMLK is gradually declining; the
company's contribution to the region's total budget decreased to
less than 50% in 2007 from a peak of 62% in 2004.  In addition,
the administration has successfully improved the region's
investment climate, which has resulted in an increase in direct
foreign investment and an improved local economy.  A special
economic zone, supported by the national government, is located
in the region.  The region is also home to Italy's "Indesit
International" home appliance factory and the company's
subsequent logistics center.

Following a low 1.8% operating margin in 2005, the region's
budget performance improved to an average operating balance of
10% of operating revenue.  The region's debt burden remains
manageable, with total debt reaching 8.8% of current revenue at
end-2007 and debt servicing remained below 2% of current revenue
during the last two years.

The Lipetsk Region is located in the center of the European part
of Russia and accounted for 0.8% of Russia's GDP and 0.8% of the
country's total population in 2006.


NALCHIKSKIY STOCKINET: Court Sets Supervision Hearing on Sept. 5
----------------------------------------------------------------
The Arbitration Court of Ulyanovsk commenced bankruptcy
supervision procedure against LLC Nalchikskiy Stockinet and
appointed E. Shirova as interim receiver.  The case is docketed
under Case No. A20-596/2008.

Creditors have to submit proofs of claim to:

         E. Shirova, Interim Receiver
         Tsiolkovskogo Str. 7
         Nalchik
         Russia

The Court will convene on Sept. 5, 2008, to hear the case at:

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

The Debtor can be reached at:

         LLC Nalchikskiy Stockinet
         Malbakhova Str. 9
         Nalchik
         360000 Kabardino Balkariya
         Russia


NOVOROSSIYSKAYA ROAD: Court Sets Supervision Hearing on Sept. 29
----------------------------------------------------------------
The Arbitration Court of Krasnodar commenced bankruptcy
supervision procedure against OJSC Novorossiyskaya Road
Train 1490 (OGRN 1042309103000) and appointed T. Semenova as
interim receiver.  The case is docketed under Case No. A32-4622/
2008-14/144-B.

Creditors have to submit proofs of claim to:

         T. Semenova, Interim Receiver
         Post User Box 4227
         GOS-13
         680013 Khabarovsk
         Russia

The Court will convene on Sept. 29, 2008, to hear the case at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         OJSC Novorossiyskaya Road Train 1490
         Kunikova Str. 47
         353900 Novorossiysk
         Russia


POLYANA LLC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Smolensk commenced bankruptcy
supervision procedure against LLC Polyana and appointed A.
Morozov as interim receiver.  The case is docketed under Case
No. A62-1351/2008.

Creditors have to submit proofs of claim to:

         A. Morozov, Interim Receiver
         394038 Voronezh
         Post User Box 13
         Russia

The Court is located at:

         The Arbitration Court of Smolensk
         Pr. Gagarina 46
         214001 Smolensk
         Russia

The Debtor can be reached at:

         LLC Polyana
         Pervomayskaya Str. 1-28
         Safonov
         Smolensk
         Russia


STREAM CJSC: Court Names I. Kolsanov as Administrative Receiver
---------------------------------------------------------------
The first creditors meeting of CJSC Stream (TIN 2127303610) has
resolved to place the company under financial rehabilitation and
appointed I. Kolsanov as administrative receiver.

The Arbitration Court of Chuvashiya has sanctioned the
creditors' resolution.  The case is docketed under Case No.
A79-1725/2008.

Creditors have to submit proofs of claim to:

         I. Kolsanov, Administrative Receiver
         Post User Box 28
         Guzovskogo Str. 14
         Cheboksary
         428000 Chuvashiya
         Russia

The Debtor can be reached at:

         CJSC Stream
         Akademika Koroleva Str. 1/1
         Cheboksary
         Chuvashiya
         Russia


USMAN TOBACCO: Court Sets Supervision Hearing on November 20
------------------------------------------------------------
The Arbitration Court of Lipetsk commenced bankruptcy
supervision procedure against OJSC Usman Tobacco (TIN
4816000926) and appointed G. Nosikov as interim receiver.  The
case is docketed under Case No. A36 1401/2008.

Creditors have to submit proofs of claim to:

         G. Nosikov, Interim Receiver
         Office 408
         Sovetskaya Str. 64
         398001 Lipetsk
         Russia

The Court will convene at 9:20 a.m. on Nov. 20, 2008, to hear
the case at:

         The Arbitration Court of Lipetsk
         Skorokhodova Str. 2
         398019 Lipetsk
         Russia

The Debtor can be reached at:

         OJSC Usman Tobacco
         Lva Tolstogo Str. 2
         399370 Usman
         Russia


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


* S&P Puts Montenegro Banking Industry on BICRA Group 9 Category
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it categorized
Montenegro's banking industry in Group 9 in its Banking Industry
Country Risk Assessment (BICRA).

This category reflects the Republic of Montenegro's
(BB+/Negative/B) high economic risk, very high credit risks
exacerbated by the dramatic loan growth of the past three years,
and the strained financial profile of Montenegrin banks.  The
ranking also reflects the stable political climate and benefits
derived from the dominance of few large Central and Eastern
European banks.

Other countries in Group 9 include Nigeria, Costa Rica,
Guatemala, Lebanon, and Vietnam.  Montenegro ranks ahead of
Ukraine (Group 10), but behind Kazakhstan (Group 8), and is
among the most risky in Central and Eastern European banks.

Montenegro's BICRA ranking is underpinned by the country's
stable political environment, converging wealth levels, and
strong economic growth, especially in a Balkan context.  Since
declaring independence in June 2006, Montenegro has been
politically stable and experienced strong economic growth.  The
ruling coalition led by the Democratic Party of Socialists
remains focused on economic reforms and EU accession.  GDP
growth is expected to remain solid at 6% in 2008 and is being
driven by very strong foreign direct investment and domestic
demand.  In 2007, growing macroeconomic imbalances were
characterized by the current-account deficit reaching 40% of
GDP, high inflation of about 12%, and wage growth beyond
productivity levels.  Positively, the country's adoption of the
euro as legal tender mitigates the risk of a classic balance
of payment crisis.  This also implies, however, that Montenegro
cannot use monetary or exchange rate policy to offset external
shocks.

High customer demand and aggressive lending by the domestic
banks have led to very high credit risks, accentuated by
exceptionally rapid credit growth and very high indebtedness of
a population country with such low wealth levels.  Domestic
credit to nonfinancial public enterprises grew by 165% in 2007,
and accounted for almost 90% of GDP by year end. The financial
profile of the banking sector has suffered due to aggressive
lending, which has pushed down margins, profitability, and
capitalization.

The banking sector's creditworthiness is supported by the
dominance of few large Central and Eastern European banks.  At
year-end 2007, four of the 11 commercial banks were owned by
large banking groups and accounted for 68% of total banking
system assets.

In terms of government support to the banking sector, S&P
classifies the Montenegrin government as "support uncertain"
("External Support Key In Rating Private Sector Banks
Worldwide," published on Feb. 27, 2007, on RatingsDirect).
S&P's key analytical measure that reflects relative economic
risks is an estimate of the incidence of gross problematic
assets (GPAs) in a financial system in a reasonable worst-case
scenario of economic recession, expressed as a percentage of
domestic credit to the private sector and nonfinancial public
enterprises.  The assumptions behind these scenarios are severe,
and therefore unlikely -- although not impossible.  The GPA for
the Montenegrin financial system is in the 35%-50% range.

The BICRA score reflects the strengths and weaknesses of a
country's banking system relative to those in other countries.
BICRAs classify countries into one of 10 groups ranging from the
strongest banking system (Group 1) to the weakest (Group 10)
from the perspective of country risk.  S&P analyzes the credit
standing of financial institutions in the context of broad
economic, regulatory, legal, and competitive environments in
which they operate.  This sectoral analysis is integral to
estimating the probability of a banking crisis, the potential
severity of fallout in the event of a crisis, and the
fundamental strength and creditworthiness of individual
financial institutions.


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


* Fitch Sees TDA Worse-Than-Expected Collateral Performance
-----------------------------------------------------------
Fitch Ratings says in a report that TDA27 and TDA28 -
securitizations of residential mortgages loans- are seeing a
worse-than-expected collateral performance, with arrears higher
than the levels anticipated at closing.

Additionally, the higher-than-expected percentage of defaults is
driving the reserve fund draws of TDA 27.  Although TDA 28 has
not experienced any defaults, its arrears relative to TDA 27 at
the same level of seasoning are higher, suggesting that the
transaction is likely to follow a similar, or see a worse,
pattern.

With a strong pipeline of loans in arrears, Fitch expects TDA 27
will see further reserve fund draws in the coming quarters.  The
reserve fund of TDA 28 remains intact, but the high level of
loans that are more than six months in arrears means there is a
high probability that the reserve fund will be drawn in the next
two quarters.

"The key factor for the performance of the transactions will be
the amount of recoveries and the pace of defaults and arrears,"
said Andy Brewer, Senior Director in Fitch's Performance
Analytics team.  "The transactions are likely to have draws on
their reserve funds in the coming quarters unless their
performance improves."

TDA 27 and TDA 28 have an interest-only note that expires in
December 2009 and July 2010, respectively.  This reduces the
amount of revenue flowing through the waterfall to replenish the
reserve fund.  Once these notes expire, the excess spread of
both transactions will increase, enhancing first-loss
protection.


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


AMCI JSC: August 22 Set as Deadline to File Proofs of Claim
-----------------------------------------------------------
Creditors owed money by JSC AMCI (Switzerland) are requested to
file their proofs of claim by Aug. 22, 2008, to:

         Iso Lenzlinger
         Alpenstrasse 12
         Mail Box 4662
         6304 Zug
         Switzerland

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


EMFG LLC: Creditors Must File Proofs of Claim by August 22
----------------------------------------------------------
Creditors owed money by LLC EMFG are requested to file their
proofs of claim by Aug. 23, 2008, to:

         JSC Treuhand Fassler & Partner Appenzell
         Weissbadstrasse 14
         9050 Appenzell
         Switzerland

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


GENERAL MOTORS: Asks Ads Agencies for a 20% Fees Discount
---------------------------------------------------------
General Motors Corp., in its latest attempt to save money, has
asked advertising agencies for a 20% discount this year and the
next, The Wall Street Journal reports.

The Journal, citing a spokeswoman, relates that the car maker
has asked its agency partners to work with them to eliminate
low-value work and find creative solutions to go to market more
efficiently.

WSJ, citing people familiar with the matter, says the cuts could
result to more than US$20 million in total savings for General
Motors, but will likely mean layoffs for the agencies involved.

WSJ indicates that GM also has pulled out of September's Emmy
broadcast on Walt Disney's ABC; it has advertised on the star-
studded program for about a decade.

Auto makers account for more than 12% of all ad spending in the
country -- more than any other single industry, WSJ notes.

The owner of Cadillac and Chevrolet, WSJ indicates, works with
dozens of agencies around the country, including Publicis
Groupe's Leo Burnett and Interpublic Group's McCann Erickson and
Campbell-Ewald.

Michael Nathanson, a senior analyst at Bernstein Research, in a
report to investors this week predicts U.S. auto advertising
will fall to US$15 billion in 2008 from US$18 billion last year
-- a noticeable drop from US$24 billion in 2004, WSJ relates.

                      About General Motors

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

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

                          *     *     *

As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corporation and
General Motors of Canada Limited Under Review with Negative
Implications.  The rating action reflects the structural
deterioration of the company's operations in North America
brought on by high oil prices and a slowing U.S. economy.

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

As related in the Troubled Company Reporter on June 5, 2008,
Standard & Poor's Ratings Services said that its ratings on
General Motors Corp. (B/Negative/B-3) are not immediately
affected by the company's announcement that it will cease
production at four North American truck plants over the next two
years.  These closures are in response to the re-energized shift
in consumer demand away from light trucks.  GM previously said
only one shift was being eliminated at each of the four truck
plants.  Production is being increased at plants producing small
and midsize cars, but the cash contribution margin from these
smaller vehicles is far less than that of light trucks.


GENERAL MOTORS: Provides US$300MM to Help Delphi Exit Bankruptcy
----------------------------------------------------------------
General Motors Corp. will grant Delphi Corp. an additional
US$300 million on top of the US$650 million already promised to
help its former parts unit exit bankruptcy protection, The Wall
Street Journal reports.

WSJ, citing court papers, says that GM may increase its loans to
its top supplier to US$950 million through the end of 2008 to
reimburse Delphi for labor-related costs and other liabilities.
WSJ relates that GM had agreed to assume these liabilities under
a settlement entered into during the Chapter 11 case.

The US$950 million, WSJ indicates, represents a portion of the
amount GM would have paid Delphi had the supplier emerged from
Chapter 11.  GM will receive a top priority claim under
bankruptcy law for the advances, WSJ notes.

The agreement comes amid GM reporting a US$15.5 billion loss for
the second quarter, US$2.8 billion of which was related to
adjusting the accounting for its relationship with Delphi.

GM agreed to increase the loan in July, at about the time the
auto maker was patching together its own plan to boost liquidity
by US$15 billion through 2009, The Journal states according to
GM spokeswoman Julie Gibson.

                          About Delphi

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

                      About General Motors

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

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

                          *     *     *

As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corporation and
General Motors of Canada Limited Under Review with Negative
Implications.  The rating action reflects the structural
deterioration of the company's operations in North America
brought on by high oil prices and a slowing U.S. economy.

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

As related in the Troubled Company Reporter on June 5, 2008,
Standard & Poor's Ratings Services said that its ratings on
General Motors Corp. (B/Negative/B-3) are not immediately
affected by the company's announcement that it will cease
production at four North American truck plants over the next two
years.  These closures are in response to the re-energized shift
in consumer demand away from light trucks.  GM previously said
only one shift was being eliminated at each of the four truck
plants.  Production is being increased at plants producing small
and midsize cars, but the cash contribution margin from these
smaller vehicles is far less than that of light trucks.


MARTI JSC: Deadline to File Proofs of Claim Set August 22
---------------------------------------------------------
Creditors owed money by JSC Marti are requested to file their
proofs of claim by Aug. 22, 2008, to:

         Josef Marti
         Winkel
         6022 Grosswangen
         Switzerland

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


MORIBIE VERWALTUNG: Proofs of Claim Filing Deadline is Aug. 23
--------------------------------------------------------------
Creditors owed money by JSC Moribie Verwaltung are requested to
file their proofs of claim by Aug. 23, 2008, to:

         Consulting Company Jurg Liebermann
         Sternenstr. 14
         8002 Zurich
         Switzerland

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


RHY-HOLZ JSC: Creditors' Proofs of Claim Due by August 23
---------------------------------------------------------
Creditors owed money by JSC Rhy-Holz are requested to file their
proofs of claim by Aug. 23, 2008, to:

         Belchenstrasse 6
         4310 Rheinfelden
         Switzerland

The company is currently undergoing liquidation in Rheinfelden.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 7, 2008.


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


CREDIT DNEPR: Moody's Affirms E+ Bank Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on Credit
Dnepr Bank's B3 long-term local and foreign currency deposit
ratings to positive from stable.  Moody's has affirmed the
bank's Not Prime short-term deposit rating and E+ bank financial
strength rating.  The outlook on the BFSR remains stable.

At the same time, Moody's has upgraded the bank's long-term
national scale credit rating to Baa1.ua from Baa3.ua.

According to Moody's, the deposit rating outlook change and the
NSR upgrade reflect the following:

   -- Credit Dnepr Bank's demonstrated ability to diversify away
      from the related party businesses, establishing a visible
      position in the corporate banking sector in its home
      region of Dnepropetrovsk;

   -- its good financial fundamentals;

   -- its gradually improving risk positioning, notably a more
      diversified loan book in terms of single-party exposures;

   -- its growing geographical diversification;

   -- continued diversification into retail banking; and

   -- its improved core deposit funding base.

At the same time, the ratings remain constrained by the bank's
still limited country-wide franchise, evolving risk management
and corporate governance issues.

Moody's notes that any possible upgrade of Credit Dnepr Bank's
B3 long-term deposit rating will be contingent on its ability to
further consolidate its market shares and strengthen its
franchise without increasing the level of related-party
transactions and maintain healthy financial fundamentals
commensurate with those of higher-rated banks.

On December 11, 2006 -- Moody's has assigned the following
ratings to

Credit Dnepr Bank :

    * B3 long-term and Not-Prime short-term foreign and local
      currency deposit ratings,

    * E+ financial strength rating and

    * Baa3.ua long-term National Scale Rating.

The outlooks on all long term global scale ratings were stable,
while the bank's NSR carried no specific outlook.

Headquartered in Dnepropetrovsk (Ukraine), Credit Dnepr Bank
reported total IFRS assets of US$468 million and net income of
US$14.8 million as at year-end 2007.


NAFTOGAZ NJSC: Moody's Lowers FC Corporate Family Rating to B1
--------------------------------------------------------------
Moody's Investors Service downgraded the Ba3 foreign currency
corporate family rating and Probability of Default rating of
NJSC Naftogaz of Ukraine to B1 and concurrently assigned a
Developing outlook.  This rating action concludes Moody's review
for downgrade of Naftogaz's ratings.

In line with the CFR, Moody's also changed the rating of US$500
million senior unsecured Loan Participation notes of Naftogaz
from Ba3 to B1, the outlook is developing.

Moody's also concluded a review of the sovereign ratings of
Ukraine with the affirmation of the Ukraine's B1 foreign and
local currency debt ratings in conjunction with the assignment
of a positive outlook which did not impact Naftogaz's ratings.

Moody's rates Naftogaz in accordance with its rating methodology
for Government Related Issuers, thus the current ratings reflect
a combination of the following inputs:

   -- Baseline credit assessment of 17 (on scale of 1-21,
      where 1 represents lowest credit risk, corresponding to a
      Caa1 rating);

   -- B1 local currency rating of the Ukrainian government;

   -- Medium dependence (changed from Low in conjunction with
      this rating action); and

   -- High support.

The downgrade of the CFR of Naftogaz follows Moody's
reassessment of the Dependence factor that plays a critical role
in Naftogaz's ratings.  Moody's has concluded that the
Dependence factor (which reflects the degree to which the
company's and the state's credit risk profiles share a common
risk factor) should be changed to Medium from Low, primarily in
view of Moody's assessment that Ukraine's moratorium risk is
considered high (estimated by Moody's at 60%).  The moratorium
risk indicates the likelihood of the government to call upon the
foreign exchange resources of domestic companies in the case of
a government default.  In addition, the shift of the Dependence
factor reflects Naftogaz's dependency upon the state and the
possibility of interference of the latter in the company's
operations as well as the company's susceptibility to political
uncertainty.  It also takes into account geopolitical factors
such as the changing relationship between Ukraine and Russia and
the ongoing intergovernmental gas price negotiations which are
used as a political tool by both parties.

The outlook reflects the general uncertainties surrounding the
longer term future of the company, in view of the on-going
political instability in Ukraine, the status of gas price
negotiations with Gazprom and the absence of visibility into
Naftogaz's operational and financial performance beyond 2008.
The absence of information about the company that would allow
Moody's to make a definitive assessment relating to Naftogaz's
projected operational and financial performance, as well as
uncertainty relating to Naftogaz's future and its positioning in
the context of the country's future energy policies, create
additional uncertainty over how the company's BCA is likely to
evolve.  Timing of the resolution of the issues stated above is
uncertain.  The rating and outlook will ultimately be dependent
upon further developments in the Ukraine (including those
related to the upcoming elections in November 2009) and at the
company's level.  Moody's will continue to monitor the company's
performance to the extent possible, its compliance with
furnishing of information covenants under the bond facility
(this has been breached again, as Naftogaz failed to release
2007 financial results by end July 2008, as stipulated in the
Bond documentation), and its working capital management
including Naftogaz's ability to attract additional financing for
this purpose.

Naftogaz, headquartered in Kiev, Ukraine, is an integrated
hydrocarbon company with operations in oil and gas exploration
and production, domestic and international transportation,
storage and supply.  In 2006 the company generated revenue of
approximately US$5.52 billion and operating profit of
approximately US$200 million, while net profit was negative at
approximately US$440 million.


* Moody's Holds Positive Outlook on Ukraine's Ratings
-----------------------------------------------------
Moody's Investors Service has confirmed several key credit
ratings of Ukraine, concluding a review for possible upgrade
that began in March, and has maintained a positive outlook on
these same ratings.  The decision not to upgrade the ratings
that were under review but rather to keep a positive outlook
takes into account an upcoming period of political and economic
uncertainty, set against the much-improved sustainability of the
government's debt metrics and relatively consistent fiscal
policy.

Moody's said the positive outlook applies to the B1 foreign- and
local-currency government bond ratings, the country's Ba3
foreign-currency ceilings for bonds and the B2 country ceiling
for foreign currency bank deposits.  The A3 (stable outlook)
local currency country ceiling and Baa1 (stable outlook) local
currency bank deposit ceiling have been affirmed.  Also affirmed
are the Not Prime short-term ratings for country ceilings for
foreign currency bonds and bank deposits.

"Moody's expects there will be difficult days ahead for Ukraine
given its heightened external financing needs in the context of
global market volatility," said Moody's Vice President Jonathan
Schiffer.  "Still, a positive outlook was judged to be
appropriate because Ukraine has accumulated a large foreign
reserve cushion after many years of strong economic growth and
earlier current account surpluses."

Mr. Schiffer said this cushion would likely allow Ukraine to
navigate a period of large current account deficits without
serious financing stress, but the related uncertainty is
sufficiently large that an upgrade did not seem to be warranted
at this time.

Moody's does expect, however, that foreign direct investment
(excluding any privatization receipts) will cover around 80% of
the current account deficit this year and half of next year's,
although it will not finance the entire shortfall, as in
previous years.

Other positive factors noted by Mr. Schiffer were the healthy
growth in government revenues, which has contributed to a
significant improvement in payments capacity indicators since
1999, and a more balanced distribution of economic growth
between domestic and external sources.

"Tax -- including customs -- administration has improved and,
combined with appropriate policy measures, provides the
potential for additional revenue gains over the medium term,"
said Mr. Schiffer.  "The government's balance sheet has been
strong for quite some time, and the approach to fiscal policy by
various center-right and center-left coalition governments
suggests a high degree of consensus among Ukraine's political
elites."

In spite of substantial rises in minimum wages and social
transfer payments, Mr. Schiffer projected that Ukraine will
continue to register quite modest budget deficits, with the
country's accession to the WTO and restructuring of the
industrial base likely to help offset other growth challenges
coming from higher energy costs.  Contingent liabilities
associated with the state gas distribution corporation,
Naftogaz, and with compensation to the populace for so-called
"lost savings" from the hyperinflation that accompanied the fall
of the Soviet Union are manageable.

"The very high rate of inflation, caused by strong domestic
demand coupled with rising food and energy prices and lax
macroeconomic policies," said Mr. Schiffer, "will likely abate
gradually over the next two to three years, as the domestic
harvest improves and fiscal policy stays relatively tight."

Mr. Schiffer said that Ukrainian politics remains fiercely
contested between the three major political parties, and
suggested that the relationship between parliamentary power and
presidential prerogatives seems to require constitutional
clarification.

"Nevertheless, there is little perceived threat to the
parliamentary democratic regime," said Mr. Schiffer.  "A change
of government or the potential election of a new president in
autumn 2009 is not seen as a harbinger of wholesale shifts in
political-economic direction or challenges to macroeconomic
stability.  The populace has adjusted their behavior
accordingly, lessening the risk of financial crises."

Mr. Schiffer suggested that there are two key policy variables
that Moody's will be monitoring.  The first is the ability of
the National Bank of Ukraine to adjust monetary policy to cool
an overheating economy in general and, in particular, to adopt a
more appropriate and flexible exchange rate regime to deal with
the myriad economic pressures associated with Ukraine's further
development.  The second relates to the government's fiscal
policy reaction to the slowdown in growth and the significant
widening of the current account deficit as elections approach.


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


AIRE VALLEY: S&P Gives BB Rating on Class D GBP210 Million Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services said has assigned its credit
ratings to the GBP1,650 million and EUR1,572 million mortgage-
backed floating-rate notes issued by Aire Valley Mortgages 2008-
1 PLC.

This is the sixth listed issuance from Bradford & Bingley PLC's
mortgage trust, and is backed by a pool of first-ranking
mortgages secured over properties in England, Northern Ireland,
Scotland, and Wales.  This is also Bradford & Bingley's eighth
public securitization.

The issuer lent the note issuance proceeds to Aire Valley
Funding 1 Ltd., which used them to increase its share in the
mortgage trust.  Funding 1 uses the cash flows from its share of
the trust to pay its obligations under the intercompany loans to
the issuer.  The issuer then pays the interest and principal on
the notes.

The issued notes are pass-through notes only.  Interest on the
notes is payable quarterly in arrears on Jan. 20, April 20, July
20, and Oct. 20 each year.

The originator in this transaction is Mortgage Express.
Mortgage Express is a wholly-owned subsidiary of Bradford &
Bingley Investments, which is in turn a wholly-owned subsidiary
of Bradford & Bingley.

