TCREUR_Public/080829.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

            Friday, August 29, 2008, Vol. 9, No. 172

                            Headlines

A U S T R I A

BPC LLC: Claims Registration Period Ends September 15
F.M. HAMMERLE: Claims Registration Period Ends September 15
GUTERMANN & PARTNER: Claims Registration Period Ends Sept. 15
KLEIBEL ANGELSPORT: Claims Registration Period Ends September 30
TOP-LINK LLC: Claims Registration Period Ends September 19


F R A N C E

CHESAPEAKE CORP: SCSF Equities, et al., Sell Outstanding Shares
DELPHI CORP: Appaloosa Wants Fraud Claims Dismissed


C Z E C H   R E P U B L I C

CADENCE INNOVATION: Files For Chapter 11 Reorganization


G E R M A N Y

B + N GETRANKE: Claims Registration Period Ends September 5
BG BIOGAS: Claims Registration Period Ends September 5
BIOGAS STRAELEN: Claims Registration Period Ends September 5
CF SHEER: Operations to Continue Despite Insolvency Proceedings
DEUTSCHE METALL: Claims Registration Period Ends September 5

GRUPO COMPUTERSYSTEME: Claims Registration Period Ends Sept. 5
H. UND P. BAU: Claims Registration Period Ends September 5
LEYCON GMBH: Claims Registration Period Ends September 6
MCENERGY GMBH: Claims Registration Period Ends September 25
MI-BAU GMBH: Claims Registration Period Ends September 5

OSTERMEIER-TEXTILVERTRIEBS: Claims Registration Ends September 5
PABO TEC: Claims Registration Period Ends September 5
ROTT & PARTNER: Claims Registration Period Ends September 5
RUNWAY VERLAG: Claims Registration Period Ends September 5
SCHMUCK GMBH: Claims Registration Period Ends September 5

TOPSMILE GMBH: Claims Registration Period Ends September 5
TRUCKPORT 24: Claims Registration Period Ends September 5
WERBE-UND VERLAGSGESELLSCHAFT: Claims Registration Ends Sept. 5


I R E L A N D

BCM IRELAND: S&P Lifts Second Lien Term Loan D Rating to B+
CAIRN HIGH: S&P Drops Ratings on Class B and C Notes to BB-/CCC+
CAMBER 4: S&P Puts CCC- Rating on Class C Notes on WatchNegative


K A Z A K H S T A N

TRANSMERIDIAN EXPLORATION: Exchange Offer Deadline Moved to Sept.


K Y R G Y Z S T A N

TAMSNI LLC: Creditors Must File Claims by September 19


N E T H E R L A N D S

X5 RETAIL: Resolves Karusel Acquisition Issues with ex-Owners


R U S S I A

ROSINKA CJSC: Court Names O. Lugovenko as Insolvency Manager
ROZHDESTVENSKOE LLC: Voronezh Bankruptcy Hearing Set October 15
SAMARSKAYA FOOD: Court Starts Bankruptcy Supervision Procedure
SERVICE-CENTRE LLC: Creditors Must File Claims by September 19
VELIZH-FLAX OJSC: Creditors Must File Claims by September 19

VOLGATELECOM OJSC: Pay Dividends for Preferred Shares
X5 RETAIL: Resolves Karusel Acquisition Issues with ex-Owners


S W I T Z E R L A N D

IMMOBILIENGESELLSCHAFT SQUARE: Creditors' Claims Due by Sept. 23
KADE LLC: Oct. 1 Set as Deadline to File Proofs of Claim
MARCOPOLO JSC: Creditors Must File Proofs of Claim by Sept. 24
NBPL JSC: Deadline to File Proofs of Claim Set Sept. 24
PHOENIX VERWALTUNG: Proofs of Claim Filing Deadline is Sept. 23


U K R A I N E

CHEMICAL TECHNICAL: Creditors Must File Claims by August 30
DRUZHBA LLC: Creditors Must File Claims by September 3
GRANIT OJSC: Proofs of Claim Deadline Set August 30
IMEKS-UKRAINE: Proofs of Claim Deadline Set August 30
KOLIR LLC: Proofs of Claim Deadline Set September 3

LIGLASSREPAIR LLC: Creditors Must File Claims by September 3
LISICHANSK TRADING: Creditors Must File Claims by September 3
MIRNOYE CJSC: Creditors Must File Claims by August 30
MIROLIT LLC: Proofs of Claim Deadline Set August 30
OLENEVKA FACTORY-FARM: Creditors Must File Claims by Aug. 31

PIRAMIDA DTM: Creditors Must File Claims by August 31
POLEMIN CJSC: Creditors Must File Claims by Aug. 31
SOL-VIST LLC: Proofs of Claim Deadline Set August 30
STAKHANOVSKOYE LLC: Proofs of Claim Deadline Set August 31
TNM-PROJECT LLC: Proofs of Claim Deadline Set August 31

UKRAINIAN PETROLEUM: Creditors Must File Claims by Aug. 31
VOSTOK LLC: Creditors Must File Claims by Sept. 30, 2008
ZADESENNIA LLC: Creditors Must File Claims by August 31
ZERNOVIK LLC: Creditors Must File Claims by August 30


U N I T E D   K I N G D O M

A.J. BASIT: Taps Joint Administrators from BDO Stoy Hayward
BABS INTERNATIONAL: Joint Liquidators Take Over Operations
BROADFIELD HOTEL: Goes Into Liquidation
DAVID PELL: Appoints Joint Administrators from Ernst & Young
DEVON PROPERTY: Taps Joint Administrators from Grant Thornton

ELITE PURCHASING: Brings in Liquidators from Tenon Recovery
HEARTLANDS EXTRUSION: Calls In Administrators from BDO Stoy
HUNNY BEEZ: Colin Nicholls Leads Liquidation Procedure
J.J.C. LOGISTICS: Brings in Joint Administrators from Kroll
LANGBURN LTD: Claims Filing Period Ends September 12

M & D ELECTRICAL: Calls in Liquidators from Mazars
NORTHERN ROCK: Unveils Changes in Directorate Positions
SOUTHERN PACIFIC 04-1: S&P Puts Class B Notes Rtng on WatchPos.
SOUTHERN PACIFIC 04-2: S&P Puts Class E Notes Rtng on WatchPos.
SOUTHERN PACIFIC 05-1: S&P Puts Class E Notes Rating on WatchPos.

SOUTHERN PACIFIC 05-2: S&P Puts Class E1c Notes Rtng on WatchPos.
SOUTHERN PACIFIC 05-B: S&P Puts Class E Notes Rating on WatchPos.
SWAN PLANT: Appoints Joint Administrators from Tenon Recovery
US ENERGY: Files Joint Chapter 11 Reorganization Plan

* Research Shows Europe Might be Heading for Recession, S&P Says
* S&P Says European Auto ABS Index Report Stable in Two Quarters

* BOOK REVIEW: Working Together


                         *********

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


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

         Patrick Piccolruaz
         Bahnhofstrasse 8
         6700 Bludenz
         Austria
         Tel: 05552/62286-0
         Fax: 05552/62286-18
         E-mail: rae@piccol.vol.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:40 a.m. on Sept. 25, 2008, for the
examination of claims at:

         The Land Court of Feldkirch
         Meeting Room 45
         First Floor
         Feldkirch
         Austria

Headquartered in Raggal, Austria, the Debtor declared bankruptcy
on Aug. 5, 2008, (Bankr. Case No. 14 S 28/08t).


F.M. HAMMERLE: Claims Registration Period Ends September 15
-----------------------------------------------------------
Creditors owed money by LLC F.M. Hammerle Textilwerke & Co Kg have
until Sept. 15, 2008, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Wilhelm Klagian
         Marktstrasse 4
         6850 Dornbirn
         Austria
         Tel: 05572/51800
         Fax: 05572/51800-8
         E-mail: kanzlei@skbl.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Sept. 25, 2008, for the
examination of claims at:

         The Land Court of Feldkirch
         Room 45
         First Floor
         Feldkirch
         Austria

Headquartered in Dornbirn, Austria, the Debtor declared bankruptcy
on July 31, 2008, (Bankr. Case No. 14 S 30/08m).


GUTERMANN & PARTNER: Claims Registration Period Ends Sept. 15
-------------------------------------------------------------
Creditors owed money by KEG Gutermann & Partner have until
Sept. 15, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Ulla Reisch
         Goeglstrasse 11b
         3500 Krems an der Donau
         Austria
         Tel: 02732/484600
         Fax: 02732/484610
         E-mail: office.krems@ulsr.at

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

         The Land Court of Krems an der Donau
         Hall A
         Second Floor
         Krems an der Donau
         Austria

Headquartered in Stratzing, Austria, the Debtor declared
bankruptcy on July 31, 2008, (Bankr. Case No. 9 S 44/08f).


KLEIBEL ANGELSPORT: Claims Registration Period Ends September 30
----------------------------------------------------------------
Creditors owed money by LLC Kleibel Angelsport have until
Sept. 30, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Ernst Lehenbauer
         Hauptplatz 21
         4470 Enns
         Austria
         Tel: 07223/810 10
         Fax: DW 20
         E-mail: ra.lehenbauer@globalat.net

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:15 p.m. on Oct. 14, 2008, for the
examination of claims at:

         The Land Court of Steyr
         Hall 7
         Second Floor
         Steyr
         Austria

Headquartered in Garsten, Austria, the Debtor declared bankruptcy
on July 29, 2008, (Bankr. Case No. 14 S 41/08i).


TOP-LINK LLC: Claims Registration Period Ends September 19
----------------------------------------------------------
Creditors owed money by LLC Top-Link have until Sept. 19, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Thomas Wanek
         Hochstrasse 31
         2380 Perchtoldsdorf
         Austria
         Tel: 01/86 93 888
         Fax: 01/869 16 6033
         E-mail: anwalt@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Oct. 2, 2008, for the
examination of claims at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Brunn am Gebirge, Austria, the Debtor declared
bankruptcy on July 31, 2008, (Bankr. Case No. 10 S 81/08b).


===========
F R A N C E
===========


CHESAPEAKE CORP: SCSF Equities, et al., Sell Outstanding Shares
---------------------------------------------------------------
SCSF Equities, LLC, Sun Capital Securities Offshore Fund, Ltd.,
Sun Capital Securities Fund, LP, Sun Capital Securities Advisors,
LP, Sun Capital Securities, LLC, Marc J. Leder, and Rodger R.
Krouse, sold all 1,198,879 shares of Chesapeake Corp.'s common
stock at an average price per share of US$0.83 on Aug. 1, 2008.

As of Aug. 1, 2008, the companies do not beneficially own, or have
power to vote or dispose of, any shares of Chesapeake Corp. common
stock.

