TCREUR_Public/080826.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, August 26, 2008, Vol. 9, No. 169

                            Headlines


A U S T R I A

CLEANTECH OBJEKTSERVICE: Claims Registration Ends September 17
ERDOGAN TUERK: Claims Registration Period Ends September 16

G E R M A N Y

ALPIN KRAFTFAHRZEUGTECHNIK: Claims Filing Period Ends Sept. 12
B & W MOEBEL: Claims Registration Period Ends September 12
COAST MOUNTAIN: Claims Registration Period Ends September 1
EMIGO GMBH: Claims Registration Period Ends September 13
I.T.A. FSF: Claims Registration Period Ends September 15

IKB DEUTSCHE: Moody's Affirms E Bank Financial Strength Rating
IKB DEUTSCHE: Fitch Raises Individual Rating to D/E from E
ITV BAUSERVICE: Claims Registration Period Ends September 11
LOGILINE EBERSWALDE: Claims Registration Period Ends Sept. 11
NAUMBURGER AUTOHAUS: Claims Registration Period Ends Sept. 11

UNITYMEDIA GMBH: Moody's Upgrades Corp. Family Rating to B2
SALINE-BAU GMBH: Claims Registration Period Ends September 12
THERAPEUTISCHES RUECKENZENTRUM: Creditors' Meeting Set Sept. 16


I R E L A N D

HOWLEY CIVIL: High Court Winds Up Firm


K Y R G Y Z S T A N

KARA KECHE: Creditors Must File Claims by September 23


N E T H E R L A N D S

JUBILEE CDO: Fitch Affirms BB Rating on EUR6.55MM Class D Notes
WOOD STREET: Fitch Affirms BB Ratings on Two Note Classes
X5 RETAIL: Moody's Affirms B1 Corporate Family Rating


P O L A N D

BANK BPH: Moody's Lowers Bank Financial Strength Rating to D-


R U S S I A

ARBAT PRESTIGE: May Go Bust if Court Upholds Unit's Claim
AVTORING LLC: Court Names E. Karavaev as Insolvency Manager
CONVERSBANK CJSC: Fitch Withdraws CCC IDR on Investbank Merger
DONBAJ LLC: Creditors Must File Claims by September 19
GAZINVESTBANK: Moody's Assigns E Bank Financial Strength Rating

INMOR CJSC: Creditors Must File Claims by September 19
INVEST-LEADER LLC: Creditors Must File Claims by September 19
ISKRA CJSC: Creditors Must File Claims by September 19
KURAGINSKAYA SEL-KHOZ-TEKHNIKA: Claims Filing Ends September 19
PETERSBURG SOCIAL: Moody's Assigns E+ Financial Strength Rating

PROBUSINESSBANK: Fitch Rates US$80 Million Notes at B-/RR4
RUS' LLC: Krasnodar Bankruptcy Hearing Set October 8
SERGIEVSKAYA LLC: Creditors Must File Claims by September 19
SEVERSTAL OAO: To Acquire Coal Miner PBS for US$1.3 Billion
SIB-PROM-ENERGO: Creditors Must File Claims by September 19

STUD MARIYSKIY: Creditors Must File Claims by September 19


U N I T E D   K I N G D O M

A C GENIE: Brings in Liquidators from Tenon Recovery
BETBROKERS PLC: Unit Goes Into Administration; Shares Suspended
CATALUS LTD: Has Gone Into Administration
CIFG EUROPE: S&P Lowers Financial Strength Rating to B From A-
FUTURE HOMES: Calls in Joint Administrators from Vantis

HEANOR GATE: Appoints Joint Administrators from Grant Thornton
INDUS PLC: Fitch Puts BB-Rated Class E Notes on Watch Negative
INTERNATIONAL POWER: Moody's Lifts Corp. Family Rating to Ba2
PIVOTAL INTEGRATION: Goes Into Administration
POSITIVE RESPONSE: Joint Liquidators Take Over Operations

SNOWDONIA SECURITIES: S&P Puts BB+ Rating on Watch Positive
STAFFORDSHIRE POTTERY: Claims Filing Period Ends November 6
TATA MOTORS: To Cut Rights Issue to Two Unlinked Securities
TRUSTGUARD CREDIT: Claims Filing Period Ends September 30

* BCC Says Interest Rate Cut Needed to Counter Recession Threats

* Large Companies with Insolvent Balance Sheet


                            *********


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


CLEANTECH OBJEKTSERVICE: Claims Registration Ends September 17
--------------------------------------------------------------
Creditors owed money by LLC Cleantech Objektservic have until
Sept. 17, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Robert Gschwandtner
         Tuchlauben 8
         1010 Vienna
         Austria
         Tel: 513 29 79
         Fax: 513 29 79 25
         E-mail: pullezgschwandtner@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Oct. 1, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 23, 2008, (Bankr. Case No. 2 S 90/08k).


ERDOGAN TUERK: Claims Registration Period Ends September 16
-----------------------------------------------------------
Creditors owed money by KEG Erdogan Tuerk have until Sept. 16,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Horst Winkelmayr
         Porzellangasse 22A/7
         1090 Vienna
         Austria
         Tel.: 532 47 77
         Fax: 532477750
         E-Mail: rae@kniwi.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Sept. 30, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1609
         Vienna
         Austria

Headquartered in Austria, Austria, the Debtor declared
bankruptcy on Aug. 4, 2008, (Bankr. Case No. 28 S 105/08g).


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


ALPIN KRAFTFAHRZEUGTECHNIK: Claims Filing Period Ends Sept. 12
--------------------------------------------------------------
Creditors of ALPIN Kraftfahrzeugtechnik GmbH have until
Sept. 12, 2008, to register their claims with court-appointed
insolvency manager Dr. Uwe Hahn.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Konstanz
         Hall 207
         Second Floor
         Main Building
         Untere Laube 12
         78462 Konstanz
         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. Uwe Hahn
         Scheffelstr. 15
         78224 Singen
         Germany

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

The Debtor can be reached at:

         ALPIN Kraftfahrzeugtechnik GmbH
         Attn: Karin Schmidt, Manager
         Eisenbahnstr. 3
         78315 Radolfzell
         Germany


B & W MOEBEL: Claims Registration Period Ends September 12
----------------------------------------------------------
Creditors of B & W Moebel und Ladeneinrichtung GmbH have until
Sept. 12, 2008, to register their claims with court-appointed
insolvency manager Dieter Rasehorn.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Erfurt
         Hall 12
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         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:

         Dieter Rasehorn
         Muehlweg 16
         06108 Halle
         Germany
         Tel: 0345/5230647

The District Court of Erfurt opened bankruptcy proceedings
against B & W Moebel und Ladeneinrichtung GmbH on July 8, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         B & W Moebel und Ladeneinrichtung GmbH
         Attn: Monikla Wiskalla, Manager
         Marbach 11
         99869 Tuettleben
         Germany


COAST MOUNTAIN: Claims Registration Period Ends September 1
-----------------------------------------------------------
Creditors of Coast Mountain Sports GmbH & Co. KG have until
Sept. 1, 2008, to register their claims with court-appointed
insolvency manager Dr. Dietmar Penzlin.

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 Hamburg
         Meeting Hall B405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Dietmar Penzlin
         Rathausstrasse 2
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Coast Mountain Sports GmbH & Co. KG on July 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Coast Mountain Sports GmbH & Co. KG
         Attn: Turgut Aydin and Stefan Funke, Managers
         Brooktorkai 10
         20457 Hamburg
         Germany


EMIGO GMBH: Claims Registration Period Ends September 13
--------------------------------------------------------
Creditors of Emigo GmbH have until Sept. 13, 2008, to register
their claims with court-appointed insolvency manager Boris
Reski.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 13, 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:

         Boris Reski
         Moltkestrasse 3-5
         25421 Pinneberg
         Germany

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

The Debtor can be reached at:

         Emigo GmbH
         Kurt-Wagener-Str. 9
         25337 Elmshorn
         Germany


I.T.A. FSF: Claims Registration Period Ends September 15
--------------------------------------------------------
Creditors of I.T.A. FSF Warenhandelsgesellschaft mbH have until
Sept. 15, 2008, to register their claims with court-appointed
insolvency manager Jens Lieser.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Oct. 6, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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 during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Jens Lieser
         Josef-Goerres-Platz 5
         56068 Koblenz
         Germany
         Tel: 0261-304790
         Fax: 0261-9114729

The District Court of Montabaur opened bankruptcy proceedings
against I.T.A. FSF Warenhandelsgesellschaft mbH on July 2, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         I.T.A. FSF Warenhandelsgesellschaft mbH
         Mittelstrasse 2
         56412 Goergeshausen
         Germany


IKB DEUTSCHE: Moody's Affirms E Bank Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service placed on review for possible
downgrade the Baa3 long-term debt and deposit ratings of IKB
Deutsche Industriebank, as well as its Ba2 subordinated debt
ratings and the Prime-3 short-term rating.  At the same time,
Moody's affirmed IKB's E bank financial strength rating as well
as the Ca and Caa3 ratings of its hybrid capital instruments.

The rating actions follow the announcement by Kreditanstalt fuer
Wiederaufbau ("KfW", rated Aaa/Prime-1) that recent efforts to
sell its interest in IKB have been successful and that the offer
from the private equity investor, Lone Star, has been accepted.
The review for downgrade reflects the likelihood that, as and
when the change in ownership becomes legally valid, the multi-
notch uplift factored into IKB's debt and deposit ratings
(currently seven notches from IKB's Baseline Credit Assessment
of Caa1, which is mapped from the E BFSR) will be lowered; at
present, the uplift benefits from KfW's very strong and proven
support for IKB as well as KfW's Aaa debt ratings, which in turn
benefit from the unconditional German government guarantee
available to KfW.

Accordingly, Moody's review for downgrade on IKB's senior debt
and deposit ratings will focus on the degree of actual financial
support provided at the time of the transaction -- such as
additional capital and/or funding commitments -- as well as the
probability and degree of future support that can be expected
from the new majority owner, Lone Star.  Furthermore, the
probability of IKB receiving systemic support in the future will
be reassessed.

With regard to IKB's E BFSR, Moody's said that most of the risks
and uncertainties highlighted in its previous press release on
the bank, dated April 1, 2008, remain unresolved.  This refers,
in particular, to the concerns relating to the bank's core
franchise, which has, in Moody's view, been eroding during the
financial crisis, and the weak and highly vulnerable financial
profile, notably the risks that the bank may still have to face
with regard to high-risk assets on its balance sheet. Moreover,
the future restructuring and possible introduction of new
business lines and products may require funds that the bank --
on a standalone basis -- may not have available.  Finally,
Moody's remains concerned that the refinancing that is required
for the bank's lending business, which the rating agency
understands is to remain at the core of IKB's franchise, will be
significantly more difficult to secure from debt capital markets
in the foreseeable future and at a much higher expense.

Moody's will therefore continue to closely monitor the further
developments with regard to both the bank's financial profile
and actual and potential support available to IKB, including the
EU antitrust authorities' still pending decision on approving
the support given by KfW to date as well as the capital increase
amounting to EUR1.25 billion, to be subscribed by KfW in October
2008. It is Moody's understanding that the successful sale of
IKB will be contingent upon this capital increase.

The last rating action on IKB was on April 1, 2008, when Moody's
downgraded the BFSR to E from E+.  Concurrently, the long-term
debt and deposit ratings were downgraded to Baa3 from A3 and the
subordinated debt ratings to Ba2 from Baa1.  IKB's short-term
ratings were downgraded to Prime-3 from Prime-2 and its junior
subordinated securities (profit participation certificates) and
hybrid capital instruments were downgraded to Ca from Caa1 and
to Caa3 from Caa1, respectively.

Headquartered in Duesseldorf, Germany, IKB reported total assets
of EUR50.2 billion and a group net loss of EUR31.9 million, as
at the end of March 2008.


IKB DEUTSCHE: Fitch Raises Individual Rating to D/E from E
----------------------------------------------------------
Fitch Ratings downgraded IKB Deutsche Industriebank AG's ratings
to Long-term Issuer Default 'BBB-' from 'A+', Short-term IDR
'F3' from 'F1' and Support '2' from '1'.  The IDRs remain on
Rating Watch Negative.  The Support rating is placed on RWN.
IKB's Individual Rating is upgraded to 'D/E' from 'E' and placed
on Rating Watch Positive.  At the same time, Fitch assigned the
bank a Support Rating Floor of 'BBB-' and placed it on RWN.

IKB's subordinated debt issues are downgraded to 'BB+' from 'A';
the rating remain on RWN.  The hybrid securities are affirmed at
'CC' with a Recovery Rating of 'RR5'.

The downgrades follow the announcement of the sale of KfW's
90.8% stake in IKB to Lone Star, subject to the approval of
KfW's supervisory board, the German Supervisory authority and
the European Commission.

The announced change in ownership means IKB will no longer
benefit from the extremely high probability of support from the
'AAA'-rated KfW.  The downgrade reflects a lesser, albeit still
high, probability of support from the German authorities, in
case of need.  Given IKB's still weak standalone financial
condition, its LT IDR is at its Support Rating Floor.  The RWN
will be resolved once there is greater clarity regarding the
bank's business model and once Fitch has assessed IKB's future
importance to the German financial system.

The upgrade of the Individual Rating reflects the bank's
diminished risk exposure, after the sale of EUR1 billion
securities portfolio and the end of a prolonged period of
uncertainty.  The RWP reflects Fitch's expectation of further
de-risking, the expected approval of its EUR1.25 billion capital
injection by the European Commission as well as the potential
positive effects from Lone Star's influence on IKB's business
model.  Fitch will resolve the RWP upon greater clarity over the
direction and execution of the bank's strategy.

"Despite having benefited from a number of rescue measures,
IKB's stand-alone financial profile remains weak," says Anna
Lozmann, Associate Director in Fitch's Financial Institutions
Group.  "Its capital ratios are thin but will benefit from the
capital injection and ongoing reduction of risk-weighted
assets."  Fitch expects IKB to continue to focus on its key
strength: its domestic SME franchise.  However, the success of
its revised business model under new ownership will depend,
among other things, on ensuring competitive funding terms.


ITV BAUSERVICE: Claims Registration Period Ends September 11
------------------------------------------------------------
Creditors of ITV Bauservice und Dienstleistungs GmbH have until
Sept. 11, 2008, to register their claims with court-appointed
insolvency manager Dr. Oliver Hartig.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         Germany

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

The insolvency manager can be reached at:

         Dr. Oliver Hartig
         Philipp-Mueller-Strasse 44
         06110 Halle
         Germany
         Tel: 0345/478130
         Fax: 0345/4781318

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against ITV Bauservice und Dienstleistungs GmbH on
July 11, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         ITV Bauservice und Dienstleistungs GmbH
         Bernhardystr. 56
         06110 Halle
         Germany

         Attn: Ingo Vernier, Manager
         Rostockring 16
         38527 Meine
         Germany


LOGILINE EBERSWALDE: Claims Registration Period Ends Sept. 11
-------------------------------------------------------------
Creditors of Logiline Eberswalde GmbH have until Sept. 11, 2008,
to register their claims with court-appointed insolvency manager
Dr. Christoph Junker.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Oct. 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Germany

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

The insolvency manager can be reached at:

         Dr. Christoph Junker
         Bernburger Strasse 32
         10963 Berlin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against Logiline Eberswalde GmbH on July 17, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Logiline Eberswalde GmbH
         Flugplatz 1
         16227 Eberswalde
         Germany


NAUMBURGER AUTOHAUS: Claims Registration Period Ends Sept. 11
-------------------------------------------------------------
Creditors of Naumburger Autohaus GmbH have until Sept. 11, 2008,
to register their claims with court-appointed insolvency manager
Dr. Thomas Wazlawik.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         Germany

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

The insolvency manager can be reached at:

         Dr. Thomas Wazlawik
         Walter-Koehn-Strasse 1 b
         04356 Leipzig
         Germany
         Tel: 0341/339890
         Fax: 0341/3398929

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Naumburger Autohaus GmbH on July 11, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Naumburger Autohaus GmbH
         Attn: Mike Orlamuende, Manager
         H.-v.-Stephan-Platz 3
         06618 Naumburg
         Germany


UNITYMEDIA GMBH: Moody's Upgrades Corp. Family Rating to B2
-----------------------------------------------------------
Moody's Investors Service has upgraded corporate family rating
of Unitymedia GmbH to B2 from B3.  At the same time, Moody's
upgraded ratings on the senior notes and affirmed the rating on
the senior secured notes.  The outlook on the ratings is
positive.

The ratings affected are:

   -- EUR1,350 million (EUR1,275 million outstanding) senior
      secured notes affirmed at B2 (LGD-3, 45.4%)

   -- EUR215 million senior notes upgraded to Caa1
     (LGD-5, 89.4%) from Caa2

   -- EUR235 million senior notes upgraded to Caa1
     (LGD-5, 89.4%) from Caa2

   -- US$151 million senior notes upgraded to Caa1
     (LGD-5, 89.4%) from Caa2

The upgrade to B2 reflects the strong operating and financial
performance of the company's cable business and a substantial
reduction in risk of its Pay TV platform, arena.  Furthermore,
as of Q2 2008, Unitymedia's leverage was at approximately 4.8x
Debt to EBITDA on an H1 annualized consolidated basis including
certain debt adjustments.  In Q2 2008, revenues from the
company's cable business increased by 14% year-on-year while
reported EBITDA rose by 19% over the same period (when excluding
EUR16.1 million non-recurring settlement and purchase price
adjustment in Q2 2007).  The revenue and EBITDA growth was
fueled by growth in the Internet and telephony subscriber base,
price increases for basic cable services and incremental
carriage fees from Premiere AG.

In Q2 2008, arena generated EUR9.1 million in adjusted reported
EBITDA.  Moody's notes that arena recognized EUR24.1 million in
revenue from Premiere shares which were sold in December 2007.
The company will continue to recognize this revenue until June
2009 when the sub-licensing agreement with Premiere expires.
When adjusting for revenue from Premiere shares, arena generated
a negative EBITDA in Q2 2008.  Furthermore, the sustainability
of arena's subscriber base is questionable over the medium term
as the ownership of Bundesliga rights by Unitymedia ends.
Currently, there is no visibility on the Bundesliga rights
tender.  The rating factors in some modest spending for the
rights in the event Unitymedia decides to participate in the
auction.

