TCREUR_Public/080821.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, August 21, 2008, Vol. 9, No. 166

                            Headlines


A U S T R I A

IQ TEAM: Claims Registration Period Ends September 3
GRANIT LLC: Claims Registration Period Ends September 16
HYGIA LLC: Claims Registration Period Ends September 16
MAMIKA LLC: Claims Registration Period Ends September 1
ML VERPUTZTECHNIK: Claims Registration Period Ends September 5


G E R M A N Y

ASZ VOIGT: Claims Registration Period Ends September 5
BIKE SERVICE: Claims Registration Period Ends September 1
BUSINESS SOLUTIONS: Claims Registration Period Ends September 1
CONVEX VERWALTUNGS: Claims Registration Period Ends September 5
DANSK KONCEPT: Claims Registration Period Ends September 5

ECOBA GMBH: Claims Registration Period Ends September 30
FAS FINANZ: Claims Registration Period Ends August 30
FUTURE DESIGN: Claims Registration Period Ends August 31
GALATEC GMBH: Claims Registration Period Ends August 31
GP GLANZ: Claims Registration Period Ends September 5

GSK VERMIETUNGS: Claims Registration Period Ends September 5
HOLZLEITNER GMBH: Claims Registration Period Ends August 30
IKB DEUTSCHE: Unveils Final Details for Share Subscription
IM INTERNATIONALMEDIA: Files for Insolvency in Munich Court
KUENZEL KUECHENKONZEPTE: Claims Registration Period Ends Sept. 1

LEAR CORPORATION: Names New Global Electronics Vice President
LEKA REIFENGROSSHANDEL: Claims Registration Period Ends Sept. 1
MBC BAU: Claims Registration Period Ends August 31
MUELLER MOEBEL: Creditors' Meeting Set September 1


I R E L A N D

MAGNOLIA FINANCE I: S&P Cuts Credit-Linked Notes Rating to BB-


K Y R G Y Z S T A N

SYIKYR RIELT: Creditors Must File Claims by September 19


P O R T U G A L

LUSITANO MORTGAGES 1: Fitch Affirms Class E Notes at 'BB+'
LUSITANO MORTGAGES 6: Fitch Shifts Class E Notes Outlook to Neg


R U S S I A

BAZHDALSKIY LES-PROM-KHOZ-2: Bankruptcy Hearing Set November 11
BIOFAG OJSC: Creditors Must File Claims by September 19
BIRYULEVSKIY KHLADOKOMBINAT: Claims Filing Period Ends Sept. 19
CHEESE-BUTTER BASE: Creditors Must File Claims by September 19
EDELWEISS TRADE: Creditors Must File Claims by September 19

KAZANORGSINTEZ: S&P Removes B- Corp. Credit Rating From WatchNeg
LLC MIRAX: Fitch Holds B Foreign and Local Currency ID Rating
MUST OJSC: Court Names G. Mufazalov as Insolvency Manager
OBRAZTSOVO CJSC: Creditors Must File Claims by September 19


S P A I N

SHIPO 3: Fitch Cuts Ratings on Two Note Classes to Low-B
SHIPO 4: Fitch Shifts 'CCC'-Rated Class F Notes Outlook to Neg.


S W E D E N

FORD MOTOR: S&P Holds Rating on Ford Credit Debt Buy Back Plan
FORD MOTOR: Auto Owner Trust Class D Notes Get S&P's BB+ Rating


U K R A I N E

ALEZOR SERVICE: Proofs of Claim Deadline Set August 27
BANK FINANCE: Moody's Affirms E+ Financial Strength Rating
DESTROYERS LLC: Proofs of Claim Deadline Set August 27
KAMIANETS-PODOLSKY PLANT: Creditors Must File Claims by Aug. 27
INITIO LLC: Creditors Must File Claims by August 27

IVENT AGENCY: Proofs of Claim Deadline Set August 27
MARKROS LLC: Creditors Must File Claims by August 27
MEGAGROUP LLC: Creditors Must File Claims by August 27
NIRA TSAY: Proofs of Claim Deadline Set August 27
PODLESNOYE LLC: Creditors Must File Claims by August 27

SK-HOLDING LLC: Proofs of Claim Deadline Set August 27
UNIVERSAL LLC: Creditors Must File Claims by August 27
VYSHGOROD REPAIR-TRANSPORT: Claims Filing Deadline Set August 27


U N I T E D   K I N G D O M

BIO TECH: Goes Into Administration; Seven Jobs Affected
C & M GROUP: Dunfare Buys Firm's Electrical Engineering Unit
COMPTON LILLIPUT: Brings in Joint Administrators from Deloitte
CSW CLADDING: Calls in Joint Administrators from Mazars
DUNEDIN: May Breach GBP473 Mil. Loan Covenant in September

HORSHAM BRAKE: Appoints Liquidators from Vantis
HRL CONFIDENTIAL: Joint Liquidators Take Over Operations
HUNT & NASH: Taps Liquidators from Tenon Recovery
MAITLAND SELWYN: Appoints Joint Administrators from Vantis
MEGA BRANDS: Amends Credit Deal; Closes C$75MM Private Placement

MEGA BRANDS: Weak Financial Risk Profile Cues S&P's B- Rating
HOMELAKE PROPERTIES: Taps Baker Tilly to Administer Assets
LIFESTYLE PS: Brings in Joint Administrators from Vantis
QUERCUS DEVELOPMENT: Colin Prescott Leads Liquidation Procedure
REPLIZYME LTD: Calls in Liquidators from KPMG

RYDER RACING: Hires Liquidators from Mazars
S & G INVESTMENTS: Brings in Liquidators from Vantis
SHAUN COCKING: Calls in Liquidators from Mazars
STUDENT EMPLOYMENT: Taps Joint Administrators from Ernst & Young

* Ministry Releases 2Q Winding Up and Bankruptcy Statistics
* Murray Stable Creates Commercial & Insolvency Group

* Upcoming Meetings, Conferences and Seminars


                            *********


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


IQ TEAM: Claims Registration Period Ends September 3
----------------------------------------------------
Creditors owed money by LLC IQ Team, New Media have until
Sept. 3, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Susanne Fruhstorfer
         Seilerstatte 17
         1010 Vienna
         Austria
         Tel: 512 57 76/13
         Fax: 512 57 7650
         E-mail: office@fg-lawyers.at

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

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 16, 2008, (Bankr. Case No. 2 S 82/08h).


GRANIT LLC: Claims Registration Period Ends September 16
--------------------------------------------------------
Creditors owed money by LLC Granit have until Sept. 16, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Petra Diwok
         Landstrasser Hauptstrasse 34
         1030 Vienna
         Austria
         Tel: 713 8057
         Fax: 713 0776
         E-mail: diwok@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Sept. 30, 2008, for the
examination of claims at:

         Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 17, 2008, (Bankr. Case No. 4 S 106/08b).


HYGIA LLC: Claims Registration Period Ends September 16
-------------------------------------------------------
Creditors owed money by LLC Hygia have until Sept. 16, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Katharina Widhalm-Budak
         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 9:00 a.m. on Sept. 30, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 17, 2008, (Bankr. Case No. 4 S 105/08f).


MAMIKA LLC: Claims Registration Period Ends September 1
-------------------------------------------------------
Creditors owed money by LLC Mamika have until Sept. 1, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Karl F. Engelhart
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: kanzlei@engelhart.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Sept. 15, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 14, 2008, (Bankr. Case No. 3 S 83/08p).


ML VERPUTZTECHNIK: Claims Registration Period Ends September 5
--------------------------------------------------------------
Creditors owed money by LLC ML Verputztechnik have until
Sept. 5, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Roland Zimmerhansl
         Harrachstrasse 6
         4020 Linz
         Austria
         Tel: 65 7070
         Fax: 65 7070 65
         E-mail: zimmerhansl@sdsp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Sept. 19, 2008, for the
examination of claims at:

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

Headquartered in Schwanenstadt, Austria, the Debtor declared
bankruptcy on July 14, 2008, (Bankr. Case No. 12 S 61/08w).


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


ASZ VOIGT: Claims Registration Period Ends September 5
------------------------------------------------------
Creditors of ASZ Voigt GmbH have until Sept. 5, 2008, to
register their claims with court-appointed insolvency manager
Gerald Bittner.

Creditors and other interested parties are encouraged to attend
the meeting at 1:15 p.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 Hof
         Meeting Room 012
         Ground Floor
         Berliner Place 1
         95030 Hof
         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:

         Gerald Bittner
         Kreuzsteinstrasse 41
         95028 Hof
         Germany
         Tel: 09281/71550
         Fax: 09281/715555

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

The Debtor can be reached at:

         ASZ Voigt GmbH
         Seulbitz 7
         95126 Schwarzenbach/Saale
         Germany

         Attn: Voigt-Berste, Managing Director
         Lindenstrasse 67
         33415 Verl
         Germany


BIKE SERVICE: Claims Registration Period Ends September 1
---------------------------------------------------------
Creditors of Bike Service GmbH have until Sept. 1, 2008, to
register their claims with court-appointed insolvency manager
Johannes Gather.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Johannes Gather
         Hausdorffstr. 11
         53129 Bonn
         Germany

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

The Debtor can be reached at:

         Bike Service GmbH
         Aachener Str. 37
         53909 Zuelpich
         Germany


BUSINESS SOLUTIONS: Claims Registration Period Ends September 1
---------------------------------------------------------------
Creditors of Business Solutions Braunschweig GmbH have until
Sept. 1, 2008, to register their claims with court-appointed
insolvency manager Torsten Gutmann.

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 Braunschweig
         Hall E 01
         Martinikirche 8
         38100 Braunschweig
         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:

         Torsten Gutmann
         Lueders Partnergesellschaft
         Zum Blauen See 5, D
         31275 Lehrte
         Germany
         Tel: (05132) 8268 38
         Fax: (05132) 8268 96

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

The Debtor can be reached at:

         Business Solutions Braunschweig GmbH
         Carl-Miele-Strasse 4
         38112 Braunschweig
         Germany


CONVEX VERWALTUNGS: Claims Registration Period Ends September 5
---------------------------------------------------------------
Creditors of Convex Verwaltungs GmbH have until Sept. 5, 2008,
to register their claims with court-appointed insolvency manager
Christian Jensen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:46 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 Flensburg
         Hall A 220
         Suedergraben 22
         Flensburg
         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 Jensen
         Flensburger Strasse 5-7
         25917 Leck
         Germany

The District Court of Flensburg opened bankruptcy proceedings
against Convex Verwaltungs GmbH on July 4, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Convex Verwaltungs GmbH
         Attn: Reinhardt Schmidt, Manager
         Am Bahnhof 20
         24983 Handewitt
         Germany


DANSK KONCEPT: Claims Registration Period Ends September 5
----------------------------------------------------------
Creditors of Dansk Koncept Huse GmbH have until Sept. 5, 2008,
to register their claims with court-appointed insolvency manager
Wilhelm Salim Khan Durani.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 Flensburg
         Hall A 220
         Suedergraben 22
         Flensburg
         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:

         Wilhelm Salim Khan Durani
         Sell-Speicher
         Wall 55
         24103 Kiel
         Germany

The District Court of Flensburg opened bankruptcy proceedings
against Dansk Koncept Huse GmbH on July 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Dansk Koncept Huse GmbH
         Attn: Peter Hinrichsen, Manager
         Alter Kirchenweg 87
         24983 Handewitt
         Germany


ECOBA GMBH: Claims Registration Period Ends September 30
--------------------------------------------------------
Creditors of ecoba GmbH have until Sept. 30, 2008, to register
their claims with court-appointed insolvency manager Dr. Steffen
Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 20, 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 Hildesheim
         Hall 124
         Main Building
         Kaiserstrasse 60
         31134 Hildesheim
         Germany

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

The insolvency manager can be reached at:

         Dr. Steffen Koch
         Sophienstr. 1
         30159 Hannover
         Germany
         Tel: 0511/3539910
         Fax: 0511/35399110
         E-mail: www.hww-kanzlei.de

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

The Debtor can be reached at:

         ecoba GmbH
         Attn: Christoph Sorge, Manager
         Greifswalder Str. 6A
         31141 Hildesheim
         Germany


FAS FINANZ: Claims Registration Period Ends August 30
-----------------------------------------------------
Creditors of FAS Finanz AG have until Aug. 30, 2008, to register
their claims with court-appointed insolvency manager Jens
Lieser.

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 Koblenz
         Hall 111
         Main Court
         Karmeliterstrasse 14
         56068 Koblenz
         Germany

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

The insolvency manager can be reached at:

         Jens Lieser
         Josef-Goerres-Platz 5
         56068 Koblenz
         Germany
         Tel: 0261/304-790
         Fax: 0261/911-4729
         E-mail: info@lieser-rechtsanwaelte.de
         Web site: http://www.lieser-rechtsanwaelte.de

The District Court of Koblenz opened bankruptcy proceedings
against FAS Finanz AG on April 15, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         FAS Finanz AG
         Attn: Lars Steinmann, Manager
         Pastor-Klein-Strasse 17 D
         56073 Koblenz
         Germany


FUTURE DESIGN: Claims Registration Period Ends August 31
--------------------------------------------------------
Creditors of Future Design Kommunikation GmbH have until
Aug. 31, 2008, to register their claims with court-appointed
insolvency manager Hannfried GRAUER.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Sept. 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuerzburg
         Hall 14
         Second Floor
         Tiepolostrasse 6
         Wuerzburg
         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:

          Hannfried GRAUER
          Hofstr. 3
          97070 Wuerzburg
          Germany
          Tel: 0931/45202950

The District Court of Wuerzburg opened bankruptcy proceedings
against Future Design Kommunikation GmbH on July 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Future Design Kommunikation GmbH
         Attn: Marco Seubert and Martin Maier, Managers
         Klostergarten 1
         97199 Ochsenfurt
         Germany


GALATEC GMBH: Claims Registration Period Ends August 31
-------------------------------------------------------
Creditors of Galatec GmbH have until Aug. 31, 2008, to register
their claims with court-appointed insolvency manager Thomas
Besenbruch.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Sept. 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Zweibruecken
         Room 100
         Zweibruecken
         Germany

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

The insolvency manager can be reached at:

         Thomas Besenbruch
         Schillerstr. 40
         66482 Zweibruecken
         Germany
         Tel: 06332/928624
         Fax: 06332/928619

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

The Debtor can be reached at:

         Galatec GmbH
         Attn: Klaus-Dieter Ahrens, Manager
         Hauptstr. 6 a
         66501 Kleinbundenbach
         Germany


GP GLANZ: Claims Registration Period Ends September 5
-----------------------------------------------------
Creditors of GP Glanz GmbH have until Sept. 5, 2008, to register
their claims with court-appointed insolvency manager Joern
Weitzmann.

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 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:

         Joern Weitzmann
         Arnold-Heise-Strasse 9
         20249 Hamburg
         Germany

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

The Debtor can be reached at:

         GP Glanz GmbH
         Attn: Anja Erinfolami, Manager
         Heidenkampsweg 45
         20097 Hamburg
         Germany


GSK VERMIETUNGS: Claims Registration Period Ends September 5
------------------------------------------------------------
Creditors of GSK Vermietungs- und Besitzgesellschaft mbH have
until Sept. 5, 2008, to register their claims with court-
appointed insolvency manager Denise Oberroeder.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Gera
         Room 317
         Rudolf-Diener-Str. 1
         Gera

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:

         Denise Oberroeder
         Johannisstr. 4
         07545 Gera
         Germany

The District Court of Gera opened bankruptcy proceedings against
GSK Vermietungs- und Besitzgesellschaft mbH on July 17, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         GSK Vermietungs- und
         Besitzgesellschaft mbH
         Am Schwemmberg
         07616 Serba
         Germany


HOLZLEITNER GMBH: Claims Registration Period Ends August 30
-----------------------------------------------------------
Creditors of Holzleitner GmbH have until Aug. 30, 2008, to
register their claims with court-appointed insolvency manager
Dr. Ralf Bornemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Mayen
         Hall 12
         St. Veit-Strasse 38
         56727 Mayen
         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. Ralf Bornemann
         Godesberger Allee 125-127
         53175 Bonn
         Germany
         Tel: 0228/81 000-858
         Fax: 0228/81 000-820
         E-mail: rae-bonn@dhpg.de

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

The Debtor can be reached at:

         Holzleitner GmbH
         Saffiger Strasse 30
         56637 Plaidt
         Germany


IKB DEUTSCHE: Unveils Final Details for Share Subscription
----------------------------------------------------------
Until the expiration of the time period related with the capital
increase of IKB Deutsche Industriebank AG on Aug. 14, 2008 at
midnight, during which shareholders could revoke their
declaration to exercise their subscription rights, the
declaration to exercise subscription rights has been revoked in
respect of 187,155 shares.  Thereby, the exercise of
subscription rights in respect of a total of 265,145,379 new
shares from the capital increase has been declared and not
revoked.  Thereof, 264,152,886 shares relate to KfW
Bankengruppe.

KfW has agreed to subscribe for as many shares as is necessary
to ensure that IKB receives proceeds from the capital increase
in an amount of at least EUR1.25 billion (before cost and
without regard of any premium).  The obligation of KfW to
subscribe for shares is however subject to the condition
precedent that the European Commission finally determines that
the participation of KfW in the capital increase either does not
constitute a subsidy or is approved as a subsidy.  Such
condition precedent also applies to the obligation of KfW to
subscribe for the 264,152,886 shares for which KfW has declared
the exercise of its subscription rights.  A decision of the
European Commission is expected to by made in October 2008.

After the completion of the capital increase in an amount such
that IKB receives proceeds of EUR1.25 billion (before cost and
without regard of a premium) from the capital increase, i.e. a
subscription of 488,281,250 new shares, the number of IKB-shares
would increase to a total of 585,075,911 shares.  The share of
KfW in IKB would increase on that basis from presently
approximately 45.5 % to approximately 90.8 %.

                       About IKB Deutsche

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

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

                         *     *     *

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


IM INTERNATIONALMEDIA: Files for Insolvency in Munich Court
-----------------------------------------------------------
IM Internationalmedia AG, on Tuesday, Aug. 19, 2008, filed for
insolvency proceedings at the Local Court in Munich due to
pending illiquidity.

The Management Board has decided on this step because pending
illiquidity puts continued business operations at risk.  The
reason for the illiquidity is that the Eluvium GmbH did not pay
for exercised options.

IM Internationalmedia already got into a financial disorder in
the second half of 2007 after the abrupt cancellation of the
film project STOPPING POWER.  Since then no further project had
been realized and the capital measures at the end of 2007 and
the cooperation with a strategic investor did as well not bring
the hoped for Turnaround about.

The Management Board now aims at continuing business of IM
Internationalmedia with the support of the insolvency
administrator.

IM Internationalmedia AG -- http://www.internationalmedia.de/--
is the Munich-based parent company of the Internationalmedia
group, a film company with offices in London and Los Angeles.
The company went public on May 18, 2000.  On January 15, 2003,
the worldwide operating company was included in the Prime
Standard Segment of the Frankfurt stock exchange.


KUENZEL KUECHENKONZEPTE: Claims Registration Period Ends Sept. 1
----------------------------------------------------------------
Creditors of Kuenzel Kuechenkonzepte GmbH have until Sept. 1,
2008, to register their claims with court-appointed insolvency
manager Karl-Dieter Sommerfeld.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Karl-Dieter Sommerfeld
         Hammerweg 3
         51766 Engelskirchen
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Kuenzel Kuechenkonzepte GmbH on June 30, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kuenzel Kuechenkonzepte GmbH
         Hohenstaufenring 62
         50674 Cologne
         Germany


LEAR CORPORATION: Names New Global Electronics Vice President
-------------------------------------------------------------
Lear Corporation has appointed Jason Forcier as new vice
president and general manager - Global Electronics, effective
August 18, 2008.  He will report to Ray Scott, Lear Senior Vice
President and President of Lear's Global Electrical and
Electronics Division.

In his new role, Mr. Forcier will oversee all aspects of Lear's
Global Electronics business, which includes products such as
smart junction boxes, body controllers and gateway modules,
wireless devices, lighting electronics and infotainment systems.

Mr. Scott, said, "We believe there is tremendous opportunity to
grow our core body electronics business as customers seek
innovative solutions that provide improved functionality as well
as cost, weight and packaging advantages.  Jason's background
and experience make him perfectly suited for leading the growth
strategy in this segment that we announced earlier this year and
we look forward to his contributions to Lear's long-term
success."

Prior to joining Lear, Mr. Forcier was regional president,
automotive electronics for Robert Bosch LLC, with responsibility
for Bosch's North American automotive electronics business.

                     About Lear Corporation

Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems,
electrical distribution systems and related electronic products.
The company has around 91,000 employees at 215 facilities in 35
countries.  Outside the United States, Lear has subsidiaries in
Germany, Luxembourg, Sweden, Singapore, China, India and Mexico,
among others.

                          *     *     *

Lear Corp. still carries Standard & Poor's Ratings Services' B+
corporate credit, Long-Term Foreign and Local Issuer Credit
ratings, which the rating agency affirmed in May 2008.

Lear Corp. also carries B2 Corporate Family, Bank Loan Debt and
Probability-of-Default ratings, and B3 Senior Unsecured Debt
rating from Moody's Investors Service, which said the outlook is
stable.


LEKA REIFENGROSSHANDEL: Claims Registration Period Ends Sept. 1
---------------------------------------------------------------
Creditors of Leka Reifengrosshandel GmbH have until Sept. 1,
2008, to register their claims with court-appointed insolvency
manager Manfred Kuersch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 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 Wittlich
         Hall 3
         Kurfuerstenstrasse 63
         54516 Wittlich
         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:

         Manfred Kuersch
         Kirchstrasse 19
         53518 Adenau
         Germany
         Tel: 02691/93283
         Fax: 02691/932840

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

The Debtor can be reached at:

         Leka Reifengrosshandel GmbH
         In den Feldern 1
         54570 Densborn
         Germany


MBC BAU: Claims Registration Period Ends August 31
--------------------------------------------------
Creditors of MBC Bau GmbH & Co. KG have until Aug. 31, 2008, to
register their claims with court-appointed insolvency manager
Dr. Peter Theile.

The District Court of Montabaur will verify the claims set out
in the insolvency manager's report at 8:36 a.m. on Sept. 29,
2008, at:

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

         The District Court of Montabaur
         Hall 106
         First Floor
         Bahnhofstrasse 47
         56410 Montabaur
         Germany

The insolvency manager can be reached at:

         Dr. Peter Theile
         Kapellenstrasse 7
         65555 Limburg
         Germany
         Tel: 06431-779900
         Fax: 06431-7799035
         E-mail: limburg@ts-insolvenzanwaelte.de

The District Court of Montabaur opened bankruptcy proceedings
against  MBC Bau GmbH & Co. KG on June 2, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         MBC Bau GmbH & Co. KG
         Attn: Markus Buhr, Manager
         Bahnhofstrasse 15
         56426 Siershahn
         Germany


MUELLER MOEBEL: Creditors' Meeting Set September 1
--------------------------------------------------
The court-appointed insolvency manager for Mueller Moebel &
Innenausbau GmbH, Rolf Rattunde will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:00 a.m. on Sept. 1, 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 10:00 a.m. on Dec. 1, 2008, at the same
venue.

Creditors have until Oct. 7, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Rolf Rattunde
         Kurfuerstendamm 26a
         10719 Berlin
         Germany

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

The Debtor can be reached at:

         Mueller Moebel & Innenausbau GmbH
         Santisstr. 135-137
         12277 Berlin
         Germany


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


MAGNOLIA FINANCE I: S&P Cuts Credit-Linked Notes Rating to BB-
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its credit
ratings on the JPY300 million floating-rate Orion Global
synthetic CDO portfolio credit-linked notes series 2006-23 and
the JPY700 million floating-rate Orion Global synthetic CDO
portfolio credit-linked notes series 2006-24 issued by Magnolia
Finance I PLC.

The rating actions follow negative rating migration in the
underlying reference portfolios.

Ratings List:

Magnolia Finance I PLC:

  -- JPY300 Million Floating-Rate Orion Global Synthetic CDO
     Portfolio Credit-Linked Notes Series 2006-23


   Rating          Rating         SROC(%)      Projected
To      From     scenario                  90 day+ SROC (%)
-----------------------------------------------------------
BBB-    A         A              98.4482       98.5227
                   A-             98.7069       98.7741
                   BBB+           99.0813       99.1570
                   BBB            99.4688       99.5372
                   BBB-          100.0894      100.1486

Magnolia Finance I PLC:

  -- JPY700 Million Floating-Rate Orion Global Synthetic CDO
     Portfolio Credit-Linked Notes Series 2006-24

  Rating          Rating           SROC(%)      Projected
To      From     scenario                  90 day+ SROC (%)
-----------------------------------------------------------
  BB-     BBB       BBB            98.6172       98.6851
                    BBB-           99.2325       99.2912
                    BB+            99.4380       99.4979
                    BB             99.7660       99.8161
                    BB-           100.0438      100.0874

SROC—Synthetic rated overcollateralization.


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


SYIKYR RIELT: Creditors Must File Claims by September 19
--------------------------------------------------------
LLC Syikyr Rielt has declared insolvency.  Creditors have until
Sept. 19, 2008, to submit written proofs of claim.

Inquiries can be addressed to (0-555) 28-81-11.


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


LUSITANO MORTGAGES 1: Fitch Affirms Class E Notes at 'BB+'
----------------------------------------------------------
Fitch Ratings revised six Outlooks on the junior classes of the
four Lusitano transactions originated in the period from 2004
(Lusitano Mortgages No. 3 plc) to 2007 (Lusitano Mortgages No. 6
plc) to Negative from Stable.  In addition, the Outlooks on two
tranches of Lusitano Mortgages No. 2 plc have also been changed.

The Negative Outlook reflects Fitch's concern over rising
defaults - defined as loans in arrears by more than 12 months -
well as the level of cumulative written-off loans seen to date
in Lusitano Mortgages No. 3 plc through to Lusitano 5, and those
that are expected to come through in Lusitano 6 in the near
future.

The revision of the Outlook on the class E notes of Lusitano 2
to Stable from Positive reflects Fitch's concern with rising
write-offs and current defaulted mortgage loans that are likely
to be written-off in the next few quarters.  The rising volume
of write-offs has been reducing available excess spread, and
Fitch believes a small reserve fund draw is likely in the near
future.  On the other hand, the Outlook on the class C notes is
changed to Positive from Stable to reflect strong credit
enhancement growth and the deleveraging of the transaction,
which benefits the senior classes first.

According to the latest investor reports, loans in arrears by
between three and 12 months have been increasing across the
Lusitano series, with the highest being reported in Lusitano 5
at 2.96% of the current portfolio outstanding.  The reports have
also shown that arrears in the more recent vintages are
significantly above those seen for Lusitano 1 and 2 at the same
level of seasoning.  Cumulative written-off loans (as defined in
the transaction documentation of the individual transaction)
ranged from 0% (Lusitano 6) to 1.79% (Lusitano 3) of the initial
portfolio outstanding.

To avoid the costs of carry arising from lengthy foreclosure
procedures in Portugal, the Lusitano series has provisioning
mechanisms in place.  The details of these mechanisms vary from
transaction to transaction and are provided at the end of the
announcement.

Due to the definition of the principal outstanding balance of
the collateral, which takes the principal amount outstanding of
a written-off loan to be equal to zero, the investor reports for
Lusitano 3, 4 and 5 show a mismatch in the outstanding balance
of the notes and the outstanding balance of the collateral.
According to the clarification received from the servicer, Banco
Espirito Santo, these loans are still in the pool and any
recoveries, either in the form of sale proceeds or reversion to
performing will generate revenue for the transaction.  In order
to have a better understanding of the impact of the provisioning
mechanism and the rates of recovery, Fitch has requested a loan-
by-loan breakdown of defaulted loans, well as a breakdown of
revenue generated by the complete pool.

The rating actions on the Lusitano series are:

Lusitano Mortgages No. 1 Plc:
Class A (ISIN XS0159068807): affirmed at 'AAA'; Outlook Stable
Class B (ISIN XS0159070456): affirmed at 'AAA'; Outlook Stable
Class C (ISIN XS0159070886): affirmed at 'AA-' (AA minus);
Outlook
        Positive
Class D (ISIN XS0159071009): affirmed at 'BBB+'; Outlook Stable
Class E (ISIN XS0159285062): affirmed at 'BB+'; Outlook Stable

Lusitano Mortgages No. 2 Plc:
Class A (ISIN XS0178545421): affirmed at 'AAA'; Outlook Stable
Class B (ISIN XS0178546742): affirmed at 'AAA'; Outlook Stable
Class C (ISIN XS0178547047): affirmed at 'A+'; Outlook revised
to
        Positive from Stable
Class D (ISIN XS0178547393): affirmed at 'BBB+'; Outlook Stable
Class E (ISIN XS0178547633): affirmed at 'BBB-' (BBB minus);
        Outlook revised to Stable from Positive

Lusitano Mortgages No. 3 Plc:
Class A (ISIN XS0206050147): affirmed at 'AAA'; Outlook Stable
Class B (ISIN XS0206051384): affirmed at 'AA'; Outlook Stable
Class C (ISIN XS0206051541): affirmed at 'A'; Outlook Stable
Class D (ISIN XS0206052432): affirmed at 'BBB'; Outlook revised
to
        Negative from Stable

Lusitano Mortgages No. 4 Plc:
Class A (ISIN XS0230694233): affirmed at 'AAA'; Outlook Stable
Class B (ISIN XS0230694589): affirmed at 'AA'; Outlook Stable
Class C (ISIN XS0230695552): affirmed at 'A+'; Outlook Stable
Class D (ISIN XS0230696360): affirmed at 'BBB+'; Outlook revised
        to Negative from Stable

Lusitano Mortgages No. 5 Plc:
Class A (ISIN XS0268642161): affirmed at 'AAA'; Outlook Stable
Class B (ISIN XS0268642831): affirmed at 'AA'; Outlook Stable
Class C (ISIN XS0268643649): affirmed at 'A'; Outlook revised to
        Negative from Stable
Class D (ISIN XS0268644886): affirmed at 'BBB+'; Outlook revised
        to Negative from Stable

Lusitano Mortgages No. 6 Limited:
Class A (ISIN): affirmed at 'AAA'; Outlook Stable
Class B (ISIN): affirmed at 'AA'; Outlook Stable
Class C (ISIN): affirmed at 'A'; Outlook Stable
Class D (ISIN): affirmed at 'BBB'; Outlook revised to Negative
        from Stable
Class E (ISIN): affirmed at 'BB'; Outlook revised to Negative
from
        Stable

The Lusitano transactions were originated and continue to be
serviced by the members of the BES, S.A. group.


LUSITANO MORTGAGES 6: Fitch Shifts Class E Notes Outlook to Neg
---------------------------------------------------------------
Fitch Ratings revised six Outlooks on the junior classes of the
four Lusitano transactions originated in the period from 2004
(Lusitano Mortgages No. 3 plc) to 2007 (Lusitano Mortgages No. 6
plc) to Negative from Stable.  In addition, the Outlooks on two
tranches of Lusitano Mortgages No. 2 plc have also been changed.

The Negative Outlook reflects Fitch's concern over rising
defaults - defined as loans in arrears by more than 12 months -
well as the level of cumulative written-off loans seen to date
in Lusitano Mortgages No. 3 plc through to Lusitano 5, and those
that are expected to come through in Lusitano 6 in the near
future.

The revision of the Outlook on the class E notes of Lusitano 2
to Stable from Positive reflects Fitch's concern with rising
write-offs and current defaulted mortgage loans that are likely
to be written-off in the next few quarters.  The rising volume
of write-offs has been reducing available excess spread, and
Fitch believes a small reserve fund draw is likely in the near
future.  On the other hand, the Outlook on the class C notes is
changed to Positive from Stable to reflect strong credit
enhancement growth and the deleveraging of the transaction,
which benefits the senior classes first.

According to the latest investor reports, loans in arrears by
between three and 12 months have been increasing across the
Lusitano series, with the highest being reported in Lusitano 5
at 2.96% of the current portfolio outstanding.  The reports have
also shown that arrears in the more recent vintages are
significantly above those seen for Lusitano 1 and 2 at the same
level of seasoning.  Cumulative written-off loans (as defined in
the transaction documentation of the individual transaction)
ranged from 0% (Lusitano 6) to 1.79% (Lusitano 3) of the initial
portfolio outstanding.

To avoid the costs of carry arising from lengthy foreclosure
procedures in Portugal, the Lusitano series has provisioning
mechanisms in place.  The details of these mechanisms vary from
transaction to transaction and are provided at the end of the
announcement.

Due to the definition of the principal outstanding balance of
the collateral, which takes the principal amount outstanding of
a written-off loan to be equal to zero, the investor reports for
Lusitano 3, 4 and 5 show a mismatch in the outstanding balance
of the notes and the outstanding balance of the collateral.
According to the clarification received from the servicer, Banco
Espirito Santo, these loans are still in the pool and any
recoveries, either in the form of sale proceeds or reversion to
performing will generate revenue for the transaction.  In order
to have a better understanding of the impact of the provisioning
mechanism and the rates of recovery, Fitch has requested a loan-
by-loan breakdown of defaulted loans, well as a breakdown of
revenue generated by the complete pool.

The rating actions on the Lusitano series are:

Lusitano Mortgages No. 1 Plc:
Class A (ISIN XS0159068807): affirmed at 'AAA'; Outlook Stable
Class B (ISIN XS0159070456): affirmed at 'AAA'; Outlook Stable
Class C (ISIN XS0159070886): affirmed at 'AA-' (AA minus);
Outlook
        Positive
Class D (ISIN XS0159071009): affirmed at 'BBB+'; Outlook Stable
Class E (ISIN XS0159285062): affirmed at 'BB+'; Outlook Stable

Lusitano Mortgages No. 2 Plc:
Class A (ISIN XS0178545421): affirmed at 'AAA'; Outlook Stable
Class B (ISIN XS0178546742): affirmed at 'AAA'; Outlook Stable
Class C (ISIN XS0178547047): affirmed at 'A+'; Outlook revised
to
        Positive from Stable
Class D (ISIN XS0178547393): affirmed at 'BBB+'; Outlook Stable
Class E (ISIN XS0178547633): affirmed at 'BBB-' (BBB minus);
        Outlook revised to Stable from Positive

Lusitano Mortgages No. 3 Plc:
Class A (ISIN XS0206050147): affirmed at 'AAA'; Outlook Stable
Class B (ISIN XS0206051384): affirmed at 'AA'; Outlook Stable
Class C (ISIN XS0206051541): affirmed at 'A'; Outlook Stable
Class D (ISIN XS0206052432): affirmed at 'BBB'; Outlook revised
to
        Negative from Stable

Lusitano Mortgages No. 4 Plc:
Class A (ISIN XS0230694233): affirmed at 'AAA'; Outlook Stable
Class B (ISIN XS0230694589): affirmed at 'AA'; Outlook Stable
Class C (ISIN XS0230695552): affirmed at 'A+'; Outlook Stable
Class D (ISIN XS0230696360): affirmed at 'BBB+'; Outlook revised
        to Negative from Stable

Lusitano Mortgages No. 5 Plc:
Class A (ISIN XS0268642161): affirmed at 'AAA'; Outlook Stable
Class B (ISIN XS0268642831): affirmed at 'AA'; Outlook Stable
Class C (ISIN XS0268643649): affirmed at 'A'; Outlook revised to
        Negative from Stable
Class D (ISIN XS0268644886): affirmed at 'BBB+'; Outlook revised
        to Negative from Stable

Lusitano Mortgages No. 6 Limited:
Class A (ISIN): affirmed at 'AAA'; Outlook Stable
Class B (ISIN): affirmed at 'AA'; Outlook Stable
Class C (ISIN): affirmed at 'A'; Outlook Stable
Class D (ISIN): affirmed at 'BBB'; Outlook revised to Negative
        from Stable
Class E (ISIN): affirmed at 'BB'; Outlook revised to Negative
from
        Stable

The Lusitano transactions were originated and continue to be
serviced by the members of the BES, S.A. group.


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


BAZHDALSKIY LES-PROM-KHOZ-2: Bankruptcy Hearing Set November 11
---------------------------------------------------------------
The Arbitration Court of Khabarovsk will convene on Nov. 11,
2008, to hear the bankruptcy supervision procedure on OJSC
Bazhdalskiy Les-Prom-Khoz-2.  The case is docketed under Case No
A73-5294/2008-9.

The Temporary Insolvency Manager is:

         A. Matviets
         Office 1
         Komsomolskaya Str. 81
         680000 Khabarovsk
         Russia


BIOFAG OJSC: Creditors Must File Claims by September 19
-------------------------------------------------------
Creditors of OJSC Biofag (TIN 0275048230) have until Sept. 19,
2008, to submit proofs of claim to:

         A. Ptashnikov
         Insolvency Manager
         Entuziastov Str. 4-33
         Ufa
         450096 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-8537/08-G-NLV.

The Debtor can be reached at:

         OJSC Biofag
         Vishnevka
         Chernyj Yar Str. 2
         UFa
         450019 Bashkortostan
         Russia


BIRYULEVSKIY KHLADOKOMBINAT: Claims Filing Period Ends Sept. 19
---------------------------------------------------------------
Creditors of CJSC Biryulevskiy Khladokombinat (TIN 6658208658)
have until Sept. 19, 2008, to submit proofs of claim to:

         V. Vinogorov
         Insolvency Manager
         Office 3
         Svobody Str. 69
         610000 Kirov
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-77022/06-71-1170B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Biryulevskiy Khladokombinat
         Stupinskiy Pr. 6
         117403 Moscow
         Russia


CHEESE-BUTTER BASE: Creditors Must File Claims by September 19
--------------------------------------------------------------
Creditors of LLC Cheese-Butter Base (TIN 5054008559) have until
Sept. 19, 2008, to submit proofs of claim to:

         V. Bezgachev
         Insolvency Manager
         Garnaina Str. 15
         630017 Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A45-26400/02-SB/6201.

The Court is located at:

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


EDELWEISS TRADE: Creditors Must File Claims by September 19
-----------------------------------------------------------
Creditors of LLC Edelweiss Trade (TIN 4606004427) have until
Sept. 19, 2008, to submit proofs of claim to:

         V. Bezgachev
         Insolvency Manager
         Garanina Str. 15
         630017 Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-26477/02-SB/6208.

The Court is located at:

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


KAZANORGSINTEZ: S&P Removes B- Corp. Credit Rating From WatchNeg
----------------------------------------------------------------
Standard & Poor's Ratings Services has removed its long-term
'B-' corporate credit and 'ruBBB' Russia national scale ratings
on Kazanorgsintez OJSC from CreditWatch, where they had been
placed with negative implications on May 2, 2008.  At the same
time, the ratings were affirmed.  The outlook is now stable.

"The removal from CreditWatch and affirmation reflect that the
group has successfully obtained a waiver for its incurrence
covenant (leverage), as well as having covenants waived for
other bank lines," said S&P's credit analyst Lucas Sevenin.
"Furthermore, we expect the group to be able to obtain further
new bank lines in the short term, to meet continued capital
expenditures."

The group's high leverage and weak cash flow metrics reflect
substantial, debt-funded expansion capital expenditures and the
group's aggressive financial policy.  The petrochemical
industry's cyclical profits and corporate governance
uncertainties also constrain the ratings.  Risks of supply
disruption and the unfavorable tolling agreement with OAO
Gazprom (BBB/Stable/--) also pressure the ratings.

However, Kazanorgsintez has historically had a comfortable
EBITDA margin, averaging 25% over the past four years, thanks to
cheap feedstock, favorable cycles, good market shares for the
group's main products, and fast-growing demand for polyethylenes
in Russia (helped by low penetration rates).  These factors help
mitigate the ratings pressure.

"We expect the group to generate a solid EBITDA margin of at
least 20% in 2008 and finance its maturing debt, capital
expenditures, and working-capital needs with bank credit lines
that are already signed or approved by the banks," said Mr.
Sevenin.

The outlook could be revised to negative if S&P sees signs of
materially weakening profit in 2009, or if Kazanorgsintez's
liquidity becomes tight, which could happen if, for example, the
group faces substantial production or feedstock supply issues.

Given the high leverage and limited capabilities for free
operating cash flow, rating upside is unlikely in the short to
medium term.


LLC MIRAX: Fitch Holds B Foreign and Local Currency ID Rating
-------------------------------------------------------------
Fitch Ratings is keeping Russian construction company LLC Mirax
Group's ratings of Long-term foreign and local currency Issuer
Default 'B', Short-term IDR 'B' and National Long-term 'BBB-
(rus)' on Rating Watch Negative.

This action relates to continued concerns regarding Mirax's
liquidity position, given the company's relatively limited back-
up liquidity of US$263 million (cash in this case) relative to
its short-term debt maturities of US$290 million.  This
continues to leave the company reliant on refinancing a portion
of its short-term debt, which Fitch views as a risky strategy
given the tightening liquidity situation currently facing some
Russian corporates.

Nevertheless, Fitch positively notes the moderate improvement in
Mirax's liquidity position in recent months.  These improvements
relate to the successful refinancing of Mirax's most pressing
short-term maturities - a US$200 million bridge-facility with a
Russian bank (originally due to mature in tranches during April-
June 2008) - the raising of new medium-term finance in May 2008
through the issuance of two-year US$100 million credit-linked
notes, and an improvement in the company's cash balance to
US$263 million (as of Aug. 6, 2008) from US$156 million (as of
April 2008), as part of its new liquidity policy of maintaining
a minimum cash balance of US$300 million from September 2008
onwards.

Although these are positive developments, they are not enough to
completely mitigate Fitch's concerns.  While Mirax has
refinanced its immediate short-term debt maturities, further
evidence is needed of both its efforts to raise new longer-term
finance and success in implementing its new liquidity policies.
More specifically, Fitch is unlikely to affirm the ratings at
current levels and remove the RWN status until Mirax has been
able to raise sufficient medium-term finance to cover the
substantial development costs on its sizeable project portfolio,
well as establishing and maintaining a cash balance of at least
US$300 million.  This, along with potentially positive free cash
flow during 2009, should enable Mirax to reach - and sustain
over the medium term - a liquidity score (measured as cash
reserves plus long-term undrawn committed credit facilities plus
free cash flow/short-term debt) in excess of 1x.

The RWN status also continues to reflect concerns previously
flagged by Fitch regarding Mirax's group restructuring and the
possible subordination of the rated entity, which caused the
ratings to be put on RWN on March 14, 2008.  Fitch plans to
conclude its analysis of these structural changes once Mirax
publishes its audited 2007 annual results, expected during the
autumn of 2008.  The completion of this analysis forms a central
part of the RWN resolution.  Fitch will now seek to resolve the
RWN by end-October.


MUST OJSC: Court Names G. Mufazalov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Chelyabinsk appointed G. Mufazalov as
Insolvency Manager for CJSC Trading House OJSC Must (TIN
7445012885).  He can be reached at:

         G. Mufazalov
         Apt. 84
         Shafieva Str. 10
         Ufa
         450083 Bashkortostan
         Russia
         Tel/Fax: (347) 248-81-17

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A76-6981/2008-30-13.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         CJSC Trading House OJSC Must
         Area of Kirzavod
         455007 Magnitogorsk
         Russia


OBRAZTSOVO CJSC: Creditors Must File Claims by September 19
-----------------------------------------------------------
Creditors of CJSC Obraztsovo have until Sept. 19, 2008, to
submit proofs of claim to:

         V. Zilev
         Insolvency Manager
         Volodarskofo Str. 9
         440026 Penza
         Russia

The Arbitration Court of Orel commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A48-4782/07-20b.

The Court is located at:

         The Arbitration Court of Orel
         Gorkogo Str. 42
         302000 Orel
         Russia

The Debtor can be reached at:

         CJSC Obraztsovo
         Obraztsovo
         303123 Orel
         Russia


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


SHIPO 3: Fitch Cuts Ratings on Two Note Classes to Low-B
--------------------------------------------------------
Fitch Ratings downgraded six classes from Fondo De Titulizacion
De Activos Santander Hipotecario 3 (Shipo3) and Fondo De
Titulizacion De Activos Santander Hipotecario 4 (Shipo4) RMBS
transactions, after a performance review.  The Outlooks on
select tranches have been revised to Negative from Stable.  The
collateral was originated by Banco Santander Central Hispano.

The rating actions are:

Fondo De Titulizacion De Activos Santander Hipotecario 3:
Class A1 (ISIN ES0338093000): affirmed at 'AAA'; Outlook Stable
Class A2 (ISIN ES0338093018): affirmed at 'AAA'; Outlook Stable
Class A3 (ISIN ES0338093026): affirmed at 'AAA'; Outlook Stable
Class B (ISIN ES0338093034): affirmed at 'AA'; Outlook Stable
Class C (ISIN ES0338093042): downgraded to 'A-' (A minus) from
        'A'; Outlook revised to Negative from Stable.
Class D (ISIN ES0338093059): downgraded to 'BB+' from 'BBB';
        Outlook remains Negative.
Class E (ISIN ES0338093067): downgraded to 'B+' from 'BB';
Outlook
        remains Negative
Class F (ISIN ES 0338093075): affirmed at 'CCC' Outlook revised
to
        Negative from Stable.

Fondo De Titulizacion De Activos Santander Hipotecario 4:
Class A1 (ISIN ES0337711008): affirmed at 'AAA'; Outlook Stable
Class A2 (ISIN ES0337711016): affirmed at 'AAA'; Outlook Stable
Class A3 (ISIN ES0337711024): affirmed at 'AAA'; Outlook Stable
Class B (ISIN ES0337711032): affirmed at 'AA'; Outlook Stable
Class C (ISIN ES0337711040): downgraded to 'A-' (A minus) from
        'A'; Outlook revised to Negative from stable.
Class D (ISIN ES0337711057): downgraded to 'BB+' from 'BBB';
        Outlook remains Negative.
Class E (ISIN ES0337711065): downgraded to 'B+' from 'BB';
Outlook
        remains Negative
Class F (ISIN ES0338341011): affirmed at 'CCC'; Outlook revised
to
        Negative from Stable.

The downgrades and Negative Outlooks reflect the high percentage
of loans written off in recent periods.  This has resulted in
the reserve fund (RF) for Shipo3 being drawn down to 46.41% of
its target amount, and for Shipo4 to 53.31%.  The RF draws have
reduced the credit enhancement (CE) of Classes D and E of Shipo3
to levels below those at closing.  Similarly, the CE of Class C
is likely to be reduced to below the closing level in the event
of further RF draws.  For Shipo4, the CE of all Classes has
diminished since closing, as the deal has more limited seasoning
and is therefore less de-leveraged.

The substantial arrears within the transactions suggest the
current pace of write-offs will continue, leading to further RF
draws in the coming quarters; it is highly probable the RFs
could be fully utilized.  Loans in arrears by more than three
months have shown an upward trend since closing, reaching 2.6%
for Shipo3 at the July interest payment date, from 1.64% in
April, and for Shipo4 2.71% from 1.34%.  The higher arrears of
Shipo4 at the same level of seasoning are partly offset by
higher CE, resulting in the same rating action for both deals.

The level of written off loans for both transactions is higher
than Fitch's initial expectations and are driven by the issuers'
decision to write off loans earlier than the transaction
documentation defaults definition.  As of July 2008, 0.9% of the
original balance of Shipo3 and 0.92% of Shipo4 have been written
off.  To date there have been no defaults due to the
transactions' provisioning mechanisms, which write off loans
that are more than 18 months in arrears.  The issuers' decision
to write off loans earlier has allowed for the efficient
utilization of excess spread available in these transactions,
but this also reduced the support available to the notes with
the utilization of the RFs.

The sequential prepayment of Shipo3 has enabled the CE of the
Class A and B to build up.  But even though the CE of all Shipo4
Classes has decreased since closing, the current levels of Class
A and B are higher than those of Shipo3.  Furthermore, even if
the RF of Shipo4 is completely depleted, the sequential
prepayment of the deal and the weight of the junior classes must
enable the CE of the Class A and B to build up in the coming
years.

Both deals show high levels of contentious loans; these are
loans over six months in arrears for which the bank will start
legal proceedings.  In recent quarters a high percentage of
these loans have resulted in repossession.  At repossession, the
issuer effectively treats the loan as a default and writes the
property to a recoverable value.  Given the growing pipeline of
contentious loans, Fitch expects repossessions to continue over
the near-term, thus resulting in incremental write-offs and
placing additional pressure on the structure.  While recoveries
should provide some support, the timing and magnitude of
recoveries remains uncertain given deteriorating housing market
conditions.

As part of its recent review, Fitch analyzed the repossessed
loan file.  Based on this data, it appears that a high
proportion of the problem loans are associated with non-Spanish
borrowers.  Also, given the high LTV, many of the loans carry
mortgage insurance. To date, none of the repossessed properties
has been sold.

Shipo3&4 were issued in April and October 2007 with a weighted
average original loan-to-value ratio (WAOLTV) of 90.21% and
91.61%, respectively. Given the deteriorating housing market in
Spain, the high WAOLTV of the deals will place significant
stress on the transactions.  The level of recoveries achieved on
defaulted loans will be a critical factor in the future
performance of the transactions.  Although the timeline of
recoveries tends to be longer due to the uncertainty in the real
estate market, recoveries from the sale of assets and the
mortgage insurance in place will have a positive impact on the
transactions.


SHIPO 4: Fitch Shifts 'CCC'-Rated Class F Notes Outlook to Neg.
---------------------------------------------------------------
Fitch Ratings downgraded six classes from Fondo De Titulizacion
De Activos Santander Hipotecario 3 (Shipo3) and Fondo De
Titulizacion De Activos Santander Hipotecario 4 (Shipo4) RMBS
transactions, after a performance review.  The Outlooks on
select tranches have been revised to Negative from Stable.  The
collateral was originated by Banco Santander Central Hispano.

The rating actions are:

Fondo De Titulizacion De Activos Santander Hipotecario 3:
Class A1 (ISIN ES0338093000): affirmed at 'AAA'; Outlook Stable
Class A2 (ISIN ES0338093018): affirmed at 'AAA'; Outlook Stable
Class A3 (ISIN ES0338093026): affirmed at 'AAA'; Outlook Stable
Class B (ISIN ES0338093034): affirmed at 'AA'; Outlook Stable
Class C (ISIN ES0338093042): downgraded to 'A-' (A minus) from
        'A'; Outlook revised to Negative from Stable.
Class D (ISIN ES0338093059): downgraded to 'BB+' from 'BBB';
        Outlook remains Negative.
Class E (ISIN ES0338093067): downgraded to 'B+' from 'BB';
Outlook
        remains Negative
Class F (ISIN ES 0338093075): affirmed at 'CCC' Outlook revised
to
        Negative from Stable.

Fondo De Titulizacion De Activos Santander Hipotecario 4:
Class A1 (ISIN ES0337711008): affirmed at 'AAA'; Outlook Stable
Class A2 (ISIN ES0337711016): affirmed at 'AAA'; Outlook Stable
Class A3 (ISIN ES0337711024): affirmed at 'AAA'; Outlook Stable
Class B (ISIN ES0337711032): affirmed at 'AA'; Outlook Stable
Class C (ISIN ES0337711040): downgraded to 'A-' (A minus) from
        'A'; Outlook revised to Negative from stable.
Class D (ISIN ES0337711057): downgraded to 'BB+' from 'BBB';
        Outlook remains Negative.
Class E (ISIN ES0337711065): downgraded to 'B+' from 'BB';
Outlook
        remains Negative
Class F (ISIN ES0338341011): affirmed at 'CCC'; Outlook revised
to
        Negative from Stable.

The downgrades and Negative Outlooks reflect the high percentage
of loans written off in recent periods.  This has resulted in
the reserve fund (RF) for Shipo3 being drawn down to 46.41% of
its target amount, and for Shipo4 to 53.31%.  The RF draws have
reduced the credit enhancement (CE) of Classes D and E of Shipo3
to levels below those at closing.  Similarly, the CE of Class C
is likely to be reduced to below the closing level in the event
of further RF draws.  For Shipo4, the CE of all Classes has
diminished since closing, as the deal has more limited seasoning
and is therefore less de-leveraged.

The substantial arrears within the transactions suggest the
current pace of write-offs will continue, leading to further RF
draws in the coming quarters; it is highly probable the RFs
could be fully utilized.  Loans in arrears by more than three
months have shown an upward trend since closing, reaching 2.6%
for Shipo3 at the July interest payment date, from 1.64% in
April, and for Shipo4 2.71% from 1.34%.  The higher arrears of
Shipo4 at the same level of seasoning are partly offset by
higher CE, resulting in the same rating action for both deals.

The level of written off loans for both transactions is higher
than Fitch's initial expectations and are driven by the issuers'
decision to write off loans earlier than the transaction
documentation defaults definition.  As of July 2008, 0.9% of the
original balance of Shipo3 and 0.92% of Shipo4 have been written
off.  To date there have been no defaults due to the
transactions' provisioning mechanisms, which write off loans
that are more than 18 months in arrears.  The issuers' decision
to write off loans earlier has allowed for the efficient
utilization of excess spread available in these transactions,
but this also reduced the support available to the notes with
the utilization of the RFs.

The sequential prepayment of Shipo3 has enabled the CE of the
Class A and B to build up.  But even though the CE of all Shipo4
Classes has decreased since closing, the current levels of Class
A and B are higher than those of Shipo3.  Furthermore, even if
the RF of Shipo4 is completely depleted, the sequential
prepayment of the deal and the weight of the junior classes must
enable the CE of the Class A and B to build up in the coming
years.

Both deals show high levels of contentious loans; these are
loans over six months in arrears for which the bank will start
legal proceedings.  In recent quarters a high percentage of
these loans have resulted in repossession.  At repossession, the
issuer effectively treats the loan as a default and writes the
property to a recoverable value.  Given the growing pipeline of
contentious loans, Fitch expects repossessions to continue over
the near-term, thus resulting in incremental write-offs and
placing additional pressure on the structure.  While recoveries
should provide some support, the timing and magnitude of
recoveries remains uncertain given deteriorating housing market
conditions.

As part of its recent review, Fitch analyzed the repossessed
loan file.  Based on this data, it appears that a high
proportion of the problem loans are associated with non-Spanish
borrowers.  Also, given the high LTV, many of the loans carry
mortgage insurance. To date, none of the repossessed properties
has been sold.

Shipo3&4 were issued in April and October 2007 with a weighted
average original loan-to-value ratio (WAOLTV) of 90.21% and
91.61%, respectively. Given the deteriorating housing market in
Spain, the high WAOLTV of the deals will place significant
stress on the transactions.  The level of recoveries achieved on
defaulted loans will be a critical factor in the future
performance of the transactions.  Although the timeline of
recoveries tends to be longer due to the uncertainty in the real
estate market, recoveries from the sale of assets and the
mortgage insurance in place will have a positive impact on the
transactions.


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


FORD MOTOR: S&P Holds Rating on Ford Credit Debt Buy Back Plan
--------------------------------------------------------------
Standard & Poor's Ratings Services said its ratings on Ford
Motor Co. (B-/Negative/--) and related entities are not affected
by Ford's intention to use up to US$500 million of new common
equity issuance to make purchases of Ford Motor Credit Co.'s
debt.

Debt due before 2012 will be the focus of the repurchases.  Any
such purchases in the open market or in private transactions
will likely be at a discount from par, given current prices.
S&P views such purchases as a modest positive for Ford's
consolidated credit quality.


FORD MOTOR: Auto Owner Trust Class D Notes Get S&P's BB+ Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to Ford
Credit Auto Owner Trust 2008-3's US$1.057 billion asset-backed
notes series 2008-3.

The ratings reflect:

     -- The characteristics of the pool being securitized;

     -- The credit enhancement in the form of subordination,
        cash, and excess spread, which is augmented through
        yield supplement overcollateralization;

     -- Ford Motor Credit Co.'s extensive securitization
        performance history;

     -- The timely interest and principal payments made under
        stressed cash flow modeling scenarios appropriate to
        the rating category; and

     -- The sound legal structure.

RATINGS ASSIGNED
Ford Credit Auto Owner Trust 2008-3

Class                Rating        Amount (mil. $)
-----                ------        ---------------
A                    AAA                     984.4
B                    AA+                      15.6
C                    BBB+                     36.3
D                    BB+                      20.7


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


ALEZOR SERVICE: Proofs of Claim Deadline Set August 27
------------------------------------------------------
Creditors of LLC Alezor Service Ltd. (code EDRPOU 35290107) have
until Aug. 27, 2008 to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 16, 2008.
The case is docketed as 24/186-b.

The Debtor can be reached at:

         LLC Alezor Service Ltd.
         Gorky Str. 13
         01004 Kiev
         Ukraine


BANK FINANCE: Moody's Affirms E+ Financial Strength Rating
----------------------------------------------------------
Moody's Investors Service has upgraded the long-term local
currency deposit and long-term foreign currency debt ratings of
Bank Finance and Credit to B1 from B2 and the bank's National
Scale Rating to Aa3.ua from A1.ua.  These upgrades conclude the
review on these ratings initiated in December 2007.  The outlook
on these ratings is now stable.

Moody's has affirmed Bank Finance and Credit's bank financial
strength rating of E+, with stable outlook, and its B2 long-term
foreign currency deposit ratings, with positive outlook, with
the latter remaining constrained by Ukraine's B2 country ceiling
for such deposits.  The Not Prime short-term ratings have also
been affirmed.

According to Moody's, today's rating actions reflect: (i) Bank
Finance and Credit's ability to consolidate its strong market
position as one of the top 15 banks in Ukraine; (ii) its
continued diversification into retail, which now accounts for
one-third of the bank's lending; (iii) its widening territorial
coverage and nationwide distribution network, which the bank has
built over recent years; and (iv) the proven commitment from its
shareholder, as demonstrated by regular capital injections to
support the bank's growth.

However, Moody's cautions that the bank's ratings are
constrained by: (i) concerns with regard to corporate governance
stemming from the presence of a single dominant shareholder;
(ii) the bank's concentrated loan book and potentially
understated level of related-party exposures that may reduce its
economic capitalisation; (iii) its historically very weak
profitability undermined by heavy operating costs and narrowing
interest margins, especially given the bank's reliance on
expensive domestic funding sources; and (iv) its increased
exposure to market risk.

Moody's previous rating actions on the bank were on Dec. 27,
2007, when the bank's local currency deposit rating and debt
ratings were placed on review for possible upgrade, on March 28,
2008 when the bank's foreign currency deposit rating was placed
on review for possible upgrade and on August 12 when the bank's
foreign currency deposit rating was confirmed with a positive
outlook.

Headquartered in Kyiv, Ukraine, Bank Finance and Credit reported
total IFRS consolidated assets at end-2007 US$2.9 billion and
net income of US$54 million in 2007.


DESTROYERS LLC: Proofs of Claim Deadline Set August 27
------------------------------------------------------
Creditors of LLC Destroyers (code EDRPOU 34979298) have until
Aug. 27, 2008 to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 23, 2008.
The case is docketed as 43/308.

The Debtor can be reached at:

         LLC Destroyers
         Citadelnaya Str. 6/8
         01015 Kiev
         Ukraine


KAMIANETS-PODOLSKY PLANT: Creditors Must File Claims by Aug. 27
---------------------------------------------------------------
Creditors of Petrovsky OJSC Kamianets-Podolsky Plant of Wood-
Cutting Tool Motor (code EDRPOU 00222404) have until
Aug. 27, 2008 to submit proofs of claim to:

         The Economic Court of Hmelnitskij
         Nezalezhnosti Square 1
         29000 Hmelnitskij
         Ukraine

The Economic Court of Hmelnitskiy commenced bankruptcy
supervision procedure on the company on July 21, 2008.  The case
is docketed as 3/138-B.

The Debtor can be reached at:

         Petrovsky OJSC Kamianets-Podolsky Plant of
         Wood-Cutting Tool Motor
         Grushevsky Avenue 1
         Kamianets-Podolsky
         32300 Hmelnitskij
         Ukraine


INITIO LLC: Creditors Must File Claims by August 27
---------------------------------------------------
Creditors of LLC Initio (code EDRPOU 31984642) have until
Aug. 27, 2008 to submit proofs of claim to:

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

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company on May 22, 2008.  The case is docketed
as 28/168-b.

The Debtor can be reached at:

         LLC Initio
         Vozdukhoflotsky Avenue 92-B
         03056 Kiev
         Ukraine


IVENT AGENCY: Proofs of Claim Deadline Set August 27
----------------------------------------------------
Creditors of LLC Ivent Agency Van2Rememba (code EDRPOU 33105128)
have until Aug. 27, 2008 to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 16, 2008.
The case is docketed as 24/184-b.

The Debtor can be reached at:

         LLC Ivent Agency Van2Rememba
         Zhylianskaya Str. 120B
         01032 Kiev
         Ukraine


MARKROS LLC: Creditors Must File Claims by August 27
----------------------------------------------------
Creditors of LLC Markros (code EDRPOU 30400410) have until
Aug. 27, 2008 to submit proofs of claim to:

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

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company on Feb. 26, 2008.  The case is docketed
as 43/215.

The Debtor can be reached at:

         LLC Markros
         Narodnogo Opolcheniya Str. 2
         03151 Kiev
         Ukraine


MEGAGROUP LLC: Creditors Must File Claims by August 27
------------------------------------------------------
Creditors of LLC Industrial-Investment Company Megagroup (code
EDRPOU 33730600) have until Aug. 27, 2008 to submit proofs of
claim to:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on July 8, 2008.
The case is docketed as 5/361/08.

The Debtor can be reached at:

         LLC Industrial-Investment Company Megagroup
         Nikolskaya Str. 25
         54030 Nikolaev
         Ukraine


NIRA TSAY: Proofs of Claim Deadline Set August 27
-------------------------------------------------
Creditors of LLC Nira Tsay Shasay (code EDRPOU 35614950) have
until Aug. 27, 2008 to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as B B2/108-08.

The Debtor can be reached at:

         LLC Nira Tsay Shasay
         Lipnevaya Str. 1
         Chubinskoye
         Kiev
         Ukraine


PODLESNOYE LLC: Creditors Must File Claims by August 27
-------------------------------------------------------
Creditors of Agricultural LLC Podlesnoye (code EDRPOU 03761395)
have until Aug. 27, 2008 to submit proofs of claim to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent on July 8, 2008.
The case is docketed as 27/53.

The Debtor can be reached at:

         Agricultural LLC Podlesnoye
         Zebolki
         Zhovkovsky District
         80360 Lvov
         Ukraine
         Tel. 252-68-230


SK-HOLDING LLC: Proofs of Claim Deadline Set August 27
------------------------------------------------------
Creditors of LLC SK-Holding (code EDRPOU 33830450) have until
Aug. 27, 2008 to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 23, 2008.
The case is docketed as 43/307.

The Debtor can be reached at:

         LLC SK-Holding
         Kikvidze Str. 13
         01103 Kiev
         Ukraine


UNIVERSAL LLC: Creditors Must File Claims by August 27
------------------------------------------------------
Creditors of LLC Production-Commerce Firm Universal (code EDRPOU
32900191) have until Aug. 27, 2008 to submit proofs of claim to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on July 3, 2008.
The case is docketed as 12/32b.

The Debtor can be reached at:

         LLC Production-Commerce Firm Universal
         Shevchenko Quarter 19
         91033 Lugansk
         Ukraine


VYSHGOROD REPAIR-TRANSPORT: Claims Filing Deadline Set August 27
----------------------------------------------------------------
Creditors of OJSC Vyshgorod Repair-Transport Enterprise (code
EDRPOU 03744221) have until Aug. 27, 2008 to submit proofs of
claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as B B2/107-08.

The Debtor can be reached at:

         OJSC Vyshgorod Repair-Transport Enterprise
         Vatutin Str. 69
         Vyshgorod
         Kiev
         Ukraine


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


BIO TECH: Goes Into Administration; Seven Jobs Affected
-------------------------------------------------------
Bio Tech Oils has gone into administration, resulting to the
loss of seven jobs, Aled Blake of Media Wales reports.

Tim Ball and Rod Weston Mazars have been appointed joint
administrators of the company, the report relates.

According to the report, a buyer is now being sought for the
business.

"Any interested parties willing to purchase all or part of the
business should contact me as soon as possible.  Recent
increases in the price of raw materials have not helped the
company," Mr. Ball was quoted by Media Wales as saying.

Based in Tredegar, South Wales, Bio Tech Oils is a biodiesel
producer.


C & M GROUP: Dunfare Buys Firm's Electrical Engineering Unit
------------------------------------------------------------
C & M Group Limited administrators Nick Dargan and Patrick
Lannagan at Deloitte & Touche LLP were able to sell the
company's electrical engineering division to Dunfare, The Press
and Journal reports.

The report says 39 jobs were saved by the sale.

The administrators are also planning to market C&M's 14,000-
tonne former Russian naval ship, which is planned to become the
world's first ice-breaking floating hotel, called the Ice
Maiden, the report relates.

The company went into administration on July 28, 2008.
According to The Press and Journal, C&M had been hit by delays
and overspending on a ship conversion in the US potentially
running into millions of pounds.  The company's administrators
are yet to give reasons for the cash-flow difficulties at the
company.

Based in Aberdeen, Scotland, C & M Group Limited --
http://www.c-m-group.com/-- provides multi-service engineering
solutions to both offshore and onshore industries.


COMPTON LILLIPUT: Brings in Joint Administrators from Deloitte
--------------------------------------------------------------
Lee Antony Manning and Richard Michael Hawes of Deloitte &
Touche LLP were appointed Aug. 1, 2008, joint administrators of:

   -- Compton Lilliput Ltd. (Company Number 05843232);
   -- 57 Haven Road Ltd. (Company Number 05913264); and
   -- 4 & 6 Compton Avenue Ltd. (Company Number 05927182).

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.

The companies can be reached at:

         11 Ravine Road
         Canford Cliffs
         Poole
         Dorset
         BH13 7HS
         England


CSW CLADDING: Calls in Joint Administrators from Mazars
-------------------------------------------------------
Robert David Adamson and Paul Charlton of Mazars LLP were
appointed Aug. 5, 2008, joint administrators of:

   -- CSW Cladding Ltd. (Company Number 05650858);
   -- CSW Insulation Ltd. (Company Number 06051192); and
   -- CSW Refurbishment Ltd. (Company Number 05665801).

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

The companies can be reached at:

         Mazars LLP
         Mazars House
         Gelderd Road
         Gildersome
         Leeds
         LS27 7JN
         England


DUNEDIN: May Breach GBP473 Mil. Loan Covenant in September
----------------------------------------------------------
Dunedin, a private property group, is likely to breach a loan-
to-value covenant of 75% on a GBP473 million loan with the Royal
Bank of Scotland in September after the value of its industrial
portfolio fell to GBP521 million, Mike Phillips of Property Week
reports.

According to the report, the loan was securitized through the
sale of floating notes secured against the value of the
properties and then sold on to institutional investors.

Dunedin, the report discloses, will be holding talks with RBS
and the noteholders to discuss what to do when a breach does
occur.

In May 2008 Dunedin scrapped the sale of a majority stake in the
portfolio in favor of a restructured financing agreement with
RBS, the report relates.


HORSHAM BRAKE: Appoints Liquidators from Vantis
-----------------------------------------------
Christopher David Stevens and Colin Ian Vickers of Vantis
Business Recovery Services were appointed joint liquidators of
Horsham Brake Services U.K. Ltd. on July 31, 2008, for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Horsham Brake Services U.K. Ltd.
         c/o Vantis Business Recovery Services
         Fourth Floor
         Southfield House
         11 Liverpool Gardens
         Worthing
         West Sussex
         BN11 1RY
         England


HRL CONFIDENTIAL: Joint Liquidators Take Over Operations
--------------------------------------------------------
Peter Hollis and Peter Nicholas Wastell of Vantis were appointed
joint liquidators of HRL Confidential Media Ltd. on July 31,
2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         HRL Confidential Media Ltd.
         c/o Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Hertfordshire
         AL1 1HD
         England


HUNT & NASH: Taps Liquidators from Tenon Recovery
-------------------------------------------------
Robert C. Keyes and Gareth W. Roberts of Tenon Recovery were
appointed joint administrators of Hunt & Nash Ltd. (Company
Number 06249118) on Aug. 7, 2008.

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

The company can be reached at:

         Hunt & Nash Ltd.
         Aquarium
         1-7 King Street
         Reading
         Berkshire
         RG1 2AN
         England


MAITLAND SELWYN: Appoints Joint Administrators from Vantis
----------------------------------------------------------
Peter James Hughes-Holland and Frank Wessely of Vantis Business
Recovery Services were appointed joint administrators of
Maitland Selwyn Recruitment Services Ltd. (Company Number
03475937) on Aug. 6, 2008.

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

The company can be reached at:

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


MEGA BRANDS: Amends Credit Deal; Closes C$75MM Private Placement
----------------------------------------------------------------
MEGA Brands Inc. received lender approval for certain amendments
to its senior secured credit facilities maturing in 2012.  On
Aug. 18, 2008, the company executed a sixth amending agreement
to its Credit Agreement dated July 26, 2005 providing for
certain changes to the terms and conditions of its senior
secured Credit Facilities maturing in 2012, including a waiver
of the cumulative minimum EBIDTA ratio covenant for the period
ended June 30, 2008.

Additionally, the Sixth Amendment introduces the concept of a
new definition of the calculation of EBIDTA allowing for the
add-back of certain non-recurring and non-cash items.  The
covenant includes a minimum EBITDA at the end of each quarter up
to and including June 30, 2010, at which point more stringent
covenants previously in place under the Credit Agreement become
effective.  The revolving credit facility has been reduced to
US$100 million.

Concurrently, the company has closed the private placement
offering of senior unsecured convertible debentures with Fairfax
Financial Holdings Ltd., Chiefswood Holdings Limited, The Owners
Fund and Victor J. Bertrand Sr., the founder and chairman of the
board of directors of the Corporation, reported on Aug. 11,
2008, which will generate gross proceeds of C$75 million and
mature on Aug. 31, 2013.

The debentures will bear interest at a rate of 8% payable semi-
annually in arrears and will be convertible at the option of the
holder at any time prior to the maturity date based on a
conversion price equal to approximately C$3.19 per common share,
subject to customary anti-dilution adjustments.  The debentures
will be convertible into 23,512,500 common shares, representing
39% of the common shares of the Corporation on an as converted
basis.

Assuming full conversion of the debentures to be issued to them,
Fairfax would hold 20,064,000 common shares or 35.4% of the
outstanding shares of the Corporation and such a conversion may
have a material effect on control, Victor J. Bertrand Sr. would
hold an additional 2,194,500 common shares which, with his
current holding, will represent 11% of the outstanding shares of
the Corporation and each of Chiefswood and The Owner Group would
receive 627,000 common shares which represent approximately 1 %
of the outstanding shares of the Corporation.

BMO Capital Markets acted as exclusive placement agent and
financial advisor to MEGA Brands in connection with the
Offering.  The proceeds of the offering, combined with the
amendments to the Corporation's Credit Facility, provide the
Corporation with the financial resources and flexibility to meet
working capital requirements leading up to the peak toy selling
season and to continue the implementation of its Value
Enhancement Plan.

                    About Mega Brands Inc.

MEGA Brands Inc. (TSE: MB) -- http://www.megabrands.com/--
designs, manufactures and markets high quality toys and
stationery products.  Headquartered in Montreal, the company has
approximately 4,500 employees with offices, manufacturing
facilities or distribution centers in 14 countries, including
United Kingdom, Germany, France, Spain, Mexico, and Australia.
The Corporation's products are sold in over 100 countries.


MEGA BRANDS: Weak Financial Risk Profile Cues S&P's B- Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and bank loan ratings on Montreal-based MEGA Brands Inc. and its
subsidiaries to 'B-' from 'B'.  The ratings remain on
CreditWatch with negative implications, where they were placed
Nov. 9, 2007.  The '3' recovery rating on the bank loan is
unchanged.

"The downgrade reflects our concerns regarding the company's
very weak financial risk profile, including its liquidity
position," said Standard & Poor's credit analyst Lori Harris.
These concerns follow the announcement that MEGA Brands will be
issuing C$75 million of 8% senior unsecured convertible
debentures due Aug. 31, 2013.

The offering is conditional upon an amendment to the company's
credit agreement and the Toronto Stock Exchange's approval of
MEGA Brands' exemption from the requirement to seek shareholder
approval.

In March 2008, MEGA Brands announced the possible sale of its
stationery and activities division.  MEGA Brands acquired the
business in 2005 for about US$350 million (plus contingent
payments).  The business, which generated 2007 sales of more
than C$200 million, consists of art materials, writing
instruments, presentation boards, organizers, and craft and
activity sets.  At this time, the probability of a sale and the
estimated net proceeds for the stationery and activities
business are unknown.

Standard & Poor's will remove the ratings from CreditWatch after
completion of the new debt offering and meeting with senior
management to discuss the company's ongoing business and
financial strategies.


HOMELAKE PROPERTIES: Taps Baker Tilly to Administer Assets
----------------------------------------------------------
Bruce Alexander Mackay and Michael David Rollings of Baker Tilly
Restructuring and Recovery LLP were appointed joint
administrators of Homelake Properties Ltd. (Company Number
04701506) and Parador Properties Ltd. (Company Number 03511370)
on Aug. 8, 2008.

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

The companies can be reached at:

         20 Clarendon Road
         Redhill
         Surrey
         RH1 1BW
         England


LIFESTYLE PS: Brings in Joint Administrators from Vantis
--------------------------------------------------------
Mark Newman and Vincent John Green of Vantis Business Recovery
Services were appointed joint administrators of Lifestyle PS
Ltd. (formerly Parenta Software Ltd.) (Company Number 05249763)
on Aug. 11, 2008.

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

The company can be reached at:

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


QUERCUS DEVELOPMENT: Colin Prescott Leads Liquidation Procedure
---------------------------------------------------------------
Colin Prescott of Moore Stephens LLP was appointed liquidator of
Quercus Development & Construction Ltd. on July 28, 2008, for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Quercus Development & Construction Ltd.
         c/o Moore Stephens LLP
         1-2 Little King Street
         Bristol
         BS1 4HW
         England


REPLIZYME LTD: Calls in Liquidators from KPMG
---------------------------------------------
Richard Dixon Fleming and Mark Granville Firmin of KPMG LLP were
appointed joint liquidators of Repliyzme Ltd. on Aug. 5, 2008,
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Repliyzme Ltd.
         c/o KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England


RYDER RACING: Hires Liquidators from Mazars
-------------------------------------------
Roderick John Weston and Nigel Heath Sinclair of Mazars LLP were
appointed joint liquidators of Ryder Racing Ltd. on July 23,
2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Ryder Racing Ltd.
         c/o Mazars LLP
         Tower Bridge House
         St. Katharine's Way
         London
         E1W 1DD
         England


S & G INVESTMENTS: Brings in Liquidators from Vantis
----------------------------------------------------
Peter James Hughes-Holland and Frank Wessely of Vantis Business
Recovery Services were appointed joint liquidators of S & G
Investments Ltd. on July 25, 2008, for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         56 Hawkhead Road
         Paisley
         Renfrewshire
         Scotland


SHAUN COCKING: Calls in Liquidators from Mazars
-----------------------------------------------
Robert David Adamson and Paul Charlton of Mazars LLP were
appointed joint liquidators of Shaun Cocking Plastering Ltd. on
Aug. 28, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Mazars LLP
         Mazars House
         Gelderd Road
         Gildersome
         Leeds
         LS27 7JN
         England


STUDENT EMPLOYMENT: Taps Joint Administrators from Ernst & Young
----------------------------------------------------------------
R. H. Kelly and C. G. J. King of Ernst & Young LLP were
appointed joint administrators of Student Employment Services
Ltd. (Company Number 03217432) on Aug. 8, 2008.

Ernst & Young -- http://www.ey.com/-- provides broad array of
services relating to audit and risk-related services, tax, and
transactions across all industries—from emerging growth
companies to global powerhouses—deal with a broad range of
business issues.

The company can be reached at:

         Student Employment Services Ltd.
         4 York Place
         Leeds
         West Yorkshire
         LS1 2DR
         England


* Ministry Releases 2Q Winding Up and Bankruptcy Statistics
-----------------------------------------------------------
The Ministry of Justice has published statistics for company
winding up, and creditors' and debtors' bankruptcy petitions
issued in the High Court and county courts of England and Wales
during the second quarter of 2008.

In the second quarter of 2008 these petitions were issued:

   -- 2,927 company winding up petitions - an increase of 11% on
      the petitions in the same quarter of 2007;

   -- 5,625 creditors' petitions - an increase of 18% on the
      petitions in the same quarter of 2007;

   -- 13,533 debtors' petitions - no change on the petitions in
      the same quarter of 2007.


* Murray Stable Creates Commercial & Insolvency Group
-----------------------------------------------------
The credit crunch and the enveloping recession in the commercial
and domestic property sectors have highlighted a growing need
for specialist advice on corporate and personal insolvency.  To
fill a gap in available legal services for the insolvency
professions and the wider community in Scotland, a specialist
group of Advocates has been formed to provide advice and
advocacy on commercial and insolvency matters.

Operating as part of the Murray Stable, the Commercial and
Insolvency Group is composed of nine Advocates, all of whom have
a special interest in developing professional services in this
area of law.

"The demand for expertise in the Commercial and Insolvency areas
has definitely increased and the legal and accounting
professions have undoubtedly become more discerning," Iain
Murray, Practice Manager, commented.  We see this in the number
of hits to the Stable website.  To satisfy the accelerating
demand for expertise in the Insolvency field a group of Senior
and Junior Counsel has been formed within the Stable.
Insolvency work, which has always been cyclical, was big
business in the last decade and not just for the accountants.
At the senior end this group includes Advocates who were
prominent the last time the cycle came round and, for example,
took part in House of Lords cases such as Clydesdale Bank v
Davidson as well as more junior members who are equally
knowledgeable.  The result is the Murray Stable now has a team
of Advocates already geared to providing advice and advocacy
quickly in the Insolvency field, for example concerning
securities, preferences, trading, actions against former
Directors, personal guarantees as well as the multitudinous
actions and petitions involving Liquidators and Trustees."

The Murray Stable is considered the most innovative of the
eleven stables of advocates forming Faculty Services Limited,
the service company of the Scottish bar; it was the first to
introduce a client care statement and the first civil stable to
go over to an entirely electronic diary system.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                   Featured Conferences

Renaissance American Management and Beard Conferences presents

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

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

                     *      *      *

Beard Audio Conferences presents

Bankruptcy and Restructuring Audio Conference CDs

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

                     *      *      *

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


                            *********

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 * * *