TCREUR_Public/080818.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, August 18, 2008, Vol. 9, No. 163

                            Headlines


A U S T R I A

EUCODIS PHARMACEUTICALS: Claims Registration Period Ends Sept. 3
MALIX LLC: Claims Registration Period Ends August 25
PUPPI S: Claims Registration Period Ends August 25
TOURISMUS PLUS: Claims Registration Period Ends September 4


F R A N C E

ARROW ELECTRONICS: Names Brian McNally as Arrow EMEASA Chief
DELPHI: Court Partly Grants Appaloosa's Suit Dismissal Motion
MECACHROME INT'L: Moody's Cuts Corporate Family Rating to Caa1


G E R M A N Y

A 3 ARZNEIMITTEL: Claims Registration Period Ends August 26
AUTOHAUS HOHELUFT: Claims Registration Period Ends August 25
BRUNNER HOLZBAU: Creditors Meeting Slated for August 26
DACHDECKEREI ERDEBORN: Claims Registration Period Ends August 25
DIE GRAUE: Claims Registration Period Ends August 25

DK KORNHUS: Claims Registration Period Ends August 25
DURA AUTOMOTIVE: Has US$100 MM of Inventories to Cull, CEO Says
FACILITY CONCEPT: Claims Registration Period Ends August 27
FEBO GMBH: Claims Registration Period Ends August 27
HB COLLECTION: Creditors' Meeting Slated for August 25

HDR PRINT: Claims Registration Period Ends August 27
HUELSENBERG UND MUELLER: Claims Registration Period Ends Aug. 25
L+L PLANCONCEPT: Creditors' Meeting Slated for August 25
LSC WAREHOUSE: Claims Registration Period Ends August 25
NOSTRO GRUNDSTUECKS: Creditors' Meeting Slated for August 25

OKI-MASSIVHAUS GMBH: Claims Registration Period Ends August 25
TOP NOTCH: Claims Registration Period Ends August 25
VISIO WOHNBAU: Claims Registration Period Ends August 25


H U N G A R Y

PROPEX INC: Committee Wants Rule 2004 Exam on Lenders


I R E L A N D

BIFROST INVESTMENTS 18: Fitch Chips Two Swaps Ratings to 'BB'
BIFROST INVESTMENTS 19: Fitch Cuts Rtngs on Three Swaps to Low-B
IRALCO: Workers Support Survival Plan; Over 300 Jobs Saved
SMURFIT KAPPA: Earns EUR83 Mln in Second Quarter Ended June 30


I T A L Y

* S&P Says Italian RMBS Markets Pressured By High Interest Rates


K Y R G Y Z S T A N

CHANG-TELECOM LLC: Creditors Must File Claims by September 18


L A T V I A

LATVIJAS KRAJBANKA: Fitch Lifts Individual Rating to 'D'
NORVIK BANKA: Fitch Affirms Individual Rating at 'D'


P O R T U G A L

BEARINGPOINT INC: June 30 Balance Sheet Upside-Down by US$423MM


R U S S I A

BATUSHEVSKOE CJSC: Creditors Must File Claims by September 5
BEST FOOD: Court Names I. Levashov as Insolvency Manager
CHUDOVSKAYA GRAIN 64: Creditors Must File Claims by September 5
NOVOLIPETSK OJSC: Fitch Holds Ratings After US$3.53BB JMC Deal
OXYGEN-GAS-SERVICE: Creditors Must File Claims by September 5

STROY-RESOURCE: Court Names A. Klimenko as Insolvency Manager
TRADE-BUILDING: Creditors Must File Claims by September 5
VOLOGODSKAYA FLAX-SEM-STATION: Claims Filing Period Ends Sept. 5

* S&P Ups Issuer Credit Rating on Sakha Republic to BB- from B+


S P A I N

CABLEUROPA SA: Fitch Affirms 'B+' Issuer Default Rating


S W E D E N

SCANMINING: Lappland Goldminers Buys Mining Assets for SEK40MM


S W I T Z E R L A N D

KLONDIKE EUROPE: Creditors Must File Proofs of Claim by Oct. 8
SEMGROUP LP: Wants to Hire Blackstone as Investment Banker
SEMGROUP LP: Owes More Than US$8 Million to Oil Vendors
SEMGROUP LP: US$150MM "Secret" Loan from Hedge Funds Ominous
UBS AG: Moody's Says No Rating Implications on 2Q 2008 Earnings


T U R K E Y

YAPI VE KREDI: Fitch Lifts Individual Rating to 'C/D' from 'D'


U K R A I N E

ASKOLD LLC: Creditors Must File Proofs of Claim by August 24
EUROTRADE LTD: Creditors Must File Proofs of Claim by Aug. 22
ITS-HOLDING LLC: Creditors Must File Proofs of Claim by Aug. 23
IZMAIL ELEVATOR: Proofs of Claim Filing Deadline Set August 22
NAVIGATOR LLC: Proofs of Claim Filing Deadline Set August 23

NIKA LLC: Creditors Must File Proofs of Claim by August 22
PAN ATLAS: Creditors Must File Proofs of Claim by August 22
PANKOM-AUTO LLC: Creditors Must File Proofs of Claim by Aug. 23
PERESVIT LLC: Creditors Must File Proofs of Claim by August 22
SERVICE LLC: Proofs of Claim Filing Deadline Set August 22

YUST-7 LLC: Creditors Must File Proofs of Claim by Aug. 22


U N I T E D   K I N G D O M

ANTIX LABS: Brings in Joint Administrators from Grant Thornton
CAINS BREWERY: Administrators Need Two Weeks to Filter Buyers
COUNTYROUTE: S&P Puts GBP5.5MM Loan's BB Rating on WatchNegative
ENDEAVORS PLC: Brings in Joint Administrators from KPMG
ENRON CORP: Distributes US$6MM to Claims Holders in 2Q 2008

ENRON: Ex-Officer Settles Insider-Trading Charges for US$31.5MM
QUEBECOR WORLD: Names Jeremy Roberts as Chief Financial Officer
QUEBECOR WORLD: Signs US$45MM Printing Deal with Canada Wide
RODNEYS SPORTS: Calls in Joint Administrators from Vantis
SAFE AND SOUND: Leslie Ross Leads Liquidation Procedure

SOUTHERN BRICK: Appoints Joint Administrators from Vantis
SUPERHIRE LIMITED: MCR Announces Sale to Chase55 Limited
TAKE2 FOOTWEAR: Taps Tenon Recovery to Administer Assets
TITAN EUROPE: Fitch Holds 'BB' Rating on EUR11.8MM Class F Notes
VALENCE TECH: June 30 Balance Sheet Upside-Down by US$68 Million

WYVERN ACCESSORIES: Calls in Liquidators from BDO Stoy Hayward

* BOND PRICING: For the Week Aug. 11 to Aug. 15, 2008


                            *********

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


EUCODIS PHARMACEUTICALS: Claims Registration Period Ends Sept. 3
----------------------------------------------------------------
Creditors owed money by LLC Eucodis Pharmaceuticals have until
Sept. 3, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Ulla Reisch
         Praterstrasse 62-64
         1020 Vienna
         Austria
         Tel: 212 55 00
         Fax: 212 55 00 5
         E-mail: office.wien@ulsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Sept. 17, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 9, 2008, (Bankr. Case No. 2 S 80/08i).


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

         Dr. Hans Rant
         Seilerstätte 5
         1010 Vienna
         Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at

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 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 9, 2008, (Bankr. Case No. 3 S 80/08x).


PUPPI S: Claims Registration Period Ends August 25
--------------------------------------------------
Creditors owed money by Puppi s Limited have until Aug. 25,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Christian Steurer
         Rathausstrasse 37
         6900 Bregenz
         Austria
         Tel: 05574/58085
         Fax: 05574/58085-8
         E-mail: office@ra-steurer.at

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

         The Land Court of Feldkirch
         Meeting Room 45
         1st Floor
         Feldkirch
         Austria

Headquartered in Wolfurt, Austria, the Debtor declared
bankruptcy on July 9, 2008, (Bankr. Case No. 13 S 25/08v).


TOURISMUS PLUS: Claims Registration Period Ends September 4
-----------------------------------------------------------
Creditors owed money by LLC Tourismus Plus Weinviertler Hotel
have until Sept. 4, 2008, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Stephan Riel
         Landstrasser Hauptstrasse 1/2
         1030 Wien
         Austria
         Tel: 01/713 44 33
         Fax: 01/173 10 30
         E-mail: kanzlei@jsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:15 p.m. on Sept. 18, 2008, for the
examination of claims at:

         The Land Court of Korneuburg
         Hall II
         Room 104
         1st Floor
         Korneuburg
         Austria

Headquartered in Bockfliess, Austria, the Debtor declared
bankruptcy on July 10, 2008, (Bankr. Case No. 32 S 23/08g).


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


ARROW ELECTRONICS: Names Brian McNally as Arrow EMEASA Chief
------------------------------------------------------------
Arrow Electronics has named Brian McNally as president of Arrow
EMEASA, effective immediately.

Mr. McNally will have responsibility for Arrow's operations in
Europe, Middle East, Africa and South America (EMEASA).  He will
report to Michael J. Long, president and chief operating officer
of Arrow Electronics, Inc. Arrow EMEASA provides electronic
components, services and solutions to a broad range of original
equipment manufacturers as well as contract manufacturers.

Mr. McNally has been with Arrow for over 20 years in many
leadership roles including managing director of Northern Europe,
president of North America Components and most recently
president of Global Alliance and Supply Chain Solutions.  Mr.
McNally holds a Bachelor of Business Administration degree in
production operations from the University of Michigan and a
Master of Business Administration degree from the University of
Michigan.

"I am confident that EMEASA will benefit greatly from Brian's
experience and leadership as we focus aggressively on gaining
market share and strengthening our support to customers and
suppliers," said Mr. Long.

"I am delighted to be back in Europe," said Mr. McNally, "and I
look forward to the challenge of outgrowing the market by
providing highly valued and differentiated service to our
customers and suppliers."

Philippe Combes who was president of Arrow EMEASA has left Arrow
to pursue other interests.  "We thank Philippe for his
contributions and wish him well in his new endeavors," said Mr.
Long.

                     About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics Inc. --
http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

                          *     *     *

Arrow Electronics senior subordinated stock continues to carry
Moody's Investors Service's Ba1 rating.  The company's senior
preferred stock is rated at Ba2.


DELPHI: Court Partly Grants Appaloosa's Suit Dismissal Motion
-------------------------------------------------------------
The Hon. Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York issued a ruling granting in part
and denying in part, each of the motions of Appaloosa Management
L.P, Harbinger Del-Auto Investment Company Ltd., Merrill Lynch,
Pierce, Fenner & Smith Incorporated, Goldman Sachs & Co. and UBS
Securities LLC for the dismissal of the complaints filed against
them by the Debtors, pursuant to Rules 9(b), 12(b)(6) and
(12)(f) of the Federal Rules of Civil Procedure, as incorporated
by Rules 7009 and 7012(b) of the Federal Rules of Bankruptcy
Procedure.

As disclosed in the Troubled Company Reporter on Aug. 7, 2008,
Delphi has accused Appaloosa and other investors of defrauding
the Court by stating that they had every intention of performing
under the Equity Purchase and Commitment Agreement.  Appaloosa,
however, argued that Delphi cannot seek specific performance
because it is currently unable to perform under the conditions-
precedent of the EPCA, including obtaining commitment to its
$6,100,000,000 debt financing and the completion of the rights
offering.

Judge Drain ruled that:

   *  the motion filed by Appaloosa Management L.P. and A-D
      Acquisition Holdings, LLC is granted to the extent
      of dismissing Delphi's complaint of fraud against
      Appaloosa, pursuant to Federal Rules of Civil Procedure
      9(b)as incorporated in Rule 7009 Federal Rules of
      Bankruptcy Procedure, to the extent it asserts a claim for
      fraud based on Appaloosa's failure to inform Delphi of the
      facts alleged in the complaint.  Judge Drain denies
      Appaloosa's motion in all other respects.

   *  the motions filed by Harbinger Del-Auto Investment
      Company Ltd., Merrill Lynch, Pierce, Fenner & Smith
      Incorporated, Goldman Sachs & Co. and UBS Securities LLC
      are granted to the extent of dismissing the part of
      Delphi's complaint against each of them for:

        (i) Breach of Contract under the Equity Purchase and
            Commitment Agreement to the extent it seeks monetary
            damages from Harbinger, Merrill Lynch, Goldman Sachs
            and UBS in excess of the cap on aggregate liability
            in section 11(b) of the EPCA; and

       (ii) Equitable Subordination and Disallowance to the
            extent it seeks relief as against Harbinger, Merrill
            Lynch, Goldman Sachs and UBS.

   *  Harbinger's motion to dismiss Delphi's complaint for
      Breach of contract under the Commitment Letter Agreements
      dated December 10, 2007, is granted to the extent it seeks
      relief from Harbinger or Pardus other than monetary
      damages up to the amount of the cap on aggregate liability
      applicable to Harbinger and Pardus; and

   *  the motions of Harbinger, Merrill Lynch, Goldman Sachs and
      UBS are denied in all other respects.

                         About Delphi

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

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

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

(Delphi Bankruptcy News, Issue No. 141; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


MECACHROME INT'L: Moody's Cuts Corporate Family Rating to Caa1
--------------------------------------------------------------
Moody's Investors Service downgraded Mecachrome International
Inc.'s Corporate Family Rating (CFR) and Probability of Default
Rating (PDR) to Caa1 from B2.  At the same time, Moody's
downgraded Mecachrome's Senior Secured rating to B1 from Ba2 and
Senior Subordinate rating to Caa2 from B3, affirmed the
company's SGL-4 liquidity rating, indicating weak liquidity, and
changed the rating Outlook to negative.  This concludes the
review for downgrade initiated on July 16, 2008.

The two notch downgrade reflects Mecachrome's weak liquidity
position and a marked deterioration in key credit metrics.
Darren Kirk, Moody's analyst, said that "we expect Mechachrome's
cash consumption to continue into at least 2009 as delays in key
aerospace contracts contribute to a shortfall in EBITDA".  While
recent amendments to bank covenant levels will provide the
company with a degree of flexibility into Q4/08, the cushion is
limited and, in Moody's opinion, further amendments are likely
to be required beginning in Q1/09.  Cash balances will partially
fund operating cash uses, although Debt levels are expected to
rise modestly through this period.  The new rating level is
supported by the company's diversified revenue base and strong
backlog levels, its good competitive position serving large OEM
aerospace and automotive customers, as well as reasonable entry
barriers provided by its high proportion of single source
supplier arrangements.

The negative Outlook reflects Moody's belief that the company is
likely to require additional amendments to certain of its bank
facility covenants within the next couple of quarters.

Downgrades:

Issuer: Mecachrome International Inc.

   -- Probability of Default Rating, Downgraded to Caa1 from B2

   -- Corporate Family Rating, Downgraded to Caa1 from B2

   -- Senior Subordinated Regular Bond/Debenture, Downgraded
      to Caa2, LGD4, 65% from B3, LGD4, 64%

   -- Senior Secured Bank Credit Facility, Downgraded to B1,
      LGD2, 10% from Ba2, LGD1, 09%

Outlook Actions:

Issuer: Mecachrome International Inc.

   -- Outlook, Changed To Negative From Rating Under Review

Mecachrome International Inc., headquartered in Montreal Canada,
is a leading designer, manufacturer and assembler of precision-
engineered industrial components and systems, including aircraft
engine components and structural components, and automotive
racing engines.


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


A 3 ARZNEIMITTEL: Claims Registration Period Ends August 26
-----------------------------------------------------------
Creditors of A 3 Arzneimittel GmbH have until Aug. 26, 2008, to
register their claims with court-appointed insolvency manages
Vereidigter Buchpruefer and Steuerberater Wolfgang Lorisch.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Sept. 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bochum
         Hall A29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         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 managers can be reached at:

         Vereidigter Buchpruefer and
         Steuerberater Wolfgang Lorisch
         Kurt-Schumacher-Strasse 48
         45699 Herten
         Germany

The District Court of Bochum opened bankruptcy proceedings
against A 3 Arzneimittel GmbH on July 3, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         A 3 Arzneimittel GmbH
         In der Aue 10
         45731 Waltrop
         Germany

         Attn: Walter Suess, Manager
         Im dicken Doerren 48
         45731 Waltrop
         Germany


AUTOHAUS HOHELUFT: Claims Registration Period Ends August 25
------------------------------------------------------------
Creditors of Autohaus Hoheluft GmbH have until Aug. 25, 2008, to
register their claims with court-appointed insolvency manager
Dirk Decker.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on Sept. 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Pinneberg
         Hall 3
         First Floor
         Bahnhofstrasse 17
         25421 Pinneberg
         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:

         Dirk Decker
         Julius-Vosseler-Strasse 42
         22527 Hamburg
         Germany

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

The Debtor can be reached at:

         Autohaus Hoheluft GmbH
         Kieler Strasse 9
         25451 Quickborn
         Germany


BRUNNER HOLZBAU: Creditors Meeting Slated for August 26
-------------------------------------------------------
The court-appointed insolvency manager for Brunner Holzbau GmbH,
Uwe Kaiser, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:15 a.m. on
Aug. 26, 2008.

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

         The District Court of Waldshut-Tiengen
         Room 43
         79761 Waldshut-Tiengen
         Bismarckstrasse 23
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Sept. 23, 2008, at the same
venue.

Creditors have until Waldshut-Tiengen to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Uwe Kaiser
         Rathausstr. 2
         79875 Dachsberg
         Germany

The District Court of Waldshut-Tiengen opened bankruptcy
proceedings against Brunner Holzbau GmbH on July 29, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Brunner Holzbau GmbH
         Hofwiesstr. 21
         79777 Uehlingen-Birkendorf
         Germany



DACHDECKEREI ERDEBORN: Claims Registration Period Ends August 25
----------------------------------------------------------------
Creditors of Dachdeckerei Erdeborn GmbH have until Aug. 25,
2008, to register their claims with court-appointed insolvency
manager Thomas Jacobs.

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

The meeting of creditors will be held at:

         The District Court of Halle (Saale)
         Hall 1.043
         Justizzentrum
         Thueringer Strasse 16
         06112 Halle (Saale)
         Germany

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

The insolvency manager can be reached at:

         Thomas Jacobs
         Tieckstrasse 3
         04275 Leipzig
         Germany
         Tel: 0341/303850
         Fax: 0341/3038511

The District Court of Halle (Saale) opened bankruptcy
proceedings against Dachdeckerei Erdeborn GmbH on June 26, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Dachdeckerei Erdeborn GmbH
         Ernst-Thalmann-Str. 15b
         06317 Erdeborn
         Germany


DIE GRAUE: Claims Registration Period Ends August 25
----------------------------------------------------
Creditors of DIE GRAUEN- Graue Panther Vermoegensverwaltung GmbH
have until Aug. 25, 2008, to register their claims with court-
appointed insolvency manager Stefan Conrads.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Sept. 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Stefan Conrads
         Mankhauser Str. 7a
         42699 Solingen
         Germany

The District Court of  Wuppertal opened bankruptcy proceedings
against DIE GRAUEN- Graue Panther Vermoegensverwaltung GmbH on
July 11, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         DIE GRAUEN- Graue Panther Vermoegensverwaltung GmbH
         Attn: Manfred Wilhelm Reinhoff, Manager
         Kothener Str. 1-5
         42285 Wuppertal
         Germany


DK KORNHUS: Claims Registration Period Ends August 25
-----------------------------------------------------
Creditors of DK Kornhus Betriebsges. mbH have until Aug. 25,
2008, to register their claims with court-appointed insolvency
manager Dr. Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hameln
         Hall 106
         Zehnthof 1
         31785 Hameln
         Germany

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

The insolvency manager can be reached at:

         Dr. Steffen Koch
         Sophienstr. 1
         30159 Hannover
         Germany
         Tel: 0511/353991-0
         Fax: 0511/353991-10
         Web site: www.hww-kanzlei.de

The District Court of Hameln opened bankruptcy proceedings
against  DK Kornhus Betriebsges. mbH on July 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         DK Kornhus Betriebsges. mbH
         Marktstasse 13
         31848 Bad Muender
         Germany

         Attn: Marcel Holtkamp,
         Oberntore 20 a
         31848 Bad Muender
         Germany


DURA AUTOMOTIVE: Has US$100 MM of Inventories to Cull, CEO Says
---------------------------------------------------------------
DURA Automotive Systems Inc.'s president and chief executive
officer, Tim Leuliette, said the company still has at least
US$100,000,000 of cost savings to pluck from operations after
recently emerging from Chapter 11 bankruptcy protection, Crain's
Detroit Business reported.  DURA, Mr. Leuliette said, has large
inventories to cull.

Mr. Leuliette added that DURA also needs to return to better
payment terms with its suppliers, the report said.  Some terms
required DURA to pay cash in advance or in 10 days for parts
deliveries when normal payment terms are from 30 days to 60
days, he told the Detroit Business.  He added that DURA has room
to improve on 5% EBITDA.  The autoparts industry average is
twice that level, he said.

Mr. Leuliette, according to the Detroit Free Press, said he
expects DURA to put its shares on a stock exchange in the next
12 to 18 months.  That time frame, in part, is to wait until
investors will be willing to put their money in automotive
stocks.  "The market's got to be there," Mr. Leuliette said.

DURA, after its emergence from its 20-month stint in Chapter 11
on June 27, 2008, issued 7,234,060 shares of new common stock,
par value US$0.01 per share.

In a speech delivered at the Center for Automotive Research's
Management Briefing Seminar, Mr. Leuliette blamed U.S. auto
makers for helping force auto-parts suppliers into bankruptcy.
Auto makers have "begun to realize they have been passing on too
many commodity cost increases to suppliers," he told The Wall
Street Journal.

All Headline News said the worldwide automotive market declined
18.3% in 2008.  General Motors Corp. reported a sales slump for
June 2008, while Toyota Corp. reported a 21% decline.  Nissan
Motor Company reported a drop in sales by nearly 18%, while
sales at Ford Motor Company, also dropped to 28%.  Chrysler LLC
plunged to 36%.  Audodata Corp. attributed the decrease in sales
to soaring fuel prices, which hit record highs from March to
June 2008, AHN said.

According to AHN, citing analysts, automakers are shifting their
focus to producing hybrid cars or fuel-efficient models.  In the
U.S., AHN said Asian automakers Honda Motor Corp. and Hyundai
Motor Company experienced increased in sales in June, outdoing
American car firms GM, Ford and Chrysler.

Mr. Leuliette criticized the U.S. auto makers for "failing to
prepare for the sharp rise in oil and the decline in demand for
large sport-utility vehicles and trucks, the Journal added.

"We had warning.  We knew gasoline prices would rise.  We
watched as emerging markets demanded more and more of the oil,"
The Detroit Free Press quoted Mr. Leuliette as saying.  "As a
nation, we did nothing.  As an industry, we pretended that cheap
oil would last forever."

"GM and Ford moved too slowly to import fuel-saving autos from
overseas to combat record gasoline prices," Mr. Leuliette told
Bloomberg News.  "Japanese automakers already had the vehicles
to bring to market while their U.S. counterparts had no plan to
import the more fuel-efficient vehicles they were selling
overseas."

As a result of the declined in automobile sales in the first
months of 2008, the auto makers have canceled supply agreements,
re-sourced the auto parts to other suppliers for cheaper prices,
resulting to lower sales of the auto suppliers, and leading them
to bankruptcy.

Recently, Intermet Corp. and 19 of its affiliates filed for
Chapter 11 protection, for the second time, citing low demand
for trucks and sport-utility vehicles due to high fuel costs.
Intermet 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 this year due
to rising costs and slowdown in demand.  Plastech and Blue Water
have been liquidating their assets.  Progressive has shut its
business operations after its key customers elected to terminate
their supply contracts.

                           About DURA

Rochester Hills, Michigan-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006,
(Bankr. D. Del. Case No. 06-11202).  Marc Kieselstein, P.C.,
Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq.,
at Kirkland & Ellis LLP are lead counsels for the Debtors'
bankruptcy proceedings.  Daniel J. DeFranseschi, Esq., and Jason
M. Madron, Esq., at Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsels. Baker & McKenzie acts as the Debtors'
special counsel.   Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.

As of Jan. 31, 2008, the Debtor had US$1,503,682,000 in total
assets and US$1,623,632,000 in total liabilities.

On April 3, 2008, the Court approved the Debtors' revised
Disclosure Statement explaining their revised Chapter 11 plan of
reorganization.   On June 27, 2008, the Debtors emerged from
Chapter 11 bankruptcy protection.

(Dura Automotive Bankruptcy News, Issue No. 61; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


FACILITY CONCEPT: Claims Registration Period Ends August 27
-----------------------------------------------------------
Creditors of FACILITY CONCEPT Immobilienbetreuungs- und
Verwaltungs GmbH have until Aug. 27, 2008, to register their
claims with court-appointed insolvency manager Heinrich Druegh.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Sept. 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 14
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Heinrich Druegh
         Nussbaumer Strasse 19
         50823 Koeln
         Germany

The District Court of Cologne opened bankruptcy proceedings
against FACILITY CONCEPT Immobilienbetreuungs- und Verwaltungs
GmbH on June 20, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         FACILITY CONCEPT Immobilienbetreuungs- und
         Verwaltungs GmbH
         Peterstr. 27
         50676 Koeln
         Germany

         Attn: Jens Bernhard Husemann, Manager
         Werkstattstrasse 15
         50733 Koeln
         Germany


FEBO GMBH: Claims Registration Period Ends August 27
----------------------------------------------------
Creditors of Febo GmbH have until Aug. 27, 2008, to register
their claims with court-appointed insolvency manager Stefan
Roth.

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

The meeting of creditors will be held at:

         The District Court of Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         Germany

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

The insolvency manager can be reached at:

         Stefan Roth
         Bachstrasse 5-7
         68165 Mannheim
         Germany
         Tel: (0621) 44 00 40

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

The Debtor can be reached at:

         Febo GmbH
         Attn: Gerhard Bock, Manager
         Waldstr. 15
         76689 Karlsdorf-Neuthard
         Germany


HB COLLECTION: Creditors' Meeting Slated for August 25
------------------------------------------------------
The court-appointed insolvency manager for hb Collection
Moebelvertriebs GmbH, Janine Pfaff will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 10:00 a.m. on Aug. 25, 2008.

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

         The District Court of Wetzlar
         Meeting Hall 201
         Building B
         Second Stock
         Wetherstr. 1
         35578 Wetzlar
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 8:00 a.m. on Oct. 6, 2008, at the same
venue.

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

The insolvency manager can be reached at:

         Janine Pfaff
         GF:54
         Wertherstrasse 14A
         35578 Wetzlar
         Germany
         Tel: 06441/94 820
         Fax: 06441/94 8222
         E-mail: kanzlei@wsr-net.de

The District Court of Wetzlar opened bankruptcy proceedings
against hb Collection Moebelvertriebs GmbH on July 21, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         hb Collection Moebelvertriebs GmbH
         Attn: Harald Harry Holz, Manager
         Charlotte-Bamberg-Strasse 4
         35578 Wetzlar
         Germany


HDR PRINT: Claims Registration Period Ends August 27
----------------------------------------------------
Creditors of HDR Print Company GmbH have until Aug. 27, 2008, to
register their claims with court-appointed insolvency manager
Matthias Lehmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 1, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bueckeburg
         Hall 4117
         Herminenstrasse 30
         31675 Bueckeburg
         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:

         Matthias Lehmann
         Hermannstrasse 7
         32423 Minden
         Germany
         Tel: 0571/9741150
         Fax: 0571/97411590

The District Court of Bueckeburg opened bankruptcy proceedings
against HDR Print Company GmbH on July 3, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         HDR Print Company GmbH
         Im Emerten 13A
         31737 Rinteln
         Germany

         Attn: Dieter Kummer, Manager
         Gradestr. 19
         30163 Hannover
         Germany


HUELSENBERG UND MUELLER: Claims Registration Period Ends Aug. 25
----------------------------------------------------------------
Creditors of H & M - Huelsenberg und Mueller GmbH have until
Aug. 25, 2008, to register their claims with court-appointed
insolvency manager Thomas Kuehn.

The District Court of Charlottenburg will verify the claims set
out in the insolvency manager's report at 10:35 a.m. on Oct. 24,
2008, at:

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

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

The insolvency manager can be reached at:

         Thomas Kuehn
         Luetzowstr. 100
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against H & M - Huelsenberg und Mueller GmbH on
May 30, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         H & M - Huelsenberg und Mueller GmbH
         Rollbergstr. 24
         12053 Berlin
         Germany


L+L PLANCONCEPT: Creditors' Meeting Slated for August 25
--------------------------------------------------------
The court-appointed insolvency manager for L+L PlanConcept GmbH,
Udo Feser will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 12:25 p.m. on
Aug. 25, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:35 a.m. on Dec. 15, 2008, at the same
venue.

Creditors have until Oct. 16, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Udo Feser
         Uhlandstr. 165/166
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against L+L PlanConcept GmbH on July 16, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         L+L PlanConcept GmbH
         Spathstrasse 144
         12359 Berlin
         Germany


LSC WAREHOUSE: Claims Registration Period Ends August 25
--------------------------------------------------------
Creditors of LSC Warehouse Logistics & After Sales GmbH have
until Aug. 25, 2008, to register their claims with court-
appointed insolvency manager Dr. Gerhard Koerner.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Sept. 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aschaffenburg
         Meeting Hall 5.103
         Schlossplatz 5
         63739 Aschaffenburg
         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. Gerhard Koerner
         Theresienstr. 3
         63741 Aschaffenburg
         Germany
         Tel: 06021/428220
         Fax: 06021/428210

The District Court of Aschaffenburg opened bankruptcy
proceedings against  LSC Warehouse Logistics & After Sales GmbH
on July 9, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         LSC Warehouse Logistics & After Sales GmbH
         Nordring 13
         63762 Grossostheim
         Germany


NOSTRO GRUNDSTUECKS: Creditors' Meeting Slated for August 25
------------------------------------------------------------
The court-appointed insolvency manager for Nostro Grundstuecks-
GmbH & Co. Hermannstrasse Erste KG, Christian Koehler-Ma will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 12:15 p.m. on Aug. 25, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:30 a.m. on Dec. 15, 2008, at the same
venue.

Creditors have until Oct. 16, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christian Koehler-Ma
         Kurfuerstendamm 26a
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Nostro Grundstuecks-GmbH & Co.
Hermannstrasse Erste KG on July 15, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Nostro Grundstuecks-GmbH & Co. Hermannstrasse Erste KG
         Scharnweberstrasse 1
         13405 Berlin
         Germany


OKI-MASSIVHAUS GMBH: Claims Registration Period Ends August 25
--------------------------------------------------------------
Creditors of OKI-Massivhaus GmbH have until Aug. 25, 2008, to
register their claims with court-appointed insolvency manager
Wolfgang Weidemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Neumuenster
         Room B 031
         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:

         Wolfgang Weidemann
         Wen-denstrasse 4
         20097 Hamburg
         Germany

The District Court of Neumuenster opened bankruptcy proceedings
against OKI-Massivhaus GmbH on July 10, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         OKI-Massivhaus GmbH
         Attn: Muhammet Kandemir, Manager
         Kieler Strasse 614
         24536 Neumuenster
         Germany


TOP NOTCH: Claims Registration Period Ends August 25
----------------------------------------------------
Creditors of Top Notch People GmbH have until Aug. 25, 2008, to
register their claims with court-appointed insolvency manager
Stefan Hinrichs.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Sept. 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Meeting Hall B 405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Stefan Hinrichs
         Kaiser-Wilhelm-Strasse 93
         20355 Hamburg
         Germany

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

The Debtor can be reached at:

         Top Notch People GmbH
         Attn: Katja Zepernick, Manager
         Schopenstehl 22
         20095 Hamburg
         Germany


VISIO WOHNBAU: Claims Registration Period Ends August 25
--------------------------------------------------------
Creditors of Visio Wohnbau GmbH have until Aug. 25, 2008, to
register their claims with court-appointed insolvency manager
Ulrich Luppe.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         Germany

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

The insolvency manager can be reached at:

         Ulrich Luppe
         Hansering 9/10
         06108 Halle
         Germany
         Tel: 0345/614070
         Fax: 0345/6140710

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

The Debtor can be reached at:

         Visio Wohnbau GmbH
         Attn: Geraldo Vicente, Manager
         Grosse Ulrichstrasse 26
         06108 Halle
         Germany


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


PROPEX INC: Committee Wants Rule 2004 Exam on Lenders
-----------------------------------------------------
The Official Committee of Unsecured Creditors of Propex Inc. and
its debtor-affiliates ask the U.S. Bankruptcy Court for the
Eastern District of Tennessee to compel the Debtors and the DIP
Lenders to produce certain documents and give deposition
testimonies in relation to a Security Agreement between both
parties.

Judge John C. Cook had authorized Propex Inc. and its debtor-
affiliates, on a final basis, to:

   (i) obtain postpetition secured loans, advances and other
       financial accommodations of up to US$60,000,000, from BNP
       Paribas, as administrative agent, and a syndicate of
       lenders, and

  (ii) use the cash collateral of a syndicate of financial
       institutions arranged by BNP Paribas, as administrative
       agent.

The court also approved certain collateral documents,
accompanying the DIP Credit Agreement, including a security
agreement between the parties.

Pursuant to Rule 2004 of the Federal Rules of Bankruptcy
Procedure, the Official Committee of Unsecured Creditors of
Propex Inc. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Eastern District of Tennessee to compel the
Debtors and the DIP Lenders to produce certain documents and
give deposition testimonies in relation to a Security Agreement
between both parties.

The committee complains that the Final DIP Order and the
Security Agreement grants the DIP Lenders a lien on only two-
thirds of the stock of the Debtors' foreign subsidiaries.

The DIP Credit Agreement, by contrast, contains a covenant that,
on its face, requires the Debtors to seek to enter into foreign
pledge agreements pursuant to which all of their foreign stock
will be pledged to the DIP Lenders by some certain date, Ira
Dizengoff, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New
York, points out.

More than two months after the DIP Order was entered, and
without providing any notice to the Committee or the Court, the
DIP Parties executed an amendment to the Security Agreement --
in direct violation of the DIP Order -- pursuant to which the
Debtors putatively pledged the unencumbered remaining one-third
of their foreign stock, Mr. Dizengoff informs the Court.

The DIP Parties entered into the Security Agreement amendment
despite the fact that:

   * the Final DIP Order expressly provides that the Committee
     must be given five business days' written notice of any
     amendment to the DIP Documents and an opportunity to object
     prior to any such amendment becoming effective;

   * the Final DIP Order expressly provides that the DIP Lenders
     have liens on only two-thirds of the foreign stock unless
     the DIP Documents "specifically" provide otherwise; and

   * a pledge in excess of two-thirds of foreign stock will have
     a material adverse effect on the Debtors.

The Committee believes that the amendment was expressly designed
to give the Prepetition Secured Lenders tens of millions of
dollars of additional collateral, something they did not have --
the value of the unencumbered remaining one-third of foreign
stock -- and wipe out what is possibly the most substantial
source of recovery for unsecured creditors in these cases.

Accordingly, the Committee, as the statutory fiduciary
representative of the Debtors' unsecured creditors, emphasizes
that it is necessary and appropriate to undertake discovery on
the Debtors, the DIP Lenders and, as necessary, the Prepetition
Secured Lenders, to:

   (1) resolve the disputed issues regarding the foreign stock
       pledge;

   (2) safeguard the rights of the Committee's unsecured
       creditor constituency;

   (3) determine whether any causes of action exist against the
       DIP Parties; and

   (4) ensure the proper administration of the Debtors'
       bankruptcy proceedings.

             Debtors Want to Amend Security Agreement

The Final DIP Order and DIP Credit Agreement authorized the
Debtors to grant a first priority lien on all of their property,
including all of the capital stock of their foreign and domestic
subsidiaries, to BNP Paribas, Henry J. Kaim, Esq., at King &
Spalding, LLP, in Houston, Texas, notes.

In carrying out their duties under the DIP Credit Agreement, the
Debtors were required to deliver to BNP Paribas certain foreign
pledge agreements of 100% of the capital of their foreign
subsidiaries on or before 90 days after the closing date of the
DIP Credit Agreement.  "The Debtors ran into time constraints
meeting the 90 day deadline," Mr. Kaim notes.

In lieu of defaulting on the foreign pledge requirement,
however, the Debtors and BNP Paribas reached an agreement, and
amended the Security Agreement on April 22, 2008.  The April 22
amendment gave the Debtors until May 23, 2008, to deliver the
Foreign Pledge Agreements in compliance with the terms of the
DIP Credit Agreement.  Mr. Kaim tells the Court that the Debtors
have complied with the needed requirement and thus, the delivery
date extension is no longer necessary.

The Amendment also updated and corrected information reflected
on a schedule 6 to the Security Agreement, according to Mr.
Kaim.  Schedule 6 pertains to stock holdings and precise names
of the Debtors' foreign subsidiaries.  The Revised Schedule 6
removed certain share certificate numbers, was further updated
in accord with the dissolution of Propex Canada, the merger of
Propex's Hungarian entities and the merger of Propex's UK
entities.

The primary purpose of the Amendment was to simply extend the
time for compliance with the terms of the DIP Credit Agreement
and thus, is wholly consistent with the Final DIP Order and
the DIP Credit Agreement, Mr. Kaim asserts.  The Debtors did not
then and do not now believe that Court approval is required for
the Amendment.

However, because the Committee has raised issues relating to the
granting of liens on the foreign stock subsidiaries.  The
Debtors maintain the the Committee's contentions have no merit.

Accordingly, out of an abundance of caution, the Debtors ask the
Court to:

   (i) approve the Amendment, and

  (ii) confirm the liens granted to BNP Paribas on 100% of the
       foreign capital stock, in accordance with the explicit
       terms of the Final DIP Order and DIP Credit Agreement.

A full-text copy of the Amended Security Agreement is available
for free at:

  http://bankrupt.com/misc/PROPEX_AmendedDIPSecurityAgrmt.pdf

While it is true that the Revised Schedule 6 -- which relates to
representations, not lien granting provisions -- of the
Security Agreement, as amended, also reflects 100% ownership of
the stock of the foreign subsidiaries, as consistent with the
Debtors' actual ownership and their statements and schedules
filed in their Chapter 11 cases, the modification in the Revised
Schedule 6 did not modify the words "all" of the Investment
Property" of the Debtors, found in the granting clause in the
body of the Security Agreement; and certainly did not change the
requirement in the DIP Credit Agreement that 100% of the capital
stock of the foreign subsidiaries be pledged, Mr. Kaim explains.

The DIP Lenders had insisted on a lien on all of the capital
stock of the foreign subsidiaries of the Debtors, Mr. Kaim
clarifies.  Neither the Debtors nor the Committee were able to
persuade the DIP Lenders to modify this requirement, and it
remained clearly in the DIP Credit Agreement and the Final DIP
Order, unaltered from the versions filed with the Court,
containing an express pledge of "all" of the personal property,
including the stock of the Debtors' stock in the foreign
subsidiaries, Mr. Kaim concludes.

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


BIFROST INVESTMENTS 18: Fitch Chips Two Swaps Ratings to 'BB'
-------------------------------------------------------------
Fitch Ratings has downgraded six tranches of Bifrost Investments
Limited-Series 18's unfunded mezzanine swaps and removed five
from Rating Watch Negative.  Two remaining tranches were
affirmed.

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

  -- EUR175 million Class 7A due August 2010: affirmed at 'AAA'

  -- EUR115 million Class 7B due August 2010: downgraded
     to 'AA' from 'AAA'

  -- EUR70 million Class 7C due August 2010: downgraded to 'A'
     from 'AAA'; RWN removed

  -- EUR65 million Class 7D due August 2010: downgraded
     to 'BB' from 'A+'; RWN removed

  -- EUR190 million Class 10A due August 2013: affirmed at 'AAA'

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

  -- EUR80 million Class 10C due August 2013: downgraded
     to 'BBB' from 'AA+'; RWN removed

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

Key drivers of this transaction's credit risk include an
increase of the portfolio's credit risk, with 15% of the
portfolio now rated sub-investment grade, compared to 7% at the
previous rating action in February 2007.  In addition, portfolio
migration risk has increased, with 4% of the portfolio on RWN
and 15% on Negative Outlook.  Fitch also notes the industry
concentration of 21% in the two largest sectors, made up of 13%
in banking and finance, and 8% in food, beverage and tobacco.

Given Fitch's view of concentration and the current credit
quality of the portfolio, as well as the remaining risk horizon,
the credit enhancement levels below are not sufficient to
justify the previous ratings of the tranches.

  -- Class 7B Series 18 due August 2010: 6.7%
  -- Class 7C Series 18 due August 2010: 5.3%
  -- Class 7D Series 18 due August 2010: 4%
  -- Class 10B Series 18 due August 2013: 7.75%
  -- Class 10C Series 18 due August 2013: 6.15%
  -- Class 10D Series 18 due August 2013: 4.85%

For the affirmed tranches, current credit enhancement levels are
deemed to be sufficient to justify their current ratings.

Since the initial RWN action in May 2008, negative portfolio
migration impacted 34% of the portfolio.  While Class 7B was not
placed on RWN, this portfolio migration witness in the interim
was sufficient to result in the downgrade of these notes.

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

Fitch released its updated criteria on April 30, 2008 for
Corporate CDOs and, at that time, noted it would be reviewing
its ratings accordingly to establish consistency for existing
and new transactions.  As part of this review, Fitch makes
standard adjustments for any names on RWN or Negative Outlook,
reducing such ratings for default analysis purposes by two
notches and one notch, respectively.  Fitch has previously noted
that its review will be focused first on ratings most exposed to
risks it has highlighted in its updated criteria.  As such, the
transaction was placed on RWN on May 22, 2008.

As previously indicated, resolution of the Rating Watch status
depends on any plans managers/arrangers may choose to modify
either the structure or the portfolio.  In this case, the
arranger has confirmed that it does not intend to make any
modifications.


BIFROST INVESTMENTS 19: Fitch Cuts Rtngs on Three Swaps to Low-B
----------------------------------------------------------------
Fitch Ratings has downgraded six tranches of Bifrost Investments
Limited-Series 19's unfunded mezzanine swaps and removed them
from Rating Watch Negative.  In addition, two remaining tranches
have been affirmed.

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

  -- EUR175 million Class 7A due August 2010: affirmed at 'AAA'

  -- EUR125 million Class 7B due August 2010: downgraded to 'A'
     from 'AAA'; RWN removed

  -- EUR75 million Class 7C due August 2010: downgraded to 'BBB'
     from 'AA+'; RWN removed

  -- EUR62.5 million Class 7D due August 2010: downgraded
     to 'BB' from 'A-'; RWN removed

  -- EUR190 million Class 10A due August 2013: affirmed at 'AAA'

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

  -- EUR80 million Class 10C due August 2013: downgraded to 'BB'
     from 'AA'; RWN removed

  -- EUR65 million Class 10D due August 2013: downgraded to 'B'
     from 'BBB+'; RWN removed

Key drivers of this transaction's credit risk include an
increase of the portfolio's credit risk, with 14% of the
portfolio now rated sub-investment grade, compared to 8% at the
previous rating action in February 2007.  In addition, portfolio
migration risk has increased, with 3% of the portfolio on RWN
and 8% on Negative Outlook.  Since the transaction was placed on
RWN on 2 June 2008, 25% of the portfolio has suffered negative
rating migration.  Fitch also notes the industry concentration
of 27% in the two largest sectors, made up of 19% in banking and
finance, and 8% in food, beverage and tobacco.

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

  -- Class 7B Series 19 due August 2010: 6.18%
  -- Class 7C Series 19 due August 2010: 4.66%
  -- Class 7D Series 19 due August 2010: 3.4%
  -- Class 10B Series 19 due August 2013: 7.1%
  -- Class 10C Series 19 due August 2013: 5.48%
  -- Class 10D Series 19 due August 2013: 4.17%

For the affirmed tranches, current credit enhancement levels are
deemed to be sufficient to justify their current ratings.

At closing, Bifrost, a special purpose vehicle incorporated
under the laws of Ireland, entered into 12 mezzanine credit
default swaps with BNP Paribas (rated 'AA'/'F1+'/Outlook
Stable), under which it provides notional protection on a static
reference portfolio of 100 corporate entities with a total
notional value of EUR5 billion.  The mezzanine swaps for each
series relate to the same reference portfolio of corporate
entities, although the swaps have different loss thresholds and
maturity dates.  Due to the Delphi Corporation (October 2005)
credit event, the total value of the portfolio has decreased to
EUR4.95 billion and it currently references 99 entities.

Fitch released its updated criteria on April 30, 2008 for
Corporate CDOs and, at that time, noted it would be reviewing
its ratings accordingly to establish consistency for existing
and new transactions.  As part of this review, Fitch makes
standard adjustments for any names on RWN or Negative Outlook,
reducing such ratings for default analysis purposes by two
notches and one notch, respectively.  Fitch has previously noted
that its review will be focused first on ratings most exposed to
risks it has highlighted in its updated criteria.  As such, the
transaction was placed on RWN on June 2, 2008.  As previously
indicated, resolution of the Rating Watch status depends on any
plans managers/arrangers may choose to modify either the
structure or the portfolio.  In this case, the arranger has
confirmed that it does not intend to make any modifications.


IRALCO: Workers Support Survival Plan; Over 300 Jobs Saved
----------------------------------------------------------
Workers at Collinstown, Westmeath-based car components plant
Iralco have voted in favor of a survival plan drawn up by CF
Tooling owner John Flaherty and one-time Iralco manager Tom
Hyland, Claire O'Brien of the Irish Times reports.

According to the report, 90% of the plant's 420 workers accepted
the survival plan, which will secure over 300 jobs.

"This is a vote for common sense," Unite national officer John
Bolger was quoted by the Irish Times as saying.  "There will be
voluntary redundancies and some changes to work practices but
our members have looked at these in the context of the long-term
future of the plant, and voted accordingly."

Under the survival plan, Galway-based CF Tooling will take over
Iralco, which is worth EUR8 million annually to the local
economy, the report relates.  The plant, the report adds, will
be renamed CF Automotive.

The cost of the CF Tooling buyout was not disclosed, although
Mr. Hyland told the Irish Times "a significant investment is
being made to turn the company around," which reports suggest
will amount to about EUR10 million.

As reported in the Troubled Company Reporter-Europe on April 16,
2008, Iralco said it was going into voluntary liquidation after
facing financial difficulties due to increasing costs.

The plant hired John McStay and Tom Rogers as liquidators on
April 14, 2008.

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


SMURFIT KAPPA: Earns EUR83 Mln in Second Quarter Ended June 30
--------------------------------------------------------------
Smurfit Kappa Group plc released unaudited financial results for
the three months ending June 30, 2008.

SKG reported net profit of EUR83 million on revenues of EUR1.85
billion for the three months ending June 30, 2008, compared
with a net profit of EUR43 million on revenues of EUR1.83
billion for the three months ending June 30, 2007.

At June 30, 2008, the Group's balance sheet showed EUR8.75
billion in total assets, EUR6.45 billion in total liabilities
and EUR2.30 billion in total shareholders' equity.

          Capital Structure & Debt Reduction

The main financial focus of the Group in 2008 is further net
debt reduction.  At the end of June 2008, the Group's net debt
was below EUR3.3 billion, down from over EUR3.6 billion at the
end of June 2007, a 9% decrease year-on-year.

In the second quarter, the Group's net debt decreased by EUR88
million, or 3%, reflecting the strong free cash flow generated
in the period, the proceeds from the sale of the Group's 40%
associate shareholding in Duropack AG Group in May and after
payment of EUR35 million in respect of our final dividend for
2007.

                     Performance Review

The Group's first half financial outcome reflects a good
performance within its corrugated business.  In the first
quarter, further corrugated price increases brought the total of
the price increases since the "trough" of December 2005 to above
18%.  In the second quarter, the Group corrugated pricing
remained stable.  This price increase has allowed the Group to
broadly achieve its target for recovery of the 2006 and 2007
input cost increases.

As anticipated in our first quarter release, after experiencing
positive demand growth in the first four months of the year, the
Group's corrugated volumes were weaker in May and June.  This
reflects the overall slowing economic environment in Europe,
together with the Group's continuous focus on margins.  In the
first half year of the year, the Group's corrugated volumes
decreased by almost 2% compared to the first six months
of 2007.

This corrugated performance was offset by materially weakening
conditions within recycled containerboard.  The lower level of
demand led to a continued inventory overhang, which generated
downward pricing momentum.  As a result, recycled containerboard
prices, which had enjoyed continuous upward momentum since the
end of 2005, started to fall progressively from March.  A EUR60
per tonne price slippage was reported in the indices to June in
most markets.

As recycled containerboard prices were decreasing, the Group
faced higher average input costs in the first half of the year.
Compared with 2007, these primarily included higher energy and
raw material costs.  During the second quarter, however,
recovered fiber prices dropped, reflecting lower buying demand
from Asia.  After peaking in March, recovered fiber prices have
reduced by approximately EUR20 per tonne between May and June.
While this decrease somewhat lowered the magnitude of the margin
compression, recovered fiber prices, on average, were around 12%
above 2007 levels during the first half.


                  About Smurfit Kappa Group

Headquartered in Dublin, Ireland, Smurfit Kappa Group --
http://www.smurfit-group.com/-- manufactures containerboard
containerboard and converts it into corrugated cases, folding
cartons, paper sacks, tubes, and composite cans. Other products
include boxboard, sack kraft paper, and printing and writing
paper.  The company produces 6 million tons of paper annually
and has 300 facilities worldwide.  In Latin America, the company
operates in Argentina, Brazil, Chile, Colombia, Costa Rica,
Dominican Republic, Ecuador, Mexico and Venezuela.

                    *    *    *

Smurfit Kappa Group plc continues to carry Moody's Investors
Service's Ba3 corporate family rating with positive outlook.
Moody's changed the outlook to positive from stable in
June 2008.

Smurfit also carries Standard & Poor's Rating Services' 'BB'
long-term corporate credit ratings with stable outlook.  S&P
raised the group's long-term corporate credit ratings to 'BB'
from 'BB-' in April 2008.


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


* S&P Says Italian RMBS Markets Pressured By High Interest Rates
----------------------------------------------------------------
According to Standard & Poor's Rating Services' latest index
report for the Italian residential mortgage-backed securities
(RMBS) market, data on delinquencies and defaults show that
Italian RMBS performance continues to feel the strain from
higher interest rates.

Despite the slight deterioration in the underlying collateral
performance, S&P does not see a significant and generalized
downturn in the overall performance of the Italian RMBS market
as likely in the near future.  In the second quarter of 2008,
S&P took only three negative rating actions on three
subordinated classes of notes.

Since the publication of its previous index report S&P rated
seven new RMBS transactions, with a total collateral amount of
around EUR14.5 billion.


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


CHANG-TELECOM LLC: Creditors Must File Claims by September 18
-------------------------------------------------------------
Osh Branch of LLC Chang-Telecom has declared insolvency.
Creditors have until Sept. 18, 2008, to submit written proofs of
claim.

Inquiries can be addressed to(+996 3232) 2-85-89.


===========
L A T V I A
===========


LATVIJAS KRAJBANKA: Fitch Lifts Individual Rating to 'D'
--------------------------------------------------------
Fitch Ratings has upgraded Latvia-based Latvijas Krajbanka's
Long-term Issuer Default to 'B+' from 'B' and Individual rating
to 'D' from 'D/E'.  Krajbanka's other ratings are affirmed at
Short-term IDR 'B' and Support '4'.  The Outlook for the Long-
term IDR remains Stable.

The upgrades of the Long-term IDR and the Individual rating
reflect improved capitalization, lower impaired loans and higher
loan loss reserve coverage.  Conditions in Latvia have been
deteriorating but the impact on the bank has been less than
anticipated.  They also consider the bank's adequate liquidity,
stable domestic funding base, management focus on cost
optimization and tighter credit standards.  The latter resulted
in slower lending growth rate at Krajbanka in H108, which is now
in line with the broad market.

Revenue generation improved in H108 compared with H107, driven
by higher FX income and moderate growth of interest income and
fees and commissions.  However, non-interest expenses are also
rising, which is reflected by a still high cost/income ratio.
Therefore the management is optimizing the cost base of the bank
and slowing down expansion of the distribution network.

Krajbanka's non-resident deposits increased rapidly to represent
and 17% at end-H108 and 39% of its total customer deposits at
end-2007.  These deposits are short-term and concentrated.
Although similar amounts are kept in interbank placements, the
short-term nature of these deposits generates unnecessary
volatility in funding and balance sheet management, and
increases operational risk.

Krajbanka, established as the Latvian Postal Service Savings
Bank in 1924, is the oldest bank in Latvia.  It has the largest
branch network in the country and was the 11th-largest bank by
assets at end-H108.  Lithuania-based Bankas Snoras (rated
'BB-'/Stable Outlook) became the majority owner in 2005 and held
a 75.9% stake at end-H108.  Krajbanka is a universal bank
serving mainly SME and individuals.  Krajbanka and Bankas Snoras
share the same risk management policies, human resources and
information about Russian/CIS clients.


NORVIK BANKA: Fitch Affirms Individual Rating at 'D'
----------------------------------------------------
Fitch Ratings has affirmed Latvia-based Norvik Banka's ratings
at Long-term Issuer Default 'B+', Short-term IDR 'B', Individual
'D' and Support '5'.  The Support Floor is affirmed at 'No
Floor'.  The Outlook for the Long-term IDR remains Stable.

The ratings reflect the challenges the bank faces in growing in
a slowing Latvian economy without increasing its risk profile,
as well as increasing loan impairment charge mainly due to
higher impaired consumer loans, and operational risk arising
from its non-resident business.  The ratings also take into
account its healthy profitability, improved risk management
systems and relatively low direct exposure to the vulnerable
real estate sector.  In addition, the ratings factor in the
bank's efforts to expand the domestic business, in turn creating
a stronger franchise.

After Straumborg, a family-owned Icelandic investment company,
bought a majority stake in January 2006, Norvik Banka's strategy
has become increasingly focused on its domestic business rather
than on serving non-resident clients, although progress in
achieving this transformation has been relatively slow.

Profitability is healthier with higher net interest income from
its domestic business.  The non-resident part of business which
is mainly fees and commissions as well as foreign exchange
trading income, also supports profitability.  However, funding
costs have been increasing as the bank diversifies away from
non-interest-bearing non-resident deposits to resident deposits
and international bank funding.  Loan impairment charge as a
percentage of gross loans has increased to a high 1.9% and may
increase further.

Loan growth has been rapid, before slowing in H108.  Impaired
lending increased to account for 2.6% of total gross loans at
end-H108 (2007: 1.4%, 2006: 0.4%).  The majority of impaired
lending is due to consumer loans and credit cards.  While the
bank has strengthened its credit policy, strong growth in recent
years and the current state of the Latvian economy may further
increase impaired loans as loans season.

Non-resident customer deposits are gradually declining, with
funding increasingly coming from the domestic market, and Norvik
Banka has two outstanding syndicated loans.  Norvik Banka's
equity base has grown through share issuance, retained profits
and subordinated debt, and capitalization is satisfactory, with
a Tier 1 ratio of 11.51% and a total ratio of 13.07% at end-
H108.

Norvik Banka was the 12th-largest bank by assets in Latvia at
end-H108.


===============
P O R T U G A L
===============


BEARINGPOINT INC: June 30 Balance Sheet Upside-Down by US$423MM
---------------------------------------------------------------
BearingPoint Inc.'s balance sheet at June 30, 2008, showed total
assets of US$1.95 billion, total liabilities of US$2.37 billion,
resulting in a stockholders' deficit of roughly US$423 million.

The company related that its net income in the second quarter
was US$18.5 million compared to a loss of US$64.0 million in the
second quarter of 2007.  The company's second quarter tax
provision includes an US$18.9 million foreign corporate
restructuring charge, related to a reorganization of our
European operations.

Cash balance was US$350.9 million on June 30, 2008, compared to
US$352.9 million on June 30, 2007.

The company also disclosed that it is engaged in discussions in
relation to its exploring strategic alternatives in order to
reduce or restructure the company's outstanding indebtedness.
The company also stated that due diligence continues.

In early 2008, BearingPoint hired Greenhill & Co. LLC to explore
strategic alternatives including a merger or sale of the company
as a whole, a sale of all or substantially all of the assets of
the company or the sale by the company of any of its six
principal business units.

The company hopes that these discussions can be completed in the
near future, and protecting the interests of its clients,
shareholders, creditors and employees will be at the heart of
its analysis and decisions.

At present, the company can give no assurance that a sale of all
or a portion of the company's business can be completed in the
near term at or near current market prices or at all.

                     About BearingPoint Inc.

Headquartered in McLean, Virginia, BearingPoint, Inc. (NYSE:BE)
-- http://www.bearingpoint.com/-- is a provider of management
and technology consulting services to Global 2000 companies and
government organizations in more than 60 countries worldwide.
The company's core services include management consulting,
technology solutions, application services and managed services.
In North America, BearingPoint delivers consulting services
through its Public Services, Commercial Services and Financial
Services industry groups (North American Industry Groups), which
provides industry-specific knowledge and service offerings.
Outside of North America, BearingPoint operates in Europe, the
Middle East and Africa (EMEA); the Asia Pacific region, and
Latin America (including Mexico).


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


BATUSHEVSKOE CJSC: Creditors Must File Claims by September 5
------------------------------------------------------------
Creditors of CJSC Batushevskoe have until Sept. 5, 2008, to
submit proofs of claim to:

         E. Murashkina
         Insolvency Manager
         Promeshlennyj Pr. 1
         Saransk
         Mordoviya
         Russia

The Arbitration Court of Mordoviya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A39-4275/07-152/7.

The Court is located at:

         The Arbitration Court of Mordoviya
         Kommunisticheskaya Str. 33
         Saransk
         Mordoviya
         Russia

The Debtor can be reached at:

         CJSC Batushevskoe
         Batushevo
         Atyashevskiy
         Mordoviya
         Russia


BEST FOOD: Court Names I. Levashov as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Saratov appointed I. Levashov as
Insolvency Manager for LLC Best Food.  He can be reached at:

         I. Levashov
         Post User Box 1722
         410015 Saratov
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
A-57-3550/08-23.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         LLC Best Food
         Pervomayskaya Str. 44
         Saratov
         Russia


CHUDOVSKAYA GRAIN 64: Creditors Must File Claims by September 5
---------------------------------------------------------------
Creditors of OJSC Chudovskaya Grain Base 64 (TIN 5318004670)
have until Sept. 5, 2008, to submit proofs of claim to:

         B. Boykov
         Insolvency Manager
         Izhorskogo Batalyona Str. 24
         180020 Pskov
         Russia

The Arbitration Court of Novgorod commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A44-182/2008.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Chudovskaya Grain Base 64
         Mayskaya Str. 3
         Chudovo
         174210 Novgorod
         Russia


NOVOLIPETSK OJSC: Fitch Holds Ratings After US$3.53BB JMC Deal
--------------------------------------------------------------
Fitch Ratings has affirmed OJSC Novolipetsk Steel's ratings at
Long-term Issuer Default 'BB+', Short-term IDR 'B' and National
'AA(rus)'.  This follows its agreement to acquire US-based steel
pipe and tube manufacturer, John Maneely Company, from a
shareholder group including global private equity firm, The
Carlyle Group, and the Zekelman family for US$3.53 billion on a
debt- and cash- free basis.  The Outlooks on the Long-term IDR
and National Long-term rating are Stable.

The planned acquisition is in line with NLMK's strategy to
expand production and sales by volume and geography, to improve
the product portfolio by adding value-added products and to
continue downstream integration in the core markets of the
company.  Fitch notes that the acquisition will help the company
to further diversify its output, both by geography and product,
and enter into the profitable tube and pipe end-market.  Fitch
believes that JMC operations are a good fit with the US based
assets of NLMK-Duferco JV, namely Duferco Farrell.  The latter
is currently the key supplier of hot-rolled coils to JMC and
therefore NLMK can achieve benefits from the vertical
integration of its steel assets in North America.

Fitch also values NLMK's conservative financial strategy, which
is notable for its low leverage compared to its peers and for
its high net cash position.  Fitch forecasts NLMK's gross
debt/EBITDA ratio at 0.95x at FYE08.  Management is committed to
maintain net debt/EBITDA at about 1x.

Fitch recognizes the benefits of NLMK's US expansion strategy
but notes that JMC assets were purchased from private equity
control and there were some instances in the past that such
assets may have been under-invested in recent years and later
required substantial capital expenditures.  Fitch also notes
NLMK has limited experience of operating in the US, which can
also affect the performance of its US assets.  Fitch also notes
that of the US$2.1 billion total debt at end-Q108, US$1.9
billion was short-term, due to the acquisition of Maxi-Group
assets in December 2007.  The reduction of short-term debt, will
depend on NLMK's success in re-financing Maxi-group borrowings,
which is planned to be completed by the end of FYE08.

JMC is the largest independent tubular manufacturer in North
America by production and operates 11 plants in five U.S. states
and one Canadian province.  It has a total production capacity
of more than 3 million metric tons of steel pipe and tube per
year.  In the twelve months ended June 2008, JMC shipped 2.1
million tons of pipes, generated revenue of US$2.4 billion and
EBITDA of US$485 million.

NLMK is the fourth-largest vertically-integrated steel producer
in Russia, with an output of 9.2 million tonnes of crude steel
in 2007.  At FYE07 the company generated revenues of US$7.7
billion and EBITDAR of US$3.4 billion.

The transaction is subject to regulatory approvals and expected
to close in Q408.


OXYGEN-GAS-SERVICE: Creditors Must File Claims by September 5
-------------------------------------------------------------
Creditors of LLC Oxygen-Gas-Service (TIN 8603011920) have until
Sept. 5, 2008, to submit proofs of claim to:

         I. Glukhovchenko
         Insolvency Manager
         Apt. 6
         Mira Str. 36
         Nizhnevartvosk
         Khanty-Mansiyskiy
         628616 Tyumen
         Russia

The Arbitration Court of Khanty-Mansiyskiy commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A-75-6370/2007.

The Court is located at:

         The Arbitration Court of Khanty-Mansiyskiy
         Lenina Str. 54/1
         Khanty-Mansiysk
         Russia

The Debtor can be reached at:

         LLC Oxygen-Gas-Service
         Kuzovatkina 17P
         Nizhnevartovsk
         628600 Khanty-Mansiyskiy
         Russia


STROY-RESOURCE: Court Names A. Klimenko as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Volgograd appointed A. Klimenko as
Insolvency Manager for LLC Stroy-Resource (TIN 3442094258).  He
can be reached at:

         A. Klimenko
         Khirosimy Str. 1-194
         400050 Volgograd
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
A12-4190/08-s50.

The Debtor can be reached at:

         LLC Stroy-Resource
         Lenina Pr. 98
         Volgograd
         Russia


TRADE-BUILDING: Creditors Must File Claims by September 5
---------------------------------------------------------
Creditors of LLC Trade-Building Company (TIN 0326030096) have
until Sept. 5, 2008, to submit proofs of claim to:

         V. Komissarov
         Insolvency Manager
         Pochtovyj 12
         Biysk
         659300 Altay
         Russia

The Arbitration Court of Buryatiya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A10-263/08.

The Debtor can be reached at:

         LLC Trade-Building Company
         Khakhalova Str. 4
         Ulan-Ude
         670004 Buryatiya
         Russia


VOLOGODSKAYA FLAX-SEM-STATION: Claims Filing Period Ends Sept. 5
----------------------------------------------------------------
Creditors of OJSC Vologodskaya Flax-Sem-Station (TIN 3525179610,
OGRN 1073525002440) have until Sept. 5, 2008, to submit proofs
of claim to:

         D. Roslyakov
         Insolvency Manager
         Post User Box 3
         160032 Vologda-32
         Russia

The Arbitration Court of Vologda commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A13-131/2008.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Vologodskaya Flax-Sem-Station
         Turundaevskaya Str. 27
         Vologda
         160012 Vologda
         Russia


* S&P Ups Issuer Credit Rating on Sakha Republic to BB- from B+
---------------------------------------------------------------
Standard & Poor's Ratings Services has raised its long-term
issuer credit rating on the Russian Republic of Sakha (Yakutia)
to 'BB-' from 'B+'.  At the same time, S&P raised the Russia
national scale rating to 'ruAA-' from 'ruA+'.  The outlook is
stable.

"The upgrade reflects Sakha's improved debt profile in recent
years because a dominance of amortized bonds in its debt
portfolio means that repayments have become low and even," said
S&P's credit analyst Felix Ejgel.  The republic's debt service
as a percentage of total revenues will likely decrease to 4% in
2008 from 12% in 2006 and is not expected to exceed a low 5% in
2008-2010.  Furthermore, ongoing changes to Sakha's budget
composition will make its income more stable and predictable.

The ratings on Sakha factor in its remote location in the far
east of the Russian Federation (foreign currency
BBB+/Positive/A-2; local currency A-/Positive/A-2; Russia
national scale rating 'ruAAA') and a shortage of necessary
infrastructure that hinders Sakha's economic development.  Other
constraining factors are the republic's limited modifiable
revenues and its concentrated economic base, both of which
affect the stability of Sakha's budgetary performance.

These weaknesses are partially mitigated by Sakha's low debt
burden, gradual improvements in budget planning and debt
management, and its high per capita revenues generated by
wealthy taxpayers and federal transfers.

Sakha's budgetary policy remains sensitive to the federal
government's decisions and to the profitability of ALROSA Co.
Ltd. (BB/Stable/B), the world's second-largest diamond producer.
In 2008, almost 75% of its budget revenues will likely come from
the federal budget and ALROSA.  Sakha's budget composition is
undergoing a transformation process, which could improve the
stability of the republic's budget.  The loss of disputable
annual rent payments from ALROSA, which accounted for about 20%
of budget revenues in 2006 but will be discontinued in 2009,
will be fully compensated by higher taxes on natural resources
extraction and on property, royalties from ALROSA, and a
transfer of some responsibilities to the federal government.

"The stable outlook reflects our expectation that Sakha will
maintain its operating balances at the current level and
implement necessary investments with modest recourse to debt
over the next two to three years," said Mr. Ejgel.  "We also
expect the republic to continue to prudently manage its debt."


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


CABLEUROPA SA: Fitch Affirms 'B+' Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has affirmed Spain-based Cableuropa S.A.'s Long-
term Issuer Default rating at 'B+', with Stable Outlook, and
Short-term IDR at 'B'.  The Outlook is Stable.  At the same time
the agency has affirmed Cableuropa's senior secured bank
facility at 'BB' and its high-yield bonds at 'B-'.  Cableuropa
is the principal cable operator in Spain, providing broadband,
telephony and multi-channel TV to approximately 1.89 million
customers.

The affirmation follows a review by Fitch of the company's
recent bank facility amendment, relaxing financial covenant
tests for the period through to end-2010.  The amendment, which
achieved 95% agreement from the bank group, was signed in July,
and presented by the company as a response to reduced near-term
revenue expectations reflecting the economic slowdown in Spain
and prospects in the construction industry, given the
significance of new cable build in the company's growth.

"The covenant amendment, relaxing leverage and interest cover
tests for 2009 and 2010, is a prudent step in maintaining access
to bank liquidity over the next two to three years," said Stuart
Reid, a Director in Fitch's European TMT group.  "With liquidity
one of the most important financial concerns for a sub-
investment grade company today the amendment is a positive
development.  It does however signal reduced expectations for
growth and ultimately the potential to de-lever over the
affected period."

"The amendment recognizes that the business model has changed to
a certain extent for Cableuropa, with growth in the past at
least in part predicated on the company's ability to increase
network build, now expected to be replaced by increasing success
in growing the number of bundled services taken by the installed
customer base," Mr. Reid adds.  "A slowdown in new home build,
as well as reducing capex and therefore helping to defend free
cash flow targets, can over time be expected to lead to an
improvement in the overall blended penetration rate, a metric
which we will monitor closely."

Fitch believes the amendment ensures ongoing access to the
facility (which includes a EUR600 million revolving credit
facility) through to 2010, providing funding to meet near term
cash flow fluctuations, although as the company approaches free
cash, expected on a quarterly basis in 4Q08, the agency does not
envisage the company's debt profile rising materially above the
current level for an extended period of time.  This, in turn,
along with growth in EBITDA, is expected to lead to a gradual
de-leveraging, albeit at a slower pace than previously
envisaged.  Periodic funding requirements could, however, lead
to a short-term increase in borrowing - in H109, for instance,
the company will make a EUR71 million deferred payment relating
to the AUNA acquisition, while negative working capital flows
are also likely to require funding in the first half.

At the Cableuropa level, the company reported net
debt/annualized EBITDA of around 5.3x at end-H108.  Fitch now
expects the leverage ratio to be around 5.6x on a full year
basis by year end which, in combination with the expected advent
of positive FCF, is consistent with the current rating.  A
reduced capex budget and continued improvements in operating
performance, are then expected by Fitch to lead to positive FCF
for the full year and a moderately improving leverage profile in
FY09.

Cableuropa has acknowledged the amendment satisfies its funding
needs through to 2010.  In Fitch's view this reflects the fact
that required leverage under the bank facility for 2011 is
unlikely to be met while FCF would not be sufficient to meet the
amortization in that year.  The agency accepts that a two-to-
three year refinancing cycle is fairly typical for a company
largely funded in the bank market and for those in the sub-
investment grade category.  An expectation of an improving
credit profile over this period and the prospects of a less
constrained credit environment by 2010, limits the perceived
refinancing risk in the capital structure.  Management's ability
to meet public guidance, de-leverage the balance sheet and,
importantly, adapt to the changing operating environment, will
be key to managing this risk.

While Fitch takes comfort from company assurances over the
performance outlook for 2008, it will meet management later in
the year to review its progress this year and its revised
prospects for 2009.


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


SCANMINING: Lappland Goldminers Buys Mining Assets for SEK40MM
--------------------------------------------------------------
Lappland Goldminers AB has made an agreement with the receiver
in bankruptcy for Scan Mining AB and its subsidiaries to acquire
the processing plant and the mines in Blaiken and Svarttrask.
The acquisition sum is SEK40 million, and will be paid in four
segments for a period of three years.

Lappland Goldminers calcultates that the operations will resume
during autumn 2008, and that the entire purchase sum will be
earned back during 2009.  Initially, the operation will focus on
mining of the Ersmarksberget gold deposit.

The acquisition of Blaiken, together with the acquisition of
Pahtavaara earlier this year has transformed Lappland Goldminers
from an exploration company in to a producing mining company,
ahead of the time schedule.  With the transaction that Lappland
Goldminers has acquired assets that previous owner had booked at
a value of around SEK700 million.

The acquisition has been financed through a directed new share
issue of SEK26 million to a group of institutions.

Headquartered in Karlstad, Sweden, ScanMining AB --
http://www.scanmining.se/-- engages in mining and exploration
company seeking deposits and develop mining operations under own
management.  The company has three subsidiaries, a wholly owned
ScanMining Oy, a wholly owned Blaikengruvan AB (formerly
ScanDrill AB), and a 50%-owned Scanor Mining AB.


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


KLONDIKE EUROPE: Creditors Must File Proofs of Claim by Oct. 8
--------------------------------------------------------------
Creditors owed money by LLC Klondike Europe are requested to
file their proofs of claim by Oct. 8, 2008, to:

         Sonnhaldenstrasse 74
         6331 Hunenberg
         Switzerland

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


SEMGROUP LP: Wants to Hire Blackstone as Investment Banker
----------------------------------------------------------
The SemGroup, L.P., and its debtor-affiliates seeks the
authority of the U.S. Bankruptcy Court for the District of
Delaware to retain Blackstone Advisory Services L.P., as their
investment banker, nunc pro tunc to the bankruptcy filing.

According to the Debtors, Blackstone has diverse experience,
knowledge, recognized expertise, and reputation in the
restructuring field.  The Debtors employed Blackstone on July
14, 2008, to assist them in the evaluation of strategic
alternatives, and to serve as their financial adviser.

As investment banker, Blackstone will:

   (a) assist in the evaluation of the Debtors' businesses and
       prospects;

   (b) assist in the development of the Debtors' long-term
       business plan and related financial projections;

   (c) assist in the development of financial data and
       presentations to the Debtors' Board of Directors,
       creditors, and other third parties;

   (d) analyze the Debtors' financial liquidity and evaluate
       alternatives to improve such liquidity;

   (e) analyze various restructuring scenarios and the potential
       impact of these scenarios on the recoveries of those
       stakeholders impacted by the Restructuring;

   (f) provide strategic advice with regard to restructuring or
       refinancing the Debtors' obligations;

   (g) evaluate the Debtors' debt capacity and alternative
       capital structures;

   (h) participate in negotiations among the Debtors and their
       creditors, suppliers, lessors, and other interested
       parties;

   (i) value securities offered by the Debtors in connection
       with a restructuring;

   (j) advise the Debtors and negotiate with lenders with
       respect to potential waivers or amendments of various
       credit facilities;

   (k) assist in arranging debtor-in-possession financing for
       the Debtors;

   (l) provide expert witness testimony concerning any of the
       subjects encompassed by the other financial advisory
       services;

   (m) assist the Debtors in preparing marketing materials in
       conjunction with a possible transaction;

   (n) assist the Debtors in identifying potential buyers or
       parties-in-interest to a transaction and assist in the
       due diligence process;

   (o) assist and advise the Debtors concerning the terms,
       conditions and impact of any proposed transaction; and

   (p) provide such other advisory services as are customarily
       provided in connection with the analysis and negotiation
       of a restructuring or a transaction, as requested and
       mutually agreed.

Blackstone will be paid:

   * a US$350,000 monthly advisory fee, in cash;

   * a US$1,050,000 retainer, in cash;

   * a debt financing fee in the lesser amount of 1% of the face
     amount of any new debt financing raised, or US$3,000,000 in
     cash for any new debt financing;

   * an equity financing fee of 5.0% of the total amount of any
     new equity financing;

   * an additional US$20,000,000 restructuring fee, in cash; and

   * a transaction fee out of the gross proceeds of the
     transaction, calculated as 1.0% of the consideration, and
     credited against the restructuring fee.

The Debtors will also reimburse Blackstone of all reasonable
out-of-pocket expenses incurred during the engagement.

Steve Zelin, senior managing director at Blackstone, assured the
Court that his firm does not hold any interest adverse to the
Debtors, their estates, and their creditors.  Blackstone is a
"disinterested person" as that term is applied in Section
101(14) of the Bankruptcy Code.

                        About SemGroup L.P.

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

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

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

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

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


SEMGROUP LP: Owes More Than US$8 Million to Oil Vendors
-------------------------------------------------------
SemGroup L.P. are parties to prepetition oil and gas purchase
agreements with each of Mull Drilling Company and D.E.
Exploration, Inc.  The purchase agreements incorporates
"Conoco's Latest General Terms and Conditions," which provides
parameters for measurement and testing of the oil and gas.  The
Debtors remit payments for the purchased products on the 20th
day of the month following delivery.

Under the purchase agreement, if the Debtors make a late payment
or fail to make a payment, the Conoco terms and conditions
provide that the oil vendors may charge interest on the due
amount at a per annum rate.  The Concoco terms are controlled by
the laws of the state of Texas.  To assure payment, the Conoco
Terms allow the vendors to require an advance cash payment or a
satisfactory security, through a letter of credit that covers
all deliveries of crude oil.  Failure to do so allows the
vendors or the Debtors to terminate the agreement.

Gary F. Seitz, Esq., at Rawle & Henderson, LLP, in Wilmington,
Delaware, representing the vendors, related that payments for
the June delivery of oil and gas by the vendors were due on
July 20, 2008, but no payments from the Debtors were received.
He asserted that the Debtors are now in default under the
purchase agreement for failing to provide payment.

Mr. Seitz said the Debtors owe more than US$8,000,000 for oil
delivered by the vendors:

   Mull Drilling                  US$6,556,780
   D. E. Exploration                 2,200,048

Pursuant to Section 9.343 of the Texas Business & Commerce Code,
the vendors have perfected purchase money security interests in
the oil and gas production.  In the event that the delivered oil
and gas is sold to a second purchaser, the vendors have
continuing purchase money security interests in the resulting
proceeds, Mr. Seitz said.  He said he believes that the
delivered oil and gas is currently in the Debtors' possession,
or has been sold to a second purchaser.

Mr. Seitz told the U.S. Bankruptcy Court for the District of
Delaware that the vendors seek to initiate federal court actions
against the Debtors for the lack of adequate protection of
interest in the delivered oil and gas.

The vendors, accordingly, separately asked the Court to
terminate the automatic stay to recover the Delivered Oil and
Gas, and grant them adequate protection for those goods.

The vendors filed with the Court separate notices of claim
reclamation in the Debtors' chapter 11 cases.

                        About SemGroup L.P.

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

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

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

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

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


SEMGROUP LP: US$150MM "Secret" Loan from Hedge Funds Ominous
----------------------------------------------------------
A US$150 million loan provided by hedge funds Alerian Capital
Management LLC, of Dallas and Manchester Securities Corp. of New
York to SemGroup LP prior to the energy company's collapse could
emerge as a source of contention in SemGroup's bankruptcy
proceedings, Serena Ng and Annd Davis of The Wall Street Journal
report.

The hedge funds provided the US$150 million to help SemGroup met
margin calls on futures contracts and derivative trades prior to
the company's bankruptcy filing on July 22.  Under the
agreement, the hedge funds would get SemGroup's interest in
SemGroup Energy Partners LP (SGLP), a profitable affiliate, once
SemGroup defaults on the debt, which it did.

"Some of SemGroup's other lenders -- owed a total of more than
US$3 billion -- said they were unaware of the loan or not fully
informed of its terms," according to the report.

                        About SemGroup L.P.

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

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

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

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

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


UBS AG: Moody's Says No Rating Implications on 2Q 2008 Earnings
---------------------------------------------------------------
Moody's Investors Service reports that there are no rating
implications in response to UBS AG's second quarter 2008
earnings. The deposits and senior debt of UBS AG are rated Aa2,
and the bank's financial strength rating is B-.  The bank's
ratings were lowered on July 4, 2008, and the Q2 2008 results
are consistent with our expectations at the time of that rating
action.  The rating outlook remains stable.

UBS announced a net loss of CHF358 million in Q2 2008 (compared
to a net loss of CHF11.5 billion in Q108 and net profit of
CHF5.5 billion in Q207).  Earnings included writedowns and
losses of US$5.1 billion on risk positions, as well as a US$900
millon provision for a settlement related to auction rate
securities.  The losses were substantially offset by tax credits
of CHF3.8 billion.

The majority of the losses on risk positions are related to US
real-estate exposures: US subprime (US$0.9 billion), Alt-A
(US$0.7bn), US reference linked note program (US$0.5 billion),
and an additional Credit Value Adjustment for monoline
protection (US$2.9 billion).  The loss also includes write-downs
of US student loan asset-backed securities (US$0.5 billion) and
leveraged finance (US$0.2 billion).

With regards to the bank's troubled US real estate and related
structured credit position, Moody's believes that the current
marks taken by the bank are prudent and in line with the rating
agency's own estimate of current losses.  Although risk
exposures have been substantially reduced further in Q2 2008,
the possibility still remains that a further deterioration in
market conditions will lead to new write-downs over the course
of the year.  "But importantly, the bank has replenished capital
to a high level, and therefore we expect that potential further
write-downs can be absorbed by the bank without the need for
additional recapitalization," said Elisabeth Rudman, a Senior
Credit Officer at Moody's.  Moody's considers the current Aa2
rating could absorb further losses of up to around US$7 billion
before triggering downward rating pressure.  UBS could suffer
substantially higher losses and still maintain a Tier 1 capital
ratio above 8%, however Moody's considers high capital ratios to
be core to UBS' franchise.  The bank's Tier 1 ratio at the end
of Q208 was 11.6% (on a Basel 2 basis).

UBS continues to face challenges returning to a position of
stability following the losses in the fixed income division.  In
particular, Moody's considers a robust risk management framework
will be a vital factor for the bank's overall creditworthiness.
The bank has already initiated changes to senior management,
risk management, and corporate governance and has announced a
repositioning of the bank at the same time as these results.
This includes a reversal of the bank's integrated 'one firm'
business model, by separating the business divisions into three
autonomous units with the aim of increasing flexibility.
"However, we reiterate our position at the time of our rating
action in July, that it is not yet clear whether these changes
will be effective considering the complexity of the task," Mr.
Rudman said.

UBS is undertaking a strategic review of its investment banking
operations and the future of the bank's FICC (fixed income,
currencies and commodities) division is less clear.  The bank
remains a leading player in many areas, including advisory,
equity capital markets and equity sales and trading, but the
operating environment will remain tough for investment banking
activities for some time (the division reported a pre-tax loss
of CHF5.2 billion, compared to a pre-tax loss of CHF18.2 billion
in the previous quarter, and a pre-tax profit of CHF1.7 billion
in Q2 2007).

UBS's high profile difficulties have led to net new money
outflows of CHF43.8 billion during Q2 2008, including net new
money outflows of CHF19.3 billion in the Global Wealth
Management & Business Banking division.  This division reported
pre-tax profit of CHF1.1 billion, which included the impact of
the auction rate securities provision, and was down 48% on the
previous quarter.  "Despite the challenges influencing the
performance of this division, Moody's believes that it will
remain a core and profitable franchise within UBS", said Rudman.
UBS's Asset Management business continues to face performance
issues in some of its funds and net new money outflows were
CHF24.5 billion (however pre-tax profits were CHF352 million, up
7% on the previous quarter).  Moody's expects the bank to
continue to experience weaker net new money inflows in the
short-medium term due to the bank's reputation issues as well as
the potentially damaging tax investigations in the US.

UBS AG is headquartered in Zurich; as of June 30, 2008 it had
total assets of CHF2,078 billion and total equity of CHF52.3
billion.


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


YAPI VE KREDI: Fitch Lifts Individual Rating to 'C/D' from 'D'
--------------------------------------------------------------
Fitch Ratings has upgraded Yapi ve Kredi Bankasi A.S.'s
Individual rating to 'C/D' from 'D' and affirmed all other
ratings as:

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

  -- LT local currency IDR: affirmed at 'BBB-'

  -- Short-term FC IDR: affirmed at 'B'

  -- ST LC IDR: affirmed at 'F3'

  -- National LT rating: affirmed at 'AAA(tur)'

  -- Support Rating: affirmed at '3'

The Outlooks for the Long-term IDRs and the National Rating are
Stable.

The upgrade of the Individual rating reflects prospects for a
strengthened franchise and improved profitability, following
support from shareholders - Bank Austria Creditanstalt AG, a
subsidiary of Unicredito Italiano and Koc Holding - and the
implementation of a growth-driven strategy.  Supportive
strategic shareholders willing to inject new capital (TRY920
million in H208) plus the divestment of non-core assets will
boost capital ratios, which remain under pressure due to rapid
growth, volatilities and regulatory changes.

"YKB is coming out of a long period of depressed activity and a
lack of innovation.  A selective business approach should
maximise profits and tighter cost controls should help improve
profitability," says Janine Dow, Senior Director in Fitch's
Banks team.

UCI's risk management systems are fully implemented at YKB and
UCI appointees fill some key senior management positions.  After
years of stagnation due to capital constraints plus
merger/integration issues with Kocbank, YKB is now focused on
growth, notably in all retail segments plus SME lending, and on
improving profitability.  A dynamic branch opening strategy will
help boost deposit market share.  Operating profits are growing,
although the cost-to-income ratio (about 54%) remains higher
than the peer average (about 40%) and overall performance ratios
still lag behind peers.

Potential liquidity risks stemming from structural maturity mis-
matches are being addressed by increased longer-term funding,
supported by UCI guarantees, and a stable core retail deposit
base.  Interest rate risks are hedged with derivatives.

Like that of all leading Turkish banks, lending at YKB is
expanding rapidly.  Given the large inflow of healthy, new
loans, plus impaired loan disposals, asset quality indicators,
still weaker than the peer average, are improving.  However,
Fitch believes risk systems will have to be tested more fully
through the cycle, particularly given rising interest rates and
inflation in Turkey.

In Fitch's opinion, strategic shareholders have a high
propensity to support YKB; their ability might be constrained by
Turkey's 'BB' Country Ceiling.  The Support Rating is therefore
'3', reflecting a moderate probability of support.  The LTFC IDR
is constrained by the Country Ceiling and the LTLC IDR is rated
two notches higher than the Sovereign Rating ('BB') due to the
potential ultimate support from UCI.

Management's ability to sustain prudent growth will have to be
tested before a further upgrade of the Individual rating can be
considered.  Downside to the Individual rating is unlikely
unless a sustained economic crisis resulting in asset
deterioration occurs.

The IDRs, and National and Support ratings of YKB reflect its
80.2% ownership by Koc Financial Services, a 50-50 joint venture
between Bank Austria Creditanstalt AG (rated 'A'/Positive/F1), a
subsidiary of Unicredito Italiano (UCI, rated
'A+'/Positive/'F1') and Koc Holding.

YKB is Turkey's fifth-largest bank, controlling 8.97%, 10.17%
and 9.01%, respectively, of assets, loans and deposits at end-
2007.


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


ASKOLD LLC: Creditors Must File Proofs of Claim by August 24
------------------------------------------------------------
The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on July 7, 2008.
The case is docketed as B-50/92-08.

Creditors of LLC Askold (code EDRPOU 30513421) have until
Aug. 24, 2008, to submit proofs of claim to:

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

The Debtor can be reached at:

         LLC Askold
         50 years of VLKSM Ave. 54A
         Kharkov
         Ukraine


EUROTRADE LTD: Creditors Must File Proofs of Claim by Aug. 22
-------------------------------------------------------------
Creditors of LLC Eurotrade Ltd. (code EDRPOU 35179720) have
until Aug. 22, 2008, to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent on July 17, 2008.
The case is docketed as 7/83-08-1381.

The Debtor can be reached at:

         LLC Eurotrade Ltd.
         Tchapayev Lane 5A
         Odessa
         Ukraine


ITS-HOLDING LLC: Creditors Must File Proofs of Claim by Aug. 23
---------------------------------------------------------------
Creditors of LLC ITS-Holding (code EDRPOU 32489862) have until
Aug. 23, 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 7, 2008.
The case is docketed as 50/79.

The Debtor can be reached at:

         LLC ITS-Holding
         Grodnenskaya Str. 14
         02090 Kiev
         Ukraine


IZMAIL ELEVATOR: Proofs of Claim Filing Deadline Set August 22
--------------------------------------------------------------
Creditors of OJSC Izmail Elevator (code EDRPOU 00955319) have
until Aug. 22, 2008, to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy supervision
procedure on the company on April 25, 2008.  The case is
docketed as 24/31-08-1795.

The Debtor can be reached at:

         OJSC Izmail Elevator
         Sadovaya Str. 6
         Izmail
         68600 Odessa
         Ukraine


NAVIGATOR LLC: Proofs of Claim Filing Deadline Set August 23
------------------------------------------------------------
Creditors of LLC Agricultural Firm Navigator (code EDRPOU
30581177) have until Aug. 23, 2008, to submit proofs of claim
to:

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

The Economic Court of Zhytomir commenced bankruptcy supervision
procedure on the company on June 13, 2008.  The case is docketed
as 7/99-b.

The Debtor can be reached at:

         LLC Agricultural Firm Navigator
         Central Str. 7
         Zabelochye
         Radomyshl District
         12262 Zhytomir
         Ukraine


NIKA LLC: Creditors Must File Proofs of Claim by August 22
----------------------------------------------------------
Creditors of LLC Nika (code EDRPOU 23877208) have until
Aug. 22, 2008, to submit proofs of claim to:

         The Economic Court of Zaporozhje
         Shaumiana Str. 4
         69001 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on
July 7, 2008.  The case is docketed as 11-07/541-19/150/08.

The Debtor can be reached at:

         LLC Nika
         Apartment 187
         Stefanov Str. 44
         69068 Zaporozhje
         Ukraine


PAN ATLAS: Creditors Must File Proofs of Claim by August 22
-----------------------------------------------------------
Creditors of LLC Pan Atlas Service (code EDRPOU 32046947) have
until Aug. 22, 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 7, 2008.
The case is docketed as 50/42.

The Debtor can be reached at:

         LLC Pan Atlas Service
         Office 35
         Magnitogorskaya Str. 1
         02094 Kiev
         Ukraine


PANKOM-AUTO LLC: Creditors Must File Proofs of Claim by Aug. 23
---------------------------------------------------------------
The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent on July 17, 2008.
The case is docketed as 7/143-08-2519.

Creditors of LLC Pankom-Auto (code EDRPOU 30611101) have until
Aug. 23, 2008, to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         LLC Pankom-Auto
         Gretskaya Str. 44
         65026 Odessa
         Ukraine


PERESVIT LLC: Creditors Must File Proofs of Claim by August 22
--------------------------------------------------------------
Creditors of LLC Peresvit (code EDRPOU 32977091) have until
Aug. 22, 2008, to submit proofs of claim to:

         The Economic Court of Zaporozhje
         Shaumiana Str. 4
         69001 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on
July 7, 2008.  The case is docketed as 19/143/08.

The Debtor can be reached at:

         LLC Peresvit
         Pravda Str. 53
         69000 Zaporozhje
         Ukraine


SERVICE LLC: Proofs of Claim Filing Deadline Set August 22
----------------------------------------------------------
Creditors of LLC Service (code EDRPOU 20290164) have until
Aug. 22, 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
supervision procedure on the company on June 17, 2008.  The case
is docketed as B 29/105-08.

The Debtor can be reached at:

         LLC Service
         Kotsiubinsky Str. 12
         49000 Dnipropetrovsk
         Ukraine


YUST-7 LLC: Creditors Must File Proofs of Claim by Aug. 22
----------------------------------------------------------
Creditors of LLC Yust-7 (code EDRPOU 35151731) have until
Aug. 22, 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 14, 2008.
The case is docketed as 45/172b.

The Debtor can be reached at:

         LLC Yust-7
         Kuprin Str. 315
         83042 Donetsk
         Ukraine


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


ANTIX LABS: Brings in Joint Administrators from Grant Thornton
--------------------------------------------------------------
David Dunckley and Nigel Morrison of Grant Thornton U.K. LLP
were appointed joint administrators of Antix Labs Ltd. (Company
Number 06283062) on Aug. 6, 2008.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

The company can be reached at:

         Antix Labs Ltd.
         c/o Grant Thornton U.K. LLP
         Kennet House
         80 Kings Road
         Reading
         RG1 3BJ
         England


CAINS BREWERY: Administrators Need Two Weeks to Filter Buyers
-------------------------------------------------------------
Pricewaterhouse Coopers has received 50 queries on Cains
Brewery.  The administrators need up to two weeks to determine
the best buyers, Nigel Huddleston of offlicencenews.co.uk
reports.

A spokeswoman for PwC said: “There have been around 50
expressions of interest but that’s quite different to a specific
offer to buy the brewery.  It’s now a question of going through
them all to sift out the ones that are serious and that process
will take a couple of weeks. For the time being, it’s business
as usual. Suppliers, employees and customers have been
supportive.”

Based in Liverpool, England, Cains Brewery run into heavy debts
after incurring a GBP4.5 million in losses.  The company is now
under administration with Pricewaterhouse Coopers as
administrators.


COUNTYROUTE: S&P Puts GBP5.5MM Loan's BB Rating on WatchNegative
----------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'BBB' debt
rating on the GBP88 million senior secured bank loan and its
'BB' debt rating on the GBP5.5 million subordinated secured
mezzanine bank loan both due 2024 issued by U.K.-based
concessionaire CountyRoute (A130) PLC (ProjectCo) on CreditWatch
with negative implications.

"The CreditWatch placement follows our expectation that the
project's major maintenance costs are likely to increase
significantly compared with previous estimates, although the
exact amount is unknown," said S&P's credit analyst Beata
Sperling-Tyler.

The additional expenditure will be required to provide some
structural strengthening to the road's pavement, and thus to
improve the expected residual life of substantial sections of
the road, which otherwise would be unlikely to meet the hand-
back requirements in the concession agreement.  The road is
undergoing further surveys, including physical investigations,
which are expected to provide a reliable indication of the
nature, cost, and timing of the maintenance work required.  S&P
expects the surveys' results to be available in late October
2008.

CountyRoute is a special-purpose, bankruptcy-remote entity
wholly owned by John Laing Infrastructure Ltd.  Under a 30-year
concession granted by Essex County Council in 1999, CountyRoute
operates the A130, a 15-kilometer road from Chelmsford to
Basildon in south-eastern England.  The road's construction
was completed in 2003.  The present financing was executed in
2004 to refinance the original debt package after the actual
traffic usage was 25% lower than the original forecast.

The likely increase in the major maintenance expenditure would
result in a weakening of the project's financial profile, in
particular through a deterioration of the senior annual debt
service coverage ratio (ADSCR) from the levels of a minimum of
1.20x and an average of 1.29x and of the total ADSCR from a
minimum of 1.10x and an average of 1.15x, expected at the
financial close.  However, the potential effect on the project's
financial profile is uncertain until greater clarity is received
on the likely additional maintenance costs and any remedial
action that ProjectCo takes to mitigate them.  In addition, the
effect of the likely increased maintenance spending may be
further mitigated by a claim for latent defects on the original
design and construction contractor, although this may take
several years to resolve.

The ratings reflect the exposure of half of the project's
revenue to traffic risk through a shadow toll payment mechanism;
the uncertainty related to the risk that the actual major
maintenance costs over the 30-year concession period may exceed
those forecast at the financial close; and the aggressive
financial structure, demonstrated by the relatively low ADSCRs
for an investment-grade rating.  However, the ratings also
reflect the better-than-expected traffic performance since 2004;
the successful operation of the road to date, with no penalty
points and unavailability deductions; and the positive
relationship with the council as offtaker.

S&P will resolve the CreditWatch once it has received
clarification on the potential liability that ProjectCo could
face and how this would be financed.  S&P expects to discuss the
future maintenance costs and the effect of the project's
financial profile with the lender's technical adviser, Capita
Symonds, and ProjectCo in the next two to three months.

The magnitude of any rating action on the senior and mezzanine
debt ratings may vary and may not be limited to one notch,
depending on the extent of the financial risk profile change
attributable to each of the loans.


ENDEAVORS PLC: Brings in Joint Administrators from KPMG
-------------------------------------------------------
The directors of Endeavors plc appointed Richard Dixon Fleming
and Mark Granville Firmin of KPMG LLP as joint administrators of
the company.

The company acting by the joint administrators has entered into
a sale agreement to sell the business and assets of the company
that include the company's trading subsidiaries, Endeavors
Technologies Inc. and Stream Theory Inc., to a newly
incorporated company Acresail Limited.

There is no prospect of the company's shareholders receiving a
dividend from the administration.

On July 15, 2008 the company announced it could not complete a
fundraising and the suspension of the company's ordinary shares.
On July 18, 2008 the company announced it had insufficient
working capital to be admitted to AIM and that the ordinary
shares would not be cancelled from the Official List.  On
July 31, 2008 the company announced the filing of a notice of
intention to appoint administrators.

Endeavors -- http://www.endeavors.com/-- supplies application
virtualization and streaming technology.


ENRON CORP: Distributes US$6MM to Claims Holders in 2Q 2008
-----------------------------------------------------------
Enron Creditors Recovery Corp., formerly Enron Corp., and its
affiliated reorganized debtor entities delivered to the U.S.
Bankruptcy Court for the Southern District of New York their
Fifteenth Post-Confirmation Status Report.

A. Distributions

John S. Delnero, Esq., at Bell, Boyd & Lloyd LLP, in Chicago,
Illinois, informed the Court that between April 2 and June 30,
2008, the Reorganized Debtors made cash distributions of
approximately US$6,037,000,000 to holders of Allowed Claims,
with a substantial portion allocated for holders of Allowed
Administrative, Priority, Secured, General Unsecured, Guaranty
and Convenience Claims.  The distributions included
approximately:

   -- US$5,567,000,000 of Cash distributions,

   -- US$319,000,000 of Portland General Electric Common Stock
      equivalents, and

   -- US$151,000,000 in interest, dividends and gains from the
      sale of PGE Common Stock.

The Reorganized Debtors have distributed an aggregate of
US$20,673,000,000 in cash and PGE Common Stock equivalents to
holders of Allowed Claims, including US$233,000,000 of interest,
capital gains and dividends.  About US$613,000,000 in cash and
cash equivalents of PGE Common Stock are held in the Disputed
Claims Reserve, including US$87,000,000 of accrued interest,
capital gains and dividends.

B. Claims Resolution Process

In the second quarter of 2008, about 19 claims have been
disallowed, 45 have been ordered allowed, and 29 were withdrawn.
Of the 25,000 claims filed against the Debtors, 4,357 have been
allowed, 2,261 have been allowed as filed, and 17 remain
unresolved.  The remaining filed claims have been expunged,
withdrawn, subordinated, or otherwise resolved.

The remaining unresolved claims have a reserve base of
approximately US$284,300,000,000, comprised of:

   -- US$77,500,000 for four pending Administrative Claims; and

   -- US$206,800,000,000 for 13 pending General Unsecured,
      Guaranty and Convenience Claims.

The 13 pending General Unsecured, Guaranty and Convenience Class
Claims consist of US$200,000,000 relating to three claims in
connection with unresolved aspects of certain structured
financing transactions, and US$6,800,000 relating to 10 Schedule
S claims, which are pending presentment of ownership
certificates.

C. Citigroup Settlement

The Reorganized Debtors entered into a Global Settlement
Agreement, dated April 4, 2008, with Citigroup and several of
its affiliates, to resolve the MegaClaim Litigation.

The Global Settlement Agreement, among other things, provides
that Citigroup will pay US$1,660,000,000, to Enron.  The
settlement also provides for the expungement or subordination of
approximately US$249,400,000, in claims, as well as indemnity
claims with a US$4,000,000,000 reserve.

Mr. Delnero said that claims held by the six Yosemite/CLN Trusts
against Enron North America and a guaranty claim against Enron
have been allowed for US$2,413,800,000.  Additional claims of
US$28,600,000 held by the six Yosemite/CLN Trusts against Enron
have been allowed.

The Global Settlement Agreement also released US$1,700,000,000
of cash held in the DCR.  The cash settlement and the impact of
the release of reserves under the Settlement Agreement was
included in the special distribution in June 2008.

D. Section 10.1 Notice

Mr. Delnero said that Section 10.1 of the confirmed Plan of
Reorganization provides that 20% of the recoveries from the
Litigation Trust Claims and the Special Litigation Trust Claims
that would be distributed to holders of Allowed Enron Guaranty
Claims will be reallocated to holders of Allowed General
Unsecured Claims against the primary obligor Debtors
corresponding to the Allowed Enron Guaranty Claims.

The 20% Holdback has been held in reserve in the DCR pending the
Holdback's reallocation and its current reserve is
US$143,000,000.

On July 2, 2008, Enron filed the  Notice of Publication of
Claims Analysis with Respect to Section 10.1 of the Plan and
Reallocation of 20% of Litigation Trust Claim and Special
Litigation Trust Claim Recoveries.

Mr. Delnero related that the 10.1 Notice describes the method
used by Enron to allocate the 20% Holdback currently reserved
and the process used to identify the beneficiaries of the 20%
Holdback.

In addition, the exhibits under the 10.1 Notice lists, among
other things, the Debtors that are beneficiaries of the 20%
Holdback and the amount currently reserved for each, and the
claims that will share in the 20% Holdback and the respective
amounts of the claims.

E. Other Activities

Mr. Delnero stated that Enron continue to oversee various final
wind-up activities, including:

  (a) Document Administration and Disposal -- Approximately
      104,000 boxes of documents have been approved for disposal
      with 132,000 boxes remaining.  The Debtors' request to
      amend the prior Document Disposal Procedures has been
      approved by the Court;

  (b) Dissolution of Corporate Entities -- There are 105
      remaining entities, including 96 Debtors, seven non-
      Debtors, and two Post Final-Distribution Trusts;

  (c) Tax Issues -- Tax returns are being prepared and filed for
      all remaining entities;

  (d) Resolution of Outstanding Litigation -- There are 42
      remaining pending in Enron's Chapter 11 cases; and

  (e) Miscellaneous -- Enron is currently disposing of remaining
      assets, settling insurance claims, resolving Enron's
      captive insurance subsidiary, and auditing and winding up
      its terminated benefit plans.

Mr. Delnero noted that Enron continues to perform the necessary
accounting, control and reporting work required to maximize
timely distributions to creditors and the accounting and
reporting associated with the amount remaining in the DCR, which
aggregates US$613,000,000.

Since December 31, 2006, Enron's workforce has been reduced from
274 to its current level of 33 employees.  The duties and
responsibilities of Enron's remaining employees include:

  (a) supporting litigation;

  (b) handing accounting, tax, cash management and reporting for
      the 105 remaining Enron entities;

  (c) calculating and controlling creditor distributions;

  (d) performing claims management and controlling over the DCR;

  (e) completing disposition of remaining assets; and

  (f) overseeing windup of employee matters and benefit plans
      and overseeing IT and corporate services providers and
      non-litigation matters.

                        About Enron Corp.

Based in Houston, Texas, Enron Corporation filed for chapter 11
protection on Dec. 2, 2001 (Bankr. S.D.N.Y. Case No. 01-16033)
following controversy over accounting procedures, which caused
Enron's stock price and credit rating to drop sharply.

Albert Togut, Esq., at Togut Segal & Segal LLP, Brian S. Rosen,
Esq., Martin Soslan, Esq., Melanie Gray, Esq., Michael P.
Kessler, Esq., Sylvia Ann Mayer, Esq., at Weil, Gotshal & Manges
LLP, Frederick W.H. Carter, Esq., Michael Schatzow, Esq., Robert
L. Wilkins, Esq., at Venable, Baetjer and Howard, LLP, and Mark
C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft, LLP,
represent the Debtors.  Jeffrey K. Milton, Esq., Luc A. Despins,
Esq., Matthew Scott Barr, Esq., and Paul D. Malek, Esq., at
Milbank, Tweed, Hadley & McCloy LLP represent the Official
Committee of Unsecured Creditors.

The Debtors filed their Chapter Plan and Disclosure Statement on
July 11, 2003.  On Jan. 9, 2004, they filed their fifth Amended
Plan and on the same day the Court approved the adequacy of the
Disclosure Statement.  On July 15, 2004, the Court confirmed the
Debtors' Modified Fifth Amended Plan and that plan was declared
effective on Nov. 17, 2004.  (Enron Bankruptcy News, Issue No.
211; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


ENRON: Ex-Officer Settles Insider-Trading Charges for US$31.5MM
---------------------------------------------------------------
Enron Energy Services' former chairman and chief executive
officer, Lou L. Pai, agreed to settle the U.S. Securities and
Exchange Commission's insider-trading charges for US$31,500,000.

Without admitting or denying the SEC's allegations, Mr. Pai, a
former SEC economist, agreed to pay US$30,000,000 in
disgorgement and prejudgment interest, including a US$6,000,000
offset based on his prior waiver of insurance coverage for the
benefit of Enron investors, plus a US$1,500,000 penalty.  The
Wall Street Journal said the settlement amounts from Mr. Pai
will be added to an SEC fund for the benefit of harmed Enron
investors.

The SEC, in formal complaint filed with the U.S. District Court
for the Southern District of Texas, alleges that between May 18
and June 7, 2001, Mr. Pai sold 338,897 shares of Enron stock and
exercised stock options that resulted in the sale of 572,818
shares to the open market.  The sales occurred after Mr. Pai
moved to head another division and before he resigned from Enron
in 2001, the Financial Times said.

According to the SEC, before making the sales, Mr. Pai received
material non-public information from EES successor management
concerning certain financial and operational problems and
substantial contract-related losses at EES.  The SEC alleged
that had Enron reported EES' contract-related losses in its
Retail Energy Services segment, that segment would have shown a
quarterly loss of at least US$60,000,000, rather than a profit
of US$40,000,000as falsely reported in Enron's Form 10-Q for the
first quarter of 2001.

The SEC further alleges that Mr. Pai avoided substantial losses
from these sales when the price of Enron stock collapsed in the
fall of 2001.  Enron's stock price averaged approximately
US$53.78 per share during the time of Mr. Pai's sales, but
closed at US$0.40 on Dec. 3, 2001 -- the day after Enron filed
for Chapter 11 bankruptcy protection.  By selling his Enron
stock in May and June 2001 before the collapse of Enron's share
price, Mr. Pai avoided millions of dollars of losses, the SEC
said.

Aside from the monetary payments, Mr. Pai also agreed to a five-
year bar from serving as officer or director of a public
company.

Linda Chatman Thomsen, Director of the SEC's Division of
Enforcement, said in a press release, "The Commission has never
relented in pursuing fraud committed by Enron's executives, and
I am pleased that [the] settlement will add another $25.5
million to the Enron Fair Fund for the benefit of injured
investors."

Fredric D. Firestone, Associate Director of the SEC's Division
of Enforcement, added, "Today's settlement represents one of the
largest financial settlements with an individual for insider
trading in the history of the SEC's enforcement program.  The
Commission will continue to hold senior executives and corporate
insiders accountable for illegally trading on the basis of
material nonpublic information."

"More than seven years after the sale of his stock, Mr. Pai is
pleased to conclude his negotiations with the SEC in a
settlement that involves no admission of wrongdoing," Mr. Pai's
counsel, Roger Zuckerman, Esq., told the Journal.

                        About Enron Corp.

Based in Houston, Texas, Enron Corporation filed for chapter 11
protection on Dec. 2, 2001 (Bankr. S.D.N.Y. Case No. 01-16033)
following controversy over accounting procedures, which caused
Enron's stock price and credit rating to drop sharply.

Albert Togut, Esq., at Togut Segal & Segal LLP, Brian S. Rosen,
Esq., Martin Soslan, Esq., Melanie Gray, Esq., Michael P.
Kessler, Esq., Sylvia Ann Mayer, Esq., at Weil, Gotshal & Manges
LLP, Frederick W.H. Carter, Esq., Michael Schatzow, Esq., Robert
L. Wilkins, Esq., at Venable, Baetjer and Howard, LLP, and Mark
C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft, LLP,
represent the Debtors.  Jeffrey K. Milton, Esq., Luc A. Despins,
Esq., Matthew Scott Barr, Esq., and Paul D. Malek, Esq., at
Milbank, Tweed, Hadley & McCloy LLP represent the Official
Committee of Unsecured Creditors.

The Debtors filed their Chapter Plan and Disclosure Statement on
July 11, 2003.  On Jan. 9, 2004, they filed their fifth Amended
Plan and on the same day the Court approved the adequacy of the
Disclosure Statement.  On July 15, 2004, the Court confirmed the
Debtors' Modified Fifth Amended Plan and that plan was declared
effective on Nov. 17, 2004.  (Enron Bankruptcy News, Issue No.
211; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


QUEBECOR WORLD: Names Jeremy Roberts as Chief Financial Officer
---------------------------------------------------------------
Quebecor World Inc. appointed Jeremy Roberts as chief financial
officer of the company.  Mr. Roberts was previously senior vice
president, corporate finance and treasurer.

"[Mr. Roberts'] strong financial background combined with his
extensive knowledge of our company and our industry make him an
excellent choice for this position.  During the last several
months, [Mr. Roberts] has worked extensively with our various
stakeholders.  His experience and ability to build constructive
relationships will help the process to exit creditor protection
as quickly as possible as a strong player in our industry,"
commented Jacques Mallette, President and CEO, Quebecor World
Inc.

Mr. Roberts is assuming the position of CFO from Mr. Mallette
who was appointed president and CEO of Quebecor World on Dec.
17, 2007.  Mr. Roberts has worked at Quebecor World since 1997
and has held a series of increasingly more responsible positions
in corporate finance, treasury and investor relations.  Prior to
joining Quebecor World, he was Assistant Treasurer at Bell
Canada, where he spent 10 years in corporate finance and
treasury.  Mr. Roberts is a Chartered Financial Analyst and
holds an M.B.A. and a B.A. in Economics from the University of
Western Ontario.

Roland Ribotti, currently Quebecor World's Vice President,
Investor Relations and Assistant Treasurer, is appointed Vice
President, Corporate Finance and Treasurer.

                       About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.

The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The Debtors have until Sept. 30, 2008, to file a plan of
reorganization in the chapter 11 case.  The Debtors' CCAA stay
has been extended to Sept. 30, 2008.  (Quebecor World Bankruptcy
News, Issue No. 23; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


QUEBECOR WORLD: Signs US$45MM Printing Deal with Canada Wide
-------------------------------------------------------------
Quebecor World Inc. has reached a new 7-year agreement valued
at approximately US$45 million with Canada Wide Media Ltd. to
print Magazines and Periodicals for the Vancouver-based
publisher.  The agreement includes renewal work on titles such
as BC Business, Westworld Publications, BC Home, Alberta Home,
Gardenwise and Granville Magazine.

"Quebecor World's dedication to quality and service was a key
contributing factor in partnering with them for another 7
years", said Peter Legge, Chairman and CEO Canada Wide Media.
"Our business was built on print over 30 years ago and this
partnership renewal with Quebecor World shows our commitment to
the importance of printed media in the Canadian marketplace.  We
look forward to working with Quebecor World as we actively
pursue our growth objectives over the next 7 years".

"We are pleased to extend our long term partnership with Canada
Wide Media" said Jacques Mallette, President and CEO of Quebecor
World Inc.

"Our ability to provide an unparalleled service approach allows
us to deliver the value and quality an independent industry
publishing leader such as Canada Wide Media Ltd demands" said
Antonio Galasso, President of Quebecor World Canada.

Quebecor World's Canadian division is one of the leading
magazine print and related service providers in Canada.  The
company provides complete premedia, print, distribution and
mailing services across the country for publishers in the
consumer, B2B, Association, City and Regional Magazine markets.

                 About Canada Wide Media Limited

Canada Wide Media Limited (CWM) is one of the largest
Independent Publishers in Canada producing a diverse range of
media services and products, ranging from high-end printed
publications to the latest in digital media.  The company
produces self owned publications as well as produces contract
publications for leading companies that inform, entertain and
inspire people of all ages and cultures around the world.  CWM's
corporate headquarters are located in Burnaby, British Columbia.

                       About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.

The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The Debtors have until Sept. 30, 2008, to file a plan of
reorganization in the chapter 11 case.  The Debtors' CCAA stay
has been extended to Sept. 30, 2008.  (Quebecor World Bankruptcy
News, Issue No. 23; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


RODNEYS SPORTS: Calls in Joint Administrators from Vantis
---------------------------------------------------------
Nicholas Hugh O'Reilly and Geoffrey Paul Rowley of Vantis
Business Recovery Services were appointed joint administrators
of Rodneys Sports Bar Ltd. (Company Number 05135781) on July 28,
2008.

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.

The company can be reached at:

         Rodneys Sports Bar Ltd.
         c/o Vantis Business Recovery Services
         PO Box 2653
         66 Wigmore Street
         London
         W1A 3RT
         England


SAFE AND SOUND: Leslie Ross Leads Liquidation Procedure
-------------------------------------------------------
Leslie Ross of Grant Thornton U.K. LLP was appointed liquidator
of Safe and Sound Care Ltd. on July 24, 2008, for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Safe and Sound Care Ltd.
         c/o Grant Thornton U.K. LLP
         4 Hardman Square
         Spinningfields
         Manchester
         M3 3EB
         England


SOUTHERN BRICK: Appoints Joint Administrators from Vantis
---------------------------------------------------------
Geoffrey Paul Rowley and Simon Elliott Glyn of Vantis Business
Recovery Services were appointed joint administrators of
Southern Brick Building Supplies Ltd. on Aug. 6, 2008.

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.

The company can be reached at:

         Southern Brick Building Supplies Ltd.
         c/o Vantis Business Recovery Services
         PO Box 2653
         66 Wigmore Street
         London
         W1A 3RT
         England


SUPERHIRE LIMITED: MCR Announces Sale to Chase55 Limited
--------------------------------------------------------
Joint Administrators from MCR have completed the sale of
Superhire Limited to Chase55 Limited on Aug. 8 2008, onrec.com
reports.

Mr. Andrew Stoneman of MCR said, "We are extremely pleased with
the sale of Superhire Limited to Chase55 Limited, which is
backed by a group of private investors, and particularly with
the fact that we have been able to preserve all jobs despite the
difficult economic climate that prop hire companies are
currently experiencing."

Superhire Limited and its non-trading parent company, Space
Superhire Limited, were placed into administration on June 11,
2008.


TAKE2 FOOTWEAR: Taps Tenon Recovery to Administer Assets
--------------------------------------------------------
Christopher Ratten and Jeremy Woodside of Tenon Recovery were
appointed joint administrators of Take2 Footwear Ltd. (Company
Number 05016639) on Aug. 7, 2008.

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

The company can be reached at:

         Take2 Footwear Ltd.
         Grove House
         227-233 London Road
         Hazel Grove
         Stockport
         Cheshire
         SK7 4HS
         England


TITAN EUROPE: Fitch Holds 'BB' Rating on EUR11.8MM Class F Notes
----------------------------------------------------------------
Fitch Ratings has affirmed Titan Europe 2006-5 Plc's commercial
mortgage-backed notes due 2016 as:

  -- EUR298.83 million Class A1 (XS0277721618) at 'AAA',
     Outlook Stable

  -- EUR0.005 million Class X (XS0277735758) at 'AAA'
     Outlook Stable

  -- EUR108.96 million Class A2 (XS0277725361) at 'AAA'
     Outlook Stable

  -- EUR60.05 million Class A3 (XS0277726500) at 'AAA'
     Outlook Stable

  -- EUR55.12 million Class B (XS0277728381) at 'AA'
     Outlook Stable

  -- EUR41.72 million Class C (XS0277729439) at 'A'
     Outlook Stable

  -- EUR35.9 million Class D (XS0277732144) at 'BBB'
     Outlook Stable

  -- EUR4.85 million Class E (XS0277733548) at 'BBB-'
     Outlook Stable

  -- EUR11.88 million Class F (XS0277734199) at 'BB'
     Outlook Stable

The rating action follows a satisfactory review of the
transaction, which now consists of five whole commercial loans
and the senior tranches of two whole loans following the
repurchase of the Hotel Balneario Blancafort Loan (EUR40.2
million) by Credit Suisse International on Oct. 17, 2007 due to
a material breach of relevant representation.

The pool has an aggregate securitized loan balance of
EUR 617.3 million and a total market value of EUR913.6 million.
The loans are secured by first-ranking mortgages over 47
properties, including multifamily, hotel, mixed-use, retail,
office and warehouse assets located across Germany.  Total net
passing rent has increased slightly across the portfolio to
EUR50.7 million in Q208 from EUR49.9 at closing resulting in a
higher weighted average whole loan debt service coverage ratio
of 1.36x.

The DIVA loan is the largest loan (39% of the pool) and secured
by 14 multifamily assets predominantly located in eastern
Germany and Berlin.  Rental income from the Adlon, Carat Park,
Monzanova and Hilite loans is either entirely or substantially
derived from a single tenant.  Fitch is not aware of any
material change in the credit quality of these tenants.

Despite falling commercial property values across some European
markets the remaining loans' securitized exit debt yields of
between 8.4% and 17.4% provide sufficient comfort against
balloon risk.  The lower whole loan EDYs of the Diva (7.3%) and
Quartier (6.1%) loans (both of which have B notes not
securitized in this transaction) are somewhat mitigated by the
granularity of the Diva portfolio and the quality and location
of the Quartier Shopping Centre in Berlin.  The loans mature in
2016, with the exception of the ABC retail portfolio maturing in
2015.


VALENCE TECH: June 30 Balance Sheet Upside-Down by US$68 Million
----------------------------------------------------------------
Valence Technology, Inc. reported financial results for its
fiscal 2009 first quarter ended June 30, 2008.

At June 30, 2008, the company's balance sheet showed total
assets of US$36.7 million and total liabilities of US$105.1
million, resulting in a US$68.3 million stockholders' deficit.

The company reported a net loss of US$5.5 million for the
quarter ended June 30, 2008, compared to a net loss of US$4.3
million for the same period last year.

For the first quarter of fiscal 2009, the company reported total
revenue of US$11.0 million compared to US$4.1 million for the
same period last year.  The increased revenue was mainly due to
increased volumes of Segway product sales as well as new
shipments of large-format energy storage solutions to The
Tanfield Group PLC's Smith Electric Vehicle division.

"I am very pleased that during the first quarter we produced and
shipped more energy storage packs than any other period in our
company’s history," Robert L. Kanode, president and chief
executive officer of Valence Technology, said.  "The steps we
have taken over the last few quarters to begin establishing the
appropriate infrastructure for the continued future growth of
our company are gaining traction.  We are very encouraged with
the growing level of interest in our energy storage solutions
and vast portfolio of intellectual property as clearly the
marketplace is beginning to better understand the advantages of
our safe lithium ion phosphate technology."

Gross margin declined to a negative US$26,000 compared to a
positive US$525,000 last year.  The recent quarter included
inventory adjustments which increased cost of sales and reduced
gross margin.  This included a US$1.5 million adjustment related
to the previously announced plans to discontinue the N-Charge
product line and focus on higher margin large-format energy
solutions.

Overall operating expenses rose to US$4.6 million from US$3.5
million in last year's quarter.  Reasons for the higher expense
levels include increased marketing, research, and product
development costs.

                    About Valence Technology Inc.

Valence Technology Inc. (NASDAQ:VLNC) -- http://www.valence.com/
-- develops and markets the industry's  commercially available,
safe, large-format family of lithium phosphate rechargeable
batteries.  Valence holds a worldwide portfolio of issued and
pending patents relating to its lithium phosphate rechargeable
batteries.  The company has facilities in Austin, Texas; Las
Vegas, Nevada; Mallusk, Northern Ireland and Suzhou, China.


WYVERN ACCESSORIES: Calls in Liquidators from BDO Stoy Hayward
--------------------------------------------------------------
Simon Edward Jex Girling and Graham David Randall of BDO Stoy
Hayward LLP were appointed joint liquidators of Wyvern
Accessories Ltd. on July 31, 2008, for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Wyvern Accessories Ltd.
         c/o BDO Stoy Hayward LLP
         One Victoria Street
         Bristol
         BS1 6AA
         England


* BOND PRICING: For the Week Aug. 11 to Aug. 15, 2008
-----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CAD      66.00
                          0.250    10/14/26     CAD      40.56
Immofinanz Immobilien     2.750    01/20/14     EUR      68.86
Republic of Austria       1.000    06/22/22     EUR      71.31

BELGIUM

Fortis Bank               8.750    12/07/10     EUR      56.01

FINLAND
-------
M-Real Serla              7.250    04/01/13     EUR      66.61
Muni Finance PLC          0.500    04/26/13     AUD      74.49
                          1.000    10/30/17     AUD      62.16
                          1.000    02/27/18     AUD      61.27
                          1.000    11/21/16     NZD      62.71
                          0.250    06/28/40     CAD      21.33
                          0.500    09/24/20     CAD      62.64

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      14.82
Altran Technologies S.A.  3.750    01/01/09     EUR      12.67
Calyon                    6.000    06/18/47     EUR      47.68
CAP Gemini S.A.           2.500    01/01/10     EUR      53.84
                          1.000    01/01/12     EUR      47.61
Club Mediterranee S.A.    3.000    11/01/08     EUR      67.23
                          4.380    11/01/10     EUR      46.10
Essilor Intl              1.500    07/02/10     EUR      69.36
Europcar Groupe           8.130    05/15/14     EUR      64.92
                          8.130    05/15/14     EUR      64.78
FCC Rome Alliance
Funding                   2.260    01/08/21     EUR      71.14
Groupe Vial               2.500    01/01/14     EUR      30.76
Havas S.A.                4.000    01/01/09     EUR      10.87
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR       0.25
Maurel & Prom             3.500    01/01/10     EUR      21.11
Publicis Group            1.000    01/18/18     EUR      41.66
Rhodia S.A.               0.500    01/01/14     EUR      35.32
Scor S.A.                 4.125    01/01/10     EUR       2.09
Soc Air France            2.750    04/01/20     EUR      21.94
St Gobain                 5.630    11/15/24     GBP      78.51
Tereos Europe             6.380    04/15/14     EUR      73.75
Theolia S.A.              2.000    01/01/14     EUR      19.27
Valeo                     2.380    01/01/11     EUR      42.61
Wavecom S.A.              1.750    01/01/14     EUR      18.01
Wendel Invest S.A.        2.000    06/19/09     EUR      44.43
                          4.380    08/09/17     EUR      66.97
                          4.880    09/21/15     EUR      75.53
                          4.880    11/04/14     EUR      76.78
                          4.880    05/26/16     EUR      87.48
Zlomrex Int Fin           8.500    02/01/14     EUR      69.75
                          8.500    02/01/14     EUR      69.88

GERMANY
-------
Callahan NRH             16.000    07/15/10     US$       0.01
Deutsche Schifbk          4.200    01/23/09     EUR      99.60
IKB Deutsche
   Industriebank AG       4.500    07/09/13     EUR      73.00
KfW Bankengruppe          0.500    10/30/13     AUD      72.35
                          2.800    08/10/30     EUR      67.12
                          0.500    12/19/17     EUR      69.27
                          1.250    05/23/20     EUR      74.93
                          1.250    07/29/20     EUR      73.09
                          1.250    07/21/25     EUR      68.30
                          1.250    07/07/20     EUR      73.64
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      45.14
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      61.36
Solon AG Solar            1.380    12/06/12     EUR      74.21


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

ICELAND
-------
Glitnir Banki HF          6.000    03/05/12     GBP      75.19

Kaupthing Bank            6.500    02/03/45     EUR      41.75
                          7.130    05/19/16     US$      68.96
                          7.130    05/19/16     US$     107.28
                          6.130    10/04/16     US$      71.10
Landsbanki Islands HF     6.100    08/25/11     US$      88.02
                          6.100    08/25/11     US$     103.61

IRELAND
-------
Banesto Finance Plc       6.120    11/07/37     EUR       6.12
Depfa ACS Bank            0.500    03/03/25     CDN      49.53
                          0.250    07/08/33     CDN      29.08
Irish Nationwide
  Building Society        5.500    01/10/18     GBP      67.65
Irish Perm Plc            2.500    02/15/35     EUR      49.75
Ono Finance II            8.000    05/16/14     EUR      67.88

ITALY
-----
Alitalia SPA              7.500    07/22/10     EUR      64.91
Risanamento S.p.A.        1.000    05/10/14     EUR      37.86
Telecom Italia            5.250    03/17/55     EUR      72.14

LUXEMBOURG
----------
Beverage Pack             9.500    06/15/17     EUR      79.50
Global Yatirim Holding    9.250    07/31/12     US$      74.42
Globus Capital Finance SA 8.500    03/05/12     US$      73.92
IT Holding Fin            9.880    11/15/12     EUR      62.55
Kloeckner Fin. Intl       1.500    07/27/12     EUR      72.49
Lighthouse International  8.000    04/30/14     EUR      74.26
Nell AF S.A.              8.380    08/15/15     EUR      62.40
                          8.380    08/15/15     US$      62.81
Safilo Cap Intl           9.630    05/15/13     EUR      77.63

NETHERLANDS
-----------
ABN Amo Bank B.V.         6.000    03/16/35     EUR      64.13
Air Berlin Finance B.V.   1.500    04/11/27     EUR      28.58
ALB Finance BV            9.250    09/25/13     US$      72.13
                          7.880    02/01/12     EUR      71.10
BK Ned Gemeenten          0.500    06/27/18     CDN      67.52
                          0.500    02/24/25     CDN      49.57
BLT Finance BV            7.500    05/15/14     US$      70.90
DAF BV                    6.750    06/15/10     EUR       3.06
Elec De Car Fin         8.500    04/10/18     US$      73.01
EM.TV Finance B.V.        5.250    05/08/13     EUR       3.89
Hypo Real ES Finance      5.500    08/20/08     EUR      39.17
Indah Kiat Intl          11.880    06/15/02     US$      53.00
IVG Finance B.V.          1.750    03/29/17     EUR      55.53
Kazkommerts Fin           8.500    06/13/17     US$      71.32
                          8.630    07/27/16     US$      74.63
Kazkommerts Intl          8.000    11/03/15     US$      72.49
                          6.880    02/13/17     EUR      70.46
                          7.500    11/29/16     US$      71.08
KBC Ifima NV              5.880    02/07/25     US$      72.54
Lehman Bros TSY B.V.      2.000    03/18/15     EUR      68.08
                          4.170    02/16/17     EUR      67.08
                          6.000    02/15/35     EUR      51.95
                          2.000    03/16/35     EUR      40.69
                          7.000    05/17/35     EUR      41.75
                          6.000    11/02/35     EUR      40.56
                          2.000    02/16/15     EUR      79.65
Montell Finance B.V.      8.100    03/15/27     US$      58.18
Natl Invester Bank       25.982    05/07/29     EUR      31.71
Ned Waterschapbk          6.000    06/01/35     EUR      61.33
                          6.500    08/15/35     EUR      53.93
                          6.000    06/30/45     EUR      57.05
NXP BV/NXP FUNDI          8.630    10/15/15     EUR      60.33
                          9.500    10/15/15     US$      66.00
                          8.630    10/15/15     EUR      60.60
Rabobank Groep N.V.       2.500    02/22/35     EUR      59.92
                          6.000    05/09/35     EUR      60.11
                          2.000    03/23/35     EUR      55.81
Tjiwi Kimia Finance BV   13.250    08/01/01     US$       0.13
Turanalem Fin BV          8.250    01/22/37     US$      71.09
                          8.250    01/22/37     US$      69.71
                          8.500    02/10/15     US$      72.63
                          8.000    03/24/14     US$      74.96

NORWAY
------

Eksportfinans            13.000    02/25/09     US$      69.25
Norske Skogindustrier ASA 7.000    06/26/17     EUR      61.95

SWITZERLAND
-----------
Cytos Biotechnology       2.880    02/20/12     CHF      69.90
S-Air Group               0.130    07/07/05     CHF      11.97
Swiss RE                  6.000    12/15/08     CHF      72.84
UBS AG Jersey             3.220    07/31/12     EUR      67.27

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

Anglian Water
   Finance Plc            2.400     04/20/35    GBP      52.08
Aspire Defence            4.670     03/31/40    GBP      65.77
Bank of Scotland          6.000     02/07/35    EUR      63.11
Bradford&Bin BLD          5.750     12/12/22    GBP      67.88
                          6.630     06/16/23    GBP      65.31
Brit Insurance            6.630     12/09/30    GBP      78.81
Britannia Building
   Society                5.880     03/28/33    GBP      74.57
                          5.750     12/02/24    GBP      70.95
Cattles Plc               7.130     07/05/17    GBP      73.58
F&C Asset Management plc  6.750     12/20/26    GBP      71.48
Grainer Plc               3.630     05/17/14    GBP      57.79
Greene King Finance PLC   5.110     03/15/34    GBP      74.10
Hammerson Plc             6.000     02/23/26    GBP      74.18
HBOS Plc                  4.500     03/18/30    EUR      73.75
HSBC Bank Plc             3.750     05/18/15    EUR      88.48
Ineos Group Holdings Plc  7.880     02/15/16    EUR      62.51
                          7.880     02/15/16    EUR      62.67
                          8.500     02/15/16    US$      66.93
Jaztel Plc                5.000     04/29/10    EUR      74.46
Louis No1 Plc            10.000     12/01/16    EUR      67.19
                          8.500     12/01/14    EUR      70.16
                          8.500     12/01/14    EUR      69.92
Marston's Issuer PLC      5.640     07/15/35    GBP      74.54
National Grid Gas Plc     1.750     10/17/36    GBP      42.92
                          1.770     03/30/37    GBP      42.92
Pipe Holding PLC          9.750     11/01/13    GBP      70.36
Royal BK Scotland         9.500     04/04/25    US$      64.49
                          0.250     03/27/14    US$      74.92
Slough Estates plc        5.750     06/20/35    GBP      72.55
Taylor Woodrow            6.380     05/24/19    GBP      53.48
                          6.630     02/07/12    GBP      52.98
TXU Eastern Funding       6.450     05/15/05    US$       0.01
Unique Pub Fin         6.460     03/30/32    GBP      70.34
Wessex Water Fin          1.370     07/31/57    GBP      19.51


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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