Aire Valley Mortgages 2008-1 PLC:

  -- GBP1,650 Million And EUR1,572 Million Mortgage-Backed
     Floating-Rate Notes

Ratings List:

Class                    Rating      Amount (Mil. EUR)
-----                    ------      -----------------
Series 1 class A1          AAA             GBP625
Series 1 class A2          AAA             EUR786
Series 2 class A1          AAA             GBP625
Series 2 class A2          AAA             EUR786
C                          BBB             GBP190
D                          BB              GBP210


ALPHABETA OPERATIONS: Taps Tenon Recovery to Administer Assets
--------------------------------------------------------------
Jeremy Woodside and Thomas Dixon of Tenon Recovery were
appointed joint administrators of Aphabeta Operations LLP
(formerly Chartbridge Law LLP) (Company Number OC319577) on
July 28, 2008.

Tenon Recovery -- http://www.tenongroup.com/-- provides
accounting and business advice to owner-managed and private
business.

The company can be reached at:

         Aphabeta Operations LLP
         2 Greengate Street
         Oldham
         Greater Manchester
         OL4 1FN
         England


BAR GROUP: Seeks Protection from its Creditors
----------------------------------------------
The Bar Group has applied for protection from its creditors
through Company Voluntary Agreement.  The CVA allows the company
to continue its operations while shielding it from creditors.

The company has appointed insolvency practitioners Gibson Hewitt
to deal with its creditors.

The Bar Group owns the Bok Bar chain and the Wishing Well Pub
Group.


BLUCAT LTD: Brings in Liquidators from Vantis Business Recovery
---------------------------------------------------------------
Mark Newman and Vincent John Green of Vantis Business Recovery
Services were appointed joint liquidators of Blucat Ltd. on
July 30, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Blucat Ltd.
         c/o Vantis Business Recovery Services
         Judd House
         16 East Street
         Tonbridge
         Kent
         TN9 1HG
         England


CHESAPEAKE CORP: Moody's Junks Corporate Family Ratings to Caa2
---------------------------------------------------------------
Moody's Investors Service downgraded Chesapeake Corporation's
Corporate Family Rating to Caa2 from B2 and its Probability of
Default Rating to Caa2 from B3.  Concurrently, Moody's
downgraded the company's senior unsecured revenue bonds to Caa3
from B3 and senior subordinated notes to Caa3 from Caa1.  All
credit ratings remain on review for possible downgrade.

The downgrade in CFR and PDR to Caa2 was prompted by the
company's announcement on Aug. 1, 2008, that it is developing a
comprehensive refinancing plan to address the upcoming maturity
of its bank credit facility and its general liquidity needs.
The proposed refinancing plan is expected to include: (1) new
senior secured credit facilities to be used to fully repay the
company's existing senior secured credit facility (unrated by
Moody's), and (2) an offer to exchange the company's outstanding
senior subordinated notes for new debt and equity securities.
Depending on the final terms of the exchange, it may be
considered a distressed exchange by Moody's.  Moody's definition
of default includes distressed exchanges and the downgrade in
the ratings reflects the heightened probability of such a
default in the near term.  Also considered in the downgrade was
a shortfall in results in the first half of the year as compared
to our expectations.

Accordingly, Moody's expectations for full year 2008 operating
results have been further lowered and suggest a very weak
capital structure and credit metrics for a company of
Chesapeake's scale.

Chesapeake continues to face refinancing pressures, an adverse
business environment partly resulting from macroeconomic
factors, and record high freight and energy costs.

The review for possible downgrade will continue to focus on
Chesapeake's liquidity profile and business fundamentals, in
addition to a review of the terms of the proposed refinancing
plan.

Moody's downgraded these ratings of Chesapeake:

  -- US$18.75 million 6.375% senior unsecured revenue bonds due
     2019, to Caa3 / LGD4 (68%) from B3 / LGD3 (48%)

  -- US$31.25 million 6.25% senior unsecured revenue bonds due
     2019, to Caa3 / LGD4 (68%) from B3 / LGD3 (48%)

  -- 67.1 million GBP 10.375% senior subordinated notes due
     2011, to Caa3 / LGD5 (86%) from Caa1 / LGD5 (72%)

  -- 100 million EUR 7% senior subordinated eurobonds due 2014,
     to Caa3 / LGD5 (86%) from Caa1 / LGD5 (72%)

  -- Corporate Family Rating, to Caa2 from B2

  -- Probability of Default Rating, to Caa2 from B3

Headquartered in Richmond, Virginia, Chesapeake Corporation is a
leading international supplier of specialty paperboard and
plastic packaging. Revenues for the twelve month period ended
June 29, 2008 were US$1.04 billion.


CHRYSLER AUTOMOTIVE: Moody's Junks Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service lowered the ratings of Chrysler
Automotive LLC -- Corporate Family Rating to Caa1 from B3,
Probability of Default to Caa1 from B3, first lien term loan to
B2 from B1, and second lien term loan to Caa2 from Caa1.  The
ratings remain on review for further possible downgrade.

In a related action Moody's also lowered the ratings of
DaimlerChrysler Financial Services Americas LLC -- Corporate
Family Rating to B2 from B1, first lien bank loan to B2 from B1,
and second lien bank loan to B3 from B2.  These ratings also
remain under review for further possible downgrade.

The downgrade of the Chrysler ratings reflects the considerable
competitive and financial pressure the company faces as a result
of the shift in US consumer demand away from trucks and SUVs, as
well as the decline in overall automotive demand. While these
market pressures will stress the performance of all three
domestic auto manufacturers, Chrysler will be particularly
challenged by its relatively high dependence on trucks and SUVs,
and by a small-car portfolio that is much less robust than that
of both its domestic and Asian competitors.  Moreover, the
company has not announced any small car offerings as part of it
new product pipeline through 2009.  As a result, Chrysler's
operating cash flow will likely remain negative through the
intermediate term.  In addition, Bruce Clark, Senior Vice
President with Moody's, said, "If Chrysler's prospects for
establishing an adequately robust revenue and product profile
remain limited, the long-term viability of the company's
business model could be undermined despite the success of its
cost cutting initiatives and the intermediate-term adequacy of
its liquidity profile."

Despite a relatively aggressive and successful cost cutting
program, and a liquidity position that can easily cover all cash
requirements through the next twelve months, the critical
challenge for Chrysler will be establishing adequate market
demand and pricing for its minivans and crossover vehicles,
given the weakness in its car portfolio.

A sustainable business model will require a continuation of
effective cost cutting initiatives, maintenance of adequate
liquidity, and a successful product and pricing strategy.  A key
factor in the review of Chrysler will be the company's plans for
managing these three variables.  The review will also consider
the near-term share position and pricing profile of Chrysler's
minivans, crossovers and cars, well as any longer-term plans
that might enhance its small-vehicle portfolio in the 2010 time
frame.
The review will also assess the ability of DaimlerChrysler
Financial Services Americas to continue to provide adequate
levels of retail and wholesale financing in support of
Chrysler's automotive operations.

Chrysler Automotive LLC is headquartered in Auburn Hills,
Michigan.


COLT TELECOM: S&P Shifts Outlook to Positive; Affirms B Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
European business telecommunications operator COLT Telecom Group
Ltd. and COLT Telecom Group S.A. to positive.  At the same time,
S&P affirmed its 'B' long-term corporate credit ratings on all
COLT entities and its 'B' issue rating on COLT's EUR262 million
notes due 2009.

"The outlook revision reflects improved revenue visibility and
continued positive free operating cash flow (FOCF) generation at
COLT, and indicates the possibility that the rating on COLT
could be raised if management successfully refinances COLT's
EUR262 million notes maturing in December 2009," said S&P's
credit analyst Michael O'Brien.

The ratings on COLT remain constrained, however, by the
entrenched dominant positions of COLT's incumbent competitors in
most of its operations across Europe; the industry's high
competitiveness characterized by sharp pricing pressure; and
COLT's exposure to intrinsic telecommunications technological
risks as well as its only moderately positive FOCF generation.
These factors are partly offset, however, by COLT's fully owned
Pan-European network; modest leverage; satisfactory liquidity
position; and supportive major shareholder FMR LLC (Fidelity;
AA-/Stable/A-1+) and other Fidelity entities, which have shown
some financial support in the past.

The positive outlook reflects that the ratings on COLT could be
raised subsequent to the timely and comfortable refinancing of
its EUR262 million notes maturing in December 2009.  This
applies in the context of COLT maintaining an adequate liquidity
position, sustaining its modestly positive FOCF generation,
and being able to withstand the pressures inherent in its
operating environment without experiencing operating margin
decline on a consolidated basis as well as building on the
improved revenue visibility stemming from its data center
contracts.

Weakness in operating performance or a weakening in liquidity
caused by negative FOCF, higher capital expenditures, or weaker
cash generation would lead to the outlook reverting to stable.

"If significant progress is not made in terms of refinancing by
the end of the first quarter 2009, we will consider revising the
outlook to stable.  An inability to refinance or sustained
negative FOCF would put downward pressure on the ratings," said
Mr. O'Brien.


COMMUNITY COMMUNICATION: Taps Administrators from Tenon Recovery
----------------------------------------------------------------
Matthew Colin Bowker and Steven John Parker of Tenon Recovery
were appointed joint administrators of Community Communication
Network Ltd. (Company Number 05044421) on July 30, 2008.

Tenon Recovery -- http://www.tenongroup.com/-- provides
accounting and business advice to owner-managed and private
business.

The company can be reached at:

         Community Communication Network Ltd.
         c/o Tenon Recovery
         Clive House
         Clive Street
         Bolton
         Lancashire
         BL1 1ET
         England


DIGITAL THERAPY: Brings in Joint Administrators from Mazars
-----------------------------------------------------------
R. D. Adamson and P. Charlton of Mazars were appointed joint
administrators of Digital Therapy Ltd. (Company Number 04515984)
on July 25, 2008.

Mazars -- http://www.mazars.com/-- provides audit, accounting,
tax and advisory services.

The company can be reached at:

         Digital Therapy Ltd.
         c/o Mazars
         Mazars House
         Gelderd Road
         Gildersome
         Leeds
         LS27 7JN
         England


DUNWOODY MARKETING: Exits Administration Without Print Unit
-----------------------------------------------------------
Dunwoody Marketing Communications has been pulled out of
administration.  The company is revived without DPN, it's print
division, printweek.com reports.

DPN was created after acquiring Bake Print in 2006.  In April
2008, Bake Print went into administration with Dunwoody
following suit on July 16.

Messrs. David Marsden, Ian Tonks and James Wills sit as new
directors of the company.

Mr. Marsden said, "The acquisition of Bake Print was a massive
investment from Dunwoody.  Despite substantial cost cuts, Bake
Print was never able to get to the turnover required to cover
its expenses."

Based in Newbury, Berkshire, Dunwoody Marketing Communications
-- http://www.dunwoody.co.uk/index.php-- is an advertising
agency employing over 50 personnel.


E A CASTLE: David Elliott Leads Liquidation Procedure
-----------------------------------------------------
David Elliott of Moore Stephens LLP was appointed liquidator of
E A Castle & Son Ltd. on July 31, 2008, for the creditors'
voluntary winding-up procedure.

The company can be reached at:

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


EXPRESS GLASS: Appoints Liquidator from BDO Stoy Hayward
--------------------------------------------------------
Andrew Howard Beckingham of BDO Stoy Hayward LLP was appointed
liquidator of Express Glass & Glazing Ltd. on July 22, 2008, for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Express Glass & Glazing Ltd.
         c/o BDO Stoy Hayward LLP
         Arcadia House
         Maritime Walk
         Ocean Village
         Southampton
         SO14 3TL
         England


F1 ENGINEERING: Calls in Administrators from Tenon Recovery
-----------------------------------------------------------
Alexander Kinninmonth and Stanley Donald Burkett-Coltman of
Tenon Recovery were appointed joint administrators of F1
Engineering Services Ltd. (Company Number 3831316) on July 17,
2008.

Tenon Recovery -- http://www.tenongroup.com/-- provides
accounting and business advice to owner-managed and private
business.

The company can be reached at:

         F1 Engineering Services Ltd.
         Unit 1C
         Wessex Gate Industrial Estate
         Portsmouth Road
         Horndean
         Hampshire
         PO8 9LP
         England


FEARNLEY ELECTRICAL: Joint Liquidators Take Over Operations
-----------------------------------------------------------
Marc Justin Landsman of Carmichael & Co. and Colin Andrew
Prescott of Moore Stephens LLP were appointed joint liquidators
of Fearnley Electrical Ltd. on July 22, 2008, for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Fearnley Electrical Ltd.
         Fifth Floor
         City Wharf
         New Bailey Street
         Manchester
         M3 5ER
         England


GALACOURT LTD: Paperun Taps Receiver from PKF
---------------------------------------------
Paperun Ltd. appointed Philip J. Long of PKF (U.K.) LLP joint
administrative receiver of Galacourt Ltd. (Company Number
1183457) on July 28, 2008.

The company can be reached at:

         Galacourt Ltd.
         c/o PKF (U.K.) LLP
         Farringdon Place
         20 Farringdon Road
         London
         EC1M 3AP
         England


PHAROS INTERNATIONAL: Appoints Joint Administrators from Vantis
---------------------------------------------------------------
Colin Ian Vickers and Christopher David Stevens of Vantis were
appointed joint administrators of Pharos International Ltd.
(Company Number 01285185) on July 28, 2008.

Tenon Recovery -- http://www.tenongroup.com/-- provides
accounting and business advice to owner-managed and private
business.

The company can be reached at:

         Pharos International Ltd.
         c/o Vantis
         Fourth Floor
         Southfield House
         11 Liverpool Gardens
         Worthing
         West Sussex
         BN11 1RY
         England


SOUTHERN PACIFIC 05-3: S&P Puts BB/B Ratings on Watch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with negative implications its credit ratings on the E1c, ETc,
and FTc notes issued by Southern Pacific Securities 05-3 (SPS
05-3), and Southern Pacific Securities 06-1 (SPS 06-1).

The CreditWatch placements follow an initial review of the most
recent information that S&P received for these transactions.

The rating actions on these transactions are based on a decline
in key performance indicators.  As of June 2008, losses since
inception of the SPS 05-3 portfolio increased to 1.01% from
0.82%.  In the March 2008 payment period, S&P's index for
nonconforming deals in interest payment period 10 is 0.59% for
the 2005 vintage.  Repossessions outstanding comprise 4.98% of
the current portfolio.  Additionally, 90+ day delinquencies for
the SPS 06-1 portfolio as of June 2008 are significantly high at
31.96%, while S&P's nonconforming index is 24.53%.

The performance of the portfolios has resulted in an increase in
risk for the excess spread notes, with the notes receiving no
notional reduction since June 2007 for SPS 05-3 and since March
2007 for SPS 06-1.

Furthermore, on the next interest payment date (September 2008),
the A2c detachable rate coupon (DAC) notes will step up a
further 50 basis points to 2.85% for SPS 05-3 and 5 basis points
to 2.50% for SPS 06-1.  The A2c DAC notes in SPS 06-1 will
increase in the next three interest payment dates to 3.15%.
This will further limit the available excess spread to make
payments to the excess spread notes and increase the FTc
principal balances.

S&P will conduct new credit and cash flow runs and the results,
together with any effects on the ratings on any of the notes,
will be released in due course.

S&P continues to closely monitor the performance of these
transactions.  The rating agency will pay particular attention
to future repossessions and any losses that are realized as a
result of the current repossessions.  The results of S&P's
ongoing analysis and any rating changes are expected in due
course.

Ratings List:

Southern Pacific Securities 05-3 PLC

   -- GBP135 Million And EUR304.3 Million And US$100 Million
      Mortgage-Backed Floating-Rate Notes Plus An Over Issuance
      Of GBP14 Million Mortgage-Backed Floating-Rate Notes And
      GBP4 Million Mortgage-Backed Deferrable-Interest Notes

Class                   Rating
-----
                To                 From
                --                 -----
Ratings Placed On CreditWatch With Negative Implications:

E1c              BB/Watch Neg       BB
ETc              BB/Watch Neg       BB
FTc              B/Watch Neg        B

Southern Pacific Securities 06-1 PLC

   -- GBP140.45 Million, EUR157.85 Million And US$199.15 Million
      Mortgage-Backed Floating-Rate Notes, Plus An Over Issuance
      Of GBP13.68 Million And GBP2.88 Million Deferrable
      Interest Notes

Class                   Rating
------                  ------
                 To                 From
                 --                 ----
Ratings Placed On CreditWatch With Negative Implications

E1c              BB/Watch Neg       BB
ETc              BB/Watch Neg       BB
FTc              B/Watch Neg        B


SOUTHERN PACIFIC 06-1: S&P Puts BB/B Ratings on Watch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with negative implications its credit ratings on the E1c, ETc,
and FTc notes issued by Southern Pacific Securities 05-3 (SPS
05-3), and Southern Pacific Securities 06-1 (SPS 06-1).

The CreditWatch placements follow an initial review of the most
recent information that S&P received for these transactions.

The rating actions on these transactions are based on a decline
in key performance indicators.  As of June 2008, losses since
inception of the SPS 05-3 portfolio increased to 1.01% from
0.82%.  In the March 2008 payment period, S&P's index for
nonconforming deals in interest payment period 10 is 0.59% for
the 2005 vintage.  Repossessions outstanding comprise 4.98% of
the current portfolio.  Additionally, 90+ day delinquencies for
the SPS 06-1 portfolio as of June 2008 are significantly high at
31.96%, while S&P's nonconforming index is 24.53%.

The performance of the portfolios has resulted in an increase in
risk for the excess spread notes, with the notes receiving no
notional reduction since June 2007 for SPS 05-3 and since March
2007 for SPS 06-1.

Furthermore, on the next interest payment date (September 2008),
the A2c detachable rate coupon (DAC) notes will step up a
further 50 basis points to 2.85% for SPS 05-3 and 5 basis points
to 2.50% for SPS 06-1.  The A2c DAC notes in SPS 06-1 will
increase in the next three interest payment dates to 3.15%.
This will further limit the available excess spread to make
payments to the excess spread notes and increase the FTc
principal balances.

S&P will conduct new credit and cash flow runs and the results,
together with any effects on the ratings on any of the notes,
will be released in due course.

S&P continues to closely monitor the performance of these
transactions.  The rating agency will pay particular attention
to future repossessions and any losses that are realized as a
result of the current repossessions.  The results of S&P's
ongoing analysis and any rating changes are expected in due
course.

Ratings List:

Southern Pacific Securities 05-3 PLC

   -- GBP135 Million And EUR304.3 Million And US$100 Million
      Mortgage-Backed Floating-Rate Notes Plus An Over Issuance
      Of GBP14 Million Mortgage-Backed Floating-Rate Notes And
      GBP4 Million Mortgage-Backed Deferrable-Interest Notes

Class                   Rating
-----                   ------
                 To                 From
                 --                 -----
Ratings Placed On CreditWatch With Negative Implications:

E1c              BB/Watch Neg       BB
ETc              BB/Watch Neg       BB
FTc              B/Watch Neg        B

Southern Pacific Securities 06-1 PLC

   -- GBP140.45 Million, EUR157.85 Million And US$199.15 Million
      Mortgage-Backed Floating-Rate Notes, Plus An Over Issuance
      Of GBP13.68 Million And GBP2.88 Million Deferrable
      Interest Notes


Class                   Rating
-----                   ------
                 To                 From
                 --                 ----
Ratings Placed On CreditWatch With Negative Implications

E1c              BB/Watch Neg       BB
ETc              BB/Watch Neg       BB
FTc              B/Watch Neg        B


SPACE KITCHENS: Calls in Joint Administrators from PKF
------------------------------------------------------
Kerry Bailey and Matthew Gibson of PKF (U.K.) LLP were appointed
joint administrators of Space Kitchens & Bedrooms (Holdings)
Ltd. (Company Number 04294129) and Space Kitchens (Holdings)
Ltd. on July 14, 2008.
PKF (U.K.) LLP -- http://www.pkf.co.uk-- specializes in
advising the management of developing private and public
businesses.  Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation.  It also offers
financial services through its FSA authorized company, PKF
Financial Planning Limited.

The company can be reached at:

         Space Kitchens & Bedrooms (Holdings) Ltd
         c/o PKF (U.K.) LLP
         Sovereign House
         Queen Street
         Manchester
         M2 5HR
         England


ULMKE METALS: Taps Joint Administrators from BDO Stoy Hayward
-------------------------------------------------------------
C. K. Rayment and M. Dunham of BDO Stoy Hayward LLP were
appointed joint administrators of Ulmke Metals Ltd. (Company
Number 00652806) on July 25, 2008.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

The company can be reached at:

         Ulmke Metals Ltd.
         c/o BDO Stoy Hayward LLP
         125 Colmore Row
         Birmingham
         B3 3SD
         England


* Large Companies with Insolvent Balance Sheet
----------------------------------------------
                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)


BELGIUM
-------
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)
Setuza A.S.                          (55)         145   (1,120)


DENMARK
-------
Elite Shipping                       (28)         101       19

FRANCE
------
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Euro Computer System                (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (67)         301      (13)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Pagesjaunes GRP           PAJ     (3,023)       1,377     (311)
Pneumatiques Kleber S.A.             (34)         480      139
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
Selcodis S.A.             SPVX        (9)         134      (26)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Alno AG                   ANO        (21)         340      (61)
Babcock Borsig            BBX      (1608)         137   (1,309)
CBB Holding AG            COB        (43)         905      N.A.
Cinemaxx AG               MXC        (38)         178      (32)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG       (10)         111      N.A.
Kabel Deutschland                 (1,199)       2,280     (306)
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F      (13)         190      (68)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRC         (5)         662      (47)
Schaltbau Hold            SLT         (3)         240       14
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
TA Triumph-Adler          TWN        (72)         462      (53)

GREECE
------
Petzetakis-PFC            PETZP       (8)         263      (98)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
Exbus PLC                 EXBUS     (30)         118    (5,162)

ICELAND
-------
Decode Genetics Inc.      DCGN     (146)         156       48

IRELAND
-------
Elan Corp PLC             ELN      (388)       1,599       484
Waterford Wed Ut          WTFU     (145)         897       208


ITALY
-----
A.S. Roma S.p.A.          ASR        (12)         188      (49)
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Gruppo Coin S.p.A.        GC        (154)         801      (50)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
I Viaggi del
   Ventaglio S.p.A.       VVE        (64)         529      (88)
Lazio S.p.A.              SSL        (32)         254      (33)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Snia S.p.A.               SN         (12)         447       21
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Interoil Exploration      IOX         (9)         205      (11)
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Vista Altan               VAFK       (15)          174      (4)


ROMANIA
-------
Oltchim RM Valce          OLT         (7)         673     (417)
Rafo Onesti               RAF       (430)         353   (1,510)


RUSSIA
------
East Siberia Brd          VSNK       (79)         107     (278)
Omskij Kauchu             OMKA        (4)         125   (1,794)
OAO Samaraneftegas                  (332)         892  (16,942)
Vimpel Ship               SOVP       (93)         281     (420)
Zil Auto                  ZILLP     (178)         425  (10,597)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.           AHV       (116)       1,283     (278)
Santana Motor S.A.       LRSA        (46)         223       41


SWITZERLAND
-----------
Fortune Management                   (85)         348      (37)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dniprooblenergo           DNON       (51)         433   (1,010)
Donetskoblenergo          DOON      (341)         573   (2,365)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                  AMY        (49)         932      (47)
Atkins (WS) Plc           ATK       (150)       1,390       62
Bagleys Investment                  (247)       1,094     (126)
BCH Group Plc             BCH         (6)         188      (44)
Blenheim Group            BEH       (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd                (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Carlisle Group                       (12)         204       15
Compass Group             CPG       (668)       2,972     (298)
Dowson Holding            DWN        (18)         226       31
Dignity Plc               DTY         (9)         648       35
Easybroker PLC                        (1)         287       (1)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (2,266)       2,950     (296)
Evans Healthcare                     (86)         239     (144)
Global Green Tech Group             (156)         408      (18)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Ladbrokes Plc             LAD       (894)       2,139     (356)
Lambert Fenchurch Group               (1)       1,827        3
Legal & Gen. Fin.                     (7)       3,576     (522)
M 2003 Plc                        (2,204)       7,205     (756)
Misys Plc                 MSY         (7)       1,123     (131)
Mytravel Group            MT.L      (380)       1,818     (488)
New Star Asset                      (418)         368       10
Next Plc                            (156)       3,224      (63)
Norbain Finance                      (10)         280      (10)
Orange Plc                ORNGF     (594)       2,902        7
Rank Group Plc                       (26)       1,209      (88)
Regus Plc                            (46)         367      (60)
Saatchi & Saatchi         SSI       (119)         705      (41)
SFI Group                 SUF       (108)         178     (162)
Skyepharma PLC            SKP       (117)         212       11
Spirit Group                         (75)         365      (56)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
Trio Finance              TRIO       (14)         592      N.A.
Wincanton Plc             WIN        (27)       1,451      (78)


                            *********

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

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

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

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

                            *********


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

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

Copyright 2008.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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