A sale on July 31, 2008 of 40,394 shares of Chesapeake Corp.
common stock at an average price per share of US$1.80, decreasing
the total number of shares of common stock owned by SCSF Equities
at al. to 1,198,879 shares of common stock.

On Aug. 1, 2008, the ceased to be the beneficial owner of more
than 5.0% of Chesapeake Corp.'s outstanding Common Stock.

Headquartered in Richmond, Virginia, Chesapeake Corporation
(NYSE: CSK) -- http://www.cskcorp.com/-- is a supplier of
specialty paperboard packaging products in Europe and an
international supplier of plastic packaging products to niche
end-use markets.  Chesapeake has 47 locations in France,
Ireland, United Kingdom, North America, China, HongKong, among
others and employs approximately 5,500 people.

                        *     *     *

As disclosed in the Troubled Company Reporter on Aug. 11, 2008,
Moody's Investors Service downgraded Chesapeake Corporation's
Corporate Family Rating to Caa2 from B2 and its Probability of
Default Rating to Caa2 from B3.  Concurrently, Moody's downgraded
the company's senior unsecured revenue bonds to Caa3 from B3 and
senior subordinated notes to Caa3 from Caa1.  All credit ratings
remain on review for possible downgrade.

Standard & Poor's Ratings Services lowered its ratings on
Chesapeake Corp.  The corporate credit rating was lowered to
'CCC+' from 'B'.  The ratings remain on CreditWatch, where they
were placed on July 2, 2008, with negative implications.


DELPHI CORP: Appaloosa Wants Fraud Claims Dismissed
---------------------------------------------------
BankruptcyLaw 360 reports that Appaloosa Management LP has asked a
court to throw out claims and strike allegations brought by Delphi
Corp. in relation to a US$2.55 billion planned investment that
didn't push through.

As reported by the Troubled Company Reporter on Aug. 15, 2008,
the Hon. Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York issued a ruling granting in part and
denying in part, each of the motions of Appaloosa, Harbinger Del-
Auto Investment Company Ltd., Merrill Lynch, Pierce, Fenner &
Smith Incorporated, Goldman Sachs & Co. and UBS Securities LLC for
the dismissal of the complaints filed against them by the Debtors,
pursuant to Rules 9(b), 12(b)(6) and (12)(f) of the Federal Rules
of Civil Procedure, as incorporated by Rules 7009 and 7012(b) of
the Federal Rules of Bankruptcy Procedure.

As disclosed in the TCR on Aug. 7, 2008, Delphi accused Appaloosa
and other investors of defrauding the Court by stating that they
had every intention of performing under the Equity Purchase and
Commitment Agreement.  Appaloosa, however, argued that Delphi
cannot seek specific performance because it is currently unable to
perform under the conditions-precedent of the EPCA, including
obtaining commitment to its US$6,100,000,000 debt financing and
the completion of the rights offering.

Delphi's exit from Chapter 11 has been derailed as a result.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.


===========================
C Z E C H   R E P U B L I C
===========================


CADENCE INNOVATION: Files For Chapter 11 Reorganization
-------------------------------------------------------
Cadence Innovation has filed voluntary petitions for
reorganization in a Delaware Federal Bankruptcy Court under
Chapter 11 of the U.S. Bankruptcy Code.

During the process, Cadence Innovation expects to maintain current
staffing levels at its plants and support facilities and will fund
ongoing operations from debtor-in-possession financing that is
being used to supplement its working capital.

This is a planned and voluntary Chapter 11 filing and as such the
company does not expect any disruption to the flow of product to
our customer base.

Jerry Mosingo, President and Chief Executive Officer of Cadence
Innovation, said, "The cause and effect in this situation is
obvious and the cause is a clear set of external factors --
collapsing revenue and material costs increasing at double digit
rates.  The Cadence team has managed the internal issues
exceptionally, and in most cases, we were prepared in advance of
the next OEM plant shutdown or price increase from our supply
base.  We find the need to file for bankruptcy protection as a
dreadful development, particularly given the commendable efforts
of our workforce and the many sacrifices the Cadence Innovation
team has made.  The reality is that this groundswell of external
factors and environmental change exceeds the flexibility of our
business model."

Cadence has been actively engaged in an effort to divest both its
North American and European based operations and these activities
will continue as the company moves through Chapter 11.  While the
bankruptcy filing process under Chapter 11 has a defined path and
finite timeline, the divestiture process is not as predictable.
As a result, the company cannot comment on the likely, or
potential, end-state of the company.

The US-based operations consist of six active manufacturing plants
plus various support facilities, all located in Michigan and
Indiana.  All of the company's European operations are excluded
from this restructuring.

The faltering economy and the increased cost of fuel have severely
impacted the US automotive industry.  The declining OEM production
volumes and significant changes in vehicle segment mix in the US
have reduced Cadence Innovation's revenues during a period of
rapidly increasing materials costs.  This combination of sky-
rocketing material costs and quickly deteriorating revenue
precipitated the filing for protection.

                    About Cadence Innovation

Cadence Innovation -- http://www.cadenceinnovation.com/-- is a
US$746 million automotive supplier offering design, engineering,
manufacturing, and assembly/sequencing solutions for interior and
exterior components, systems and modules in four areas '
instrument panels, interior trim, consoles and cockpits, painted
exteriors, doors/door modules and cargo management systems.

The company has approximately 4,200 employees and operates 17
facilities in the United States and the Czech Republic.  The
company supplies its products and services to automotive
manufacturers around the world.


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


B + N GETRANKE: Claims Registration Period Ends September 5
-----------------------------------------------------------
Creditors of  B + N Getranke Gross- und Einzelhandel Bauer GmbH
have until Sept. 5, 2008, to register their claims with court-
appointed insolvency manager Hans-Gerd Jauch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 1, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 1240
         12th 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:

         Hans-Gerd Jauch
         Sachsenring 81
         50677 Cologne
         Germany
         Tel: 0221/33660130
         Fax: +492213366085

The District Court of Cologne opened bankruptcy proceedings
against  B + N Getranke Gross- und Einzelhandel Bauer GmbH on Aug.
4, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         B + N Getranke Gross- und Einzelhandel Bauer GmbH
         Attn: Adolf Robens, Manager
         Luxemburger Str. 263-267
         50354 Huerth
         Germany


BG BIOGAS: Claims Registration Period Ends September 5
------------------------------------------------------
Creditors of BG Biogas Straelen GmbH & Co.KG have until Sept. 5,
2008, to register their claims with court-appointed insolvency
manager Wilhelm Klaas.

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

The meeting of creditors will be held at:

         The District Court of Kleve
         Room D 178
         Kleve
         Germany

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

The insolvency manager can be reached at:

         Wilhelm Klaas
         Eichendorffstrasse 25
         47800 Krefeld
         Germany
         Tel: 0215180580
         Fax: 02151805858

The District Court of Kleve opened bankruptcy proceedings against
BG Biogas Straelen GmbH & Co.KG on Aug. 7, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         BG Biogas Straelen GmbH & Co.KG
         Tenhaeffstrasse 40-42
         47638 Straelen
         Germany

         Attn: Bernhard Wesseler, Manager
         Karl-Benz-Strasse 17
         48691 Vreden
         Germany


BIOGAS STRAELEN: Claims Registration Period Ends September 5
------------------------------------------------------------
Creditors of Biogas Straelen GmbH have until Sept. 5, 2008, to
register their claims with court-appointed insolvency manager
Wilhelm Klaas.

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

The meeting of creditors will be held at:

         The District Court of Kleve
         Room D 178
         Kleve
         Germany

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

The insolvency manager can be reached at:

         Wilhelm Klaas
         Eichendorffstrasse 25
         47800 Krefeld
         Germany
         Tel: 0215180580
         Fax: 02151805858

The District Court of Kleve opened bankruptcy proceedings against
Biogas Straelen GmbH on Aug. 7, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Biogas Straelen GmbH
         Attn: Bernhard Wesseler, Manager
         Karl-Benz-Strasse 17
         48691 Vreden
         Germany


CF SHEER: Operations to Continue Despite Insolvency Proceedings
---------------------------------------------------------------
CF Scheer & CIE Gmbh + Co. will continue to operate despite
insolvency, saying company officials had made initial contacts
with potential investors, Bill Bregar of prw.com reports.

According to the report, the company's activities will focus on
pelletizing equipment for plastics during its reorganization.  It
will also split off its woodworking machinery division.

Citing Roland Hohn, the report relates CF Scheer decided to file
for commencement of insolvency proceedings on July 29 because of
"bottlenecks" in financing some major customer orders.  Hendrik
Hefermehl has been appointed preliminary trustee for the
insolvency case.

Mr. Hohn added CF Scheer's joint venture Scheer Bay and its
Shanghai unit are not affected by the insolvency, the report
notes.

Headquartered in Stuttgart, CF Scheer & CIE Gmbh & Co. --
http://www.cf-scheer.de/-- manufactures pelletizing systems for
thermoplastics; machinery for wood based panels, plastic boards,
laminating materials, light metals; and devices for Thermal
Engineering.


DEUTSCHE METALL: Claims Registration Period Ends September 5
------------------------------------------------------------
Creditors of DMB Deutsche Metall- Blechdruck GmbH have until Sept.
5, 2008, to register their claims with court-appointed insolvency
manager Volker BOEHM.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 9, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         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:

        Volker BOEHM
        Rothenburger Str. 241
        90439 Nuremberg
        Germany

The District Court of Nuremberg opened bankruptcy proceedings
against DMB Deutsche Metall- Blechdruck GmbH on Aug. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         DMB Deutsche Metall- Blechdruck GmbH
         Attn: Friedrich Hoepfner, Manager
         Burgbernheimer Str. 12-14
         90431 Nuremberg
         Germany


GRUPO COMPUTERSYSTEME: Claims Registration Period Ends Sept. 5
--------------------------------------------------------------
Creditors of GruPo Computersysteme GmbH & Co. KG have until
Sept. 5, 2008, to register their claims with court-appointed
insolvency manager Holger Zbick.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Muenster
         Meeting Hall 101 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Holger Zbick
         Marktplatz 2/4
         48712 Gescher
         Germany
         Tel: 02542/9178-0
         Fax: +492542917829

The District Court of Muenster opened bankruptcy proceedings
against GruPo Computersysteme GmbH & Co. KG on July 30, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         GruPo Computersysteme GmbH & Co. KG
         Vredener Strasse 173-189
         48703 Stadtlohn
         Germany

         Attn: Martina Wiegand, Manager
         Glatzer Strasse 12
         48703 Stadtlohn
         Germany


H. UND P. BAU: Claims Registration Period Ends September 5
----------------------------------------------------------
Creditors of H. und P. Bau Nuessgens GmbH have until Sept. 5,
2008, to register their claims with court-appointed insolvency
manager Heinrich C. Friedhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on Sept. 29, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Hall D 1.409
         First Floor
         Adalbertsteinweg 92
         52070 Aachen
         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:

         Heinrich C. Friedhoff
         Viktoriastrasse 73-75
         52066 Aachen
         Germany
         Tel: 0241/9491932
         Fax: 0241/9491919

The District Court of Aachen opened bankruptcy proceedings against
H. und P. Bau Nuessgens GmbH on Aug. 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         H. und P. Bau Nuessgens GmbH
         Attn: Peter Nuessgens, Manager
         Carl-Zeiss-Str. 7
         52477 Alsdorf
         Germany


LEYCON GMBH: Claims Registration Period Ends September 6
--------------------------------------------------------
Creditors of LEYCON GmbH have until Sept. 6, 2008, to register
their claims with court-appointed insolvency manager Dirk
Obermueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on Oct. 6, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 1240
         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:

         Dirk Obermueller
         Godesberger Allee 125 - 127
         53175 Bonn
         Germany

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

The Debtor can be reached at:

         LEYCON GmbH
         Attn: Bjorn Klinger, Manager
         Monteverdistr. 5
         34131 Kassel
         Germany


MCENERGY GMBH: Claims Registration Period Ends September 25
-----------------------------------------------------------
Creditors of McEnergy GmbH have until Sept. 25, 2008, to register
their claims with court-appointed insolvency manager Dr. Paul
Fink.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Duesseldorf
         Meeting Hall A 409
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         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. Paul Fink
         Koenigsallee 33
         40212 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against McEnergy GmbH on Aug. 14, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         McEnergy GmbH
         Kastanienhof 37
         40225 Duesseldorf
         Germany


MI-BAU GMBH: Claims Registration Period Ends September 5
--------------------------------------------------------
Creditors of MI-Bau GmbH have until Sept. 5, 2008, to register
their claims with court-appointed insolvency manager Jan H.
Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Sept. 24, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Flensburg
         Hall A 220
         Flensburg
         Germany

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

The insolvency manager can be reached at:

         Jan H. Wilhelm
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany

The District Court of Flensburg opened bankruptcy proceedings
against MI-Bau GmbH on Aug. 8, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         MI-Bau GmbH
         Attn: Michael Alexander Franke, Manager
         Zillestrasse 67
         10585 Berlin
         Germany


OSTERMEIER-TEXTILVERTRIEBS: Claims Registration Ends September 5
----------------------------------------------------------------
Creditors of Ostermeier-Textilvertriebs GmbH have until Sept. 5,
2008, to register their claims with court-appointed insolvency
manager Dr. Hubert Ampferl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on 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:

         The District Court of Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         Germany

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

The insolvency manager can be reached at:

         Dr. Hubert Ampferl
         Stahlstrasse 17
         90411 Nuremberg
         Germany

The District Court of Nuremberg opened bankruptcy proceedings
against Ostermeier-Textilvertriebs GmbH on Aug. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Ostermeier-Textilvertriebs GmbH
         Attn: Ilse Ostermeier und Martina Pichler, Managers
         Bucher Strasse 10
         90408 Nuremberg
         Germany


PABO TEC: Claims Registration Period Ends September 5
-----------------------------------------------------
Creditors of PaBo Tec GmbH have until Sept. 5, 2008, to register
their claims with court-appointed insolvency manager Peter Scholl.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on Oct. 7, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         Germany

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

The insolvency manager can be reached at:

         Peter Scholl
         Grosse Allee 1a
         07407 Rudolstadt
         Germany

The District Court of Gera opened bankruptcy proceedings against
PaBo Tec GmbH on July 30, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         PaBo Tec GmbH
         Am Rosenweg 3
         07751 Jena
         Germany


ROTT & PARTNER: Claims Registration Period Ends September 5
-----------------------------------------------------------
Creditors of Rott & Partner Bautrager GmbH & Co. Verwaltungs KG
have until Sept. 5, 2008, to register their claims with court-
appointed insolvency manager Dr. Klaus Reischl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 13, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Passau
         Meeting Hall 214
         Second Floor
         Schustergasse 4
         Passau
         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. Klaus Reischl
         Residenzplatz 10
         94032 Passau
         Germany
         Tel: 0851/756811-0
         Fax: 0851/756811-20

The District Court of Passau opened bankruptcy proceedings against
Rott & Partner Bautrager GmbH & Co. Verwaltungs KG on July 28,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Rott & Partner Bautrager GmbH & Co. Verwaltungs KG
         Habersdorf 1
         94107 Untergriesbach
         Germany


RUNWAY VERLAG: Claims Registration Period Ends September 5
----------------------------------------------------------
Creditors of Runway Verlag GmbH have until Sept. 5, 2008, to
register their claims with court-appointed insolvency manager Ralf
Hildebrandt.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Oct. 7, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Koblenz
         Hall 111
         Main Court
         Karmeliterstrasse 14
         56068 Koblenz
         Germany

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

The insolvency manager can be reached at:

         Ralf Hildebrandt
         Bahnhofstrasse 2a
         56068 Koblenz
         Germany
         Tel: 0261/914-9726
         Fax: 0261/914-9727
         E-mail: info@bl-law.de
         Website: www.bl-law.de

The District Court of Koblenz opened bankruptcy proceedings
against Runway Verlag GmbH on Aug. 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Runway Verlag GmbH
         Dr.-Otto-Strasse 50
         56170 Bendorf
         Germany


SCHMUCK GMBH: Claims Registration Period Ends September 5
---------------------------------------------------------
Creditors of Schmuck GmbH have until Sept. 5, 2008, to register
their claims with court-appointed insolvency manager Dirk
Obermueller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on Oct. 17, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Betzdorf
         Hall 109
         Friedrichstrasse 17
         57518 Betzdorf
         Germany

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

The insolvency manager can be reached at:

         Dirk Obermueller
         Godesberger Allee 125-127
         D 53175 Bonn
         Germany
         Tel: 0228/81000-56
         Fax: 0228/81000-820

The District Court of Betzdorf opened bankruptcy proceedings
against Schmuck GmbH on Aug. 1, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Schmuck GmbH
         Attn: Karin Schmuck-Roettgen, Manager
         Koettinger Weg 27-31
         57537 Wissen
         Germany


TOPSMILE GMBH: Claims Registration Period Ends September 5
----------------------------------------------------------
Creditors of TopSmile GmbH have until Sept. 5, 2008, to register
their claims with court-appointed insolvency manager Dr. Lason
Gutsche.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on Oct. 7, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt/Main
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt/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:

         Dr. Lason Gutsche
         Cronstettenstrasse 30
         60322 Frankfurt am Main
         Tel: 069/959110-0
         Fax: 069/959110-12

The District Court of Frankfurt/Main opened bankruptcy proceedings
against TopSmile GmbH on July 28, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         TopSmile GmbH
         Hugo-Eckner-Ring 28
         60549 Frankfurt am Main
         Germany

         Attn: Oliver Stephan Eckrich, Manger
         Forsthausweg 16
         63263 Neu-Isenburg
         Germany


TRUCKPORT 24: Claims Registration Period Ends September 5
---------------------------------------------------------
Creditors of TRUCKPORT 24 Verwaltungs GmbH have until
Sept. 5, 2008, to register their claims with court-appointed
insolvency manager Dr. Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 26, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Paderborn
         Meeting Hall 218
         Bogen 2-4
         33098 Paderborn
         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. Frank Kebekus
         Busdorfwall 22
         33098 Paderborn
         Germany
         Tel: 05251-180660
         Fax: 1806666

The District Court of Paderborn opened bankruptcy proceedings
against TRUCKPORT 24 Verwaltungs GmbH on July 21, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         TRUCKPORT 24 Verwaltungs GmbH
         Am Sauerbach 7
         34396 Liebenau
         Germany

         Attn: Uwe Heumann, Manger
         Desenbergerstrasse 125
         34414 Warburg
         Germany


WERBE-UND VERLAGSGESELLSCHAFT: Claims Registration Ends Sept. 5
---------------------------------------------------------------
Creditors of Werbe-und Verlagsgesellschaft mbH have until
Sept. 5, 2008, to register their claims with court-appointed
insolvency manager Gerhard Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Stralsund
         Hall AE 26
         House A
         Bielkenhagen 9
         Stralsund
         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:

         Gerhard Brinkmann
         Freiligrathstr. 1
         18055 Rostock
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against Werbe-und Verlagsgesellschaft mbH on Aug. 4, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Werbe-und Verlagsgesellschaft mbH
         Attn: Michael Abel, Manager
         Carl-Heydemann-Ring 55
         18437 Stralsund
         Germany


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


BCM IRELAND: S&P Lifts Second Lien Term Loan D Rating to B+
-----------------------------------------------------------
Standard & Poor's Ratings Services has raised its loan ratings
on telecommunication provider BCM Ireland Holdings Ltd.'s
(BCMIH) (B+/Stable/--) second-lien Term Loan D debt to
'B+' from 'B-', in line with the corporate credit rating.  S&P
revised the recovery rating to '4' from '6', indicating its
expectation of average (30%-50%) recovery in the event of a
payment default.

S&P also assigned a recovery rating of '6' to the EUR425 million
floating-rate subordinated payment-in-kind (PIK) notes issued by
BCM Ireland Preferred Equity Ltd., a subsidiary of BCMIH.  The
issue rating on this debt is 'B-', two notches lower than the
'B+' corporate credit rating on BCMIH.  The recovery rating of
'6' indicates S&P's expectation of negligible (0%-10%) recovery
in the event of a payment default.

The issue-level and recovery ratings on BCMIH's senior secured
debt remain unchanged.  The issue-level rating on the company's
senior secured debt remains at 'BB', two notches higher than the
corporate credit rating.  The recovery rating remains at '1',
indicating S&P's expectation of very high (90%-100%) recovery in
the event of a payment default.

The issue-level and recovery ratings on BCM Ireland Finance
Ltd.'s EUR350 million subordinated debt also remains unchanged
at 'B-', two notches lower than the corporate credit rating on
the group.  The recovery rating remains at '6', indicating S&P's
expectation of negligible (0%-10%) recovery in the event of a
payment default.

"The improved recovery rating for the second-lien facility
reflect the assumed lower outstanding senior facilities at
default due to additional annual amortization of the Term Loan
A, principally as a result of us postponing default by one year
in our model," said S&P's recovery analyst Carlo Castelli.  "The
level of coverage of this EUR350 million instrument could,
however, be sensitive to material prepayment of the
contractually senior credit facilities and valuation
assumptions."

"We have valued the business as a going concern because, given
BCMIH's satisfactory business risk profile and leading market
position, we believe that a default would most likely result
from excessive leverage," said Mr. Castelli.


CAIRN HIGH: S&P Drops Ratings on Class B and C Notes to BB-/CCC+
----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered and placed on
CreditWatch with negative implications its credit ratings on the
class B and C notes issued by Cairn High Grade ABS CDO I PLC, a
European collateralized debt obligation (CDO) of asset-backed
securities (ABS) transaction.  At the same time, S&P placed the
class A1, A2, and E notes on CreditWatch negative.

The rating actions reflect further deterioration in the credit
quality of the underlying portfolios due to their exposure to
U.S. CDOs of ABS and residential mortgage-backed securities
(RMBS).  The negative credit migration has led to an increase in
the scenario default rates that may not be supported by current
credit enhancement.

S&P will closely monitor the transaction's performance and will
resolve the outstanding CreditWatch placements in due course.

Cairn High Grade ABS CDO I PLC:

  -- US$1 Billion Floating-Rate Notes

Ratings Lowered And Placed On CreditWatch Negative:

Class     Rating To           Rating From
-----     ---------           -----------
B         BB-/Watch Neg           BBB-
C         CCC+/Watch Neg          BB-

Ratings Placed On CreditWatch Negative:


Class     Rating To           Rating From
-----     ---------           -----------
A1        AA-/Watch Neg           AA-
A2        BBB+/Watch Neg          BBB+
E         CCC-p/Watch Neg         CCC-p


CAMBER 4: S&P Puts CCC- Rating on Class C Notes on WatchNegative
----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered and placed on
CreditWatch with negative implications its credit ratings on the
class A1-A, A1-B, A2, A3, and B notes issued by CAMBER 4 PLC, a
European collateralized debt obligation (CDO) of asset-backed
securities (ABS) transaction.  At the same time, S&P has placed
the class C notes on CreditWatch negative.

The rating actions reflect further deterioration in the credit
quality of the underlying portfolios due to their exposure to
U.S. CDOs of ABS and residential mortgage-backed securities
(RMBS).  The negative credit migration has led to an increase in
the scenario default rates that may not be supported by current
credit enhancement.

S&P will closely monitor the transaction's performance and will
resolve the outstanding CreditWatch placements in due course.

CAMBER 4 PLC:

  -- US$1.004 Billion Asset-Backed Floating-Rate Notes

Ratings Lowered And Placed On CreditWatch Negative:

Class       Rating To           Rating From
-----       ---------           -----------
A1-A        AA-/Watch Neg           AA+
A1-B        AA-/Watch Neg           AA+
A2          BBB-/Watch Neg          AA
A3          BB/Watch Neg            BBB-
B           BB-/Watch Neg           BB

Rating Placed On CreditWatch Negative

Class       Rating To           Rating From
-----       ---------           -----------
C           CCC-/Watch Neg          CCC-


===================
K A Z A K H S T A N
===================


TRANSMERIDIAN EXPLORATION: Exchange Offer Deadline Moved to Sept.
-----------------------------------------------------------------
Transmeridian Exploration Incorporated and its wholly owned
subsidiary Transmeridian Exploration Inc. have extended the
consent payment deadline and expiration time with respect to their
exchange offer and concurrent solicitation of consents to amend
the indenture governing TMEI's 12% Senior Secured Notes due 2010
and related security documents.

The consent payment deadline, which was 5:00 p.m., New York City
time, on Aug. 15, 2008, was extended to 5:00 p.m., New York City
time, on Aug. 22, 2008.  The expiration time for the exchange
offer, which was 12:00 midnight, New York City time, on Aug. 21,
2008, will be extended to 12:00 midnight, New York City time, on
Sept. 8, 2008, unless further extended.

All other material terms of the consent solicitation and the
related exchange offer remain unchanged.  Holders who have already
properly tendered their Existing Notes and delivered their
consents do not need to retender or deliver new consents.
Consents may only be revoked in the manner described in the
Offering Memorandum and Consent Solicitation Statement, dated
July 23, 2008.

Transmeridian and TMEI also announced that as of 5:00 p.m. EDT,
Aug. 15, 2008, holders of an aggregate US$34,917,000 principal
amount of the Existing Notes have tendered their Existing Notes
and delivered their consents to the proposed amendments to the
indenture governing the Existing Notes.

                 About Transmeridian Exploration

Based in Houston, Transmeridian Exploration Inc. (AMEX: TMY) --
http://www.tmei.com/-- is an independent energy company
established to acquire and develop oil reserves in the Caspian Sea
region of the former Soviet Union.  The company's primary oil and
gas property is the South Alibek Field in the Republic of
Kazakhstan covered by License 1557 and the related exploration and
production contracts with the government of Kazakhstan.

Transmeridian Exploration's consolidated balance sheet at
March 31, 2008, showed US$402.2 million in total assets,
US$341.2 million in total liabilities, and US$92.5 million in
redeemable convertible preferred stock, resulting in a
US$31.5 million total stockholders' deficit.

                       Going Concern Doubt

UHY LLP in Houston raised substantial doubt on Transmeridian's
ability to continue as a going concern after auditing the
company's consolidated financial statements for the years ended
Dec. 31, 2007, and 2006.  The auditing firm pointed to the
company's negative working capital, stockholders' deficit, and
operating losses since its inception.

The company had a net working capital deficit of approximately
US$56.2 million and a stockholders' deficit of approximately
US$31.5 million at March 31, 2008.  Approximately 89.0% of the
company's accounts payable at March 31, 2008, have been
outstanding more than 120 days.


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


TAMSNI LLC: Creditors Must File Claims by September 19
------------------------------------------------------
LLC Manufacturing Commercial Firm Tamsni has declared  insolvency.
Creditors have until Sept. 19, 2008, to submit written proofs of
claim to:

         LLC Tamsni
         Ibraimov Str. 37/49
         Bishkek
         Kyrgyzstan


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


X5 RETAIL: Resolves Karusel Acquisition Issues with ex-Owners
-------------------------------------------------------------
X5 Retail Group N.V. has reached an agreement with the former
shareholders of Formata B.V., owner of the Karusel hypermarket
chain, to resolve the outstanding post-completion issues on the
recent acquisition.

On June 27, 2008, X5 announced that it had completed the
acquisition of the entire issued share capital of Formata pursuant
to the exercise of a Call Option Agreement dated April 11, 2006.

The Company also announced that there were certain outstanding
issues with the Former Shareholders, including real
estate development contracts between Formata and the affiliates of
Donson B.V. (which is associated with the Former Shareholders) and
significant prepayments made under these
contracts.

Since completion of the Share Purchase Agreement, X5 has been in
constructive discussions with the Former Shareholders how best to
resolve these issues.  The agreement now reached is that it is in
the best interest of all the Company's shareholders to unwind the
Donson Contracts and to refund all of the prepayments made under
this contracts -- in the amount of approximately RUR3.9 billion
(an equivalent of approximately US$160 million) -– to Formata.

After the termination, the parties will have no outstanding
obligations under these contracts.  Additionally, the Former
Shareholders will pay to X5 approximately US$40 million
representing their compliance with post-completion obligations
under the Call Option Agreement.

On Aug. 22, 2008, the Russian Federal Financial Markets Service
has annulled previously registered issue of corporate ruble bonds
by Hyperfinance LLC, a subsidiary of Donson, which initially was
supposed to be guaranteed by Formata and its subsidiaries.

Thus, any obligations of Formata or its subsidiaries with respect
to Hyperfinance bonds have been effectively terminated.

Lev Khasis, the CEO of X5 Retail Group said: "This agreement in
fact represents successful completion of two landmark M&A
transactions in Russian retail -– merger between Perekrestok and
Pyaterochka and acquisition of Karusel by X5, which resulted in
creation of a full-scale multi-format Russian retailer and an
unrivalled leader in the sector."

Andrei Rogachev, one of the former owners of Formata and existing
shareholder in X5 Retail Group added: "We are happy that all the
outstanding issues between X5's shareholders have now been
resolved.  Remaining the largest minority shareholders in X5, we
expect to benefit from the Company's enlarged scale and strong
exposure to hypermarkets."

                          About X5 Retail

Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V.
(LSE: FIVE) -- http://www.x5.ru/en/-- acts as a holding firm
for the group of companies that operate retail grocery stores.
The main activity of the company is the development and
operation of grocery retail stores.  The company operated
Pyaterochka and Perekrestok retail chains in Russia, including
Moscow, St. Petersburg, Nizhniy Novgorod, Krasnodar, Kazan,
Samara, Ekaterinburg and Kiev, Ukraine.

                         *       *      *

As appeared on the Troubled Company Reporter Europe on Aug 26,
2008, Moody's Investors Service affirmed the B1 corporate family
rating for X5 Retail Group N.V., but changed the rating outlook
to stable from positive.  At the same time, Moody's Interfax
Rating Agency, which is majority owned by Moody's, has affirmed
the company's A1.ru national scale rating.  The change in
outlook was mainly prompted Moody's view that the company's
rapid growth strategy and respective large investments will
postpone its de-leveraging and attainment of sustainable
improved credit metrics in line with a Ba3 category on the
developing markets.

X5 Retail and its subsidiaries also carries a 'BB-' long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is stable.


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


ROSINKA CJSC: Court Names O. Lugovenko as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Stavropol appointed O. Lugovenko as
Insolvency Manager for CJSC Factory Rosinka (TIN 4825004518).  He
can be reached at:

         O. Lugovenko
         Insolvency Manager
         Post User Box 2924
         355029 Stavropol
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A63-4548/08-S5-29.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         CJSC Factory Rosinka
         Kulakova Str. 39
         Stavropol
         Russia


ROZHDESTVENSKOE LLC: Voronezh Bankruptcy Hearing Set October 15
---------------------------------------------------------------
The Arbitration Court of Voronezh will convene at 10:30 a.m. on
Oct. 15, 2008, to hear the bankruptcy supervision procedure on
LLC Rozhdestvenskoe.  The case is docketed under Case No.
A14-4499/2008/30/16b.

The Temporary Insolvency Manager is:

         V. Dyachkov
         Post User Box 34
         Ostrogozhsk
         397855 Voronezh
         Russia

The Court is located at:

         The Arbitration Court of Voronezh
         Hall 609
         Srednemoskovskaya Str. 77
         397855 Voronezh
         Russia

The Debtor can be reached at:

         LLC Rozhdestvenskoe
         Devitsa
         Ostrogozhsk
         Voronezh
         Russia


SAMARSKAYA FOOD: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Samara commenced bankruptcy supervision
procedure on LLC Samarskaya Food Company. The case is docketed
under Case No. A55-7972/2008.

The Temporary Insolvency Manager is:

         I.Madzhuga
         Br.Korostelevykh Str. 268, 40
         Samara
         Russia
The Court is located at:

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

The Debtor can be reached at:

         LLC Samarskaya Food Company
         Korsunskiy Per. 10/G
         Samara
         Russia


SERVICE-CENTRE LLC: Creditors Must File Claims by September 19
--------------------------------------------------------------
Creditors of LLC Service-Centre (TIN 4101002996) have until Sept.
19, 2008, to submit proofs of claim to:

         E. Khramenok
         Insolvency Manager
         Severo-Vostochnoe Shosse Str. 33
         Petropavlovsk-Kamchatskiy
         Russia

The Arbitration Court of Kamchatka commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A24-6550/2007.


VELIZH-FLAX OJSC: Creditors Must File Claims by September 19
------------------------------------------------------------
Creditors of OJSC Velizh-Flax (TIN 6701000472, OGRN
1026700648611) have until Sept. 19, 2008, to submit proofs of
claim to:

         A. Ikhlov
         Insolvency Manager
         Room 50
         Dzerzhinskogo Str. 5
         214000 Smolensk
         Russia

The Arbitration Court of Smolensk commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A-62-5116/2007.

The Court is located at:

         The Arbitration Court of Smolensk
         Pr. Gagarina 46
         214001 Smolensk
         Russia

The Debtor can be reached at:

         OJSC Velizh-Flax
         Ivanovskaya Str. 25
         Velizh
         216290 Smolensk
         Russia


VOLGATELECOM OJSC: Pay Dividends for Preferred Shares
-----------------------------------------------------
OJSC VolgaTelecom has completed the payment of dividends on its
preferred shares.

Total amount of dividends paid on preferred shares accounted for
RUR308,438,670,000.  The size of dividends accrued on one
preferred share is RUR4,0534.  The dividends were paid in cash.

The resolution of the size of dividends and the time period of
their payment was passed by annual general meeting of OJSC
VolgaTelecom's shareholders on June 24, 2008.

The size of dividends accrued on preferred shares amounted to
RUR332 310,767 thousand.  Non-performance of obligations to pay
dividends in full is related to the non-appearance of shareholders
in the issuer's office for receiving dividends by cash, and also
to incorrect or incomplete information on the requisites of the
bank accounts of shareholders and their mailing addresses.

                       About VolgaTelecom

Headquartered in Nizhny Novgorod, Russia, OJSC VolgaTelecom
-- http://www.vt.ru/-- provides wide range of telephony,
cellular, Internet and data transmission, TV and radio
broadcasting services in 11 regions of the Volga Federal
district.  The Company's shares are traded at RTS and MICEX. I-
level American Depositary Receipts program is effective since
1997; the ADRs are traded at Frankfurt, Berlin Stock Exchanges
and USA OTC market.

                         *     *     *

OJSC Volgatelecom currently carries Fitch Ratings' Long-term
Issuer Default rating of 'BB-', National Long-term rating of
'A+(rus)' and Short-term IDR of 'B'.  The Outlooks for the Long-
term IDR and National Long-term rating are Stable.

The company also carries Standard & Poor's Ratings Services'
'BB-' long-term corporate credit and 'ruAA-' Russia national
scale ratings on Russian regional telecoms operator VolgaTelecom
OJSC.  The outlook is stable.


X5 RETAIL: Resolves Karusel Acquisition Issues with ex-Owners
-------------------------------------------------------------
X5 Retail Group N.V. has reached an agreement with the former
shareholders of Formata B.V., owner of the Karusel hypermarket
chain, to resolve the outstanding post-completion issues on the
recent acquisition.

On June 27, 2008, X5 announced that it had completed the
acquisition of the entire issued share capital of Formata pursuant
to the exercise of a Call Option Agreement dated April 11, 2006.

The Company also announced that there were certain outstanding
issues with the Former Shareholders, including real
estate development contracts between Formata and the affiliates of
Donson B.V. (which is associated with the Former Shareholders) and
significant prepayments made under these
contracts.

Since completion of the Share Purchase Agreement, X5 has been in
constructive discussions with the Former Shareholders how best to
resolve these issues.  The agreement now reached is that it is in
the best interest of all the Company's shareholders to unwind the
Donson Contracts and to refund all of the prepayments made under
this contracts -- in the amount of approximately RUR3.9 billion
(an equivalent of approximately US$160 million) -– to Formata.

After the termination, the parties will have no outstanding
obligations under these contracts.  Additionally, the Former
Shareholders will pay to X5 approximately US$40 million
representing their compliance with post-completion obligations
under the Call Option Agreement.

On Aug. 22, 2008, the Russian Federal Financial Markets Service
has annulled previously registered issue of corporate ruble bonds
by Hyperfinance LLC, a subsidiary of Donson, which initially was
supposed to be guaranteed by Formata and its subsidiaries.

Thus, any obligations of Formata or its subsidiaries with respect
to Hyperfinance bonds have been effectively terminated.

Lev Khasis, the CEO of X5 Retail Group said: "This agreement in
fact represents successful completion of two landmark M&A
transactions in Russian retail -– merger between Perekrestok and
Pyaterochka and acquisition of Karusel by X5, which resulted in
creation of a full-scale multi-format Russian retailer and an
unrivalled leader in the sector."

Andrei Rogachev, one of the former owners of Formata and existing
shareholder in X5 Retail Group added: "We are happy that all the
outstanding issues between X5's shareholders have now been
resolved.  Remaining the largest minority shareholders in X5, we
expect to benefit from the Company's enlarged scale and strong
exposure to hypermarkets."

                          About X5 Retail

Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V.
(LSE: FIVE) -- http://www.x5.ru/en/-- acts as a holding firm
for the group of companies that operate retail grocery stores.
The main activity of the company is the development and
operation of grocery retail stores.  The company operated
Pyaterochka and Perekrestok retail chains in Russia, including
Moscow, St. Petersburg, Nizhniy Novgorod, Krasnodar, Kazan,
Samara, Ekaterinburg and Kiev, Ukraine.

                         *       *      *

As appeared on the Troubled Company Reporter Europe on Aug 26,
2008, Moody's Investors Service affirmed the B1 corporate family
rating for X5 Retail Group N.V., but changed the rating outlook
to stable from positive.  At the same time, Moody's Interfax
Rating Agency, which is majority owned by Moody's, has affirmed
the company's A1.ru national scale rating.  The change in
outlook was mainly prompted Moody's view that the company's
rapid growth strategy and respective large investments will
postpone its de-leveraging and attainment of sustainable
improved credit metrics in line with a Ba3 category on the
developing markets.

X5 Retail and its subsidiaries also carries a 'BB-' long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is stable.


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


IMMOBILIENGESELLSCHAFT SQUARE: Creditors' Claims Due by Sept. 23
----------------------------------------------------------------
Creditors owed money by JSC Immobiliengesellschaft Square Marterey
B are requested to file their proofs of claim by
Sept. 23, 2008, to:

         JSC UBS Fund Management (Switzerland)
         Brunngasslein 12
         4002 Basel
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 27, 2008.


KADE LLC: Oct. 1 Set as Deadline to File Proofs of Claim
--------------------------------------------------------
Creditors owed money by LLC Kade are requested to file their
proofs of claim by Oct. 1, 2008, to:

         Hans Martin Hadorn
         Oberlandstrasse 5
         Mail Box 133
         3700 Spiez
         Switzerland

The company is currently undergoing liquidation in Spiez.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 13, 2008.


MARCOPOLO JSC: Creditors Must File Proofs of Claim by Sept. 24
--------------------------------------------------------------
Creditors owed money by JSC Marcopolo are requested to file their
proofs of claim by Sept. 24, 2008, to:

         JSC Zumstein Treuhand & Revisions
         S. Sutter
         8066 Zurich
         Switzerland

The company is currently undergoing liquidation in Schwende.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 26, 2008.


NBPL JSC: Deadline to File Proofs of Claim Set Sept. 24
-------------------------------------------------------
Creditors owed money by JSC NBPL are requested to file their
proofs of claim by Sept. 24, 2008, to:

         Dr. Lukas Engelberger
         Grenzacherstrasse 122
         4058 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 27, 2008.


PHOENIX VERWALTUNG: Proofs of Claim Filing Deadline is Sept. 23
---------------------------------------------------------------
Creditors owed money by JSC Phoenix Verwaltung are requested to
file their proofs of claim by Sept. 23, 2008, to:

         JSC UBS Fund Management (Switzerland)
         Brunngasslein 12
         4002 Basel
         Switzerland

The company is currently undergoing liquidation in Schlieren.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 27, 2008.


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


CHEMICAL TECHNICAL: Creditors Must File Claims by August 30
-----------------------------------------------------------
Creditors of LLC Chemical Technical Set (code EDRPOU 31645414)
have until Aug. 30, 2008, to submit proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on July 17, 2008.
The case is docketed as B-19/96-08.

The Debtor can be reached at:

         LLC Chemical Technical Set
         Seprevaya Str. 4
         Kharkov
         Ukraine


DRUZHBA LLC: Creditors Must File Claims by September 3
-----------------------------------------------------
Creditors of Agricultural LLC Druzhba (code EDRPOU 03792616)
Agricultural LLC Zadesennia (code EDRPOU 04369593) have until
Sept. 3, 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.  The case is
docketed as 08/4150.

The Debtor can be reached at:

         Agricultural LLC Druzhba
         Teterevka
         Zhashkovsky District
         19214 Cherkassy
         Ukraine


GRANIT OJSC: Proofs of Claim Deadline Set August 30
---------------------------------------------------
Creditors of OJSC Granit (code EDRPOU 31603573) have until
Aug. 30, 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 June 20, 2008.
The case is docketed as 7/66-b.

The Debtor can be reached at:

         OJSC Granit
         Industrial Str. 33
         Cherniakhov
         12301 Zhytomir
         Ukraine


IMEKS-UKRAINE: Proofs of Claim Deadline Set August 30
-----------------------------------------------------
Creditors of LLC Imeks-Ukraine (code EDRPOU 33601803) have until
Aug. 30, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 16, 2008.
The case is docketed as 24/185-b.

The Debtor can be reached at:

         LLC Imeks-Ukraine
         Pobeda Avenue 136
         03115 Kiev
         Ukraine


KOLIR LLC: Proofs of Claim Deadline Set September 3
---------------------------------------------------
Creditors of LLC Ukrainian-Italian Joint Enterprise LLC Kolir
(code EDRPOU 19258631) have until Sept. 3, 2008, to submit proofs
of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 15/121-b.

The Debtor can be reached at:

         LLC Ukrainian-Italian Joint Enterprise LLC Kolir
         Krasnozvezdny Avenue 130
         Kiev
         Ukraine


LIGLASSREPAIR LLC: Creditors Must File Claims by September 3
------------------------------------------------------------
Creditors of LLC Liglassrepair (code EDRPOU 31806007) have until
Sept. 3, 2008, to submit proofs of claim to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on April 1, 2008.
The case is docketed as 22/31b.

The Debtor can be reached at:

         LLC Liglassrepair
         Energetikov Str. 97
         Lisichansk
         93100 Lugansk
         Ukraine


LISICHANSK TRADING: Creditors Must File Claims by September 3
-------------------------------------------------------------
Creditors of LLC Lisichansk Trading House (code EDRPOU 13380398)
have until Sept. 3, 2008, to submit proofs of claim to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 22/11b.

The Debtor can be reached at:

         LLC Lisichansk Trading House
         Voroshylov Str. 5
         Lisichansk
         93100 Lugansk
         Ukraine



MIRNOYE CJSC: Creditors Must File Claims by August 30
-----------------------------------------------------
Creditors of CJSC Mirnoye (code EDRPOU 03789420) have until
Aug. 30, 2008, to submit proofs of claim to:

         The Economic Court of Hmelnitskij
         Nezalezhnosti Square 1
         29000 Hmelnitskij
         Ukraine

The Economic Court of Hmelnitskij commenced bankruptcy proceedings
against the company after finding it insolvent on June 27, 2008.
The case is docketed as 2/6-B.

The Debtor can be reached at:

         CJSC Mirnoye
         Bolshoy Sknit
         Slavutsky District
         Hmelnitskij
         Ukraine


MIROLIT LLC: Proofs of Claim Deadline Set August 30
---------------------------------------------------
Creditors of LLC Mirolit (code EDRPOU 31957193) have until
Aug. 30, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on June 13, 2008.
The case is docketed as 50/27.

The Debtor can be reached at:

         LLC Mirolit
         Kachalov Str. 5A
         03126 Kiev
         Ukraine


OLENEVKA FACTORY-FARM: Creditors Must File Claims by Aug. 31
------------------------------------------------------------
Creditors of Agricultural LLC Olenevka Factory-Farm Enterprise
(code EDRPOU 31187337) have until Aug. 31, 2008, to submit proofs
of claim to:

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

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company on June 17, 2008.  The case is docketed
as 5/77B.

The Debtor can be reached at:

         Agricultural LLC Olenevka Factory-Farm Enterprise
         Pochtovaya Str. 103
         Olenevka
         Volnovasky District
         85710 Donetsk
         Ukraine


PIRAMIDA DTM: Creditors Must File Claims by August 31
-----------------------------------------------------
Creditors of LLC Piramida DTM (code EDRPOU 21922761) have until
Aug. 31, 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 July 10, 2008.
The case is docketed as B 24/446-08.

The Debtor can be reached at:

         LLC Piramida DTM
         Teplichnaya Str. 15A
         Yubileynoye
         52005 Dnipropetrovsk
         Ukraine


POLEMIN CJSC: Creditors Must File Claims by Aug. 31
---------------------------------------------------
The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company on July 21, 2008.  The case is docketed
as 44/112-b.

Creditors of CJSC Insurance Company Polemin (code EDRPOU 24370575)
have until Aug. 31, 2008, to submit proofs of claim to:

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

The Debtor can be reached at:

         CJSC Insurance Company Polemin
         Moscow Str. 39
         01015 Kiev
         Ukraine


SOL-VIST LLC: Proofs of Claim Deadline Set August 30
----------------------------------------------------
Creditors of LLC Sol-Vist (code EDRPOU 34613343) have until
Aug. 30, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 16, 2008.
The case is docketed as 24/182-b.

The Debtor can be reached at:

         LLC SOL-VIST
         Marko Vovchok Str. 14
         04073 Kiev
         Ukraine


STAKHANOVSKOYE LLC: Proofs of Claim Deadline Set August 31
----------------------------------------------------------
Creditors of LLC Stakhanovskoye (code EDRPOU 31083527) have until
Aug. 31, 2008, to submit proofs of claim to:

         The Economic Court of Zaporozhje
         Shaumiana Str. 4
         69001 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy supervision
procedure on the company on July 21, 2008.  The case is docketed
as 19/155/08.

The Debtor can be reached at:

         LLC Stakhanovskoye
         V. Lobanovsky Str. 6-A
         69006 Zaporozhje
         Ukraine


TNM-PROJECT LLC: Proofs of Claim Deadline Set August 31
-------------------------------------------------------
Creditors of LLC Science-Production Enterprise TNM-Project
(code EDRPOU 34575963) have until Aug. 31, 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 30, 2008.
The case is docketed as 24/201-b.

The Debtor can be reached at:

         LLC Science-Production Enterprise TNM-Project
         Patrice Lumumba Str. 15A
         01042 Kiev
         Ukraine


UKRAINIAN PETROLEUM: Creditors Must File Claims by Aug. 31
----------------------------------------------------------
Creditors of LLC Ukrainian Petroleum Gas (code EDRPOU 32590948)
have until Aug. 31, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company on July 24, 2008.  The case is docketed
as 24/206-b.

The Debtor can be reached at:

         LLC Ukrainian Petroleum Gas
         Radunskaya Str. 10-A
         02097 Kiev
         Ukraine


VOSTOK LLC: Creditors Must File Claims by Sept. 30, 2008
--------------------------------------------------------
Creditors of LLC Trading-Industrial Group Vostok
(code EDRPOU 30008779) have until Sept. 3, 2008, to submit proofs
of claim to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.   The case is
docketed as 22/52b.

The Debtor can be reached at:

         LLC Trading-Industrial Group Vostok
         October Str. 4
         91000 Lugansk
         Ukraine


ZADESENNIA LLC: Creditors Must File Claims by August 31
-------------------------------------------------------
Creditors of Agricultural LLC Zadesennia (code EDRPOU 04369593)
have until Aug. 31, 2008, to submit proofs of claim to:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Economic Court of Chernigov commenced bankruptcy proceedings
against the company after finding it insolvent on April 30, 2008.
The case is docketed as 4/122-b.

The Debtor can be reached at:

         Agricultural LLC Zadesennia
         Pervomayskaya Str. 20
         Sosnicky District
         Pekarev
         16150 Chernigov
         Ukraine


ZERNOVIK LLC: Creditors Must File Claims by August 30
-----------------------------------------------------
Creditors of LLC Trading-Industrial Complex Zernovik (code EDRPOU
32479241) have until Aug. 30, 2008, to submit proofs of claim to:

         The Economic Court of Herson
         Gorkiy Str. 18
         73000 Herson
         Ukraine

The Economic Court of Herson commenced bankruptcy proceedings
against the company after finding it insolvent on July 15, 2008.
The case is docketed as 5/203-B-08.

The Debtor can be reached at:

         LLC Trading-Industrial Complex Zernovik
         Odessa Square 6
         Herson
         Ukraine


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


A.J. BASIT: Taps Joint Administrators from BDO Stoy Hayward
-----------------------------------------------------------
C. K. Rayment and M. Dunham of BDO Stoy Hayward LLP were appointed
joint administrators of A.J. Basit (Holdings) Ltd.
(Company Number 04536258) on Aug. 18, 2008.

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


BABS INTERNATIONAL: Joint Liquidators Take Over Operations
----------------------------------------------------------
Stephen John Tancock and Gregory Andrew Palfrey of Smith &
Williamson Ltd. were appointed joint liquidators of Babs
International Ltd. on Aug. 6, 2008, for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Babs International Ltd.
         c/o Smith & Williamson Ltd.
         89 King Street
         Maidstone
         Kent
         ME14 1BG
         England


BROADFIELD HOTEL: Goes Into Liquidation
---------------------------------------
The Broadfield Hotel on Sparrow Hill in Rochdale has gone into
liquidation, Rochdale Online reports.

According to the report, the hotel has unexpectedly shut down to
the dismay of staff and customers.

The hotel's customers, the report adds, will receive letters
within the next few days officially informing them about the
liquidation.  They can then use the letters as proof to credit
card companies and banks to reimburse their accounts.

"I do not know the reasons behind the closure but it is a shame
for Rochdale town center and a shame for the people who work
there," Rochdale Council's Tourism Officer Tim Nuttall was quoted
by the report as saying.


DAVID PELL: Appoints Joint Administrators from Ernst & Young
------------------------------------------------------------
David Kenneth Duggins and Ian Best of Ernst & Young LLP were
appointed joint administrators of David Pell Associates Ltd.
(Company Number 04083326) on Aug. 19, 2008.

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

The company can be reached at:

         David Pell Associates Ltd.
         14A The Green
         Ashby-De-La-Zouch
         Leicetershire
         LE65 1JU
         England


DEVON PROPERTY: Taps Joint Administrators from Grant Thornton
-------------------------------------------------------------
Andrew Lawrence Hosking and Matin Gilbert Ellis of Grant Thornton
U.K. LLP were appointed joint administrators of Devon Property
Ltd. (Company Number 05511907) on Aug. 18, 2008.

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

The company can be reached at:

         Devon Property Ltd.
         7-15 Greatorex Street
         London
         E1 5NF
         England


ELITE PURCHASING: Brings in Liquidators from Tenon Recovery
-----------------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of Elite Purchasing Ltd. on Aug. 7,
2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Elite Purchasing Ltd.
         c/o Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


HEARTLANDS EXTRUSION: Calls In Administrators from BDO Stoy
------------------------------------------------------------
C. K. Rayment and M. Dunham of BDO Stoy Hayward LLP were appointed
joint administrators of Heartlands Extrusion Forge Ltd. (Company
Number 04536245) on Aug. 18, 2008.

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

The company can be reached at:

         BDO Stoy Hayward LLP
         125 Colmore Row
         Birmingham
         B3 3SD
         England


HUNNY BEEZ: Colin Nicholls Leads Liquidation Procedure
------------------------------------------------------
Colin Nicholls of Tenon Recovery was appointed liquidator of Hunny
Beez Ltd. on Aug. 5, 2008, for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Hunny Beez Ltd.
         Suite No. 1
         Royal Arcade
         Pershore
         Worcestershire
         WR10 1AG
         England


J.J.C. LOGISTICS: Brings in Joint Administrators from Kroll
-----------------------------------------------------------
Scott I. Gaillie Anne Clare O'Keefe and Simon Wilson of Kroll Ltd.
were appointed joint administrators of J.J.C. Logistics Ltd.
(Company Number 04341637) on Aug. 19, 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:

         J.J.C. Logistics Ltd.
         c/o Kay Johnson Gee
         Griffen Court
         201 Chapel Street
         Manchester
         M3 5EQ
         England


LANGBURN LTD: Claims Filing Period Ends September 12
----------------------------------------------------
Creditors of Langburn Ltd. have until Sept. 12, 2008, to send in
their full Christian and Surnames, their addresses and
descriptions, full particulars of their debts and claims, and
names and addresses of their Solicitors (if any), to:

         Christopher Ratten
         Joint Liquidator
         Tenon Recovery
         Arkwright House
         Parsonage Gardens
         Manchester
         M3 2LF
         England

Christopher Ratten and Martin Shaw of Tenon Recovery were
appointed joint liquidators of the company on Aug. 8, 2008, for
the creditors' voluntary winding-up proceeding.


M & D ELECTRICAL: Calls in Liquidators from Mazars
--------------------------------------------------
Simon David Chandler and Alistair Steven Wood of Mazars LLP were
appointed joint liquidators of M & D Electrical Ltd. on Aug. 8,
2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         M & D Electrical Ltd.
         c/o Mazars LLP
         Lancaster House
         67 Newhall Street
         Birmingham
         B3 1NG
         England


NORTHERN ROCK: Unveils Changes in Directorate Positions
-------------------------------------------------------
Stephen Hester, currently non-executive Deputy Chairman, will step
down from the Board of Northern Rock plc on Oct. 1, 2008.

Gary Hoffman will join the Company as Chief Executive on
Oct. 1, 2008 and Ron Sandler will relinquish his full time
executive role to become non-executive Chairman at the same time.
A consequence of this transition is to change the nature of the
Deputy Chairman's role, which was created in February 2008 in
response to the unitary Executive Chairman position adopted on
transfer of ownership of the Company to HM Treasury.

The Company also strengthened the Board in July 2008 with the
appointments of Kent Atkinson (formerly Finance Director of Lloyds
TSB) and Richard Coates (formerly KPMG lead partner for the HBOS
audit) as non-executive Directors.

Mr. Sandler, Executive Chairman of Northern Rock says: "We are
grateful to Stephen for his substantial contribution to the Board
in the vital initial phase of public ownership.  We have
accomplished the key stages of adopting a restructuring plan,
advancing its implementation, recruiting new management and Board
members and ensuring that the Company's capitalization is put on a
firm footing.  Most importantly, repayment of Government debt is
progressing ahead of schedule.  Gary Hoffman's arrival as CEO will
allow me to revert to a more conventional, non-executive Chairman
role and thereby gives Stephen the opportunity to step down from
the Board and focus on other business interests."

                        About Northern Rock

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages/-- deals with
mortgages, savings accounts, loans and insurance.  The company
also promotes secured loans to its existing mortgage customers.
The company had more than US$200 billion in assets at the end of
June 2007.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on
July 8, 2008, Fitch Ratings has withdrawn the ratings of
Northern Rock's GBP400 million preference shares.  Fitch has
also affirmed the 'BB-' ratings of NR's other hybrid Tier 1 and
Upper Tier 2 issues and removed the Rating Watch Evolving, where
they were originally placed on Feb. 19.

On July 7, 2008, TCR-Europe reported that Standard & Poor's
Ratings Services lowered its rating on the GBP400 million
6.8509% Tier 1 preference shares to 'D' from 'C'.  The rating on
the GBP400 million notes issued by Saphir Finance PLC and
secured over the Northern Rock preference shares was similarly
lowered to 'D' from 'C'.


SOUTHERN PACIFIC 04-1: S&P Puts Class B Notes Rtng on WatchPos.
--------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with positive implications its credit ratings on the subordinate
classes issued by six U.K. RMBS issuers:

Southern Pacific Securities 04-1 PLC (SPS 04-1);
Southern Pacific Securities 04-2 PLC (SPS 04-2);
Southern Pacific Securities 05-1 PLC (SPS 05-1);
Southern Pacific Securities 05-2 PLC (SPS 05-2);
Southern Pacific Financing 04-A PLC (SPF 04-A);
Southern Pacific Financing 05-B PLC (SPF 05-B).

The senior class A notes in each transaction remain unaffected
by these CreditWatch placements.

These CreditWatch placements follow an initial review of the
most recent information received for each transaction.  S&P's
analysis of this information showed that the likelihood of
positive rating actions has increased for all classes listed in
the Ratings List below.  The levels of credit enhancement
available to all classes of notes placed on CreditWatch have
improved and the underlying collateral continues to perform
well.

The Southern Pacific portfolios consist predominately of
self-certified (approximately 65%), and first-time borrower
(approximately 22%) mortgage loans.  In all these transactions
S&P has seen a decline in the weighted-average loan-to-value
ratio (WA LTV ratio), together with an increase in seasoning.

Additionally, all six issuances have significantly de-leveraged.
This has substantially increased credit enhancement levels
across each of the tranches thus mitigating the high levels of
arrears.  The current pool factor for each issuance is:

SPS 04-1: 10.03%;
SPS 04-2: 14.47%;
SPS 05-1: 20.64%;
SPS 05-2: 29.76%;
SPF 04-A: 12.98%;
SPF 05-B: 38.13%.

S&P will now carry out a more detailed loan-level and cash flow
analysis of these transactions to investigate whether any or all
of these notes can attain a higher rating.

The notes, issued in 2004 and 2005, are backed by portfolios of
first-charge, second-charge and, only if the first and second
charges are in favour of the same lender, third-charge
mortgages, secured by freehold and leasehold owner-occupied
properties in the U.K.  They were originated by Southern Pacific
Personal Loans Ltd. and Southern Pacific Mortgage Ltd.

Ratings List:

Southern Pacific Securities 04-1 PLC:

  -- GBP215.2 Million, EUR325.7 Million and US$310 Million
     Mortgage-Backed Floating-Rate Notes

Ratings Placed On CreditWatch Positive:

Class    Rating To            Rating From
-----    ---------            -----------
M         A/Watch Pos          A
B         BB+/Watch Pos        BB+


SOUTHERN PACIFIC 04-2: S&P Puts Class E Notes Rtng on WatchPos.
---------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with positive implications its credit ratings on the subordinate
classes issued by six U.K. RMBS issuers:

Southern Pacific Securities 04-1 PLC (SPS 04-1);
Southern Pacific Securities 04-2 PLC (SPS 04-2);
Southern Pacific Securities 05-1 PLC (SPS 05-1);
Southern Pacific Securities 05-2 PLC (SPS 05-2);
Southern Pacific Financing 04-A PLC (SPF 04-A);
Southern Pacific Financing 05-B PLC (SPF 05-B).

The senior class A notes in each transaction remain unaffected
by these CreditWatch placements.

These CreditWatch placements follow an initial review of the
most recent information received for each transaction.  S&P's
analysis of this information showed that the likelihood of
positive rating actions has increased for all classes listed in
the Ratings List below.  The levels of credit enhancement
available to all classes of notes placed on CreditWatch have
improved and the underlying collateral continues to perform
well.

The Southern Pacific portfolios consist predominately of
self-certified (approximately 65%), and first-time borrower
(approximately 22%) mortgage loans.  In all these transactions
S&P has seen a decline in the weighted-average loan-to-value
ratio (WA LTV ratio), together with an increase in seasoning.

Additionally, all six issuances have significantly de-leveraged.
This has substantially increased credit enhancement levels
across each of the tranches thus mitigating the high levels of
arrears.  The current pool factor for each issuance is:

SPS 04-1: 10.03%;
SPS 04-2: 14.47%;
SPS 05-1: 20.64%;
SPS 05-2: 29.76%;
SPF 04-A: 12.98%;
SPF 05-B: 38.13%.

S&P will now carry out a more detailed loan-level and cash flow
analysis of these transactions to investigate whether any or all
of these notes can attain a higher rating.

The notes, issued in 2004 and 2005, are backed by portfolios of
first-charge, second-charge and, only if the first and second
charges are in favour of the same lender, third-charge
mortgages, secured by freehold and leasehold owner-occupied
properties in the U.K.  They were originated by Southern Pacific
Personal Loans Ltd. and Southern Pacific Mortgage Ltd.

Ratings List:

Southern Pacific Securities 04-2 PLC:

  -- GBP493.5 Million, EUR210 Million and US$122.5 Million
     Mortgage-Backed Floating-Rate Notes

Ratings Placed On CreditWatch Positive:

Class    Rating To            Rating From
-----    ---------            -----------
B1b       AA/Watch Pos         AA
B1c       AA/Watch Pos         AA
C1a       A/Watch Pos          A
C1c       A/Watch Pos          A
D1a       BBB+/Watch Pos       BBB+
D1c       BBB+/Watch Pos       BBB+
E         BB+/Watch Pos        BB+


SOUTHERN PACIFIC 05-1: S&P Puts Class E Notes Rating on WatchPos.
-----------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with positive implications its credit ratings on the subordinate
classes issued by six U.K. RMBS issuers:

Southern Pacific Securities 04-1 PLC (SPS 04-1);
Southern Pacific Securities 04-2 PLC (SPS 04-2);
Southern Pacific Securities 05-1 PLC (SPS 05-1);
Southern Pacific Securities 05-2 PLC (SPS 05-2);
Southern Pacific Financing 04-A PLC (SPF 04-A);
Southern Pacific Financing 05-B PLC (SPF 05-B).

The senior class A notes in each transaction remain unaffected
by these CreditWatch placements.

These CreditWatch placements follow an initial review of the
most recent information received for each transaction.  S&P's
analysis of this information showed that the likelihood of
positive rating actions has increased for all classes listed in
the Ratings List below.  The levels of credit enhancement
available to all classes of notes placed on CreditWatch have
improved and the underlying collateral continues to perform
well.

The Southern Pacific portfolios consist predominately of
self-certified (approximately 65%), and first-time borrower
(approximately 22%) mortgage loans.  In all these transactions
S&P has seen a decline in the weighted-average loan-to-value
ratio (WA LTV ratio), together with an increase in seasoning.

Additionally, all six issuances have significantly de-leveraged.
This has substantially increased credit enhancement levels
across each of the tranches thus mitigating the high levels of
arrears.  The current pool factor for each issuance is:

SPS 04-1: 10.03%;
SPS 04-2: 14.47%;
SPS 05-1: 20.64%;
SPS 05-2: 29.76%;
SPF 04-A: 12.98%;
SPF 05-B: 38.13%.

S&P will now carry out a more detailed loan-level and cash flow
analysis of these transactions to investigate whether any or all
of these notes can attain a higher rating.

The notes, issued in 2004 and 2005, are backed by portfolios of
first-charge, second-charge and, only if the first and second
charges are in favour of the same lender, third-charge
mortgages, secured by freehold and leasehold owner-occupied
properties in the U.K.  They were originated by Southern Pacific
Personal Loans Ltd. and Southern Pacific Mortgage Ltd.

Ratings List:

Southern Pacific Securities 05-1 PLC:

  --GBP489.7 Million And EUR306 Million Mortgage-Backed
    Floating-Rate Notes

Ratings Placed On CreditWatch Positive:

Class    Rating To            Rating From
-----    ---------            -----------
B1c        AA/Watch Pos        AA
C1c        A/Watch Pos         A
D1c        BBB/Watch Pos       BBB
E          BB/Watch Pos        BB


SOUTHERN PACIFIC 05-2: S&P Puts Class E1c Notes Rtng on WatchPos.
-----------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with positive implications its credit ratings on the subordinate
classes issued by six U.K. RMBS issuers:

Southern Pacific Securities 04-1 PLC (SPS 04-1);
Southern Pacific Securities 04-2 PLC (SPS 04-2);
Southern Pacific Securities 05-1 PLC (SPS 05-1);
Southern Pacific Securities 05-2 PLC (SPS 05-2);
Southern Pacific Financing 04-A PLC (SPF 04-A);
Southern Pacific Financing 05-B PLC (SPF 05-B).

The senior class A notes in each transaction remain unaffected
by these CreditWatch placements.

These CreditWatch placements follow an initial review of the
most recent information received for each transaction.  S&P's
analysis of this information showed that the likelihood of
positive rating actions has increased for all classes listed in
the Ratings List below.  The levels of credit enhancement
available to all classes of notes placed on CreditWatch have
improved and the underlying collateral continues to perform
well.

The Southern Pacific portfolios consist predominately of
self-certified (approximately 65%), and first-time borrower
(approximately 22%) mortgage loans.  In all these transactions
S&P has seen a decline in the weighted-average loan-to-value
ratio (WA LTV ratio), together with an increase in seasoning.

Additionally, all six issuances have significantly de-leveraged.
This has substantially increased credit enhancement levels
across each of the tranches thus mitigating the high levels of
arrears.  The current pool factor for each issuance is:

SPS 04-1: 10.03%;
SPS 04-2: 14.47%;
SPS 05-1: 20.64%;
SPS 05-2: 29.76%;
SPF 04-A: 12.98%;
SPF 05-B: 38.13%.

S&P will now carry out a more detailed loan-level and cash flow
analysis of these transactions to investigate whether any or all
of these notes can attain a higher rating.

The notes, issued in 2004 and 2005, are backed by portfolios of
first-charge, second-charge and, only if the first and second
charges are in favour of the same lender, third-charge
mortgages, secured by freehold and leasehold owner-occupied
properties in the U.K.  They were originated by Southern Pacific
Personal Loans Ltd. and Southern Pacific Mortgage Ltd.

Ratings List:

Southern Pacific Securities 05-2 PLC:

  -- GBP310.75 Million, EUR145.8 Million And US$205 Million
     Mortgage-Backed Floating-Rate Notes

Ratings Placed On CreditWatch Positive:

Class    Rating To            Rating From
-----    ---------            -----------
B1a        AA/Watch Pos        AA
B1c        AA/Watch Pos        AA
C1a        A/Watch Pos         A
C1c        A/Watch Pos         A
D1a        BBB/Watch Pos       BBB
E1c        BB/Watch Pos        BB


SOUTHERN PACIFIC 05-B: S&P Puts Class E Notes Rating on WatchPos.
-----------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with positive implications its credit ratings on the subordinate
classes issued by six U.K. RMBS issuers:

Southern Pacific Securities 04-1 PLC (SPS 04-1);
Southern Pacific Securities 04-2 PLC (SPS 04-2);
Southern Pacific Securities 05-1 PLC (SPS 05-1);
Southern Pacific Securities 05-2 PLC (SPS 05-2);
Southern Pacific Financing 04-A PLC (SPF 04-A);
Southern Pacific Financing 05-B PLC (SPF 05-B).

The senior class A notes in each transaction remain unaffected
by these CreditWatch placements.

These CreditWatch placements follow an initial review of the
most recent information received for each transaction.  S&P's
analysis of this information showed that the likelihood of
positive rating actions has increased for all classes listed in
the Ratings List below.  The levels of credit enhancement
available to all classes of notes placed on CreditWatch have
improved and the underlying collateral continues to perform
well.

The Southern Pacific portfolios consist predominately of
self-certified (approximately 65%), and first-time borrower
(approximately 22%) mortgage loans.  In all these transactions
S&P has seen a decline in the weighted-average loan-to-value
ratio (WA LTV ratio), together with an increase in seasoning.

Additionally, all six issuances have significantly de-leveraged.
This has substantially increased credit enhancement levels
across each of the tranches thus mitigating the high levels of
arrears.  The current pool factor for each issuance is:

SPS 04-1: 10.03%;
SPS 04-2: 14.47%;
SPS 05-1: 20.64%;
SPS 05-2: 29.76%;
SPF 04-A: 12.98%;
SPF 05-B: 38.13%.

S&P will now carry out a more detailed loan-level and cash flow
analysis of these transactions to investigate whether any or all
of these notes can attain a higher rating.

The notes, issued in 2004 and 2005, are backed by portfolios of
first-charge, second-charge and, only if the first and second
charges are in favour of the same lender, third-charge
mortgages, secured by freehold and leasehold owner-occupied
properties in the U.K.  They were originated by Southern Pacific
Personal Loans Ltd. and Southern Pacific Mortgage Ltd.

Ratings List:

Southern Pacific Financing 05-B PLC:

  -- GBP480 Million Mortgage-Backed Floating-Rate Notes

Ratings Placed On CreditWatch Positive:

Class    Rating To            Rating From
-----    --------------       -----------
B         AA/Watch Pos         AA
C         A/Watch Pos          A
D         BBB/Watch Pos        BBB
E         BB/Watch Pos         BB


SWAN PLANT: Appoints Joint Administrators from Tenon Recovery
-------------------------------------------------------------
Carl Stuart Jackson and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint administrators of Swan Plant Ltd.
(Company Number 5537214) on Aug. 15, 2008.

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

The company can be reached at:

         Swan Plant Ltd.
         New Barn Farm
         Forest Road
         Huncoat
         Leicester
         Leicestershire
         LE9 3LE
         England


US ENERGY: Files Joint Chapter 11 Reorganization Plan
-----------------------------------------------------
U.S. Energy Systems Inc. filed with the U.S. Bankruptcy Court for
the Southern District of New York a Chapter 11 joint
reorganization plan with its subsidiary, U.S. Energy Overseas
Investments, published reports say.

As reported in the Troubled Company Reporter on July 24, 2008, the
Hon. Robert D. Drain of the U.S. Bankruptcy Court for the Southern
District of New York extended the exclusive periods of U.S. Energy
System and its debtor-affiliates to file a Chapter 11 plan until
Aug. 22 and solicit acceptances of that plan until Oct. 21.

BankruptcyData.com relates that a separate plan of reorganization
was also filed with the Court for GBGH, LLC, also a U.S. Energy
subsidiary.  According to the report, no related Disclosure
Statements were filed with the Court.

                      About U.S. Energy

Based in Avon, Connecticut, U.S. Energy Systems Inc. (Pink Sheets:
USEY) -- http://www.usenergysystems.com/-- owns green power
and clean energy and resources.  USEY owns and operates energy
projects in the United States and United Kingdom that generate
electricity, thermal energy and gas production.

The company filed for Chapter 11 protection on Jan. 9, 2008 (Bank.
S.D.N.Y. Case No. 08-10054).  There are 34 affiliates who filed
for separate Chapter 11 petitions.  Peter S. Partee, Esq., at
Hunton & Williams LLP, represents the Debtor in its restructuring
efforts.  Jefferies & Company, Inc. serves as the company's
financial advisor.  The Debtor also selected Epiq Bankruptcy
Solutions LLC as noticing, claims and balloting agent.

The Official Committee of Unsecured Creditors has yet to be
appointed in these cases by the U.S. Trustee for Region 2.  When
the Debtors filed for protection from their creditors, they listed
total assets of US$258,200,000 and total debts of US$175,300,000.


* Research Shows Europe Might be Heading for Recession, S&P Says
----------------------------------------------------------------
A flurry of fresh economic data suggests that initial expectations
of Europe remaining relatively immune from the United States
slowdown were overly optimistic, according to the latest economic
forecast from Standard & Poor's Ratings Services.

The report explores the headwinds that European economies
currently face, from slower growth in world trade to an overvalued
euro, from stagnating real incomes for consumers to a
fall in asset prices.

"As a result of this new negative data, consumer and business
surveys consistently show that the fear of an actual recession
dominates," said Jean-Michel Six, chief economist for Europe.
"With inflation doggedly remaining high, the question remains:
Will Europe enter stagflation -- stagnation plus high inflation
-- or even worse a genuine recession?"

With GDP growth in the Eurozone contracting at a 0.8% annual
rate in the second quarter, this indicates that a major slowdown
is about to occur in the second half of this year.

"We consider the outlook for inflation in the next 12 months to
be probably the most critical variable for Europe's economies,"
Mr. Six noted.  "Indeed, a deceleration on the back of lower oil
prices would create a very different environment for monetary
policies and provide a relief for hard-squeezed consumers."

Until then, however, Europe should brace itself for a period of
stagflation, although within this overall picture some diverging
trends will occur.

According to Mr. Six: "While Germany and to a lesser extent
France are likely to show some resilience thanks to strong
fundamentals, the Spanish economy is bound to experience at
least two quarters of negative growth, which would qualify it as
being in a technical recession."

He added that the elevated level of household debt and the sharp
downturn in housing that S&P forecasts suggest that the U.K. is
more exposed to a true recession than the Eurozone considered as
a whole, although S&P thinks this shock will be less dramatic
than previous recessions in the early eighties and nineties.


* S&P Says European Auto ABS Index Report Stable in Two Quarters
----------------------------------------------------------------
Overall delinquency rates in Standard & Poor's Ratings Services'
European auto ABS indices have increased slightly during the
second quarter of 2008 compared with their levels at the end of
first quarter 2008, according to its latest index report.

Loans more than 90 days in arrears stood at 0.84% in May 2008, 9
basis points higher than the level recorded at the end of first
quarter.  Due to the high level of delinquencies, three Spanish
transactions have breached the levels that triggered the early
termination of their revolving periods.

The monthly loss rate remained stable during the first two
months of second quarter and since the start of 2008 has been
equal to an average of 0.1%.

The annualized monthly prepayment rate stood at 18.08% in May,
up from 15.44% in March 2008.  The effective monthly yield was
8.99% in June, down from 9.98% at the end of first quarter 2008.

Two new transactions were rated during second quarter 2008 with
a total issued amount of EUR1.253 billion.  Both transactions
were originated in Germany by VW Bank and Santander Consumer
Bank AG.


* BOOK REVIEW: Working Together
-------------------------------
Author: James P. Lewis
Publisher:  Beard Books
Hardcover:  208 pages
List Price: US$34.95

Own your personal copy at
http://amazon.com/exec/obidos/ASIN/158798279X/internetbankrupt

This intriguing book tells the story of how the the author led in
the restoration of Boeing Commercial Airplanes to a global
industry leading position.

In conjunction with Alan Mulally, President and CEO of Boeing and
developer of his twelve guiding principles of project management,
the "working together" principles and practices were the key to a
successful conclusion of the project creating and selling the
revolutionary Boeing 777.

That project may have been the biggest test of the "working
together" principles and practices, and should be required reading
for all managers and would-be managers.

These principles include such matters as clear performance goals,
an inclusive working environment, and the use of active listening
skills.

The application of these principles to the real world makes for a
book full of practical guidance and enduring managerial tools.


                            *********

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 V. 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 * * *