Moody's believes that Unitymedia is likely to retain its growth
momentum over the medium term.  However, the competitive
environment, particularly for the provision of Internet and
telephony services, is quite vigorous which will exert pressure
on the company's ARPU.  In order to sustain its subscriber
growth, Moody's believes that the company will continue to
invest heavily in its network.  As a result, it is likely to
generate negative free cash flow in 2008 (excluding the sale of
Premiere shares).

Moody's notes that the company has a material amount of cash on
its balance sheet as well as access to a revolving facility in
the amount of EUR130 million.  In Moody's view, the company may
seek to take advantage of consolidation opportunities in the
market, particularly in Level 4 consolidation.  The B2 corporate
family rating incorporates some flexibility as regards potential
consolidation opportunities. However, Moody's will review any
material acquisitions separately if those were to occur.

The affirmation of the B2 rating on the senior secured notes
reflects a change in mix of debt and non-debt instruments such
as trade payables in the company's capital structure.

The positive outlook on the rating reflects Moody's expectations
of the company's strong operating and financial performance.
However, we continue to see downside risks in arena business but
they appear to be limited.

What Could Change the Rating -- UP

Continued robust operating performance of the cable business;
maintenance of leverage on a Debt to EBITDA basis close to 5.0x
on a sustainable basis over the medium term based on the cable
business metrics; improved visibility on impact of Bundesliga
rights auction on the company's financial profile supporting
assumption that it will not be material.

What Could Change the Rating -- Down

Material debt - financed acquisitions resulting in an increase
in leverage towards 7.0 x Debt to EBITDA.

Unitymedia is the second largest cable operator in Germany.  In
Q2 2008, the company generated EUR296.3 million in revenue and
EUR107.7 million in adjusted reported EBITDA.


SALINE-BAU GMBH: Claims Registration Period Ends September 12
-------------------------------------------------------------
Creditors of Saline-Bau GmbH have until Sept. 12, 2008, to
register their claims with court-appointed insolvency manager
Joerg Riedemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Halle (Saale)
         Hall 1.043
         Justizzentrum
         Thueringer Strasse 16
         06112 Halle (Saale)
         Germany

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

The insolvency manager can be reached at:

         Joerg Riedemann
         Muehlweg 47D
         06114 Halle
         Germany
         Tel: 0345/293900
         Fax: 0345/2939029

The District Court of Halle (Saale) opened bankruptcy
proceedings against Saline-Bau GmbH on July 16, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Saline-Bau GmbH
         Braunstrasse 1-3
         06268 Querfurt
         Germany


THERAPEUTISCHES RUECKENZENTRUM: Creditors' Meeting Set Sept. 16
---------------------------------------------------------------
The court-appointed insolvency manager for Therapeutisches
Rueckenzentrum Thielmann GmbH, Dr. Frank Kreuznacht will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 9:30 a.m. on Sept. 16, 2008.

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

         The District Court of Bad Hersfeld
         Hall 8
         Amtsgerichtsgebaude
         Dudenstraße 10
         36251 Bad Hersfeld
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on Oct. 21, 2008, at the same
venue.

Creditors have until Sept. 8, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Frank Kreuznacht
         Untermarkt 23
         99974 Muehlhausen
         Germany
         Tel: 03601/88920
         Fax: 03601/889211
         E-mail: Rechtsanwaelte@dr-wiengarten.de

The District Court of Bad Hersfeld opened bankruptcy proceedings
against Therapeutisches Rueckenzentrum Thielmann GmbH  on July
21, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Therapeutisches Rueckenzentrum Thielmann GmbH
         Badestube 20
         36251 Bad Hersfeld
         Germany


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


HOWLEY CIVIL: High Court Winds Up Firm
--------------------------------------
Ireland's High Court has decided to wind-up Howley Civil
Engineering Ltd. after the company's directors failed to find
prospects for its survival, the RTE Business reports.

According to the report, the firm had been involved in a program
of redundancies in recent weeks which had seen its workforce
shrink from 280 to 250.

As reported in the Troubled Company Reporter-Europe in
June 2008, the Court declared Howley insolvent and placed it
under interim examinership after suffering from the slowdown in
the construction sector and incurring additional costs on
projects.

The company owed equipment firm Caterpillar EUR5.5 million and
AIB Finance EUR3 million, the report adds.

Brian McEnery has been appointed as liquidator of the company.

Headquartered in Rossmore, Ireland, Howley Civil Engineering
Ltd. -- http://www.howley.ie/aboutus/-- is a subcontractor for
plant and equipment.  The company was set up in 1993 to carry on
the business of plant hire.  Initially the company specialized
in plant hire to the civil engineering and building industry,
successfully trading while re-investing the profits in
additional items of plant where the need for particular types of
equipment was identified.


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


KARA KECHE: Creditors Must File Claims by September 23
------------------------------------------------------
OJSC Kara Keche Komur has declared insolvency.  Creditors have
until Sept. 23, 2008, to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 93-04-15, 93-04-16.


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


JUBILEE CDO: Fitch Affirms BB Rating on EUR6.55MM Class D Notes
---------------------------------------------------------------
Fitch Ratings affirmed the ratings of 13 classes of Jubilee CDO
II B.V.'s notes as.

  -- EUR299.48 million Class A-1 notes (ISIN: XS0150181278):
     affirmed at 'AAA'

  -- EUR2.99 million Class A-2 notes (ISIN: XS0150183647):
     affirmed at 'AAA'

  -- EUR36 million Class AX notes (ISIN: XS0150194768): affirmed
     at 'AAA'

  -- EUR45.8 million Class B-1 notes (ISIN: XS0150204740):
     affirmed at 'A'

  -- EUR7.5 million Class B-2 notes (ISIN: XS0150210127):
     affirmed at 'A'

  -- EUR15 million Class C-1 notes (ISIN: XS0150212503):
     affirmed at 'BBB'

  -- EUR5 million Class C-2 notes (ISIN: XS0150215860): affirmed
     at 'BBB'

  -- EUR11.25 million Class C-3 notes (ISIN: XS0150224003):
     affirmed at 'BBB'

  -- EUR6.55 million Class D notes (ISIN: XS0150227790):
     affirmed at 'BB'

  -- EUR2.99 million Class P combination notes
    (ISIN: XS0150236437): affirmed at 'AAA'

  -- EUR5 million Class Q combination notes
    (ISIN: XS0150237328): affirmed at 'BBB'

  -- EUR6.9 million Class R combination notes
    (ISIN: XS0150238219): affirmed at 'A'

  -- EUR11.25 million Class S combination notes
    (ISIN: XS0150238649): affirmed at 'BBB'

Jubilee CDO II B.V. is a securitization of mainly European
senior secured loans with the total note issuance of EUR471.15
million invested in a target portfolio of EUR450 million.  The
portfolio is actively managed by Alcentra Limited (rated 'CAM1-'
(CAM1 minus) on Fitch's CDO Asset Manager Rating scale).

Fitch released two new sets of CDO rating criteria on April 30,
2008: Global Criteria for Corporate CDOs and Global Criteria for
Cash Flow Analysis in Corporate CDOs.  At that time, Fitch noted
that it would be reviewing ratings with these two new criteria
to establish consistency between existing and new ratings.  The
elements of the updated criteria that have the greatest impact
on the analysis of Jubilee CDO II B.V. include increased default
probability assumptions for underlying assets, as well as
stressed correlation assumptions to reflect the additional risk
posed by portfolio concentrations.  Fitch's new cash flow
criteria also apply updated default timing and interest rate
scenarios.

In analyzing Jubilee CDO II B.V., Fitch has modified several
elements of its public criteria.  The most significant
modification to the cash-flow methodology relates to a
shortening of recovery timing to 12 months from 18 months after
default for rating scenarios at 'BBB' and below.  Fitch also
used scenario analysis to determine whether the rated notes are
in line with Fitch's rating definitions.  The most important
scenario analysis tested how robust the rated notes are against
individual obligor defaults.  For example, the Class C notes can
withstand the default of 20 assets on average or seven of the
largest risk contributors and the Class D notes can withstand
the default of 17 assets on average or five of the largest risk
contributors.  This analysis more accurately reflects Fitch's
view of the credit quality of the portfolio, the transaction
structure and the ability of the manager.  While the credit
enhancement is considered consistent with the current ratings,
Fitch notes that the Class C notes are most sensitive to
scenarios in which the Euribor interest rate decreases.

As of the review date, the portfolio contained loans from 52
obligors, with the largest exposure accounting for approximately
4% of the outstanding portfolio amount, and the three largest
obligors accounting for 10% of the outstanding portfolio amount.
Fitch makes downward adjustments for any names on Rating Watch
Negativeor Negative Outlook for default analysis in its
Portfolio Credit Model.  Although less than 1% of the assets are
rated in the 'CCC' category on an unadjusted basis, on an
adjusted basis approximately 7% of the assets are treated as
'CCC+' or below and the weighted average portfolio quality is
'B' / 'B-' (B minus).  None of the assets in the portfolio are
on RWN, while 25% are on Negative Outlook.  The largest single
industry is broadcasting and media, with 14% of the portfolio
volume.


WOOD STREET: Fitch Affirms BB Ratings on Two Note Classes
---------------------------------------------------------
Fitch Ratings affirmed the ratings of 10 classes of Wood Street
CLO V B.V. notes as.

  -- EUR168 million Class A-D notes (ISIN: XS0305963588):
     affirmed at 'AAA'

  -- EUR100 million Class A-R notes (CUSIP: 978639AB8): affirmed
     at 'AAA'

  -- EUR30 million Class A-T notes (ISIN: XS0305957937) affirmed
     at 'AAA'

  -- EUR40 million Class A-2 notes (ISIN: XS0305963745):
     affirmed at 'AAA'

  -- EUR40 million Class B notes (ISIN: XS0305963828): affirmed
     at 'AA'

  -- EUR20 million Class C-1 notes (ISIN: XS0305964123):
     affirmed at 'A'

  -- EUR10 million Class C-2 notes (ISIN: XS0305964396):
     affirmed at 'A'

  -- EUR26 million Class D notes (ISIN: XS0305964800): affirmed
     at 'BBB'

  -- EUR15 million Class E-1 notes (ISIN: XS0305965286):
     affirmed at 'BB'

  -- EUR5 million Class E-2 notes (ISIN: XS0305965799): affirmed
     at 'BB'

Wood Street CLO V B.V. is a securitization of mainly European
senior secured loans with the total note issuance of EUR500
million invested in a target portfolio of EUR480 million.  The
portfolio is actively managed by Alcentra Limited (rated 'CAM1-'
(CAM1 minus) on Fitch's CDO Asset Manager Rating scale).

Fitch released two new criteria on April 30, 2008: Global
Criteria for Corporate CDOs and Global Criteria for Cash Flow
Analysis in Corporate CDOs.  At that time, Fitch noted that it
would be reviewing its ratings with these two new criteria to
establish consistency for existing and new ratings.  The
elements of the updated criteria having the greatest impact on
the analysis of Wood Street CLO V B.V. include increased default
probability assumptions for underlying assets, well as stressed
correlation assumptions to reflect the additional risk posed by
portfolio concentrations.  Fitch's new cash flow criteria also
apply updated default timing and interest rate scenarios.

In analyzing Wood Street CLO V B.V., Fitch has modified several
elements of its public criteria.  The most significant
modification to the cash-flow methodology relates to a
shortening of recovery timing to 12 months from 18 months after
default for rating scenarios at 'BBB' and below.  Fitch also
used scenario analysis to determine whether the rated notes are
in line with the agency's rating definitions.  The most
important scenario analysis tested how robust the rated notes
are against individual obligor defaults.  For example, the Class
E-1 and E-2 notes can withstand the default of 16 assets on
average or five of the largest risk contributors.  This analysis
more accurately reflects Fitch's view of the credit quality of
the portfolio, the transaction structure and the ability of the
manager.  While the credit enhancement is considered consistent
with the current ratings, Fitch notes that the lower tranches of
notes are most sensitive to scenarios where defaults occur at
the end of the transaction's life, when assets are due to mature
and there is limited opportunity for the structure to capture
excess spread to protect the notes.

As of the review date, the portfolio contained loans from 55
obligors, with the largest exposure accounting for approximately
5% of the outstanding portfolio amount, and the three largest
obligors accounting for 12% of the outstanding portfolio amount
measured on an aggregated obligor basis.  Fitch makes downward
adjustments for any names on Rating Watch Negative or Negative
Outlook for default analysis in its Portfolio Credit Model.
Although none of the assets are rated in the 'CCC' category on
an unadjusted basis, on an adjusted basis approximately 3% of
the assets are treated as 'CCC+' or below and the weighted
average portfolio quality is 'B'.  Of the assets in the
portfolio, 2% are on RWN, while 20% are on Negative Outlook.
The largest single industry is broadcasting and media with 13%
of the portfolio volume.


X5 RETAIL: Moody's Affirms B1 Corporate Family Rating
-----------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating for X5 Retail Group N.V., but changed the rating outlook
to stable from positive.  At the same time, Moody's Interfax
Rating Agency, which is majority owned by Moody's, has affirmed
the company's A1.ru national scale rating.  The change in
outlook was mainly prompted Moody's view that the company's
rapid growth strategy and respective large investments will
postpone its de-leveraging and attainment of sustainable
improved credit metrics in line with a Ba3 category on the
developing markets.

Moody's recognizes the company's strong operating performance,
its high organic and acquisition-related growth, ability of
managing acquisitions, and a continuous strengthening of its
leading positions in the Russian retail market, especially on
the most developed market segments of the Moscow and St.
Petersburg region.  At the same time, Moody's notes the
significant growth opportunities available to X5 as the largest
Russia-focused retailer in the country's growing market.  In the
agency's view, these positive factors could speak for a higher
rating of the company.

However, Moody's understands that, to take these growth
opportunities and secure its leadership on the growing and
consolidating market, X5 is committed to follow a very ambitious
capex program (with bolt-on acquisitions included); for
instance, the released capex guideline for the current year
alone is in the range from US$1.2 billion to US$1.4 billion,
excluding the recent investments in the acquisition of the
Karusel hypermarket chain.  Moody's has a positive view with
regard to X5's growth strategy and take additional comfort from
the largest shareholders' commitment to the company's growth
plans.  However, given the large investments and respective
weaker negative free cash flow and high demand for debt, the
improvement in X5's financial metrics previously incorporated
into the positive outlook will take longer than previously
expected.  Moody's believes that this improvement towards levels
more in line with a Ba3 category on the developing market is
unlikely to take place in the upcoming 12-18 months, thus
accounting for the change of outlook to stable.

As of the end of 2007, the company's total debt to EBITDA
adjusted in accordance with Moody's methodology was 4.8x, while
debt protection measured as adjusted EBITA/Interest and RCF/Net
Debt were 2.7x and 12.2%, respectively.  Moody's understands the
leverage will not be down to around 3x and the protection
metrics not to improve respectively to largely above 3.0x and
around 17-20% before 2010, thus the company's financial policy
and profile to remain corresponding rather to a high B category
on the Russian market.

The huge investment program may also put pressure on the
company's liquidity going forward.  Moody's recognize that the
program is largely discretionary, with the committed maintenance
capex accounting for just about 10-15% of the total annual capex
planned.  However, given the company's commitment to the program
as the key condition of its sustainable market leadership, the
agency believes that X5 will try to implement it at full amount
if no material adverse changes in the market environment take
place.  Moody's also understands that X5 is making further steps
to increase and diversify available committed bank facilities
and takes into account the company's plans to maintain its debt
profile dominated by long maturities.

However, even with undrawn committed bank facilities in place,
X5 will need to get access to more debt funding to finance its
investments over the next 12 months and implement its medium-
term investment program as a whole, though the agency
acknowledges that X5 has already lined up some substantial bank
facilities needed for the next 12 months.  The agency would also
expect the company to adjust the program if prompted by changing
conditions on the capital markets.

The stable outlook reflects Moody's view that X5 will be able to
maintain its strong operational profile and implement its
investment program to sustain high growth and secure market
leadership, while at the same time gradually improve its
financial metrics and make them more in line with more common
for a Ba3 rated business operating in the developing market.  At
the same time, Moody's expects X5 to maintain its liquidity at
an acceptable level and to follow its covenants as, due to the
discretionary nature of its capex program, the company could
review the program and/or slow it down if any threat to
liquidity and/or to covenant compliance were materialized.

In addition to a successful implementation of the company's
growth strategy, upward pressure on the company's existing
rating and outlook would require Debt to EBITDA sustainable at
around 3x, EBITA to interest at around 3.5, RCF to Net Debt at
17-20%.

X5's outlook or rating could come under downward pressure due to
the company's operational weaknesses and delays in returns on
the on-going investments that result in a material deterioration
in the credit metrics and/or put pressure on liquidity.

Headquartered in the Netherlands, X5 Retail Group N.V. is the
leading multi-format Russian food retailer operating a large
store network largely covering the Moscow region and St.
Petersburg but also with a good presence in other Russian
regions.  In late June 2008, X5 completed the acquisition of the
Karusel hypermarket chain, the fifth hypermarket operator in
Russia with the 2007 net sales of US$831 million.  The
acquisition was largely financed by equity funding attracted
during the April-May 2008 SPO mainly from the company's existing
shareholders.  X5's 2007 net revenues were US$ 5.3 billion.
Thus, the 2007 combined revenues of the company and the Karusel
business would have been US$6.1 billion.


===========
P O L A N D
===========


BANK BPH: Moody's Lowers Bank Financial Strength Rating to D-
-------------------------------------------------------------
Moody's Investors Service downgraded the long-term foreign
currency bank deposit rating of Bank BPH SA (BPH) to Baa2 from
A3 and its bank financial strength rating (BFSR) to D- from C-.
The D- BFSR translates to a baseline credit assessment of Ba3.
The short-term foreign currency bank deposit rating was
confirmed at Prime-2.  Moody's also assigned local currency bank
deposit ratings of Baa2/Prime-2 to BPH.  Both the BFSR and long-
term bank deposit ratings were put under review for possible
upgrade.

These rating actions follow the transfer of most of BPH's assets
to Bank Pekao SA (C/A2/Prime-1), which was concluded on
Nov. 29, 2007, and the subsequent approval by the Polish
regulatory authorities to exercise above 66% but not more than
75% voting rights at the Bank BPH General Meeting by General
Electric Company, in June 2008.  On June 17, 2008, GE Money Bank
(Polish subsidiary of GE) acquired from UniCredit the entity
Holdco77 B.V., owning 65.9% of Bank BPH shares and as a result
of further public call increased its shareholding (indirect and
direct) to 66%, on July 17, 2008.

The downgrade of the BFSR to D- reflects that BPH's franchise
has been significantly weakened as the scope of the bank's
business activities has narrowed and its overall size and market
shares have substantially declined as a result of the transfer
of the assets.  In addition, potentially high initial expenses
related to the bank's plans for expansion and aggressive client
acquisition may result in a fluctuating financial performance
and risk profile.  Moody's also considers that the current
operating environment is less favorable for rapid expansion than
the bank had experienced in the past.  However, the review for
possible upgrade on the BFSR reflects Moody's view of the
financial and operational benefits that the full integration
with GE Money Bank may bring to the merged entity.  Moody's also
notes that Bank BPH maintains a well-recognized brand name in
the market, well-developed systems, risk culture and experienced
management.

The downgrade of the foreign currency bank deposit rating
reflects BPH's lower BFSR as well as the probability of lower
systemic support given the substantially weaker position within
the Polish banking system.  The review for possible upgrade on
these ratings will focus on the stand-alone creditworthiness of
the bank following the merger with GE Money Bank Poland as well
as whether the resulting larger entity will result in a more
systemically significant bank.

The BFSR was put on review for possible downgrade in April 2006
following the announcement that the Polish Commission for
Banking Supervision had authorized UniCredito Italiano to
exercise directly and indirectly over 66% and not more than 75%
of votes at the General Meeting of Bank BPH SA.

Ratings downgraded:

  -- Long-term bank deposit rating (foreign currency)
     to Baa2 from A3

  -- Bank financial strength rating to D- from C-

Ratings confirmed:

  -- Prime-2 short-term (foreign currency)

Ratings assigned:

  -- Baa2 long-term bank deposit rating (local currency)
  -- Prime-2 short-term (local currency)

Based in Krakow, Poland, Bank BPH had total assets of PLN13
billion (EUR3.6 billion) at end-2007.


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


ARBAT PRESTIGE: May Go Bust if Court Upholds Unit's Claim
---------------------------------------------------------
OOO Capital Estate, a unit of Russia-based cosmetics chain Arbat
Prestige, is demanding repayment of a RUR1.58 billion (US$65
million) debt, Maria Ermakova of Bloomberg News reports, citing
court documents.

According to the report, the unit asked the Moscow court to
compel Arbat Prestige, whose owner Vladimir Nekrasov was
detained on tax-evasion charges since January, to pay back the
debt.

Citing Vedomosti, the report says Arbat Prestige may be forced
into bankruptcy if the court upholds the claim.


AVTORING LLC: Court Names E. Karavaev as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad appointed
E. Karavaev as Insolvency Manager for LLC Avtoring.  He can be
reached at:

         E. Karavaev
         Insolvency Manager
         Office 205
         Angliyskiy Pr. 3
         St. Petersburg
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
?56-12035/2008.

The Court is located at:

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


CONVERSBANK CJSC: Fitch Withdraws CCC IDR on Investbank Merger
--------------------------------------------------------------
Fitch Ratings withdrawn Russia-based Conversbank CJSC's ratings
of Long-term Issuer Default 'CCC'/Stable Outlook, Short-term IDR
'C', Individual 'D/E', Support '5', National Long-term
'B+(rus)'/Stable Outlook and Support Rating Floor 'No Floor'.

The rating withdrawal succeeds the termination of the banking
license of Conversbank following the bank's merger (together
with two other local banks) into Russian Investbank.


DONBAJ LLC: Creditors Must File Claims by September 19
----------------------------------------------------
Creditors of LLC Donbaj (TIN 1505008660) have until Sept. 19,
2008, to submit proofs of claim to:

         Y. Karyakin
         Insolvency Manager
         Tamaeva Str. 21/23
         362040 Vladikavkaz
         Russia

The Arbitration Court of Severnaya Osetiya will convene at 10:00
a.m. on Nov. 7, 2008 to hear the bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed
under Case No. 61-404/08-4

The Debtor can be reached at:

         LLC Donbaj
         Sadonskaya Str. 35
         Alagir
         363200 Severnaya Osetiya
         Russia


GAZINVESTBANK: Moody's Assigns E Bank Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has assigned these global scale
ratings to Russia's Gazinvestbank (GINB): Caa1/Not Prime local
currency deposit ratings, Caa1/Not Prime foreign currency
deposit ratings and an E bank financial strength rating (BFSR).
The outlook on all global scale ratings is stable.  At the same
time, Moody's Interfax Rating Agency has assigned a Ba1.ru long-
term national scale credit rating (NSR) to the bank.  Moscow-
based Moody's Interfax is majority-owned by Moody's.

According to Moody's and Moody's Interfax, the Caa1/NP/E global
scale ratings assigned to GINB reflect its global default and
loss expectation, while the Ba1.ru NSR reflects the standing of
the bank's credit quality relative to its domestic peers.

GINB's E BFSR, which translates into a Baseline Credit
Assessment (BCA) of Caa1, reflects the bank's low market shares
in Russia as well as the potentially high risks in the loan
portfolio due to its concentration on a limited number of
borrowers.  It is also constrained by the bank's undiversified
funding base, which is significantly dependent on companies from
the Russian natural gas sector, and its modest financial
performance under IFRS, which, to a significant extent derives
from investments in business expansion currently under way.
More positively, the bank's BFSR and BCA are supported by GINB's
fairly developed business in Russia's leading natural-gas
producing region -- Yamalo Nenetsk Autonomous District -- and
its satisfactory capital adequacy ratios.

In Moody's view, a visible strengthening of GINB's franchise
that is accompanied by an improvement in its financial
performance and a material decline in the concentrations on both
sides of the balance sheet is the key scenario that could
potentially result in an upgrade of its ratings.

The Caa1 long-term local currency deposit rating assigned to
GINB is based solely on the bank's BCA of Caa1 and does not
factor in any support from its shareholders.  In Moody's view,
although such support cannot be ruled out, its scope and
timeliness are rather uncertain, while systemic support in the
event of need is unlikely.  The Caa1 foreign currency deposit
rating is assigned at the same level as the bank's local
currency deposit rating and is not constrained by the foreign
currency deposit ceiling for Russia.

Gazinvestbank is headquartered in Moscow and reported total
assets of US$216 million under IFRS as at March 31, 2008.


INMOR CJSC: Creditors Must File Claims by September 19
------------------------------------------------------
Creditors of CJSC Inmor (TIN 7825447138) have until Sept. 19,
2008, to submit proofs of claim to:

         O. Gonzharov
         Insolvency Manager
         Apt. 66
         Pyatnitskoe Shosse 38
         125310 Moscow
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent. The case is docketed under Case No. A56-35795/2007.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Inmor
         5th Sovetskaya Str. 44
         St. Petersburg and Leningrad
         Russia


INVEST-LEADER LLC: Creditors Must File Claims by September 19
-------------------------------------------------------------
Creditors of LLC Invest-Leader have until Sept. 19, 2008, to
submit proofs of claim to:

         I. Zhiganshin
         Insolvency Manager
         Office 124
         Let. P
         Chapygina Str. 6
         197376 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. ?56-50577/2007.


The Court is located at:

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

The Debtor can be reached at:

         LLC Invest-Leader
         Room 718
         Professora Popova Str. 47
         St. Petersburg
         Russia


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

         A. Prikhodko
         Insolvency Manager
         Kuznetskiy Most 6/3
         125009 Moscow
         Russia

The Arbitration Court of Voronezh commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-12967-2007-43/27b.

The Court is located at:

         The Arbitration Court of Voronezh
         Room 606
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         CJSC Iskra
         Tsentralnaya Str.133
         Orlovka
         Talovskiy
         397478 Voronezh
         Russia


KURAGINSKAYA SEL-KHOZ-TEKHNIKA: Claims Filing Ends September 19
---------------------------------------------------------------
Creditors of LLC Kuraginskaya Sel-Khoz-Tekhnika have until
Sept. 19, 2008, to submit proofs of claim to:

         A. Malinov
         Insolvency Manager
         Room 613
         Mira Pr. 36
         660049 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?33-6654/2008.

The Debtor can be reached at:

         LLC Kuraginskaya Sel-Khoz-Tekhnika
         Partizanskaya Str. 45-1
         Kuragino
         Kuraginskiy
         Krasnoyarsk
         Russia


PETERSBURG SOCIAL: Moody's Assigns E+ Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has assigned the following global
scale ratings to Petersburg Social Commercial Bank: B3 long-term
and Not Prime short-term foreign and local currency deposit
ratings and an E+ bank financial strength rating (BFSR).  The
outlook for all ratings is stable.

At the same time, Moody's Interfax Rating Agency has assigned a
Baa3.ru long-term national scale credit rating (NSR) to PSCB.
Moscow-based Moody's Interfax is majority-owned by Moody's, a
leading global rating agency.

According to Moody's and Moody's Interfax, the B3/NP/E+ global
scale ratings assigned to PSCB reflect its global default and
loss expectation, while the Baa3.ru NSR reflects the standing of
the bank's credit quality relative to its domestic peers.

Moody's notes that PSCB's ratings are supported by the bank's
long-standing relationships with a number of large industrial
companies operating in St. Petersburg as well as acceptable
financial fundamentals.

However, the bank's ratings are constrained by:

   (i) the geographical concentration of PSCB's activities,

  (ii) the lack of clearly identifiable competitive advantages
       to support the bank's ability to withstand increasing
       competition in the long term,

(iii) the borrower concentration in PSCB's loan portfolio,

  (iv) the bank's reliance on short-term customer funding, and

   (v) the challenge of controlling the risks relating to the
       bank's operations.

The bank's B3/NP local and foreign currency deposit ratings do
not incorporate any possible support from its shareholders.  In
Moody's view, although such support cannot be ruled out, its
scope and timeliness are rather uncertain.  Given PSCB's size
and market position, any support from the Russian financial
authorities is also unlikely.

According to Moody's, if the bank succeeds in growing its market
shares and shifting its liquidity profile towards more long-term
sources of funding, its local currency deposit rating could
potentially be upgraded provided the current good asset quality,
adequate capitalization levels and acceptable profitability are
maintained.  Conversely, a material deterioration in asset
quality and loss of business with key customers could have
negative rating implications, as could a deterioration in the
liquidity profile.

Based in St. Petersburg, Russia, Petersburg Social Commercial
Bank reported -- as at Dec. 31, 2007 -- total IFRS assets of
US$248 million (2006: US$171 million), total capital of US$45
million (2006: US$24 million) and net income of US$3 million
(2006: US$5 million).


PROBUSINESSBANK: Fitch Rates US$80 Million Notes at B-/RR4
----------------------------------------------------------
Fitch Ratings assigned PBB LPN Issuance Limited's US$80 million
12.5% issue of loan participation notes due August 2010, with a
put option at par in August 2009, final ratings of Long-term
'B-' and Recovery 'RR4'.

The notes are to be used to finance a loan to Russia's
Probusinessbank, rated Long-term Issuer Default 'B-' with
Positive Outlook, Short-term IDR 'B', Individual 'D', Support
'5', National Long-term 'BB+(rus)' with Positive Outlook and
Support Rating Floor 'No Floor'.

PBB is a medium-sized Russian bank, with consolidated assets of
RUB57 billion at end-2007.  The bank is owned by senior
management and a small number of private equity funds, with
65.5% and 34.5% stakes, respectively.  It activities are
concentrated on SME and retail lending.


RUS' LLC: Krasnodar Bankruptcy Hearing Set October 8
----------------------------------------------------
The Arbitration Court of Krasnodar will convene at 02.15 a.m. on
Oct. 08, 2008, to hear the bankruptcy supervision procedure on
LLC Rus'.  The case is docketed under Case No ?-32-4171/2008-
2/119-B.

The Temporary Insolvency Manager is:

         S. Bondarev
         Stasova-Sormovskaya Str. 178-180/1
         350075 Krasnodar
         Russia

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC Rus'
         Novoselov Str. 15
         Kushevskaya
         Krasnodar
         Russia


SERGIEVSKAYA LLC: Creditors Must File Claims by September 19
------------------------------------------------------------
Creditors of LLC Oil Company Sergievskaya (TIN 4101002996) have
until Sept. 19, 2008, to submit proofs of claim to:

         E. Khramenok
         Insolvency Manager
         Stara-Zagora Str. 25
         443090 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A55-6437/08.

The Court is located at:

         The Arbitration Court of Samara
         Avrory Str. 148
         443045 Samara
         Russia

The Debtor can be reached at:

         LLC Oil Company Sergievskaya
         Sovetskaya Str. 65-10
         Sergievsk
         446540 Samara
         Russia


SEVERSTAL OAO: To Acquire Coal Miner PBS for US$1.3 Billion
-----------------------------------------------------------
Through its mining division Severstal Resources, OAO Severstal
announced that it intends to acquire the business of PBS Coals
Corporation by way of an acquisition of Penfold Capital
Acquisition Corporation following a business combination of PBS
and Penfold for an all cash purchase price of C$8.30 per share,
implying an enterprise value of US$1.3 billion.

PBS's portfolio includes six underground and six surface mining
operations.  In the fiscal year ended March 31, 2008, PBS
produced approximately 2.4 million clean tonnes of coal,
including 1.5 million clean tonnes of coking coal.  PBS has
133.5 million tonnes of in-place coal reserves and 228.3 million
tonnes of in-place coal resources.  In addition to its
significant reserves, PBS has an experienced management team and
a competitive cost position among international coal producers.

Through its acquisition of PBS, Severstal expects to create
value for its shareholders through benefits from the vertical
integration of its upstream operations; the increase in self-
sufficiency with regard to the supply of primary raw materials
available to its North American operations will allow Severstal
to control its operating costs.  PBS's central location will
also mitigate transportation costs between Severstal's
facilities.

"Severstal Resources believes that the high demand for primary
raw materials for steel production, including coking coal and
iron ore, will continue due to the strong industrial
fundamentals in global metals and mining," Roman Deniskin, CEO
of Severstal Resources, commented.  "To keep pace with the
global growth of the steel industry, our mining business is
capitalizing on the opportunity to expand into a new geographic
market, gain access to export markets and diversify its mining
technologies.  Our significant experience with coal mining in
Russia leaves us well positioned to make the most of our
acquisition of PBS, ensuring its continued growth by providing
additional management and operational expertise."

"Securing the supply of raw materials is a critical piece to
maximizing the full potential of our U.S. business," Gregory
Mason, CEO of Severstal International and COO of OAO Severstal,
added.  "The acquisition of PBS will help ensure that Severstal
controls its operating costs by providing a guaranteed supply of
metallurgical coal for our coke making operations in the U.S.
The integration of our upstream production, from coal and coke
making to steel making, will allow us to sustain profitability
and return value to shareholders."

Severstal Resources has retained RBC Capital Markets as
financial advisor and Torys LLP  in New York and Toronto as
legal counsel.  PBS has retained Cormark Securities Inc. as
financial advisor and Borden Ladner Gervais LLP as legal
counsel.  Penfold and the independent committee of the board of
PBS have retained Haywood Securities Inc. as financial advisor
and Gowling Lafleur Henderson LLP in Vancouver and Toronto as
legal counsel.  Haywood has provided an opinion to the
independent committee of the board of directors of PBS and
Penfold that the transaction is fair from a financial point of
view to PBS and Penfold shareholders, respectively.

Severstal Resources expects to fund its proposed offer for PBS
through cash on hand.  The transaction is subject to a number of
conditions including obtaining all necessary regulatory
approvals.  The transaction is expected to close by mid-October.
Upon completion of the acquisition, PBS will operate as a
business unit of Severstal Resources.

                          About PBS

PBS is a private British Columbia Corporation which owns 87% of
the equity of the PBS Coals Group of Companies, a privately held
group of companies engaged in the mining, processing and sale of
primarily metallurgical coal from their properties in West-
Central Pennsylvania.  The PBS Group consists of PBS Coals,
Inc., a Delaware corporation, and Rox Coal, Inc., a Pennsylvania
corporation, and their subsidiaries and holding companies.

                       About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                        *     *     *

OAO Severstal continues to carry Ba2 Corporate Family, Senior
Unsecured Debt and Probability-of-Default ratings from Moody's
Investor Service, which said the the outlook on all ratings is
stable.  Moody's raised the company's ratings to its current
level in October 2007.

The company also carries BB long-term Foreign and Local Issuer
Credit ratings from Standard & Poor's, which said the outlook is
stable.

Severstal carries BB- Issuer Default and Senior Unsecured
ratings from Fitch, which said the outlook is positive.


SIB-PROM-ENERGO: Creditors Must File Claims by September 19
-----------------------------------------------------------
Creditors of CJSC Sib-Prom-Energo have until Sept. 19, 2008, to
submit proofs of claim to:

         E. Sazharevskiy
         Insolvency Manager
         Kuznetskiy Pr. 43
         650099 Kemerovo
         Russia

The Arbitration Court of Kemerovo commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?27-11385/2007—4.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         CJSC Sib-Prom-Energo
         Kuznetskiy Pr. 43
         650099 Kemerovo
         Russia


STUD MARIYSKIY: Creditors Must File Claims by September 19
----------------------------------------------------------
Creditors of OJSC Breeding Factory Stud Mariyskiy (OGRN
1031202600032) have until Sept. 19, 2008, to submit proofs of
claim to:

         S. Kleshev
         Insolvency Manager
         Apt.87
         Chekhova Str. 12
         Yoshkar Ola
         424004 Mariy El
         Russia

The Arbitration Court of Mariy El commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?38-1521/2008-11-53.

The Debtor can be reached at:

         OJSC Breeding Factory Stud Mariyskiy
         Letnik
         Sernurskiy
         Mariy El
         Russia


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


A C GENIE: Brings in Liquidators from Tenon Recovery
----------------------------------------------------
Alexander Kinninmonth and Stanley Donald Burkett-Coltman of
Tenon Recovery were appointed joint liquidators of A C Genie
Ltd. on Aug. 11, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         A C Genie Ltd.
         c/o Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


BETBROKERS PLC: Unit Goes Into Administration; Shares Suspended
---------------------------------------------------------------
Betbrokers Ltd., a subsidiary of Betbrokers plc, has been placed
into administration on Friday Aug. 22, 2008.

Currently, Betbrokers plc is unable to fully ascertain the
effect of this on its financial position.

Betbrokers plc's shares on AIM have been suspended temporarily
with effect from today, Aug. 26, 2008, until the full
implications have become clear.

Daniel Stewart & Company has resigned as nominated adviser to
Betbrokers plc with immediate effect.  Pursuant to the AIM
Rules, if a replacement nominated adviser is not appointed
within one month the exchange may cancel the admission of the
company securities.

Betbrokers plc (AIM: BETB) -- http://www.betbroker.co.uk/-- is
headquartered in London.


CATALUS LTD: Has Gone Into Administration
-----------------------------------------
Catalus Ltd., a digital memory distributor, has gone into
administration, CRN reports.

Citing a source close to the company, the report said staff have
been made redundant and the company's trading was shut down due
to trading difficulties since January.

Tenon Recovery has handled the administration, the report adds.

No one from Catalus and administrators were available for
comment, the report said.

Based in Swindon, United Kingdom, Catalus Ltd. provides branded
digital memory solutions from Sony, Olympus, Panasonic, Kingston
Technology and Swissbit.


CIFG EUROPE: S&P Lowers Financial Strength Rating to B From A-
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its financial
strength ratings on CIFG Guaranty, CIFG Europe, and CIFG
Assurance North America Inc. to 'B' from 'A-'.  The ratings
remain on CreditWatch, with the implications changed to
developing from negative.

"The downgrade is the result of delays in the company's
implementation of its restructuring plan and slow progress in
its negotiations with counterparties of its collateralized debt
obligations of asset-backed securities exposure," said S&P's
credit analyst David Veno.

If management is not successful in its negotiations to develop
strategic alternatives for problematic credits in its insured
portfolio, S&P believes the impaired financial position of the
company could lead to regulatory intervention, in which case the
rating could be further lowered.  If management is successful in
its negotiations and presents a viable business strategy for the
company, the rating could be revised upward.


FUTURE HOMES: Calls in Joint Administrators from Vantis
-------------------------------------------------------
Geoffrey Paul Rowley and Simon Elliott Glyn of Vantis Business
Recovery Services were appointed joint administrators of Future
Homes (U.K.) Management Ltd. (Company Number 05605120) on Aug.
12, 2008.

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

The company can be reached at:

         Future Homes (U.K.) Management Ltd.
         c/o Vantis Business Recovery Services
         PO Box 2653
         66 Wigmore Street
         London
         W1A 3RT
         England


HEANOR GATE: Appoints Joint Administrators from Grant Thornton
--------------------------------------------------------------
John Neville Whitfield and Anthony Flynn of Grant Thornton U.K.
LLP were appointed joint administrators of Heanor Gate Printing
Ltd. (Company Number 854919) on Aug. 14, 2008.

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

The company can be reached at:

         Heanor Gate Printing Ltd.
         Doves Road
         Heanor Gate Industrial Estate
         Smalley
         Derbyshire
         DE75 7SJ
         England


INDUS PLC: Fitch Puts BB-Rated Class E Notes on Watch Negative
--------------------------------------------------------------
Fitch Ratings placed Indus (Eclipse 2007-1) plc's commercial
mortgage-backed class E Notes due January 2020 on Rating Watch
Negative, as:

  -- GBP702.64 million class A due January 2020 (XS0294756449):
     'AAA'; Outlook Stable

  -- GBP0.08 million class X due January 2020 (XS0294756878):
     'AAA'; Outlook Stable

  -- GBP47.27 million class B due January 2020 (XS0294757173):
     'AA'; Outlook Stable

  -- GBP53.18 million class C due January 2020 (XS0294757256):
     'A'; Outlook Stable

  -- GBP52.69 million class D due January 2020 (XS0294757504):
     'BBB'; Outlook Stable

  -- GBP9.93 million class E due January 2020 (XS0294757686):
     'BB'; on RWN

A loan in the collateral portfolio was transferred to Special
Servicing July 23, 2008, following a failure of the borrower to
make its full payment obligations under the loan agreement.  The
Apex loan is backed by a single office property in Edgbaston,
Birmingham.  The shortfall occurred as a result of the
withholding of rent by one of the two tenants at the property
due to a dispute with the landlord.  To cover the shortfall at
the note level, an amount of GBP26,837.50 (0.5% of the total)
has been drawn on the liquidity facility.

Legal proceedings have been initiated by the tenant and a
counter-defense filed by the landlord - if this proceeds to
court it is not expected that a hearing would take place before
October/November 2008.  Fitch has concerns around the potential
impact on rental flow should the tenant win any court case, and
in the current market conditions reletting prospects could be
challenging.

As the Apex loan is the smallest loan of the transaction, with
an outstanding loan balance of EUR4.4 million (0.5% by total
outstanding loan balance) only the class E notes should be
affected in the case of an unfavorable court outcome.

Fitch will continue to closely monitor the performance of the
transaction.


INTERNATIONAL POWER: Moody's Lifts Corp. Family Rating to Ba2
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of
International Power plc, the leading independent electricity-
generating company, thereby concluding the review that was
initiated on April 21, 2008.  The Corporate Family Rating has
been upgraded to Ba2 from Ba3, and the senior unsecured Issuer
Rating to Ba3 from B2.

Moody's notes that, since the assignment of the previous ratings
in 2004, IPR's business has matured to the point where most
assets are now operational, with strong cash flow returns from
the asset portfolio.  In isolation, this factor on its own could
justify an upgrade to the CFR.  However, IPR has recently raised
EUR700 million through a convertible bond issue, which
represents a meaningful but not excessive new obligation.  These
changes have prompted Moody's one-notch upgrade in IPR's CFR to
Ba2.

The company's Issuer Rating covers debt issued or guaranteed at
the holding company level by IPR.  This currently includes three
convertible bonds and a US$850 million revolving credit
facility.  The Issuer Rating was historically constrained by the
effect of subordination to senior secured debt in IPR's
underlying projects, and was accordingly positioned two notches
below the CFR.  However, as part of its rating review, Moody's
has identified a number of factors suggesting that this
subordination should in part be offset by beneficial portfolio
effects.

Positive factors include:

   (i) IPR's strong liquidity position;

  (ii) the modest level of fixed annual coupon payment
       obligations on the convertible bonds;

(iii) the strong cash flow generation returns from the
       portfolio to the holding company;

  (iv) the strong interest cover ratios at the holding company
       level;

   (v) the absence of cross-default provisions between non
       recourse portfolio debt and holding company debt; and

  (vi) the diversity of the portfolio asset base.

As a result, the Issuer Rating is now positioned at Ba3, only
one notch below the CFR.  This represents a two-notch upgrade
from the previous Issuer Rating of B2.

"While the recent unplanned outage at Rugeley is a reminder of
potential earnings volatility at individual projects, especially
the older plants, it also demonstrates the resilience of IPR's
financing structure and its ability to weather significant
problems at individual projects without a material change in
credit risk for debt at the holding company level," comments
William Coley, Vice President Senior Analyst in Moody's Global
Infrastructure Finance Group.

IPR is a UK-based, FTSE-100-listed, leading independent
electricity-generating company.  In 2007, IPR generated free
cash flow of GBP653 million on group revenue of GBP2.3 billion.


PIVOTAL INTEGRATION: Goes Into Administration
---------------------------------------------
Pivotal Integration Ltd., which runs the Edinburgh Festival
Fringe's ticket booking system, has gone into administration,
Kelly Fiveash of The Register reports.

Kenny Craig of Tenon Recovery was called in to handle the
administration process, the report relates.

According to the report, Pivotal's Liquid Box Office electronic
system, which was launched in June, failed to cope with customer
demand for the festival's 2,088 shows, disrupting ticket sales.

ComputerWeekly.com discloses the festival has launched a three-
stage review of the procurement, installation and operation of
the box office system.  The Scottish Arts Council, Edinburgh
City Council and the Scottish Government will take part in the
review, the findings of which will be published in November.

ComputerWeekly.com adds an independent IT company will also
investigate and report on the "best options" for the Fringe's
box office next year.  This report is set to be published in
October 2009.

Based in Glasgow, Pivotal Integration Ltd. specialized in
business frameworks and development tools and had customers in
the public, legal, finance and telecoms sectors.


POSITIVE RESPONSE: Joint Liquidators Take Over Operations
---------------------------------------------------------
Trevor O'Sullivan and Nigel Morrison of Grant Thornton U.K. LLP
were appointed joint liquidators of Positive Response DM Ltd.
(formerly Market Post Ltd.) on Aug. 5, 2008, for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Positive Response DM Ltd.
         64 Clarendon Road
         Watford
         Hertfordshire
         WD17 1DA
         England


SNOWDONIA SECURITIES: S&P Puts BB+ Rating on Watch Positive
-----------------------------------------------------------
Standard & Poor's Ratings Services has raised its credit rating
on the class B notes issued by Snowdonia Securities 2006-1 PLC.
At the same time, S&P placed the ratings on the class C and D
notes on CreditWatch with positive implications.

The rating actions follow an initial review of the most recent
transaction information that S&P received.

This analysis showed that the class B notes now pass S&P's 'AAA'
rating stresses and the likelihood of positive rating actions
has increased for the class C and D notes.  Subordination levels
have increased significantly since closing.  While the
transaction reserve fund has seen consistent draws, its current
level remains sufficient to absorb the effect of losses at a
level beyond that historically witnessed.

S&P will now carry out a more detailed cash flow analysis to
investigate whether any or all of the notes placed on
CreditWatch positive can attain a higher rating.  The results of
this review and any changes in the ratings are expected in due
course.

The notes were issued in March 2006 and are backed by a
portfolio of auto and personal loans in the U.K.

Snowdonia Securities 2006-1 PLC:

  -- GBP200 Million Asset-Backed Floating-Rate Notes

Rating Raised:

Class    Rating To   Rating  From
---------------------------------
  B          AAA           A+

Ratings Placed On CreditWatch Positive:

Class    Rating To        Rating  From
--------------------------------------
C        BBB/Watch Pos         BBB
D        BB+/Watch Pos         BB+


STAFFORDSHIRE POTTERY: Claims Filing Period Ends November 6
-----------------------------------------------------------
Creditors of Staffordshire Pottery (Kendal) Ltd. have until
Nov. 6, 2008, to send their full names, address and
descriptions, full particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to:

         M. H. Abdulali
         Liquidator
         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent
         ST1 5TL
         England

M. H. Abdulali of Moore Stephens was appointed liquidator of the
company on Aug. 6, 2008, for the creditors' voluntary winding-up
procedure.


TATA MOTORS: To Cut Rights Issue to Two Unlinked Securities
-----------------------------------------------------------
Tata Motors Ltd.'s Board of Directors has reviewed the progress
of the company's long-term financing plan which had been
announced in May 2008, inter-alia for the Jaguar-Land Rover
acquisition.  At that time, the company had announced that a
part of the total funds required would be raised through a
rights issue to the shareholders of three simultaneous but
unlinked securities namely:

   a) an issue of ordinary shares of a total amount
      of about Rs.2,200 crores;

   b) an issue of 'A' ordinary shares having differential
      voting rights (viz. 1 vote for every 10 shares held)
      of a total amount of about Rs.2,000 crores; and

   c) an issue of 0.5% 5-year convertible preference
      shares of a total amount of about Rs.3,000 crores,
      which would be convertible into 'A' ordinary shares
      at any time after 3 years but before 5 years from
      the date of allotment.

The detailed terms on which the three securities involving a
total amount of about Rs.7,200 crores would be issued was to be
decided after the relevant procedure and process was completed
and just before the company was ready to actually make the
rights issue.

Taking into account the current situation in the capital market
and the change in the level of prices in the stock markets since
May 2008, Tata Motor's Board of Directors reviewed the earlier
fund raising proposal.  With a view to keep the increase in the
Share Capital as low as possible, the Board decided:

   1. to restrict the Rights Issue only to two
      simultaneous but unlinked securities namely –
      (a) an issue of Ordinary Shares and (b) an issue
      of 'A' Ordinary Shares having differential
      voting rights; and

   2. in place of the issue of Convertible Preference
      Shares, it is now proposed to raise the required
      resources by monetizing a part of the company's
      investments through a phased divestment of
      certain investments (preferably as inter-group
      sales wherever feasible) at prevailing market
      prices over the next 6 to 8 months.  The funds
      released from such future divestments together
      with those already sold during the current
      financial year, will form part of the resources
      to be raised for repaying the bridging loan taken
      for the Jaguar-Land Rover acquisition.

Tata Motors says the process for the Rights Issue is making
satisfactory progress considering the complex information to be
included in the Offer Document about the company, its
subsidiaries and also the Jaguar-Land Rover acquisition and this
process is expected to be completed in the near future.

                       About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 9, 2008, Standard & Poor's Ratings Services kept its 'BB'
corporate credit rating on India's Tata Motors Ltd. on
CreditWatch with negative implications, pending finalization of
the long-term financing plans for funding the company's purchase
of Jaguar and Land Rover from Ford Motor Co. (B/Watch Neg/--).
At the same time, Standard & Poor's ratings on all Tata Motors'
rated debt remain on CreditWatch with negative implications.

The rating on Tata Motors was lowered on April 4, 2008, to 'BB',
from 'BB+', after the announcement of the agreement with Ford
Motor Co. for the purchase of Jaguar and Land Rover.  Tata
Motors has paid about US$2.3 billion in cash for Jaguar and Land
Rover (comprising brands, plants, and intellectual property
rights).  Ford has contributed US$600 million to the Jaguar-Land
Rover (JLR) pension plans.

As reported in the Troubled Company Reporter-Asia Pacific on
June 4, 2008, Moody's Investors Service downgraded the
corporate family rating of Tata Motors Ltd to Ba2 from Ba1
following the completion of its acquisition of Ford's Jaguar
Land Rover.  The rating outlook is negative.


TRUSTGUARD CREDIT: Claims Filing Period Ends September 30
---------------------------------------------------------
Creditors of Trustguard Credit Services Ltd. have until
Sept. 30, 2008, to send their names and addresses and
particulars of their debts or claims and the names and addresses
of the solicitors (if any) to:

         Chris Marsden
         Joint Liquidator
         Ernst & Young LLP
         One Bridewell Street
         Bristol
         BS1 2AA
         England

Chris Marsden and Ian Best of Ernst & Young LLP were appointed
joint liquidators of the company on Aug. 6, 2008, for the
creditors' voluntary winding-up proceeding.


* BCC Says Interest Rate Cut Needed to Counter Recession Threats
----------------------------------------------------------------
The British Chambers of Commerce has published its quarterly
economic forecast, which highlights a significant worsening in
U.K. economic prospects.

    * British businesses are facing two very difficult years.

    * There is now a distinct possibility of technical
      recession.

    * U.K. unemployment is likely to increase by some
      250,000-300,000 over the next two to three years.

    * The longer the Monetary Policy Committee waits
      before cutting rates, the bigger the danger that
      the situation will deteriorate, and the policy choices
      will become more difficult and unpleasant.

    * The "golden rule", which prescribes that the Government
      will only borrow for investment over the economic cycle,
      is very likely to be breached.

    * Government temptation to raise business taxes because it
      is running out of money, must be forcefully resisted.

British Chambers of Commerce Director General David Frost
commented:

"While a marked slowdown in activity is likely over the next 18
months, even if interest rates are cut when inflation peaks, the
correct policy decisions are still needed to ward off the
threats of a serious and prolonged recession.

"The longer the MPC waits before cutting rates, the bigger the
danger that the economic situation would deteriorate."

Launching the August 2008 BCC Economic Forecast, David Kern,
Economic Adviser to the BCC, said:

"Our quarterly economic forecast highlights a significant
worsening in U.K. economic prospects.  There is now a distinct
possibility of technical recession.

"The level of U.K. unemployment is likely to increase to nearly
300,000 over the next few years, reaching almost two million.
An increase above two million cannot be ruled out.

"Over the next two or three quarters, we expect U.K. GDP growth
to be slightly negative or zero.  Thereafter, we expect a
shallow recovery, but the period of weak, below-trend, growth is
likely to be prolonged, lasting until the final months of 2009
or early in 2010.

"Our view is that the threats to growth are more serious and
more immediate than the risks of higher inflation.  The U.K.
economy urgently needs an interest rate cut to counter threats
of recession.

"Our central scenario envisages that the U.K. Bank Rate would be
cut to 4.75 per cent in quarter four 2008, followed by an
additional cut to 4.50 per cent in quarter one 2009.

"A marked slowdown in U.K. activity is highly likely over the
next 18 months, even if interest rates are cut in line with our
central forecast.  But, if the MPC decides not to cut rates in
the next three to six months, growth prospects would be worse
than in our central scenario.

"The Chancellor will probably confirm in his next Pre-Budget
Report (PBR) that the Government's fiscal rules will be altered,
acknowledging that the original fiscal rules would be breached,
at least temporarily.  This would clearly undermine credibility
and confidence in the short term.  Nevertheless, we believe such
a breach would be justified in order to help alleviate a very
severe economic downturn.

"However, once the present crisis is over and the economy
recovers, the Government must take determined measures to
strengthen the U.K.'s medium term budgetary position.  It must
also establish a more credible fiscal framework, which is
supervised by independent experts."


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

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


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


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


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

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


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

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

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

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

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


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


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


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


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


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


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


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


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


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


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


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


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *