TCREUR_Public/080814.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, August 14, 2008, Vol. 9, No. 161

                            Headlines


A U S T R I A

JET FOX-TRANSPORT: Claims Registration Period Ends September 15
SAUBERMANN LLC: Claims Registration Period Ends August 19
VURANAY LLC: Claims Registration Period Ends August 26


B E L G I U M

LA CRISTALLERIE: Soaring Raw Material Costs Prompt Bankruptcy


E S T O N I A

FLEXENCLOSURE OU: Goes Into Liquidation


F R A N C E

REVLON INC: Appoints Tamara Mellon as New Board Member


G E O R G I A

BANK OF GEORGIA: Moody's Reviews D- BFSR for Possible Downgrade
TBC BANK: Moody's Puts D- BFSR on Review for Possible Downgrade
VTB BANK: Fitch Retains 'B+' Rating with Negative Outlook


G E R M A N Y

4 PLAY - EDUTAINMENT: Claims Registration Period Ends August 22
AKD AGRAR: Claims Registration Period Ends August 22
ASIA LINK: Claims Registration Period Ends August 22
BECA REISEMOBILE: Claims Registration Period Ends August 21
COREALCREDIT BANK: S&P Shifts Outlook, Keeps BB-/B Credit Rtngs

GRESTONE GMBH: Creditors' Meeting Slated for August 21
INTERMET CORP: Files for Chapter 11 Bankruptcy in Delaware
INTERMET CORPORATION: Case Summary & 20 Largest Unsec. Creditors
MOSKITOS EISHOCKEY: Claims Registration Period Ends August 21
PERIMAX GMBH: Claims Registration Period Ends August 20

RENERGIE HOLDING: Claims Registration Period Ends August 20
SINNLEFERS GMBH: Files for Insolvency at Hagen Court
TEKOMA TELEKOMMUNIKATIONS: Claims Registration Ends August 20
UNITYMEDIA GMBH: S&P's B+ Rating Unchanged by Unit's Acquisition
WIRTSCHAFTSWERBUNG FREISMUTH: Claims Registration Ends August 20

ZENTRUM FUER BLUT: Claims Registration Period Ends August 21


H U N G A R Y

PROPEX INC: Wants Plan-Filing Deadline Extended to October 20


I T A L Y

ALITALIA SPA: Italy May Sell Entire 49.9% Stake, Minister Says
DANA CORP: Settles Allen County's Claim for US$1,750,000


K A Z A K H S T A N

IMMOVABLE PROPERTY: Creditors Must File Claims by September 23
INTER AUTO-PV: Claims Filing Deadline Slated for September 25
KAZ TECHNO STROY: Claims Filing Period Ends September 25
LC LIMITED: Creditors' Proofs of Claim Due on September 19
PETRO LINE: Claims Registration Period Ends September 23

PLAY FORCE: Creditors Must File Claims by September 23
PROD SPECTR: Claims Filing Deadline Slated for September 25
WEST FINANCE: Claims Filing Period Ends September 25


K Y R G Y Z S T A N

POSITIF LLC: Creditors Must File Claims by September 18


N O R W A Y

MONITOR OIL: Files Chapter 11 Plan And Disclosure Statement

R U S S I A

ARS NOVA: Proofs of Claim Filing Deadline Set September 5
OLGA LLC: Proofs of Claim Filing Deadline Set September 5
ONIKS CJSC: Court Names  N. Deryabina as Administrative Receiver
PETRO-KHIM-PROM: Proofs of Claim Filing Deadline Set September 5
RVK-FINANS: Fitch Assigns 'BB-' Rating on RUB1.75 Billion Bonds

SARGATSK-AGRO: Proofs of Claim Filing Deadline Set September 5
SIBERIAN WOOD: Proofs of Claim Filing Deadline Set September 5
UVA-AGRO-KHIM: Court Sets Supervision Hearing on October 21
VLAD-REAL ESTATE: Proofs of Claim Filing Deadline Set Sept. 5
YUTAZINSKAYA INCUBATOR: Claims Filing Deadline Set September 5


S P A I N

AYT COLATERALES: Fitch Rates EUR10.4 Million Class D Notes 'B'
CAIXA PENEDES: Fitch Puts BB Rating on EUR41.6MM Series C Notes
TDA SA NOSTRA: Fitch Puts 'B' Rating on EUR6MM Series E Notes


S W I T Z E R L A N D

ARSAGO HOLDING: Deadline to File Proofs of Claim Set August 24
GENESIS CONSULTANCY: Creditors' Proofs of Claim Due by August 24
SEMGROUP LP: Court OKs Use of Cash Collateral for White Cliff
SEMGROUP LP: Pioneer Asserts US$30 Million Pre-Bankruptcy Claims
SEMGROUP LP: U.S. Trustee Forms Seven-Member Creditors' Panel

SEMGROUP LP: Five Canadian Units File Separate CCAA Petitions
SEMGROUP LP: Monitor Provides Update on CCAA Proceedings
UBS AG: Posts CHF358 Million Net Loss in Second Quarter 2008
UBS AG: Repositions Bank for Maximum Strategic Flexibility
UBS AG: Appoints Two New Members to Group Executive Board

YMB MANAGEMENT: Creditors Must File Proofs of Claim by Aug. 24


U K R A I N E

ADVIL LLC: Proofs of Claim Filing Deadline Set August 17
AGRO LI LLC: Creditors Must File Proofs of Claim by Aug. 17
COLVIS FINANCE: Moody's Confirms Ba2 Rating on US$107MM Notes
GAL-TER LLC: Creditors Must File Proofs of Claim by Aug. 17
GENERALI GARANT: Moody's Holds Ba3 Foreign Currency IFSR

INTVEST LLC: Creditors Must File Proofs of Claim by August 17
MINERAL LLC: Creditors Must File Proofs of Claim by August 17
PETROLEUM SERVICE: Proofs of Claim Filing Deadline Set Aug. 22
PROD-V-KO: Creditors Must File Proofs of Claim by August 16
PROVISTA LLC: Creditors Must File Proofs of Claim by August 16

RIAN-KREDO LLC Creditors Must File Proofs of Claim by August 17
SOYUZ-PERSPECTIVE LLC: Creditors Must Claims by August 17
STAROBELSK PLANT: Proofs of Claim Filing Deadline Set August 22
TEREN GROUP: Creditors Must File Proofs of Claim by August 16

*  Moody's Confirms B2 Deposit Ratings of 22 Ukrainian Banks


U N I T E D   K I N G D O M

BRITISH AIRWAYS: Richard Branson Says AA Tie Up Anti-Competitive
GRETNA FOOTBALL: Goes Into Liquidation
KITCHENEERS LTD: Brings in Liquidators from Tenon Recovery
PANALOC LTD: KPMG in Advanced Talks with Potential Buyer
PCS CASHLESS: Calls in Joint Administrators from Tenon Recovery

SALLY BEAUTY: June 30 Balance Sheet Upside-Down by US$701 Mln
SUN MICROSYSTEMS: Moody's Confirms Ba1 Corporate Family Rating
TPP INTERNATIONAL: Taps Joint Administrators from Baker Tilly
WASTECHNIQUE LTD: Appoints Joint Administrators from PKF

* Upcoming Meetings, Conferences and Seminars


                            *********


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


JET FOX-TRANSPORT: Claims Registration Period Ends September 15
---------------------------------------------------------------
Creditors owed money by LLC Jet Fox-Transport have until Sept.
15, 2008, to file written proofs of claim to the court-appointed
estate administrator:

         Rainer Ebert
         Hauptplatz 16
         2020 Hollabrunn
         Austria
         Tel: 02952/25 26
         Fax: 02952/25 26 18
         E-mail: rainer.ebert@gmx.net

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on Oct. 1, 2008, for the
examination of claims at:

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

Headquartered in Stockerau, Austria, the Debtor declared
bankruptcy on July 9, 2008, (Bankr. Case No. 36 S 84/08g).


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

         Dr. Katharina Widhalm-Budak
         Favoritenstrasse 22/12a
         1040 Vienna
         Tel: 504 64 08
         Fax: 504 64 08 22
         E-mail: widhalm-budak@mitrecht.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at [time] on [date] for the examination
of claims at:

         The Trade Court of Vienna
         Room 1609
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 7, 2008, (Bankr. Case No. 6 S 98/08s).


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

         Martin Honemann
         Oelzeltgasse 4
         1030 Vienna
         Austria
         Tel: 713 61 92
         Fax: 713 61 92 22
         E-mail: martin.honemann@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Sept. 9, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1607
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 2, 2008, (Bankr. Case No. 28 S 96/08h).


=============
B E L G I U M
=============


LA CRISTALLERIE: Soaring Raw Material Costs Prompt Bankruptcy
-------------------------------------------------------------
La Cristallerie du Val Saint Lambert SA, a 99.9% subsidiary of
Val Saint Lambert International SA, decided to file for
bankruptcy on Friday Aug. 8, 2008.

Such a decision was made necessary because of the increase of
the cost of the raw materials and the failure of the
negotiations relating to a financial, commercial or industrial
partner.

La Cristallerie du Val Saint Lambert is in charge of the
production and sale of the products.  It owns the equipment, the
production plant and the ground located in Seraing (Liege).

The impact of the bankruptcy on Val Saint Lambert International
include the loss of product supply, depreciation of shareholding
(valued at EUR2,000,000 in Dec. 31, 2007 accounts) and on the
receivable vis-a-vis La Cristallerie du Val Saint Lambert
amounting to EUR3,548,521,48 as of June 30, 2008

In September 2007, Val Saint Lambert International mandated
Degroof Bank and law firm Stibbe to find a strategic partner for
the group, which would have allowed the continuation of the
production activities.  Contacts had been established with
several interested parties but none of them was conclusive as of
Aug. 8, 2008.  During the last few days, it appeared that none
of such contacts had a chance to be successful in the short
term.  La Cristallerie du Val Saint Lambert was no longer in a
position to finance the needs of the production and in
particular to finance energy and raw materials.  The
considerable increase of the costs of raw materials, of
electricity and gas had a material impact on the results of La
Cristallerie du Val Saint Lambert, notwithstanding an
improvement of its order book in an economic context which is
not favorable to the production of luxury products.

France-based Val Saint Lambert SARL, which is also a 99.9 %
subsidiary of Val Saint Lambert International, is also at risk
of filing for bankruptcy at short term.  It operates a shop in
Paris.

Val Saint Lambert International, however, does not consider
itself in bankruptcy conditions.  On Aug. 8, 2008, the company
requested to suspend its listing from Euronext Brussels.

"Notwithstanding the enormous efforts invested to maintain the
activity, the increase of the cost of the raw materials and of
energy hugely increased our need for cash.  The company did not
therefore have enough time to put its new strategy in place.
Since no new investor could be found and the requests raised
with the public authorities having failed, the conclusion was
unavoidable: the bankruptcy of our subsidiary even though many
projects with luxury houses were ongoing," Sylvie Henquin, CEO
of Val Saint Lambert International, said.

           About Val Saint Lambert International

Based in Brussels, Val Saint Lambert International SA --
http://www.val-saint-lambert.com/-- is engaged in the
production of crystal ornaments.  The company's crystal products
can be divided into four categories: Tableware (stemware,
decanters, bar items), Accessories (eggs, jewels, lingerie,
walking sticks, perfume bottles and key rings), Decoration
(candlesticks, vases, ashtrays, clocks, paperweights, animals
and sculptures) and Interior Design (bathroom accessories and
lights).  The company supplies several royal families and is the
producer of unique pieces and trophies.


=============
E S T O N I A
=============


FLEXENCLOSURE OU: Goes Into Liquidation
---------------------------------------
Flexenclosure OU has gone into liquidation three years after its
former owner Pharmadule Emtunga AB transferred production from
Sweden to Someru in Estonia, Baltic Business News reports citing
aripaev.ee.

BBN says Flexenclosure's current owner Goldcup M 1993 AP opted
for liquidation a month after it submitted the company's annual
report to the Commercial Registry.

In 2007, Flexenclosure posted a loss of EEK4.4 million on sales
revenue of EEK10.4 million, compared to a profit of EEK15.3
million on sales revenue of EEK59.3 million in 2006, the report
relates.

The liquidation process is still ongoing, the report adds.

Headquartered in Someru, Estonia, Flexenclosure OU --
http://www.flexenclosure.com/-- develops, manufactures and
delivers turnkey solutions for the telecom industry.  In 2005,
the company employed 15 people.


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


REVLON INC: Appoints Tamara Mellon as New Board Member
------------------------------------------------------
Revlon, Inc.'s board of directors has elected Tamara Mellon as a
new director, effectively immediately.  The election of Ms.
Mellon will increase the size of Revlon's board of directors to
ten members and increase the number of independent Directors to
seven members.  Revlon will continue to have a majority of
independent directors on its board.

Ms. Mellon is the president and founder of J. Choo Limited, a
leading manufacturer and international retailer of glamorous,
ready-to-wear women's shoes and accessories based in London,
England.  She has served in a senior executive capacity with
Jimmy Choo since its inception in 1996.  Ms. Mellon, 41, also
serves on the board of directors and on the Creative Advisory
Board of The H Company Holdings, LLC, a privately held holding
company which owns and manages the Halston fashion design
company.

Commenting on the appointment of Ms. Mellon, Revlon chairman
Ronald O. Perelman said, "We would like to welcome Tamara to
Revlon's Board and believe that the Company will benefit greatly
from Tamara's experience and leadership.  [Ms. Mellon] is an
exceptional business woman with an extensive background in
business development, management and the consumer market.  The
Board and senior management look forward to working with Tamara
and utilizing her expertise as we continue to build our brands
and further strengthen our business to achieve our objective to
generate sustainable, profitable sales growth."

Commenting on her appointment to Revlon's board of directors,
Ms. Mellon said, "I am thrilled to become a director of Revlon,
an iconic brand in beauty and one that represents the image of a
confident glamorous woman.  I look forward to leveraging my
consumer insights and my experience in the luxury fashion
business to help the company grow its Revlon brand, and its
other strong brands around the world.  Also, I am proud to be
part of a company that does so much to benefit women's health
and related causes."

                        About Revlon Inc.

Headquartered in New York City, Revlon Inc. (NYSE: REV)
-- http://www.revloninc.com/-- is a worldwide cosmetics, hair
color, beauty tools, fragrances, skincare, anti-
perspirants/deodorants and personal care products company.  The
company's brands, which are sold worldwide, include Revlon(R),
Almay(R), Mitchum(R), Charlie(R), Gatineau(R) and Ultima II(R).

At June 30, 2008, the company's consolidated balance sheet
showed US$883.7 million in total assets and US$1.94 billion in
total liabilities, resulting in a roughly US$1.06 billion
stockholders' deficit.


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


BANK OF GEORGIA: Moody's Reviews D- BFSR for Possible Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the D- bank financial strength ratings and Ba1 long-
term local currency deposit ratings of Bank of Georgia.  Moody's
has also changed the outlooks on these banks' B3 foreign
currency deposit and Ba2 debt ratings to negative from stable.

These rating actions have been prompted by the outbreak of
military conflict between Georgia and Russia.  Although Moody's
is not currently in a position to fully assess the extent of the
possible ramifications given the extraordinary circumstances, it
will continue to closely monitor the situation.  The rating
agency cautions that prolonged hostilities could result in
material damage to the Georgian economy and financial sector,
deterring the foreign direct investment that has been a key
growth driver in recent years.  The conflict has already
resulted in a halt of bank lending.

Moody's rating review will focus on assessing the impact of the
conflict on the overall financial position of the banks,
particularly on their liquidity profiles, asset quality
indicators and economic solvency, which in turn may lead to
multi-notch downgrades of the banks' local currency deposit
ratings.

Bank of Georgia

   -- The D- BFSR and Ba1 local currency deposit ratings have
      been placed on review for possible downgrade.

   -- The outlooks on the foreign currency deposit rating of B3
      and the foreign currency debt rating of Ba2 have been
      changed to negative from stable.

Bank of Georgia is headquartered in Tbilisi and had total assets
of US$1.9 billion at the end of 2007.


TBC BANK: Moody's Puts D- BFSR on Review for Possible Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the D- bank financial strength ratings and Ba1 long-
term local currency deposit ratings of TBC Bank.  Moody's has
also changed the outlooks on these banks' B3 foreign currency
deposit and Ba2 debt ratings to negative from stable.

These rating actions have been prompted by the outbreak of
military conflict between Georgia and Russia.  Although Moody's
is not currently in a position to fully assess the extent of the
possible ramifications given the extraordinary circumstances, it
will continue to closely monitor the situation.  The rating
agency cautions that prolonged hostilities could result in
material damage to the Georgian economy and financial sector,
deterring the foreign direct investment that has been a key
growth driver in recent years.  The conflict has already
resulted in a halt of bank lending.

Moody's rating review will focus on assessing the impact of the
conflict on the overall financial position of the banks,
particularly on their liquidity profiles, asset quality
indicators and economic solvency, which in turn may lead to
multi-notch downgrades of the banks' local currency deposit
ratings.

TBC Bank:

   -- The D- BFSR and Ba1 local currency deposit ratings have
      been placed on review for possible downgrade.

   -- The outlook on the foreign currency deposit rating of B3
      has been changed to negative from stable.

TBC Bank is headquartered in Tbilisi and had total assets of
US$1.1 billion at the end of 2007.


VTB BANK: Fitch Retains 'B+' Rating with Negative Outlook
---------------------------------------------------------
Fitch Ratings has received renewed assurances from Russia's JSC
Bank VTB (VTB, 'BBB+'/Stable Outlook) of its intention to
support its Georgian subsidiary, JSC VTB Bank (VTBG, 'B+'/
Negative Outlook), in case of need.  This follows Fitch's
downgrade of four Georgian banks as a result of the downgrade on
Friday of Georgia's sovereign rating.

Fitch has also been informed that VTB has no intention to sell
VTBG or to revise its strategy or operations on the Georgian
market.  Fitch's view of VTB's likely strong propensity to
provide support to VTBG is reflected in the latter's Long-term
IDR remaining at the same level as the Georgian Country Ceiling
of 'B+'.

At the same time, Fitch notes that the ability of VTBG, like
that of other foreign-owned banks in Georgia, to receive and
utilize support from foreign shareholders could be constrained
by Georgia's transfer and convertibility risks, as captured by
the Country Ceiling.


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


4 PLAY - EDUTAINMENT: Claims Registration Period Ends August 22
---------------------------------------------------------------
Creditors of 4 Play - Edutainment GmbH have until Aug. 22, 2008,
to register their claims with court-appointed insolvency manager
Jan M. Antholz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 23, 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 Cuxhaven
         Hall 112
         Old Building
         Deichstr. 12 A
         27472 Cuxhaven
         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:

         Jan M. Antholz
         Hamburg-Amerika-Str. 22
         27472 Cuxhaven
         Germany
         Tel: 04721 6658-31
         Fax: 04721 6658-43

The District Court of Cuxhaven opened bankruptcy proceedings
against 4 Play - Edutainment GmbH on July 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         4 Play - Edutainment GmbH
         Attn: Michael V. Bargen, Frank Hildebrand,
               Janina Stoll-Hildebrand and
               Monique Mielke, Managers
         Querkamp 35
         27474 Cuxhaven
         Germany


AKD AGRAR: Claims Registration Period Ends August 22
----------------------------------------------------
Creditors of AKD Agrar GmbH Krugsdorf und Co. KG have until
Aug. 22, 2008, to register their claims with court-appointed
insolvency manager Andreas Rohe.

Creditors and other interested parties are encouraged to attend
the meeting at 12:45 p.m. on Sept. 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neubrandenburg
         Hall 1
         Fr.-Engels-Ring 15-18
         Neubrandenburg
         Germany

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

The insolvency manager can be reached at:

         Andreas Rohe
         Kamigstrasse 2
         17373 Ueckermuende
         Germany

The District Court of Neubrandenburg opened bankruptcy
proceedings against AKD Agrar GmbH Krugsdorf und Co. KG on
July 9, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         AKD Agrar GmbH Krugsdorf und Co. KG
         742 Dorfstrasse
         17309 Breitenstein
         Germany


ASIA LINK: Claims Registration Period Ends August 22
----------------------------------------------------
Creditors of Asia Link Vertriebs GmbH & Co. KG have until
Aug. 22, 2008, to register their claims with court-appointed
insolvency manager Andreas Sontopski.

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

The meeting of creditors will be held at:

         The District Court of Meppen
         Hall 1
         Obergerichtsstrasse 20
         49716 Meppen
         Germany

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

The insolvency manager can be reached at:

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

The District Court of COURT opened bankruptcy proceedings
against Asia Link Vertriebs GmbH & Co. KG on DATE.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Asia Link Vertriebs GmbH & Co. KG
         Luedeweg 1
         26871 Papenburg
         Germany

         Attn: Torsten Eller, Manager
         Suedender Gaste 14
         26810 Westoverledingen
         Germany


BECA REISEMOBILE: Claims Registration Period Ends August 21
-----------------------------------------------------------
Creditors of BECA Reisemobile GmbH have until Aug. 21, 2008, to
register their claims with court-appointed insolvency manager
Dirk Oelbermann.

The District Court of Syke will verify the claims set out in the
insolvency manager's report at 11:00 a.m. on Sept. 11, 2008, at:

         The District Court of Syke
         Hall 112
         Hauptstr. 5A
         28857 Syke
         Germany

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

The insolvency manager can be reached at:

         Dirk Oelbermann
         Ostertorsteinweg 74/75
         28203 Bremen
         Germany
         Tel: (0421)792 57-0
         Fax: (0421)792 57-57

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

The Debtor can be reached at:

         BECA Reisemobile GmbH
         Hannoversche Strasse 57
         28857 Syke
         Germany

         Attn: Uwe Carspecken, Manager
         Hinterm Felde 34
         28816 Stuhr
         Germany


COREALCREDIT BANK: S&P Shifts Outlook, Keeps BB-/B Credit Rtngs
---------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Germany-based Corealcredit Bank AG to positive from stable
following the bank's progress in implementing its new business
model.  At the same time, the 'BB-/B' long-term and short-term
counterparty credit ratings were affirmed.

"This rating action mirrors our expectation of the bank's
increased resilience against a potential deterioration of the
operating environment," said S&P's credit analyst Volker von
Kruechten.

Corealcredit's far-reaching reshaping process, initiated by its
99.9% owner, United States-based opportunity fund Loan Star
Funds has resulted in improvements to the bank's risk profile,
reflected in strengthened capitalization and liquidity,
increased reserve coverage on nonperforming loans (NPLs), and
enhanced risk-management capabilities.

However, the ratings also reflect Corealcredit's muted
medium-term earnings prospects, very high proportion of NPL
volumes, and its weak business, geographic, and earnings
diversification.  Uncertainties remain about whether
Corealcredit can establish a viable and sustainable business
model, despite its limited franchise, and attain a profitable
niche position in the competitive German property lending market

Supported by a generally favorable domestic economic and
commercial property environment, the bank has performed in line
with S&P's expectations.  This was reflected in break-even
earnings in 2007, significantly reduced exposures to
nonstrategic loans and NPLs, and the resumption of new business
at somewhat higher margins, but lower loan-to-value ratios.
Regulatory capital and liquidity ratios have benefited from the
substantial downsizing of the loan portfolio.

S&P expects operating profitability to remain weak in the
foreseeable future and to improve only slowly because it depends
heavily on the reversal of bad-debt reserves and remains
burdened by the dominance of Corealcredit's legacy loan
portfolio, which has low margins.  Asset quality is another
major limitation because the bank remains particularly exposed
to weaker segments, such as eastern Germany.  Therefore, it
would take an extended length of time for the NPL portfolio to
approach more manageable levels, although Corealcredit has
outsourced the servicing of NPLs to Hudson Advisors Germany
GmbH, one of Lone Star's affiliated companies.

"We expect Corealcredit to make further progress in derisking
its asset base through sizable NPL reductions," said Mr. von
Kruechten.  "Based on rising new business volumes at more
adequate risk-adjusted margins, profitability should gradually
improve from very low levels and increasingly become less
dependent on releases of loan loss reserves."

S&P considers this scenario to be likely to a certain degree,
given the expected relative stability of the domestic economy
and that of German commercial property markets and Hudson's
expertise in dealing with distressed assets.


GRESTONE GMBH: Creditors' Meeting Slated for August 21
------------------------------------------------------
The court-appointed insolvency manager for Grestone GmbH & Co.
KG, Torsten Martini will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:15
a.m. on Aug. 21, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:05 a.m. on Nov. 6, 2008, at the same
venue.

Creditors have until Sept. 15, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Torsten Martini
         Kurfuerstendamm 26a
         10719 Berlin
         Germany

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

The Debtor can be reached at:

         Grestone GmbH & Co. KG
         Siegfriedstrasse 46-48
         10365 Berlin
         Germany


INTERMET CORP: Files for Chapter 11 Bankruptcy in Delaware
----------------------------------------------------------
Intermet Corp. and 19 of its affiliates filed voluntary
petitions under Chapter 11 of the Bankruptcy Code before the
United States Bankruptcy Court for the District of Delaware,
citing low demand for trucks and sport-utility vehicles due to
high fuel costs, Bloomberg News reports.

According to Bloomberg News, the company listed assets of
between US$50 million and US$100 million, and debts of between
US$100 million and US$500 million.  The company owes at least
US$8.6 million to unsecured creditors, the report says.

"The downturn in the U.S. auto market has caused a
significant decline in the demand for component parts,"
Bloomberg quoted William H. Whalen, the company's chief
financial officer, as saying.  "The ferrous segment, which
accounts for about 60 percent of Intermet's revenue, is strongly
dependent upon the sharply declining truck and SUV markets."

Interment, the report notes, joins other auto-parts makers
including Lexington Precision Corp., Diamond Glass Inc. Plastech
Engineered Products Inc., Progressive Molded Products Inc. and
Blue Water Automotive, which filed for Chapter 11 bankruptcy due
to rising costs and slowdown in demand.

The company's largest customers include Chrysler LLC, Ford
Motor Co., Delphi Corp., Honda of America Manufacturing Inc. and
Toyota Motor Manufacturing North America, the report says.

This is the company's second time to file for bankruptcy in four
years, Bloomberg News notes.

                       About Intermet Corp.

Headquartered in Fort Worth, Texas, Intermet Corp. --
http://www.intermet.com/-- designs and manufactures machine
precision iron and aluminum castings for the automotive and
industrial markets.  The company has 12 manufacturing plants in
the United States and it has at least 1,700 employees.

As reported in the Troubled Company Reporter on Oct. 4, 2004,
Intermet Corporation and 17 of its affiliates filed for Chapter
11 protection on Sept. 29, 2004 (Bankr. E.D. Mich. Case No.04-
67597).  The company's European operations were not included in
the Chapter 11 filing.  Foley & Lardner LLP represented the
Debtors in their restructuring efforts.  When the Debtors filed
for protection against their creditors, they listed total assets
of US$735,821,000 and total debts of US$592,816,000.

As reported in the Troubled Company Reporter on Nov. 10, 2005,
Intermet emerged from bankruptcy court protection.  In
connection with the emergence, the company entered into a
US$285 million credit facility with Goldman, Sachs & Co., as
lead arranger.


INTERMET CORPORATION: Case Summary & 20 Largest Unsec. Creditors
----------------------------------------------------------------
Lead Debtor: Intermet Corporation
             301 Commerce Street, Suite 2901
             Fort Worth, TX 76102

Bankruptcy Case No.: 08-11859

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
Alexander City Castin Company, Inc.                08-11860
Cast-Matic, LLC                                    08-11861
Columbus Foundry, L.P.                             08-11862
Diversified Diemakers, LLC                         08-11863
Ferrous Metals Group, LLC                          08-11864
Ganton Technologies, LLC                           08-11865
Intermet Holding Company                           08-11866
Intermet Illinois, Inc.                            08-11868
Intermet International, Inc                        08-11869
Intermet U.S. Holding, Inc.                        08-11870
Ironton Iron, Inc.                                 08-11871
Light Metals Group, LLC                            08-11872
Lynchburg Foundry, LLC                             08-11873
Northern Castings, LLC                             08-11874
SUDM, Inc.                                         08-11875
Tool Products, LLC                                 08-11876
Wagner Castings Company                            08-11877

Type of Business: The Debtors design and manufacture machine
                  precision iron and aluminum castings for
                  the automotive and industrial markets.
                  See: http://www.intermet.com/

Chapter 11 Petition Date: Aug. 12, 2008

Court: District of Delaware (Delaware)

Judge: Kevin Gross

Debtor's Counsel: James E. O'Neill, Esq.
                   (jo'neill@pszyj.com)
                  Laura Davis Jones, Esq.
                   (ljones@pszjlaw.com)
                  Timothy P. Cairns, Esq.
                   (tcairns@pszyjw.com)
                  Pachulski Stang Ziehl & Jones LLP
                  919 N. Market Street, 17th Floor
                  Wilmington, DE 19801
                  Tel: (302) 652-4100
                  Fax: (302) 652-4400

Estimated Assets: US$50 million to US$100 million

Estimated Debts:  US$100 million to US$500 million

Debtor's 20 Largest Unsecured Creditors:

   Entity                      Nature of Claim     Claim Amount
   ------                      ---------------     ------------
Ominsource                     trade
US$4,454,044
Attn: Marlene E. Sloat
23679 Network Place
Chicago, IL 60673
Tel: (260) 423-8542

Spectro Alloys Corp.           trade                 US$997,236
Attn: Don Woessner
P.O. Box 90295
Chicago, IL 60696
Tel: (651) 437-2815

Alcoa Inc.                     trade                 US$477,072
Attn: Greg Heroux
Riverview Tower, Ste. 1100
900 South Gay Street
Knoxville, TN 37902
Tel: (865) 594-4895

Georgia Power                  trade                 US$306,804
Attn: Accounts Receivable
      Georgia Power
68 Annex
Atlanta, GA 30368
Tel: (888) 655-5888

Treasurer, City of             trade                 US$304,327
Radford
Attn: Janet H. Jones
Radford, VA 24141
Tel: (540) 731-3601

American Iron                  trade                 US$259,394
Attn: Paula Wagner
2800 Pacific Street North
Minneapolis, MN 55411
Tel: (612) 529-9221

Behr Iron & Steel              trade                 US$241,340

Industrial Supply Corp.        trade                 US$205,824

American Colloid Co.           trade                 US$163,471

Aleris International Inc.      trade                 US$162,725

City of Monroe City            trade                 US$134,555

ACE American Insurance         trade                 US$123,701

Eastern Alloys Inc.            trade                 US$120,973

Trans-Man Logistics, Inc.      trade                 US$102,599

Hartman Leito & Bolt LLP       trade                 US$100,380

Alliance Steel Service Co.     trade                 US$94,389

Arrow Cryogenics               trade                 US$82,228

Blue Cross Blue Shield         trade                 US$79,828

Larpen Metallurgical           trade                 US$76,500
Service


MOSKITOS EISHOCKEY: Claims Registration Period Ends August 21
-------------------------------------------------------------
Creditors of Moskitos Eishockey Verwaltungs-GmbH have until
Aug. 21, 2008, to register their claims with court-appointed
insolvency manager Rolf Weidmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.m. on Sept. 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         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:

         Rolf Weidmann
         Alfredstr. 279
         45133 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against Moskitos Eishockey Verwaltungs-GmbH on June 16, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Moskitos Eishockey Verwaltungs-GmbH
         Curtiusstr. 2
         45144 Essen
         Germany

         Attn: Bernd Piel, Manager
         Helf 52
         45307 Essen
         Germany

PERIMAX GMBH: Claims Registration Period Ends August 20
-------------------------------------------------------
Creditors of Perimax GmbH have until Aug. 20, 2008, to register
their claims with court-appointed insolvency manager Jens-Soeren
Schroeder.

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

The meeting of creditors will be held at:

         The District Court of Neumuenster
         Meeting Hall B0.31
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         Germany

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

The insolvency manager can be reached at:

         Jens-Soeren Schroeder
         Johannes-Brahms-Platz 1
         20355 Hamburg
         Germany

The District Court of Neumuenster opened bankruptcy proceedings
against Perimax GmbH on May 15, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Perimax GmbH
         Attn: Paul Peter Steinmetz, Manager
         Hang 8
         24238 Selent
         Germany


RENERGIE HOLDING: Claims Registration Period Ends August 20
-----------------------------------------------------------
Creditors of Renergie Holding GmbH have until Aug. 20, 2008, to
register their claims with court-appointed insolvency manager
Andreas Sontopski.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

The District Court of Nordhorn opened bankruptcy proceedings
against  Renergie Holding GmbH on July 10, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Renergie Holding GmbH
         Stockholmer Strasse 31
         48455 Bad Bentheim
         Germany

         Attn: Koen Johannes Fredrikus Groenwold, Manager
         Mariastraat 10
         7574 ZM Oldenzaal
         Netherlands


SINNLEFERS GMBH: Files for Insolvency at Hagen Court
----------------------------------------------------
SinnLeffers GmbH filed for commencement of insolvency
proceedings at the the District Court of Hagen on Aug. 7, 2008.
The court appointed Horst Piepenburg as preliminary insolvency
administrator for SinnLefers.

According to Focus News, SinnLeffers had been posting decline in
sales since fiscal year 2006-2007, when it recorded a 9% sales
cut to EUR476 million.  The sales cut recurred in fiscal year
2007-2008.

Focus News adds that parent Deutsche Industrieholding AG plans
to restructure the company by:

    * closing down some of its 47 stores; and

    * cutting around one-third of its 4,100-strong workforce.

As appeared in the TCR-Europe on July 29, 2008, SinnLeffers had
US$454 million in total assets, US$4 million in equity deficit
and US$145 million in net working deficit.

The preliminary insolvency administrator can be reached at:

         Horst Piepenburg
         Heinrich-Heine-Allee 20
         40213 Duesseldorf
         Germany

Headquartered in Hagen, Germany, SinnLeffers GmbH --
http://www.sinnleffers.de/--produces and retails a full line of
men, women, and children's clothing.  The company operates its
own chain of fashion clothing stores throughout Germany,
primarily located in affluent metropolitan areas.


TEKOMA TELEKOMMUNIKATIONS: Claims Registration Ends August 20
-------------------------------------------------------------
Creditors of Tekoma Telekommunikations GmbH have until Aug. 20,
2008, to register their claims with court-appointed insolvency
manager Dr. Wolfgang Petereit.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 6, 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 Mainz
         Hall 75
         Building B
         Ernst-Ludwig Strasse 7
         55116 Mainz
         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. Wolfgang Petereit
         Kaiserstrasse 24a, D
         55116 Mainz
         Germany
         Tel: 06131/626080
         Fax: 06131/6260813

The District Court of Mainz opened bankruptcy proceedings
against Tekoma Telekommunikations GmbH on June 24, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Tekoma Telekommunikations GmbH
         Attn: Uwe Davids, Manager
         Plan 30
         15831 Grossbeeren
         Germany


UNITYMEDIA GMBH: S&P's B+ Rating Unchanged by Unit's Acquisition
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its corporate
credit ratings on German cable television operator, Unitymedia
GmbH (B+/Positive/--), remain unchanged, following the company's
announcement that its subsidiary, Unitymedia Hessen GmbH & Co.
KG, has signed an agreement to acquire PrimaCom AG's networks in
Aachen and Wiesbaden.  These networks serve about 100,000 cable
television subscribers, who are already connected to
Unitymedia's network.

Although S&P considers the purchase price of about EUR49 million
to be aggressive -- at just over 10 times the EBITDA expected
from the acquired subscribers in 2008 -- it does not
significantly alter Unitymedia's currently ample liquidity
position or the expected improvement of its financial risk
profile in the near term.  Unitymedia anticipates limited
integration costs and an additional EUR7 million in network
investments to allow the provision of broadband internet and
telephony services, supplemented by success-based inhome wiring
and spending on equipment for customers' premises.

The acquisition is subject to the approval of the Federal Cartel
Office and is expected to close in the third quarter of 2008.


WIRTSCHAFTSWERBUNG FREISMUTH: Claims Registration Ends August 20
----------------------------------------------------------------
Creditors of Wirtschaftswerbung Freismuth & Partner GmbH have
until Aug. 20, 2008, to register their claims with court-
appointed insolvency manager RA J. Schneider.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Sept. 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         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:

         RA J. Schneider
         Tatzendpromenade 2
         07745 Jena
         Germany

The District Court of Gera opened bankruptcy proceedings against
Wirtschaftswerbung Freismuth & Partner GmbH on July 16, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Wirtschaftswerbung Freismuth & Partner GmbH
         Ronneburger Strasse 74
         07546 Gera
         Germany


ZENTRUM FUER BLUT: Claims Registration Period Ends August 21
------------------------------------------------------------
Creditors of Zentrum fuer Blut- und Krebserkrankungen GmbH have
until Aug. 21, 2008, to register their claims with court-
appointed insolvency manager Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 11:25 a.m. on Oct. 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Zentrum fuer Blut- und Krebserkrankungen
GmbH on July 16, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Zentrum fuer Blut- und
         Krebserkrankungen GmbH
         Wilhelm-Wolff-Strasse 38
         13156 Berlin
         Germany


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


PROPEX INC: Wants Plan-Filing Deadline Extended to October 20
-------------------------------------------------------------
Propex Inc. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Eastern District of Tennessee to extend their
exclusive periods for filing a plan of reorganization until
October 20, 2008, and for soliciting votes for that plan until
December 19, 2008.

An extension of the exclusive periods is necessary to provide
the Debtors with sufficient time to negotiate the terms of a
Chapter 11 plan while allowing them to meet their obligations
under the DIP Credit Agreement, Henry J. Kaim, Esq., at King &
Spalding, LLP, in Houston, Texas, states.

According to Mr. Kaim, cause exists to extend the exclusive
periods considering the size and complexity of the Debtors'
cases.  He declares that the Debtors have US$585,700,000 in
assets and approximately US$527,400,000 in liabilities.  The
Debtors operate in 40 countries around the world with
approximately 3,200 employees.  Mr. Kaim adds that 590 claims
have been filed against the Debtors as of July 16, 2008.

Mr. Kaim asserts that since the bankruptcy filing, the Debtors'
management and employees have devoted substantial time and
effort to a number of tasks, including obtaining US$60,000,000
postpetition financing, reviewing executory contracts and
leases, and providing the Debtors' business plan to the DIP
lenders and creditors.

The Debtors clarify that the extension request is not intended
to pressure creditors.  Rather, the Debtors assert they need
more time to propose a viable plan of reorganization as
contemplated in the DIP Credit Agreement.

Mr. Kaim maintains there are several unresolved contingencies in
the Debtors' bankruptcy cases.  An important contingency to
resolve is the issue raised by the Official Committee of
Unsecured Creditors with respect to the validity of a lien on
the Debtors' foreign subsidiaries, which may affect the proposed
plan negotiations, Mr. Kaim points out.

The Debtors are still reviewing their contracts and lease
agreements to determine the benefits they contribute to their
estates.

                        About Propex Inc.

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It is produces
primary and secondary carpet backing.  Propex operates in North
America, Europe, and Brazil.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249).  The debtors' has selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  As of Sept. 30, 2007, the
debtors' balance sheet showed total assets of US$585,700,000 and
total debts of US$527,400,000.  The Debtors' exclusive period to
file a plan of reorganization expired on Aug. 21, 2008.

(Propex Bankruptcy News, Issue No. 14; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


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


ALITALIA SPA: Italy May Sell Entire 49.9% Stake, Minister Says
--------------------------------------------------------------
The Italian government may sell its entire 49.9% stake to
completely exit from the ownership of Alitalia Spa, Bloomberg
News reports citing Parliamentary Affairs Minister Elio Vito.

Intesa Sanpaolo S.p.A., the government's sale adviser, is
currently drafting a rescue plan for Alitalia.  Under the bank's
"Fenice" plan, Italy will amend a law used to reorganize
Parmalat S.p.A.

According to the outline of the "Alitalia Law," the company will
seek protection from creditors and be placed in extraordinary
administration.  Alitalia's core business -- flight operations
-- will be separated from its debt and placed them under a new
company created with the buyer of the Italian government's 49.9%
stake in the carrier.

Intesa Sanpaolo had until Aug. 10, 2008, to submit Alitalia's
rescue plan to the government.

As reported in TCR-Europe on Aug. 1, 2008, Citigroup said
Alitalia may not be liquid enough to finance its operations in
2009, since the national carrier only has enough cash until end
2008.

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

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

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

                          About Alitalia

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

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


DANA CORP: Settles Allen County's Claim for US$1,750,000
--------------------------------------------------------
Dana Holding Corporation paid the Allen County Treasurer's
Office US$1,750,000 for the county's prepetition claims arising
from tax payments, the Indiana NewsCenter reported.  According
to the report, the settlement money will go into the county tax
collections fund and will be distributed to units receiving
Allen County property tax monies.

"We were able to successfully resolve this matter without
litigation, which could have taken a lot of time and cost the
taxpayers a lot of money," Allen County Treasurer Robert Lee
told the Indiana NewsCenter.

                           About DANA

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

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

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

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

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

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

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

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

                          *     *     *

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

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


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


IMMOVABLE PROPERTY: Creditors Must File Claims by September 23
--------------------------------------------------------------
LLP Nedvijimost Invest Ltd. has declared insolvency.  Creditors
have until Sept. 23, 2008, to submit written proofs of claims
to:

         LLP Nedvijimost Invest Ltd.
         Alimkulov Str. 8a
         Kaskelen
         Karasaisky
         Almaty
         Kazakhstan


INTER AUTO-PV: Claims Filing Deadline Slated for September 25
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Inter Auto-Pv insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Dostoevsky Str. 72
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 32-91-97


KAZ TECHNO STROY: Claims Filing Period Ends September 25
--------------------------------------------------------
LLP Joint Enterprise Kaz Techno Stroy has declared insolvency.
Creditors have until Sept. 25, 2008, to submit written proofs of
claims to:

         LLP Joint Enterprise Kaz Techno Stroy
         Micro District 15, 52-38
         Aktau
         Mangistau
         Kazakhstan


LC LIMITED: Creditors' Proofs of Claim Due on September 19
----------------------------------------------------------
LLP LC Limited has declared insolvency.  Creditors have until
Sept. 19, 2008, to submit written proofs of claims to:

         LLP LC Limited
         Office 5/3
         Nomad
         Syganak Str. 10
         Astana
         Kazakhstan


PETRO LINE: Claims Registration Period Ends September 23
--------------------------------------------------------
LLP Petro Line Kz has declared insolvency.  Creditors have until
Sept. 23, 2008, to submit written proofs of claims to:

         LLP Petro Line Kz
         Aibergenov Str. 6/25
         Shymkent
         South Kazakhstan
         Kazakhstan


PLAY FORCE: Creditors Must File Claims by September 23
------------------------------------------------------
LLP Play Force Kz has declared insolvency.  Creditors have until
Sept. 23, 2008, to submit written proofs of claims to:

         LLP Play Force Kz
         3rd. Floor
         Shevchenko Str. 71
         050000, Almaty
         Kazakhstan


PROD SPECTR: Claims Filing Deadline Slated for September 25
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Prod Spectr insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Dostoevsky Str. 72
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 32-91-97


WEST FINANCE: Claims Filing Period Ends September 25
----------------------------------------------------
LLP West Finance Group has declared insolvency.  Creditors have
until Sept. 25, 2008, to submit written proofs of claims to:

         LLP West Finance Group
         Room 10
         10th. Floor
         Kulmanov Str. 2
         Atyrau
         Kazakhstan


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


POSITIF LLC: Creditors Must File Claims by September 18
-------------------------------------------------------
LLC Positif has declared insolvency.  Creditors have until
Sept. 18, 2008, to submit written proofs of claim to:

         LLC Positif
         Isanov Str. 75
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 90-13-21, 90-13-20


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


MONITOR OIL: Files Chapter 11 Plan And Disclosure Statement
-----------------------------------------------------------
Monitor Oil PLC and its debtor-affiliates delivered  to the
United States Bankruptcy Court for the Southern District of New
York on Aug. 8, 2008, a joint Chapter 11 plan of reorganization
and a disclosure statement explaining that plan.

A hearing is set for Sept. 3, 2008, at 10:00 a.m., to consider
the adequacy of the Debtors' disclosure statement.  Objections,
if any, are due Aug. 27, 2008.

The Court has set Aug. 27, 2008, at 4:30 p.m., as deadline for
creditors and governmental units to file proof of claims.

Upon emergence from Chapter 11 Bankruptcy, the Debtors will
raise at least US$15 million in exit funding that will be used
to pay:

   -- all amounts due under the Cash Collateral Order, including
      the initial US$3.5 million cash collateral amount;

   -- at least US$1,700,000 of additional cash collateral
      funding as provided for in the Budget attached hereto as
      Exhibit C, and

   -- at least US$10 million for working capital to fund
      reorganized Debtors' operations and to fund any additional
      costs associated with the adoption of the plan.

Furthermore, the Debtors will raise equity financing by (i)
private placement to institutional investors of shares of common
stock of Reorganized Debtors, and (ii) rights offering to the
current shareholders of the Debtors.  Under the rights offering,
for each share of common stock of the Debtors outstanding on
the record date, the Debtors' stockholders will be entitled to
purchase one additional Reorganized Debtors common share at
US$1.00 per share.  The proceeds from the equity financing will
be allocated through:

   -- the first US$10 million will be used to fund the working
      capital amount;

   -- the next US$5 million will be used to repay the cash
      collateral amount; and

   -- any and all amounts raised above the exit funding amount
      will be used (i) 50% for the repayment of the Debtors
      Notes on a pro rata basis, and (ii) 50% to fund the
      acceleration of Reorganized Debtors' business plan and for
      general corporate purposes.

If the Debtors raised less than US$10 million in the equity
financing, the second lien lenders will receive a senior secured
note of Reorganized Debtors in an amount equal to the entire
cash collateral amount on the plan's the effective date.  On the
one hand, if the Debtors raised between US$10 million and
US$15 million in the equity financing, the second lien lenders
will get a senior secured note of Reorganized Debtor in an
amount equal to the remaining portion of the cash collateral
amount that is not repaid by Reorganized Debtors on the plan's
effective date.

                 Treatment of Interests and Claims

A. Monitor Oil PLC (PLC)

                 Type                              Estimated
     Class       of Claims          Treatment      Recovery
     -----       ---------          ---------      ---------
     1           priority claims    unimpaired     100%
     2           secured claims     none
     3           general unsecured  impaired       100%
                  claims
     4           equity interest    impaired

B. Monitor Single Lift I Ltd. (MSL) and Monitor US FinCo
   Inc. (FinCo)

                 Type                              Estimated
     Class       of Claims          Treatment      Recovery
     -----       ---------          ---------      ---------
     1           priority claims    unimpaired     100%
     2           secured claims     unimpaired
     3           general unsecured  impaired       0%
                  claims
     4           equity interest    impaired       0%

Administrative claims will be paid in cash equal to the amount
of the allowed administrative expense claims in full
satisfaction.

General unsecured creditors of PLC will receive their allocable
share of one or more PLC notes which shall be considered debt
issued by the reorganized PLC in an aggregate principal amount
equal to the aggregate amount of all allowed unsecured claims
secured by a lien on all of the present assets of the
reorganized Debtors subordinate to the liens of second lien
lenders.  The PLC notes shall have a term of 2 years, which is
subject to a 1-year extension, if 50% of the notes are repaid
before maturity.  The PLC notes will be paid after payment in
full of the senior secured notes and the subsidiary secured
notes, if any.

The general unsecured claims include guarantee claims of the
second lien enders and bondholder Claims.  Since MSL's value is
less than the claims of the second lien lenders, the holders of
general unsecured claims of MSL will not receive any
distribution
under the plan.

Second Lien Lenders will be paid in cash in full on the plan's
effective date.  If the cash collateral amount is not paid in
full, the second lien lenders will receive a senior secured note
issued by Reorganized PLC in an amount equal to the unpaid cash
collateral amount secured by first priority liens on all of the
assets of Reorganized PLC.  The second lien lenders will also
receive the subsidiary secured note with first priority liens on
all of the assets of MSL and FinCo.  Each second lien lender's
allocable share of the PLC notes will be reduced by the
aggregate amount received by the second lien lender pursuant to
the subsidiary secured note.

As of their bankruptcy filing, the Debtors owe at least
US$80 million to the second lien lenders plus US$1.45 million in
accrued interest and fees under the second lien credit agreement
dated Jan. 11, 2007.

Holders of common stock in PLC will continue to hold one share
of common stock in Reorganized PLC on account of each share of
common stock owned in PLC as of the Effective Date.  In
addition, each holder of common stock of PLC will receive a
right to purchase one new share of common stock in Reorganized
PLC for each share of common stock held on the record date under
the terms of the rights offering.

Holders of priority claims -- including priority tax claims --
will be paid in cash in full of their allowed priority claims.

On the plan's effective date, all equity interests will be
canceled.  Holders will not receive any distribution under the
plan.

A full-text copy of the Debtors' disclosure statement is
available for free at:

               http://ResearchArchives.com/t/s?30aa

A full-text copy of the Debtors' joint Chapter 11 plan of
reorganization is available for free at:

               http://ResearchArchives.com/t/s?30ab

                        About Monitor Oil

Headquartered in the Cayman Islands, Monitor Oil, Plc --
http://www.monitoroil.com/-- an oil and gas service company
that provides oil and gas production solutions, offshore
services and engineering services.  The Monitor Group has
operations in London, England; Aberdeen, Scotland; Stavanger,
Norway; Caldicot, Wales; Shanghai, China and New York, United
States.

The company and two of its affiliates,  Monitor Single Lift 1,
Ltd., and Monitor US FinCo, Inc., filed for Chapter 11
Protection on Nov. 21, 2007 (Bankr. S.D.N.Y. Case No. 07-13709).
Eric Lopez Schnabel, Esq., at Dorsey & Whitney, L.L.P.,
represents the Debtor.  The U.S. Trustee for Region 2 appointed
five creditors to serve on an Official Committee of Unsecured
Creditors in the Debtors' cases.  Ira L. Herman, Esq., at
Thompson & Knight, LLP, represents the Committee.  As of
Dec. 31, 2007, the company disclosed total assets of
US$98,340,000 and total debts of US$56,125,000.


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


ARS NOVA: Proofs of Claim Filing Deadline Set September 5
---------------------------------------------------------
The first creditors meeting of OJSC Ars Nova has resolved to
place the company under financial rehabilitation and appointed
N. Isaeva as administrative receiver.

The Arbitration Court of Rostov has sanctioned the creditors'
resolution.  The case is docketed under Case No. A53-1742/
2008-S1-33.

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

         N. Isaeva, Administrative Receiver
         Office 501
         Kayani Str. 18
         344019 Rostov-na-Donu
         Russia

The Court is located at:

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

The Debtor can be reached at:

         N. Isaeva, Administrative Receiver
         Office 501
         Kayani Str. 18
         344019 Rostov-na-Donu
         Russia


OLGA LLC: Proofs of Claim Filing Deadline Set September 5
---------------------------------------------------------
The first creditors meeting of LLC Olga (TIN 5531006507) has
resolved to place the company under financial rehabilitation and
appointed V. Evdokeevich as administrative receiver.

The Arbitration Court of Omsk has sanctioned the creditors'
resolution.  The case is docketed under Case No.
A46-15238/2007.

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

         V. Evdokeevich, Administrative Receiver
         K. Marksa Pr. 18/b
         644042 Omsk
         Russia

The Debtor can be reached at:

         LLC Olga
         Shkolnyj Per. 2
         Alabota
         Russko-Polyanskiy
         Omsk
         Russia


ONIKS CJSC: Court Names  N. Deryabina as Administrative Receiver
----------------------------------------------------------------
The first creditors meeting of OJSC Oniks (TIN 6376009703) has
resolved to place the company under financial rehabilitation and
appointed N. Deryabina as administrative receiver.

The Arbitration Court of Krasnoyarsk has sanctioned the
creditors' resolution.  The case is docketed under Case No.
A55-5322/08.

Creditors have to submit proofs of claim to:

         N. Deryabina, Administrative Receiver
         Komsomolskaya Str. 5
         443099 Krasnoyarsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Oniks
         Buyan
         446390 Krasnoyarsk
         Russia


PETRO-KHIM-PROM: Proofs of Claim Filing Deadline Set September 5
----------------------------------------------------------------
The first creditors meeting of CJSC Petro-Khim-Prom has resolved
to place the company under financial rehabilitation and
appointed V. Fedichev as administrative receiver.

The Arbitration Court of St. Petersburg and Leningrad has
sanctioned the creditors' resolution.  The case is docketed
under Case No. A56-40080/2007.

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

         V. Fedichev, Administrative Receiver
         Premise 10N
         Letter A
         Bolshoy Pr. P.S. 79
         197022 St. Petersburg
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Petro-Khim-Prom
         Office 600
         Boytsova Per. 7
         190068 St. Petersburg
         Russia


RVK-FINANS: Fitch Assigns 'BB-' Rating on RUB1.75 Billion Bonds
---------------------------------------------------------------
Fitch Ratings has assigned RVK-Finans' RUB1.75 billion bond due
to mature in July 2011 final foreign and local currency senior
unsecured ratings of 'BB-'.

RVK-Finans' bond benefits from sureties provided on a joint and
several basis, from RVK-Invest, Krasnodar Vodokanal, Tyumen
Vodokanal, and Kaluzhsky Vodokanal.  RVK-Finans and these surety
providers are subsidiaries of Ventrelt Holding Limited
(Ventrelt, 'BB-'/Stable), which is the intermediate parent of a
privately owned water and waste water group, Rosvodokanal.

Ventrelt's ratings reflect the fledgling tariff regulatory
framework for water utilities, the need to improve customer
collection rates, operating cost and capital expenditure risks,
untested recovery prospects upon a termination of five-year
investment agreements with local municipalities, and other
issues related to relatively new privately owned water companies
operating in Russia.

Fitch regards Russia's cost-recovery tariff framework for water
companies as largely untested with regard to its true
independence and timely mechanisms for economically sound rights
of appeal from privatized operators who are fulfilling capex
requirements; however, future tariff increases are likely to be
unpalatable for consumers.

Other than the RUB1.35 billion Omsk Vodokanal acquisition-
related funding recently incurred (November 2007), group debt
primarily funds short-term build and working capital
requirements, including phased expenses for private developer-
funded or federal-funded infrastructures.  The group's debt is
capped by covenants within a recently signed RUB1.5 billion EBRD
secured facility, including a maximum 4x net debt/EBITDA for the
group, whereas forecasts indicate ratios of around 2x-3x.  The
facility is provided to certain group entities on a joint and
several recourse basis, and has restrictions on dividends and
related-party transactions, as well as a requirement for
independent Directors.

Currently, the group's main debt is short-term local bank
lending at the operating subsidiary level.  Given future capex
requirements, this debt is to be refinanced and additional debt
will be raised from longer-term EBRD and prospective IFC funding
facilities.  Omsk acquisition-related bank debt and the recent
RUB0.25 billion acquisition of Lugansk were refinanced by this
RUB1.75 billion bond.

Part of the Russian Alfa-group, Rosvodokanal consists of eight
regional water and waste water utility companies (Barnaul,
Kaluga, Krasnodar, Lugansk, Omsk, Orenburg, Tyumen and Tver).

Ventrelt's other rating is National Long-term 'A+(rus)' with
Stable Outlook.


SARGATSK-AGRO: Proofs of Claim Filing Deadline Set September 5
---------------------------------------------------------------
The first creditors meeting of LLC Sargatsk-Agro-Prom-Energo
(TIN 5532001533) has resolved to place the company under
financial rehabilitation and appointed A. Budelev as
administrative receiver.

The Arbitration Court of Omsk has sanctioned the creditors'
resolution.  The case is docketed under Case No. A46-15288/2007.

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

         A. Budelev, Administrative Receiver
         Office 1
         Bratskaya Str. 11/1
         644006 Omsk
         Russia

The Debtor can be reached at:

         LLC Sargatsk-Agro-Prom-Energo
         50 Let Pobedy Str. 3
         Sargatskoe
         Sargatskiy
         164200 Omsk
         Russia


SIBERIAN WOOD: Proofs of Claim Filing Deadline Set September 5
--------------------------------------------------------------
The first creditors meeting of LLC Siberian Wood has resolved to
place the company under financial rehabilitation and appointed
A. Astakhov as administrative receiver.

The Arbitration Court of Krasnoyarsk has sanctioned the
creditors' resolution.  The case is docketed under Case No.
A33-4285/2008.

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

         A. Astakhov, Administrative Receiver
         Post User Box 12676
         660021 Krasnoyarsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Siberian Wood
         Krasnokamensk
         Krasnoyarsk
         Russia


UVA-AGRO-KHIM: Court Sets Supervision Hearing on October 21
-----------------------------------------------------------
The first creditors meeting of OJSC Uva-Agro-Khim has resolved
to place the company under financial rehabilitation and
appointed A. Zhorin as administrative receiver.

The Arbitration Court of Udmuriya has sanctioned the creditors'
resolution.  The case is docketed under Case No. A71-3259/
2008 G2.

Creditors have to submit proofs of claim to:

         A. Zhorin, Administrative Receiver
         Post Use Box 2270
         610021 Kirov
         Russia

The Court will convene at 10:00 a.m. on Oct. 21, 2008, to hear
the case at:

         The Arbitration Court of Udmurtiya
         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya
         Russia

The Debtor can be reached at:

         OJSC Uva-Agro-Khim
         Prudovyj Per. 15
         UVA
         427260 Udmuriya
         Russia


VLAD-REAL ESTATE: Proofs of Claim Filing Deadline Set Sept. 5
-------------------------------------------------------------
The first creditors meeting of LLC Vlad-Real Estate has resolved
to place the company under financial rehabilitation and
appointed V.Khelemendik as administrative receiver.

The Arbitration Court of Primorye has sanctioned the creditors'
resolution.  The case is docketed under Case No. A51-11190/
2007 15-166B.

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

         V.Khelemendik, Administrative Receiver
         Post User Box 18
         690035 Vladivostok
         Russia

The Court is located at:

         Arbitration Court of Primorye
         Room 313
         Svetlanovskaya Str. 54
         Vladivostok

The Debtor can be reached at:

         LLC Vlad-Real Estate
         Svetlanskaya Str. 5
         Vladivostok
         Russia


YUTAZINSKAYA INCUBATOR: Claims Filing Deadline Set September 5
--------------------------------------------------------------
The first creditors meeting of OJSC Yutazinskaya Incubator-
Poultry Station has resolved to place the company under
financial rehabilitation and appointed V. Prokofyev as
administrative receiver.

The Arbitration Court of Tatarstan has sanctioned the creditors'
resolution.  The case is docketed under Case No. A65-3044/
2008-SG4-40.

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

         V. Prokofyev, Administrative Receiver
         Post Use Box 50
         420059 Tatarstan
         Russia

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         OJSC Yutazinskaya Incubator-Poultry Station
         Yutazianskiy
         Tatarstan
         Russia


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


AYT COLATERALES: Fitch Rates EUR10.4 Million Class D Notes 'B'
--------------------------------------------------------------
Fitch Ratings has assigned AyT Colaterales Global Empresas
FTA's, Series AyT Colaterales Global Empresas Caja Circulo I
notes, totaling EUR130 million due in November 2032, final
ratings as:

  -- EUR96.2 million Class A: 'AAA'
  -- EUR13 million Class B: 'A'
  -- EUR10.4 million Class C: 'BBB-'
  -- EUR10.4 million Class D: 'B'

This transaction is a cash flow securitization of a EUR130
million static pool of secured and unsecured loans granted by
Caja de Ahorros y Monte de Piedad del Circulo Catolico de
Obreros de Burgos (Caja Circulo, rated 'A-'/'F2'/Outlook
Negative), a Spanish savings bank, to small- and medium-sized
Spanish enterprises.

The ratings address the payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger for the Class B, Class C, and
Class D notes, as well as the repayment of principal by legal
maturity.  According to the AyT Colaterales Empresas transaction
documents, the legal final maturity date of the program and,
therefore, applicable to all the series of notes issued and to
be issued in the future, is defined as three years after the
longest scheduled maturity date of the program.

The pool consists of around 2,000 loans to SME companies with a
strong concentration (approximately 65%) in the province of
Burgos (region of Castilla Leon), the bank's home region.

AyT Colaterales Caja Circulo I is the first standalone SME
securitization transaction to be brought to the market by Caja
Circulo, and it is the third series issued by AyT Colaterales
Empresas.  AyT Colaterales Empresas is a securitization fund
incorporated in December 2007 to issue a number of independent
series of notes collateralised by SME loans by up to 37
different Spanish financial institutions.  The maximum overall
size of AyT Colaterales Empresas is limited to EUR3 billion.
The issuer is legally represented and managed by Ahorro y
Titulizacion, S.A., S.G.F.T., a special-purpose management
company with limited liability incorporated under the laws of
Spain.

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


CAIXA PENEDES: Fitch Puts BB Rating on EUR41.6MM Series C Notes
---------------------------------------------------------------
Fitch Ratings has assigned CAIXA PENEDES FTGENCAT 1 TDA Fondo de
Titulizacion de Activos notes, totaling EUR570 million, due in
November 2049, final ratings as listed below.  This transaction
is a cash flow securitization of a EUR570m static pool of
secured and unsecured loans.

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

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

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

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

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

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


TDA SA NOSTRA: Fitch Puts 'B' Rating on EUR6MM Series E Notes
-------------------------------------------------------------
Fitch Ratings has assigned TDA SA NOSTRA EMPRESAS 1 Fondo de
Titulizacion de Activos notes, totaling EUR250 million, due in
August 2040, final ratings as listed below.  This transaction is
a cash flow securitization of a EUR250 million static pool of
secured and unsecured loans.

  -- EUR191.2 million Series A: 'AAA'
  -- EUR25 million Series B: 'A'
  -- EUR14 million Series C: 'BBB-'
  -- EUR13.8 million Series D: 'BB-'
  -- EUR6 million Series E: 'B'

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

The ratings address the payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger for the Class B, Class C, Class D
and Class E notes, as well as the repayment of principal by
legal maturity in August 2040.

The loans are granted by Caja de Ahorros y Monte de Piedad de
Las Baleares (Sa Nostra, rated 'A-'/'F2'/Outlook Stable), a
Spanish savings bank, to small- and medium-sized Spanish
enterprises.  The pool consists of around 800 loans to SME
companies with a strong concentration (approximately 75%) in the
region of Baleares, the bank's home region.

TDA SA NOSTRA EMPRESAS 1 Fondo de Titulizacion de Activos is the
first single-seller SME securitisation transaction originated by
Sa Nostra.  The issuer is legally represented and managed by
TDA, a special-purpose management company with limited liability
incorporated under the laws of Spain.

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


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


ARSAGO HOLDING: Deadline to File Proofs of Claim Set August 24
--------------------------------------------------------------
Creditors owed money by SC Arsago Holding are requested to file
their proofs of claim by Aug. 24, 2008, to:

         Bosch 71
         6331 Hunenberg
         Switzerland

The company is currently undergoing liquidation in Hunenberg.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 8, 2008.


GENESIS CONSULTANCY: Creditors' Proofs of Claim Due by August 24
----------------------------------------------------------------
Creditors owed money by LLC Genesis Consultancy are requested to
file their proofs of claim by Aug. 24, 2008, to:

         Haldenstrasse 5
         6342 Baar
         Switzerland

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


SEMGROUP LP: Court OKs Use of Cash Collateral for White Cliff
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware permitted
SemGroup L.P. and its debtor-affiliates to use some cash
collateral for the completion of the US$240 million White Cliff
Pipeline project, The Calgary Herald reported.

"The existing investment will be imperiled, if not lost," and
the finished project promises "meaningful value" to the company
and creditors, Judge Brendan Linehan Shannon said, according to
the report.

        Parties Stipulate on the Management of White Cliff

The Debtors, General Electric Capital Corporation, PE-Pipeline
Services, LLC, and White Cliffs Pipeline, LLC, in a Court-
approved stipulation, agreed to a temporary restraining order
regarding the management and operations of White Cliffs.

The Troubled Company Reporter said on July 28, 2008, that GECC,
as administrative agent for a group of lenders on a
US$120,000,000 loan, on July 18, 2008, notified the Debtors that
they are in default under the prepetition secured loan, and that
all of SemCrude Pipeline, L.L.C.'s membership interest in non-
debtor White Cliffs Pipeline, LLC, ceased and became vested in
GECC.

Pursuant to the stipulation, SemCrude Pipeline LLC continued
until Aug. 8, 2008, in the managing the day-to-day physical
operations of White Cliffs, subject to the oversight and
supervision of PE-Pipeline, which will have final decision-
making authority.

The Debtors provided GECC and PE-Pipeline a detailed cash
budget for the period through Aug. 8, 2008, setting forth (i)
all costs that must be funded during the period for the
construction of the White Cliffs to continue in the ordinary
course, and (ii) all sources of cash available to the Debtors to
pay the interim project costs.

The Debtors will provide access to PE-Pipeline to books,
records, and other documents relating to White Cliffs.

                      About SemGroup L.P.

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

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

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

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

(SemGoup Bankruptcy News, Issue No. 4 and 5; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


SEMGROUP LP: Pioneer Asserts US$30 Million Pre-Bankruptcy Claims
--------------------------------------------------------------
Pioneer Natural Resources Company said that it has approximately
US$30 million of unpaid pre-bankruptcy claims for condensate
sold to certain subsidiaries of SemGroup, L.P.

In July 2008, SemGroup, L.P. announced that it and certain of
its subsidiaries filed petitions for reorganization under
Chapter 11 of the U.S. Bankruptcy Code.

Pioneer is seeking payment of its pre-bankruptcy claim as a
critical supplier under a Supplier Protection Program created by
SemGroup and approved by the Bankruptcy Court on July 23.  The
intent of this program is for SemGroup to pay certain critical
suppliers their pre-bankruptcy claims in full and continue
paying such suppliers in exchange for their willingness to
continue performance. It is premature at this time to predict
the timing of payments under this program.

The condensate supplied to SemGroup is produced from Pioneer's
West Panhandle gas field and is processed at Pioneer's Fain
plant in the Texas Panhandle. Pioneer continues to supply
condensate to SemGroup.  However, the Company is monitoring
SemGroup's situation closely and will sell its condensate to
alternate purchasers should it become necessary to do so.

                          About Pioneer

Pioneer Natural Resources Company -- http://www.pxd.com/-- is a
large independent oil and gas exploration and production
company, headquartered in Dallas, with operations in the United
States, South Africa and Tunisia.

                      About SemGroup L.P.

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

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

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

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

(SemGoup Bankruptcy News, Issue No. 4 and 5; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


SEMGROUP LP: U.S. Trustee Forms Seven-Member Creditors' Panel
-------------------------------------------------------------
Pursuant to Section 1102(a)(1) of the Bankruptcy Code, Roberta
A. DeAngelis, Acting United States Trustee for Region 3,
appointed seven members to the Official Committee of Unsecured
Creditors in the chapter 11 case of SemGroup, L.P., and its 24
debtor affiliates:

   1. Central Crude Corporation
      Attn: Charles B. Wilson
      PO Box 21110
      Wichita, Kansas 67208
      Tel: 316-337-8378
      Fax: 316-265-7372

   2. BP Oil Supply Company
      Attn: Daniel Rosen
      28301 Ferry Road
      Warrenville, Illinois 60555
      Tel: 630-836-4544
      Fax: 630-836-4600

   3. ConocoPhillips Company
      Attn: George A. Padilla
      600 North Dairy Ashford, CH 2116-B
      Houston, Texas 77079
      Tel: 281-293-6795
      Fax: 281-293-2690

   4. Crude Marketing & Transportation, Inc.
      Attn: Phillip M. Burch
      16 E. 16th Street, Ste. 300
      Tulsa, Oklahoma 74119
      Tel: 918-398-2715
      Fax: 918-584-4128

   5. HSBC Bank USA, National Association
      Attn: Sandra E. Horwitz
      452 Fifth Ave.
      New York, New York 10018
      Tel: 212-525-1358
      Fax: 212-525-1300

   6. Pacific Investment Management Company LLC
      Attn: David C. Flattum
      840 Newport Center Drive, Suite 100
      Newport Beach, California 92660
      Tel: 949-720-6000
      Fax: 949-720-6361

   7. Western Asset Management Company
      Attn: W. Stephen Venable, Jr.
      385 E. Colorado Blvd.
      Pasadena, California 91101
      Tel: 626-844-9400
      Fax: 626-844-4451

All of the members of the Creditors' Committee are listed in the
Debtors' Chapter 11 petition as one of their largest unsecured
trade creditors.  BP Oil, Central Crude, ConocoPhillips, and
Crude Marketing hold trade debts totaling more than
US$320,000,000 against the Debtors:

      BP Oil             US$159,004,586
      Central Crude        52,196,576
      ConocoPhillips       74,178,604
      Crude Marketing      40,841,569

HSBC Bank is the successor Indenture Trustee for the 8-3/4%
Senior Notes due 2015 issued by SemGroup, L.P., and SemGroup
Finance Corp.  PIMCO holds an US$86,000,000 bond debt against
the Debtors.  Western Asset holds a US$77,000,000 bond debt
against Debtors.

                      About SemGroup L.P.

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

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

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

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

(SemGoup Bankruptcy News, Issue No. 4 and 5; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


SEMGROUP LP: Five Canadian Units File Separate CCAA Petitions
-------------------------------------------------------------
Affiliates of SemGroup L.P., SemCAMS ULC and SemCanada Crude
Company, filed petitions under the Companies' Creditors
Arrangement Act before the Court of Queen's Bench of Alberta,
Judicial District of Calgary.

Five other affiliates of the SemCAMS and SemCanada filed similar
CCAA petitions:

   * SemCanada Energy Company
   * A.E. Sharp, Ltd.
   * CEG Energy Options, Inc.
   * 319278 Nova Scotia Company
   * 1380331 Alberta ULC

The CCAA Applicants are represented by A. Robert Anderson, Q.C.,
Esq., at Blake, Cassels & Graydon LLP, in Calgary, Alberta.

                      About SemGroup L.P.

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

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

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

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

(SemGoup Bankruptcy News, Issue No. 4 and 5; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


SEMGROUP LP: Monitor Provides Update on CCAA Proceedings
--------------------------------------------------------
Ernst & Young, Inc., the appointed monitor of SemCanada Crude
Company and affiliates' reorganization proceedings before the
Canadian Companies' Creditors Arrangement Act, reported that on
Aug. 5, 2008, SemCAMS ULC, SemCanada Crude Company, SemCanada
Energy Company, A.E. Sharp, Ltd., CEG Energy Options, Inc.,
319278 Nova Scotia Company, and 1380331 Alberta ULC, on the one
hand, and the Bank of Montreal, on the other hand, have reached
an agreement as to the use of deposits at the bank.

The Monitor also reported that the 319278 is seeking permission
from the CCAA Court to execute a shareholder resolution for the
sale of Wholesale Energy Group, ULC, to Universal Energy
Corporation.  319278 owns 75% of WEG.

According to the Monitor, WEG's book of business as of July 22,
2008, was negative because 319278 lost all of the contracted
natural gas purchase positions needed for the WEG retail sales.
WEG has limited cash on hand and does not have the financial
resources to contract for the required natural gas purchases to
lock down the book of business.  The Monitor said Universal's
offer for WEG is the best and highest offer received by 319278.

Universal's offer contemplates:

   -- payment of US$2,175,000 for WEG for its customer contracts
      plus the actual costs incurred by WEG for the supply of
      natural gas to WEG customer accounts for August;

   -- payment of US$375,000 to Lesley Green, WEG's sole
      director, for consulting fees;

   -- 319278's acquisition of the remaining 25% shareholding in
      WEG for US$1.00; and

   -- the transfer of certain office fixed assets to the the
      holder of the 25% shareholder interest in WEG.

                      About SemGroup L.P.

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

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

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

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

(SemGoup Bankruptcy News, Issue No. 4 and 5; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


UBS AG: Posts CHF358 Million Net Loss in Second Quarter 2008
------------------------------------------------------------
UBS reported a Group net loss attributable to shareholders of
CHF358 million for second quarter 2008.

The second quarter 2008 remained difficult for several reasons:

    * The positive sentiment seen at the end of first quarter
      2008 that the credit crisis may be easing was short-lived,
      as trading conditions deteriorated significantly in the
      second half of May, in particular for assets related to US
      residential real estate as well as other structured credit
      positions.  This development led to second quarter losses
      and writedowns of around US$5.1 billion on related
      positions.

    * This quarter was also characterized by generally lower
      client activity, in particular lower capital markets and
      mergers and acquisitions activity, and falling securities
      prices.

For the wealth and asset management businesses and Business
Banking Switzerland, profit levels remained high in absolute
terms despite a reduction in comparison with the prior quarter,
excluding the impact of the provision for auction rate
securities in Wealth Management US.  Invested assets rose
slightly as currency movements offset net new money outflows of
CHF43.8 billion across the Group.

In the Investment Bank, revenues generated by the advisory and
capital markets business fell considerably in comparison with
second quarter 2007, in the context of a significant contraction
in global deal volume.  However, equity capital markets revenues
were up significantly from first quarter 2008.

Across the firm, total operating expenses were CHF8.11 billion,
down by 18% compared to second quarter 2007.  This decline was
driven by lower accruals on performance-related compensation and
the reversal of certain accruals recognized in first quarter
2008.  General and administrative expenses increased by 25% to
CHF2.83 billion, as lower expenses in most categories were
offset by provisions of US$900 million (CHF919 million) in
relation to the recent actions taken by UBS in the US auction
rate securities markets.  The number of people employed at UBS
was 81,452 on June 30, 2008, down by 2,387 compared with the end
of first quarter 2008, with 1,695 of the reduction in the
Investment Bank.

UBS recognized a net income tax benefit of CHF3.83 billion for
second quarter 2008, which includes a net impact of CHF3.2
billion from the recognition of a deferred tax asset on
available tax losses.

                   Risk Inventory Reduced

UBS took decisive action to materially reduce its exposures to
significant risk concentrations, specifically through sustained
and ongoing sales during the quarter, the largest of which was
the sale of US residential mortgage-backed securities to a fund
managed by BlackRock.

UBS will continue to manage its remaining exposure to the US
real estate market through a separate work-out portfolio unit
within the FICC area of the Investment Bank.  In view of the
significant reductions in risk exposures in second quarter 2008,
however, UBS may determine not to place a subset of this
portfolio into a new, wholly-owned entity, as originally
envisaged.

                Auction Rate Securities

On July 15, 2008, UBS announced that it is developing a trust
structure that would, if completed, have the ability to purchase
approximately US$3.5 billion in tax-exempt auction preferred
stock, a type of auction rate securities, at par from clients.
The trust would issue securities supported by a liquidity put or
similar demand feature provided by UBS or another highly rated
bank, and would be consolidated in UBS's financial statements.
The transaction is subject to regulatory approval and other
conditions.

On Aug. 8, 2008, UBS announced a comprehensive settlement with
the U.S. Securities & Exchange Commission and certain US state
regulatory authorities, in principle, for all clients holding
auction rate securities and booked a provision of US$900 million
(CHF919 million).

           Capital Base and Balance Sheet Reinforced

On June 30, 2008, UBS's BIS tier 1 capital ratio stood at 11.6%
and its BIS total capital ratio was 15.7%, up from 6.9% and
10.7% respectively on March 31, 2008.  This improvement is the
result of actions taken in second quarter 2008 as part of UBS's
capital improvement program.

The balance sheet totaled CHF2,078 billion at June 30, 2008,
compared with CHF2,231 billion at March 31, 2008, a decline of
7%.  Risk-weighted assets were reduced by CHF 10 billion, or
3.0%, during second quarter 2008 to CHF323 billion as at
June 30, 2008.

On June 17, 2008, a capital increase was completed by means of a
rights offering through the issue of 760,295,181 fully paid-up
registered shares.  Subscription rights for 755,466,901 new
shares were exercised in the offering, representing 99.4% of all
new shares offered.  4,828,280 new shares for which subscription
rights were not validly exercised have been sold by UBS
Investment Bank in open market transactions.  This capital
increase generated net proceeds of CHF 15.6 billion.

UBS also issued EUR1 billion of perpetual preferred securities
in second quarter 2008, which qualified as tier 1 capital.

                       Cost Reduction

Across the firm, total operating expenses were CHF8.11 billion,
down 18% compared to second quarter 2007.  This decline was
driven by lower accruals on performance-related compensation and
the reversal of accruals recognized in first quarter 2008.

General and administrative expenses increased by 25% to CHF2.83
billion, as lower expenses in most categories were offset by the
provision of US$900 million (CHF919 million) in respect of ARS.

The number of people employed at UBS was 81,452 on June 30,
2008, down by 2,387 compared with the end of first quarter 2008,
with a reduction of 1,695 in the Investment Bank.

                      Outlook

In the second half of the year, UBS does not expect any
improvement in current adverse economic and financial market
trends.  UBS will continue its program to reduce personnel
levels, costs and risk concentrations.

                         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.


UBS AG: Repositions Bank for Maximum Strategic Flexibility
----------------------------------------------------------
UBS AG announces the repositioning of the Bank to allow maximum
strategic flexibility in its future development.

Following a detailed review of its strategy by the UBS Board of
Directors and the Group CEO, UBS unveiled changes to its
strategic direction and launches a comprehensive program to re-
engineer its business.  This move is intended to capitalize on
and further grow the value of its leading client franchises
across its three businesses, create a platform for sustained
profitability for each, and maximize value for the Group as a
whole.

UBS will now operate as a Group with autonomous business
divisions.  This move will make UBS more effective and agile in
managing trends in the financial industry –- including the
uncertain near-term outlook for global financial markets and
potential changes in regulatory capital requirements.  The new
business model will enhance the incentive for each business
division to be successful on its own merits, without relying on
capital and funding rate cross-subsidies from the other
businesses.

"Our review has clearly revealed the weaknesses associated with
the integrated "one firm" business model.  Some of these
weaknesses –- such as the blurring of the true risk-reward-
profile of individual businesses -– are the source of
substantial risk, as we have seen in the past few months.
Others have led to the creation of excessively elaborate
processes and unnecessary layers of complexity.  The new
structure will create a spirit of transformation, clear
accountability and transparency, and will allow us to optimize
funding and capital usage.  This repositioning of the Bank will
create maximum strategic flexibility to capture the best
possible opportunities for shareholder value creation in the
future," said Peter Kurer, Chairman of UBS.

"A lot has already been achieved in the repositioning of the
Investment Bank.  We have substantially reduced our risk
exposures, balance sheet, costs and personnel, made changes in
our group governance model and initiated remediation measures.
I am determined to make the management of UBS more effective.
These fundamental changes to the way we run our businesses will
now increase the effectiveness of our management structure and
processes, and of the way our businesses interact," said Marcel
Rohner, CEO of UBS.

                   Executive Management

The executive management of the Group will be led by the CEO who
will be supported by the Group Executive Board and its newly
established Executive Committee.

The full GEB will focus on group-wide interests and will, in
particular, manage shared services and group leadership
development, grow cross-divisional revenues, oversee regional
governance, and review proposed changes to the business
portfolio.  The Executive Committee, which consists of the CEO,
the CFO, the CRO (Chief Risk Officer) and the General Counsel,
will decide on the resource allocation of the Group.  It will
set and monitor the performance targets for the business
divisions, risk parameters, capital allocation and funding
terms.

Divisional CEOs will be tasked with leading their business in a
much more autonomous manner, accountable for dedicated capital
resources, people and infrastructure.  Regional CEOs will drive
cross-divisional collaboration to generate value for UBS's
shareholders and will assume group-wide regional regulatory
responsibility.  Corporate Center will be responsible for
providing state-of-the-art group level control in the areas of
finance, risk, legal and compliance, and significant attention
will be devoted to strengthening and empowering these functions
throughout the firm.

                      Strategic Priorities

UBS will continue to develop the platform and reach of Global
Wealth Management & Business Banking.  This includes the
expansion of its global presence in international wealth
management growth markets.  UBS's leading position in
Switzerland, both as a wealth manager and as the largest retail
bank, will remain a cornerstone of the strategy and of
sustainable profit growth.

The Investment Bank will continue its repositioning towards
client-driven growth, combined with a further reduction of its
balance sheet and risk positions.  This will allow the
Investment Bank to build on its global coverage and distribution
capability and to ensure maximum accountability for creation of
shareholder value.  Each business line –- equities, investment
banking and fixed income, currencies and commodities –- will be
measured by individual return on capital targets.  A new
compensation plan will balance risk and reward.

In the Global Asset Management division, independence of
management as well as investment decision-making and investment
performance are critical to compete successfully.  Incentives
for leadership and staff will be aligned with the results and
investment performance of the business.

                          Change Program

The change of UBS's business model will be achieved with a
centrally managed change program, covering structural, legal and
financial aspects of the transformation.

The seven streams of this program, which will start immediately,
are:

    * Revised incentive systems to reward divisional management
      and staff for shareholder value creation in their own
      business division (during fourth quarter 2008)

    * Further enhancements to the funding framework so that the
      costs and structure of liabilities of each business
      division approximate those of stand-alone competitors (end
      2009)

    * Adjustments to the executive governance structure to
      reflect the above changes (by end third quarter 2008)

    * Development of targets and performance indicators
      consistent with the repositioning of the business
      divisions (end 2008)

    * Reduction of the size and scope of the Corporate Center,
      in line with the re-allocation of process ownership to the
      divisions

    * Review of intra-divisional servicing, revenue sharing and
      referral arrangements (mid 2009)

    * Continuation of the strategic cost reduction program
      targeted at increasing the efficiency of the Group.

UBS expects the change program to be completed by the end of
2009.

"We are satisfied that we have found the right strategic
framework for the management and development of our businesses.
This repositioning will allow UBS to move quickly in seizing
opportunities to strengthen each business –- through
collaborations, joint ventures or other forms of combination –-
as financial markets recover to normality with the objective of
delivering the highest possible value to shareholders while
preserving the core asset of UBS, its global wealth management
business", Peter Kurer, Chairman of UBS, said.

                         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.


UBS AG: Appoints Two New Members to Group Executive Board
---------------------------------------------------------
UBS nominated four new candidates for the Board of Directors to
be proposed for election at the Extraordinary General Meeting of
UBS on Oct. 2, 2008, and appointed two new members of its Group
Executive Board.

                Board of Director Nominations

Following the proposal of the Governance and Nominating
Committee, the UBS Board of Directors nominates Sally Bott,
Rainer-Marc Frey, Bruno Gehrig and William G. Parrett for
election as independent members of the Board of Directors of UBS
AG for a term of office to expire at the 2009 Annual General
Meeting.

These candidates bring specific and relevant experience to UBS,
namely in global financial services, the fields of change
management and regulation and the perspectives of institutional
shareholders.

Their nomination follows the introduction of a new Corporate
Governance framework on July 1, which strengthened the oversight
role of the Board and clarified the separation of the roles and
responsibilities between the Board of Directors and Executive
Management.

"We had the privilege of choosing from a number of exceptionally
well qualified candidates", said Peter Kurer, Chairman of the
Board of Directors. " I am delighted that these individuals are
available to join our Board.  They have diverse and varied
backgrounds and will together add to the overall breadth and
depth of expertise of the Board.  Their individual skills will
allow them to contribute to the specific committee it is planned
that they join.  At the same time they each have significant
experience in banking and finance.  I have no doubt that the
nominees will be able to contribute substantially to the future
development and success of UBS."

The search was managed by the Governance and Nominating
Committee of the UBS Board of Directors under the chair of
Gabrielle Kaufmann-Kohler and was supported by outside advisors.
The nominees shall be proposed for election at the Extraordinary
General Meeting of UBS on Oct. 2, 2008.

               Group Executive Board Appointments

On the recommendation of the Group CEO, the Board of Directors
has made two new appointments to the Group Executive Board.

Markus U. Diethelm will join UBS as Group General Counsel during
third quarter 2008.  The role was vacant following the election
of Peter Kurer to the Board of Directors at the Annual General
Meeting last April.

Marco Suter, who had expressed his desire to step down from his
role as Group CFO to the Board of Directors and the CEO, will
hand over his position to John Cryan on Sept. 1, 2008.

"We are delighted that Markus and John will join our Group
Executive Board, and, when it is formed, the new Executive
Committee, filling these critical positions with two high-
caliber senior managers", said Marcel Rohner, CEO of UBS.
"Markus brings highly relevant experience in managing a global
legal function in a sector whose complexity is comparable to the
banking industry.  His involvement in the strategic development
of Swiss Re over the recent years will be instrumental in the
next steps we will be taking at UBS.  John is a widely respected
banker who has specialized for many years in advising financial
institutions around the world.  His insights and expertise will
be extremely valuable in our task of restoring the value of
UBS."

"Marco Suter has a long distinguished record at UBS, as Group
CFO for the past year and, before that, as a member of the Board
of Directors.  His contribution in the past year has been
enormous and I am very grateful that he was able to step into
the role when we needed him most.  We respect and support his
desire to step back from the CFO function at this time", said
Peter Kurer, Chairman of UBS.

            Biographies of Board of Director Nominees

Sally Bott (1949) serves as Group Human Resources Director of BP
plc, one of the world's largest companies, which she joined in
early 2005.  She is also member of BP's Group Executive
Committee.  An economics major, Sally Bott spent most of her
career in finance.  She was at Citibank from 1970 to 1993, and
spent the last 15 years of that period in HR.  She rose steadily
through the HR ranks, working primarily across investment and
wholesale banking with a range of geographic responsibilities,
including Asia, Japan and Europe as well as North America. She
last held the position of HR Director Wholesale Bank and Group
HR Director, North America.  She joined Barclays plc in London
in 1994 as HR director for BZW, the investment banking arm of
Barclays.  She was appointed Group HR Director for Barclays plc
in 1996.  In 2000 she returned to New York and joined Marsh and
McLennan, the US based global risk and insurance services
business, as Managing Director and Head of HR for Marsh, Inc.
Sally Bott is known for her extensive experience in leading
organizational change.  She is an American citizen. Subject to
her election, the Board of Directors intends to appoint Sally
Bott as a member of the Human Resources and Compensation
Committee.

Rainer-Marc Frey (1963) is the founder and Chairman of
Horizon21, a thematically based investment manager which takes
long-term investment views on various industry sectors.  With a
degree in economics with a finance and banking focus from the
University of St. Gallen, Rainer-Marc Frey started his career in
1987 at Merrill Lynch followed by an engagement at Salomon
Brothers.  Five years later at 29, he founded one of the first
hedge fund groups in Europe, RMF Investment Group.  He held the
position of Chief Executive Officer of RMF for ten years and,
having sold the latter to Man Group Plc in 2002, held senior
roles within the Man Group until he founded Horizon21 in 2004.
Rainer-Marc Frey is a member of the Board of DKSH, Zurich, and
of the Advisory Board of Invision Private Equity AG, Zug.  He is
a Swiss citizen.  Subject to his election, the Board of
Directors intends to appoint Rainer-Marc Frey to the Risk
Committee and the Strategy Committee.

Bruno Gehrig (1946), Prof. Dr. Dr. h.c., is the Chairman of
Swiss Life Holding as well as the Vice Chairman of Roche
Holding. An academic by background, Bruno Gehrig is an
experienced private banker and was a highly regarded member of
the Swiss regulatory authorities.  He ended the first part of
his academic career as Assistant Professor in Berne and
Rochester, NY, USA, to join UBS Group in 1981 as Chief
Economist.  Later he held other senior positions in the bank in
New York, London, Tokyo, and the Middle East before assuming
responsibility for Securities Sales & Trading.  Bruno Gehrig was
then named CEO of the Cantrade Private Banking Group, a function
he held until he resumed his academic career as Professor in
Banking and Finance at the University of St. Gallen and
concurrently served as a member of the Federal Banking
Commission (the Swiss Banking Supervision Authority). In 1996,
he became a Member of the Governing Board of the Swiss National
Bank and was later appointed Vice Chairman.  Bruno Gehrig is
also Chairman of the Swiss International Air Lines Foundation.
He is a Swiss citizen.  Subject to his election, the Board of
Directors intends to appoint Bruno Gehrig to the Audit
Committee.

William (Bill) G. Parrett (1945) served his entire career with
Deloitte Touche Tohmatsu, a global organization whose member
firms have 160,000 people operating in nearly 140 countries and
serves 80% of Fortune Global 500 companies.  A member of the
Global Executive Committee since 1999, Bill Parrett was Chief
Executive Officer from 2003 until his retirement in 2007, a
period during which Deloitte’s revenues grew from US$15 billion
to US$23 billion. Bill Parrett founded the U.S. National
Financial Services Group and the Global Financial Services Group
of Deloitte, both of which he lead as Chairman.  Today, Bill
Parrett is an independent director of Eastman Kodak Co., USA, of
Blackstone Group LP, USA, and of Thermo Fisher Scientific Inc.,
USA.  He also is the Chairman of the United States Council for
International Business and a member of the Executive Committee
of the International Chamber of Commerce.  He is an American
citizen. Subject to his election, the Board of Directors intends
to appoint Bill Parrett to the Audit Committee.

        Biographies of New Group Executive Board Members

Markus U. Diethelm (1957), currently Group Chief Legal Officer
of Swiss Re, will be appointed as Group General Counsel of UBS.
Markus U. Diethelm holds a law degree from the University of
Zurich and a Master and PhD degree from Stanford University.  He
is a qualified attorney-at-law in the State of New York and in
Switzerland.  He started his career in 1983 with Bar & Karrer, a
Zurich law firm.  In 1988 he joined Paul, Weiss, Rifkind,
Wharton & Garrison in New York as a foreign associate. As of
1989, he practiced with New York's Shearman & Sterling,
specializing in mergers and acquisitions.  In 1992 he joined the
Los Angeles-based law firm Gibson, Dunn & Crutcher, focusing on
corporate matters, securities transactions, litigation and
regulatory investigations while operating out of the firm's
Brussels and Paris offices.  He joined Swiss Re in 1998 as Group
Chief Legal Officer and was appointed to the Executive Board
effective Jan. 1, 2007.  Under his leadership, Swiss Re
introduced a successful global model for the Group's legal and
compliance organization.  Markus U. Diethelm played a key role
in the company's World Trade Center litigation and in major
corporate development transactions.  He is a Swiss citizen.

John Cryan (1960), currently Head of the Financial Institutions
Group at UBS's Investment Bank, will be appointed as Group Chief
Financial Officer.  As an alumnus of Arthur Andersen & Co, John
Cryan joined S.G. Warburg in London in 1987.  Since 1992, he has
specialized in providing strategic and financial advice to a
wide range of companies in the financial services sector
globally.  In recent months, he has played an active role in
advising UBS's Board of Directors and the Group Executive Board
on issues related to the financial crisis.  John Cryan is a
British citizen.

                         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.


YMB MANAGEMENT: Creditors Must File Proofs of Claim by Aug. 24
--------------------------------------------------------------
Creditors owed money by LLC YMB Management are requested to file
their proofs of claim by Aug. 24, 2008, to:

         LLC ATB
         Alte Winterthurerstrasse 53
         8304 Wallisellen
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 13, 2008.


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


ADVIL LLC: Proofs of Claim Filing Deadline Set August 17
--------------------------------------------------------
The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company on June 26, 2008.  The case
is docketed as B 15/198-08.

Creditors of Ukrainian-American LLC with Foreign Investments
Advil (code EDRPOU 31659579) have until Aug. 17, 2008, to submit
proofs of claim to:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Debtor can be reached at:

         Ukrainian-American LLC with Foreign Investments Advil
         Rabochaya Str. 23-v
         49008 Dnipropetrovsk
         Ukraine


AGRO LI LLC: Creditors Must File Proofs of Claim by Aug. 17
-----------------------------------------------------------
Creditors of LLC Agro Li (code EDRPOU 32092705) have until
Aug. 17, 2008, to submit proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on July 10, 2008.
The case is docketed as 14/70/08.

The Debtor can be reached at:

         LLC Agro Li
         Morekhodnaya Str. 14
         54010 Nikolaev
         Ukraine


COLVIS FINANCE: Moody's Confirms Ba2 Rating on US$107MM Notes
-------------------------------------------------------------
Moody's Investors Service has confirmed Colvis Finance Limited's
US$107.5 million notes due 2009 which are supported by the state
of Ukraine (with underlying borrower Yuzhmash) rating at B1 with
a positive outlook.  This change reflects the confirmation of
several key credit ratings of Ukraine, concluding a review for
possible upgrade that began in March, and the decision to
maintain a positive outlook on these same ratings.

The US$107.5 million notes of Colvis Finance Limited indirectly
benefit from an irrevocable and unconditional guarantee from the
State of Ukraine.  As a consequence of the benefits from the
aforementioned guarantee, the notes were assigned the same
rating as the rating for the State of Ukraine's foreign currency
bonds. Going forward, if the rating for the State of Ukraine is
altered, the rating on the notes will be amended accordingly.

The issuer of the notes, Colvis Finance Limited, is a UK special
purpose vehicle.  Colvis Finance Limited has on lent the funds
received from its notes issue to State Enterprise Production
Association Yuzhny Machine Building Plant Named After A.M.
Makarov (Yuzhmash).

Registered in the Ukraine, Yuzhmash is a leading rocket
manufacturer as well as one of the largest industrial
enterprises in the Ukraine.  In 2006 reported Revenue of
US$168 million and EBITDA of US$7.2 million.


GAL-TER LLC: Creditors Must File Proofs of Claim by Aug. 17
-----------------------------------------------------------
Creditors of LLC Gal-Ter (code EDRPOU 34352151) have until
Aug. 17, 2008, to submit proofs of claim to:

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

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

The Debtor can be reached at:

         LLC Gal-Ter
         Apartment 272
         Sviatoshyn Square 1
         03115 Kiev
         Ukraine


GENERALI GARANT: Moody's Holds Ba3 Foreign Currency IFSR
--------------------------------------------------------
Moody's Investors Service has confirmed the Ba3 foreign currency
insurance financial strength rating (IFSR) of the Ukrainian
insurance company Generali Garant with a Positive outlook,
concluding a review for possible upgrade that began in April.
At the same time, the local currency IFSR of Baa2 of Generali
Garant was affirmed with a Stable outlook.  The National Scale
Rating of Aaa.ua was also affirmed.

This rating action has been triggered by the conclusion of the
review for possible upgrade of Ukraine's Ba3 country ceiling for
foreign currency bonds announced on March 28, 2008.  The B1
local and foreign currency bond ratings of the Ukrainian
government and Ukraine's B2 country ceiling for foreign currency
deposits were confirmed with a Positive outlook on August 8th
2008 whilst the A3 country ceilings for local currency bonds and
the Baa1 country ceiling for local currency deposits were
affirmed with a Stable outlook.  Short-term ratings remained at
Non-Prime.

Moody's current ratings on Generali Garant reflect the company's
strong franchise in the Ukrainian P&C market, a well-developed
regional network, underwriting expertise in the motor business,
as well as integration into the Generali Group.  This is offset
by Generali Garant's high expense ratio, limited product
diversification and geographic diversification outside the
country, a track record of weak profitability, as well as a
concentration of invested assets in real estate.  The foreign
currency IFSR is currently constrained by Ukraine's Ba3 foreign
currency bond ceiling.

The following rating was confirmed with a Positive outlook:

Generali Garant

   -- foreign currency insurance financial strength rating
      of Ba3.

The following ratings were affirmed with a Stable outlook:

   -- local currency insurance financial strength rating
      of Baa2, stable outlook;

   -- national scale rating of Aaa.ua.

Based in Kiev, Ukraine, Generali Garant is ultimately controlled
by Assicurazioni Generali SpA through Generali Holding Vienna
AG.  In 2007, Generali Garant reported Gross Premiums Written of
UAH527.4 million compared to UAH360.2 million in 2006.
Shareholders' equity under local GAAP was UAH83.5 million as at
Dec. 31, 2007.


INTVEST LLC: Creditors Must File Proofs of Claim by August 17
-------------------------------------------------------------
Creditors of LLC Intvest (code EDRPOU 30004245) have until
Aug. 17, 2008, to submit proofs of claim to:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
July 15, 2008.  The case is docketed as B 24/244-08.

The Debtor can be reached at:

         LLC Intvest
         Varvarovskaya Str. 28
         49000 Dnipropetrovsk
         Ukraine


MINERAL LLC: Creditors Must File Proofs of Claim by August 17
-------------------------------------------------------------
Creditors of LLC Mineral (code EDRPOU 35203082) have until
Aug. 17, 2008, to submit proofs of claim to:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
July 10, 2008.  The case is docketed as B 24/243-08.

The Debtor can be reached at:

         LLC Mineral
         Apartment 4
         Newspaper Pravda Ave. 12
         49000 Dnipropetrovsk
         Ukraine


PETROLEUM SERVICE: Proofs of Claim Filing Deadline Set Aug. 22
--------------------------------------------------------------
Creditors of LLC Petroleum Service Complete Set (code EDRPOU
31623097) have until Aug. 22, 2008, to submit proofs of claim
to:

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

The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company on May 28, 2008.  The case is docketed
as 4/40-08.

The Debtor can be reached at:

         LLC Petroleum Service Complete Set
         Central Str. 5
         Malaya Pavlovka
         Okhtyrka District
         42700 Sumy
         Ukraine


PROD-V-KO: Creditors Must File Proofs of Claim by August 16
-----------------------------------------------------------
Creditors of LLC Prod-V-Ko (code EDRPOU 34760751) have until
Aug. 16, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 9, 2008.
The case is docketed as 43/536.

The Debtor can be reached at:

         LLC Prod-V-Ko
         Gamarnik Str. 56
         Kiev
         Ukraine


PROVISTA LLC: Creditors Must File Proofs of Claim by August 16
--------------------------------------------------------------
Creditors of LLC Provista (code EDRPOU 34926395) have until
Aug. 16, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 9, 2008.
The case is docketed as 43/535.

The Debtor can be reached at:

         LLC Provista
         Tchapayev Str. 10
         Kiev
         Ukraine


RIAN-KREDO LLC Creditors Must File Proofs of Claim by August 17
---------------------------------------------------------------
Creditors of LLC Company Rian-Kredo (code EDRPOU 35442333) have
until Aug. 17, 2008, to submit proofs of claim to:

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

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

The Debtor can be reached at:

         LLC Company Rian-Kredo
         Pravda Ave. 62
         04108 Kiev
         Ukraine


SOYUZ-PERSPECTIVE LLC: Creditors Must Claims by August 17
---------------------------------------------------------
Creditors of LLC Soyuz-Perspective (code EDRPOU 32862188) have
until Aug. 17, 2008, to submit proofs of claim to:

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on July 2, 2008.
The case is docketed as 45/93b.

The Debtor can be reached at:

         LLC Soyuz-Perspective
         Pavshykh Kommunarov Ave. 102b
         83023 Donetsk
         Ukraine


STAROBELSK PLANT: Proofs of Claim Filing Deadline Set August 22
---------------------------------------------------------------
Creditors of CJSC Starobelsk Plant of Ferroconcrete Products
(code EDRPOU 03575422) have until Aug. 22, 2008, to submit
proofs of claim to:

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy supervision
procedure on the company.  The case is docketed as 12/57b.

The Debtor can be reached at:

         CJSC Starobelsk Plant of Ferroconcrete Products
         Yuzhnaya Str. 1
         Starobelsk
         92700 Lugansk
         Ukraine


TEREN GROUP: Creditors Must File Proofs of Claim by August 16
-------------------------------------------------------------
Creditors of LLC Teren Group (code EDRPOU 33631602) have until
Aug. 16, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 9, 2008.
The case is docketed as 43/537.

The Debtor can be reached at:

         LLC Teren Group
         Yalta Str. 5-B
         Kiev
         Ukraine


*  Moody's Confirms B2 Deposit Ratings of 22 Ukrainian Banks
------------------------------------------------------------
Moody's Investors Service has confirmed, with a positive
outlook, the B2 long-term foreign-currency deposit ratings of
twenty two Ukrainian banks.  The ratings of foreign currency
debt instruments issued by five Ukrainian banks have also been
confirmed, with a positive outlook.

This rating action has been triggered by confirmation, with a
positive outlook, of the B1 foreign- and local-currency
government bond ratings, the B2 country's foreign-currency
ceilings for bank deposits and the Ba3 country ceiling for
foreign currency bonds.  The A3 local currency country ceiling
and Baa1 local currency bank deposit ceiling for Ukraine have
been affirmed.  Also affirmed are the short term ratings for
country ceilings for foreign currency bonds and foreign currency
bank deposits (Not Prime).  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 expects there will be
difficult days ahead for Ukraine given its heightened external
financing needs in the context of global market volatility.
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.

Ukrainian banks whose foreign currency deposit ratings were
confirmed were those where these ratings are constrained by the
country ceiling for foreign currency deposits.  Specifically,
the long-term foreign currency bank deposit ratings of the
following banks were confirmed at B2 with a positive outlook:

   -- Alfa Bank Ukraine
   -- Bank Finance and Credit
   -- Bank Nadra
   -- Bank NRB
   -- Calyon Bank Ukraine
   -- First Ukrainian International Bank
   -- Forum Bank
   -- Index-Bank
   -- ING Bank Ukraine
   -- Kreditprombank
   -- OTP Bank Ukraine
   -- Pivdennyi Bank
   -- Pravex-Bank
   -- Privatbank Commercial Bank
   -- Prominvestbank
   -- Raiffeisen Bank Aval
   -- Savings Bank of Ukraine
   -- Swedbank Invest
   -- Swedbank OJSC ( former Tas-Kommerzbank)
   -- Ukreximbank
   -- Ukrsibbank
   -- Ukrsotsbank

Also, the long-term foreign currency debt ratings of the
following banks were confirmed, with a positive outlook:

    * Forum Bank

      -- the Ba3 long-term foreign currency senior unsecured
         debt rating

    * Ukreximbank

      -- the Ba2 long-term foreign currency senior unsecured
         debt rating

    * Privatbank

      -- the Ba3 long-term foreign currency subordinated debt
         rating

    * Ukrsibbank

      -- the Ba2 long-term foreign currency senior unsecured
         debt rating

    * Ukrsotsbank

      -- the Ba2 long-term foreign currency senior unsecured
         debt rating


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


BRITISH AIRWAYS: Richard Branson Says AA Tie Up Anti-Competitive
----------------------------------------------------------------
Sir Richard Branson, the President of Virgin Atlantic, on
Monday Aug. 11, 2008, wrote to both US Presidential candidates
warning that a proposed alliance between BA and American
Airlines would severely damage competition on major
transatlantic routes and leave consumers worse off.

In his letter to Senators Barack Obama and John McCain, Sir
Richard says that "airlines everywhere are struggling with the
current price of oil, but the solution to their problems should
not lie in an anti-competitive agreement which will inevitably
lead to less competition and higher fares."

BA and American Airlines, who together with Iberia would have
nearly half of all takeoff and landing slots at London's
Heathrow airport, are expected to file an application this week
for permission to fix prices and timetables, and share revenues
and frequent flyer details, on their route networks.

The two airlines have tried twice before to gain permission to
bring together their operations and, on both occasions, every
regulator that examined the alliance raised serious concerns
about the anti-competitive nature of the proposal.

Senator Obama represents Illinois, a state where many workers
are employed by American Airlines at Chicago O'Hare airport.
The possible alliance will place thousands of jobs under threat
as BA and AA operations are brought together.

Sir Richard writes in the letter: "BA and AA will argue that
their alliance is now acceptable because the competitive
environment has changed with the Open Skies accord on UK-US
routes.  This is a complete red herring.  Open Skies (which is
only a temporary accord as it may be unwound in 2010) has not
significantly increased competition on UK/London-US routes."
Open Skies hasn't reduced ticket prices either.

Against the background of high oil prices, Sir Richard writes:
"Neither is the current economic slowdown a justification for
waiving through any application.  The job of the regulators is
to assess the long-term impact of the alliance on competition,
not to provide special protection from the immediate challenges
of the economic cycle, with which every other airline has to
deal with."

The key issue for the competition authorities is the market
dominance that a combined BA/AA will have in individual markets.
There are six Heathrow routes on which BA and AA overlap and
where competition would be reduced. (The figures mostly refer to
Summer 2008).

BA/AA would have dominant market shares on the following routes
to and from Heathrow in terms of capacity:

    * JFK - 63%;
    * Chicago - 66%;
    * Boston - 82%;
    * Miami - 72%;
    * Los Angeles - 49%;
    * Dallas Fort Worth - 100%

In the letter Sir Richard explained that "BA/AA would have a
combination of high frequencies and a transatlantic network that
could not be replicated by any other airline/alliance, and which
would make it impossible for other carriers to compete for time-
sensitive corporate or business travelers."

Sir Richard also highlighted the fact that as well as Heathrow
being full, another major airport is limiting access: "We now
have a similar situation at New York airports, with government
imposed restrictions.  The Heathrow-New York JFK route is by far
the most important transatlantic market, accounting for over 25%
of the total Heathrow/US market."

Virgin Atlantic will be launching a major lobbying and
advertising campaign in due course to ensure regulators and
consumers are fully aware of the dangerous nature of a BA/AA and
Iberia alliance, and why it should be blocked.

                 About British Airways

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

                        *     *     *

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


GRETNA FOOTBALL: Goes Into Liquidation
--------------------------------------
Gretna Football Club Ltd. is to be placed into liquidation by
its administrators Wilson Field after failed rescue attempts,
News and Star reports.

According to the report, the club's Raydale Park is up for sale.

Meanwhile, a new Gretna FC has been formed.  The new Gretna will
join the East of Scotland League First Division.  It will be
based at Annan's Everholm athletics stadium, the report
discloses.

"It's the last act in the history of the old Gretna but we're
now looking to the future with a new club," Anton Hodge of the
Gretna Supporters' Society told News and Star.  "We were
expecting this as it is a formality.  Now we have to move on and
not look back."

As reported in the Troubled Company Reporter-Europe, Gretna went
into administration in March 2008 after Brooks Mileson
terminated financial support.

The club has GBP3,734,811.53 in total debts, which excluded
an administrators’ bill of more than GBP250,000.

                     List of Major Creditors

         Creditor                            Amount
         --------                         ------------
         Brooks Mileson                   GBP1,871,000
         Rowan Alexander                       800,000
         HM Inland Revenue is owed             439,762
         HM Customs and Excise                 136,292
         University of Cumbria                  74,000
         James Grady                            20,000
         Martin Canning                          9,000
         Carlisle City Council                   2,000


In May 2008, Gretna resolved to lay off its remaining 40
staff members, including players, with immediate effect after
administrators failed to meet a May 17 deadline to find a
buyer.

Gretna's administrator David Elliot of Wilson Field
confirmed that there was one potential buyer for the club.

The interested party was thought to be a consortium led by Paul
Davies, a businessman from Glasgow.

In June 2008, the Scottish Premier League opted to relegate
Gretna to the Scottish Third Division, saying "there was no
commitment from the administrator that it could fulfill the
fixtures next season."

Headquartered Gretna, United Kingdom, Gretna Football Club Ltd.
-- http://www.gretnafootballclub.co.uk/-- is a Scottish
football club that plays in the Scottish Premier League.


KITCHENEERS LTD: Brings in Liquidators from Tenon Recovery
----------------------------------------------------------
Christopher Ratten and Jeremy Woodside of Tenon Recovery were
appointed joint liquidators of Kitcheners Ltd. on July 25, 2008,
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Kitcheners Ltd.
         Monarch House
         Belgrave Industrial Estate
         Honeywell Lane
         Oldham
         Lancashire
         OL8 2LY
         England


PANALOC LTD: KPMG in Advanced Talks with Potential Buyer
--------------------------------------------------------
KPMG is eyeing to close a deal to sell Panaloc Ltd. as a going
concern in an attempt to save the company from liquidation,
James Chapelard of Crain's Manchester Business reports.

A spokeswoman for KPMG told Crain's advanced negotiations were
under way with a potential buyer.

Panaloc, the report relates, went into administration in May
2008 after its Liberian-registered parent company, Paragon
Maritime Inc., withdrew cash support, resulting to the loss of
180 jobs.  As reported in the Troubled Company Reporter-Europe,
Paul Dumbell, Brian Green and Paul Flint of KPMG were appointed
joint administrators of the company.

According to the report, Panaloc ran into cash flow problems
after spending heavily on staff, machinery and premises.  It
racked up losses of GBP5 million in the nine months to January.

The company's debts totaled GBP21.4 million, including a GBP15
million claim from Panaloc Holdings Ltd., the report says,
citing a statement of affairs prepared by KPMG.

Headquartered in Alba Way, Panaloc Ltd. --
http://www.panaloc.co.uk/-- designs and manufactures structural
components in the form of wall panels, roofs, pods and ceilings.


PCS CASHLESS: Calls in Joint Administrators from Tenon Recovery
---------------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint administrators of PCS Cashless Payment
Systems Ltd. (Company Number 04343521) on July 24, 2008.

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

The company can be reached at:

         Tenon Recovery
         Lowgate House
         Lowgate
         Hull
         HU1 1EL
         England


SALLY BEAUTY: June 30 Balance Sheet Upside-Down by US$701 Mln
-------------------------------------------------------------
Sally Beauty Holdings Inc. disclosed Thursday financial results
for its third quarter ended June 30, 2008.

At June 30, 2008, the company's consolidated balance sheet
showed US$1.49 billion in total assets, US$2.19 billion in total
liabilities, and US$6.1 million in stock options subject to
redemption, resulting in a roughly US$701.0 million
stockholders' deficit.

On a GAAP basis, net earnings for the fiscal 2008 third quarter
more than doubled to reach US$29.4 million, compared to
US$13.4 million for the fiscal 2007 third quarter.

Consolidated net sales for the fiscal 2008 third quarter were
US$676.8 million versus net sales of US$634.9 million in the
fiscal 2007 third quarter, an increase of 6.6%.  This increase
is attributed to consolidated same stores growth of 3.4% over
the fiscal 2007 third quarter, the addition of new stores, and
the acquisition of Pro-Duo, N.V on May 8, 2008.

For the fiscal 2008 third quarter, adjusted net earnings, a non-
GAAP measure, were US$24.5 million, after adjusting for
US$4.9 million in non-cash interest credit from marked-to-market
changes in the fair value of two of the company's interest rate
swaps.  For the fiscal 2007 third quarter, adjusted net earnings
were US$11.0 million, after adjusting for US$2.5 million in non-
cash interest credit.

"As demonstrated by our strong financial performance, we
continue to execute on our initiatives set forth at the
beginning of the 2008 fiscal year and deliver strong results
despite the challenging business environment," stated Gary
Winterhalter, president and chief executive officer.  "We
significantly improved the bottom line year-over-year and
consolidated net sales and same store sales comparables have
sequentially improved for the third quarter in a row.  We
believe our operating results are further evidence that our
business is fairly recession resistant."

Consolidated gross profit for the fiscal 2008 third quarter was
US$315.1 million, an increase of 8.3% over last years gross
profit of US$290.9 million.  Gross profit as a percentage of
sales was 46.6%, an 80 basis point improvement over 45.8% in the
fiscal 2007 third quarter.

For the fiscal 2008 third quarter, selling, general and
administrative (SG&A) expenses were US$226.7 million, or 33.5%
of sales, a 140 basis point improvement over the fiscal 2007
third quarter metric of 34.9% of sales and total SG&A of
US$221.5 million.   Fiscal 2008 third quarter SG&A expense
increased US$5.2 million, or 2.3%, compared to the fiscal 2007
third quarter primarily due to acquisition related costs for
Pro-Duo and increased rent expense for new stores.

Interest expense, net of interest income, for the fiscal 2008
third quarter was US$29.9 million and included US$7.6 million of
non-cash credit related to two of the company's interest rate
swap transactions.  Fiscal 2007 third quarter interest expense
included US$4.0 million of non-cash credit for the marked-to-
market change in fair value for these interest rate swap
transactions.

Income taxes were US$17.3 million for the fiscal 2008 third
quarter.  The company's effective tax rate for fiscal 2008 is
currently projected to be approximately 36.0%.

                   Financial Position, Capital
                 Expenditures and Working Capital

Cash and cash equivalents as of June 30, 2008, were
US$33.7 million.  As of June 30, 2008, the company had US$306.9
million available for additional borrowings under its asset-
based (ABL) facility, subject to borrowing base limitations, as
reduced by outstanding letters of credit.  The company paid down
US$4.2 million of its Senior Term Loans during the fiscal 2008
third quarter.  The company's debt, excluding capital leases,
totaled US$1.8 billion as of June 30, 2008.

Capital expenditures in the fiscal 2008 third quarter were
US$10.0 million.  During the fiscal 2008 third quarter the
company completed the acquisition of Pro-Duo for a total of
approximately US$30.0 million.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2008, are available
for free at http://researcharchives.com/t/s?30b2

                        About Sally Beauty

Based in Denton, Texas, Sally Beauty Holdings Inc. (NYSE: SBH)
-- http://www.sallybeautyholdings.com/-- is an international
specialty retailer and distributor of professional beauty
supplies.  Through the Sally Beauty Supply and Beauty Systems
Group businesses, the company sells and distributes through over
3,500 stores, including approximately 200 franchised units,
throughout the United States, the United Kingdom, Canada, Puerto
Rico, Mexico, Japan, Ireland, Spain and Germany.

Beauty Systems Group stores, branded as CosmoProf or Armstrong
McCall stores, along with its outside sales consultants, sell up
to 9,800 professionally branded products including Paul
Mitchell, Wella, Sebastian, Goldwell, and TIGI which are
targeted exclusively for professional and salon use and resale
to their customers.


SUN MICROSYSTEMS: Moody's Confirms Ba1 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Sun
Microsystems Inc. and revised the outlook to negative from
stable.

These ratings were affirmed:

  -- Corporate Family Rating -- Ba1

  -- Probability of Default Rating -- Ba1

  -- US$550 Million Senior Unsecured Notes due 2009 -- Ba1
     (LGD-5, 76%)

  -- Shelf Registration for Senior Unsecured, Subordinated Debt
     and Preferred Securities - (P)Ba1 (LGD-5, 76%); (P)Ba2
     (LGD-6, 99%); and (P)Ba2 (LGD-6, 99%)

The negative outlook reflects Moody's expectations of continued
deterioration in Sun's operating profile in view of declining
product sales, reduced profitability and market share
contraction amid the current softening global macro-economic
environment.  The negative outlook also incorporates concerns
about the company's ability to support somewhat aggressive
financial policies given the cyclical nature of its network
computing business.  For example, how the company manages share
repurchases and acquisitions during a period of weaker operating
performance will be an important factor in Moody's analysis of
Sun's Ba1 ratings.  Ratings could be downgraded should Moody's
witness a pronounced increase in business or financial risk,
loss of market share, ASP pressure and/or gross/operating margin
erosion.

Sun's underperformance stems from lower (average) unit prices
resulting in gross margins below 45% in the last two quarters.
The company's product mix has changed as the demand for high-end
servers (which carry richer margins) has declined and revenues
from lower margin mid-range and enterprise storage products
increased as a percent of revenues.  According to the most
recent server industry report from Gartner (for the quarter
ended March 2008), Sun has fallen to fourth place after tying
Dell (A2/Stable) in 2007 for the number three server position
worldwide.  In recent quarters, Dell has recorded strong revenue
and shipment growth that outpaced the industry.

Moody's affirmation of Sun's Ba1 rating recognizes the company's
solid global market position, improving (though modestly
concentrated) geographic and customer diversification, stable
recurring revenue stream in the form of long-term support
service contracts and management's track record of maintaining
relatively good financial flexibility.

The rating is constrained by the following factors, which
Moody's will monitor closely going forward: (i) the new
US$1 billion stock repurchase program, which follows its soon-
to-be completed US$3 billion share buyback program (implemented
May 2007); (ii) potential appetite for further large cash
acquisitions; (iii) declining, albeit sizable cash and
marketable securities balance; (iv) potential for weaker free
cash flow generation stemming from declining ASPs and reduced
end market demand for high-end servers from financial services,
telecommunications and retail customers, where Sun has large
exposures; (v) a challenging U.S. macro-environment (U.S.
revenues down 8% in fiscal 2008); sluggish EMEA growth (5%
revenue growth in fiscal 2008 vs. 7.6% in fiscal 2007);
and signs of sharply lower growth in Asia-Pacific (2.7% revenue
growth in fiscal 2008 vs. 11.2% in fiscal 2007); and (vi) Sun's
ability to manage its operating expenses in a more difficult
business environment.

Moody's expects Sun to generate lower gross cash flow over at
least the next quarter as it adjusts to lower sales volumes and
manages reduced/delayed demand from U.S. and Asian customers.
Despite operating weakness, Sun's financial position remains
solid. Cash and liquid long-term investments currently
approximate US$3.3 billion (down from US$5.9 billion at fiscal
year end 2007) compared to US$1.3 billion of senior unsecured
debt.

Sun Microsystems Inc., based in Santa Clara, California, is a
leading worldwide provider of network computing systems and
service solutions for enterprise customers. Net revenues for the
fiscal year ended June 30, 2008 were US$13.9 billion.


TPP INTERNATIONAL: Taps Joint Administrators from Baker Tilly
-------------------------------------------------------------
Michael David Rollings and Geoffrey Lambert Carton-Kelly of
Baker Tilly Restructuring and Recovery LLP were appointed joint
administrators of TPP International Search LLP (Company Number
OC320809) on July 30, 2008.

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing
and other services for mid-cap and smaller publicly listed
companies and private companies, particularly those expanding
into new foreign markets.  Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.

The company can be reached at:

         Baker Tilly Restructuring and Recovery LLP
         First Floor
         52 Lime Street
         London
         EC3M 7AF
         England


WASTECHNIQUE LTD: Appoints Joint Administrators from PKF
--------------------------------------------------------
Keith Morgan and Brian Hamblin of PKF (U.K.) LLP were appointed
joint administrators of Wastechnique Ltd. (Company Number
02825183) on July 31, 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:

         Wastechnique Ltd.
         c/o PKF (U.K.) LLP
         18 Park Place
         Cardiff
         CF10 3PD
         Wales


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Aug. 15, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Family Night Baseball
         TBD, New Jersey
            Contact: 908-575-7333 or www.turnaround.org/

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

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

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

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

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

Aug. 27-28, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA 4th Annual Northeast Regional Conference
         Gideon Putnam Resort & Spa, Saratoga Springs, New York
            Contact: www.turnaround.org

Aug. 28, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Arizona Chapter Mixer
         TBD, Phoenix, Arizona
            Contact: 623-581-3597 or www.turnaround.org

Sept. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Marriott, Bridgewater, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Sept. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Dallas / Fort Worth Restructuring Workshop
         Belo Mansion Dallas, Texas
            Contact: www.turnaround.org

Sept. 11, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Lenders Forum
         TBD, Long Island, New York
            Contact: www.turnaround.org

Sept. 11-12, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Mid-America Regional Conference
         Oak Brook Hills Marriott Resort, Oak Brook, Illinois
            Contact: www.turnaround.org

Sept. 11-14, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Cross Border Conference
         Grand Okanagan Resort, Kelowna, British Columbia
            Contact: www.turnaround.org

Sept. 12, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      ABI/GULC Views from the Bench
         Georgetown University Law Center, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 16-18, 2008
   ASSOCIATION OF INSOLVENCY &RESTRUCTURING ADVISORS
      2nd Annual Restructuring & Investing Conference
         Shanghai, China
            Contact: http://www.airacira.org/

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

Sept. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Event - CFA/IWIRC/RMA/NJTMA/NYIC
      Maplewood Country Club, Maplewood, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Sept. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Chapter Lunch Program
         Nashville City Center, Nashville, Tennessee
            Contact: 615-850-8678 or www.turnaround.org

Sept. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Healthcare Industry Update - Panel Discussion
         Summit Club, Birmingham, Alabama
            Contact: www.turnaround.org

Sept. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Effective Turnarounds: A View From US Trustees
         TBA, Syracuse, New York
            Contact: www.turnaround.org

Sept. 18-19, 2008
   AMERICAN CONFERENCE INSTITUTE
      Advanced Insolvency Law and Practice Conference
         Paris, France
            Contact: www.americanconference.com

Sept. 24, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      13 Week Cash Flow Workshop: An Overview
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: www.turnaround.org

Sept. 24-25, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Florida Annual Golf Tournament
         Champions Gate Golf Club, Orlando, Florida
            Contact: 561-882-1331 or www.turnaround.org

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

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

Sept. 25, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Case Study with Tom Kim, TMA Small Business of the Year
         Turnaround Award - TMA Arizona Chapter Meeting
            TBD, Phoenix, Arizona
               Contact: www.turnaround.org

Sept. 26, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Marriott Desert Ridge, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

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

Oct. 3, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      ABI/UMKC Midwestern Bankruptcy Institute
         H. Roe Bartle Hall Convention Center, Kansas City
            Contact: 1-703-739-0800; http://www.abiworld.org/

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

Oct. 13, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Consumer Bankruptcy Conference
         Standard Club, Chicago, Illinois
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Charity Golf Event
         Forest Park Golf Course, St. Louis, Missouri
            Contact: www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Billiards Networking Night
         Herbert's Billiards, Secaucus, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      LI-TMA Member Social
         Davenport Press, Mineola, New York
            Contact: 631-251-6296 or www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         TBD, Calgary, Alberta
            Contact: 503-768-4299 or www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      View from the Bench - Bankruptcy Update
         Summit Club, Birmingham, Alabama
            Contact: www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      How to Contract with a Turnaround Manager
         University Club, Portland, Oregon
            Contact: www.turnaround.org

Oct. 22, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Nevada Award Night
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: www.turnaround.org

Oct. 23, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting - Election Oriented
         TBD, Phoenix, Arizona
            Contact: www.turnaround.org

Oct. 23, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Effective Turnarounds: A Panel of Professionals
         TBA, Rochester, New York
            Contact: www.turnaround.org

Oct. 23-24, 2008
   AMERICAN CONFERENCE INSTITUTE
      Distressed Assets Boot Camp
         TBD, London, United Kingdom
            Contact: www.americanconference.com

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

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

Oct. 29-30, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Corporate Governance Meetings
         Marriott, New Orleans, Louisiana
            Contact: www.turnaround.org

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

Oct. 31, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         Hilton, Frankfurt, Germany
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 6, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Coach House Diner & Restaurant, Hackensack, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Nov. 11, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Detroit Consumer Bankruptcy Conference
         Marriott, Troy, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Case Study
         Summit Club, Birmingham, Alabama
            Contact: www.turnaround.org

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Effective Turnarounds:A View From Workout Consultants
         TBA, Buffalo, New York
            Contact: www.turnaround.org

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      LI-TMA Social
         TBD, Melville, New York
            Contact: 631-251-6296 or www.turnaround.org

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Meeting
         TBD, Calgary, Alberta
            Contact: 503-768-4299 or www.turnaround.org

Nov. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Program
         Tournament Players Club at Jasna Polana, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

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

Nov. 20, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Senior Housing & Long Term Care
         Washington Athletic Club,Seattle, Washington
            Contact: www.turnaround.org

Nov. 27, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting - Chris Kaup
         TBD, Phoenix, Arizona
            Contact: www.turnaround.org

Dec. 3, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Party
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: 702-952-2480 or www.turnaround.org

Dec. 3, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         Terminal City Club, Vancouver, British Columbia
            Contact: 503-768-4299 or www.turnaround.org

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

Dec. 8, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Gathering
         TBD, Long Island, New York
            Contact: 631-251-6296 or www.turnaround.org

Dec. 9, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         Washington Athletic Club, Seattle, Washington
            Contact: 503-768-4299 or www.turnaround.org

Dec. 11, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         University Club, Portland, Oregon
            Contact: 503-768-4299 or www.turnaround.org

Dec. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         TBD, Phoenix, Arizona
            Contact: 623-581-3597 or www.turnaround.org

Dec. 31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Sponsorships - Annual Golf Outing, Various Events
         TBA, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Jan. 21-22, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Governance Meetings
         Bellagio, Las Vegas, Nevada
            Contact: www.turnaround.org

Jan. 22-23, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Bellagio, Las Vegas, Nevada
            Contact: www.turnaround.org

Jan. 22-23, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Westin Tabor Center, Denver, Colorado
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 5-7, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Caribbean Insolvency Symposium
         Westin Casurina, Grand Cayman Island, AL
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 25-27, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Valcon
         Four Seasons, Las Vegas, Nevada
            Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 13, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy Battleground West
         Beverly Wilshire, Beverly Hills, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 17-18, 2009
   NATIONAL ASSOCIATION OFBANKRUPTCY TRUSTEES
      NABT Spring Seminar
         The Peabody, Orlando, Florida
            Contact: http://www.nabt.com/

Apr. 20, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Consumer Bankruptcy Conference
         John Adams Courthouse, Boston, Massachusetts
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Governance Meetings
         Intercontinental Hotel, Chicago, Illinois
            Contact: www.turnaround.org

Apr. 28-30, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Intercontinental Hotel, Chicago, Illinois
            Contact: www.turnaround.org

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, Maryland
               Contact: http://www.abiworld.org/

May 14-16, 2009
   ALI-ABA
      Chapter 11 Business Reorganizations
         Langham Hotel, Boston, Massachusetts
            Contact: http://www.ali-aba.org

June 11-13, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa
            Traverse City, Michigan
               Contact: http://www.abiworld.org/

June 21-24, 2009
   INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
      BANKRUPTCY PROFESSIONALS
         8th International World Congress
            TBA
               Contact: http://www.insol.org/

July 16-19, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Mt. Washington Inn
            Bretton Woods, New Hampshire
               Contact: http://www.abiworld.org/

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

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

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

Apr. 15-18, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center, Maryland
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Ocean Edge Resort, Brewster, Massachusetts
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 5-7, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay, Cambridge, Maryland
            Contact: 1-703-739-0800; http://www.abiworld.org/

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

Dec. 2-4, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Camelback Inn, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                     *      *      *

                   Featured Conferences

Renaissance American Management and Beard Conferences presents

Oct. 30-31, 2008
Physician Agreements & Ventures
The Millennium Knickerbocker Hotel - Chicago
Brochure will be available soon!

Nov. 17-18, 2008
Distressed Investing
The Helmsley Park Lane - New York
Brochure will be available soon!


                     *      *      *

Beard Audio Conferences presents:

Bankruptcy and Restructuring Audio Conference CDs


                     *      *      *

More information and list of available titles at:
http://beardaudioconferences.com/bin/topics?category_id=BAR



                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *