TCREUR_Public/080825.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, August 25, 2008, Vol. 9, No. 168

                            Headlines


B E L G I U M

FEDERAL-MOGUL: Earns US$90 Mln in Second Quarter Ended June 30
FEDERAL-MOGUL: Admin Claims Objection Period Extended to Dec. 27
FERRO CORP: Closes US$150 Mln Convertible Senior Notes Offering


G E R M A N Y

BEST DOENERPRODUKTION: Claims Registration Period Ends Sept. 10
BHD HOLZ: Claims Registration Period Ends September 9
BIAG PRODUKTIONS: Claims Registration Period Ends September 10
BOX DESIGN: Claims Registration Period Ends September 9
CAMPING MITTE: Claims Registration Period Ends September 8

DEUTSCHE ALT-A: Moody's Junks Ratings on 62 of 177 Tranches
HOGLA DIENSTLEISTUNGS: Claims Registration Period Ends Sept. 8
IHAIKU MEDIEN: Claims Registration Period Ends September 9
IB DEUTSCHE: KfW Bankengruppe to Sell Stake to Lone Star
IMZ IMMOBILIEN: Claims Registration Period Ends September 9

KAISER MONTAGE: Creditors Meeting Slated for September 10
M. U. H. SHOPPING: Claims Registration Period Ends September 8
MEXX PLANT: Claims Registration Period Ends September 8
NEMAQ STORE: Claims Registration Period Ends September 9
PACONSA GMBH: Claims Registration Period Ends September 9

R & R BAUGESELLSCHAFT: Claims Registration Period Ends Sept. 5
THYEN STEUERBERATUNGSGESELLSCHAFt: Claims Filing Ends Sept. 5
TRANSIMEX SERVICE: Claims Registration Period Ends September 5
WOLLIN HANDELS: Claims Registration Period Ends September 9


I C E L A N D

NAVISTAR INT'L: Allows GM Medium Duty Truck MOU to Expire
NAVISTAR INT'L: S&P Ratings Unaffected by Canceled GM Deal


I T A L Y

ALITALIA SPA: Rome Prosecutors Probe Financial Mismanagement
DANA CORP: Posts US$140 Mln Net Loss in Quarter Ended June 30


K Y R G Y Z S T A N

CONNECT LLC: Creditors Must File Claims by September 25


N E T H E R L A N D S

LYONDELLBASELL: S&P Chips Corporate Credit Rating to B From B+
NXP BV: Global Sales VP Pascal Langlois Transfers to JV ST-NXP
NXP BV: S&P Says Ratings Unaffected By ST-Ericsson Joint Venture
ROYAL AHOLD: U.S. Units Sport New Look and New Logo


R U S S I A

ELEVATOR-ZERNO-POSTAVKI: Moscow Bankruptcy Hearing Set Nov. 18
NEFTYANOY ALYANS-STROY: Orel Bankruptcy Hearing Set October 15
SPETS-PROM-KOMLEKT: Moscow Bankruptcy Hearing Set September 16
TEKH-INVEST-STROY CJSC: Moscow Bankruptcy Hearing Set October 1
UNIVERSAM OREKHOVO: Moscow Bankruptcy Hearing Set October 14


S W E D E N

SAS AB: S&P Shifts Outlook, Holds BB Corporate Credit Rating


S W I T Z E R L A N D

GENERAL MOTORS: Allows Navistar Medium Duty Truck MOU to Expire
GENERAL MOTORS: S&P Ratings Unaffected by Canceled Navistar Deal


U K R A I N E

ART LOGISTICS: Creditors Must File Claims by August 28
INDUSTRIAL DELIVERY-SERVICE: Claims Filing Deadline Set Aug. 27
KONOTOP KHP: Creditors Must File Claims by August 27
POPULATION HEALTH: Creditors Must File Claims by August 27
PROFIT BUILDING: Proofs of Claim Deadline Set August 27

PROFIT LLC: Creditors Must File Claims by August 27
STAROBELSK MOTOR 10907 Creditors Must File Claims by August 27
SUGAR TRADE: Creditors Must File Claims by August 27
TROSTIANETS BREADRECEIVING: Creditors' Claims Due August 27
UKRAINIAN SPECIAL: Creditors Must File Claims by August 27

UKRAINIAN TECHNICAL: Creditors Must File Claims by August 28
UNIVERSAL MEDIA-COMPANY: Proofs of Claim Deadline Set August 27


U N I T E D   K I N G D O M

ABITIBIBOWATER INC: Inks Consulting Agreement with John Weaver
ACE RECRUITMENT: Taps Joint Administrators from Tenon Recovery
BRITISH AIRWAYS: Seeks Tougher Airport Regulation
DECO 12: S&P Puts Class F Notes' BB Ratings on Watch Negative
DRAPERS ARMS: Shuts Doors After Calling in Receivers

ELISION HEALTH: Brings in Administrators from Smith & Williamson
GODDARD & BUNCE: Duncan R. Beat Leads Liquidation Procedure
LOANOPTIONS: Goes Into Administration; Transfers Assets
NIC ONGAR: Joint Liquidators Take Over Operations
PACIFIC CONTINENTAL: FSA to Probe on Securities Scam

PLANTATION PLACE: Meeting Over Defaulted Loan Slated for Aug. 27
SCRAP SOLUTIONS: Calls in Joint Administrators from Kroll
SEA CONTAINERS: Wants Disclosure Statement Approved
SEA CONTAINERS: Wants GECC Tolling Agreement Approved
SEA CONTAINERS: Wants Voting & Solicitation Procedures Approved

SINCLAIRE GROUP: Appoints Joint Administrators from Vantis
TAILOR MADE: Hires Joint Administrators from Tenon Recovery
VIMPELCOM: Telenor Finds a Way to End Conflict with Alfa Group

* CBI Says UK Manufacturing Output Outlook Weakest for 7 Years

* BOND PRICING: For the Week Aug. 18 to Aug. 22, 2008


                            *********


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


FEDERAL-MOGUL: Earns US$90 Mln in Second Quarter Ended June 30
----------------------------------------------------------------
Federal-Mogul Corporation (NASDAQ: FDML) reported record second
quarter sales of US$2,000,000,000 and an eighth consecutive
quarter of year-over-year increased sales combined with a sharp
rise in quarterly net income to US$90,000,000.

Highlights of Federal-Mogul's Q2 financial performance include:

    * Record quarterly sales of US$2,000,000,000, a 13%
      increase, versus US$1,800,000,000 in Q2 2007 and eighth
      consecutive quarter of year-over-year sales increase;

    * Gross margin improved by 23% or US$74,000,000 to
      US$396,000,000 or 19.8%, compared to US$322,000,000 in
      second quarter 2007;

    * SG&A at 10.6% of sales, compared to 12.1% of sales during
      the same period in 2007;

    * Operational EBITDA increased 21% to US$257,000,000 from
      US$212,000,000 in Q2 2007;

    * Net income improved to US$90,000,000 or earnings per share
      of US$0.90, compared to US$4,000,000 in Q2 2007;

    * Strong balance sheet and liquidity of US$1,300,000,000;
      and

    * Market, customer and product diversification with no
      single customer accounting for more than 6% of revenue.

Sales for the three-month period ending June 30, 2008, were a
record US$1,995,000, an increase of 13%, compared to
US$1,763,000 for the same period a year ago.   Federal-Mogul
reported a gross margin of US$396,000,000 or 19.8% of sales,
compared to US$322,000,000 or 18.3% of sales, representing an
increase of US$74,000,000, or 23% over the prior year.  Federal-
Mogul's Operational EBITDA was US$257,000,000 or 12.9% of sales,
compared to US$212,000,000 or 12.0% of sales during the same
period in 2007, representing an increase of US$45,000,000 or
21%.  The company recorded net income of US$90,000,000 or
earnings per share of US$0.90, up from US$4,000,000 in
second quarter 2007.

"We experienced another record sales quarter with strong
earnings performance.  We have anticipated and reacted to
changing market conditions including a market downturn in mature
automotive markets.  We implemented numerous successful actions
to offset macro-economic factors and benefited from our strong
market, customer and product diversification," said Jose Maria
Alapont, Federal-Mogul President and Chief Executive Officer.

"Federal-Mogul's global market presence and customer base is
well diversified.  We serve over 250 vehicle platforms and over
700 vehicle powertrain programs.  No single customer represents
more than 6% of our global revenue and over 60% of our revenue
is generated from sales outside the United States and Canada.
Further, we have a significant global aftermarket business with
well-recognized leading brands and we generate over 10% of our
revenue from a global commercial and industrial customer base.
This diversification strengthens our performance and compensates
for market and customer volatility," Mr. Alapont continued.

                       Financial Summary
                         (in millions)

                          Three Months Ended   Six Months Ended
                       ---------------------------------------
                                 June 30             June 30
                       ---------------------------------------
                           2008       2007       2008       2007
                       ---------------------------------------
Net sales              US$1,995   US$1,763   US$3,854  US$3,480
Gross margin                396        322        662       630
Adjusted gross margin       396        322        730       630
Selling, general and
administrative expenses   (212)      (213)      (421)     (420)
Net income                   90          4         58         9
Adjusted net income          90          4        121         9
Operational EBITDA          257         212       462       412

Federal-Mogul reported sales of US$1,995,000 for the three-month
period ending June 30, 2008, up from US$1,763,000 in the same
period of 2007.  Sales increased by US$232,000,000 or 13% and
were positively impacted by favorable foreign exchange of
US$125,000,000.  The company has reported year-over-year
quarterly sales increases for eight consecutive quarters as a
result of expanding sales to customers in Europe, Asia and South
America.

Gross margin for the quarter was US$396,000,000 or 19.8% of
sales, as compared to US$322,000,000 or 18.3% of sales during
the same period a year ago, an increase of 23% or US$74,000,000.
The automotive market has faced decreasing regional production
volumes, rising energy prices, inflationary raw material costs
and other economic challenges. The company effectively offset
the impact of these and other macro-economic factors through
profitable incremental revenue from new business contracts and
improved productivity from operations.  Gross margin was also
favorably impacted by reduced depreciation and foreign exchange.

Selling, General and Administrative, SG&A expenses were reduced
to 10.6% of sales during the quarter, compared to 12.1% of sales
in the same period of 2007.  The company realized a reduction in
SG&A expense despite an adverse foreign exchange impact of
US$11,000,000.

Federal-Mogul's Operational EBITDA for the second quarter was
US$257,000,000, a 21% or US$45,000,000 increase, compared to
US$212,000,000 during the same period in 2007.

Net income was US$90,000,000 in the second quarter 2008, with
earnings per share of US$0.90, compared to US$4,000,000 of net
income in second quarter 2007.

Federal-Mogul continued to make progress executing its
sustainable global profitable growth strategy by growing in
emerging markets and strengthening its presence in mature
markets.  The company achieved 50 percent growth in sales to
customers in BRIC (Brazil, Russia, India and China) markets
during the quarter.  The company recently completed the
successful launch of a new powertrain component plant in Araras,
Brazil and launched its new portfolio of wipers and brake pads
in the Russian market.

Federal-Mogul reported sales of US$3,854,000 for the six-month
period ending June 30, 2008, an increase of US$374,000,000 or
11% versus US$3,480,000 for the same period in 2007.

Gross margin increased to US$662,000,000 in the first half of
2008 versus US$630,000,000 in 2007, despite a non-cash charge of
US$68,000,000 recorded in the first quarter of 2008 relating to
re-valuation of inventory, as required by fresh-start reporting.

Operational EBITDA increased 12%, or US$50,000,000, to
US$462,000,000 in the first half of 2008, as compared to
US$412,000,000 in the same period the prior year.

Adjusted net income rose US$112,000,000 to US$121,000,000 or
3.1% of sales during the first half of 2008, versus US$9,000,000
in the first half of 2007.

The company recorded strong operating cash flow of
US$116,000,000 in the first half of 2008, which compares to
US$79,000,000 in the same period of 2007.

"Federal-Mogul's results demonstrate the solid foundation we
have put in place through our sustainable global profitable
growth strategy.  Global customer, regional and product
portfolio diversification, together with leading product
technologies and brands, development in best cost locations and
strong commitment to customer service differentiate Federal-
Mogul and contribute to our strong performance in this
challenging market environment," Mr. Alapont said.

Federal-Mogul held a conference call on July 24 to discuss the
the second quarter financial results.  An audio replay of the
call will be available beginning two hours following the call
and will be accessible until August 7, 2008 at:

     Domestic calls: 888-286-8010
     International calls: 617-801-6888
     Pass code I.D.: 35689660

A full-text-copy of Federal-Mogul Corp.'s Second Quarter 2008
Results filed on Form 10-Q is available at no charge at:

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

             Reorganized Federal-Mogul Corporation
                          Balance Sheet
                          (In millions)

                              ASSETS

                                             Successor
Company
                                            June 30     Dec. 31
                                              2008        2007
                                         ---------    --------
Current assets:
  Cash and equivalents                      US$843.9    US$425.4
  Accounts receivable, net                   1,382.6     1,095.9
  Inventories, net                           1,052.6     1,074.3
  Prepaid expenses and other current assets    357.6       526.4
                                         ---------    --------
Total current assets                         3,636.7     3,122.0

Property, plant and equipment, net           2,094.7     2,061.8
Goodwill & indefinite-lived
  intangible assets                          1,636.7     1,852.0
Definite-lived intangible assets, net          577.9       310.0
Other non-current assets                       486.4       520.5
                                         ---------    --------
Total Assets                              US$8,432.4  US$7,866.3
                                           =========    ========

               LIABILITIES & SHAREHOLDERS' EQUITY

Current Liabilities:
  Short-term debt, including current
   portion of long-term debt                US$128.2    US$117.8
  Accounts payable                             707.3       726.6
  Accrued liabilities                          505.5       496.0
  Current portion of postemployment
   benefit liability                            62.3        61.2
  Other accrued liabilities                    194.9       167.3
                                         ---------    --------
Total current liabilities                    1,598.2     1,568.9

Long-term debt                               2,806.2     2,517.6
Post-employment benefits                       965.7       936.9
Long-term portion of deferred income taxes     350.7       331.4
Other accrued liabilities                      289.7       300.3
Minority interest in consolidated affiliates    98.2        87.5

Shareholders' equity:
  Common Stock                                   1.0         1.0
  Additional paid-in capital,
   including warrants                        2,122.7     2,122.7
  Retained earnings                             58.1           -
  Accumulated other comprehensive income       141.9           -
                                         ---------    --------
Total Shareholders' Equity                   2,323.7     2,123.7
                                         ---------    --------
Total Liabilities & Shareholders' Equity  US$8,432.4  US$7,866.3
                                           =========    ========

                    Federal-Mogul Corporation
                     Statement of Operations
                          (In millions)

                                      Successor     Predecessor
                                        Company        Company
                                      ---------     -----------
                                          Six Months Ended
                                              June 30
                                      -------------------------
                                         2008           2007
                                      ----------   ----------

Net sales                             US$3,854.4     US$3,479.9
Cost of products sold                   (3,192.4)      (2,849.7)
                                       ----------   ----------
Gross margin                               662.0          630.2

Selling, general & admin expenses         (421.1)        (419.6)
Interest expense, net                      (90.6)        (101.9)
Amortization expense                       (35.3)
(9.3)
Chapter 11 & U.K. Administration expenses  (13.0)         (41.2)
Equity earnings of
unconsolidated affiliates                  16.5           18.0
Restructuring expense, net                  (2.7)         (29.6)
Other income (expense), net                 (4.3)          14.1
                                       ----------   ----------
Income before income taxes                 115.5           60.7

Income tax expense, net                    (53.4)         (52.2)
                                       ----------   ----------
Net income                               US$58.1         US$8.5
                                       ==========     ==========

                   Federal-Mogul Corporation
                Unaudited Statement of Cash Flows
                            (In Millions)

                                       Successor     Predecessor
                                        Company        Company
                                       ---------   -----------
                                           Six Months Ended
                                                June 30
                                       -------------------------
                                           2008           2007
                                        ----------    ----------
Cash Provided From (Used By)
Operating Activities:
Net earning (loss)                        US$58.1        US$8.5
Adjustments to reconcile
net earnings to net cash
from (used by)
operating activities:
   Depreciation and amortization            171.1         172.1
   Cash received from 524(g) Trust          225.0            -
   Change in postemployment benefits          4.1         (27.1)
   Changes in deferred taxes                  3.9           3.8
Changes in operating assets & liabilities:
   Accounts receivable                     (249.8)       (157.8)
   Inventories                               55.0           0.9
   Accounts payable                         (49.1)        106.5
   Other assets & liabilities                39.3          79.0
                                      ----------    ----------
Net Cash Provided
From Operating Activities                  257.6         185.9

Cash Provided From (Used By)
Investing Activities:

Expenditures for property,
plant & equipment                         (148.0)       (132.0)
Net proceeds from the sale of
property, plant & equipment                 10.9          18.1
Proceeds from sale of investment                -          13.8
Payments to acquire minority interests          -          (6.8)
Payments to acquire business                 (4.7)            -
                                       ----------    ----------
Net Cash Used By Investing Activities      (141.8)       (106.9)

Cash Provided From (Used By)
Financing Activities:
Proceeds from borrowings on exit facility 2,082.0             -
Repayment of Tranche A,
   Revolver & PIK Notes                  (1,790.8)            -
Proceeds from borrowings
   on DIP credit facility                       -         550.0
Principal payments on
   DIP credit facility                          -        (228.1)
Repayment of pre-petition
   Tranche C debt                               -        (330.4)
Increase in short-term debt                   2.4           8.7
Decrease in other long-term debt             (7.9)         (5.8)
Increase (decrease) in
factoring arrangements                       6.3         (58.9)
Debt refinance fees                          (0.4)         (0.3)
                                       ----------    ----------
Net Cash Provided From
  (Used By) Financing Activities            291.6         (64.8)
Effect of foreign currency exchange
  rate fluctuations on cash                  11.1           4.6
                                       ----------    ----------
Increase in cash and equivalents            418.5          18.8

Cash and equivalents at
beginning of period                        425.4         359.3
                                       ----------    ----------
Cash and equivalents at end of period    US$843.9      US$378.1
                                        ==========    ==========

                     About Federal-Mogul

Federal-Mogul Corporation (OTCBB: FDMLQ) --
http://www.federal-mogul.com/-- is a global supplier, serving
the world's foremost original equipment manufacturers of
automotive, light commercial, heavy-duty, agricultural, marine,
rail, off-road and industrial vehicles, as well as the worldwide
aftermarket.  Founded in Detroit in 1899, the company is
headquartered in Southfield, Michigan, and employs 45,000 people
in 35 countries.  Aside from the U.S., Federal-Mogul also has
operations in other locations which includes, among others,
Belgium, Russia, Mexico, Malaysia, Australia, China, India,
Japan, Korea, and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin LLP,
and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl & Jones,
LLP, represent the Debtors in their restructuring efforts.  When
the Debtors filed for protection from their creditors, they
listed US$10.15 billion in assets and US$8.86 billion in
liabilities. Federal-Mogul Corp.'s U.K. affiliate, Turner &
Newall, is based at Dudley Hill, Bradford.  Peter D. Wolfson,
Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis,
Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The
Bayard Firm represent the Official Committee of Unsecured
Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on Nov.
21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.

The Fourth Amended Plan was confirmed by the Bankruptcy Court on
Nov. 8, 2007, and affirmed by the District Court on November 14.
Federal-Mogul emerged from chapter 11 on Dec. 27, 2007.
(Federal-Mogul Bankruptcy News, Issue No. 170; Bankruptcy
Creditors' Service Inc.,http://bankrupt.com/newsstand/or
215/945-7000)


FEDERAL-MOGUL: Admin Claims Objection Period Extended to Dec. 27
----------------------------------------------------------------
Federal-Mogul Corp. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to extend the
period within which they may object to administrative claims
until Dec. 27, 2008.  A previous objection deadline expired on
July 24, 2008.

The Court will convene a hearing on the Debtors' request on
Sept. 12, 2008.  By application of Rule 9006-2 of the Local
Rules of Bankruptcy Practice and Procedures of the U.S.
Bankruptcy Court for the District of Delaware, the Debtors'
administrative claims objection deadline is automatically
extended through the conclusion of that hearing.  Objections to
the Debtors' extension request were due August 15.

The Reorganized Debtors clarify that the the proposed extension
is without prejudice to their right to seek further extensions
of the Administrative Claims Objection Deadline.

James E. O'Neill, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware, states that the Confirmation Order set a
bar date for Administrative Claims against the U.S. Debtors on
April 25, 2008.  However, he says the April 25 Administrative
Claims Bar Date applied only to administrative expense claims
incurred outside the ordinary course of the Reorganized Debtors'
business and was not intended to apply to ordinary course
vendor, tax, or similar claims.

The Plan provides that the Reorganized Debtors and any other
party-in-interest had until July 24, 2008, to review and object
to the Administrative Claims . . . provided that the 90-day
period of review may be extended by the Court upon request of
any of the Plan Proponents.

The Reorganized Debtors relate that 23 claims were timely
submitted.  Most of the claims, Mr. O'Neill says, were submitted
by state taxing authorities, as a protective measure so as not
to have any potential rights cut off by the Administrative
Claims Bar Date.  The Reorganized Debtors believe that all of
the state tax claims are ordinary course claims that are not
subject to the Administrative Claims Bar Date.  The Debtors have
been working with the state tax authorities asserting the claims
to obtain either the withdrawal of the claims or other
comparable consensual resolutions of the claims, with several
withdrawals already obtained, Mr. O'Neill tells the Court.

Mr. O'Neill adds that the Administrative Claims that were non-
tax related have already been satisfied or will not result in a
payment by the Reorganized Debtors.  He says the Reorganized
Debtors have contacted the claimants asserting the claims to
obtain the consensual resolution or withdrawal of those claims.
With respect to both the tax and non-tax claims, the Debtors
seek an extension of the Administrative Claims Objection
Deadline to allow time for the process to be completed.

The Reorganized Debtors also relate that 335 claims are
purported to have some postpetition or administrative component.
The Reorganized Debtors believe that most of the claims were
resolved through payment of the claim in the ordinary course of
business during their Chapter 11 cases.  Many of the claims are
asbestos-related claims that will be addressed by the Federal-
Mogul Asbestos Personal Injury Trust established under the Plan,
Mr. O'Neill says.  The Reorganized Debtors have notified the
holders of the claims.

Although the Debtors have been able to obtain the consensual
resolution of many of the purported Administrative Claims prior
to the July 24 deadline, Mr. O'Neill says there remain a number
of pending Administrative Claims that remain to be addressed.
Without the requested extension, the Debtors will be forced to
file numerous objections to the Administrative Claims that will
increase the costs to the Reorganized Debtors and the claimants,
and the administrative burdens on the Court.  Rather than
subject all parties to the costs and burdens, the Court should
extend the Administrative Claims Objection Deadline for the
period requested, he asserts.

                       About Federal-Mogul

Federal-Mogul Corporation (OTCBB: FDMLQ) --
http://www.federal-mogul.com/-- is a global supplier, serving
the world's foremost original equipment manufacturers of
automotive, light commercial, heavy-duty, agricultural, marine,
rail, off-road and industrial vehicles, as well as the worldwide
aftermarket.  Founded in Detroit in 1899, the company is
headquartered in Southfield, Michigan, and employs 45,000 people
in 35 countries.  Aside from the U.S., Federal-Mogul also has
operations in other locations which includes, among others,
Belgium, Russia, Mexico, Malaysia, Australia, China, India,
Japan, Korea, and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin LLP,
and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl & Jones,
LLP, represent the Debtors in their restructuring efforts.  When
the Debtors filed for protection from their creditors, they
listed US$10.15 billion in assets and US$8.86 billion in
liabilities. Federal-Mogul Corp.'s U.K. affiliate, Turner &
Newall, is based at Dudley Hill, Bradford.  Peter D. Wolfson,
Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis,
Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The
Bayard Firm represent the Official Committee of Unsecured
Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on Nov.
21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.

The Fourth Amended Plan was confirmed by the Bankruptcy Court on
Nov. 8, 2007, and affirmed by the District Court on November 14.
Federal-Mogul emerged from chapter 11 on Dec. 27, 2007.
(Federal-Mogul Bankruptcy News, Issue No. 170; Bankruptcy
Creditors' Service Inc.,http://bankrupt.com/newsstand/or
215/945-7000)


FERRO CORP: Closes US$150 Mln Convertible Senior Notes Offering
---------------------------------------------------------------
Ferro Corporation completes its offering of US$150 million
aggregate principal amount of 6.50% Convertible Senior Notes due
2013, and that it accepted and paid for the 9-1/8% Senior Notes
due 2009 validly tendered and not withdrawn as of Aug. 18, 2008,
pursuant to the tender offer and consent solicitation commenced
June 20, 2008.

The Company has granted the underwriters an option to purchase
US$22.5 million aggregate principal amount of Convertible Notes,
within 30 days of the initial issuance of the Convertible Notes,
to cover over-allotments.

The net proceeds to the Company from the sale of the Convertible
Notes were approximately US$145.4 million.  The Company used the
net proceeds from the sale of the Convertible Notes and
available cash, including borrowings under the Company's
revolving credit facility, to purchase the 9-1/8% Notes tendered
and accepted in the tender offer and consent solicitation, to
pay accrued and unpaid interest on all such indebtedness, and to
pay all premiums and transaction expenses associated therewith.

The Convertible Notes are convertible, at the holder's option
under certain circumstances, using a net share settlement
process, into a combination of cash and, if applicable, shares
of the Company's common stock.  The initial base conversion rate
for the Convertible Notes is 30.9253 shares of the Company's
common stock per US$1,000 principal amount of Convertible Notes,
subject to adjustment upon the occurrence of certain events.

In addition, if the price of the Company's common stock exceeds
the base conversion price during the settlement averaging period
applicable to a conversion, holders who convert will receive up
to an additional 18.5552 shares of the Company's common stock
per US$1,000 principal amount of Convertible Notes, as
determined pursuant to a specified formula.

The initial base conversion price represents a premium of
approximately 60% based on the closing sale price of US$20.21
per share of the Company's common stock on Aug. 13, 2008.  The
Convertible Notes may not be redeemed by the Company.  Holders
of the Convertible Notes may require the Company to repurchase
their Convertible Notes at a purchase price equal to the
principal amount, plus accrued and unpaid interest, if any, if
the Company is involved in certain types of corporate
transactions that constitute a fundamental change, as defined by
the terms of the Convertible Notes.

A total of US$198,987,000, or approximately 99.494% of the
aggregate principal amount of the 9-1/8% Notes, were validly
tendered and not withdrawn prior to the Early Acceptance Date.
The tender offer and consent solicitation is scheduled to expire
at 5:00 p.m., New York City time, on Aug. 26, 2008.

The final settlement with respect to the 9-1/8% Notes validly
tendered and not withdrawn after the Early Acceptance Date and
prior to the Expiration Date will be made promptly following the
Expiration Date. T he Company has called any remaining 9-1/8%
Notes that are not tendered and purchased in the tender offer
and consent solicitation for redemption on Sept. 18, 2008
pursuant to the terms of the 9-1/8% Notes.

The Company received valid tenders and a sufficient number of
consents to adopt the proposed amendments to the indenture
governing the 9-1/8% Notes.  Such amendments were adopted on
Aug. 19, 2008 pursuant to a supplemental indenture entered into
with the 9-1/8% Notes trustee.  The amendments to the indenture
have eliminated certain restrictive covenants, events of
default, conditions to legal and covenant defeasance and related
provisions with respect to the 9-1/8% Notes.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets
Inc. and J.P. Morgan Securities Inc.  acted as joint bookrunning
managers for the Convertible Notes offering.

                     About Ferro Corporation

Based in Cleveland, Ohio, Ferro Corporation (NYSE: FOE) --
http://www.ferro.com/-- is a producer of specialty chemicals
including coatings, enamels, pigments, plastic compounds, and
specialty chemicals for use in industries ranging from
construction, pharmaceuticals and telecommunications.  The
company has approximately 6,300 employees worldwide.  Ferro
operates through these five primary business segments:
Performance Coatings, Electronic Materials, Color and
Performance Glass Materials, Polymer Additives, and Specialty
Plastics.  Ferro Corp. has locations in Argentina, Australia,
Belgium, Brazil, China, among others.

                            *   *   *

As reported in the Troubled Company Reporter on Aug. 19, 2008,
Standard & Poor's Ratings Services assigned a 'B' rating to
Ferro Corp.'s proposed US$150 million 6.5% convertible senior
unsecured notes and a recovery rating of '5', indicating the
expectation for modest (10% to 30%) recovery in the event of a
payment default.  At the same time, S&P affirmed its 'B+'
corporate credit and secured debt ratings on the company.  The
outlook is stable.  S&P also withdrew ratings on the proposed
US$200 million senior unsecured notes due 2016 which the company
no longer plans to issue.

Proceeds from the offering, along with cash and borrowings under
the revolving credit facility, will be used to redeem US$200
million of secured debt maturing in January 2009.  The notes are
convertible into Ferro common stock at a specified threshold
price at the option of the holder.


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


BEST DOENERPRODUKTION: Claims Registration Period Ends Sept. 10
---------------------------------------------------------------
Creditors of BEST Doenerproduktion GmbH have until
Sept. 10, 2008, to register their claims with court-appointed
insolvency manager Hermann Wittebrock.

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 Saarbruecken
         Area Hall 14
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

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

The insolvency manager can be reached at:

         Hermann Wittebrock
         Pestelstrasse 4
         66119 Saarbruecken
         Germany
         Tel: (0681) 581151
         Fax: (0681) 581165

The District Court of Saarbruecken opened bankruptcy proceedings
against BEST Doenerproduktion GmbH on July 21, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BEST Doenerproduktion GmbH
         Attn: Sebahattin Erdem, Manager
         Wellesweilerstr. 83a
         66538 Neunkirchen
         Germany


BHD HOLZ: Claims Registration Period Ends September 9
-----------------------------------------------------
Creditors of BHD Holz-Design-Moebel GmbH & Co. KG have until
Sept. 9, 2008, to register their claims with court-appointed
insolvency manager Hans-Peter Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Meeting Hall 4065
         Fourth Floor
         Gerichtstr. 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Hans-Peter Burghardt
         Bunsenstr. 3
         32052 Herford
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against BHD Holz-Design-Moebel GmbH & Co. KG on July 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BHD Holz-Design-Moebel GmbH & Co. KG
         Attn: Udo Brinkmann, Manager
         Alten Markt 34
         32361 Preussisch Oldendorf
         Germany


BIAG PRODUKTIONS: Claims Registration Period Ends September 10
--------------------------------------------------------------
Creditors of BIAG Produktions GmbH & Co. KG have until
Sept. 10, 2008, to register their claims with court-appointed
insolvency manager Dr. Juergen Wallner.

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

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 145
         Bernhard Goering Strasse 64
         04275 Leipzig
         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. Juergen Wallner
         Karl-Heine-Strasse 25b
         04229 Leipzig
         Germany
         Tel: 0341-2534760
         Fax: 0341-2534761

The District Court of Leipzig opened bankruptcy proceedings
against BIAG Produktions GmbH & Co. KG on July 15, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BIAG Produktions GmbH & Co. KG
         Attn: Rainer Rudolph, Manager
         Pereser Str. 2
         04575 Neukieritzsch OT Lippendorf
         Germany


BOX DESIGN: Claims Registration Period Ends September 9
-------------------------------------------------------
Creditors of BOX Design Moebel GmbH & Co. KG have until Sept. 9,
2008, to register their claims with court-appointed insolvency
manager Hans-Peter Burghardt.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Hans-Peter Burghardt
         Bunsenstr. 3
         32052 Herford
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against BOX Design Moebel GmbH & Co. KG on July 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BOX Design Moebel GmbH & Co. KG
         Attn: Brinkmann Udo, Manager
         alten Markt 34
         32361 Preussisch Oldendorf
         Germany


CAMPING MITTE: Claims Registration Period Ends September 8
----------------------------------------------------------
Creditors of Camping Mitte GmbH & Co. KG have until  Sept. 8,
2008, to register their claims with court-appointed insolvency
manager Peter-A. Borchardt .

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on Sept. 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Flensburg
         Hall A 220
         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:

         Peter-A. Borchardt
         c/o Schomerus & Partner
         Deichstrasse 1
         20459 Hamburg
         Germany

The District Court of Flensburg opened bankruptcy proceedings
against Camping Mitte GmbH & Co. KG on July 18, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Camping Mitte GmbH & Co. KG
         Attn: Karl-Heinz Mayers-Bjerringgaard, Manager
         Sonnenhuegel 1
         24994 Medelby
         Germany


DEUTSCHE ALT-A: Moody's Junks Ratings on 62 of 177 Tranches
-----------------------------------------------------------
Moody's Investors Service downgraded the ratings of 177 tranches
from 19 Alt-A transactions issued by Deutsche Bank.  Eighteen
downgraded tranches remain on review for possible downgrade.
Additionally, 27 senior tranches were confirmed at Aaa.  The
collateral backing these transactions consists primarily of
first-lien, fixed and adjustable-rate, Alt-A mortgage loans.

Complete rating actions are:

Issuer: Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series
2005-6

  -- Cl. I-A-3, Downgraded to A1 from Aaa
  -- Cl. I-A-4, Downgraded to Aa2 from Aaa
  -- Cl. I-A-5, Downgraded to A1 from Aaa
  -- Cl. I-A-6, Downgraded to A1 from Aaa
  -- Cl. I-A-7, Downgraded to A1 from Aaa
  -- Cl. I-A-PO, Downgraded to A1 from Aaa
  -- Cl. II-A-1, Downgraded to A1 from Aaa
  -- Cl. II-A-2, Downgraded to A1 from Aaa
  -- Cl. II-A-PO, Downgraded to A1 from Aaa
  -- Cl. II-A-3, Downgraded to Aa2 from Aaa
  -- Cl. I-A-8, Downgraded to A2 from Aa1
  -- Cl. II-A-4, Downgraded to A2 from Aa1

Issuer: Deutsche Alt-A Securities Mortgage Loan Trust, Series
2006-AR4

  -- Cl. A-1, Downgraded to Aa2 from Aaa
  -- Cl. A-2, Downgraded to Aa2 from Aaa
  -- Cl. A-3, Downgraded to Ba2 from Aaa

  -- Cl. M-1, Downgraded to B3 from B2; Placed Under Review for
     further Possible Downgrade

  -- Cl. M-2, Downgraded to Ca from B3
  -- Cl. M-3, Downgraded to Ca from B3
  -- Cl. M-4, Downgraded to Ca from B3
  -- Cl. M-5, Downgraded to Ca from B3
  -- Cl. M-6, Downgraded to Ca from B3

Issuer: Deutsche Alt-A Securities Mortgage Loan Trust, Series
2006-AR5

  -- Cl. I-A-1, Downgraded to Baa1 from Aaa

  -- Cl. I-A-2, Downgraded to Aa2 from Aaa

  -- Cl. I-A-3, Downgraded to Baa1 from Aaa

  -- Cl. I-A-4, Downgraded to B3 from Aaa; Placed Under Review
     for further Possible Downgrade

  -- Cl. II-1A, Downgraded to A1 from Aaa

  -- Cl. II-2A, Downgraded to A1 from Aaa

  -- Cl. II-3A, Downgraded to A2 from Aaa

  -- Cl. II-X1, Downgraded to A1 from Aaa

  -- Cl. II-X2, Downgraded to A1 from Aaa

  -- Cl. II-PO, Downgraded to A1 from Aaa

  -- Cl. I-M-1, Downgraded to Ca from B3

  -- Cl. I-M-2, Downgraded to Ca from B3

  -- Cl. I-M-3, Downgraded to Ca from Caa1

  -- Cl. I-M-4, Downgraded to Ca from Caa1

  -- Cl. I-M-5, Downgraded to Ca from Caa1

  -- Cl. I-M-6, Downgraded to Ca from Caa1

Issuer: Deutsche Alt-A Securities Mortgage Loan Trust, Series
2007-1

  -- Cl. I-A-1, Downgraded to Aa1 from Aaa

  -- Cl. I-A-2, Downgraded to Aa3 from Aaa

  -- Cl. I-A-3A, Downgraded to A1 from Aaa

  -- Cl. I-A-3B, Downgraded to A1 from Aaa

  -- Cl. I-A-3C, Downgraded to A1 from Aaa

  -- Cl. I-A-4B, Downgraded to A2 from Aaa

  -- Cl. II-A-1, Downgraded to Aa3 from Aaa

  -- Cl. A-5, Downgraded to Ba3 from Aaa

  -- Cl. M-1, Downgraded to B3 from B1; Placed Under Review for
     further Possible Downgrade

  -- Cl. M-2, Downgraded to Caa2 from B1
  -- Cl. M-3, Downgraded to Ca from B1
  -- Cl. M-4, Downgraded to Ca from B2
  -- Cl. M-5, Downgraded to Ca from B3

Issuer: Deutsche Alt-A Securities Mortgage Loan Trust, Series
2007-2

  -- Cl. I-A-2, Downgraded to Baa3 from Aaa

  -- Cl. II-A-2, Downgraded to Baa3 from Aaa

  -- Cl. M-1, Downgraded to Ba2 from A1

  -- Cl. M-2, Downgraded to B1 from Baa1

  -- Cl. M-3, Downgraded to B1 from Baa2; Placed Under Review
     for further Possible Downgrade

  -- Cl. M-4, Downgraded to B2 from Ba1; Placed Under Review for
     further Possible Downgrade

  -- Cl. M-5, Downgraded to B3 from Ba3; Placed Under Review for
     further Possible Downgrade

  -- Cl. M-6, Downgraded to Caa1 from B1; Placed Under Review
     for further Possible Downgrade

  -- Cl. M-7, Downgraded to Ca from B1

  -- Cl. M-8, Downgraded to Ca from B1

  -- Cl. M-9, Downgraded to Ca from B1

Issuer: Deutsche Alt-A Securities Mortgage Loan Trust, Series
2007-AR2

  -- Cl. A-1, Confirmed at Aaa
  -- Cl. A-2, Downgraded to Baa2 from Aaa
  -- Cl. A-3, Downgraded to Ba3 from Aaa
  -- Cl. A-4, Confirmed at Aaa
  -- Cl. A-5, Confirmed at Aaa
  -- Cl. A-6, Downgraded to Baa2 from Aaa
  -- Cl. A-7, Downgraded to Baa2 from Aaa
  -- Cl. M-2, Downgraded to Ca from B3
  -- Cl. M-3, Downgraded to Ca from Caa1
  -- Cl. M-4, Downgraded to Ca from Caa1
  -- Cl. M-5, Downgraded to Ca from Caa1

Issuer: Deutsche Alt-A Securities Mortgage Loan Trust, Series
2007-BAR1

  -- Cl. A-1, Downgraded to Aa2 from Aaa

  -- Cl. A-2, Downgraded to A1 from Aaa

  -- Cl. A-3, Downgraded to Ba1 from Aaa

  -- Cl. A-4, Downgraded to Ba2 from Aaa

  -- Cl. A-5, Downgraded to B3 from Aaa; Placed Under Review for
     further Possible Downgrade

  -- Cl. M-1, Downgraded to Caa1 from Aa1

  -- Cl. M-2, Downgraded to Caa2 from Aa2

  -- Cl. M-3, Downgraded to Caa3 from Aa3

  -- Cl. M-4, Downgraded to Ca from Baa3

  -- Cl. M-5, Downgraded to Ca from Ba2

  -- Cl. M-6, Downgraded to Ca from Ba3

  -- Cl. M-7, Downgraded to Ca from B2

  -- Cl. M-8, Downgraded to Ca from Caa1

  -- Cl. M-9, Downgraded to Ca from Caa3

Issuer: Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2006-AF1

  -- Cl. A-5, Downgraded to A1 from Aaa
  -- Cl. M-5, Downgraded to Ca from B3
  -- Cl. M-6, Downgraded to Ca from B3

Issuer: Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2006-AR1

  -- Cl. I-A-2, Downgraded to Aa2 from Aaa

  -- Cl. I-A-3, Downgraded to Aa3 from Aaa

  -- Cl. I-A-4, Downgraded to Ba3 from Aaa

  -- Cl. I-M-1, Downgraded to B2 from Ba1; Placed Under Review
     for further Possible Downgrade

  -- Cl. I-M-3, Downgraded to Ca from B3

  -- Cl. I-M-4, Downgraded to Ca from B3

  -- Cl. I-M-5, Downgraded to Ca from B3

  -- Cl. I-M-6, Downgraded to Ca from Caa1

Issuer: Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2006-AR2

  -- Cl. A-1-1, Confirmed at Aaa
  -- Cl. A-1-2, Confirmed at Aaa
  -- Cl. A-2, Downgraded to Baa2 from Aaa
  -- Cl. M-5, Downgraded to Ca from B3
  -- Cl. M-6, Downgraded to Ca from B3

Issuer: Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2006-AR3

  -- Cl. A-1, Downgraded to Baa1 from Aaa

  -- Cl. A-2, Downgraded to Baa1 from Aaa

  -- Cl. A-3, Downgraded to A1 from Aaa

  -- Cl. A-4, Downgraded to A2 from Aaa

  -- Cl. A-5, Downgraded to A3 from Aaa

  -- Cl. A-6, Downgraded to Baa2 from Aaa

  -- Cl. A-7, Downgraded to B3 from Aaa; Placed Under Review for
     further Possible Downgrade

  -- Cl. M-1, Downgraded to Ca from B3

  -- Cl. M-2, Downgraded to Ca from B3

  -- Cl. M-3, Downgraded to Ca from Caa1

  -- Cl. M-4, Downgraded to Ca from Caa1

Issuer: Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2006-AR6

  -- Cl. A-1, Confirmed at Aaa

  -- Cl. A-2, Downgraded to Aa1 from Aaa

  -- Cl. A-3, Downgraded to Aa1 from Aaa

  -- Cl. A-4, Downgraded to A2 from Aaa

  -- Cl. A-5, Downgraded to A3 from Aaa

  -- Cl. A-6, Confirmed at Aaa

  -- Cl. A-7, Downgraded to A3 from Aaa

  -- Cl. A-8, Downgraded to Ba3 from Aaa

  -- Cl. M-1, Downgraded to B3 from B2; Placed Under Review for
     further Possible Downgrade

  -- Cl. M-2, Downgraded to Ca from B3

  -- Cl. M-3, Downgraded to Ca from B3

  -- Cl. M-4, Downgraded to Ca from B3

  -- Cl. M-5, Downgraded to Ca from B3

  -- Cl. M-6, Downgraded to Ca from Caa1

Issuer: Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2007-AR1

  -- Cl. A-1, Downgraded to Baa1 from Aaa

  -- Cl. A-2, Downgraded to Baa1 from Aaa

  -- Cl. A-3A, Downgraded to Aa2 from Aaa

  -- Cl. A-3B, Confirmed at Aaa

  -- Cl. A-3C, Downgraded to Aa3 from Aaa

  -- Cl. A-4, Downgraded to Baa1 from Aaa

  -- Cl. A-5, Downgraded to Baa2 from Aaa

  -- Cl. A-6, Downgraded to B1 from Aaa; Placed Under Review for
     further Possible Downgrade

  -- Cl. M-1, Downgraded to B3 from B2; Placed Under Review for
     further Possible Downgrade

  -- Cl. M-2, Downgraded to Ca from B3

  -- Cl. M-3, Downgraded to Ca from B3

  -- Cl. M-4, Downgraded to Ca from B3

Issuer: Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2007-AR3

  -- Cl. II-A-1, Downgraded to Aa3 from Aaa

  -- Cl. II-A-2A, Confirmed at Aaa

  -- Cl. II-A-2B, Confirmed at Aaa

  -- Cl. II-A-3, Downgraded to A2 from Aaa

  -- Cl. II-A-4, Downgraded to A1 from Aaa

  -- Cl. II-A-5, Downgraded to Aa1 from Aaa

  -- Cl. II-A-6, Downgraded to A2 from Aaa

  -- Cl. II-A-7, Downgraded to Ba3 from Aaa

  -- Cl. I-M-1, Downgraded to Ca from B3

  -- Cl. I-M-2, Downgraded to Ca from B3

  -- Cl. II-M-2, Downgraded to B3 from B2; Placed Under Review
     for further Possible Downgrade

  -- Cl. II-M-3, Downgraded to Ca from B3
  -- Cl. II-M-4, Downgraded to Ca from B3
  -- Cl. II-M-5, Downgraded to Ca from B3

Issuer: Deutsche Alt-B Securities Mortgage Loan Trust, Series
2006-AB1

  -- Cl. A-1-A, Downgraded to Baa1 from Aaa
  -- Cl. A-1-B, Downgraded to Baa1 from Aaa
  -- Cl. A-1-C, Downgraded to Baa2 from Aaa
  -- Cl. A-4, Downgraded to Baa2 from Aaa
  -- Cl. A-X-2, Downgraded to Baa2 from Aaa
  -- Cl. A-2-A, Confirmed at Aaa
  -- Cl. A-2-B, Downgraded to Baa2 from Aaa
  -- Cl. A-2-C, Downgraded to Baa2 from Aaa
  -- Cl. A-2-D, Downgraded to Baa2 from Aaa
  -- Cl. A-X, Confirmed at Aaa

Issuer: Deutsche Alt-B Securities Mortgage Loan Trust, Series
2006-AB4

  -- Cl. A-1A, Confirmed at Aaa
  -- Cl. A-1B-1, Confirmed at Aaa
  -- Cl. A-1C, Downgraded to Aa1 from Aaa
  -- Cl. A-2, Downgraded to Baa2 from Aaa
  -- Cl. A-3, Downgraded to Baa2 from Aaa
  -- Cl. A-3A-1, Downgraded to Aa2 from Aaa
  -- Cl. A-4B, Downgraded to Baa3 from Aaa
  -- Cl. A-4C, Downgraded to Baa3 from Aaa
  -- Cl. A-6A-1, Confirmed at Aaa
  -- Cl. A-6A-2, Confirmed at Aaa
  -- Cl. M-5, Downgraded to Ca from B3
  -- Cl. M-6, Downgraded to Ca from B3
  -- Cl. M-7, Downgraded to Ca from B3
  -- Cl. M-8, Downgraded to Ca from B3
  -- Cl. M-9, Downgraded to Ca from Caa1
  -- Cl. M-10, Downgraded to Ca from Caa1

Issuer: Deutsche Alt-B Securities Mortgage Loan Trust, Series
2007-AB1

  -- Cl. A-1, Downgraded to A1 from Aaa

  -- Cl. AI-1, Downgraded to A1 from Aaa

  -- Cl. X, Downgraded to A1 from Aaa

  -- Cl. PO, Downgraded to B2 from Aaa; Placed Under Review for
     further Possible Downgrade


  -- Cl. A-2, Downgraded to B3 from Aaa; Placed Under Review for
     further Possible Downgrade

  -- Cl. AI-2, Downgraded to B3 from Aaa; Placed Under Review
     for further Possible Downgrade

  -- Cl. B-1, Downgraded to Caa2 from B2

Issuer: Deutsche Alt-B Securities, Inc. Mortgage Loan Trust
Series 2006-AB2

  -- Cl. A-1, Confirmed at Aaa
  -- Cl. A-2, Confirmed at Aaa
  -- Cl. A-3, Confirmed at Aaa
  -- Cl. A-5B, Confirmed at Aaa
  -- Cl. A-8, Confirmed at Aaa
  -- Cl. M-5, Downgraded to Ca from B3
  -- Cl. M-6, Downgraded to Ca from B3

Issuer: Deutsche Alt-B Securities, Inc. Mortgage Loan Trust
Series 2006-AB3

  -- Cl. A-1, Confirmed at Aaa
  -- Cl. A-2, Confirmed at Aaa
  -- Cl. A-3, Confirmed at Aaa
  -- Cl. A-5B, Confirmed at Aaa
  -- Cl. A-7, Confirmed at Aaa
  -- Cl. A-8, Confirmed at Aaa

Cl. M-1, Downgraded to B2 from Ba3; Placed Under Review for
further Possible Downgrade

  -- Cl. M-4, Downgraded to Ca from B3
  -- Cl. M-5, Downgraded to Ca from B3
  -- Cl. M-6, Downgraded to Ca from B3
  -- Cl. M-7, Downgraded to Ca from Caa1

Ratings were downgraded, in general, based on higher than
anticipated rates of delinquency, foreclosure, and REO in the
underlying collateral relative to credit enhancement levels.
Certain tranches were confirmed due to additional enhancement
provided by structural features.


HOGLA DIENSTLEISTUNGS: Claims Registration Period Ends Sept. 8
--------------------------------------------------------------
Creditors of Hogla Dienstleistungs GmbH Horneburger Glas- und
Gebaudereinigung have until Sept. 8, 2008, to register their
claims with court-appointed insolvency manager Marc Odebrecht.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 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 Tostedt
         Meeting Hall I
         Linden 23
         21255 Tostedt
         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:

         Marc Odebrecht
         Sechslingpforte 2
         22087 Hamburg
         Germany
         Tel: 040/22 667 7
         Fax: 040/22 667 888

The District Court of Tostedt opened bankruptcy proceedings
against Hogla Dienstleistungs GmbH Horneburger Glas- und
Gebaudereinigung on July 9, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Hogla Dienstleistungs GmbH Horneburger Glas- und
         Gebaudereinigung
         Bahnhofstrasse 7a
         21640 Horneburg
         Germany


IHAIKU MEDIEN: Claims Registration Period Ends September 9
----------------------------------------------------------
Creditors of iHaiku Medien GmbH have until Sept. 9, 2008, to
register their claims with court-appointed insolvency manager
Dr. Michael Jaffe.

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

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Dr. Michael Jaffe
         Franz-Joseph-Str. 8
         80801 Munich
         Germany
         Tel: 089/255487-00
         Fax: 089/255487-10

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

The Debtor can be reached at:

         iHaiku Medien GmbH
         Lindwurmstr. 88
         80337 Munich
         Germany


IB DEUTSCHE: KfW Bankengruppe to Sell Stake to Lone Star
--------------------------------------------------------
The Executive Committee of the Board of Supervisory Directors of
KfW Bankengruppe decided on Aug. 20, 2008, to recommend to KfW's
Board of Supervisory Directors to sell KfW's shares in IKB
Deutsche Industriebank AG to Lone Star.  The Managing Board of
KfW Bankengruppe and Lone Star has signed the corresponding
purchase agreement in Frankfurt am Main.

According to the agreement, Lone Star will purchase all of KfW's
holdings in IKB of around 90.8%.  KfW Bankengruppe has reached
the crucial milestone for the end of the IKB rescue mission and
the sale of its shares in IKB Deutsche Industriebank AG
to a private investor.

The selling process including the selection of the buyer was
carried out by KfW in consultation with its Executive Committee.
The sale still needs to be approved by KfW's Board of
Supervisory Directors and by others including BaFin, the German
Federal Financial Supervisory Authority, and the European
Commission.  The closing of the agreement is expected by October
2008.

In the purchase agreement signed today KfW was able to achieve
an adequate, positive purchase price and to reach an agreement
on sharing certain portfolio and legal risks.

Among other things, KfW will acquire a smaller share of IKB's
on-balance portfolio than originally planned. Lone Star will
also provide IKB with additional equity. Both contracting
parties agreed to keep further details on the purchase agreement
confidential.

As at Dec. 31, 2007, the overall charge from the IKB crisis that
was posted in KfW's balance sheet added up to EUR7.2 billion.
KfW will post additional charges when the 25 transaction is
completed, yet a current valuation puts their total at less than
10% of the costs arising from the rescue measures.

Wolfgang Kroh, Speaker of the Managing Board of KfW, underscored
that the solution that has now been found meets the key
objectives of the IKB rescue efforts.  A collapse of IKB was
prevented and IKB will retain its role as a bank for small and
medium-sized enterprises, the Mittelstand.  Germany's financial
market has been stabilised and major damage to the German
economy has been averted.

"In order to attain the goals of the IKB rescue mission, KfW
took on an extraordinarily heavy burden, but one that is not too
heavy to handle," Mr. Kroh said.  "We remain on solid financial
footing. What is important is that we have now closed
35 the chapter on IKB's rescue.  We do not face any more
unforeseeable risks with regard to IKB. We can now go back to
concentrating fully on our work as a promotional bank."

"The decision by KfW's Executive Committee to accept our offer
marks a great success for Lone Star.  We look forward to the
task at hand -- investing capital, expertise, time and all our
40 efforts in order to put IKB back on a sustainable course of
long-term value added. Lone Star offers the basis for
implementing the strategy of strengthening IKB as a leading
provider of financial solutions for the German Mittelstand",
commented Bruno Scherrer, Senior Managing Director and Head of
European Investments of Lone Star.

Dr Guenther Braunig, CEO of IKB Deutsche Industriebank AG, is
pleased that the selling process has come to a successful close.
For IKB, its staff and its customers, a long period of
uncertainty has now come to an end.

"Having a new owner, Lone Star, gives the bank a fresh start and
lends new dynamism to the business model of a commercial bank
that targets the Mittelstand -- a model that is so important in
Germany", said Mr. Braunig.

As at June 30, 2008, KfW's holdings in IKB are at around 45.5%.
A capital increase in August 2008 increases KfW's shares in IKB
to around 90.8%, and, subject to approval by various bodies.

                       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.


IMZ IMMOBILIEN: Claims Registration Period Ends September 9
-----------------------------------------------------------
Creditors of IMZ Immobilien und Mobilien Mietkaufcenter GmbH
have until Sept. 9, 2008, to register their claims with court-
appointed insolvency manager Hendrik Rogge.

Creditors and other interested parties are encouraged to attend
the meeting at 11:50 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 Pinneberg
         Hall 3
         First Floor
         Bahnhofstrasse 17
         25421 Pinneberg
         Germany

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

The insolvency manager can be reached at:

         Hendrik Rogge
         Haferweg 22
         22769 Hamburg
         Germany

The District Court of Pinneberg opened bankruptcy proceedings
against IMZ Immobilien und Mobilien Mietkaufcenter GmbH on
July 9, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         IMZ Immobilien und Mobilien Mietkaufcenter GmbH
         Attn: Carsten Schuermann, Manager
         Osterbrooksweg 69-71
         22869 Schenefeld
         Germany


KAISER MONTAGE: Creditors Meeting Slated for September 10
---------------------------------------------------------
The court-appointed insolvency manager for Kaiser Montage GmbH,
Dr. jur. A. Koehler, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
8:20 a.m. on Sept. 1, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 8:40 a.m. on Oct. 27, 2008, at the same
venue.

Creditors have until Oct. 1, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. jur. A. Koehler
         Wilhelmstrasse 42
         65582 Diez
         Germany
         Tel: 06432-64580
         Fax: 06432-645820
         E-mail: verwaltung@koehler-insolvenz.de

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

The Debtor can be reached at:

         Kaiser Montage GmbH
         Attn: Klaus Kaiser, Manager
         Gartenstrasse 12
         56377 Schweighausen
         Germany


M. U. H. SHOPPING: Claims Registration Period Ends September 8
--------------------------------------------------------------
Creditors of M. u. H. Shopping GmbH i. L. have until  Sept. 8,
2008, to register their claims with court-appointed insolvency
manager Dr. Hubert Ampferl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Sept. 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Amberg
         Room 115
         Meeting Hall V
         First Stock
         Baustadelgasse 1
         Amberg
         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. Hubert Ampferl
         Stahlstrasse 17
         90411 Nürnberg
         Germany
         Tel: 0911/951 285-0
         Fax: 0911/951 285-10

The District Court of Amberg opened bankruptcy proceedings
against M. u. H. Shopping GmbH i. L. on June 18, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         M. u. H. Shopping GmbH i. L.
         Rosenberger Strasse 40
         92237 Sulzbach-Rosenberg
         Germany


MEXX PLANT: Claims Registration Period Ends September 8
-------------------------------------------------------
Creditors of Mexx Plant GmbH have until Sept. 8, 2008, to
register their claims with court-appointed insolvency manager
Roland Lehnert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Oldenburg
         Meeting Hall
         Second Floor
         Elisabethstrasse 6
         26135 Oldenburg
         Germany

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

The insolvency manager can be reached at:

         Roland Lehnert
         Hauptstrasse 5
         26122 Oldenburg
         Germany
         Tel: 0441 950910
         Fax: 0441 9509177
         E-mail: RA Lehnert OL@t-online.de

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

The Debtor can be reached at:

         Mexx Plant GmbH
         Attn: Jutta Meyer, Manager
         Harmsweg 35
         26125 Oldenburg
         Germany


NEMAQ STORE: Claims Registration Period Ends September 9
--------------------------------------------------------
Creditors of NEMAQ Store GmbH have until Sept. 9, 2008, to
register their claims with court-appointed insolvency manager
Dr. Bernd Sundermeier.

Creditors and other interested parties are encouraged to attend
the meeting at 2:10 p.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 Oldenburg
         Meeting Hall
         Second Floor
         Elisabethstrasse 6
         26135 Oldenburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Bernd Sundermeier
         Alte Wiefelsteder Strasse 3
         26316 Varel
         Germany
         Tel: 04451 913880
         Fax: 04451 913839

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

The Debtor can be reached at:

         NEMAQ Store GmbH
         Melkbrink 68-70
         26121 Oldenburg
         Germany

         Attn: Kai Kothe, Manager
         Graf-Dietrich-Str. 26
         26123 Oldenburg
         Germany


PACONSA GMBH: Claims Registration Period Ends September 9
---------------------------------------------------------
Creditors of Paconsa GmbH have until Sept. 9, 2008, to register
their claims with court-appointed insolvency manager Andreas
Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Andreas Sontopski
         Gnoiener Platz 10
         48493 Wettringen
         Germany
         Tel: 02557/9384-0
         Fax: +492557938450

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

The Debtor can be reached at:

         Paconsa GmbH
         Up' n Nien Esch 4
         48268 Greven
         Germany

         Attn: Christoph Cordes, Manager
         Maximiliano Thous 13
         ESP-46023 Valencia
         Germany


R & R BAUGESELLSCHAFT: Claims Registration Period Ends Sept. 5
--------------------------------------------------------------
Creditors of R & R Baugesellschaft mbH have until Sept. 5, 2008,
to register their claims with court-appointed insolvency manager
Peter Henz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Peter Henz
         Rietberger Str. 28
         33378 Rheda-Wiedenbrueck
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against R & R Baugesellschaft mbH on July 14, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         R & R Baugesellschaft mbH
         Langer Schemm 62a
         33397 Rietberg
         Germany


THYEN STEUERBERATUNGSGESELLSCHAFt: Claims Filing Ends Sept. 5
-------------------------------------------------------------
Creditors of Thyen Steuerberatungsgesellschaft mbH have until
Sept. 5, 2008, to register their claims with court-appointed
insolvency manager Susanne Mueller-Heeg.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 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
         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:

         Susanne Mueller-Heeg
         Rathausstrasse 1
         24937 Flensburg
         Germany

The District Court of Flensburg opened bankruptcy proceedings
against Thyen Steuerberatungsgesellschaft mbH on July 18, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Thyen Steuerberatungsgesellschaft mbH
         An der Marienhoelzung 16
         24955 Harrislee
         Germany


TRANSIMEX SERVICE: Claims Registration Period Ends September 5
--------------------------------------------------------------
Creditors of Transimex Service GmbH have until  Sept. 5, 2008,
to register their claims with court-appointed insolvency manager
Michael Waculik.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on Oct. 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wilhelmshaven
         Hall 109
         Old Building
         Marktstrasse 15
         26382 Wilhelmshaven
         Germany

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

The insolvency manager can be reached at:

         Michael Waculik
         Schlosserstr. 40
         26441 Jever
         Germany
         Tel: 04461/745750
         Fax: 04461/745751
         E-mail: kanzlei@waculik.de

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

The Debtor can be reached at:

         Transimex Service GmbH
         Olympiastr. 1
         26419 Schortens
         Germany


WOLLIN HANDELS: Claims Registration Period Ends September 9
-----------------------------------------------------------
Creditors of Wollin Handels GmbH (formerly G. O. P. Handels
GmbH) have until Sept. 9, 2008, to register their claims with
court-appointed insolvency manager Dr. Olaf Buechler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Oct. 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Olaf Buechler
         Herrengraben 3
         20459 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Wollin Handels GmbH (formerly G. O. P. Handels GmbH) on
July 16, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Wollin Handels GmbH
         (formerly G. O. P. Handels GmbH)
         Attn: Hildegard Deissler, Manager
         Wolliner Strasse 85
         22143 Hamburg
         Germany


=============
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NAVISTAR INT'L: Allows GM Medium Duty Truck MOU to Expire
---------------------------------------------------------
Due to significant marketplace and economic changes, General
Motors Corp. and Navistar International Corp. have decided not
to renew the memorandum of understanding to purchase GM's medium
duty truck business, which has expired.  GM will continue to run
the medium duty business as it has in the past, including
providing sales, service and marketing support to GM dealers for
its medium duty trucks.

GM will continue to review strategic options for the business,
including continued discussions with Navistar.

                     About General Motors

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

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

General Motors Corporation offers products under the Chevrolet
brand in India through its wholly owned subsidiary, General
Motors India.  GM India has 95 sales points and over 110 service
centers.


General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units.  GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.

                          *     *     *

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

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

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

                  About Navistar International

Based in Warrenville, Illinois, Navistar International Corp.
(NYSE:NAV) -- http://www.nav-international.com/-- is the parent
company of Navistar Financial Corp. and International Truck and
Engine Corp.  The company produces International brand
commercial trucks, mid-range diesel engines and IC brand school
buses, Workhorse brand chassis for motor homes and step vans,
and is a private label designer and manufacturer of diesel
engines for the pickup truck, van and SUV market.  The company
also provides truck and diesel engine parts and service sold
under the International brand.  A wholly owned subsidiary offers
financing services.  The company has operations in Brazil,
Iceland and India.

                       *     *     *

The company carries Standard & Poor's Ratings Services' 'BB-'
corporate credit ratings with a negative outlook.  The company's
subsidiary, Navistar Financial Corp. also carries S&P's BB-
rating.



NAVISTAR INT'L: S&P Ratings Unaffected by Canceled GM Deal
----------------------------------------------------------
Standard & Poor's Ratings Services said its ratings on General
Motors Corp. (B-/Negative/--) and Navistar International Corp.
(BB-/Negative/--) and are not affected by the companies'
announcement that the companies are exiting a preliminary
agreement for Navistar to purchase GM's medium-duty truck
business.

"The GM unit produces about 25,000 to 35,000 Class 4-7 medium-
duty trucks per year, depending on the phase of the industry
cycle.
Demand in these segments has been under severe pressure because
of the weak U.S. economy and high diesel fuel prices, which have
reduced freight volumes and deterred trucking companies from
ordering new equipment. We do not expect a meaningful rebound in
demand until early 2009 at the earliest. Although the
acquisition would have provided Navistar with substantial
additional revenues and some long-term potential to reduce its
per-unit manufacturing costs, cash flow and profitability likely
would have been minimal to negative for the first few years. We
had factored neither potential benefits nor much incremental
acquisition-related financial risk into Navistar's ratings," S&P
relates.

"For GM, proceeds from the unit's sale would not have provided a
significant source of increased liquidity. GM recently announced
that it is exploring making between US$2 billion and US$4
billion of asset sales by the end of 2009 as part of a series of
actions to bolster liquidity, but we believe the medium-duty
truck business proceeds would have been small to negligible."


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I T A L Y
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ALITALIA SPA: Rome Prosecutors Probe Financial Mismanagement
------------------------------------------------------------
Prosecutors in Rome has commenced a formal probe into alleged
mismanagement at Alitalia S.p.A., Agenzia Nazionale Stampa
Associata reports.  The probe will also include high salaries
payments to former chief operating officers Maurizio Prato and
Giancarlo Cimoli.

Prosecutors commenced the probe in response to a complaint filed
by Coordinamento delle Associazioni per la Difesa dell'Ambiente
e dei Diritti degli Utenti e dei Consumatori, a consumer
protection group, ANSA reports.

In its complaint, Codacons noted that Mr. Prato received
EUR326,414 in five months, or EUR2,170 daily while Mr. Cimoli
received EUR1.536 million in 2006, or EUR6,400 a day.  Alitalia
posted EUR6256 million in 2006.

Prosecutors will also probe possible fraud concerning state
funds injected into Alitalia in the past 15 years, including the
recent EUR300 emergency financing provided by the Italian
government.

                         About Alitalia

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

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


DANA CORP: Posts US$140 Mln Net Loss in Quarter Ended June 30
-------------------------------------------------------------
Dana Holding Corporation (NYSE: DAN) announced its second-
quarter 2008 results.

Second-quarter highlights include:

   -- Sales of US$2,333 million, a 2-percent increase compared
      to 2007, primarily because of currency effects;

   -- Net loss of US$140 million, including an US$82 million
      non-cash impairment charge.  This compares to a net loss
      of US$133 million in the second quarter of 2007;

   -- Earnings before interest, taxes, depreciation,
      amortization, and restructuring (EBITDA) of US$128
      million, compared with US$143 million in 2007;

   -- Strong cash balance of US$1.2 billion and total liquidity
      of US$1.6 billion at June 30, 2008; and

   -- Free cash flow of US$38 million.

              Dana Making Progress in Turnaround

"We are making progress in our turnaround despite unprecedented
headwinds in North America," said Executive Chairman John
Devine. "The combination of much lower production volumes and
higher steel costs has put considerable pressure on our 2008
operating results."

"But we are working to offset these challenges through pricing,
additional restructuring, and cost reductions," he added.  "And
we remain focused on our game plan to turn around Dana by
rebuilding the management team, improving operations, tightening
our strategic direction, and employing a strong balance sheet."

Added Chief Executive Officer Gary Convis, "For the near term,
we continue to scale our North American operations -- through
facility consolidations and workforce reductions -- to reflect a
market that's very different than what was expected just six
months ago.  This will necessitate the reduction of
approximately 3,000 positions over the course of 2008, including
the planned reduction of 500 salaried positions announced last
week.  At the same time, we are experiencing modest employment
growth in the markets where our business is performing better.

"Longer term, we're picking up speed with introducing what is
essentially a new way of managing our business, manufacturing
our products, and measuring our performance worldwide," he
added.  "The new Dana Operating System is already enabling our
people to drive improved product quality, customer satisfaction,
and financial performance."

                        Business Highlights

Total EBITDA of US$128 million in the second quarter was
US$15 million below 2007 results for the same period.  This
primarily reflected higher steel costs of US$25 million (net of
recovery actions), lower North American production of US$22
million, unfavorable currency effects of US$26 million, and
reduced non-steel pricing of US$6 million.  These negative
developments were partially offset by cost savings of US$64
million.

At June 30, 2008, cash balances remained strong at
US$1.2 billion, with available global liquidity of US$1.6
billion.  Free cash flow was US$38 million for the second
quarter, which was largely achieved through reduced working
capital of US$69 million during the period.

                       Six-Month Results

Sales for the six months ended June 30, 2008 were
US$4,645 million which compares to US$4,434 million for the same
period in 2007.  For the first six months of 2008, the company
reported net income of US$545 million compared to a net loss of
US$225 million for the same period in 2007.  The six-month 2008
results include a net gain of US$754 million recognized in
connection with the company's emergence
from bankruptcy and application of fresh start accounting in
January.

EBITDA of US$275 for the first six months of 2008 improved from
the US$247 million for the same period in 2007, as cost
reduction actions initiated during the first half of 2008,
combined with previously achieved annual cost savings and
pricing improvements more than offset the earnings reduction
attributable to lower North American production levels and
higher steel costs.

                    Dana Holding Corporation
              Unaudited Consolidated Balance Sheet
                      As of June 30, 2008

ASSETS

CURRENT ASSETS
   Cash and cash equivalents                    US$1,191,000,000
   Restricted cash                                             0
   Accounts receivable
    Trade, net of US$23,000,000 allowance          1,431,000,000
    Other                                            295,000,000
   Inventories
    Raw materials                                    401,000,000
    Work in process and finished goods               640,000,000
   Assets of discontinued operations                           0
   Other current assets                              147,000,000
                                                --------------
      Total current assets                         4,105,000,000

   Goodwill                                          248,000,000
   Intangibles                                       649,000,000
   Investments and other assets                      269,000,000
   Investments in affiliates                         172,000,000
   Property, plant and equipment, net              2,039,000,000
                                               ---------------
   Total Assets                                 US$7,482,000,000
                                                 ===============

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES
   Notes payable, including current portion
   of long-term debt                               US$62,000,000
   Debtor-in-possession financing                              0
   Accounts payable                                1,203,000,000
   Accrued payroll and employee benefits             265,000,000
   Liabilities of discontinued operations                      0
   Taxes on income                                   160,000,000
   Other accrued liabilities                         501,000,000
                                                --------------
      Total current liabilities                    2,191,000,000

Liabilities subject to compromise
   Deferred employee benefits
   and other non-current liabilities                 879,000,000
   Long-term debt                                  1,318,000,000
   Minority interest in consolidated subsidiaries    115,000,000
   Commitments and contingencies                               0
                                                --------------
      Total liabilities                            4,503,000,000

Shareholders' Equity:
Preferred Stock, Series A                            242,000,000
Preferred Stock, Series B                            529,000,000
Common stock                                           1,000,000
Prior Dana common stock                                        0
Additional paid-in capital                         2,310,000,000
Retained earnings (deficit)                        (177,000,000)
Accumulated other comprehensive income                74,000,000
                                                --------------
   Total stockholders' equity                      2,979,000,000
                                                --------------
Total Liabilities & Stockholders' Equity        US$7,482,000,000
                                                  ==============

                    Dana Holding Corporation
       Unaudited Consolidated Statement of Operations
              For Three Months Ended June 30, 2008


Net sales                                       US$2,333,000,000
Costs and expenses
   Cost of sales                                   2,206,000,000
   Selling, general and administrative expenses       84,000,000
   Amortization of intangibles                        19,000,000
   Realignment charges, net                           40,000,000
   Impairment of goodwill                             75,000,000
   Impairment of intangible assets                     7,000,000
   Other income, net                                  20,000,000
                                                --------------

Loss from continuing operations before interest,
reorganization items and income taxes               (78,000,000)
Interest expense                                      35,000,000
Reorganization items, net                             12,000,000
                                                --------------
Loss from continuing operations
before income axes                                 (125,000,000)

Income tax expense                                  (12,000,000)
Minority interests                                   (3,000,000)
Equity in earnings of affiliates                       2,000,000
                                                --------------
Loss from continuing operations                    (138,000,000)

Loss from discontinued operations                    (2,000,000)
                                                --------------
Net income (loss)                               (US$140,000,000)
                                                  ==============

                    Dana Holding Corporation
          Unaudited Consolidated Statement of Cash Flows
               For Three Months Ended June 30, 2008

OPERATING ACTIVITIES:
Net income
(US$140,000,000)
Depreciation and amortization expense                 72,000,000
Amortization of intangibles                           23,000,000
Amortization of inventory valuation                            0
Amortization of deferred financing charges
and original issue discount                           7,000,000
Impairment of goodwill and other intangible assets    82,000,000
Non-cash portion of U.K. pension charge                        0
Minority interest                                      3,000,000
   Reorganization:
    Gain on settlement of liabilities
    subject to compromise                                      0
    Payment of claims                                (9,000,000)
    Reorganization items net of cash payments        (5,000,000)
    Fresh start adjustments                                    0
    Payments to VEBAs                                          0
   Loss on sale of businesses and assets                       0
   Changes in working capital                         69,000,000
   Other, net                                       (26,000,000)
                                                 -------------
   Net cash provided by
    (used for ) operating activities                  76,000,000
                                                 -------------

INVESTING ACTIVITIES:
Purchase of property, plant and equipment
(US$47,000,000)
Proceeds from sale of businesses and assets                    0
Change in restricted cash                                      0
   Other adjustments                                (12,000,000)
                                                 -------------
   Net cash provided by
   (used for) investing activities               (US$59,000,000)
                                                 --------------

FINANCING ACTIVITIES:
Proceeds from (repayment of) DIP  facility                     0
Net change in short-term debt                       (81,000,000)
Payment of DCC Medium Term Notes                               0
Proceeds from Exit Facility Debt                               0
Original issue discount fees                                   0
Deferred financing fees                              (1,000,000)
Repayment of Exit Facility Debt                      (3,000,000)
Issuance of Series A and Series B preferred stock              0
Preferred dividends paid                            (11,000,000)
Other adjustments                                    (7,000,000)
                                                 -------------
     Net cash provided by
     (used for) financing activities               (103,000,000)
                                                 -------------

Net (decrease) in cash and cash equivalents         (86,000,000)

Cash and cash equivalents, beginning of period     1,283,000,000
Effect of exchange rate changes on cash balances     (6,000,000)
Net change in cash of discontinued operations                  0
                                                --------------
Cash and cash equivalents, end of period        US$1,191,000,000
                                                  ==============

                         About DANA

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

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

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
June 30, 2008, the Debtors listed US$7,482,000,000 in total
debts, resulting in US$2,979,000,000 in total shareholders'
deficit.  Corinne Ball, Esq., and Richard H. Engman, Esq., at
Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B.
Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at
Jones Day in Cleveland, Ohio, represent the Debtors.  Henry S.
Miller at Miller Buckfire & Co., LLC, served as the Debtors'
financial advisor and investment banker.

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

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

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

(Dana Corporation Bankruptcy News, Issue No. 80; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


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


CONNECT LLC: Creditors Must File Claims by September 25
-------------------------------------------------------
LLC Connect has declared insolvency.  Creditors have until
Sept. 25, 2008, to submit written proofs of claim to:

         LLC Connect
         Micro District 7, 46/52
         Bishkek
         Kyrgyzstan


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


LYONDELLBASELL: S&P Chips Corporate Credit Rating to B From B+
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating to 'B' from 'B+' on Netherlands-based
petrochemicals producer, LyondellBasell Industries AF S.C.A.,
and its subsidiaries Millennium Chemicals Inc., Equistar
Chemicals L.P., and Lyondell Chemical Co.  This action follows
the group's weaker-than-expected earnings for the second quarter
of 2008 and a more challenging business outlook for the coming
quarters.  At the same time, the issue ratings on the debt
facilities issued by various group entities were lowered.  The
outlook is negative.

"The downgrade reflects an increase in financial leverage on
LyondellBasell's balance sheet, due primarily to significantly
higher raw material costs in the second quarter of 2008 and
weakening demand for polymers," said S&P's credit analyst Tobias
Mock.

The outlook for petrochemicals producers has further clouded in
recent months with the first signs of slower demand and the
resulting overcapacities expected in coming quarters. Moreover,
weakening refining margins and a scheduled turnaround of the
Houston refinery will reduce earnings prospects for the third
quarter of 2008.

Contrary to its expectations, LyondellBasell was unable to
reduce its financial debt in the first half of the year and S&P
expects only a modest decline in the second half of 2008.  The
company is highly vulnerable to the petrochemicals downturn,
with overcapacities putting pressure on selling prices and
operating margins, at least until 2010.  This will especially
hit polypropylene, of which the company is the world's largest
producer.  Weakening global demand could further prolong the
downturn because it will take longer for the market to absorb
the excess capacities.  Demand in Asia is of key importance as
the majority of capacity installed in the Middle East is
expected to serve this market, but if demand slows in Asia,
Europe will become the first market that will see higher imports
of low-cost products from the Middle East.

Following the release of second-quarter results, S&P now expects
debt to EBITDA to be about 5.5x at the end of 2008.  This ratio
is likely to weaken in 2009 and 2010, due to an expected
downturn in the petrochemical cycle.

"The outlook is negative because of the increased risk of a
further downgrade if LyondellBasell's headroom under its
financial covenants continues to decline rapidly over the coming
quarters," said Mr. Mock.

In addition, the expected weakening of refining margins could
become more severe, due to declining demand in the U.S.  The
high volatility of oil prices remains a risk factor, which could
cause operational cash flow generation to weaken further.


NXP BV: Global Sales VP Pascal Langlois Transfers to JV ST-NXP
--------------------------------------------------------------
NXP Semiconductors Senior Vice President, Global Sales Pascal
Langlois will transfer to the newly created wireless joint
venture, ST-NXP Wireless, with effect from Sept. 1, 2008.

Mr. Langlois will be appointed Corporate Vice President Sales
and Marketing of ST-NXP Wireless, bringing to the new company a
strong track record in sales management.

"While I regret the loss of Pascal's experience for NXP, I would
like to congratulate Pascal on this appointment and wish him
every success in the JV.  We are proud that three senior
executives from NXP will have key roles driving the success of
ST-NXP Wireless.  Pascal will work alongside Marc Cetto and
Abhijit Bhattacharya who were both announced already," NXP Chief
Executive Officer Frans van Houten commented.

Mr. Langlois joined NXP in 1999 following the acquisition of
VLSI.  In 2006 he was appointed SVP Global Sales following a
successful period responsible for channel management and global
sales for the Multimarket Semiconductor Business Unit.

Alexander Everke, Senior Vice President and General Manager,
Multimarket Semiconductors Business Unit will assume
responsibility, alongside his current role, for the global sales
function at NXP on an interim basis.

Headquartered in Eindhoven, Netherlands, NXP B.V. --
http://www.nxp.com/-- creates semiconductors, system solutions
and software that deliver better sensory experiences in TVs,
set-top boxes, identification applications, mobile phones, cars
and a wide range of other electronic devices.  The company has
31,000 employees working in more than 20 countries and posted
sales of US$6.3 billion (including the Mobile & Personal
business) in 2007.


NXP BV: S&P Says Ratings Unaffected By ST-Ericsson Joint Venture
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its corporate
credit ratings and outlooks on Franco-Italian semiconductor
manufacturer STMicroelectronics N.V. (ST; A-/Negative/A-2),
Swedish telecommunications equipment supplier Ericsson
(Telefonaktiebolaget L.M.) (BBB+/Negative/A-2), and Netherlands-
based semiconductor manufacturer NXP B.V. (B+/Watch Neg/--)
remain unchanged following the announcement by ST and Ericsson
of the merger of Ericsson Mobile Platforms with the ST-NXP
Wireless joint venture (JV) into a 50-50 JV.  The fabless
(without its own front-end manufacturing facilities) JV will be
a leading supplier for mobile platforms and semiconductors
solutions and had pro forma sales of US$3.6 billion in 2007.

The transaction is subject to regulatory approval and expected
to close in the fourth quarter of 2008.

S&P appreciates the business logic of the transaction, which
could be supportive for the business risk profiles of both ST
and Ericsson in the medium term.  This is because S&P expects
the complementary product portfolios and customer relationships
contributed by the parent companies to the JV to strengthen the
JV's competitive position and possibly allow it to generate
meaningful top-line opportunities over the medium term.
Nevertheless, S&P is mindful of the significant integration and
operating challenges that the newly formed entity will likely
have to face amid current industry conditions.  The JV's growth,
profitability, and cash flow potential remain largely uncertain
at the moment.

The transaction should benefit ST's liquidity slightly, because
ST will receive US$0.7 billion in exchange for the contribution
of all the ST-NXP wireless assets, and, at the same time, will
pay significantly less than this amount to acquire NXP's
remaining 20% stake in ST-NXP Wireless before the transaction
closes.  In addition, ST will retain about US$350 million in
cash from ST-NXP Wireless, which it committed for working-
capital needs at the close of the ST-NXP Wireless deal in July
2008.

For now, however, these positive aspects are mitigated by the
material execution risks associated with the new JV and limited
visibility on operating performance.

The key rating drivers for ST continue to be its profitability,
which has been suffering from the weakness of the U.S. dollar
against the euro over 2007 and 2008, and its financial profile,
which S&P expects to improve in the near term.

With respect to Ericsson, although the transaction involves a
net cash outflow of US$1.1 billion (representing a US$0.7
billion payment to ST and a US$0.4 billion contribution to the
newly formed JV for working-capital purposes), S&P considers it
to be compatible with the company's robust liquidity profile.
On June 30, 2008, Ericsson's cash and short-term investments
totaled SEK57.1 billion (US$9.5 billion), while short-term
borrowings of SEK4.2 billion were manageable.  The critical
rating driver for Ericsson in the near term continues to be
linked to the operating performance of its network equipment
business over the second half of 2008, as well as the trading
outlook for 2009 onward.  Ericsson's revenues and profitability
have lately been hit by the fierce competitive environment and
modest growth prospects of the network equipment business.

The expected additional cash receipt for its remaining 20% stake
in ST-NXP Wireless would be mildly positive for NXP's liquidity
profile in the near term.  Nevertheless, the ratings on NXP
remain on CreditWatch with negative implications, because S&P
views NXP's current profitability and cash flow generation as
very weak and are concerned that the company will struggle to
generate enough EBITDA to create positive free cash flow after
interest and capital expenditures in the near to medium term.
S&P also expects that the company will have to use a large part
of the US$1.55 billion payment it received from ST at the close
of the ST-NXP Wireless deal in July to repay revolver drawings
and to fund possible further restructuring, rather than for
EBITDA-enhancing acquisitions.


ROYAL AHOLD: U.S. Units Sport New Look and New Logo
---------------------------------------------------
Ahold has announced that a new store look and new logos for its
Stop & Shop and Giant-Landover supermarkets in the United States
were in place starting Aug. 22.  The introduction is part of a
series of new initiatives designed to enhance the customer store
experience.

In addition to the fresh new look and new logos, the companies
are rolling out new prepared foods assortment, an expanded
private label offering, updated store signage and decor, new
shopping technology and customer websites.

Mr. John Rishton, CEO, said, "Today's (Aug. 21) announcement is
a further step in Ahold's global strategy to create powerful
local consumer brands.  These new initiatives are an important
part of the Value Improvement Program underway at Stop & Shop
and Giant-Landover."

Headquartered in Amsterdam, Netherlands, Koninklijke Ahold N.V.
-- http://www.ahold.com/-- retails food through supermarkets,
hypermarkets and discount stores in North and South America,
Europe.  It has operations in Argentina.  The company's chain
stores include Stop & Shop, Giant, TOPS, Albert Heijn and
Bompreco.  Ahold also supplies food to restaurants, hotels,
healthcare institutions, government facilities, universities,
stadiums, and caterers.

                          *     *     *

Koninklijke Ahold carries a BB+ issuer default and
senior unsecured ratings with positive outlook from Fitch.  The
company also carries a short-term rating of B from Fitch.


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


ELEVATOR-ZERNO-POSTAVKI: Moscow Bankruptcy Hearing Set Nov. 18
--------------------------------------------------------------
The Arbitration Court of Moscow will convene at 3:00 p.m. on
Nov. 18 2008, to hear the bankruptcy supervision procedure on
OJSC Company Elevator-Zerno-Postavki (TIN 7728134041, KPP
772801001, OGRN 1027700493215).  The case is docketed under Case
No. ?40-29796/08-73-77B.

The Temporary Insolvency Manager is:

         E. Semenova
         To be called for Ms. E.Semenova
         127030 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Company Elevator-Zerno-Postavki
         Krzhizhanovsko Str. 6
         117997 Moscow
         Russia


NEFTYANOY ALYANS-STROY: Orel Bankruptcy Hearing Set October 15
--------------------------------------------------------------
The Arbitration Court of Orel will convene on Oct. 15, 2008, to
hear the bankruptcy supervision procedure on LLC Neftyanoy
Alyans-Stroy.  The case is docketed under Case No. ?48-233 6/
08-17b.

The Temporary Insolvency Manager is:

         R. Kogan
         Office 59a
         M. Gorkogo Str. 45
         302040 Orel
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Neftyanoy Alyans-Stroy
         Mashinostroitelnaya Str. 6
         Orel
         Russia


SPETS-PROM-KOMLEKT: Moscow Bankruptcy Hearing Set September 16
--------------------------------------------------------------
The Arbitration Court of Moscow will convene on Sept. 16, 2008,
to hear the bankruptcy supervision procedure on CJSC Spets-Prom-
Komlekt.  The case is docketed under Case No. ?41-7620/08.

The Temporary Insolvency Manager is:

         L. Koptelina
         Orlovskiy Per. 5
         129110 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Moscow
         Hall 440
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         CJSC Spets-Prom-Komlekt
         Moskovskaya Str. 32
         Voskresensk
         Moscow
         Russia


TEKH-INVEST-STROY CJSC: Moscow Bankruptcy Hearing Set October 1
---------------------------------------------------------------
The Arbitration Court of Moscow will convene at 02.15 p.m. on
Oct. 1, 2008, to hear the bankruptcy supervision procedure on
CJSC Tekh-Invest-Stroy.  The case is docketed under Case No.
?41-10126/08.

The Temporary Insolvency Manager is:

         L. Koptelina
         Post User Box 12
         109443 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Moscow
         Hall 440
         Novaya Basmannaya Str. 10
         Moscow
         Russia


The Debtor can be reached at:

         CJSC Tekh-Invest-Stroy
         Premise 9
         Tsiolkovskogo St. 2A
         Korolev
         Moscow
         Russia


UNIVERSAM OREKHOVO: Moscow Bankruptcy Hearing Set October 14
------------------------------------------------------------
The Arbitration Court of Moscow will convene on Oct. 14, 2008,
to hear the bankruptcy supervision procedure on CJSC Universam
Orekhovo.  The case is docketed under Case No. ?40-26781/
08-74-83B.

The Temporary Insolvency Manager is:

         M. Starynin
         Office 34
         Rozhdestvenskiy Avenue, 5-7
         Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Universam Orekhovo
         Domodedovskaya, 12
         Moscow
         Russia


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


SAS AB: S&P Shifts Outlook, Holds BB Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Scandinavian airline and travel group SAS AB to negative from
stable, reflecting deteriorating trading conditions and the
potential repercussions on the group of the fatal crash in
Madrid of a MD-80 series aircraft operated by its 100%-owned
Spanish subsidiary airline, Spanair.  At the same time, the
'BB-' long-term corporate credit rating on SAS was affirmed.

"The outlook revision reflects Standard & Poor's concerns that
tough underlying trading conditions, exacerbated by additional
challenges stemming from the Madrid air crash, could place
further pressure on SAS' credit profile," said S&P's credit
analyst Leigh Bailey.  Spanair, which is subject to an extensive
restructuring program to reverse heavy operating losses,
accounts for about 15% of SAS' revenues and operates in an
extremely competitive Spanish market place.  S&P believes that,
during a very challenging period for the airline industry,
uncertainty relating to the potential reputational and financial
repercussions of the accident may raise additional trading
challenges and, in particular, could delay a return to
profitability at Spanair.

The McDonnell Douglas MD-80 series aircraft forms an important
part of the SAS fleet, both at Spanair and in the SAS branded
operations.  SAS has no plans to ground its MD-80 fleet, which
is operated to short and medium-haul destinations.  SAS' fleet
includes 93 MD-80s (including 36 aircraft at Spanair), 36 Airbus
A320 family aircraft, and 91 Boeing 737s.  In the Spanish
business, capacity cuts of about 25% are envisaged and the fleet
is being phased out with significant lease expiries on these
aircraft in 2009.  The ageing MD-80 fleet is less fuel efficient
and noisier than newer models, has an average age of 18 years,
and will be replaced over time.  However, the cost per seat is
lower than that of the group's Boeing 737s, as low capital costs
will offset somewhat higher fuel and maintenance costs.

The negative outlook reflects S&P's concerns that SAS' financial
profile will be pressured by volatile fuel prices, the slowing
economic environment, and some uncertainty as to the extent of
the economic repercussions of the Madrid air crash. The group's
solid liquidity position and relatively limited capital
expenditure commitments help support the credit profile.
Extensive use of operating leases allows the group some
flexibility to preserve cash by adjusting capacity to meet
reduced demand.

SAS is making considerable efforts on the revenue and cost side
to mitigate the effects of extremely challenging industry
conditions.  Nevertheless, failure to satisfactorily offset
rising costs, delays to cost savings initiatives, or prolonged
downward trend in premium traffic could lead to pressure on the
ratings if credit metrics weaken beyond S&P's expectations.  S&P
expects SAS to maintain FFO to adjusted debt in a 15%-20% range.
The outlook is unlikely to be revised to stable in the short
term, given S&P's expectation that oil prices will continue to
weigh heavily on trading performance.


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


GENERAL MOTORS: Allows Navistar Medium Duty Truck MOU to Expire
---------------------------------------------------------------
Due to significant marketplace and economic changes, General
Motors Corp. and Navistar International Corp. have decided not
to renew the memorandum of understanding to purchase GM's medium
duty truck business, which has expired.  GM will continue to run
the medium duty business as it has in the past, including
providing sales, service and marketing support to GM dealers for
its medium duty trucks.

GM will continue to review strategic options for the business,
including continued discussions with Navistar.

                  About Navistar International

Based in Warrenville, Illinois, Navistar International Corp.
(NYSE:NAV) -- http://www.nav-international.com/-- is the parent
company of Navistar Financial Corp. and International Truck and
Engine Corp.  The company produces International brand
commercial trucks, mid-range diesel engines and IC brand school
buses, Workhorse brand chassis for motor homes and step vans,
and is a private label designer and manufacturer of diesel
engines for the pickup truck, van and SUV market.  The company
also provides truck and diesel engine parts and service sold
under the International brand.  A wholly owned subsidiary offers
financing services.  The company has operations in Brazil,
Iceland and India.

                       *     *     *

The company carries Standard & Poor's Ratings Services' 'BB-'
corporate credit ratings with a negative outlook.  The company's
subsidiary, Navistar Financial Corp. also carries S&P's BB-
rating.

                     About General Motors

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

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

General Motors Corporation offers products under the Chevrolet
brand in India through its wholly owned subsidiary, General
Motors India.  GM India has 95 sales points and over 110 service
centers.


General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units.  GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.

                          *     *     *

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

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

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


GENERAL MOTORS: S&P Ratings Unaffected by Canceled Navistar Deal
---------------------------------------------------------------
Standard & Poor's Ratings Services said its ratings on General
Motors Corp. (B-/Negative/--) and Navistar International Corp.
(BB-/Negative/--) and are not affected by the companies'
announcement that the companies are exiting a preliminary
agreement for Navistar to purchase GM's medium-duty truck
business.

"The GM unit produces about 25,000 to 35,000 Class 4-7 medium-
duty trucks per year, depending on the phase of the industry
cycle. Demand in these segments has been under severe pressure
because of the weak U.S. economy and high diesel fuel prices,
which have reduced freight volumes and deterred trucking
companies from ordering new equipment. We do not expect a
meaningful rebound in demand until early 2009 at the earliest.
Although the acquisition would have provided Navistar with
substantial additional revenues and some long-term potential to
reduce its per-unit manufacturing costs, cash flow and
profitability likely would have been minimal to negative for the
first few years. We had factored neither potential benefits nor
much incremental acquisition-related financial risk into
Navistar's ratings," S&P relates.

"For GM, proceeds from the unit's sale would not have provided a
significant source of increased liquidity. GM recently announced
that it is exploring making between US$2 billion and US$4
billion of asset sales by the end of 2009 as part of a series of
actions to bolster liquidity, but we believe the medium-duty
truck business proceeds would have been small to negligible."


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


ART LOGISTICS: Creditors Must File Claims by August 28
------------------------------------------------------
Creditors of LLC Art Logistics (code EDRPOU 32570984) have until
Aug. 28, 2008 to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
July 3, 2008.  The case is docketed as B 29/103-08.

The Debtor can be reached at:

         LLC Art Logistics
         Newspaper Pravda Avenue 17
         49000 Dnipropetrovsk
         Ukraine


INDUSTRIAL DELIVERY-SERVICE: Claims Filing Deadline Set Aug. 27
---------------------------------------------------------------
Creditors of LLC Industrial Delivery-Service (code EDRPOU
33791459) 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 June 25, 2008.
The case is docketed as 24/160-b.

The Debtor can be reached at:

         LLC Industrial Delivery-Service
         Pestel Str. 11
         01135 Kiev
         Ukraine


KONOTOP KHP: Creditors Must File Claims by August 27
----------------------------------------------------
Creditors of OJSC Konotop KHP (code EDRPOU 00956000) have until
Aug. 27, 2008 to submit proofs of claim to:

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

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent on July 3, 2008.
The case is docketed as 7/118-08.

The Debtor can be reached at:

         OJSC Konotop KHP
         General Thora Str. 99
         Konotop
         41600 Sumy
         Ukraine


POPULATION HEALTH: Creditors Must File Claims by August 27
------------------------------------------------------------
Creditors of State Joint Stock Company Ukrmedindustry Kharkov
State Pharmaceutical Enterprise Population Health (code EDRPOU
22690784) have until Aug. 27, 2008 to submit proofs of claims
to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on July 22, 2008.
The case is docketed as B-39/07-08.

The Debtor can be reached at:

         State Joint Stock Company Ukrmedindustry Kharkov State
         Pharmaceutical Enterprise Population Health
         Shevchenko Str. 22
         61013 Kharkov
         Ukraine


PROFIT BUILDING: Proofs of Claim Deadline Set August 27
-------------------------------------------------------
Creditors of LLC Profit Building Investment (code EDRPOU
35391453) 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 24/196-b.

The Debtor can be reached at:

         LLC Profit Building Investment
         Vladimirskaya Str. 7
         Kiev
         Ukraine


PROFIT LLC: Creditors Must File Claims by August 27
---------------------------------------------------
Creditors of LLC Profit (code EDRPOU 31270328) have until
Aug. 27, 2008 to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent on July 25, 2008.
The case is docketed as 32/61-08-3000.

The Debtor can be reached at:

         LLC Profit
         Cosmonauts Str. 64
         65028 Odessa
         Ukraine



STAROBELSK MOTOR 10907 Creditors Must File Claims by August 27
--------------------------------------------------------------
Creditors of OJSC Starobelsk Motor Transport Enterprise 10907
(code EDRPOU 03113354) 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 June 12, 2008.
The case is docketed as 21/88b.


SUGAR TRADE: Creditors Must File Claims by August 27
----------------------------------------------------
Creditors of LLC Sugar Trade (code EDRPOU 32328090) 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 June 25, 2008.
The case is docketed as 6/263-4/143.

The Debtor can be reached at:

         LLC Sugar Trade
         V. Veliky Str. 16/402
         79000 Lvov
         Ukraine


TROSTIANETS BREADRECEIVING: Creditors' Claims Due August 27
-----------------------------------------------------------
Creditors of OJSC Trostianets Breadreceiving Enterprise (code
EDRPOU 00953289) have until Aug. 27, 2008 to submit proofs of
claim to:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company.  The case is docketed as 10/34-06.

The Debtor can be reached at:

         OJSC Trostianets Breadreceiving Enterprise
         1st May Str. 26
         Trostianets
         24300 Vinnica
         Ukraine


UKRAINIAN SPECIAL: Creditors Must File Claims by August 27
----------------------------------------------------------
Creditors of LLC Ukrainian Special Investment (code EDRPOU
32800886) 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 June 25, 2008.
The case is docketed as 6/229-4/217.

The Debtor can be reached at:

         LLC Ukrainian Special Investment
         Bogun Str. 12/45
         79000 Lvov
         Ukraine


UKRAINIAN TECHNICAL: Creditors Must File Claims by August 28
------------------------------------------------------------
Creditors of LLC Firm Ukrainian Technical Service (code EDRPOU
23920648) have until Aug. 28, 2008 to submit proofs of claims
to:

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

The Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company on July 14, 2008.  The case is docketed
as B-50/100-08.

The Debtor can be reached at:

         LLC Firm Ukrainian Technical Service
         Kovtun Str. 1
         Kharkov
         Ukraine


UNIVERSAL MEDIA-COMPANY: Proofs of Claim Deadline Set August 27
---------------------------------------------------------------
Creditors of CJSC Universal Media-Company (code EDRPOU 33060145)
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 24/195-b.

The Debtor can be reached at:

         CJSC Universal Media-Company
         Ac. Bogomolets Str. 6
         Kiev
         Ukraine


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


ABITIBIBOWATER INC: Inks Consulting Agreement with John Weaver
--------------------------------------------------------------
In connection with the retirement of John W. Weaver, effective
July 1, 2008, AbitibiBowater Inc. and Mr. Weaver entered into a
consulting agreement on August 15, 2008.

Pursuant to the Consulting Agreement, Mr. Weaver will provide
consulting services to the company until March 31, 2009.  The
company will pay Mr. Weaver a consulting fee of US$40,000 per
month
plus reimbursement for reasonable business expenses as
consideration for his services.

The foregoing description is qualified in its entirety by
reference to the Consulting Agreement, a copy of which is
available at:

               http://ResearchArchives.com/t/s?3105

In addition, Mr. Weaver is entitled to severance and other
benefits as set out in the Severance Compensation Agreement,
dated February 18, 2006, between Abitibi-Consolidated Inc. and
Mr. Weaver, which is filed as Exhibit 10.9 to the company's
Annual Report on Form 10-K for the fiscal year ended Dec. 31,
2007.

The company previously disclosed that Mr. Weaver will continue
to serve as non-Executive Chairman and a member of the company's
Board of Directors until March 31, 2009.

In consideration for Mr. Weaver acting as non-Executive
Chairman, the company has agreed to pay Mr. Weaver a fee of
US$10,000 per month.

                    About AbitibiBowater Inc.

Headquartered in Montreal, Canada, AbitibiBowater Inc. --
http://www.abitibibowater.com/-- produces a wide range of
newsprint, commercial printing papers, market pulp and wood
products.  It is the eighth largest publicly traded pulp and
paper manufacturer in the world.  AbitibiBowater owns or
operates 27 pulp and paper facilities and 34 wood products
facilities located in the United States, Canada, the United
Kingdom and South Korea.

Marketing its products in more than 90 countries, the company is
also among the world's largest recyclers of old newspapers and
magazines, and has more third-party certified sustainable forest
land than any other company in the world.  AbitibiBowater's
shares trade under the stock symbol ABH on both the New York
Stock Exchange and the Toronto Stock Exchange.

AbitibiBowater Inc. still carries Fitch's 'CCC+' Issuer Default
Rating assigned on April 1, 2008.  Outlook is Negative.


ACE RECRUITMENT: Taps Joint Administrators from Tenon Recovery
--------------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint administrators of Ace Recruitment (Leeds)
Ltd. (Company Number 04399647) on Aug. 11, 2008.

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


BRITISH AIRWAYS: Seeks Tougher Airport Regulation
-------------------------------------------------
British Airways plc said the Competition Commission should focus
on strengthening the regulatory system at Britain's airports,
claiming it was a bigger issue than BAA's ownership structure,
Reuters reports.

"We think the ownership structure is secondary," a spokeswoman
for BA was quoted by Reuters as saying.

BA, Reuters discloses, supports the introduction of a license
system, which would help to measure an airport operator's
performance and impose sanctions if targets were not hit.

               Competition Commission Ruling

As reported in the TCR-Europe on Aug. 22, 2008, the Competition
Commission has provisionally found that there are competition
problems at each of BAA's seven UK airports (Heathrow, Gatwick,
Stansted and Southampton in England, and Edinburgh, Glasgow and
Aberdeen in Scotland) with adverse consequences for passengers
and airlines.  A principal cause is their common ownership by
BAA.  There are also competition problems arising from the
planning system, aspects of Government policy and the system of
regulation.

The CC has also published its proposed remedies on which it will
now consult.  If these are implemented, the CC will order BAA to
sell two of its three London airports, and also either Edinburgh
or Glasgow airport.  The CC will reach its decisions on remedies
on the basis of responses to its consultation at the same time
as it makes its final decisions on the competition issues and
publishes its final report in the first quarter of 2009.

The CC is now seeking views on which two of BAA's three London
airports should be sold and similarly which of Edinburgh or
Glasgow airports should be sold.  The CC is also seeking views
on improvements to the effectiveness of the current system of
regulation.

                     About British Airways

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

                         *     *     *

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


DECO 12: S&P Puts Class F Notes' BB Ratings on Watch Negative
-------------------------------------------------------------
Standard & Poor's Rating Services has placed on CreditWatch with
negative implications its ratings on the class E and F notes
issued by DECO 12 - UK 4 PLC.  The ratings on the other classes
in the transaction remain unaffected.

DECO 12 - UK 4 is a true sale CMBS transaction, which closed in
March 2007.  The transaction is backed by 10 loans secured on 41
properties in England and Scotland.  The outstanding principal
balance of the transaction is GBP672.1 million.

The placement on CreditWatch negative of the two lowest classes
of notes is due to S&P's concerns regarding the credit quality
surrounding some of the smaller loans in the pool.  S&P will now
carry out a full and detailed analysis of all loans in the pool.

DECO 12 - UK 4 PLC:

  -- GBP672.884 Million Commercial Mortgage-Backed Floating-Rate
     Notes

Ratings Placed On CreditWatch Negative:

Class         To               From
------------------------------------
E         BBB-/Watch Neg        BBB-
F          BB/Watch Neg          BB


DRAPERS ARMS: Shuts Doors After Calling in Receivers
----------------------------------------------------
Drapers Arms has closed its doors after calling in receivers.
Drapers has no plans of selling the business as a going concern,
hardens.com reports.

Situated in Islington, London, Draper's Arms --
http://www.thedrapersarms.co.uk/-- is a gastropub best known
for its range of draught beers, quality wines and its food.  In
2003, the company received the Evening Standard's "Pub of the
Year" award.


ELISION HEALTH: Brings in Administrators from Smith & Williamson
----------------------------------------------------------------
Robert William Leslie Horton  and James Douglas Ernle Money of
Smith & Williamson Ltd. were appointed joint administrators of
Elision Health Ltd. (Company Number 05505293) on Aug. 14, 2008.

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

The company can be reached at:

         Elision Health Ltd.
         Ames House
         7 Duke of York Street
         London
         SW1Y 6LA
         England


GODDARD & BUNCE: Duncan R. Beat Leads Liquidation Procedure
-----------------------------------------------------------
Duncan R. Beat of Tenon Recovery was appointed liquidator of
Goddard & Bunce Ltd. on Aug. 6, 2008, for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Goddard & Bunce Ltd.
         c/o Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England


LOANOPTIONS: Goes Into Administration; Transfers Assets
-------------------------------------------------------
Loanoptions.co.uk has gone into administration, Catherine Couch
of the Financial Times reports.

The administration is being handled by Simon Wilson and Anne
O'Keefe of Kroll Limited, the report relates.

According to the report, the business and assets of Loanoptions
have been transferred by Kroll to Merchant Business with
immediate effect under the new trading name of Loan Options as
part of a restructuring carried out by its directors.

"We have implemented a new structure, which safeguards the
future of existing Loanoptions' business, provides continuity of
service to our intermediary partners and strengthens the
relationship with our product providers," Andy Moody, managing
director of Loan Options, was quoted by the FT as saying. "Our
business model is well established and the restructuring
safeguards the future of the group and lays the foundations for
a successful future."

Loanoptions.co.uk -- http://loanoptions.co.uk/-- is a secured
loan Web site.


NIC ONGAR: Joint Liquidators Take Over Operations
-------------------------------------------------
Glyn Mummery and Paul Atkinson of Vantis Business Recovery
Services were appointed joint liquidators of NIC Ongar Plating
Ltd. on Aug. 5, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         NIC Ongar Plating Ltd.
         c/o Vantis Business Recovery Services
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


PACIFIC CONTINENTAL: FSA to Probe on Securities Scam
----------------------------------------------------
The Financial Services Authority has issued an alert that at
least ten "recovery firms" are targeting a scam at investors who
bought shares through Pacific Continental Securities (U.K.) Ltd.

Many investors who originally bought shares through Pacific
Continental have complained to the FSA that they are being
"cold-called" by firms offering to buy the shares, or to put
them in touch with a buyer - for a fee.

These so called "recovery firms", often calling from outside the
U.K., are not authorized by the FSA and are not permitted to
approach U.K. consumers to promote financial services.  Commonly
known as "recovery rooms", these firms offer to buy the shares
at an attractive price but demand an advance fee.

This is a scam - as soon as the fee is paid, the firm disappears
with the money and without purchasing the shares.

The FSA is looking into the complaints.

Pacific Continental went into administration on June 20, 2007
and is now in liquidation.  The liquidators can be contacted on
www.pacifictrader.co.uk

As reported in the TCR-Europe, Stephen Robert Cork and Joanne
Elizabeth Milner of Smith & Williamson Ltd. were appointed joint
liquidators of Pacific Continental on March 21, 2008.


PLANTATION PLACE: Meeting Over Defaulted Loan Slated for Aug. 27
----------------------------------------------------------------
Fidelity Investments is convening an investor meeting to discuss
a possible restructuring of defaulted Plantation Place loan,
Bloomberg News reports.

A notice from Capita Trust Company Limited disclosed the meeting
is scheduled to take place at 11:00 a.m. on Wednesday, Aug. 27,
2008, at:

         Fidelity Investments
         25 Cannon Street
         London
         EC4M 5TA

Bloomberg News relates an event of default occurred after the
value of London office building Plantation Place, which was
bought for GBP527 million (US$982 million) in 2006, fell to
GBP477 million at the end of June.

Covenants that fix the amount of outstanding senior debt at no
more than 77.7 percent of the property's value were breached,
the report discloses.

The remedy period for the default expired on Aug. 6, 2008.

"We believe there will be a restructuring proposal put to us,"
John Davy, a real-estate analyst at Fidelity in London told
Bloomberg News. "This is a chance for bondholders to get
together to discuss what our views will be toward a
restructuring."

Fitch Ratings stated in a report that discussions between the
borrower and the servicer over a potential restructuring of the
whole loan are ongoing, the report adds.

"The alternative is immediate enforcement of the loan," Fitch
was quoted by Bloomberg News as saying.

On July 31, 2008, Stobart, which holds a 22% stake in Plantation
Place, confirmed that it has decided not to make any further
investment.


SCRAP SOLUTIONS: Calls in Joint Administrators from Kroll
---------------------------------------------------------
Anne O'Keefe and Simon Wilson of Kroll were appointed joint
administrators of Scrap Solutions Ltd. (Company Number 04423599)
on Aug. 13, 2008.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

The company can be reached at:

         Scrap Solutions Ltd.
         Innovation House
         Unit 5 Canalside
         Ellesmere Port
         Cheshire
         CH65 4EN
         England


SEA CONTAINERS: Wants Disclosure Statement Approved
---------------------------------------------------
Robert S. Brady, Esq., at Young Conaway Stargatt & Taylor LLP,
in Wilmington, Delaware, informed the U.S. Bankruptcy Court for
the District of Delaware that the disclosure statement
accompanying the joint plan of reorganization filed by Sea
Containers Caribbean Inc., Sea Containers Ltd., and Sea
Containers Services Ltd. on July 31, 2008 contains "adequate
information" within the meaning of Section 1125 of the U.S.
Bankruptcy Code.

Mr. Brady relates that before filing the Plan and Disclosure
Statement, the Debtors shared Plan term sheets with the Official
Committee of Unsecured Creditors and its advisors, and have
worked diligently to ensure that the Disclosure Statement
contains pertinent information necessary for holders of allowed
Claims to make informed decisions about whether to vote to
accept or reject the Plan.

The Debtors, therefore, asks the Court to approve the Disclosure
Statement.

The Court will convene a hearing on Sept. 4, 2008, to consider
the adequacy of the Disclosure Statement.  The deadline for
filing objections to the Disclosure Statement is August 28.

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt
and Taylor, represent the Debtors in their restructuring
efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Debtors filed their joint Chapter 11 plan of reorganization
and disclosure statement on July 31, 2008.  (Sea Containers
Bankruptcy News, Issue No. 47; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: Wants GECC Tolling Agreement Approved
-----------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to approve an
agreement among Sea Containers Ltd., Sea Container Services
Ltd., Quota Holdings Ltd., Sea Containers SPC Ltd., Sea
Containers America, Inc., General Electric Capital Corporation
and its subsidiaries, GE SeaCo SRL, and GE SeaCo America LLC
tolling the statute of limitations of certain claims to be
released pursuant to the Debtors' global settlement agreement
with the GECC Parties.

On June 4, 2008, the Court approved the Debtors' entry into a
framework agreement with the GECC Parties, and authorized the
Debtors to perform all obligations under that agreement.  Over
the last four months, the Debtors and the GECC Parties have
negotiated and finalized the definitive documents contemplated
by the Framework Agreement.

One of the definitive documents is a mutual release agreement
through which the Parties will agree to mutually settle and
release outstanding claims among them, including claims related
to the joint venture documents, the business of GE SeaCo, the
various arbitrations between the Parties, and any claims or
causes of action under Chapter 5 of the Bankruptcy Code.  The
Mutual Release will be executed and become effective with other
definitive documents contemporaneously with the substantial
consummation of the Debtors' recently-filed plan of
reorganization, relates Robert S. Brady, Esq., at Young Conaway
Stargatt & Taylor LLP, in Wilmington, Delaware.

Pending confirmation and substantial consummation of the Plan
and the Mutual Release becoming effective, the Parties desire to
preserve, without concern as to the passing of any statutes of
limitation in the interim, any claims they have or may have
against each other in the presumably unlikely event that the
global settlement is not consummated, Mr. Brady tells the Court.
He explains that in the event that the Debtors have any
avoidance actions against the GECC Parties, the deadline for the
Debtors to commence those actions under Sections 544, 545, 547,
548 and 550 of the Bankruptcy Code might otherwise pass before
the Plan is confirmed and the settlement realized.

Mr. Brady contends that absent the Tolling Agreement, the GECC
Parties might see a need to assert new claims against the
Debtors.  He notes that the Parties do not believe it would be
productive to commence any actions against each other at this
time, or to be forced to defend against new actions filed by
another Party, when those actions will be rendered moot upon
execution of the Mutual Release.  Thus, he says, the Parties
have agreed to toll the statute of limitations for all possible
claims to be released by the Mutual Release.

The Debtors, hence, ask the Court to approve the Tolling
Agreement executed on Aug. 14, 2008, which tolls the statute of
limitations period for all possible claims to be released by the
Mutual Agreement, pursuant to Rule 9019 of the Federal Rules of
Bankruptcy Procedure and Section 363(b) of the U.S. Bankruptcy
Code.

For claims for which the statute of limitations had not expired
as of August 14, Mr. Brady elaborates that the statute of
limitations will be tolled from that date until 30 days after
the termination or expiration of the stay of:

   (a) all proceedings in the arbitrations;

   (b) the commencement or continuation of any actions or claims
       that would be released by the Mutual Release; and

   (c) the pursuit of any discovery relating to any actions or
       claims that would be released by the Mutual Release.

The Debtors believe the Tolling Agreement benefits the
bankruptcy estates by allowing them to preserve any claims or
causes of action against the GECC Parties in the event the
Framework Agreement terminates prior to execution of the Mutual
Release.  The Tolling Agreement also preserves the current
cooperative relationship between the Parties as they work
together to realize the global settlement between them, and
avoids the unnecessary expenditure of estate assets that would
occur if the Debtors had to institute or defend actions that
most likely will never be brought.

To the extent that the relief requested is deemed a settlement
subject to Section 363(b) and Rule 9019, the Debtors believe
that entry of the Tolling Agreement is supported by sound
business judgment and is in the best interest of the estates and
creditors.  They add that the the Tolling Agreement represents
the most practical means to ensure that the rights of their
estates are preserved without having to incur needless expense.

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for Chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt
and Taylor, represent the Debtors in their restructuring
efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Debtors filed their joint Chapter 11 plan of reorganization
and disclosure statement on July 31, 2008.  (Sea Containers
Bankruptcy News, Issue No. 47; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: Wants Voting & Solicitation Procedures Approved
---------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to:

   (a) approve their solicitation and notice procedures with
       respect to the confirmation of their joint plan of
       reorganization;

   (b) approve the forms of various ballots and notices of the
       solicitation packages that will be distributed; and

   (c) fix:

     -- Sept. 4, 2008, as the Disclosure Statement hearing;

     -- September 22, as the deadline for distributing
          Solicitation Packages;

     -- November 1, as the deadline for filing objections to
          the Plan;

     -- November 1, as the deadline for voting on the Plan;

     -- November 10, as the hearing for the confirmation of the
          Plan; and

     -- the date that is 10 business days prior to the Plan's
          effective date, as the distribution record date.

Robert S. Brady, Esq., at Young Conaway Stargatt & Taylor LLP,
in Wilmington, Delaware, says that the Debtors' proposed
Solicitation Procedures will allow them to distribute
solicitation materials and tabulate acceptances of the Plan
effectively and consistently with the requirements of the
Bankruptcy Code and due process.  He adds that the Solicitation
Procedures and the Debtors' proposed Confirmation Hearing
Notice, provide adequate notice to all holders of claims
regarding the solicitation process as well as the relevant dates
associated with the Solicitation Procedures.

The Solicitation Procedures authorize and direct BMC Group,
Inc., the Debtors' claims and solicitation agent, to assist them
in distributing the Solicitation Packages, and tabulating
ballots cast for or against the Plan.  The Solicitation Package
will contain copies of:

   -- a cover letter describing the contents of the Package and
      instructions on how paper copies of any materials that may
      be provided in CD-Rom format can be obtained at no charge,
      and urging holders in each of the voting classes to vote
      to accept the Plan, the Bermuda Scheme of Arrangement, and
      the U.K. Scheme of Arrangement, as applicable;

   -- an appropriate form of Ballot and Master Ballot, and
      applicable voting instructions, together with a pre-
      addressed postage pre-paid return envelope;

   -- the Solicitation Procedures and the order approving them;

   -- the approved form of the Disclosure Statement;

   -- the proposed forms of the Bermuda Scheme of Arrangement
      and U.K. Scheme of Arrangement, and their explanatory
      statements; and

   -- the Confirmation Hearing Notice.

Mr. Brady says that the Disclosure Statement and Plan are more
than 200 pages combined, and the Bermuda and U.K. Scheme of
Arrangement are more than 175 pages combined.  Thus, the Debtors
seek the Court's approval to serve those documents in CD-Rom
format instead of paper format.  He contends that courts
commonly permitted a debtor to transmit solicitation documents
in CD-Rom format to save printing and mailing costs.

The Debtors note that their proposed forms of the Ballots and
the Master Ballot are based on Official Form No. 14, but have
been modified to address the particular circumstances of their
Chapter 11 cases, and to include certain additional information
they believe to be relevant and appropriate for each class of
claims entitled to vote on the Plan.

Pursuant to the Solicitation Procedures, BMC Group will
distribute the appropriate Ballots to holders of claims in
Classes 2B, 2C, 3A, 3B, and 4A, who are entitled to vote on the
Plan.  All other Classes either are conclusively presumed to
have (i) accepted the Plan because they are unimpaired or
unclassified, or (ii) rejected the Plan because no distributions
will be made on account of claims or interests in those Classes.
Thus, holders of claims and interests in the non-voting Classes
will receive the applicable notice of non-voting status in lieu
of the Solicitation Package.

Under the Plan, Class 2B or the SCL other unsecured claims
consists, in part, of the senior note claims, which are based on
publicly issued securities.  In many instances, nominees of
record hold the relevant securities rather than the beneficial
holders themselves.  Hence, to tabulate votes for the Beneficial
Holders of securities in Class 2B, BMC Group will deliver
Solicitation Packages to both Beneficial Holders and Nominees.
A Master Ballot will also be distributed to Nominees.

Pursuant to Section 502(a) of the Bankruptcy Code, a claim or
interest is deemed allowed, unless a party-in-interest objects.
Thus, Mr. Brady avers that holders of claims for which an
objection is pending are not entitled to vote on the Plan.  He
notes, however, that Rule 3018(a) of the Federal Rules of
Bankruptcy Procedure allows for temporary allowance of claims
with pending objection, so that holders may vote on the Plan
with their claims at a temporarily allowed amount.  Accordingly,
the Debtors will send the Confirmation Hearing Notice and a
"Notice of Non-Voting Status with Respect to Disputed Claims" to
the holders of the disputed claims, in lieu of the Solicitation
Package.

The Disputed Claim Notice will inform the relevant holders that
their claim is subject to an objection, and that the holder
cannot vote any disputed portion of its claim unless one or more
of these resolution events has taken place at least five
business days before the Voting Deadline:

   -- a Court order allowing the Claim;

   -- a Court order temporarily allowing the claim for voting
      purposes only;

   -- a stipulation or other agreement is executed between the
      claim holder and the Debtors:

     * resolving the objection, and allowing the disputed claim
        in an agreed upon amount; or

     * temporarily allowing the holder to vote its claim in an
        agreed upon amount; or

   -- the pending objection is voluntarily withdrawn by the
      Debtors.

Because holders of claims or interests in Classes 1, 2A, 4B, and
5 are not entitled to vote on the Plan, the Debtors will not
solicit votes from those holders.  The Debtors propose, however,
to send to the holders a Confirmation Hearing Notice, and a
Notice of Non-Voting Status, in lieu of the Solicitation
Package.

In tabulating votes, the Debtors propose that this hierarchy
will be used to determine the claim amount associated with each
holder's vote:

   (1) the claim amount settled or agreed upon by the Debtors;

   (2) the claim amount allowed pursuant to a Resolution Event
       under the Solicitation Procedures;

   (3) the claim amount contained in a proof of claim that has
       been timely filed by the bar date, or deemed timely filed
       by the Court under applicable law;

   (4) the claim amount listed in the Debtors' schedules of
       assets and liabilities, provided that the claim is not
       scheduled as contingent, disputed, or unliquidated, and
       has not been paid; and

   (5) in the absence of any of the applicable claim amount,
       zero.

For votes to be counted, all Ballots and Master Ballot must be
properly executed, completed, and delivered by the Voting
Deadline on November 1, 2008.

Moreover, in addition to mailing the Confirmation Hearing
Notice, the Debtors propose to publish the notice within 15 days
prior to the Voting Deadline in The Wall Street Journal (Global
Edition), Financial Times, London Gazette, Royal Gazette, and
Lloyd's List.

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for Chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt
and Taylor, represent the Debtors in their restructuring
efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Debtors filed their joint Chapter 11 plan of reorganization
and disclosure statement on July 31, 2008.  (Sea Containers
Bankruptcy News, Issue No. 47; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SINCLAIRE GROUP: Appoints Joint Administrators from Vantis
----------------------------------------------------------
J. S. French and G. Mummery of Vantis Business Recovery Services
were appointed joint administrators of The Sinclaire Group Ltd.
(Company Number 04649148) on Aug. 8, 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.


TAILOR MADE: Hires Joint Administrators from Tenon Recovery
-----------------------------------------------------------
David Antony Willis and Matthew Colin Bowker of Tenon Recovery
were appointed joint administrators of Tailor Made Productions
Ltd. (Company Number 4335311) on Aug. 12, 2008.

Smith & Williamson -- http://www.smith.williamson.co.uk/--
provides investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates and non-profit organizations.

The company can be reached at:

         Tailor Made Productions Ltd.
         c/o Tenon Recovery
         Suite 5C
         Tower House Business Centre
         Fishergate
         York
         YO10 4UA
         England


VIMPELCOM: Telenor Finds a Way to End Conflict with Alfa Group
--------------------------------------------------------------
Telenor said the sale of it's Vimpelcom stake is a way of
resolving its  conflict with Alfa Group, but it is not in the
process of selling at the moment, according to a Reuters report.

Alfa Group is in conflict with Telenor over strategy in
Vimpelcom in Russia and Kyivstar in Ukraine, the same report
added.

Mr. Dag Melgaard, Telenor spokesman said, "We have said that to
solve the conflict we will not sell Kyivstar... but we might be
flexible regarding our Vimpelcom stake.  That is one of the many
possible outcomes of this conflict."

                        About VimpelCom

Headquartered in Moscow, Russia, VimpelCom (NYSE: VIP) --
http://www.vimpelcom.com/-- provides mobile telecommunications
services in Russia and Kazakhstan with newly acquired operations
in Ukraine, Tajikistan and Uzbekistan.  The Company operates
under the 'Beeline' brand in Russia and Kazakhstan.  In
addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS'
brands in Kazakhstan.

                        *     *     *

As reported in the TCR-Europe on March 13, 2007, Moody's
Investors Service upgraded the corporate family and existing
bond ratings of Open Joint Stock Company Vimpel Communications
to Ba2 from Ba3.  Moody's said the outlook on the ratings is
stable.


* CBI Says UK Manufacturing Output Outlook Weakest for 7 Years
--------------------------------------------------------------
Manufacturers' output expectations for the next three months are
the weakest for seven years, the latest CBI Industrial Trends
Survey reveals.

At the same time, the balance of firms expecting the price of
manufactured goods to rise has barely changed since last month’s
18-year high.

The outlook for manufacturing output has continued to
deteriorate in August, following the first negative expectation
since December 2005 in July.

While 20% of firms in this month's survey expect their volume of
output will increase in the coming quarter, 33% expect it will
fall.  The resulting balance of -13% is the weakest since
December 2001 (-28%).

Demand for manufactured goods weakened for a second month after
signs of improvement earlier in the summer.  A net 13% of
manufacturers judged total order book levels to be "below
normal", matching April's 18-month low figure.  Firms'
perception of export orders was less negative, indicating that
external demand is holding up somewhat better, though this
month's balance of -9% is the lowest since May (-12%).

A balance of 31% of manufacturers expects prices will rise in
the coming three months, slightly lower than the 18-year high
recorded in July, but consistent with continued intense upward
price pressures.  After a long period of steep cost increases,
cost pressures from food and other commodities are clearly still
having an impact, despite recent falls in the price of oil.

Ian McCafferty, the CBI's Chief Economic Adviser said:
"Manufacturers are becoming more downbeat about forthcoming
levels of activity but are still having to raise their prices
due to the severity of recent cost increases.

"Domestic conditions remain sluggish and the recent slowdown in
the eurozone economies is starting to make conditions tougher
for UK manufacturing exporters, although the weaker pound will
offer some relief."

The most recent CBI economic forecast, published in June,
predicted that UK GDP growth would slow from 1.7% this year to
1.3% in 2009.


* BOND PRICING: For the Week Aug. 18 to Aug. 22, 2008
-----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
HTM Sport Freize          8.500    02/01/14     EUR      56.08
Kommunal Kredit
  Austria AG              0.500    03/15/19     CAD      66.17
                          0.250    10/14/26     CAD      40.59
Immofinanz Immobilien     2.750    01/20/14     EUR      68.75
Republic of Austria       1.000    06/22/22     EUR      71.33
                          0.000    10/10/25     EUR      62.85
BELGIUM

Fortis Bank               8.750    12/07/10     EUR      53.69

FINLAND
-------
M-Real Serla              7.250    04/01/13     EUR      66.40
Muni Finance PLC          0.500    04/26/13     AUD      74.60
                          1.000    10/30/17     AUD      61.56
                          1.000    02/27/18     AUD      60.66
                          1.000    11/21/16     NZD      63.62
                          0.250    06/28/40     CAD      21.33
                          0.500    09/24/20     CAD      62.60

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      14.85
Altran Technologies S.A.  3.750    01/01/09     EUR      12.68
Calyon                    6.000    06/18/47     EUR      47.23
CAP Gemini S.A.           2.500    01/01/10     EUR      53.49
                          1.000    01/01/12     EUR      47.05
Club Mediterranee S.A.    3.000    11/01/08     EUR      67.36
                          4.380    11/01/10     EUR      46.04
Essilor Intl              1.500    07/02/10     EUR      67.79
Europcar Groupe           8.130    05/15/14     EUR      64.96
                          8.130    05/15/14     EUR      64.92
FCC Rome Alliance
Funding                   2.260    01/08/21     EUR      71.07
Havas S.A.                4.000    01/01/09     EUR      10.88
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR       0.25
Ingenico                  2.750    01/01/12     EUR      17.58
Maurel & Prom             3.500    01/01/10     EUR      21.15
Publicis Group            1.000    01/18/18     EUR      41.60
Rhodia S.A.               0.500    01/01/14     EUR      35.65
Scor S.A.                 4.125    01/01/10     EUR       2.07
Soc Air France            2.750    04/01/20     EUR      21.34
Tereos Europe             6.380    04/15/14     EUR      74.03
Theolia S.A.              2.000    01/01/14     EUR      18.05
Wavecom S.A.              1.750    01/01/14     EUR      18.07
Wendel Invest S.A.        2.000    06/19/09     EUR      43.86
                          4.380    08/09/17     EUR      66.60
                          4.880    09/21/15     EUR      75.59
                          4.880    05/26/16     EUR      73.90

GERMANY
-------
Deutsche BK London        3.250    05/18/12     CHF      73.73
Deutsche Schifbk          4.200    01/23/09     EUR      99.62
IKB Deutsche
   Industriebank AG       4.500    07/09/13     EUR      73.00
KfW Bankengruppe          0.500    10/30/13     AUD      72.57
                          2.810    08/10/30     EUR      66.88
                          0.500    12/19/17     EUR      69.33
                          1.250    05/23/20     EUR      74.87
                          1.250    07/29/20     EUR      72.73
                          1.250    07/21/25     EUR      67.02
                          1.250    07/07/20     EUR      74.05
                          5.000    09/01/25     EUR      72.92
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      44.60
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      62.29
Solon AG Solar            1.380    12/06/12     EUR      74.20


ICELAND
-------
Glitnir Banki HF          6.000    03/05/12     GBP      77.56
Kaupthing Bank            6.500    02/03/45     EUR      41.75
                          1.990    07/05/12     JPY      72.69

IRELAND
-------
Banesto Finance Plc       6.120    11/07/37     EUR       6.12
Depfa ACS Bank            0.500    03/03/25     CDN      49.00
                          0.250    07/08/33     CDN      29.08
Irish Nationwide
  Building Society        5.500    01/10/18     GBP      67.98
Irish Perm Plc            2.500    02/15/35     EUR      49.99
Ono Finance II            8.000    05/16/14     EUR      67.95

ITALY
-----
Alitalia SPA              7.500    07/22/10     EUR      65.51
IGD                       2.500    06/28/12     EUR      73.60
Risanamento S.p.A.        1.000    05/10/14     EUR      38.03
Telecom Italia            5.250    03/17/55     EUR      72.03

LUXEMBOURG
----------
Global Yatirim Holding    9.250    07/31/12     US$      74.32
Globus Capital Finance SA 8.500    03/05/12     US$      73.80
IT Holding Fin            9.880    11/15/12     EUR      62.60
Kloeckner Fin. Intl       1.500    07/27/12     EUR      71.75
Lighthouse International  8.000    04/30/14     EUR      74.20
Nell AF S.A.              8.380    08/15/15     EUR      62.64
                          8.380    08/15/15     US$      63.88
Safilo Cap Intl           9.630    05/15/13     EUR      77.56

NETHERLANDS
-----------
ABN Amo Bank B.V.         6.000    03/16/35     EUR      64.75
Air Berlin Finance B.V.   1.500    04/11/27     EUR      27.87
ALB Finance BV            9.250    09/25/13     US$      70.56
                          9.750    02/14/11     GBP      73.13
                          7.880    02/01/12     EUR      71.44
BK Ned Gemeenten          0.500    06/27/18     CDN      67.65
                          0.500    02/24/25     CDN      49.04
BLT Finance BV            7.500    05/15/14     US$      69.06
Elec De Car Fin         8.500    04/10/18     US$      74.15
EM.TV Finance B.V.        5.250    05/08/13     EUR       3.81
IVG Finance B.V.          1.750    03/29/17     EUR      54.60
Kazkommerts Fin           8.500    06/13/17     US$      72.27
                          8.630    07/27/16     US$      74.35
Kazkommerts Intl          8.000    11/03/15     US$      75.64
                          6.880    02/13/17     EUR      70.59
                          7.500    11/29/16     US$      72.80
KBC Ifima NV              5.880    02/07/25     US$      72.41
KPNQwest NV              10.000    03/15/12     EUR      -0.20
Lehman Bros TSY B.V.      2.000    03/18/15     EUR      67.48
                          7.250    10/05/35     EUR      34.20
                          6.000    02/15/35     EUR      49.83
                          2.000    03/16/35     EUR      38.91
                          7.000    05/17/35     EUR      41.74
                          2.000    02/16/15     EUR      74.60
Montell Finance B.V.      8.100    03/15/27     US$      53.34
Natl Invester Bank       25.982    05/07/29     EUR      31.60
Ned Waterschapbk          6.000    06/01/35     EUR      61.33
                          6.500    08/15/35     EUR      54.33
                          6.000    06/30/45     EUR      57.05
NXP BV/NXP FUNDI          8.630    10/15/15     EUR      65.44
                          9.500    10/15/15     US$      68.00
                          8.630    10/15/15     EUR      65.50
Rabobank Groep N.V.       2.500    02/22/35     EUR      59.92
                          6.000    05/09/35     EUR      60.61
                          2.000    03/23/35     EUR      56.19
                          5.000    02/28/35     EUR      64.82
Tjiwi Kimia Finance BV   13.250    08/01/01     US$       0.13
Turanalem Fin BV          8.250    01/22/37     US$      71.05
                          8.500    02/10/15     US$      75.25
                          8.250    01/22/37     US$      71.66

NORWAY
------

Norske Skogindustrier ASA 7.000    06/26/17     EUR      62.57

SWEDEN
------
Stena AB                  5.880    02/01/19     EUR      74.68

SWITZERLAND
-----------
Cytos Biotechnology       2.880    02/20/12     CHF      71.82
S-Air Group               0.130    07/07/05     CHF      11.97
Swiss RE                  6.000    12/15/08     CHF      69.70

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

Anglian Water
   Finance Plc            2.400     04/20/35    GBP      52.27
Aspire Defence            4.670     03/31/40    GBP      86.76
                          4.670     03/31/40    GBP      66.08
Bank of Scotland          6.000     02/07/35    EUR      47.83
Bradford&Bin BLD          5.750     12/12/22    GBP      68.04
                          6.630     06/16/23    GBP      65.30
Brit Insurance            6.630     12/09/30    GBP      79.00
Britannia Building
   Society                5.880     03/28/33    GBP      68.05
                          5.750     12/02/24    GBP      74.37
Cattles Plc               7.130     07/05/17    GBP      75.31
Enterprise Inns           6.380     09/26/31    GBP      74.60
F&C Asset Management plc  6.750     12/20/26    GBP      71.52
Grainer Plc               3.630     05/17/14    GBP      57.39
Greene King Finance PLC   5.110     03/15/34    GBP      74.55
                          5.700     12/15/34    GBP      69.56
Hammerson Plc             6.000     02/23/26    GBP      75.32
HBOS Plc                  4.500     03/18/30    EUR      73.96
HSBC Bank Plc             3.750     05/18/15    EUR      83.42
Ineos Group Holdings Plc  7.880     02/15/16    EUR      62.67
                          7.880     02/15/16    EUR      62.83
                          8.500     02/15/16    US$      66.66
Jaztel Plc                5.000     04/29/10    EUR      74.50
Louis No1 Plc             8.500     12/01/14    EUR      68.63
National Grid Gas Plc     1.750     10/17/36    GBP      43.01
                          1.770     03/30/37    GBP      43.00
ONO Finance PLC          10.500     05/15/14    EUR      69.17
Pipe Holding PLC          9.750     11/01/13    GBP      65.40
Royal BK Scotland         9.500     04/04/25    US$      65.53
                          2.810     06/29/30    EUR      44.68
                          1.250     06/09/25    EUR      53.88
Slough Estates plc        5.750     06/20/35    GBP      72.84
Taylor Woodrow            6.380     05/24/19    GBP      54.08
                          6.630     02/07/12    GBP      52.32
TXU Eastern Funding       6.450     05/15/05    US$       0.01


                            *********

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 * * *