TCREUR_Public/080828.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, August 28, 2008, Vol. 9, No. 171

                            Headlines


A U S T R I A

CA.MI.DJ. LLC: Claims Registration Period Ends September 17
EWALD JEITLER: Claims Registration Period Ends September 10
GUGANT LLC: Claims Registration Period Ends September 16
POSCHKO GARTENBAU: Claims Registration Period Ends September 15
THERESE HAUER: Claims Registration Period Ends September 23


G E R M A N Y

AK SERVICE: Claims Registration Period Ends September 5
AKTENMANAGEMENT & BERATUNGS: Claims Registration Ends Sept. 5
ARAN SALMON: Claims Registration Period Ends September 1
ARCON TRUST: Claims Registration Period Ends September 1
ART MEDIA: Claims Registration Period Ends September 5

BOEHNKE IMMOBILIEN: Claims Registration Period Ends September 1
CERAMO FLIESEN: Claims Registration Period Ends September 1
COM-BAU GMBH: Claims Registration Period Ends September 1
COPAN HANDELSGESELLSCHAFT: Claims Registration Ends September 1
FACON FASHION: Claims Registration Period Ends September 4

GUDENSBERGER DRUCK: Claims Registration Period Ends September 3
HAJTRANS GMBH: Claims Registration Period Ends September 2
KK3 KOMMUNIKATIONSKONTOR: Claims Registration Ends Sept. 5
MELCHER JEANS: Creditors' Meeting Slated for September 1
PROSIEBENSAT.1 MEDIA: Appoints Petra Fink as New VP for Free TV

SCHLOSSHOTEL SURENBURG: Claims Registration Period Ends Sept. 3

* S&P Predicts Bleak Outlook for German Banking Industry


I R E L A N D

CHEYNE ABS: S&P Junks Rating on Class B & C Floating Rate Notes
ELVA FUNDING: S&P Corrects Rating on Class D Euro CDO Tranches


I T A L Y

PARMALAT SPA: NY Court Certifies Domestic Plaintiff Class
PARMALAT SPA: Thorp Reed Wins Dismissal for Pavia in Class Suit


K Y R G Y Z S T A N

ASIA PLUS: Creditors Must File Claims by September 25


L I T H U A N I A

UKIO BANKAS: S&P Revises Outlook to Neg., Affirms BB/B Ratings


N E T H E R L A N D S

LAURELIN II: Fitch Affirms BB Rating on EUR17MM Class E Notes


R U S S I A

ING BANK: Moody's Assigns D Bank Financial Strength Rating
KUZBASS-RAZREZ-UGOL-PERERABOTKA: Claims Filing Ends September 19
LADA-GUARANTEE CJSC: Creditors Must File Claims by September 19
MAGNITOGORSKIY FACTORY: Names L. Zimina as Insolvency Manager
MDM BANK: S&P Affirms BB/B/Stable Counterparty Credit Ratings

PRINT HOUSE–YUG: Rostov Bankruptcy Hearing Set October 1
ROS-STROY CJSC: Court Names V. Guskov as Insolvency Manager
TNK-BP INT'L: Downstream EVP Anthony Considine Steps Down


S W I T Z E R L A N D

I.C.M.B. MANAGEMENT: Creditors' Proofs of Claim Due by Sept. 30
OPTA LLC: Proofs of Claim Filing Deadline is October 20


T U R K E Y

ANADOLUBANK AS: Moody's Revises D BFSR Outlook to Positive
TC ZIRAAT: Moody's Lifts Bank Financial Strength Rating to D+


U K R A I N E

AGRO-CONTRACT LLC: Proofs of Claim Deadline Set August 29
CHERKASSY AGRICULTURAL: Creditors Must File Claims by August 29
CHERNIGOV TRANSPORT: Creditors Must File Claims by Aug. 29
CONCORD-SOUTH LLC: Creditors Must File Claims by August 29
DNIEPRREPAIRBUILDINGSERVICE: Creditors' Claims Due by Aug. 29

DONETSK START: Creditors Must File Claims by August 29
INDUSTRIAL TRADE: Proofs of Claim Deadline Set August 29
KHARKOV AIRLINES: Creditors Must File Claims by August 29
KOROVINTSY SUGAR: Creditors Must File Claims by Augus 29
LIPOVAYA DOLINA: Creditors Must File Claims by August 29

MACHINE-TECHNOLOGICAL STATION: Claims Deadline Set August 29
MARKTRADING LLC: Proofs of Claim Deadline Set August 29
OSNASTKA-ENERGY: Creditors Must File Claims by August 29
SELMIS LLC: Proofs of Claim Deadline Set August 29
TRIUMPH LLC: Creditors Must File Claims by August 29

UNIVERSALSERVICE K: Proofs of Claim Deadline Set August 29


U N I T E D   K I N G D O M

HIPSTAR LTD: Goes Into Administration
LEVEL ONE: Brings in Joint Administrators from Kroll
NETFOLD LTD: Brings in Joint Administrators from Ernst & Young
ROADCHEF FINANCE: S&P Puts Class D Notes' BB Rating on WatchNeg.
SIMPSONS RECRUITING: Calls in Joint Administrators from Vantis

SPECIAL OPPORTUNITY: Taps Joint Administrators from Kroll
TI AUTOMOTIVE: Moody's Affirms B3 Corp. Family Rating

* S&P Reports UK RMBS Total Delinquency Index Rises in 2Q 2008
* S&P Says UK Prime RMBS Total Delinquency Index Up to 2.94%

* Upcoming Meetings, Conferences and Seminars


                            *********


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


CA.MI.DJ. LLC: Claims Registration Period Ends September 17
-----------------------------------------------------------
Creditors owed money by LLC CA.MI.DJ. have until Sept. 17, 2008,
to file written proofs of claim to the court-appointed estate
administrator:

         Dr. Walter Kainz
         Gusshausstrasse 23
         1040 Vienna
         Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at10:30 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 91/08g).


EWALD JEITLER: Claims Registration Period Ends September 10
-----------------------------------------------------------
Creditors owed money by LLC Ewald Jeitler have until Sept. 10,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Erwin Fidler
         Schildbach 111
         8230 Hartberg
         Austria
         Tel: 03332/6005-300
         Fax: 03332/6005-350
         E-mail: advocare@fidler.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on Sept. 18, 2008, for the
examination of claims at:

         The Land Court of Graz
         Room 222
         2nd Floor
         Graz
         Austria

Headquartered in Hartberg, Austria, the Debtor declared
bankruptcy on July 24, 2008, (Bankr. Case No. 26 S 89/08w).


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

         Dr. Hannelore Pitzal
         Paulanergasse 9
         1040 Vienna
         Austria
         Tel: 587 31 11
         Fax: 587 87 50 50
         E-mail: office@pitzal-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on Sept. 30, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 25, 2008, (Bankr. Case No. 4 S 113/08g).


POSCHKO GARTENBAU: Claims Registration Period Ends September 15
---------------------------------------------------------------
Creditors owed money by LLC Poschko Gartenbau have until Sept.
15, 2008, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Reinhard Schwarzkogler
         Marktplatz 2
         4650 Lambach
         Austria
         Tel: 07245/21708-0
         Fax: 07245/21708-20
         E-mail: office@lawmaster.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Sept. 25, 2008, for the
examination of claims at:

         The Land Court of Wels
         Hall 101
         Wels
         Austria

Headquartered in Schwanenstadt, Austria, the Debtor declared
bankruptcy on July 25, 2008, (Bankr. Case No. 20 S 91/08w).


THERESE HAUER: Claims Registration Period Ends September 23
-----------------------------------------------------------
Creditors owed money by KG Therese Hauer have until Sept. 23,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         LLC Leeb & Weinwurm, Advocacy
         Triester Strasse 8
         2620 Neunkirchen
         Austria
         Tel: 02635/62060
         Fax: 02635/62060-25
         E-mail: office@wlp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Oct. 7, 2008, for the
examination of claims at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Ternitz, Austria, the Debtor declared
bankruptcy on July 25, 2008, (Bankr. Case No. 11 S 87/08t).


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


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

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

The meeting of creditors will be held at:

         The District Court of Hanau
         Area E03
         Engelhardstrasse 21
         63450 Hanau
         Germany

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

The insolvency manager can be reached at:

         Thomas Illy
         Taunusanlage 17
         60325 Frankfurt/Main
         Germany
         Tel: 069/9799530
         Fax: 069/97995399
         E-mail: thomas.illy@thierhoffilly.com

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

The Debtor can be reached at:

         AK Service GmbH
         Wagnerstrasse 4
         61130 Nidderau
         Germany

         Attn: Guenter Erdt, Manager
         Ronneburgstrasse 24
         63526 Erlensee
         Germany


AKTENMANAGEMENT & BERATUNGS: Claims Registration Ends Sept. 5
-------------------------------------------------------------
Creditors of Aktenmanagement & Beratungs GmbH have until
Sept. 5, 2008, to register their claims with court-appointed
insolvency manager Axel Bierbach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Meiningen
         Meeting Hall A 0208
         Lindenallee 15
         Meiningen
         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:

         Axel Bierbach
         Schwanthaler Str. 32
         80336 Muenchen
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against Aktenmanagement & Beratungs GmbH on July 14, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Aktenmanagement & Beratungs GmbH
         Attn: Henry Tischer, Manager
         Am Bahnhof 26
         36433 Immelborn
         Germany


ARAN SALMON: Claims Registration Period Ends September 1
--------------------------------------------------------
Creditors of ARAN SALMON Feinkost GmbH have until Sept. 1, 2008,
to register their claims with court-appointed insolvency manager
Dr. Joerg Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Oct. 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Str. 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Joerg Bornheimer
         Sachsenring 81
         50667 Cologne
         Germany
         Tel: 0221-336600
         Fax: +4922133660 85

The District Court of Cologne opened bankruptcy proceedings
against ARAN SALMON Feinkost GmbH on July 23, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ARAN SALMON Feinkost GmbH
         Amsterdamer Str. 33
         50259 Pulheim
         Germany

         Attn: Bjoern Schulte, Manager
         Albert-Schweitzer-Str. 10
         50259 Pulheim
         Germany


ARCON TRUST: Claims Registration Period Ends September 1
--------------------------------------------------------
Creditors of ARCON-TRUST Schlegelstrasse Bonn GmbH have until
Sept. 1, 2008, to register their claims with court-appointed
insolvency manager Dr. Christian Frystatzki.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Bonn
         Meeting Hall S 2.18
         Second Floor
         William-Str. 23
         53111 Bonn
         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. Christian Frystatzki
         Sankt Augustiner Strasse 94 a
         53225 Bonn
         Germany
         Tel: 0228/400 94-160
         Fax: 40 09 479

The District Court of Bonn opened bankruptcy proceedings against
ARCON-TRUST Schlegelstrasse Bonn GmbH on July 17, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ARCON-TRUST Schlegelstrasse Bonn GmbH
         Attn: Guenter Walter, Manager
         Niedertorplatz 2
         53340 Meckenheim
         Germany


ART MEDIA: Claims Registration Period Ends September 5
------------------------------------------------------
Creditors of AMP Art Media Productions GmbH have until
Sept. 5, 2008, to register their claims with court-appointed
insolvency manager Dr. Sven-Holger Undritz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:17 a.m. on Sept. 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Flensburg
         Hall A 220
         Suedergraben 22
         Flensburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Sven-Holger Undritz
         C/o White & Case Insolvenz GbR
         Rathausstrasse 6
         24937 Flensburg
         Germany

The District Court of Flensburg opened bankruptcy proceedings
against AMP Art Media Productions GmbH on July 14, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         AMP Art Media Productions GmbH
         Attn: Peter Urs Preissle and
               Julius Peters, Managers
         Schiff-bruecke 19
         24937 Flensburg
         Germany


BOEHNKE IMMOBILIEN: Claims Registration Period Ends September 1
---------------------------------------------------------------
Creditors of Boehnke Immobilien-Vermoegensverwaltung GmbH have
until Sept. 1, 2008, to register their claims with court-
appointed insolvency manager Robert Fliegner.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Oct. 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bochum
         Meeting Hall A29
         Ground Floor
         Main Building
         Viktoriastr. 14
         44787 Bochum
         Germany

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

The insolvency manager can be reached at:

         Robert Fliegner
         Westring 303
         44629 Herne
         Germany

The District Court of Bochum opened bankruptcy proceedings
against Boehnke Immobilien-Vermoegensverwaltung GmbH on July 24,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Boehnke Immobilien-Vermoegensverwaltung GmbH
         Baukauer Str. 86
         44653 Herne
         Germany

         Attn: Carsten Kiesewald, Manager
         Solquellstr. 68
         13467 Berlin
         Germany


CERAMO FLIESEN: Claims Registration Period Ends September 1
-----------------------------------------------------------
Creditors of CFS Ceramo Fliesen Service Verwaltungsgesellschaft
mbH have until Sept. 1, 2008, to register their claims with
court-appointed insolvency manager Joachim Klein II.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Oct. 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Str. 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Joachim Klein II
         Hansaring 79-81
         50670 Cologne
         Germany
         Tel: 9126770
         Fax: +4922191267799

The District Court of Cologne opened bankruptcy proceedings
against CFS Ceramo Fliesen Service Verwaltungsgesellschaft mbH
on July 22, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         CFS Ceramo Fliesen Service Verwaltungsgesellschaft mbH
         Attn: Holger Heidenreich, Manager
         Venloer Str. 1410
         50829 Cologne
         Germany


COM-BAU GMBH: Claims Registration Period Ends September 1
---------------------------------------------------------
Creditors of com-bau GmbH have until Sept. 1, 2008, to register
their claims with court-appointed insolvency manager Ralph
Schmid.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Sept. 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 13 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Ralph Schmid
         Duelmener Str. 92
         48653 Coesfeld
         Germany
         Tel: 02541/915-01
         Fax: 02541-915600

The District Court of Muenster opened bankruptcy proceedings
against com-bau GmbH on July 17, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         com - bau GmbH
         Platanenweg 6c
         48653 Coesfeld
         Germany


COPAN HANDELSGESELLSCHAFT: Claims Registration Ends September 1
---------------------------------------------------------------
Creditors of Copan Handelsgesellschaft fuer Genussmittel u.a.
Wirtschaftsgueter mbH have until Sept. 1, 2008, to register
their claims with court-appointed insolvency manager Dr.
Ruediger Werres.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on Oct. 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Ruediger Werres
         Friesenplatz 17a
         50672 Cologne
         Germany
         Tel: 0221/95 1446-20
         Fax: +4922195144690

The District Court of Cologne opened bankruptcy proceedings
against Copan Handelsgesellschaft fuer Genussmittel u.a.
Wirtschaftsgueter mbH on July 21, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Copan Handelsgesellschaft fuer Genussmittel u.a.
         Wirtschaftsgueter mbH
         Leinsamenweg 31b
         50933 Cologne
         Germany


FACON FASHION: Claims Registration Period Ends September 4
----------------------------------------------------------
Creditors of Facon Fashion GmbH Men Sportswear & Designer Mode
have until Sept. 4, 2008, to register their claims with court-
appointed insolvency manager Moritz Hansberg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bochum
         Hall A29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         Germany

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

The insolvency manager can be reached at:

         Moritz Hansberg
         Huestrasse 34
         44787 Bochum
         Germany

The District Court of Bochum opened bankruptcy proceedings
against Facon Fashion GmbH Men Sportswear & Designer Mode on
July 22, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Facon Fashion GmbH
         Men Sportswear & Designer Mode
         Huestr. 17-19
         44787 Bochum
         Germany

         Attn: Angelika Nickel-Horn, Manager
         Farnstr. 53
         44787 Bochum
         Germany


GUDENSBERGER DRUCK: Claims Registration Period Ends September 3
--------------------------------------------------------------
Creditors of Gudensberger Druck- und Verlagshaus GmbH have until
Sept. 3, 2008, to register their claims with court-appointed
insolvency manager Carsten Prall.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         District Court of Fritzlar
         Room 17
         Building A
         Schladenweg 1
         34560 Fritzlar
         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:

         Carsten Prall
         Friedrichsstr. 11
         34117 Kassel
         Germany
         Tel: 0561/9204010-0
         Fax: 0561/9204010-20

The District Court of Fritzlar opened bankruptcy proceedings
against Gudensberger Druck- und Verlagshaus GmbH on July 21,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Gudensberger Druck- und Verlagshaus GmbH
         Buergermeister-Horstmann-Strasse 3a
         34281 Gudensberg
         German


HAJTRANS GMBH: Claims Registration Period Ends September 2
----------------------------------------------------------
Creditors of Hajtrans GmbH have until Sept. 2, 2008, to register
their claims with court-appointed insolvency manager Arthur
Naujok.

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

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 162N
         First Floor
         Kaiserstrasse
         63065 Offenbach am Main
         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:

         Arthur Naujok
         Mittelseestrasse 48D
         63065 Offenbach am Main
         Germany
         Tel: 069/8001 701
         Fax: 069/8002 054

The District Court of Offenbach am Main opened bankruptcy
proceedings against Hajtrans GmbH on July 23, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Hajtrans GmbH
         Attn: Chtschatrjan, Garik -, Manager
         Carl-Ulrich-Strasse 139
         63263 Neu-Isenburg
         Germany


KK3 KOMMUNIKATIONSKONTOR: Claims Registration Ends Sept. 5
----------------------------------------------------------
Creditors of KK3 Kommunikationskontor GmbH have until
Sept. 5, 2008, to register their claims with court-appointed
insolvency manager Soenke Hansen.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Soenke Hansen
         Moenckebergstrasse 17
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against KK3 Kommunikationskontor GmbH on July 24, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         KK3 Kommunikationskontor GmbH
         Attn: Stefan Breitzke, Manager
         Papenreye 22
         22453 Hamburg
         Germany


MELCHER JEANS: Creditors' Meeting Slated for September 1
--------------------------------------------------------
The court-appointed insolvency manager for Melcher Jeans &
Sportswear GmbH, Rolf Nacke will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:05 a.m. on Sept. 1, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on Dec. 8, 2008, at the same
venue.

Creditors have until Oct. 13, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Rolf Nacke
         Gross-Berliner Damm 73 c
         12487 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Melcher Jeans & Sportswear GmbH on July 17,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Melcher Jeans & Sportswear GmbH
         Spandauer Str. 29
         10178 Berlin
         Germany


PROSIEBENSAT.1 MEDIA: Appoints Petra Fink as New VP for Free TV
---------------------------------------------------------------
Petra Fink, Head of Corporate Communications and Business
Development at ProSieben Television will assume the positions of
Senior Vice President Business Development and Speaker of German
Free TV Holding from Sept. 15, 2008.  She will report to
Andreas Bartl, Member of the Executive Board for German Free TV.
Ms. Fink will assume responsibility for communications of all
topics relevant to the German Free TV division of the Executive
Board.

As Senior Vice President of Business Development, Ms. Fink is
responsible for coordinating all diversification activities of
the German free TV stations, especially the introduction and
continuing implementation of the TV 3.0 strategy among the
German free TV stations.  The objective is to strengthen the
German broadcasting Group strategically through better
networking in the area of business development.

Ms. Fink, who joined ProSieben in 2006, served as company
spokesperson and played a major role in pushing ahead with
target-oriented diversification programs, the networking of
stations and platforms, and process optimization. Before coming
to ProSieben, she held the same position at kabel eins.

Mr. Bartl, said, "I'm very pleased to have Petra Fink, a highly
experienced communications and business development manager,
working for German Free TV Holding.  Introducing TV 3.0 and
using it to prepare our company for the future are important
strategic goals of the Groups free TV stations."

                      About ProsiebenSat.1

Headquartered in Munich, Germany, ProsiebenSat.1 Media AG --
http://en.prosiebensat1.com/-- broadcasts and produces
TV programs through 24 commercial TV stations, 24 premium Pay TV
channels and 22 radio network.  In June 2007, the ProSiebenSat.1
Group acquired SBS Broadcasting Group.  The company employs
around 6,000 Europe-wide.

                          *     *     *

ProsiebenSat.1 Media AG continues to carry Moody's Investors
Service's Ba1 senior unsecured and corporate family ratings.


SCHLOSSHOTEL SURENBURG: Claims Registration Period Ends Sept. 3
---------------------------------------------------------------
Creditors of Schlosshotel Surenburg GmbH & Co. KG have until
Sept. 3, 2008, to register their claims with court-appointed
insolvency manager Manfred Vellmer.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Sept. 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 13 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Manfred Vellmer
         Adalbertstr. 8
         48565 Steinfurt
         Germany
         Tel: 02552/638710
         Fax: +4925526387111

The District Court of Muenster opened bankruptcy proceedings
against Schlosshotel Surenburg GmbH & Co. KG on July 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Schlosshotel Surenburg GmbH & Co. KG
         Surenburg 13
         48477 Hoerstel
         Germany


* S&P Predicts Bleak Outlook for German Banking Industry
--------------------------------------------------------
Given the fundamental changes in market conditions, it's no
surprise that the German banking industry has experienced a
pronounced drop in earnings in the first half of 2008 compared
with the same period of 2007.  However, earnings expectations
for the months and years ahead are likely to be more meaningful
than a comparison with the unsustainable record results of
recent years, Standard & Poor's Ratings Services said in report
entitled "Large Private-Sector German Banks Performed Better In
Q2, But Full-Year Prospects Still Look Bleak," published on
RatingsDirect.  Indeed, markdowns resulting from market
turbulence accounted for much of the decline in earnings in the
first half of the year, and those markdowns should decrease in
the second half of 2008.

"Nonetheless, while performance for the sector is likely to
improve in the second half of the year, it will still fall short
of our initial expectations, and overall earnings will remain
weak," said S&P's credit analyst Stefan Best.

A positive sign is that, although the results of Germany's five
largest private-sector banks (Big 5): Deutsche Bank AG
(AA-/Negative/A-1+), Commerzbank AG (A/Stable/A-1), Dresdner
Bank AG (A/Negative/A-1), Bayerische Hypo- und Vereinsbank AG
(HVB; A+/Stable/A-1), and Deutsche Postbank AG (A-/Stable/A-2)
remained weak in the second quarter of 2008, they showed
improvement compared with the first quarter.  The exception is
Dresdner Bank AG, which reported its third consecutive quarterly
pretax loss.  The improvement stemmed mainly from lower total
markdowns and smaller impairments on structured credit
investments, leveraged loans, and credit-value adjustments on
monoline hedges.

Besides the Big 5, Bayerische Landesbank also reported low, but
improved, earnings on the back of lower markdowns in the second
quarter.  S&P expects to see a similar trend for the other
Landesbanks when they publish their results.  Furthermore,
because net exposures to critical asset classes have fallen, S&P
maintains its view that total markdowns in the industry will
further decline.  S&P also expects the members of the Big 5,
with the exception of Dresdner Bank, to remain profitable for
the rest of the year.

"Underlying this prognosis is the assumption that the banks will
continue to keep costs well under control, showing some
flexibility relative to their revenues," said Mr. Best.  "Credit
risk provisions might rise by 50% year on year, but from very
low levels, therefore they should remain below the cyclical
average."

Although S&P expects risk provisions to increase substantially
in 2009, the impact on earnings is likely to be moderate
compared with that of the EUR13 billion in markdowns reported by
the Big 5 over the past 12 months.


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


CHEYNE ABS: S&P Junks Rating on Class B & C Floating Rate Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered and left on
CreditWatch with negative implications its credit ratings on the
class A-1, A-2, B , and C notes issued by Cheyne ABS Investments
I PLC.

The rating actions follow further deterioration in the credit
quality of the underlying portfolio, reflected in downgrades and
CreditWatch negative placements for collateralized debt
obligations (CDOs) of asset-backed securities (ABS) in the
underlying portfolio.  This has led to an increase in S&P's
portfolio scenario default rates (SDRs) for different rating
scenarios.

In addition, changes in the levels of credit enhancement due to
defaults in the underlying portfolio have resulted in a decrease
in the break-even default rates (BDRs) for the tranches when
subject to S&P's cash flow analysis.  As a result of changes to
both the SDRs and BDRs, the previous rating levels could no
longer be maintained.

S&P will closely monitor the CDO's performance, and run further
cash flow analyses before resolving these CreditWatch
placements.  S&P will pay particular attention to the resolution
of the outstanding CreditWatch placements on the aforementioned
CDOs of ABS.

Cheyne ABS Investments I PLC:

  -- US$178 Million Floating-Rate Notes

Rating Lowered And Remaining On CreditWatch Negative:

Class              Rating
         To                  From

A-1      BBB/Watch Neg       AAA/Watch Neg
A-2      BB/Watch Neg        AA/Watch Neg
B        CCC-/Watch Neg      BBB+/Watch Neg
C        CCC-/Watch Neg      B-/Watch Neg


ELVA FUNDING: S&P Corrects Rating on Class D Euro CDO Tranches
--------------------------------------------------------------
Standard & Poor's Ratings Services has taken credit rating
actions on 102 European synthetic collateralized debt obligation
(CDO) tranches.

Specifically, the ratings on:

  -— 74 tranches were lowered and removed from CreditWatch with
     negative implications;

  -— One tranche was lowered and remains on CreditWatch
     negative; and

  -- 27 tranches were raised and removed from CreditWatch
     positive.

Of the 75 tranches lowered:

  -- 61 reference U.S. residential mortgage-backed securities
     (RMBS) and U.S. CDOs that are exposed to U.S. RMBS, which
     have experienced recent negative rating actions; and

  —- 14 have experienced corporate downgrades in their
     portfolios.

Rating Action Summary:

          Downgrades   Upgrades          Key corporate
          (no. of      (no. of            downgrades
          tranches)    tranches)
-------------------------------------------------------------
Jan-08      57           8        United Parcel Service Inc.
                                   (AAA/Watch Neg to AA-/Stable)
                                   Jan. 9, 2008
                                   Quebecor World Inc.
                                  (CCC/Watch Neg to D)
                                   Jan. 16, 2008
Feb-08      90           9        GMAC LLC
                                  (BB+/Negative to B+/Negative)
                                   Feb. 22, 2008
                                   Residential Capital, LLC
                                   (BB+/Negative to B/Negative)
                                   Feb. 22, 2008
Mar-08      79           2        FGIC Corp.
                                  (BBB/Watch Neg to B/Negative)
                                   March 28, 2008
                                   FGIC UK Ltd.
                                  (A/Watch Neg to BB/Negative)
                                  March 28, 2008
Apr-08     118           9       Royal Caribbean Cruises Ltd.
                                  (BBB-/Negative to BB+/Stable)
                                  April 3, 2008
                                  Residential Capital, LLC
                                  (B/Negative to CCC+/Watch Neg)
                                  April 24, 2008
May-08     152           1     Countrywide Home Loans, Inc.
                               (BBB+/Watch Pos to BB+/Watch Dev)
                                May 2, 2008
                               Residential Capital, LLC
                               (CCC+/Watch Neg to CC/Watch Neg)
                               May 2, 2008
Jun-08     109          0      Ambac Assurance Corp.
                               (AAA/Negative to AA/Watch Neg)
                                June 5, 2008
                                MBIA Inc.
                               (AA-/Negative to A-/Watch Neg)
                                June 5, 2008
Jul-08      44         41     Radian Asset Assurance Inc.
                               (AA/Watch Neg to A/Watch Neg)
                               June 16, 2008
                               Countrywide Home Loans, Inc.
                               (BB+/Watch Dev to AA/Negative)
                               July 1, 2008
Aug-08      75         27     Residential Capital, LLC
                               (SD to CCC+/Negative)
                               July 15, 2008
                               Louisiana-Pacific Corp.
                               (BBB-/Negative to BB+/Watch Neg)
                               July 29, 2008

Those corporate names that have experienced a significant notch
downgrade as well as being highly referenced within European
synthetic CDOs.

For those transactions that have been on CreditWatch negative
for longer than 90 days, where S&P has either not received
material levels of information or relative portfolio credit
quality has not improved since the CreditWatch placement to a
level sufficient to affirm the rating, it has modeled recovery
rates in accordance with S&P's criteria and assessed portfolio
quality based on its credit quality.

These rating actions and the CreditWatch updates follow two
reviews.  The first review was of the CreditWatch placements
made on Aug. 12, 2008 ("S&PCORRECT: Synthetic CDOs On
CreditWatch After Running July 2008 Month-End SROC Figures").
The second review was of the ratings on tranches that have been
on CreditWatch negative for more than 90 days.

Where SROC (synthetic rated overcollateralization) is less than
100%, S&P runs scenarios that project the current portfolio 90
days into the future, assuming no asset rating migration.  Where
this projection indicates that the SROC would return to a level
above 100% at that time, the rating is maintained, but the
rating agency places it on CreditWatch negative. If, on the
other hand, the projection indicates that the SROC would remain
below 100%, S&P immediately lowers the rating.

Ratings List:

Class (where applicable)
To               From              Rating     SROC   Projected
                                   scenario   today   90 day+
                                                (%)   SROC(%)

AIG Financial Products Corp. and Bayerische Hypo-und Vereinsbank
AG:

US$33 million unfunded managed portfolio credit default swap
(Horizon V)

C
A-               A/Watch Neg       A        99.9261    99.9651
                                   A-      100.0587   100.0850

AIG Financial Products Corp. and Bayerische Hypo-und Vereinsbank
AG:

US$33 million unfunded managed portfolio credit default swap
(Horizon V)

D
BB+              BBB/Watch Neg     BBB      99.7519    99.7681
                                   BBB-     99.9214    99.9305
                                   BB+     100.1251   100.1338

Aldersgate Finance Ltd.:

EUR249.5 million floating-rate credit-linked notes

E
BB               BB+/Watch Neg     BB+      99.7848    99.8981
                                   BB      100.2973   100.3982

Alexandria Capital PLC:

GBP8.538 million secured fixed-rate credit-linked notes series
2003-3 (Dawnay Day Quantum Bond 2008)

A
AAA              AA-/Watch Pos     AAA     100.7099
                                   AA+     100.8924
                                   AA      101.7615
                                   AA-     101.8317

Angel Court CDO PLC:

US$25 million Tranche A secured floating-rate notes series
2006-11

AA               AA-/Watch Pos     AA      100.0184
                                   AA-     100.1140

Argon Capital PLC:

US$10 million Gansevoort CDO limited recourse secured
floating-rate credit-linked class B notes series 36

B
BBB+             A-/Watch Neg      A-       99.7185    99.7185
                                   BBB+    100.0386   100.0386

Argon Capital PLC:

US$10 million Gansevoort CDO limited recourse secured
floating-rate credit-linked class A notes series 37

A
AA-              AA+/Watch Neg     AA+      99.3612    99.4400
                                   AA       99.8817    99.9153
                                   AA-     100.0302   100.1129

Argon Capital PLC:

US$51 million limited-recourse secured credit-linked
floating-rate notes series 60

CCC              B/Watch Neg       B        96.3097    96.3097
                                   B-       97.6107    97.6107
                                   CCC+     99.6528    99.6528
                                   CCC     100.6343   100.6343

Argon Capital PLC:

EUR20 million limited recourse secured variable-rate
credit-linked notes series 87

A+               BBB/Watch Pos     A+      100.4364
                                   A       100.6402
                                   A-      100.9423
                                   BBB+    102.1667
                                   BBB     102.5131

Baker Street Finance Ltd.:

EUR519.2 million floating-rate credit-linked notes

A-2
AA/Watch Neg     AA+/Watch Neg     AA+      98.5104    98.7715
                                   AA       99.9890   100.1877
                                   AA-     100.6609   100.8418

Baker Street Finance Ltd.:

EUR519.2 million floating-rate credit-linked notes

B
BBB+             A/Watch Neg       A        98.4246    98.5916
                                   BBB+    100.0929   100.2344

Bassi Co. Ltd.:

EUR15 million floating-rate secured portfolio callable
credit-linked notes series 3

A
AAA              AA/Watch Pos      AAA     115.2297
                                   AA+     121.8007
                                   AA      150.7137

Betsen CDO Ltd.:

EUR80 million secured floating-rate notes series 2004-2

B
AAA              AA/Watch Pos      AAA     123.4568
                                   AA+     123.4568
                                   AA      123.4568

Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.:

EUR225 million floating- and fixed-rate notes

A1
AA               AA+/Watch Neg     AA+      99.4429    99.4798
                                   AA      100.6460   100.6687

Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.:

EUR225 million floating- and fixed-rate notes

A2
A-               A+/Watch Neg      A+       99.2954    99.3318
                                   A        99.6956    99.7316
                                   A-      100.1375   100.1688

Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.:

EUR225 million floating- and fixed-rate notes

A3
BBB-             BBB/Watch Neg     BBB      99.5138    99.5291
                                   BBB-    100.1664   100.1859

Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.:

EUR225 million floating- and fixed-rate notes

A4
B+               BB/Watch Neg      BB       99.3890    99.4039
                                   BB-      99.6144    99.6337
                                   B+      100.0678   100.0829

Brooklands Euro Referenced Linked Notes 2005-1 Ltd.:

EUR200 million fixed- and floating-rate notes

C
BBB+             A-/Watch Neg      A-       99.7951    99.9580
                                   BBB+    100.5047   100.6628

Brooklands Euro Referenced Linked Notes 2005-1 Ltd.:

EUR200 million fixed- and floating-rate notes

D2
BB+              BBB-/Watch Neg    BBB-     99.8656   100.0089
                                   BB+     100.2795   100.4135

Cairngorm Ltd.:

GBP87 million asset-backed floating-rate notes

B
AAA              A/Watch Pos       AAA     116.1023
                                   AA+     125.2871
                                   AA      135.5804
                                   AA-     140.2488
                                   A+      144.9421
                                   A       149.5810

Cairngorm Ltd.:

GBP87 million asset-backed floating-rate notes

C
AA               BBB/Watch Pos     AA      102.9456
                                   AA-     106.4903
                                   A+      110.0539
                                   A       113.5762
                                   A-      117.0182
                                   BBB+    121.7145
                                   BBB     126.2346

Cairngorm Ltd.:

GBP87 million asset-backed floating-rate notes

D
BBB              BB/Watch Pos      BBB     102.7939
                                   BBB-    108.3247
                                   BB+     115.9238
                                   BB      119.6371

Carneros III PLC:

US$10 million, JPY2,400 million, and EUR176.5 million
floating-rate credit-linked secured notes A EUR

AA+              AAA/Watch Neg     AAA      99.8543    99.9401
                                   AA+     100.1240   100.1994

Chiswell Street Finance Ltd.:

EUR135.5 million floating-rate credit-linked notes

A Senior
AA               AA-/Watch Pos     AA      100.4951
                                   AA-     100.9988

Chiswell Street Finance Ltd.:

EUR135.5 million floating-rate credit-linked notes

A
A                A-/Watch Pos      A       100.0136
                                   A-      100.4581

Chiswell Street Finance Ltd.:

EUR135.5 million floating-rate credit-linked notes

B
BBB              BBB-/Watch Pos    BBB     100.0557
                                   BBB-    100.8511

Chrome Funding Ltd.:

US$33 million floating-rate variable spread credit-linked
floating-rate notes (Green Bay CDO I) series 23

I
CCC              CCC+/Watch Neg    CCC+     97.0741    97.0741
                                   CCC     107.5945   107.5945

Chrome Funding Ltd.:

US$28.5 million floating-rate variable spread credit-linked
floating-rate notes (Green Bay CDO I) series 24

II
CCC-             CCC/Watch Neg     CCC      98.3581    98.3581
                                   CCC-    105.5711   105.5711

Claris IV Ltd.:

EUR40 million Carmel Valley 2006-3 synthetic CDO of RMBS
variable-rate notes series 5

CCC+             BB-/Watch Neg     BB-      96.3001    96.9091
                                   B+       97.1274    97.3457
                                   B        98.1730    98.1845
                                   B-       99.4370    99.4370
                                   CCC+    102.3670   102.3670

Claris IV Ltd.:

EUR5 million Carmel Valley 2006-3 synthetic CDO of RMBS
variable-rate notes series 6

CCC+             B/Watch Neg       B        98.0780    98.2145
                                   B-       99.2494    99.2494
                                   CCC+    101.3192   101.3192

Claris IV Ltd.:

US$17.5 million Carmel Valley synthetic CDO of RMBS
variable-rate notes series 7

CCC+             B/Watch Neg       B        98.0780    98.2145
                                   B-       99.2494    99.2494
                                   CCC+    101.3192   101.3192

Claris IV Ltd.:

US$49 million Leibnitz 2006-1 synthetic CDO of RMBS
variable-rate notes series 9/2006

CCC-             CCC/Watch Neg     CCC      98.7507    98.8366
                                   CCC-     99.9408    99.9408

Cloverie PLC:

US$80 million class B secured portfolio-linked floating-rate
notes series 2007-32

B
B                B+/Watch Neg      B+       99.6286    99.6286
                                   B       100.3881   100.3881

Coriolanus Ltd.:

EUR14.956 million floating-rate secured notes series 14

A
A+               BBB+/Watch Pos    A+      100.0615
                                   A       100.2193
                                   A-      100.4935
                                   BBB+    101.0573

Coriolanus Ltd.:

US$25 million variable-rate secured notes series 44

A2
CCC-             CCC+/Watch Neg    CCC+     96.6471    96.6827
                                   CCC      98.2608    98.3186
                                   CCC-     99.6817    99.7458

Coriolanus Ltd.:

US$5 million class B secured floating-rate notes series 69

B
B-               BB+/Watch Neg     BB+      89.1458    89.1559
                                   BB       91.2977    91.2877
                                   BB-      93.6724    93.6410
                                   B+       95.8666    95.8194
                                   B        98.7255    98.6758
                                   B-      102.6246   102.6090

Corsair Finance (Ireland) No. 6 Ltd.:

EUR25 million floating-rate secured portfolio credit-linked
notes series 3

A
AA               AA-/Watch Pos     AA      100.5585
                                   AA-     100.7367

Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC:

EUR45 million limited-recourse secured credit-linked
variable-rate notes series 31 (Aramis)

BB-              BBB/Watch Neg     BBB      96.0216    96.0216
                                   BBB-     97.3701    97.3701
                                   BB+      98.1896    98.1837
                                   BB       99.3144    99.3144
                                   BB-     100.6630   100.6630

Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC:

EUR20 million limited-recourse secured credit-linked
variable-rate notes series 33 (Aramis)

B+               BB+/Watch Neg     BB+      96.5303    96.5245
                                   BB       97.6360    97.6360
                                   BB-      98.9618    98.9618
                                   B+      100.5644   100.5585

Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC:

US$50 million limited-recourse secured credit-linked
variable-rate notes series 37 (Aramis)

CCC              CCC+/Watch Neg    CCC+     99.5282    99.5235
                                   CCC     101.0999   101.0999

Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC:

US$25 million limited-recourse secured credit-linked
variable-rate notes series 38 (Aramis)

B+               BBB-/Watch Neg    BBB-     96.0606    96.0606
                                   BB+      96.8690    96.8632
                                   BB       97.9787    97.9787
                                   BB-      99.3091    99.3091
                                   B+      100.9174   100.9115

Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC

EUR20 million limited-recourse secured credit-linked
variable-rate notes series 39 (Aramis)

BB-              BBB/Watch Neg     BBB      96.5942    96.5942
                                   BBB-     97.9508    97.9508
                                   BB+      98.7752    98.7693
                                   BB       99.9067    99.9067
                                   BB-     101.2633   101.2633

Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC:

AU$5 million limited-recourse secured credit-linked
variable-rate notes series 40 (Aramis)

CCC+             B/Watch Neg       B        97.1091    97.1020
                                   B-       99.2783    99.2686
                                   CCC+    103.4524   103.4496

Curzon Funding Ltd.:

EUR60 million (equivalent) variable-coupon notes series 2006-1

D
BB-              BBB/Watch Neg     BBB      99.1990    99.2514
                                   BBB-     99.5677    99.5677
                                   BB+      99.7596    99.8072
                                   BB       99.8556    99.8556
                                   BB-     100.1369   100.1818

Curzon Funding Ltd.:

US$60 million floating-rate note series 2006-3 (Horizon CDO
VIII)

D
BB               BBB/Watch Neg     BBB      99.6495    99.6538
                                   BBB-     99.8869    99.8869
                                   BB+      99.9879    99.9879
                                   BB      100.1242   100.1424

Delta CDO PLC:

US$142.5 million floating-rate credit-linked secured notes
series 2005-2

K-1
BBB-             BBB+/Watch Neg    BBB+     99.5312    99.6794
                                   BBB      99.8317    99.9346
                                   BBB-    100.4194   100.4984

Deutsche Bank AG and Deutsche Securities Inc.:

US$150 million floating-rate unfunded credit default swap (Tsar
16 portfolio)

A-2
B+               BBB-/Watch Neg    BBB-     96.9917    97.0119
                                   BB+      97.6820    97.6996
                                   BB       98.4507    98.4646
                                   BB-      99.1821    99.1938
                                   B+      100.0951   100.1053

Eirles Four Ltd.:

US$9.6 million variable rate secured notes, Series 61

B-               BB+/Watch Neg     BB+      95.7903    95.8346
                                   BB       96.8962    96.9738
                                   BB-      97.5983    97.6817
                                   B+       98.4620    98.5597
                                   B        99.3472    99.4639
                                   B-      100.0762   100.1753

Eirles Two Ltd.:

US$37.2 million variable rate secured notes series 143

BB-              BB+/Watch Neg     BB+      99.1202    99.1249
                                   BB       99.6735    99.6735
                                   BB-     100.0019   100.0090

Eirles Two Ltd.:

US$35.7 million variable rate secured notes series 144

CCC-             CCC/Watch Neg     CCC      99.6728    99.6772
                                   CCC-    100.3591   100.3591

Eirles Two Ltd.:

EUR21 million variable-rate secured notes series 160

BBB-             BBB+/Watch Neg    BBB+     99.0044    99.0510
                                   BBB      99.6233    99.6404
                                   BBB-    100.4108   100.4281

Eirles Two Ltd.:

EUR50 million floating-rate credit-linked secured notes series
222

B
B+               BBB/Watch Neg     BBB      76.1459    76.1459
                                   BBB-     80.9381    80.9381
                                   BB+      89.8709    89.8709
                                   BB       93.6603    93.6603
                                   BB-      96.0064    96.0064
                                   B+      102.4476   102.4476

Eirles Two Ltd.:

US$50 million variable-rate secured notes (Builder CDO 2004-1)
series 218

BB+              BBB/Watch Neg     BBB      98.9698    98.9882
                                   BBB-     99.9695    99.9873
                                   BB+     100.6370   100.6556

Eirles Two Ltd.:

EUR27.5 million variable-rate secured notes series 223

CCC+             BB/Watch Neg      BB       97.6285    97.6245
                                   BB-      98.1781    98.1741
                                   B+       98.7930    98.7861
                                   B        99.3073    99.2997
                                   B-       99.9517    99.9517
                                   CCC+    101.1979   101.2157

Eirles Two Ltd.:

EUR42.75 million variable-rate secured notes series 224

CCC              B+/Watch Neg      B+       97.4546    97.4479
                                   B        97.9583    97.9534
                                   B-       98.5957    98.5959
                                   CCC+     99.8249    99.8421
                                   CCC     100.4570   100.5063

Eirles Two Ltd.:

EUR26.125 million variable-rate secured notes series 225

CCC-             B-/Watch Neg      B-       97.3526    97.3527
                                   CCC+     98.5667    98.5862
                                   CCC      99.1935    99.2401
                                   CCC-     99.9863   100.0388

Eirles Two Ltd.:

EUR26.125 million variable-rate secured notes series 226

CCC-             CCC+/Watch Neg    CCC+     97.8742    97.8911
                                   CCC      98.4940    98.5423
                                   CCC-     99.2798    99.3312

Eirles Two Ltd.:

US$20 million secured floating-rate portfolio credit-linked
notes series 236

B-               BBB/Watch Neg     BBB      67.2527  68.0819
                                   BBB-     72.0080    72.7273
                                   BB+      77.3327    77.5125
                                   BB       80.3596    80.9191
                                   BB-      83.9461    84.4655
                                   B+       91.6284    91.9880
                                   B        94.9750    95.4645
                                   B-      100.0400   100.1998

Eirles Two Ltd.:

US$55 million floating-rate portfolio credit-linked secured
notes series 273

CCC+             BB-/Watch Neg     BB-      81.4116    81.7569
                                   B+       86.3858    86.5637
                                   B        89.2075    89.3855
                                   B-       92.8582    93.0788
                                   CCC+    101.3995   101.6459

Eirles Two Ltd.:

US$25 million floating-rate portfolio credit-linked secured
notes series 274

CCC-             B/Watch Neg       B        83.9445    83.9445
                                   B-       87.5502    87.5502
                                   CCC+     95.6165    95.6165
                                   CCC      98.7133    98.7133
                                   CCC-    101.8465   101.8465

Eirles Two Ltd.
US$24 million class B variable-rate secured notes series 292
B
CCC-             CCC/Watch Neg     CCC      98.1973    98.3194
                                   CCC-     99.2407    99.3162

Eirles Two Ltd.:

EUR14.1 million class B variable-rate secured notes series 297

CCC-             CCC+/Watch Neg    CCC+     97.5851    97.6243
                                   CCC      98.6879    98.7376
                                   CCC-     99.9486    99.9873

Eirles Two Ltd.:

US$150 million floating-rate portfolio credit-linked notes
series 300

CCC-             CCC/Watch Neg     CCC      87.9617    88.2750
                                   CCC-     92.2583    92.5417

Eirles Two Ltd.:

US$17 million variable-rate secured notes series 306

A-3
B-               B+/Watch Neg      B+       99.2192    99.2419
                                   B        99.9268    99.9501
                                   B-      100.7266   100.7594

Eirles Two Ltd.:

US$17 million variable-rate secured notes series 307

A-4
CCC-             CCC+/Watch Neg    CCC+     98.7893    98.8304
                                   CCC      99.4258    99.4258
                                   CCC-    100.9144   100.9222

Eirles Two Ltd.:

JPY3.7 billion variable-rate secured notes series 317

A-4
CCC-             CCC+/Watch Neg    CCC+     98.7893    98.8304
                                   CCC      99.4258    99.4258
                                   CCC-    100.9144   100.9222

Eirles Two Ltd.:

US$66 million floating-rate leveraged super senior secured
credit-linked notes series 331

BB+              A+/Watch Neg      A+       81.7778    81.7778
                                   A        83.5556    83.5556
                                   A-       85.3333    85.3333
                                   BBB+     90.3611    90.3611
                                   BBB      93.6667    93.6667
                                   BBB-     96.9722    96.9722
                                   BB+     101.2500   101.2500

Eirles Two Ltd.:

EUR25 million floating-rate leveraged super senior secured
credit-linked notes series 332

BB+              A+/Watch Neg      A+       80.4267    80.4267
                                   A        82.1333    82.1333
                                   A-       83.8400    83.8400
                                   BBB+     88.9067    88.9067
                                   BBB      92.0800    92.0800
                                   BBB-     96.8400    96.8400
                                   BB+     101.0667   101.0667

Eirles Two Ltd.:

EUR50 million floating-rate leveraged super senior secured
credit-linked notes series 333

BB+              A+/Watch Neg      A+       80.4267    80.4267
                                   A        82.1333    82.1333
                                   A-       83.8400    83.8400
                                   BBB+     88.9067    88.9067
                                   BBB      92.0800    92.0800
                                   BBB-     96.8400    96.8400
                                   BB+     101.0667   101.0667

Eirles Two Ltd.:

EUR75 million floating-rate leveraged super senior secured
credit-linked notes series 334

BB+              A+/Watch Neg      A+       80.4267    80.4267
                                   A        82.1333    82.1333
                                   A-       83.8400    83.8400
                                   BBB+     88.9067    88.9067
                                   BBB      92.0800    92.0800
                                   BBB-     96.8400    96.8400
                                   BB+     101.0667   101.0667

Elva Funding PLC:

EUR100 million and JPY1.1 billion secured credit-linked
floating-rate notes series 2007-3 (Euclid CDO)

B
AAA              AA/Watch Pos      AAA     100.8560
                                   AA+     101.0373
                                   AA      101.3337

Elva Funding PLC:

EUR100 million and JPY1.1 billion secured credit-linked
floating-rate notes series 2007-3 (Euclid CDO)

B3
AAA              AA/Watch Pos      AAA     100.8560
                                   AA+     101.0373
                                   AA      101.3337

Elva Funding PLC:

EUR100 million and ¥1.1 billion secured credit-linked floating-
rate notes series 2007-3 (Euclid CDO)

D
A-               BBB/Watch Pos     A-      100.4695
                                   BBB+    100.7079
                                   BBB     100.9721

Elva Funding PLC:

EUR10 million, US$30 million, and JPY1.0 billion secured
floating-rate credit-linked notes series 2007-7

B
AAA              AA/Watch Pos      AAA     100.8560
                                   AA+     101.0373
                                   AA      101.3337

Elva Funding PLC:

US$62.5 million secured credit-linked floating- and
variable-rate notes series 2007-10

C1
AA               A+/Watch Pos      AA      100.9525
                                   AA-     101.2501
                                   A+      101.4300

Elva Funding PLC:

US$62.5 million secured credit-linked floating- and
variable-rate notes series 2007-10

C2
AA               A+/Watch Pos      AA      100.9525
                                   AA-     101.2501
                                   A+      101.4300

Herald Ltd.:

US$19.2 million floating-rate credit-linked secured notes (Logan
CDO) series 26

A-2
CCC-             B/Watch Neg       B        98.1403    98.1438
                                   B-       98.5575    98.5651
                                   CCC+     99.0670    99.0723
                                   CCC      99.4804    99.4937
                                   CCC-    100.3356   100.3511

Ionia Capital PLC:

EUR26 million secured fixed- and floating-rate credit-linked
notes series 2006-5

Ae1
A                A+/Watch Neg      A+       99.8219    99.9827
                                   A       100.0238   100.1826

Ionia Capital PLC:

EUR26 million secured fixed- and floating-rate credit-linked
notes series 2006-5

Ae2
A                A+/Watch Neg      A+       99.8219    99.9827
                                   A       100.0238   100.1826

Ionia Capital PLC:

EUR26 million secured fixed- and floating-rate credit-linked
notes series 2006-5

Ae3
A                A+/Watch Neg      A+       99.8219    99.9827
                                   A       100.0238   100.1826

Khamsin Credit Products (Netherlands) II BV:

EUR21 million class C1 long-short floating-rate managed
credit-linked notes series 4 (Silver Lake 2006-2)

C1
A-               BBB+/Watch Pos    A-      100.2084
                                   BBB+    100.5658

Khamsin Credit Products (Netherlands) II BV:

EUR11 million class C2 long-short fixed-rate managed
credit-linked notes series 5 (Silver Lake 2006-3)

C2
A-               BBB+/Watch Pos    A-      100.2084
                                   BBB+    100.5658

Khamsin Credit Products (Netherlands) II BV:

EUR3.5 million class B long-short fixed-rate managed
credit-linked notes series 6 (Silver Lake 2006-4)

B
AA               A/Watch Pos       AA      100.0587
                                   AA-     100.1953
                                   A+      100.3493
                                   A       100.4802

Khamsin Credit Products (Netherlands) II BV:

AU$10 million Silver Bell Long-Short floating-rate credit-linked
notes series 7

AA-              A-/Watch Pos      AA-     100.2121
                                   A+      100.3966
                                   A       100.5608
                                   A-      100.8314

Linker Finance PLC:

US$28.5 million class C floating-rate secured notes series 2
(Tsar 16)

CCC              B/Watch Neg       B        97.3379    97.3499
                                   B-       98.0153    98.0345
                                   CCC+     99.3124    99.3551
                                   CCC     100.2511   100.3082

Linker Finance PLC:

US$28.5 million class C floating-rate secured notes series 3
(Tsar 16)

C
CCC-             CCC/Watch Neg     CCC      97.7683    97.8068
                                   CCC-     98.7440    98.7723

Linker Finance PLC:

US$18 million class D floating-rate secured notes series 4 (Tsar
16)

D
CCC-             CCC/Watch Neg     CCC      97.0718    97.1255
                                   CCC-     98.1227    98.1620

Lunar Funding V PLC:

US$30 million limited recourse secured floating-rate
credit-linked notes series 2006-27

CCC-             CCC+/Watch Neg    CCC+     84.8045    84.8045
                                   CCC      89.2482    89.2482
                                   CCC-     92.9482    92.9482

Lunar Funding V PLC:

US$50 million limited recourse secured floating-rate
credit-linked notes series 2007-36

BBB+             AAA/Watch Neg     AAA      96.4513    96.4513
                                   AA+      97.2618    97.2618
                                   AA       97.6006    97.6006
                                   AA-      97.7957    97.7957
                                   A+       98.9980    98.9980
                                   A        99.1661    99.1661
                                   A-       99.4756    99.4756
                                   BBB+    100.8658   100.8658

Lunar Funding V PLC:

US$100 million limited recourse secured floating-rate
credit-linked notes series 2007-37

BB-              A/Watch Neg       A        93.3328    93.3328
                                   A-       93.6241    93.6241
                                   BBB+     94.9325    94.9325
                                   BBB      95.5574    95.5574
                                   BBB-     96.9078    96.9078
                                   BB+      98.1567    98.1567
                                   BB       99.4122    99.4122
                                   BB-     100.9151   100.9151

Lunar Funding V PLC:

US$200 million limited recourse secured floating-rate
credit-linked notes series 2007-39

CCC+             B+/Watch Neg      B+       74.0725    74.0725
                                   B        82.0043    82.0043
                                   B-       92.2388    92.2388
                                   CCC+    111.1940   111.1940

Menton CDO IV Ltd.:

US$250 million secured floating-rate notes

A-1
BBB+             A+/Watch Neg      A+       99.4287    99.4287
                                   A        99.4287    99.4287
                                   A-       99.4287    99.4287
                                   BBB+    100.5765   100.6103

Omega Capital Investments PLC:

CHF21 million, EUR26 million, and US$16 million secured
floating-rate notes series 36

H
AA-              AA/Watch Neg      AA       99.9447    99.9758
                                   AA-     100.0872   100.9180

Omega Capital Investments PLC:

CHF21 million, EUR26 million, and US$16 million secured
floating-rate notes series 36

I
AA-              AA/Watch Neg      AA       99.9447    99.9758
                                   AA-     100.0872   100.9180

Omega Capital Investments PLC:

CHF21 million, EUR26 million, and US$16 million secured
floating-rate notes series 36

J
AA-              AA/Watch Neg      AA       99.9447    99.9758
                                   AA-     100.0872   100.9180

Quartz CDO (Ireland) PLC:

US$150 million floating-rate secured substitutable managed
portfolio credit-linked notes series 6 C-1

A+               A/Watch Pos       A+      106.1311
                                   A       106.7297

Saphir Finance PLC:

EUR15 million inflation and credit-linked synthetic variable
coupon notes series 2007-9

AA               AA+/Watch Neg     AA+      99.8704    99.9627
                                   AA      100.1958   100.3002

Sceptre Capital BV:

EUR3 million secured credit-linked variable-rate notes series
2004-9

A
AA-              A+/Watch Pos      AA-     102.9286
                                   A+      103.0492

STARTS (Ireland) PLC
US$15 million credit-linked floating-rate notes series 2006-23
AA               AAA/Watch Neg     AAA      99.1992    99.2222
                                   AA+      99.5524    99.5693
                                   AA      100.0511   100.0906

WhiteBlue No. 1 GmbH:

EUR200 million floating-rate notes

A
AAA              AA+/Watch Pos     AAA     100.2343
                                   AA+     100.4392

WhiteBlue No. 1 GmbH:

EUR200 million floating-rate notes

B
AA               AA-/Watch Pos     AA      100.2246
                                   AA-     100.3546

Xelo PLC:

EUR140 million secured limited recourse credit-linked notes
series
2007 (Ferras CDO)

A-               A+/Watch Neg      A+       99.7724    99.7029
                                   A        99.9672    99.8952
                                   A-      100.2742   100.1978


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


PARMALAT SPA: NY Court Certifies Domestic Plaintiff Class
---------------------------------------------------------
Parmalat S.p.A. communicates that U.S. District Court for the
Southern District of New York, where the class action "Parmalat
Securities Litigation" is pending, has certified the class with
respect to domestic plaintiffs who have purchased shares of
(old) Parmalat in the period Jan. 5, 1999-Dec. 18, 2003.

The court has excluded foreign purchasers considering the
substantial likelihood that motions to dismiss their claims
would be granted.

The court also noted that the class representatives who have
moved for certification have bought only Parmalat ordinary
shares, not debt.  Accordingly, the court further modified the
class to include only domestic investors who purchased or
otherwise acquired Parmalat ordinary shares during the class
period.

The ruling is without prejudice to the pending application to
approve a settlement with (new) Parmalat on behalf of a broader
class, and a renewed motion to expand the class to include
foreign purchasers.

                         About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A.
-- http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.


PARMALAT SPA: Thorp Reed Wins Dismissal for Pavia in Class Suit
---------------------------------------------------------------
Thorp Reed & Armstrong, LLP, has successfully secured a
dismissal for independent Italian law firm Pavia e Ansaldo
(Pavia) in a major class action suit brought by the shareholders
of Parmalat S.p.A.

The suit was brought against a number of independent
institutions, including Bank of America, Citigroup and Pavia,
following the Italian dairy firm's entering into bankruptcy, the
largest in Europe's history.  Bank of America and Citigroup were
dismissed along with Pavia.

The dismissal, handed down by U.S. District Court Judge Lewis A.
Kaplan, was issued on August 7 and made available to the public
on August 11.

The class action suit sought billions of dollars in damages and
was brought on behalf of buyers of shares in Parmalat.
Investors accused accounting firms, the banks, and Pavia, of
willfully misleading them about the value of shares they
purchased in Parmalat prior to the company's collapse in 2003.
The collapse of Parmalat has been referred to as the "Enron of
Europe."

The recent United States Supreme Court decision in Stoneridge
vs. Scientific Atlanta provided the basis for the ruling and
clarified that Pavia, and the banks involved in the suit, had no
liability for the fraud alleged in the Parmalat case.

Joe Donley, Esq., the Thorp Reed & Armstrong partner who was
lead counsel for Pavia in the case, commented, "The dismissal is
extremely satisfying for all of us who worked on the case, but
perhaps most importantly, it is an important moral, ethical and
legal victory for Pavia e Ansaldo, a highly respected Italian
law firm.  The firm always maintained that it had no involvement
in the Parmalat collapse and that it did not engage in any
fraudulent or deceptive conduct, and the evidence showed that.
We applaud the decision by Judge Kaplan and his recognition that
the plaintiffs' arguments were unfounded in this matter."

                        About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A.
-- http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.


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


ASIA PLUS: Creditors Must File Claims by September 25
-----------------------------------------------------
Branch of the Company Asia Plus KG has declared insolvency.
Creditors have until Sept. 25, 2008, to submit written proofs of
claim.

Inquiries can be addressed to (0-772) 55-19-33.


=================
L I T H U A N I A
=================


UKIO BANKAS: S&P Revises Outlook to Neg., Affirms BB/B Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Lithuanian-based AB Ukio Bankas to negative from stable.  At the
same time, the 'BB' long-term ratings and 'B' short-term ratings
on the bank were affirmed.

The outlook revision on AB Ukio Bankas (Ukio) reflects the
bank's heightened credit risks arising from uncertain economic
prospects in the Republic of Lithuania (A-/Negative/A-2) where
the bank operates.

"In addition to the deteriorating economic conditions, we
believe that Ukio's credit risks have increased because the bank
has experienced very high loan growth in the past 12 months in
an untested operating environment that is exposed to
macroeconomic overheating," said S&P's credit analyst Miguel
Pintado.  "Standard & Poor's considers that Ukio is exposed to
high credit risk through its loan portfolio growth of over 100%
in the last 18 months.  This is well above the overall
Lithuanian market lending growth rate, and most of the loans are
to the riskier small and midsize enterprises and
retail leasing sectors."

The credit risk concerns are compounded by the high single name
and industry concentrations.  The concerns on concentration were
somewhat mitigated by the disposal on July 24, 2008 of a large
real estate project in Moscow in which the bank was involved.
Although asset quality indicators remain at relatively
comfortable levels, the first six months of 2008 have already
seen a deterioration, with nonperforming loans increasing.

The ratings on Ukio factor the bank's sound capitalization, good
but pressurized profitability, and adequate funding and
liquidity profile.  The ratings mirror the bank's stand-alone
credit quality, and do not include any uplift for extraordinary
external support.

S&P considers that Ukio is likely to face increased pressure on
its asset quality as the economic conditions in Lithuania
deteriorate.  The outlook also factors in the expectation that
Ukio will be able to maintain its relatively good financial
performance and garnering of market shares in core business
lines, while maintaining capital levels.

The outlook could revert to stable if S&P's concerns over the
operating environment abate and the bank's asset quality proves
resilient while it continues to deliver sustained profitability
and strengthen its commercial and financial position.

Conversely, a weakening financial profile or operating
environment, contributing to higher credit or market risks,
could put downward pressure on the ratings.


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


LAURELIN II: Fitch Affirms BB Rating on EUR17MM Class E Notes
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings of 11 classes of Laurelin
II B.V. notes as:

  -- EUR147.25 million  Class A-1E floating-rate notes
    (ISIN: XS0305009382): affirmed at 'AAA'

  -- EUR90 million  Class A-1R floating-rate notes: affirmed at
     'AAA'

  -- GBP30.405 million  Class A-1S floating-rate notes
    (ISIN: XS0305009465): affirmed at 'AAA'

  -- EUR15.75 million  Class A-2 floating-rate notes
    (ISIN: XS0305009978): affirmed at 'AAA'

  -- EUR26 million  Class B-1 floating-rate notes
    (ISIN: XS0305010398): affirmed at 'AA'

  -- EUR15 million  Class B-2 fixed-rate notes
    (ISIN: XS0305095365): affirmed at 'AA'

  -- EUR26 million  Class C deferrable floating-rate notes
    (ISIN: XS03050 10471): affirmed at 'A'

  -- EUR12.5 million  Class D-1 deferrable floating-rate notes
    (ISIN: XS0305010711): affirmed at 'BBB'

  -- EUR10.5 million  Class D-2 deferrable fixed-rate notes
    (ISIN: XS0305195157): affirmed at 'BBB'

  -- EUR17 million  Class E deferrable floating-rate notes
    (ISIN: XS0305011016): affirmed at 'BB'

  -- EUR16.19 million  Class X combination notes
    (ISIN: XS0305096330): affirmed at 'BBB'

Laurelin II B.V. is a securitization of mainly European senior
secured loans with the total note issuance of EUR450 million
invested in a target portfolio of EUR438 million.  The portfolio
is actively managed by GoldenTree Asset Management LP (rated
'CAM 2- (minus)').

Fitch released two new sets of rating criteria on 30 April 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 sets of
criteria to establish consistency for existing and new ratings.
The elements of the updated criteria that have the greatest
impact on the analysis of Laurelin 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 analysing Laurelin 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 D notes can
withstand the default of 28 assets on average or 10 of the
largest risk contributors and the Class E notes can withstand
the default of 22 assets on average or seven 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.

The notional amounts of the Class X refer to the outstanding
rated balance.  This takes into account all previous payments
that have been used to reduce the note balance, in accordance
with the terms and conditions of the notes.

As of the review date, the portfolio contained loans from 63
obligors, with the largest exposure accounting for approximately
3% of the outstanding portfolio amount, and the five largest
obligors accounting for 15% of the outstanding portfolio amount.
Fitch makes downward adjustments for any names on Rating Watch
Negative or Negative Outlook for default analysis in its
Portfolio Credit Model.  As at this date, approximately 1% of
the assets are rated in the 'CCC' category on an unadjusted
basis, and on an adjusted basis approximately 2% of the assets
are treated as 'CCC+' or below.  The weighted average portfolio
quality is 'B'. None of the assets are on RWN, while 18% is on
Negative Outlook and one obligor accounting for less than 1% of
the portfolio has defaulted.  The largest single industry is
broadcasting and media with 16% of the portfolio volume.


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


ING BANK: Moody's Assigns D Bank Financial Strength Rating
----------------------------------------------------------
Moody's Investors Service has assigned the following global
scale ratings to ING Bank Eurasia (IBE): Baa1 long-term and
Prime-2 (P-2) short-term foreign and local currency deposit
ratings and a D bank financial strength rating (BFSR).  The
outlook for all ratings is stable.

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

The Baa1/P-2/D global scale ratings assigned to IBE reflect
global default and loss expectation, while the Aaa.ru national
scale rating reflects the standing of the bank's credit quality
relative to its domestic peers.

According to Moody's, the bank's Baa1/Prime-2 local and foreign
currency deposit ratings are primarily driven by the expected
support from IBE controlling shareholder -- ING bank N.V- which
is rated by Moody's at Aa1/Prime-1/B.

According to Moody's, the bank's D FSR reflects its selective
customer approach in corporate banking targeted at providing
services to multinationals operating in Russia and top-notch
local corporates and a solid franchise in securities services
operations.  The bank's BFSR is also supported by its low credit
risk appetite (with the bulk of its lending business being
guaranteed by the parent bank), adequate capitalization, strong
risk management and tight control from the parent.  The key
factor constraining IBE's BFSR is the bank's modest franchise
and narrow client base, as the bank focuses on a small number of
key corporate customers.  The BFSR is also constrained by the
volatile nature of those bank's earnings which are derived from
inherently volatile operations on financial markets.  Moody's
also notes that significant amount of market risk taken by the
bank, as well as high single-name concentrations prevailing on
both sides of IBE's balance sheet make the bank's financial
performance potentially volatile and weigh negatively on the D
BFSR.

Moody's notes that at the current level the upside potential of
IBE ratings is limited by the bank's modest franchise, narrow
client base, absence of territorial coverage and volatile nature
of its earnings.  At the same time, the bank's ratings are not
likely to be negatively affected either, given the bank's strong
risk management function, excellent asset quality and solid
financial fundamentals, all of which make negative rating
developments unlikely.

IBE is headquartered in Moscow, Russia and as of Dec. 31, 2007,
reported total IFRS assets of US$3.4 billion and net IFRS income
of US$59 million.


KUZBASS-RAZREZ-UGOL-PERERABOTKA: Claims Filing Ends September 19
----------------------------------------------------------------
Creditors of LLC Kuzbass-Razrez-Ugol-Pererabotka (OGRN
1024202051170, TIN 4234007256) have until Sept. 19, 2008, to
submit proofs of claim to:

         V. Zimin
         Insolvency Manager
         Post User Box 886
         650000 Kemerovo
         Russia
         Tel: (3842) 44-07-73

The Arbitration Court of Kemerovo commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A27-771/2008-4.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         LLC Kuzbass-Razrez-Ugol-Pererabotka
         Naberezhnaya Str. 23
         Beregovaya
         Kemerovo
         Russia


LADA-GUARANTEE CJSC: Creditors Must File Claims by September 19
---------------------------------------------------------------
Creditors of CJSC Lada-Guarantee have until Sept. 19, 2008, to
submit proofs of claim to:

         I. Madzhuga
         Insolvency Manager
         Office 40
         Br.Korostylevykh 268
         Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A55-18362/2007.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Lada-Guarantee
         Yuzhnoe Shosse 115
         Tolyatti
         Russia


MAGNITOGORSKIY FACTORY: Names L. Zimina as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Chelyabinsk appointed L. Zimina as
Insolvency Manager for OJSC Magnitogorskiy Factory of Metal
Industry.  He can be reached at:

         L. Zimina
         Insolvency Manager
         Apt.33
         Pionerskaya Str. 7v
         454138 Chelyabinsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A76-8958/2004-52-19/48-420.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Magnitogorskiy Factory of Metal Industry
         Kharkovskaya Str. 5
         Magnitogorsk
         455005 Chelyabinsk
         Russia


MDM BANK: S&P Affirms BB/B/Stable Counterparty Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB' long-
term and 'B' short-term counterparty credit ratings on Russian
MDM Bank.  The outlook is stable.

"The ratings reflect MDM's funding vulnerability due to still
high single-name concentrations in customer deposits, its
material exposure to the construction and real estate sectors,
and its relatively volatile earnings track record," said S&P's
credit analyst Eugene Tarzimanov.

These negative factors are mitigated by MDM's sustained
commercial and financial performance, and consistent progress in
reducing single-name lending concentrations.  These positive
developments have been supported by the bank's strategic
repositioning and organizational enhancements, adequate risk
management, and governance practices, as well as by the
improving -- albeit still challenging -- macroeconomic
environment in Russia.

The ratings reflect the bank's stand-alone credit quality, and
do not include any uplift for extraordinary external support --
either from the owners or the government.

With assets of RUR305 billion (US$13 billion) and equity of
RUR39 billion (US$1.7 billion) as of March 31, 2008, MDM ranks
among Russia's top 15 banks by assets.  The bank represents only
about 1.4% of the system's assets, however, which are dominated
by state-owned banks, mainly Sberbank (not rated).

"We believe that MDM's current strategy and related optimization
and growth acceleration plan will progress smoothly without
setbacks, and improve the bank's customer franchise and
diversification of revenues, loans, and funding.  MDM Bank's
developed infrastructure positions it well to benefit from
positive economic trends in Russia," said Mr. Tarzimanov.

An upgrade would depend on the bank's successful execution of
its strategic objectives, a longer track record of good
financial performance, further reduction in funding
concentration, and the maintenance of adequate capitalization.

A negative rating action might occur if the bank's strategy
faltered, particularly regarding retail-banking development, or
if profitability, asset quality, or capitalization deteriorated
significantly.


PRINT HOUSE–YUG: Rostov Bankruptcy Hearing Set October 1
--------------------------------------------------------
The Arbitration Court of Rostov will convene at 10:15 a.m. on
Oct. 1 2008, to hear the bankruptcy supervision procedure on
OJSC Print House–Yug.  The case is docketed under Case No.
A53-8783/08-S1-30.

The Temporary Insolvency Manager is:

         E. Romanova
         Office 802
         Sotsialisticheskaya Str. 74
         344002 Rostov-na-Donu
         Russia

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         CJSC Print House–Yug
         Office 403
         Metallurgicheskaya Str. 102/2
         Rostov-na-Donu
         Russia


ROS-STROY CJSC: Court Names V. Guskov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Samara appointed V. Guskov as
Insolvency Manager for CJSC Ros-Stroy (TIN 6325011550).  He can
be reached at:

         V. Guskov
         Insolvency Manager
         Post User Box 41
         Syzran
         446001 Samara
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A55-6623/2008.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Ros-Stroy
         Kirova Str. 54
         Syzran
         Russia


TNK-BP INT'L: Downstream EVP Anthony Considine Steps Down
---------------------------------------------------------
Anthony Considine of TNK-BP has resigned.  Mr. Considine
tendered his resignation in a letter dated Aug. 25, 2008.  His
resignation will be effective from Sept. 15, 2008.

Mr. Considine is leaving TNK-BP after 5 years heading its
refining, trading and marketing businesses, to pursue other
opportunities.

TNK-BP Chief Operating Officer, Tim Summers, said: "We regret we
are losing Tony.  In his 5 years of leadership with TNK-BP, he
has set an outstanding example of cross cultural performance and
success.  His team has embodied what TNK-BP was set up to
achieve – a unique and powerful blend of Russian and
international expertise and talent which leads the industry.
Tony has led the transformation of our refining and marketing
business, including value chain optimization which has
translated directly into consistently excellent financial
results.  Our Downstream safety performance has improved
markedly during Tony's leadership.  He has also been a valued
member of senior management, and we thank Tony for his
outstanding contribution to the success of our company.  We all
wish him every success in future."

Mr. Considine has held the position of Executive Vice President
at TNK-BP since it commenced operations in late August 2003.
Immediately prior to this, he was a senior member of the TNK-BP
Integration team managing the process of designing and
structuring the new company which occurred between March and
August 2003.

He was a member of the TNK-BP Management Board, the Operations;
Policy and Compliance and HR Committees.  He is a Director of
Slavneft, and a member of their Board's Compensation Committee.

Prior to joining TNK-BP, he had previously enjoyed a successful
international career with BP, working in a wide variety of
senior commercial and management positions in a number of BP's
businesses, across a range of geographies.

The appointment of Mr. Considine's replacement will follow
TNK-BP's normal recruitment processes.

                       About TNK-BP

Headquartered Moscow, Russia, TNK-BP -- http://www.tnk-bp.ru/--
is a vertically integrated oil company with a diversified
upstream and downstream portfolio in Russia and Ukraine.  It
owns and operates five refineries (four in Russia and one in
Ukraine) and has a retail network of approximately 1,600 sites
spread across Central Russia and Ukraine, with a particularly
strong position in the Moscow market.

TNK-BP employs approximately 65,000 people, mostly located in
eight major areas of Russia and Ukraine.

The company was formed in 2003 as a result of the merger of BP's
Russian oil and gas assets and the oil and gas assets of Alfa,
Access/Renova group (AAR).  BP and AAR each own 50% of TNK-BP.

                          *     *     *

As reported in the TCR-Europe on Aug. 8, 2008, Standard & Poor's
Ratings Services lowered its long-term corporate credit and
senior unsecured debt ratings on TNK-BP International Ltd. to
'BB' from 'BB+', reflecting S&P's concerns over the group's
protracted shareholder dispute.

At the same time, S&P affirmed its 'B' short-term corporate
credit rating on the group.  The outlook is negative.


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


I.C.M.B. MANAGEMENT: Creditors' Proofs of Claim Due by Sept. 30
---------------------------------------------------------------
Creditors owed money by LLC I.C.M.B. MANAGEMENT are requested to
file their proofs of claim by Sept. 30, 2008, to:

         JSC B + S Universal Treuhand
         Bahnhofstrasse 4
         6102 Malters
         Switzerland

The company is currently undergoing liquidation in Manno.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 26, 2007.


OPTA LLC: Proofs of Claim Filing Deadline is October 20
-------------------------------------------------------
Creditors owed money by LLC Opta are requested to file their
proofs of claim by Oct. 20, 2008, to:

         Scheinhutte Hans-Jurgen
         Paulistrasse 84
         8834 Schindellegi
         Switzerland

The company is currently undergoing liquidation in Feusisberg.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 24, 2006.


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


ANADOLUBANK AS: Moody's Revises D BFSR Outlook to Positive
----------------------------------------------------------
Moody's Investors Service has changed the outlook of the 'D'
bank financial strength rating of Anadolubank Anonim Sirketi to
positive from stable.

Moody's has also changed the outlook of the bank's global local
currency deposit ratings of 'Ba1/NP' to positive from stable.
The bank's B1/Not-Prime foreign currency deposit ratings with
stable outlook, constrained by the corresponding sovereign
ceiling, are unaffected by this action.

The decision to change the outlook of the bank's BFSR and its
GLC deposit ratings takes into account Anadolubank's improved
financial metrics in recent years.  It also reflects the bank's
enhanced business franchise, leveraging its relatively strong
niche and expertise in the small and medium-sized enterprises
segment.  This is a quite lucrative market in Turkey offering
very good spreads to Anadolubank, which exhibits favorable
profitability indicators compared to its Turkish peers.

In addition, the bank has very good asset quality, with one of
the lowest non-performing loans ratio in the system, while its
comfortable capitalization ensures the growth momentum of its
loan book, which is expected to continue growing at round 30%
over the medium term, further enhancing its franchise.

Concurrently, the bank's efficiency is currently under strain as
the bank expands its branch network for wider geographical and
commercial coverage in Turkey, while its liquidity is good, as
the bank wishes to maintain a liquidity buffer in the relatively
volatile Turkish operating environment.  However, we also note
that deposit growth has not kept pace with loan growth, which
translates into a less favorable funding profile for the bank,
as it has some dependence on wholesale borrowings.

Any eventual upgrade of Anadolubank's BFSR and GLC deposit
ratings over the short to medium term will depend on the bank's
success in sustaining its good financial performance, while
maintaining its conservative risk and liquidity profile in the
currently challenging economic climate.

The rating action takes into account the possibility of
deterioration in the Turkish credit environment over coming
months, should weakening macroeconomic conditions in Europe
spread to Turkey -- a situation that could have asset quality
repercussions on Turkish banks including Anadolubank.

Anadolubank is headquartered in Istanbul, Turkey and at the end
of June 2008 had total assets of YTL3.5 billion (US$2.8
billion).


TC ZIRAAT: Moody's Lifts Bank Financial Strength Rating to D+
-------------------------------------------------------------
Moody's Investors Service has upgraded the bank financial
strength rating of T.C.  Ziraat Bankasi to D+ from D.  The
bank's Baa1/Prime-2 global local currency deposit rating and
B1/Not Prime foreign currency deposit ratings are unaffected by
this action.  All ratings now carry a stable outlook.

Moody's decision to upgrade the BFSR to D+, now mapping to a
baseline credit assessment of Ba1, reflects the ongoing
improvement in Ziraat's standalone financial strength.  Over the
past year, the bank has further enhanced its lending franchise
and has taken other incremental steps to broaden its product
range and improve internal processes.  Although it continues to
lag behind private sector peers in terms of product range and
service quality, it retains leadership in Turkish lira retail
deposits, where it enjoys a market share of about 25%, and
maintains the largest branch network in the country.

In upgrading Ziraat's BFSR, Moody's also recognizes that,
although investments in government securities still contribute a
very large proportion of overall earnings, the bank's lending
and deposit activities would by themselves be sufficient to
enable it to attain adequate profitability.

Moody's adds that the D+ BFSR reflects the bank's adequate
capitalization ratios and healthy liquidity and asset quality
metrics.  The rating agency's assessment of the bank's risk
positioning takes into account its adequate risk management
capabilities and moderate market risk appetite, but remains
constrained by the very high single-party exposure concentration
to the Turkish government.  Ziraat's portfolio of government
securities accounted for 57% of its unconsolidated total assets
as at June 2008.

Finally, the rating action takes into account the possibility of
a deterioration in the Turkish credit environment over coming
months should the weakening macroeconomic conditions in Europe
spread to Turkey.  Moody's considers that Ziraat's high current
profitability provides it with a strong provisioning capacity
that would protect the bank's solvency in all but very extreme
asset quality scenarios.

Ziraat's Baa1/Prime-2 global local currency deposit ratings
continue to benefit from external support expectations,
currently enjoying a three-notch uplift from the bank's Ba1
baseline credit assessment.  This is based on (i) Moody's view
that there is an extremely high likelihood of systemic support
from the Turkish government in case of need and (ii) the A3
local currency deposit ceiling for Turkey.

T.C. Ziraat Bankasi is headquartered in Ankara, Turkey, and had
total assets of YTL89.3 billion (US$73.2 billion) at the end of
June 2008.


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


AGRO-CONTRACT LLC: Proofs of Claim Deadline Set August 29
---------------------------------------------------------
Creditors of LLC Agro-Contract (code EDRPOU 32172007) have until
Aug. 29, 2008 to submit proofs of claim to:


         The Economic Court of Chernovcy
         O. Kobylianska Str. 14
         58000 Chernovcy
         Ukraine

The Debtor can be reached at:

         LLC Agro-Contract
         Lenkovtsy
         Kelmenetsky District
         Chernovcy
         Ukraine

The Economic Court of Chernovcy commenced bankruptcy proceedings
against the company after finding it insolvent on July 17, 2008.
The case is docketed as 12/242/B.


CHERKASSY AGRICULTURAL: Creditors Must File Claims by August 29
-------------------------------------------------------------
Creditors of Agricultural LLC Cherkassy (code EDRPOU 05529685)
have until Aug. 29, 2008 to submit proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent on May 22, 2008.
The case is docketed as 14/1730.

The Debtor can be reached at:

         Agricultural LLC Cherkassy
         Panayev Str. 53
         18000 Cherkassy
         Ukraine


CHERNIGOV TRANSPORT: Creditors Must File Claims by Aug. 29
----------------------------------------------------------
Creditors of OJSC Chernigov Transport Part (code EDRPOU
00232822) have until Aug. 29, 2008 to submit proofs of claim to:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Economic Court of Chernigov has commenced bankruptcy
supervision procedure on the company.  The case is docketed as
4/270b.

The Debtor can be reached at:

         OJSC Chernigov Transport Part
         Mir Avenue 312
         14007 Chernigov
         Ukraine


CONCORD-SOUTH LLC: Creditors Must File Claims by August 29
----------------------------------------------------------
Creditors of LLC Concord-South (code EDRPOU 33564683) have until
Aug. 29, 2008 to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
July 17, 2008.  The case is docketed as B 26/148-08.

The Debtor can be reached at:

         LLC Concord-South
         Kachalov Str. 1
         49000 Dnipropetrovsk
         Ukraine


DNIEPRREPAIRBUILDINGSERVICE: Creditors' Claims Due by Aug. 29
-------------------------------------------------------------
Creditors of State Enterprise of Ministry of Defense of Ukraine
Dnieprrepairbuildingservice (code EDRPOU 22996170) have until
Aug. 29, 2008 to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company on May 26, 2008.  The case
is docketed as B 26/118-08.

The Debtor can be reached at:

         State Enterprise of Ministry of Defense of Ukraine
         Dnieprrepairbuildingservice
         Trud Avenue 2
         49000 Dnipropetrovsk
         Ukraine


DONETSK START: Creditors Must File Claims by August 29
------------------------------------------------------
Creditors of Donetsk State Plant Start (code EDRPOU 05287615)
have until Aug. 29, 2008 to submit proofs of claim to:

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Economic Court of Donetsk has commenced bankruptcy
supervision procedure on the company.  The case is docketed as
27/112B.

The Debtor can be reached at:

         Donetsk State Plant Start
         Novosennaya Str. 78
         83018 Donetsk
         Ukraine


INDUSTRIAL TRADE: Proofs of Claim Deadline Set August 29
--------------------------------------------------------
Creditors of LLC Industrial Trade Metal (code EDRPOU 32910786)
have until Aug. 29, 2008 to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 23, 2008.
The case is docketed as 43/553.

The Debtor can be reached at:

         LLC Industrial Trade Metal
         Saksagansky Str. 41
         01033 Kiev
         Ukraine


KHARKOV AIRLINES: Creditors Must File Claims by August 29
---------------------------------------------------------
Creditors of OJSC Kharkov Airlines (code EDRPOU 25469838) have
until Aug. 29, 2008 to submit proofs of claims to:

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

The Debtor can be reached at:

         OJSC Kharkov Airlines
         Airport
         61031 Kharkov
         Ukraine


KOROVINTSY SUGAR: Creditors Must File Claims by Augus 29
-------------------------------------------------------------
Creditors of OJSC Korovintsy Sugar Plant (code EDRPOU 00372397)
have until Aug. 29, 2008 to submit proofs of claim to:

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

The Economic Court of Zhytomir has commenced bankruptcy
supervision procedure on the company.  The case is docketed as
3/103-b.

The Debtor can be reached at:

         OJSC Korovintsy Sugar Plant
         Pioneer Lane 2
         Chudnov District
         Korovintsy
         13240 Zhytomir
         Ukraine


LIPOVAYA DOLINA: Creditors Must File Claims by August 29
--------------------------------------------------------
Creditors of OJSC Lipovaya Dolina Agricultural Chemistry (code
EDRPOU 05490718) have until Aug. 29, 2008 to submit proofs of
claim to:

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

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent on July 10, 2008.
The case is docketed as 6/90-08.

The Debtor can be reached at:

         OJSC Lipovaya Dolina Agricultural Chemistry
         42500 Sumy Ukraine
         Lipovaya Dolina
         Sinevsky shliakh Str. 2



MACHINE-TECHNOLOGICAL STATION: Claims Deadline Set August 29
------------------------------------------------------------
Creditors of OJSC Cherniakhoval Agricultural Industrial Technics
Subsidiary Company Machine-Technological Station (code EDRPOU
30776585) have until Aug. 29, 2008 to submit proofs of claim to:

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

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent on May 27, 2008.
The case is docketed as 3/64-b.

The Debtor can be reached at:

         OJSC Cherniakhoval Agricultural Industrial Technics
         Subsidiary Company Machine-Technological Station
         Industrial Str. 33
         Cherniakhov
         12301 Zhytomir
         Ukraine


MARKTRADING LLC: Proofs of Claim Deadline Set August 29
-------------------------------------------------------
Creditors of LLC Company Marktrading (code EDRPOU 33634630) have
until Aug. 29, 2008 to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 23, 2008.
The case is docketed as 43/554.

The Debtor can be reached at:

         LLC Company Marktrading
         Volkhovskaya Str. 4
         02092 Kiev
         Ukraine


OSNASTKA-ENERGY: Creditors Must File Claims by August 29
--------------------------------------------------------
Creditors of CJSC Osnastka-Energy (code EDRPOU 23252052) have
until Aug. 29, 2008 to submit proofs of claim to:

         The Economic Court of Volin
         Volia Avenue 54-a
         43010 Lutsk
         Volin
         Ukraine

The Economic Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent on July 10, 2008.
The case is docketed as 7/70-B.

The Debtor can be reached at:

         CJSC Osnastka-Energy
         Lutsk Str. 25
         Novovolinsk
         Volin
         Ukraine


SELMIS LLC: Proofs of Claim Deadline Set August 29
--------------------------------------------------
Creditors of LLC Firm Selmis (code EDRPOU 19490585) have until
Aug. 29, 2008 to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 18, 2008.
The case is docketed as 43/263.

The Debtor can be reached at:

         LLC Firm Selmis
         Chernobyl Str. 21
         03179 Kiev
         Ukraine


TRIUMPH LLC: Creditors Must File Claims by August 29
----------------------------------------------------
Creditors of LLC Triumph (code EDRPOU 31993861)have until
Aug. 29, 2008 to submit proofs of claim to:

         The Economic Court of Kirovograd
         Lunacharski Str. 29
         25006 Kirovograd
         Ukraine

The Economic Court of Kiev commenced bankruptcy supervision
procedure on the company on March 11, 2008.  The case is
docketed as 11/32.

The Debtor can be reached at:

         LLC Triumph
         Sadovaya Str. 1a
         Shyrokaya Balka
         Dolinsky District
         28500 Kirovograd
         Ukraine


UNIVERSALSERVICE K: Proofs of Claim Deadline Set August 29
----------------------------------------------------------
Creditors of LLC Universalservice K (code EDRPOU 31356258) have
until Aug. 29, 2008 to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 21, 2008.
The case is docketed as 50/78.

The Debtor can be reached at:

         LLC Universalservice K
         Melnikov Str. 12
         04050 Kiev
         Ukraine


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


HIPSTAR LTD: Goes Into Administration
-------------------------------------
The Board of Directors of Network Data Holdings plc has decided
to draw a line under the losses incurred by its operating
subsidiary Hipstar Ltd.

Since Aug. 1 last year, Hipstar has been a provider of Home
Information Packs to estate agents and solicitors operating in
the residential property market in England & Wales.  The market
in 2007 saw a slow and staggered start to the HIPs legislation,
while 2008 has witnessed property sales being the lowest in 40
years, up to 50% down on the 2007 levels.  There is no sign of
any medium-term improvement in the housing market and some
industry commentators are predicting at least another 12 months
of depressed property sales.

The Directors have concluded there is no realistic prospect of
recovering the investment that has been put into Hipstar since
its incorporation in 2005, and accordingly the company has been
placed into administration.

Hipstar losses have already been written off in the Group's
accounts.  Full details will be provided with first half results
to June 30 due to be published on Sept. 26.  There will be no
further impact on Group accounts.

The other Group companies Network Data Ltd., the largest network
of mortgage intermediaries in U.K., and Network Surveyors Ltd.,
a panel management service for property valuations, are not
affected by the closure of Hipstar.


LEVEL ONE: Brings in Joint Administrators from Kroll
----------------------------------------------------
Alastair Paul Beveridge, Anne Clare O'Keefe and Simon Jonathan
Appell of Kroll were appointed joint administrators of Level One
Commercial (Jersey) Ltd. (Company Number 97423) on Aug. 18,
2008.

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

The company can be reached at:

         Level One Commercial (Jersey) Ltd.
         Channel House
         7 Esplanade
         St. Helier
         Jersey
         JE4 5UW
         Channel Islands


NETFOLD LTD: Brings in Joint Administrators from Ernst & Young
--------------------------------------------------------------
Joint Administrators from Ernst & Young LLP were appointed by
the directors of Netfold Limited on Aug. 22, 2008.

Netfold, trading as Amtrak, specializes in national and
international parcel freight.  The business is headquartered in
Aldridge, West Midlands, and operates two distribution hubs in
Aldridge and Warrington together with 36 distribution depots
across the U.K., employing over 900 people.

One of the Joint Administrators from Ernst & Young commented,
"Amtrak has found trading in the current economic climate
challenging.  It is a business led by consumer demand and as
consumer spending power has weakened Amtrak's business has
suffered.

"We are currently assessing the financial situation of the
business, and as a result the collection and delivery of goods
may be disrupted."


ROADCHEF FINANCE: S&P Puts Class D Notes' BB Rating on WatchNeg.
----------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with negative implications its ratings on the class A2 and B
notes issued by Roadchef Finance Ltd. following a weak
performance in the third quarter of financial year 2008.

At the same time, S&P has placed on CreditWatch positive the
rating on the class A1 notes due to the expected imminent
repayment of the outstanding obligation of GBP6.1 million at the
next interest payment date in October 2008.

The CreditWatch negative placements follow Roadchef's
weaker-than-expected results in the quarter that ended on July
5, 2008.  The ratings on all the classes of notes were assigned
a negative outlook on Nov. 21, 2007.  Since then, S&P failed to
see material improvement in profitability and the business
performance has further deteriorated.

The past few quarters have witnessed adverse trading conditions.
High fuel prices and lower consumer confidence levels
unfavorably affected discretionary travel and retail spend. The
ensuing financial performance remains weak.

The current debt-service coverage ratio, calculated as EBITDA
over debt service (EBITDA DSCR), is 1.20x excluding the equity
injection, versus the 1.25x covenant level.  An equity injection
of GBP1.5 million was made on Feb. 20, 2008 to remedy the
covenant breach. Without the one-off marketing gain of GBP1.2
million, the EBITDA DSCR would be only 1.16x.  S&P envisions a
breach if the parent company decides not to extend its financial
commitment to the business.

At the present EBIDTA levels, S&P does not expect the resultant
free cash flow to be able to cover total debt service, with the
class B notes being at the greatest risk.  S&P highlighted
Roadchef's weak cash generation in its last transaction update
and at the time the negative outlook was assigned.

Further adding to its concern, S&P notes that the company has
historically drawn on its GBP4.5 million ancillary facility to
fund its capital expenditure and working capital movements.  For
this to be permissible, the EBITDA DSCR must be at least 1.35x,
meaning that investment in the business may be hindered until
the company can improve its performance.

The class A2 and B notes are vulnerable to a downgrade.  It is
plausible that a class B note downgrade could be greater than
one notch.  Any rating action on the class A1 notes would
reflect the time to maturity and structural enhancements,
including subordination.  A rating action on the class A2 notes
would be linked to changes in S&P's view regarding the long-term
performance of the business, while a rating action on the class
B notes would be driven by potential short-term cash shortfalls.

S&P expects to resolve the CreditWatch placements in due course
following a meeting with the management and updated model runs
on the transaction.


Roadchef Finance Ltd.:

  -- GBP210 Million Secured Notes

Rating Placed On CreditWatch Positive:

Class          To                         From
-------------------------------------------------------
A1             BBB+/Watch Positive        BBB+/Negative

Ratings Placed On CreditWatch Negative:

Class          To                         From
------------------------------------------------------
A2             BBB/Watch Negative         BBB/Negative
B              BB/Watch Negative          BB/Negative


SIMPSONS RECRUITING: Calls in Joint Administrators from Vantis
--------------------------------------------------------------
Glyn Mummery and Paul Atkinson of Vantis Business Recovery
Services were appointed joint administrators of Simpsons
Recruiting Services Ltd. (Company Number 06418057) on Aug. 15,
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:

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


SPECIAL OPPORTUNITY: Taps Joint Administrators from Kroll
---------------------------------------------------------
Alastair Paul Beveridge, Anne Clare O'Keefe and Simon Jonathan
Appell of Kroll were appointed joint administrators of Special
Opportunity Holdings Ltd. (Company Number 92668) on Aug. 18,
2008.

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

The company can be reached at:

         Special Opportunity Holdings Ltd.
         12 Castle Street
         St. Helier
         Jersey
         JE2 3RT
         Channel Islands


TI AUTOMOTIVE: Moody's Affirms B3 Corp. Family Rating
-----------------------------------------------------
Moody's Investors Service has affirmed the B3 Corporate Family
Rating of TI Automotive Ltd.  The rating outlook was changed
from stable to negative.

Rainer Neidnig, lead analyst at Moody's for TI Automotive, said:
"The rating affirmation owes primarily to TI Automotive's
overall resilient performance in a weak automotive market and
reflects the substantial restructuring efforts management has
undertaken so far in order to improve profitability.  The change
in the outlook to negative reflects primarily the challenge to
cope with an increasingly difficult market environment in the
context of a highly leveraged financial profile."

The rating takes comfort that TI is on track to recover
profitability after 3 years of deteriorating margins with the
trough seen in 2006.  Key drivers of this development have been
substantial restructuring efforts over the past two years
including plant closures and the movement of manufacturing to
best cost facilities.  Moreover, TI has been increasing business
with faster growing Japanese and Korean OEMs and is reducing its
- though still material - exposure to struggling American OEMs.
In this context, Moody's notes that while TI's business is
clearly impacted by declining demand in the North American
market, this could be offset by other regions.

In addition, TI so far has managed the challenge of rising raw
material costs and could enhance the previously depressed
operating efficiency in its Fuel Systems division which accounts
for app. 44% of group revenues.  As a result, TI's Operating
Profit Margin was stabilized in 2007 at 3.3%, after a previous
decline from 6% in 2004, and is expected to start to recover in
2008.

At the same time the B3 rating considers various risks and
challenges.  In particular, financial leverage is still at high
levels and Free Cash Flow is expected to remain negative in
2008, though by a modest amount, and to turn positive only in
2009.  Moreover, TI remains strongly exposed to the overall
development of the car industry which faces significant
headwinds, in particular in the US, and Moody's notes that the
aggressive measures to adjust the company's costs and operations
to lower volumes and changing consumer preferences may not be
sufficient to turn around the negative operating performance in
that area.  Furthermore, Moody's believes that volatile raw
material prices and pricing pressure from OEM customers will
continue to be a challenge in future.  In this context Moody's
notes that TI's lending arrangements contain conditionality
language in the form of financial covenants which had been
tailored to a business plan that leaves only limited room for
material shortfalls in earnings or cash flow generation.

Moody's notes that the negative outlook could be stabilized if
TI managed to withstand the weak operating environment by
sustaining production volumes and cash flow generation, turn
around its currently loss making North American business and
reach positive Free Cash Flow in 2009.  Any evidence that the
headwinds have a more negative impact than currently
contemplated might on the other hand generate additional
negative rating pressure.

Based on Moody's Loss Given Default Methodology (LGD) TI's debt
instruments are rated as follows:

Downgrades:

   Issuer: TI Automotive Limited

   -- Senior Secured Bank Credit Facility, Downgraded to LGD5,
      87% from LGD5, 86%

Upgrades:

  Issuer: TI Automotive Limited

   -- Senior Secured Bank Credit Facility, Upgraded to a
      range of 50 - LGD4 to 08 - LGD1 from a range of 52
      - LGD4 to 09 - LGD1

Outlook Actions:

   Issuer: TI Automotive Limited

   -- Outlook, Changed To Negative From Stable

Headquartered in Oxford, England and Warren, Michigan, TI
Automotive is a leading "Tier 1" automotive supplier delivering
fuel systems, brake and fuel fluid carrying systems and
components for air conditioning, power steering and oil cooling
systems.  In 2007, TI Auto reported consolidated sales of
GBP1.4 billion.


* S&P Reports UK RMBS Total Delinquency Index Rises in 2Q 2008
--------------------------------------------------------------
The total delinquency index for U.K. nonconforming residential
mortgage-backed securities (RMBS) increased to the record level
of 23.31% in second quarter 2008, according to a report
published by Standard & Poor's Ratings Services.

"The rise in delinquencies is being driven by affordability
pressure, especially for those borrowers whose loans are
resetting to higher floating interest rates.  In the past, they
would have had a wide range of refinancing options, but the
sharp contraction in credit availability means refinancing is
more difficult, and some borrowers are now struggling,"
explained credit analyst Kate Livesey.

The collateral performance of the transactions in S&P's U.K.
nonconforming RMBS index worsened in second quarter, and the
rating agency lowered the ratings on tranches in 11 U.K.
nonconforming RMBS transactions since its first quarter index
report was published.  Ratings in eight transactions are on
CreditWatch negative.

Losses continue to increase, putting strain on some
transactions.  For transactions that closed in 2007, higher
losses are appearing arlier in the lives of some transactions.

Ms. Livesey added: "Early losses are likely to be more stressful
than losses later in the life of a transaction, where, in
general, the pool's weighted-average margin would have risen and
there would typically be more excess spread available".

S&P's prepayment index continued falling to 23.98% in second
quarter from 24.75% in the first quarter.  The 2006 and 2007
vintages are displaying much lower-than-average prepayment rates
during the first 12-18 months, given the changing economics of
refinancing.

Ms. Livesey concluded: "With no sign of credit conditions easing
and house prices continuing to fall, we expect delinquencies to
continue rising and losses to increase over the coming quarters,
which in turn will place some of the transactions in our index
under further pressure."


* S&P Says UK Prime RMBS Total Delinquency Index Up to 2.94%
------------------------------------------------------------
Delinquencies in prime U.K. mortgages continued to increase in
second quarter 2008, according to Standard & Poor's Ratings
Services' latest index report for U.K. prime RMBS.  Total
delinquencies rose to 2.94%, up from 2.33% the previous quarter,
and 90+-day delinquencies hit 1.00%, up from 0.92%.  These are
the highest values seen in S&P's index, exceeding the previous
peak in 2006.

The number of repossessions also increased across most
transactions, noticeably in Northern Rock's Granite trust.

"Despite the fact that almost all transactions saw some increase
in delinquencies, the U.K. prime RMBS transactions that we rate
have performed well to date, with no reserve fund draws, no note
defaults, and no lowering of the ratings in any of the
transactions used to calculate our indices," explained credit
analyst Kate Livesey.

The payment rate index has remained in the low 30% range
throughout second quarter, reflecting reduced refinancing
activity and fewer product switches.

New issuance in the U.K. prime RMBS sector was high in second
quarter, with a total of GBP48 billion notes rated.  The
majority of this issuance was retained by originators.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                     *      *      *

                   Featured Conferences

Renaissance American Management and Beard Conferences presents

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

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

                    *      *      *

Beard Audio Conferences presents

Bankruptcy and Restructuring Audio Conference CDs

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

                          *      *      *

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


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *