TCREUR_Public/080819.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, August 19, 2008, Vol. 9, No. 164

                            Headlines


A U S T R I A

ALPHA KEG: Claims Registration Period Ends August 28
AUTOKOMMUNIKATION LLC: Claims Registration Period Ends August 26
C & K AIRPORTSERVICE: Claims Registration Period Ends August 27
LEDER MAYER: Claims Registration Period Ends August 26


B E L G I U M

FINANCIAL SECURITY: US$8.7 Bil. at Risk on BluePoint's Collapse


G E R M A N Y

AQUIS VERWALTUNGSGESELLSCHAFT: Creditors' Meeting Set August 27
AQUIS ZWEITE: Claims Registration Period Ends August 27
AVO-SASSNITZ GMBH: Creditors' Meeting Slated for August 27
BABENGINEERING GMBH: Claims Registration Period Ends August 27
BAHA-TEC GMBH: Claims Registration Period Ends August 26

CAR SERVICE: Claims Registration Period Ends August 27
COMTEC SERVICE: Claims Registration Period Ends August 28
COSMO FINANCE: S&P Affirms BB/B Ratings on Class E/F CL Notes
ESTELLA HANDELS: Claims Registration Period Ends August 27
F & D BAU: Claims Registration Period Ends August 27

HOCHDRUCK VERLAG: Claims Registration Period Ends August 27
IBA-AUTO-SCHNELLDIENST: Claims Registration Ends August 26
INGENIEURBUERO CONSULT: Claims Registration Period Ends Aug. 27
MEGA-GRUENBAU: Claims Registration Period Ends August 26
MONAWI HANDELS: Claims Registration Period Ends August 26

NORM BAUGESELLSCHAFT: Claims Registration Period Ends August 29
POHLE TRANS: Claims Registration Period Ends August 29
PROTECHAUS GMBH: Claims Registration Period Ends August 29
TALISMAN-6: S&P Holds BB/CCC- Ratings of Class E/F on WatchNeg
TUI AG: Turnover Up 20% to EUR6.2 Billion in Second Quarter 2008


G R E E C E

FAGE DAIRY: Posts EUR11.1MM Net Loss for Half Year Ended June 30
FAGE DAIRY: S&P Revises Outlook, Affirms B Corp. Credit Rating


K Y R G Y Z S T A N

PROSPER PLAST: Creditors Must File Claims by September 23


R U S S I A

AGRO-KHIM-SERVICE: Creditors Must File Claims by September 19
AY-ART LLC: Moscow Bankruptcy Hearing Set September 2
DEP 51 OJSC: Creditors Must File Claims by September 19
DRUZHBA OJSC: Creditors Must File Claims by September 12
ELAN-FERM-MASH: Creditors Must File Claims by September 19

ERA-STROY PROFIT LLC: Moscow Bankruptcy Hearing Set November 11
ERMAK LLC: Moscow Bankruptcy Hearing Set November 6


S W E D E N

FORD MOTOR: Selling US$500MM Shares to Buy Back Arm's Debt


U N I T E D   K I N G D O M

AQUACOL LTD: Claims Filing Period Ends September 1
BAKER STREET: Fitch Holds 'BB' Rating on US$12MM Class E Notes
COMPLETE CONTRACT: Calls in Liquidators from Tenon Recovery
FOOD AND DRINK: Brings in Joint Administrators from BDO Stoy
JOHAL RANA: Appoints Joint Administrators from PKF

LAUREL PUB: Robert Tchenguiz Buys Back 80 Outlets
OAKDALE BAKERIES: Taps Liquidators from KPMG
PLANET THREE: Brings in Liquidators from BDO Stoy Hayward
SDH REALISATIONS: Appoints Liquidators from PwC
SOLUTIA INC: To Raise US$290MM in Equity Offering to Repay Debt

SOLUTIA INC: S&P Says Ratings Unchanged on Equity Offering

* Aon Warns Rising Insolvency Risk Could Expose Pension Schemes

* Large Companies with Insolvent Balance Sheet


                            *********


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


ALPHA KEG: Claims Registration Period Ends August 28
----------------------------------------------------
Creditors owed money by KEG Alpha have until Aug. 28, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Wolfgang Leitner
         Kohlmarkt 14
         1010 Vienna
         Austria
         Tel: 533 19 39 Serie
         Fax: 533 19 39 39
         E-mail: kanzlei@lp-law.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Sept. 11, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 10, 2008, (Bankr. Case No. 5 S 73/08g).


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

         Dr. Andrea Simma
         Favoritenstrasse 22/12a
         1040 Vienna
         Austria
         Tel: 504 64 08
         Fax: 504 64 08 22
         E-mail: simma@mitrecht.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Sept. 9, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 11, 2008, (Bankr. Case No. 28 S 97/08f).


C & K AIRPORTSERVICE: Claims Registration Period Ends August 27
---------------------------------------------------------------
Creditors owed money by LLC C & K Airportservice have until
Aug. 27, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Wolfgang Leitner
         Kohlmarkt 14
         1010 Vienna
         Austria
         Tel: 533 19 39 Serie
         Fax: 533 19 39 39
         E-mail: kanzlei@lp-law.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Sept. 10, 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 10, 2008, (Bankr. Case No. 2 S 81/08m).


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

         Dr. Walter Anzboeck
         Stiegengasse 8
         3430 Tulln
         Austria
         Tel: 02272/61 600
         Fax: 02272/61600-20
         E-mail: Anwalt@anzboeck.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Sept. 16, 2008, for the
examination of claims at:

         The Land Court of St. Poelten
         Room 216
         2nd Floor
         St. Poelten
         Austria

Headquartered in Tulln, Austria, the Debtor declared bankruptcy
on July 22, 2008, (Bankr. Case No. 14 S 112/08y).


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


FINANCIAL SECURITY: US$8.7 Bil. at Risk on BluePoint's Collapse
---------------------------------------------------------------
U.S.-based monoline bond insurer Financial Security Assurance
Inc.'s US$8.7 billion of business reinsured with BluePoint Re
Ltd. "must now be considered at risk" following BluePoint's
bankruptcy filing, Bloomberg News reports citing Morgan Stanley
analysts.

Financial Security Assurance Inc. (FSA) is a unit of Belgian-
French financial services company Dexia SA.

                  BluePoint Bankruptcy Filing

As reported in the Troubled Company Reporter on Aug. 15, 2008,
BluePoint sought for Chapter 15 bankruptcy protection before the
United States Bankruptcy Court for the Southern District of New
York (Bankr. S.D. N.Y. 08-13169) on August 13, 2008.  John C.
McKeena, the Debtor's provisional liquidator, filed the Chapter
15 petition on BluePoint's behalf.

Based in Bermuda, BluePoint provides insurance and reinsurance
of all kinds, and in particular to underwrite third party
financial insurance, mostly with underlying risks of structured
finance and municipal transactions.  It is a wholly owned
subsidiary of BluePoint Holdings Ltd. in Bermuda, which in turn
is wholly owned by Wachovia Corp.

BluePoint principally reinsures financial guarantees of public
finance and asset-backed debt obligations insured by monoline
financial guaranty companies.  This insurance was provided
through treaties and facultative agreements.  The reinsurance
generally provided for guarantees of scheduled principal and
interest payments on an issuer's obligation in accordance with
the obligor's original payment schedule.

In addition to providing reinsurance to monoline bond insurers,
the Debtor also sold credit default protection on asset-backed
securities, and other credit risks, via credit default swaps
using standard documentation and confirmations.

On August 7, 2008, the Debtor requested and obtained an order
from the Supreme Court of Bermuda to be wound up pursuant to the
Bermuda Companies Act of 1981.  The Court also appointed Mr.
McKeena as the Debtor's provisional liquidator on the same day.

                   Rating Agencies Take Action

Reuters relates that Standard & Poor's has revised its outlook
on FSA to negative from stable.  FSA relies on having a triple-A
rating to provide guarantees for bonds.

Also, FSA said in a statement on July 21, 2008, that Moody's
Investors Service Inc. decided to place the company's "Aaa"
claims-paying ratings on review for possible downgrade.

Robert P. Cochran, chairman and chief executive officer of FSA,
said: "We take note of the concerns Moody's has expressed, and
we will work closely with them to reestablish our Aaa-stable
claims-paying ratings."

                        Dexia Rescues Unit

On August 6, Dexia said in a statement it injected US$300
million into FSA.

In June, Dexia said it was providing a US$5 billion committed
unsecured standby line of credit to FSA's financial products
asset management subsidiary, in order to ensure an orderly
repayment of the liabilities of this business and avoid the
crystallization of losses linked to accelerated sales of the
assets comprised in this portfolio.  The liquidity line has so
far remained undrawn and the business line still has cash
available of US$1.5 billion at the end of June 2008, Dexia
noted.

News of Dexia's rescue move for FSA as well as Morgan Stanley's
comment on BluePoint's bankruptcy filing battered Dexia's
shares, which, according to Bloomberg News, are down 47 percent
this year.

                        FSA Going Forward

Following Dexia's capital contribution, FSA said it will exit
its asset-backed business and will commit its resources to
global public finance.  FSA will also adjust its human resources
and expense levels which will result initially in a 10%
headcount reduction, a one-off charge of about US$6 million and
a US$30 million annual cost reduction.

Due to the deterioration of the economic environment in the US,
FSA significantly strengthened its reserves for potential future
losses in the RMBS sector for a total amount of US$936 million
(pre-tax) in 2Q 2008.  Assuming that the current stressed
performance of insured transactions will continue well into
2009, and not return to normal until mid-2010, FSA increased
reserves by US$620 million (pre-tax).  This is primarily related
to transactions backed by home equity lines of credit (HELOCs)
and Alt-A (near-prime) closed-end second-lien (CES) mortgage
loans.

FSA also established reserves for economic losses on certain
assets which are held for sale in the financial products
investment portfolio for an amount of US$316 million.

                FSA's Net Loss Drags Dexia's Income

FSA incurred a 2Q 2008 net loss of US$331 million under US GAAP
and an operating net loss of US$503 million.

FSA recorded a net loss of US$752.1 million for the first half
of 2008.

After taking into account FSA's related losses, Dexia's 2Q 2008
net income is estimated at EUR539 million (-32% compared to 2Q
2007) while underlying net income decreased by 37%, at EUR440
million.


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


AQUIS VERWALTUNGSGESELLSCHAFT: Creditors' Meeting Set August 27
---------------------------------------------------------------
The court-appointed insolvency manager for Aquis
Verwaltungsgesellschaft mbH & Co. Winterfeldtstrasse 2-6 KG, Dr.
Christoph Schulte-Kaubruegger will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
12:10 p.m. on Aug. 27, 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. 10, 2008, at the same
venue.

Creditors have until Oct. 10, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Aquis Verwaltungsgesellschaft mbH & Co.
Winterfeldtstrasse 2-6 KG on July 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Aquis Verwaltungsgesellschaft mbH & Co.
         Winterfeldtstrasse 2-6 KG
         Culemeyerstrasse 2
         12277 Berlin
         Germany


AQUIS ZWEITE: Claims Registration Period Ends August 27
-------------------------------------------------------
Creditors of Aquis Zweite Verwaltungsgesellschaft mbH & Co.
Malteserstrasse KG have until Aug. 27, 2008, to register their
claims with court-appointed insolvency manager Hartwig Albers.

The District Court of Charlottenburg will  verify the claims set
out in the insolvency manager's report at 11:30 a.m. on Oct. 22,
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:

         Hartwig Albers
         Luetzowstr. 100
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Aquis Zweite Verwaltungsgesellschaft mbH &
Co. Malteserstrasse KG on May 31, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Aquis Zweite Verwaltungsgesellschaft mbH & Co.
         Malteserstrasse KG
         Culemeyerstr.2
         12277 Berlin
         Germany


AVO-SASSNITZ GMBH: Creditors' Meeting Slated for August 27
----------------------------------------------------------
The court-appointed insolvency manager for AVO-SASSNITZ GmbH,
Dr. Michael C. Frege will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
12:15 p.m. on Aug. 27, 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. 3, 2008, at the same
venue.

Creditors have until Oct. 6, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Michael C. Frege
         Lennestr. 7
         10785 Berlin
         Germany

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

The Debtor can be reached at:

         AVO-SASSNITZ GmbH
         Allee der Kosmonauten 33 G
         12681 Berlin
         Germany


BABENGINEERING GMBH: Claims Registration Period Ends August 27
--------------------------------------------------------------
Creditors of Babengineering GmbH have until Aug. 27, 2008, to
register their claims with court-appointed insolvency manager
Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.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 Potsdam
         Hall 24
         Jagerallee 10-12
         14469 Potsdam
         Germany

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

The insolvency manager can be reached at:

         Horst Piepenburg
         Berliner Strasse 32
         14467 Potsdam
         Germany

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

The Debtor can be reached at:

         Babengineering GmbH
         Attn: Frau Gabriela Ziedrich, Manager
         Brandenburg Strasse 20
         15806 Zossen
         Germany


BAHA-TEC GMBH: Claims Registration Period Ends August 26
--------------------------------------------------------
Creditors of Baha-Tec GmbH have until Aug. 26, 2008, to register
their claims with court-appointed insolvency manager Martin
Schoebe.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kempten
         Zi.Nr. 144/I
         Residenzplatz 4-6
         87435 Kempten
         Russia

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

The insolvency manager can be reached at:

         Martin Schoebe
         Ainmillerstr 11
         80801 Munich
         Germany
         Tel: 089/1893770
         Fax: 089/18937750

The District Court of Kempten opened bankruptcy proceedings
against Baha-Tec GmbH on June 16, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Baha-Tec GmbH
         Hertinger Weg 15
         87484 Nesselwang
         Germany


CAR SERVICE: Claims Registration Period Ends August 27
------------------------------------------------------
Creditors of Car Service Schoenheide GmbH have until Aug. 27,
2008, to register their claims with court-appointed insolvency
manager Andreas Schenk.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 27
         Fuerstenstr. 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Andreas Schenk
         Schumannstrasse 9
         08056 Zwickau
         Germany
         Tel: (0375) 211 857 0
         Fax: (0375) 211 857 28
         E-mail: zwickau@scharl-schenk-scheuffler.de

The District Court of Chemnitz opened bankruptcy proceedings
against Car Service Schoenheide GmbH on July 3, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Car Service Schoenheide GmbH
         Attn: Edith Rudert, Manager
         Auerbacher Strasse 1b
         08304 Schoenheide
         Germany


COMTEC SERVICE: Claims Registration Period Ends August 28
---------------------------------------------------------
Creditors of ComTec Service GmbH have until Aug. 28, 2008, to
register their claims with court-appointed insolvency manager
Sabine von Stein-Lausnitz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Magdeburg
         Hall 14
         Breiter Weg 203 - 206
         39104 Magdeburg
         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:

         Sabine von Stein-Lausnitz
         Hegelstr. 39
         39104 Magdeburg
         Germany
         Tel: 0391/5982244
         Fax: 0391/5982158
         E-mail: magdeburg@ra-fss.de

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

The Debtor can be reached at:

         ComTec Service GmbH
         Amesdorfer Str. 37 a
         39439 Guesten
         Germany

         Attn: Siegmar Leifheit, Manager
         Drachenschwanzstr. 26
         39418 Stassfurt OT Loederburg
         Germany


COSMO FINANCE: S&P Affirms BB/B Ratings on Class E/F CL Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its credit
ratings on the credit-linked notes issued by CoSMO Finance 2007-
1 Ltd., a German synthetic SME collateralized loan obligation
transaction.

The affirmation follows S&P's review of the latest transaction
portfolio and an update of the underlying mapping used to assess
the portfolio's credit profile.  As a part of its ongoing
surveillance, S&P conducts periodic updates of mappings.

In this case, Commerzbank AG, the originator, had carried out a
recalibration of its internal rating systems, which consequently
triggered S&P's review of how these ratings calibrate with its
credit ratings.

"Following Commerzbank's recalibration of its rating systems, we
were provided with an extensive data sample covering more than
4,000 of Commerzbank's small to midsize enterprise (SME)
clients," said credit analyst Viktor Milev . "We used this data
to derive credit estimates for each company, which we compared
with the respective Commerzbank internal ratings to obtain the
new mapping."

He added: "The final mapping decision also took into account the
expected and observed default frequencies backing the
Commerzbank SME rating scale.  We noted that this resulted in a
slight credit migration in the portfolio."

S&P applied the new mapping to its analysis of the most current
portfolio as of Aug. 1, 2008.  S&P's analysis included a full
CDO Evaluator modeling of the current portfolio, as well as a
review of the recovery rate assumptions applied to derive
scenario loss rates at each rating level.

The portfolio's weighted-average rating is 'BB+'.  S&P further
looked into the levels of available synthetic excess spread,
which have been very stable over the past year.

Following the above analysis S&P concluded that the levels of
credit enhancement available to the various classes of notes are
still sufficient to warrant the current ratings on the notes.

S&P's review of the transaction included the identification and
correction of an earlier mapping error S&P made, which might,
before the portfolio revision by Commerzbank, have caused the
'B' rating on the class F notes to be one notch higher than
merited by its criteria.  Following the portfolio revision, the
ratings on all tranches are unchanged.

S&P confirms that the mapping was applied to only one other
transaction, TS Co.mit One GmbH, whose class E and F notes were
placed on CreditWatch negative on July 10 because of weakening
performance in its portfolio.  The mapping error has had no
impact on the ratings in this or any other transaction.

Ratings List:

CoSMO Finance 2007-1 Ltd.

  -- EUR2 Billion Floating-Rate Credit-Linked Notes

Class                Rating
-----                ------
A1+                  AAA
A2+                  AAA
B                    AA
C                    A
D                    BBB
E                    BB
F                    B


ESTELLA HANDELS: Claims Registration Period Ends August 27
----------------------------------------------------------
Creditors of Estella Handels GmbH have until Aug. 27, 2008, to
register their claims with court-appointed insolvency manager
Dr. Detlef-Ruediger Beckmann.

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 Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         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. Detlef-Ruediger Beckmann
         Lindenallee 33
         14050 Berlin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against  Estella Handels GmbH on July 3, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Estella Handels GmbH
         Bahnhofstrasse 81
         15890 Eisenhuettenstadt
         Germany

         Attn: Frau Belgin Karaca, Manager
         Angerburger Allee 17
         14055 Berlin
         Germany


F & D BAU: Claims Registration Period Ends August 27
----------------------------------------------------
Creditors of F & D Bau GmbH & Co.KG have until Aug. 27, 2008, to
register their claims with court-appointed insolvency manager
Dr. Ulrich Wenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         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. Ulrich Wenzel
         Grossbeerenstr. 231
         14480 Potsdam
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against F & D Bau GmbH & Co.KG on July 9, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         F & D Bau GmbH & Co.KG
         Hinterstrasse 12 D
         15306 Seelow
         Germany


HOCHDRUCK VERLAG: Claims Registration Period Ends August 27
-----------------------------------------------------------
Creditors of Hochdruck Verlag GmbH have until Aug. 27, 2008, to
register their claims with court-appointed insolvency manager
Dirk Decker.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Dirk Decker
         Julius-Vosseler-Strasse 42
         22527 Hamburg
         Germany

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

The Debtor can be reached at:

         Hochdruck Verlag GmbH
         Attn: Andreas Hüttner and
               Rainer Ziermann, Managers
         Thedestrasse 13 - 17
         22767 Hamburg
         Germany


IBA-AUTO-SCHNELLDIENST: Claims Registration Ends August 26
----------------------------------------------------------
Creditors of Iba-Auto-Schnelldienst GmbH have until Aug. 26,
2008, to register their claims with court-appointed insolvency
manager Christian Hanken.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aurich
         Hall 018
         Schlossplatz 2
         26603 Aurich
         Germany

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

The insolvency manager can be reached at:

         Christian Hanken
         Wallstrasse 3, D
         26409 Wittmund
         Germany
         Tel: 04462/91 9114
         Fax: 04462/91 9191

The District Court of Aurich opened bankruptcy proceedings
against Iba-Auto-Schnelldienst GmbH on June 2, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Iba-Auto-Schnelldienst GmbH
         Auricher Strasse 23-27
         26409 Wittmund
         Germany


INGENIEURBUERO CONSULT: Claims Registration Period Ends Aug. 27
---------------------------------------------------------------
Creditors of Ingenieurbuero-Consult-GmbH have until
Aug. 27, 2008, to register their claims with court-appointed
insolvency manager Bert Buske.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 26, 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 Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         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:

         Bert Buske
         Alt Nowawes 67
         14482 Potsdam
         Germany

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

The Debtor can be reached at:

         Ingenieurbuero-Consult-GmbH
         Regattastrasse 18
         16816 Neuruppin
         Germany

         Attn: Dietmar Herbst, Manager
         Zur Keglitz 15 c
         16816 Neuruppin
         Germany


MEGA-GRUENBAU: Claims Registration Period Ends August 26
--------------------------------------------------------
Creditors of Mega-Gruenbau GmbH have until Aug. 26, 2008, to
register their claims with court-appointed insolvency manager
Dr. Henrike Georg.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 7, 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:

         Dr. Henrike Georg
         O 4, 13-16
         68161 Mannheim
         Germany

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

The Debtor can be reached at:

         Mega-Gruenbau GmbH
         Dieselstr. 8
         68753 Waghausel
         Germany


MONAWI HANDELS: Claims Registration Period Ends August 26
---------------------------------------------------------
Creditors of Monawi Handels GmbH have until Aug. 26, 2008, to
register their claims with court-appointed insolvency manager
Hans-Joerg Derra.

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 Aalen
         Hall 0.11
         Ground Floor
         Stuttgarter Strasse 7
         73430 Aalen
         Germany

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

The insolvency manager can be reached at:

         Hans-Joerg Derra
         Frauenstr. 14
         89073 Ulm
         Germany
         Tel: 0731/922880
         Fax: 0731/92288-88
         E-mail: dmp@derra-ul.de

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

The Debtor can be reached at:

         Monawi Handels GmbH
         Hauptstr 53
         89522 Heidenheim
         Germany


NORM BAUGESELLSCHAFT: Claims Registration Period Ends August 29
---------------------------------------------------------------
Creditors of Norm-Baugesellschaft mbH have until Aug. 29, 2008,
to register their claims with court-appointed insolvency manager
Frank Ziegler.

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

The meeting of creditors will be held at:

         The District Court of Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel
         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:

         Frank Ziegler
         Untere Koenigsstrasse 71
         34117 Kassel
         Germany
         Tel: 0561/78496-0
         Fax: 0561/78496-22
         E-mail: info@rechtsanwalt-in-kassel.de

The District Court of Kassel opened bankruptcy proceedings
against Norm-Baugesellschaft mbH on June 6, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Norm-Baugesellschaft mbH
         Mauerstrasse 26
         34117 Kassel
         Germany

         Attn: Ilhan Malli, Manager
         Franzgraben 43
         34125 Kassel
         Germany


POHLE TRANS: Claims Registration Period Ends August 29
------------------------------------------------------
Creditors of Pohle Trans GmbH have until Aug. 29, 2008, to
register their claims with court-appointed insolvency manager
Daniel Bauch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Landshut
         Meeting Hall 9/I
         Maximilianstrasse 22-24
         Landshut
         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:

         Daniel Bauch
         Steinmetzstrasse 10
         85435 Erding
         Germany
         Tel: 08122/22960-83
         Fax: 08122/22960-84

The District Court of Landshut opened bankruptcy proceedings
against Pohle Trans GmbH on June 16, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Pohle Trans GmbH
         Faerbergasse 11
         85435 Erding
         Germany


PROTECHAUS GMBH: Claims Registration Period Ends August 29
----------------------------------------------------------
Creditors of PROTECHAUS GmbH have until Aug. 29, 2008, to
register their claims with court-appointed insolvency manager
Martin Abegg.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 a.m. on Sept. 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Saarbruecken
         Meeting Hall 24
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

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

The insolvency manager can be reached at:

         Martin Abegg
         Bahnhofstr. 101
         66111 Saarbruecken
         Germany
         Tel: (0681) 976 1900
         Fax: (0681) 976 190 111

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

The Debtor can be reached at:

         PROTECHAUS GmbH
         Attn: Andreas Reichwein and
               Hans Schmitt, Liquidators
         Zum Scheidwald 31
         66663 Merzig
         Germany


TALISMAN-6: S&P Holds BB/CCC- Ratings of Class E/F on WatchNeg
--------------------------------------------------------------
Standard & Poor's Rating Services has removed from CreditWatch
with negative implications its credit ratings on the class D
notes issued by Talisman-6 Finance PLC.  At the same time, the
class E and F notes remain on CreditWatch negative, and the
ratings on the other classes in the transaction were affirmed.

These rating actions follow S&P's further review of the
transaction.

As mentioned in its press release on July 21, 2008 "Rating
Lowered On Class F Notes In German CMBS Deal Talisman-6
Finance", S&P considers that a significant principal loss is
likely to occur for the Cherry loan following its transfer
into special servicing and a subsequent new valuation.  S&P
understands that this new valuation has resulted in a reduced
appraised market value of EUR50,020,000.

However, S&P has not been provided with a copy of the valuation
or the assumptions used for that valuation.  Nor has S&P been
provided with information about the current portfolio
performance.  Because of the resulting uncertainty about the
ultimate recovery value for this loan, the class E and F notes
remain on CreditWatch negative.  S&P will continue to closely
monitor the development of the Cherry loan.

In addition, the maximum liquidity facility amount available for
the class F notes is EUR950,000 during the transaction term, of
which about 60% has already been drawn to date.  Although the
cap was not triggered on the July 2008 interest payment date, it
is likely that if the borrower fails to make its debt service
payment, the cap could be triggered on any coming interest
payment date.  This increases the uncertainty about the timely
payment of interest for the class F notes; the rating on these
notes could be lowered to 'D'.

S&P notes that the performance of the Orange and Mango loans has
deteriorated since closing, which is reflected in lower interest
cover ratios and higher vacancy rates.  S&P will continue to
closely monitor these two loans.  S&P also understands that the
vacancy rate for the Coconut loan has been restated for the
previous quarter and that the performance has improved since
closing.

Talisman-6 Finance PLC:

  -- EUR1,076.4 Million Commercial Mortgage-Backed Floating-Rate
     Notes

Class       To                   From
-----       --                   ----
Rating Removed From CreditWatch Negative:

D           BBB              BBB/Watch Neg


Ratings Remaining On CreditWatch Negative:

E           BB/Watch Neg
F           CCC-/Watch Neg

Ratings Affirmed:

A          AAA
X          AAA
B          AA
C          A


TUI AG: Turnover Up 20% to EUR6.2 Billion in Second Quarter 2008
----------------------------------------------------------------

In the second quarter of 2008, TUI AG achieved significant
increases in turnover and operating earnings, both in tourism
and container shipping.  Turnover by the Group's divisions grew
by 20 per cent year-on-year to EUR6.2 billion (previous year:
EUR5.2 billion) in the second quarter.  Operating earnings by
the divisions (underlying EBITA) rose to EUR216 million
(previous year: EUR35 million ).  Besides a gratifying
performance by the tourism division, the earnings growth was
considerably driven by the substantial increase in operating
earnings by container shipping.  TUI's Executive Board therefore
continues to expect a significant increase in underlying
earnings by each of the two divisions, tourism and container
shipping, for the year as a whole.

Due to special items, arising in particular from the strategic
realignment of flight operations, Group earnings decreased
considerably to –EUR125 million (previous year: EUR71 million )
in the second quarter.  Earnings per share accounted for
–EUR0.24 for the second quarter (previous year: EUR0.19).

In the context of the implementation of the strategic
realignment of airline operations by TUI Travel, a sale-and-
lease-back agreement worth US$526 million had been concluded in
June 2008 for 19 aircraft owned by TUI Travel.  This transaction
by TUI Travel resulted in a book loss of EUR102 million due to
the dollar/euro exchange rate.  In connection with the strategic
realignment of airline activities TUI Travel incurred further
expenses of EUR56 million, resulting from the measurement of
individual aircraft still owned by TUI Travel and the reversal
of existing exchange rate hedging instruments.  In addition, an
impairment of EUR73 million was required for the airlines Hapag-
Lloyd Flug and Hapag-Lloyd Express, operating under the TUIfly
brand. *

As at June 30, 2008, the Group's net debt totaled EUR3.1
billion, down from EUR3.9 billion as at the end of the 2007
financial year.

                    Tourism Division

TUI's tourism division comprises the three segments TUI Travel,
TUI Hotels & Resorts and the cruise business of Hapag-Lloyd
Kreuzfahrten and TUI Cruises.  Turnover by the tourism division
totaled EUR4.7 billion (previous year: EUR3.7 billion) in the
second quarter, up 28 per cent year-on-year.  The turnover
growth was driven by all tourism segments, with TUI Travel in
particular recording significant increases in turnover due to
changes in consolidation.  Operating earnings by tourism
(underlying EBITA) grew by around 91 per cent to EUR86 million
(previous year: EUR45 million).

In the second quarter, TUI Travel increased its turnover by
around 29 per cent to EUR4.5 billion(previous year:
EUR3.5 billion) due to the first-time consolidation of the First
Choice activities.  Underlying EBITA by TUI Travel grew by
EUR40 million year-on-year to EUR71 million (previous year:
EUR31 million).  Besides the consolidation effects this growth
was partly attributable to the increase in average margins and
load factors in the Mainstream business in the Central Europe
and Northern Europe sectors.  The integration of activities in
the British market continued to progress according to plan so
that the expected synergies were leveraged accordingly.  The
development was also driven by the positive performance of the
Specialist Holidays, Activity and Online Destination Services
sectors.

TUI Hotels & Resorts also increased its turnover by around ten
per cent to almost EUR100 million in the second quarter
(previous year: EUR91 million).  Both occupancy and average
revenues per hotel bed rose slightly year-on-year.  In the
second quarter, underlying earnings by the hotel sector totaled
EUR15 million, matching the gratifying level achieved in 2007.

The cruises sector comprises Hapag-Lloyd Kreuzfahrten and the
TUI Cruises activities currently being established.  The
turnover generated by Hapag-Lloyd Kreuzfahrten climbed by 29 per
cent to around EUR47 million (previous year: EUR36 million) in
the second quarter.  The rise in demand created a further
improvement in the occupancy of the ships and a year-on-year
increase in average revenues per day.  Following a minor loss in
the 2007 reference quarter, operating earnings (underlying
EBITA) were balanced in the second quarter of 2008 (previous
year: -EUR1 million).

                     Container Shipping

Turnover by the division grew by 2.6 per cent to around
EUR1.5 billion (previous year: EUR1.4 billion) in the second
quarter.  This growth resulted from a considerable improvement
in freight rate levels, with slight volume growth.  It was
adversely impacted by the considerable weakening of the US
dollar exchange rate against the euro.  In the second quarter,
operating earnings rose significantly by EUR110 million to
EUR115 million (previous year: EUR5 million).

In the second quarter, Hapag-Lloyd increased its transport
volume by 3.7 per cent year-on-year.  The total transport volume
accounted for 1.43 million standard containers (TEU).  This
volume growth was driven by the Trans-Pacific, Latin America and
Australasia trade lanes, while the Far East and Atlantic trade
lanes remained below 2007 volume levels.  All trade lanes with
the exception of Australasia considerably increased their
average freight rates (+16.2 per cent).  The strongest increase
was achieved by the Far East trade lane (+28 per cent).

                        Prospects

In the light of the performance achieved in the first half of
the year, the TUI Group's tourism entities expect a substantial
improvement in earnings year-on-year for the overall year 2008.

The key earnings drivers in TUI Travel are the expected
synergies from the merger between TUI and First Choice as well
as margin enhancements attributable to the capacity- and
product-related initiatives launched in the Mainstream sector.
Earnings will additionally benefit from the sustained growth of
the Specialist Holidays, Activity and Online Destination
Services sectors.  The hotel sector is planning further
increases in the number of bed nights, driven among others by
the expected positive development in the long-haul segment.  The
cruises sector expects solid demand for cruises and a stable
political framework in the destinations.

Considering the gratifying performance in the first half of the
year and the current development of business, TUI AG continues
to expect earnings by container shipping to rise significantly
year-on-year in the 2008 financial year despite an overall
slowdown in the economic scenario.  As before, risks for the
overall year relate to the effects of the crisis in the
financial markets on the development of world trade, a final
assessment of which is not yet possible.  Earnings will also be
affected by the development of shipping bunker prices.  At the
same time, the development of earnings by container shipping
will reflect the further development of the US dollar exchange
rate against the euro.

From today's perspective, a final assessment of the development
of Group earnings is not possible at this point due to the
planned separation of container shipping operations from the
Group.

            Separation Process in Container Shipping

The separation process in container shipping is progressing
according to plan and will be continued.  Upon the submission of
the non-binding bids, TUI AG has now invited bidders for a
second round and launched the due diligence process.  The
completion of the bidding process is expected for the autumn at
the earliest.

                         About TUI

Headquartered in Hanover, Germany, TUI AG --
http://www.tui-group.com/-- engages in the tourism and shipping
sectors.   The Company's core activities are in the tourism
business, focusing mainly on the markets of Central, Northern
and Western Europe.  TUI AG's shipping and logistics activities
are contained within its Hapag-Lloyd Container Linie GmbH and CP
Ships Ltd. Subsidiaries.

                      *    *    *

TUI AG continues to carry Moody's Investors Service's B1
Corporate Family Rating, B3 unsecured rating, and B3
subordinated rating with negative outlook.

Moody's confirmed the B1 Corporate Family Rating for TUI in
December 2007.  At the same time, Moody's lowered the group's B2
unsecured rating and confirmed the subordinated rating at B3.

TUI also carries ratings of "BB-" long-term corporate credit and
all issue ratings from Standard & Poor's on creditwatch with
negative implications.


===========
G R E E C E
===========


FAGE DAIRY: Posts EUR11.1MM Net Loss for Half Year Ended June 30
----------------------------------------------------------------
FAGE Dairy Industry S.A. released its financial results prepared
in accordance with International Financial Reporting Standards
for the six months and three months ended June 30, 2008, in a
Half-yearly report to the holders of its 71/2% Senior Notes due
2015.

Net sales for the six months ended June 30, 2008 amounted to
EUR165.1 million, a decrease of EUR2.1 million, or 1.3%,
compared to the net sales for the respective period of the year
2007, which amounted to EUR167.2 million.  This was mainly due
to:

   -- firstly, the significant promotional activities in the
      yoghurt and milk business;

   -- secondly, the strengthening of the euro against the US
      dollar and the UK sterling and

   -- thirdly, the Company's decision to terminate in July  2007
      the arrangement with Ferrero S.p.a for the distribution of
      refrigerated snacks and to cease sales of bulk "feta"
      cheese to some European countries.

Loss from operations for the six months ended June 30, 2008 was
EUR5.1 million, a decrease of EUR13.5 million from the profit
from operations of EUR8.4 million for the six months ended
June 30, 2007.  The promotional activities in the domestic
market both in the yoghurt and milk products, the upward trend
in milk prices for milk collected in the domestic market and the
strengthening of euro against the US dollar and UK sterling were
the main factors contributing to the decrease in loss from
operations comparing the first half of the years 2008 and 2007.

Net loss for the six months ended June 30, 2008 was EUR11.1
million, as compared to a profit of EUR1.8 million for the
respective period of 2007.

On January 25, 2005, the Company issued EUR130,000,000 principal
amount of its Senior Notes due 2015 under an indenture, dated as
of January 21, 2005, by and among the Company, as issuer, FABE
USA, CORP., as guarantor, The Bank of New York as trustee and
AIB/BNY Fund Management (Ireland) Limited, an Irish paying
agent.

The Half-yearly Report is being provided to Holders of the
Senior Notes pursuant to Section 4.02 of the Indenture.  The
Senior Notes are listed on the Irish Stock Exchange and the
Half-Year report is also being made available at the office of
the Irish Paying Agent pursuant to the rules of the Irish Stock
Exchange.  The Half-yearly Report is also available on the
Company's Web site at www.fage.gr

Headquartered in Metamorfossi in Athens, FAGE Dairy Industry
S.A. -- http://www.fage.gr/-- sells a wide range of branded
dairy products, including yoghurt and dairy desserts, milk and
milk cream, and cheese.  These products are sold under the FAGE,
TOTAL and other trademarks.

                          *    *    *

FAGE Dairy Industry S.A. carries corporate family rating and
probability of default rating of B3 from Moody's Investors
Service with negative outlook.  Moody's downgraded the ratings
to its current level from B2 in April 2008.


FAGE DAIRY: S&P Revises Outlook, Affirms B Corp. Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook to
negative from stable on Greece-based dairy company Fage Dairy
Industry S.A.  At the same time, S&P affirmed its 'B' long- term
corporate credit rating and the issue rating on the company's
EUR130 million 7.5% senior unsecured notes due 2015.

"The outlook revision reflects the EUR5.4 million operating loss
Fage posted in the three months ended June 2008, which marks a
negative trend that it will be challenged to reverse, primarily
due to the continuing competitive pressure in its core domestic
market," said S&P's credit analyst Diego Festa.  "In addition,
it remains unclear how soon Fage will get the full profit
contribution from its new production facility in the U.S."  The
continuing volatility of operating profits means that Fage Dairy
might find it difficult to gain access to additional working
capital funding, further complicating the operating turnaround.

The ratings on Fage Dairy reflect its highly leveraged financial
profile, in particular in the light of the recent volatility of
earnings.  The company's business profile is constrained by the
company's geographical concentration in, and reliance on, its
domestic Greek market, given only modest yet increasing exports;
its low profitability, which, in addition to the recent
operating pressures, is due to substantial related-party
transactions; and its aggressive financial policy.  These
factors are tempered by its still leading, although weakened,
position in its domestic market and the increased contribution
from export operations, representing about one-fourth of the
company's net sales in the six months ended June 2008.

Fage Dairy is confronted with rising price-led competition in
the more traditional product segments in Greece, with the
promotional initiatives, such as 'buy two, get one free',
undertaken by its main competitors; the challenges of adapting
to ever-more-varied product offerings; and the increasing
concentration of multiple outlet retailers, which accounted for
about 75% of the company's end market in full-year 2007.  These
factors, together with the adverse impact of three yogurt
product recalls on quality issues since April 2005, have eroded
the company's leading share of the Greek branded-yogurt market,
which in terms of volume represented 31% at Dec. 31, 2007, down
from 47% three years earlier.

Revenue pressure coming from an adverse pricing environment as
Fage Dairy tries to defend its market share in Greece, has
coincided with the weakening of the U.S. dollar and the pound
sterling against the euro because increased exports are
confronted with a cost function that is still largely euro
based.  On top of this, there has been a sharp spike in raw milk
prices in Europe in the past 12 months.  The resulting pressure
on operating margins has further hindered the company's ability
to improve its competitive standing in Greece.  Reduced
advertising costs and third-party fees, with no compensation to
the shareholders and family members, have only partially
mitigated this negative trend.  Its growing U.S. business has so
far been unable to provide an adequate profit contribution, due
to the ongoing shift to selling yoghurt produced locally in the
U.S. from Europe-produced yogurt.

The company's management's target is to lift United States
operations to 40% of group's EBITDA in the medium term.
However, in the near term, they are not expected to offset fully
the reduction in profits at domestic operations.  On a positive
note, the company's new yogurt plant in the U.S. started its
operations in April 2008.  This venture will mean that operating
profits should benefit from reduced costs -- such as
transportation and milk -- and import tariffs will be avoided.

"The negative outlook reflects the possibility that Fage might
not be able to restore its operating profitability in the near
term," said Mr. Festa.  Fage Dairy's current operating loss
results from both operating issues in its Greek yogurt market
and the launch of its new facility in the U.S.  Margin pressure
is likely to continue in the coming quarters, making the steady
build-up of sales from the U.S. facility critical for eventual
recovery.  Tightening liquidity would also increase near-term
pressure on the ratings.

The ratings could be lowered if the company suffers further
significant market share losses in its domestic market or if
further negative free cash flow reduces headroom under Fage
Dairy's covenants even more.


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


PROSPER PLAST: Creditors Must File Claims by September 23
---------------------------------------------------------
LLC Prosper Plast has declared insolvency.  Creditors have until
Sept. 23, 2008, to submit written proofs of claim.


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


AGRO-KHIM-SERVICE: Creditors Must File Claims by September 19
-------------------------------------------------------------
Creditors of LLC Agro-Khim-Service Plus (TIN 4606004427) have
until Sept. 19, 2008, to submit proofs of claim to:

         A. Shishkarev
         Insolvency Manager
         Post User Box 2
         Seregina Str. 20
         305018 Kursk
         Russia

The Arbitration Court of Kursk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A35-5425/07g.

The Court is located at:

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


AY-ART LLC: Moscow Bankruptcy Hearing Set September 2
-----------------------------------------------------
The Arbitration Court of Moscow will convene at 03:00 p.m. on
Sept. 2, 2008, to hear the bankruptcy supervision procedure on
LLC Ay-Art.  The case is docketed under Case No. A40-12204/08-
73-24B.

The Temporary Insolvency Manager is:

         S. Papenko
         Post User Box 7
         390029 Ryazan
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Ay-Art
         Vasonofyevskiy Per. 4, 1
         Moscow
         Russia


DEP 51 OJSC: Creditors Must File Claims by September 19
-------------------------------------------------------
Creditors of OJSC DEP 51 (TIN 6812005959) have until Sept. 19,
2008, to submit proofs of claim to:

         N. Titov
         Insolvency Manager
         Apt. 153
         Zvezdnaya Str. 13/2
         398035 Lipetsk
         Russia

The Arbitration Court of Tambov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A64-5103/07-18.

The Court is located at:

         The Arbitration Court of Tambov
         Penzenskaya Str. 67/22
         392020 Tambov
         Russia

The Debtor can be reached at:

         OJSC DEP 51
         Shosseynaya Str. 1
         Pervomayskiy
         393700 Tambov
         Russia


DRUZHBA OJSC: Creditors Must File Claims by September 12
--------------------------------------------------------
Creditors of OJSC Druzhba (TIN 3423019061) have until Sept. 12,
2008, to submit proofs of claim to:

         P. Bashmakov
         Insolvency Manager
         Post User Box 251
         400005 Volgograd
         Russia

The Arbitration Court of Volgograd commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A12-13043/07-s58.

The Debtor can be reached at:

         OJSC Svetozarnoe
         Vishnevka
         Pallasovkiy
         404250 Vologodskiy
         Russia


ELAN-FERM-MASH: Creditors Must File Claims by September 19
----------------------------------------------------------
Creditors of OJSC Elan-Ferm-Mash (TIN 3406001480) have until
Sept. 19, 2008, to submit proofs of claim to:

         A. Kharlanov
         Insolvency Manager
         Post User Box 1100
         400087 Volgograd
         Russia

The Arbitration Court of Volgograd commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A12-1490/08-S55.

The Debtor can be reached at:

         OJSC Elan-Ferm-Mash
         Leninskaya Str. 89
         Elan
         403732 Volgograd
         Russia


ERA-STROY PROFIT LLC: Moscow Bankruptcy Hearing Set November 11
---------------------------------------------------------------
The Arbitration Court of Moscow will convene at 11:30 a.m. on
Nov. 11, 2008, to hear the bankruptcy supervision procedure on
LLC Era-Stroy Profit.  The case is docketed under Case No.
A40-19804/08-123-62B.

The Temporary Insolvency Manager is:

         I. Nikitina
         Mira Pr. 101-V
         129085 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Moscow
         Hall 773
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         LLC Era-Stroy Profit
         Fonvizina Str. 16/29
         127322 Moscow
         Russia


ERMAK LLC: Moscow Bankruptcy Hearing Set November 6
---------------------------------------------------
The Arbitration Court of Moscow will convene at 10:30 a.m. on
Nov. 6, 2008, to hear the bankruptcy supervision procedure on
LLC Ermak.  The case is docketed under Case No A40-27102/
08-101-61B.

The Temporary Insolvency Manager is:

         Y. Razinkov
         Demokraticheskaya Str. 26
         Stary Oskol
         309514 Belgorod
         Russia
         Tel: (4725) 22-58-63

The Court is located at:

         The Arbitration Court of Moscow
         Hall 773
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         LLC Ermak
         Krasnodarskaya Str. 70
         109559 Moscow
         Russia


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


FORD MOTOR: Selling US$500MM Shares to Buy Back Arm's Debt
----------------------------------------------------------
The Wall Street Journal related that Ford Motor Co. will sell as
much as US$500 million of its shares to buy back debt from its
credit arm.  WSJ says the move is designed to help improve
Ford's finances after a US$2.1 billion write-down attributed to
declining resale values of trucks and sport-utility vehicles.

In an August 14 regulatory filing, Ford Motor said it entered
into an Equity Distribution Agreement with Goldman Sachs & Co.
pursuant to which Goldman will act as Ford's sales agent with
respect to an offering over time and from time to time of up to
US$500 million of Ford Common Stock.

Proceeds from the sale will be used to purchase from time to
time outstanding debt securities of Ford Motor Credit Company
LLC in open market or privately negotiated transactions.

A full text copy of an Equity Distribution Agreement is
available for free at http://ResearchArchives.com/t/s?30df

The debt-for-equity exchange, WSJ stated, Ford is taking a step
to improve its overall balance sheet after making a loss of
US$8.7 billion in its second quarter -- a high for the auto
maker.  Essentially, the company will sell the stock to buy down
debt due before the year 2012 taken on by Ford Motor Credit Co.,
a subsidiary, WSJ added.  Ford Credit, WSJ indicated, had a
pretax loss of US$334 million in the second quarter, compared
with a profit of US$105 million a year ago.

The Journal stated that analysts generally viewed the
development as a positive but incremental measure, saying that
the stock sale wouldn't have a substantial effect on the
company's liquidity position.  By buying back its debt at a
discount, the auto maker could, however, make a small profit.

WSJ, citing Bruce Clark, a senior vice president at Moody's
Investors Service, says building equity is constructive but in
no way is it going to have a material effect on the overall
credit profile.

Standard & Poor's Ratings Services said on August 15 that its
negative ratings on Ford wouldn't be affected by the filing with
the Securities and Exchange Commission.

Any move to boost its bottom line, WSJ pointed out, arrived at a
critical time for Ford.  The company is in the midst of a
restructuring including moves to close a dozen manufacturing
plants and shed more than 40,000 workers, WSJ added.

The stock-sale announcement is part of a strategy by the auto
maker in recent times, WSJ revealed according to Ford.  WSJ,
citing Ford spokesman Bill Collins, said that in the past
12 months, the company has bought back about US$927 million of
debt in exchange for equity.  Ford had 2.2 billion shares of
common stock and 70.8 million shares of Class B stock as of
June 29, WSJ indicated according to its latest regulatory
filing.

                      About Ford Motor Co

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin-American regions, including Argentina and Brazil.

                           *     *     *

As reported in the Troubled Company Reporter on Aug. 5, 2008,
Fitch Ratings has downgraded the issuer default rating of Ford
Motor Company and Ford Motor Credit Company LLC to 'B-' from
'B'.  The Rating Outlook remains Negative.  The downgrade
reflects these: (i) the further deterioration in Ford's U.S.
sales as a result of economic conditions, an adverse product mix
and the most recent jump in gas prices; (ii) portfolio
deterioration at Ford Credit and heightened concern regarding
economic access to capital to support financing requirements;
and (iii) escalating commodity costs that will remain a
significant offset to cost reduction
efforts.


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


AQUACOL LTD: Claims Filing Period Ends September 1
--------------------------------------------------
Creditors of Aquacol Ltd. have until Sept. 1, 2008, to send in
their full names, their addresses and descriptions, full
particulars of their debts and claims, and names and addresses
of their solicitors (if any), to:

         Jeremy Woodside
         Joint Liquidator
         Tenon Recovery
         Arkwright House
         Parsonage Gardens
         Manchester
         M3 2LF
         England

Jeremy Woodside and Christopher Ratten of Tenon Recovery were
appointed joint liquidators of the company on July 30, 2008, by
resolutions of members and creditors.


BAKER STREET: Fitch Holds 'BB' Rating on US$12MM Class E Notes
------------------------------------------------------------
Fitch Ratings has affirmed six classes of notes issued by Baker
Street CLO II Ltd/Corp.  These rating actions are effective
immediately:

  -- US$270,000,000 class A-1 floating-rate notes at 'AAA';

  -- US$30,000,000 class A-2 variable funding floating-rate
     notes at 'AAA';

  -- US$20,100,000 class B floating-rate notes at 'AA';

  -- US$21,000,000 class C floating-rate deferrable notes at
     'A';

  -- US$15,900,000 class D floating-rate deferrable notes at
     'BBB';

  -- US$12,000,000 class E floating-rate deferrable notes at
     'BB'.

The rating action reflects Fitch's view on the credit risk of
the rated notes following the release of its new corporate CDO
rating Criteria.

Baker Street II is a revolving cash flow transaction
collateralized by a portfolio of primarily leveraged loans that
closed on Sept. 15, 2006 and is managed by Seix Investment
Advisors LLC.  Baker Street II will exit its reinvestment period
in October 2012 and has a portfolio comprised of 98% senior
secured obligations and 2% second lien loans.  The three largest
industry concentrations in the Baker Street II portfolio are
Healthcare and Pharmaceuticals (12.7%), Broadcasting and Media
(10.2%) and Banking and Finance (8.9%).

The five largest obligors represent approximately 5% of the
portfolio and the single largest obligor is approximately 1.1%
of the portfolio.  Included in this review, Fitch conducted cash
flow modeling to measure the breakeven default rates relative to
the cumulative default rates associated with the current ratings
of the note liabilities.  The cash flow model incorporates the
transaction's structural features and Fitch's updated Corporate
CDO rating criteria.

The notes are being affirmed as a result of the portfolio
performing within Fitch's expectations since the closing date.
As of the July 8, 2008 trustee report, the Fitch Weighted
Average Rating Factor is ('B+/B'), which is within the
transaction covenanted level of ('B/B-') that was factored into
Fitch's analysis at the close of the transaction.  Of the
portfolio, 26.6% and 4.5% is on Outlook Negative and Rating
Watch Negative, respectively, which was factored into this
analysis by making standard adjustments as described in Fitch's
updated corporate CDO criteria.

Currently 3.8% of the portfolio is rated 'CCC+' or below and
2.5% of the portfolio is defaulted.  The transaction includes
overcollateralization and interest coverage tests for the class
A/B, C, D and E notes.  All OC and IC tests are currently
passing their minimum test levels.  Failure of any coverage test
will redeem the notes sequentially, with the exception of the
class E OC test which, if triggered during the reinvestment
period, will paydown the class E notes first, followed by
classes A, B, C and D.  This feature provides additional credit
support to the class E notes.

Currently the percentage of defaulted assets, overall credit
quality and spread levels of the portfolio are within Fitch's
expectations.  Looking forward, the amount of defaults and the
level of recovery realized on defaulted assets will be a
determining factor for future rating actions.

The ratings of the class A-1, A-2 and B notes address the
likelihood that investors will receive full and timely payments
of interest, as per the transaction's governing documents, as
well as the aggregate outstanding amount of principal by the
stated maturity date.  The ratings on classes C, D and E address
the likelihood that investors will receive ultimate and
compensating interest payments, as per the transaction's
governing documents, as well as the aggregate outstanding amount
of principal by the stated maturity date of Oct. 15, 2019.

Fitch released updated criteria on April 30 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 Rating Watch Negative or Outlook
Negative, reducing such ratings for default analysis purpose by
two and one notch, respectively.


COMPLETE CONTRACT: Calls in Liquidators from Tenon Recovery
-----------------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of Complete Contract
Cleaning Ltd. on Aug. 1, 2008, for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Complete Contract Cleaning Ltd.
         c/o Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


FOOD AND DRINK: Brings in Joint Administrators from BDO Stoy
------------------------------------------------------------
Shay Bannon and David Harry Gilbert of BDO Stoy Hayward LLP were
appointed Aug. 6, 2008, joint administrators of:

   -- The Food and Drink Group plc (Company Number 03447841);

   -- Bluelodge Ltd. (Company Number 03391443);

   -- Burlington Restaurant Ltd. (Company Number 03364670);

   -- Enterprise Realisations Ltd.
     (formerly Henry J. Bean's Enterprises Ltd.)
     (Company Number 01620018);

   -- Futurestar Ltd. (Company Number 01738535)

   -- Group Realisations Ltd.
     (formerly Henry J. Bean's Group) (Company Number 03654595);

   -- Hartford Operations Ltd. (Company Number 03444128);

   -- J Bar Realisations Ltd. (formerly Jamies Bars Ltd.)

   -- Montana plc (Company Number 03372023);

   -- Newtaste Restaurants Ltd. (Company Number 03563047); and

   -- PWC Realisations Ltd. (formerly The Pavilion Wine Company)
     (Company Number 01792833).

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


JOHAL RANA: Appoints Joint Administrators from PKF
--------------------------------------------------
Edward Terence Kerr and Brian James Hamblin of PKF (U.K.) LLP
were appointed joint administrators of Johal, Rana and Sehdev
Ltd. (Company Number 05810794) and Sunny Foods (Nottingham) Ltd.
(Company Number 05810805) on Aug. 7, 2008.

PKF (U.K.) LLP -- http://www.pkf.co.uk-- specializes in
advising the management of developing private and public
businesses.  Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation.  It also offers
financial services through its FSA authorized company, PKF
Financial Planning Limited.

The companies can be reached at:

         PKF (U.K.) LLP
         Regent House
         Clinton Avenue
         Nottingham
         NG5 1AZ
         England


LAUREL PUB: Robert Tchenguiz Buys Back 80 Outlets
-------------------------------------------------
Robert Tchenguiz has bought back 80 more of the former Laurel
Pub Company sites, Jonathan Sibun of the Daily Telegraph
reports.

Mr. Tchenguiz, the report says, has taken back control of 373 of
the 383 Laurel pubs and restaurants after the deal.

Meanwhile, JD Wetherspoon has bought five of the 10 remaining
outlets.  Inventive Leisure also acquired one, the report
relates.

As reported in the TCR-Europe, Mr. Tchenguiz put Laurel into
administration on March 27, 2008, after being hit by the smoking
ban and consumer slowdown.

The property tycoon opted for administration following pressure
from his bankers, Dresdner Kleinwort and Kaupthing.  The bankers
refused to refinance Laurel if it retained 90 loss-making bars
with onerous leases.

In April 2008, Mr. Tchenguiz bought back 293 of the 383 outlets
of Laurel from administrator Kroll through Bay Restaurants Group
Ltd. and Town & City Pub Co.

Bay Restaurants operates 132 sites, including La Tasca, Slug
& Lettuce and Ha Ha Bar & Canteen, while Town & City Pubs
controls 161 outlets, most of them Yates's site.

Mr. Tchenguiz also injected GBP50 million-GBP60 million into
Laurel under a refinancing deal, the report disclosed.

Formed in 2004, Laurel Pub Co. has grown rapidly to become one
of the UK's leading managed pub and restaurant operators, with
around 460 drinking and eating establishments, including 11 in
Scotland and 9 in Wales.  Laurel employs around 8,000 staff.


OAKDALE BAKERIES: Taps Liquidators from KPMG
----------------------------------------------
Richard Dixon Fleming and Myles Antony Halley of KPMG LLP were
appointed joint liquidators of Oakdale Bakeries Ltd. (t/a
Bakery) on July 28, 2008, for the creditors' voluntary winding-
up proceeding.

The company can be reached at:

         Oakdale Bakeries Ltd.
         c/o KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         England


PLANET THREE: Brings in Liquidators from BDO Stoy Hayward
---------------------------------------------------------
Matthew Tait and Andrew Beckingham of BDO Stoy Hayward were
appointed joint liquidators of Planet Three Publishing Network
Ltd. (formerly Wright Editions Ltd.) on July 29, 2008, on July
29, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Planet Three Publishing Network Ltd.
         c/o BDO Stoy Hayward LLP
         2 City Place
         Beehive Ring Road
         Gatwick
         West Sussex
         RH6 0PA
         England


SDH REALISATIONS: Appoints Liquidators from PwC
-----------------------------------------------
Robert Nicholas Lewis and Derek Anthony Howell of
PricewaterhouseCoopers LL were appointed joint liquidators of
SDH Realisations Ltd. (formerly Space Decks (Holdings) Ltd. and
Finchfair Ltd.) and SDL Realisations Ltd. (formerly Space Decks
Ltd.) (t/a) Space Decks Ltd.) on July 31, 2008, for the
creditors' voluntary winding-up proceeding.

The companies can be reached at:

         PricewaterhouseCoopers LLP
         Benson House
         33 Wellington Street
         Leeds
         LS1 4JP
         England


SOLUTIA INC: To Raise US$290MM in Equity Offering to Repay Debt
---------------------------------------------------------------
Solutia Inc. announced the pricing of an underwritten public
offering of 22,307,692 shares of its common stock at a price of
US$13 per share for gross proceeds of approximately
US$290 million.  All of the approximately US$277 million of net
proceeds from the offering will be used to partially repay
Solutia's US$400 million 15.50% bridge credit facility.

Solutia intends to fully repay the bridge credit facility prior
to the end of February 2009 at which time the loans could be
converted by the lenders into notes that mature in February
2015.  The company said the transaction was expected to close by
August 14, 2008, and the closing is subject to customary
conditions.

The joint underwriters for the offering are Deutsche Bank
Securities Inc. and Jefferies & Company, Inc. A shelf
registration on Form S-3 relating to these securities was filed
with the Securities and Exchange Commission and became effective
on July 25, 2008. A copy of the prospectus supplement and base
prospectus relating to the offering may be obtained, when
available, from Deutsche Bank Securities Inc., 100 Plaza One,
Floor 2, Jersey City, New Jersey 07311-3901, by telephone at 1-
800-503-4611, or by email at prospectusrequest@list.db.com

                        About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB: SOLUQ) (NYSE:
SOA-WI) -- http://www.solutia.com/-- and its subsidiaries,
manufactures and sells chemical-based materials, which are used
in consumer and industrial applications worldwide.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Lead Case No. 03-
17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  Solutia emerged from chapter 11 protection
Feb. 28, 2008.

Solutia's US$2.05 billion exit financing facility was funded by
Citigroup Global Markets Inc., Goldman Sachs Credit Partners
L.P., and Deutsche Bank Securities Inc.  The exit financing is
being used to pay certain creditors, and for ongoing operations.

(Solutia Bankruptcy News; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


SOLUTIA INC: S&P Says Ratings Unchanged on Equity Offering
----------------------------------------------------------
Standard & Poor's Ratings Services said its ratings on Solutia
Inc. (B+/Stable/--) will not change as a result of the company's
recent announcement of a public offering of common shares.

"The company plans to use the approximately US$277 million of
estimated net proceeds to partially repay a US$400 million
unsecured bridge credit facility, which we rate 'B' with a
recovery rating of '5'.  The company also announced it intends
to fully repay the bridge facility prior to the end of the
February 2009. The bridge loans, which automatically extend to
2015, can be converted in February 2009 by the lenders into
notes that mature in February 2015. Total adjusted debt, pro
forma for the equity issue and US$277 million of estimated debt
paydown, was approximately US$1.98 billion at June 30, 2008. We
adjust debt to include the present value of capitalized
operating leases, tax-adjusted unfunded postretirement
employee benefits, and environmental reserves," S&P says.

"We view the lower amount of debt on the company's balance sheet
as a positive development for credit quality. Still, pro forma
for the equity infusion and debt paydown, the key credit metric
of funds from operations to total debt will remain near our
expectation of 15% for the rating, for fiscal 2008. Although
recovery prospects on the bridge credit facility also improve,
they remain modest -- within the 10% to 30% range.

"We expect to review our ratings on Solutia if the company's
recently announced plan to explore strategic options results for
its Nylon 6.6 business results in a sell-off. If that happens we
will weigh the loss in earnings and cash flow as a result of a
potential sale against a potential decline in debt. In addition,
we will also consider management's commitment to maintaining or
improving credit quality."


* Aon Warns Rising Insolvency Risk Could Expose Pension Schemes
---------------------------------------------------------------
Even pension schemes of the strongest of companies must ensure
they have robust contingency plans in place to protect
themselves as economic conditions are increasing the likelihood
of insolvency, warns Aon Consulting, a leading pension, benefits
and HR consulting firm.  However, there is a chance that some
trustees could overlook the danger, as Dun & Bradstreet failure
scores, the Pension Protection Fund's primary sponsor insolvency
measure, are actually improving and so giving the impression
that all is well.

The PPF in its annual 'Purple Book' states that 0.7% of active
companies go into insolvency liquidation each year, but the risk
of insolvency is dramatically higher for the 5% of companies
with the lowest D&B failure score (i.e. those scoring 1-5).
Although a primary measure of insolvency risk for the PPF, the
D&B score is actually designed to focus on short-term cash flow
rather than the overall financial stability.  As a result, with
D&B failure scores showing consistent improvement, a false sense
of security has built up for many trustees and sponsor
companies.  In reality, though, current economic turmoil means
that even robust companies can become vulnerable, sometimes
without much warning.  If stringent safeguards are not in place
this could leave pension schemes exposed.

In the long term, a substantial increase in company failure
could prove problematic for the PPF.  In turn this could lead to
greater levies, depending on the extent to which the PPF has
built margins for such factors into its calculations.

"Trustees must recognize that insolvency risk is now a bigger
threat given the economic turmoil, and it would be a mistake to
think that it is only those schemes in deficit with weaker
employer covenants that are at risk," Paul McGlone, principal
and actuary at Aon Consulting, said.  Strong companies can
become weak very quickly and as such it is essential that
trustees waste no time in taking steps, if they have not already
done so, to make sure their pension scheme is protected should
the worst happen."

"Getting such security, however, is easier said than done.
There is no simple answer, no 'one size fits all' solution, and
security for the pension scheme will almost always have knock-on
effects elsewhere in the business.  Parent company guarantees
offer some form of security, but for smaller companies without
this luxury, it is more challenging to ensure protection .  It
can, for example, be a case of working out where the value
exists within the business and then ensuring that the pension
scheme gets first call on that value rather than having it
gradually whittled away until such time as no value remains, the
company goes under and the scheme has no access to what it
needs."

"The number of corporate insolvencies is likely to rise over
the-short-to-medium-term, increasing the number of schemes
dependent on the PPF.  We have to hope that type of economic
downturn has been factored into the PPF's modelling, so that any
increase in cases entering the PPF does not result in premiums
being increased further."

                     About Aon Consulting

Aon Consulting is a human capital consultancy, helping
organizations of every size to attract and keep the employees
they need.  The firm advises on all aspects of employment,
including health-related insurance and risk; employee
compensation and pensions; human resource strategy planning; job
design and change management; and staff assessment and legal
issues.  Aon Consulting is a division of Aon, one of the UK's
largest insurance brokers and providers of risk management
services and a major force in reinsurance and the UK human
capital consulting market.  Aon Consulting Limited is authorized
and regulated by the Financial Services Authority.


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

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


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


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


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

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


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

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

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

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

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


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


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


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


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


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


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


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


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


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


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


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


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *