TCREUR_Public/080902.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, September 2, 2008, Vol. 9, No. 174

                            Headlines

A U S T R I A

F M HAMMERLE: Insolvent, Vardhman Polytex Acquires Assets


F R A N C E

DELPHI CORP: ADAH Wants to Re-Argue Court's Decree on Fraud Suit
DELPHI CORP: Creditors Want Court to Deny US$300MM Loan from GM
DELPHI CORP: PBGC Wants GM to Assume Delphi's Pension Liabilities


G E R M A N Y

B + B TRANSPORTGESELLSCHAFT: Creditors' Meeting Set September 9
B K B GMBH: Claims Registration Period Ends September 10
BABYGLAM GMBH: Claims Registration Period Ends September 9
EUROVERSA GESELLSCHAFT: Claims Registration Period Ends Sept. 9
FRESENIUS SE: Moody's Confirms Ba1 Corporate Family Rating

GRUPO VERWALTUNGS: Claims Registration Period Ends September 8
H & O ENERGIE: Claims Registration Period Ends September 8
IP VERLAGSGESELLSCHAFT: Claims Registration Period Ends Sept. 9
IS-TEC GMBH: Claims Registration Period Ends September 9
MCCLEVER TEXTILVERTRIEBS: Claims Registration Period Ends Sept. 9

PRINTHEON EDV-HANDELS: Creditors' Meeting Slated for September 9
RENTABEL GMBH: Claims Registration Period Ends September 9
SERVICEBASE.NET GMBH: Creditors' Meeting Slated for September 10
TOMS GARAGE: Claims Registration Period Ends September 9
TREPCZIK DACHDECKEREI: Claims Registration Period Ends Sept. 9

WELAN HANDELS: Creditors Meeting Slated for September 10
WERTERMITTLUNGSINSTITUT INTERWERT: Claims Filing Ends Sept. 8
WESTLB AG: Posts EUR580 Million Profit for First Half of 2008


I T A L Y

ALITALIA SPA: Files for Administration at Rome Tribunal
ALITALIA SPA: Group Debt Reaches EUR1.17 Bln at July 31, 2008
ALITALIA SPA: Codacons to File Suit vs Newco
DANA CORP: To Sell Offices in Toledo, Ohio to Health Care REIT
PARMALAT SPA: Posts EUR426.9 Mln Group Net Profit for H1 2008

* Italian ABS Market Slightly Up in Last Quarters, S&P Reports


L U X E M B O U R G

EVRAZ GROUP: Earns US$2.04 Billion for First Half 2008
EVRAZ GROUP: Board Declares Dividend for First Half 2008


N E T H E R L A N D S

NXP BV: Moody's Cuts Corporate Family Rating to B3


R U S S I A

EVRAZ GROUP: Earns US$2.04 Billion for First Half 2008
EVRAZ GROUP: Board Declares Dividend for First Half 2008


S W I T Z E R L A N D

ABOUT MEDIA: Creditors Have Until Sept. 30 to File Claims
CALCOMERZ JSC: Sept. 30 Set as Deadline to File Proofs of Claim
EVG MASCHINEN: Creditors Must File Proofs of Claim by Sept. 28


U N I T E D   K I N G D O M

1ST TEE: Brings in Liquidators from Tenon Recovery
AEW DELFORD: Taps Liquidators from BDO Stoy Hayward
BISTRO AT THE MILL: Calls in Liquidators from Tenon Recovery
BODY ULTIMATE: Claims Filing Period Ends September 5
BRADFORD & BINGLEY: S&P's Ratings Unaffected By GBP17 Mil. Loss

BRITISH AIRWAYS: Eyes Stake in Austrian Airlines
BUSINESS DIRECT: Appoints Administrators from BDO Stoy Hayward
DALTON DEVELOPMENTS: Appoints Liquidators from Tenon Recovery
DATOGRAPHY UK: Claims Filing Period Ends October 13
DURA AUTOMOTIVE: GE Commercial Heads US$110MM Exit Credit Facility

GATEWAY TELECOM: Vodacom Buys Business Network Solutions Units
GATEWAY TELECOM: S&P Puts US$132.5MM Notes' B- Rating on WatchPos.
GO-GETTA INVESTMENTS: Taps Kroll to Administer Assets
GRACELAND ENTERPRISES: Appoints Tenon Recovery as Administrators
HARTLEY & HAYCOCK: M. H. Abdulali Leads Liquidation Procedure

HOLLYCREST ASSOCIATES: Calls in Liquidators from Tenon Recovery
KEITH LODGE: Brings in Joint Administrators from Vantis
NVRP LTD: Appoints Joint Administrators from PwC
OUTER AUTO: Hires Liquidators from Tenon Recovery
QUEBECOR WORLD: Sets Final Conversion Rate of Preferred Shares

SIMPLE SIMON: Taps Liquidators from Tenon Recovery
SMARTIRE: Sells Conv. Debentures to Xentenial for US$100,000

* Shoosmiths Taps James Keates to Head Insolvency Team

* Large Companies with Insolvent Balance Sheet


                         *********


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


F M HAMMERLE: Insolvent, Vardhman Polytex Acquires Assets
---------------------------------------------------------
F M Hammerle Textilewerke Gmbll & Co KG, a shirting fabric
manufacturing company in  Austria (Europe), has filed petition for
insolvency.

Vardhman Polytex Ltd., through an agreement with F M Hammerle's
administrator in Austria, has taken over F M Hammerle's assets,
trademarks, trade names and brand names.

The transaction was represented by Vardhman Polytex's subsidiary
in Austria.

Headquartered in Ludhiana, India, Vardhman Polytex Ltd. is engaged
in the manufacturing and marketing of yarn and yarn products.  The
Company has an installed capacity of 11520 spindles.


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


DELPHI CORP: ADAH Wants to Re-Argue Court's Decree on Fraud Suit
----------------------------------------------------------------
A-D Acquisition Holdings, LLC, and Appaloosa Management L.P. seek
the Bankruptcy Court's approval to re-argue the August 11 decision
of the U.S. Bankruptcy Court for the Southern District of New York
on their request for dismissal of the US$2,550,000,000 adversary
complaints filed against them by Delphi Corporation, saying that
they both deserve more than a dismissal of the fraud complaint
against them.

ADAH and AMLP also ask the Court to strike certain allegations in
Delphi's complaint pursuant to Rule 12(f) of the Federal Rules of
Civil Procedure, which allows a court to strike any redundant,
immaterial, impertinent, or scandalous matter.

Judge Drain's August 11 order only dismissed Delphi's fraud
complaint against ADAH and AMLP, but not Delphi's claim for
(i) specific performance, (ii) piercing the corporate veil and
(iii) equitable subordination, a ruling for which were issued in
favor of the other defendants involved in the same adversary
complaint filed by Delphi.

J. Christopher Shore, Esq., at White & Case LLP, in New York,
informs the Court that Appaloosa's request to re-argue stems from
the premise that Appaloosa is also entitled to the same rulings
issued in favor of the other defendants regarding Delphi's
claims.  Mr. Shore adds that re-argument is appropriate where the
Court has "overlooked controlling decisions or factual matters
that might materially have influenced its earlier decision".

Mr. Shore asserts certain statements by Delphi should be stricken
because they fail to satisfy Civil Rule 9(b), which provides that
a party must state with particularity, the circumstances
constituting fraud or mistake.  Mr. Shore stresses Delphi's
allegations are highly inflammatory, particularly as to a
financial institution dependent on its reputation to attract
investors.

Appaloosa wants these paragraphs stricken:

   1. Paragraphs 71 to 83, which detailed on "Appaloosa's
      Clandestine Efforts to Avoid its Obligations".  Delphi
      said it "was deceived as a result of its trust" in
      Appaloosa and David Tepper, the firm's principal.  Despite
      assurances by Mr. Tepper that Appaloosa would honor its
      funding commitment and efforts by the Delphi to fulfill
      its own obligations under the EPCA, "Appaloosa and its
      allies were secretly working behind the scenes to
      undermine all of the efforts to achieve Plan consummation
      that the Debtors and their employees and other
      stakeholders were trying so hard to complete in good
      faith."

   2. Paragraph 129, which said that by virtue of its role as
      Plan sponsor and its relationship of trust with Delphi,
      Appaloosa had a duty not to omit to disclose to Delphi, in
      the period from on or about Dec. 1, 2007 to April 4, 2008,
      that Appaloosa, in concert with other Plan investors, had
      decided to seek to avoid their commitments rather than
      fulfill such commitments that were necessary for the
      consummation of the Plan.

  3.  Paragraph 130, which stated that during the critical
      period from Dec. 1, 2007 to April 4, 2008, Appaloosa
      deliberately, intentionally and knowingly concealed from
      Delphi that they had decided to pursue a plan of avoiding
      rather than fulfilling their investment obligations and
      commitments with respect to Delphi's equity financing
      necessary for consummation of the Plan.

   4. Paragraph 132, which said that if Delphi had known the
      truth about Appaloosa's plans and actions to avoid its
      commitment, Delphi would have, among other things, pursued
      legal relief and alternative business plans well before
      April 4, 2008, and would not have pushed for confirmation
      of the Plan in January 2008.

                        About Delphi Corp.

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.

(Delphi Bankruptcy News, Issue No. 142; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Creditors Want Court to Deny US$300MM Loan from GM
---------------------------------------------------------------
CR Intrinsic Investors, LLC and Highland Capital Management,
L.P., ask the U.S. Bankruptcy Court for the Southern District of
New York to deny Delphi Corp.'s request to incur a US$300,000,000
administrative priority debt to General Motors Corp. in order to
cover losses generated after its reorganization plan failed.

CR and Highland hold US$495,000,000 in principal amount of senior
notes issues by Delphi.

Pursuant to Section 1104(c) of the Bankruptcy Code, CR and
Highland ask the Court to order the appointment of an examiner to
ensure that the interests of all creditor bodies are adequately
protected and see to it that the subsidiaries that own the
profitable global operations are not raided to prop up the
corporations that own the "money-losing and cash-guzzling" North
American operations.

Isaac M. Pachulski, Esq., at Stutman, Treister & Glatt P.C., in
Los Angeles, California, says Delphi's proposal to amend its deal
with GM to increase the loan to US$950,000,000 does not fix
anything -- it is merely a band-aid.  "It is a truism that
borrowing to fund losses is a loser's bet", Mr. Pachulski says,
adding further that the borrowing proposed by GM cannot and will
not benefit the Debtors' estates.

Mr. Pachulski informs the Court that the Debtors' willingness to
operate a money-losing business for the benefit of GM is beyond
comprehension.  He said that the Debtors should stop layering on
increasing amounts of debts to pay for the losses, and explore
other avenues to restructure their North American operations
instead.

                        About Delphi Corp.

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.

(Delphi Bankruptcy News, Issue No. 142; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: PBGC Wants GM to Assume Delphi's Pension Liabilities
-----------------------------------------------------------------
The Pension Benefit Guaranty Corp. has asked General Motors Corp.
to assume pension liabilities from Delphi Corp. by Sept. 30 or
risk bearing additional costs from Delphi, Bloomberg News
reports.

PBGC Director Charles Millard told GM that it "has grown
increasingly concerned that there has been no indication that a
resolution of the proposed transfer is imminent."

Delphi had about US$3,300,000,000 in unfunded pension liabilities
at the end of 2007, spokesman Lindsey Williams said, according to
Bloomberg.  GM has already agreed to assume US$1,500,000,000 in
hourly worker pension benefits, and Delphi said it is negotiating
with GM about an additional transfer that may aid Delphi's exit
from bankruptcy.

Mr. Millard warned that if the transfer isn't completed in time
and the pension plans fail, it will become more difficult for
Delphi to complete its reorganization because the PBGC would move
ahead of other creditors with a claim of as much as
US$8,000,000,000.

Delphi previously obtained waivers from the U.S. Internal Revenue
Service and the PBGC to defer funding contributions to its
pension plans -- the Delphi Hourly-Rate Employees Pension Plan
and the Delphi Retirement Program for Salaried Employees -- until
its emergence from Chapter 11.  But the waivers expired May 9,
2008, following delays in its bankruptcy exit due to, among other
things, difficulties in obtaining exit financing.

The waivers were required to facilitate the Debtors' option to
effectuate the transfer of certain hourly pension obligations to
General Motors in an economically efficient manner.

In its latest 10-Q filed before the Securities and Exchange
Commission, Delphi said it believes the Employee Retirement
Income Security Act and the U.S. Internal Revenue Code will
still, under most circumstances, post-June 15, 2008, permit it to
be able to effect the planned transfer of the maximum amount of
its hourly pension obligations to GM in an economically efficient
manner prior to September 30, 2008.  However, by permitting the
waivers to lapse, Delphi admitted it is potentially exposed to
excise taxes as a result of accumulated funding deficiencies for
the its pension plans:

                            Accumulated      Potential IRS
    Period                   Deficiency         Excise Tax
    ------                   ----------         ----------
    Ended 9/30/05          US$173,000,000       US$17,000,000
    Ended 9/30/06        US$1,220,000,000      US$122,000,000
    Ended 9/30/07        US$2,440,000,000      US$244,000,000

Delphi said that assuming it is assessed an excise tax for all
plan years through 2007, the total range of exposure would
approximate between US$380,000,000 and US$3,800,000,000.

Delphi expects the pension that the Hourly and Salaried Plans
will have accumulated funding deficiencies for the plan year
ending Sept. 30, 2008, should it not emerge from chapter 11.

"Any transfer of hourly pension obligations to a GM pension plan
will mitigate such deficiency for the Delphi Hourly Plan," Delphi
said.

                        About Delphi Corp.

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.

(Delphi Bankruptcy News, Issue No. 142; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


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


B + B TRANSPORTGESELLSCHAFT: Creditors' Meeting Set September 9
---------------------------------------------------------------
The court-appointed insolvency manager for B + B
Transportgesellschaft mbH, Dr. Michael C. Frege will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 10:15 a.m. on Sept. 9, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:45 a.m. on Dec. 2, 2008, at the same venue.

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

The insolvency manager can be reached at:

         Dr. Michael C. Frege
         Lennestr. 7
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against B + B Transportgesellschaft mbH on Aug. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         B + B Transportgesellschaft mbH
         Landreiterweg 49A
         12353 Berlin
         Germany


B K B GMBH: Claims Registration Period Ends September 10
--------------------------------------------------------
Creditors of B.K.B. GmbH have until Sept. 10, 2008, to register
their claims with court-appointed insolvency manager Stefan
Denkhaus.

Creditors and other interested parties are encouraged to attend
the meeting at 12:26 p.m. on Oct. 10, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Stefan Denkhaus
         Jungfernstieg 30
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against B.K.B. GmbH on Aug. 12, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         B.K.B. GmbH
         Attn: Hans-Juergen Willi Brockmann
         Peutestrasse 57 - 59
         20539 Hamburg
         Germany


BABYGLAM GMBH: Claims Registration Period Ends September 9
----------------------------------------------------------
Creditors of BabyGlam GmbH have until Sept. 9, 2008, to register
their claims with court-appointed insolvency manager Claudia
Jansen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 14, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Claudia Jansen
         Bettinastrasse 35-37D
         60325 Frankfurt/Main
         Germany
         Tel: 069/7561466-0
         Fax: 069/7561466-160

The District Court of Frankfurt am Main opened bankruptcy
proceedings against BabyGlam GmbH on July 18, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         BabyGlam GmbH
         Opernplatz 2
         60313 Frankfurt am Main
         Germany


EUROVERSA GESELLSCHAFT: Claims Registration Period Ends Sept. 9
---------------------------------------------------------------
Creditors of Euroversa Gesellschaft fuer Vermittlung und
Verwaltung von Versicherung mbH have until Sept. 9, 2008, to
register their claims with court-appointed insolvency manager Olaf
Suehrer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Oct. 21, 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 Darmstadt
         Hall 4.307
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         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:

         Olaf Suehrer
         Steubenplatz 12
         64293 Darmstadt
         Germany
         Tel: 06151/136270
         Fax: 06151/1362729

The District Court of Darmstadt opened bankruptcy proceedings
against Euroversa Gesellschaft fuer Vermittlung und Verwaltung von
Versicherung mbH on Aug. 8, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Euroversa Gesellschaft fuer Vermittlung
         und Verwaltung von Versicherung mbH
         Julius-Reiber-Str. 17
         64293 Darmstadt
         Germany

         Attn: Georg Egger, Manager
         Berggartenstr. 73
         64732 Bad Koenig
         Germany


FRESENIUS SE: Moody's Confirms Ba1 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has confirmed the Ba1 corporate family
rating of Fresenius SE, the Ba2 rating of its mandatory
exchangeable bonds and the Ba1 rating of its guaranteed subsidiary
Fresenius Finance B.V.'s senior unsecured notes.  At the same time
Moody's assigned a provisional Baa2 (LGD 2, 20%) rating to the
planned issuance of the company's US$ 2.45 billion secured credit
facility.  In addition, Moody's assigned a provisional Ba1 (LGD 4,
53%) rating to the planned issuance of a US$ 1.3 billion
extendable bridge credit facility.  The outlook has been changed
to negative from stable.

This rating action concludes a rating review for possible
downgrade initiated on July 7, 2008, when Fresenius announced that
it had signed definitive agreements to acquire APP
Pharmaceutical's, Inc., for a total cash consideration of
US$3.7 billion for share capital plus US$0.9 billion of net debt.
The rating confirmation reflects Moody's review of the expected
capital structure of the acquisition financing; the time frame of
de-leveraging by debt reduction and/or performance improvements of
the group; and the benefits of the acquisition on the group's
overall business profile.

"The rating confirmation reflects Moody's previous view that the
Ba1 corporate family rating had to some extent incorporated the
risk of sizable opportunistic acquisitions over the medium term.
In addition, the confirmation considers the acquisition-driven
medium-term business profile improvements in light of Fresenius'
already strong business profile as a sizable and well diversified
global provider of healthcare services and medical products with
sizable scale, as well as the recurring nature of the revenue and
cash flow base which is supportive for the higher end of the Ba
rating category," says Christian Hendker, a Moody's Assistant
Vice-President--Analyst and lead analyst for Fresenius.

"These business profile improvements include a better segmental
diversification for the group due to the entry into the highly
profitable intravenously administered generic drugs segment in the
North American market with the potential to penetrate additional
markets by using Kabi's existing network but also a market entry
platform for Fresenius Kabi's existing product portfolio into
North America."

"While Moody's incorporated some headroom for sizable
acquisitions into Fresenius' Ba1 corporate family rating, it
expected these to be only partially debt financed in contrast to
the actual financing structure of the acquisition, which is
dominated by debt instruments.  Though Fresenius has publicly
committed to restoring its eroding credit metrics to pre-
acquisition levels within the next two years, the negative outlook
considers the risk that Fresenius may not be able to restore its
acquisition driven erosion in credit metrics back towards levels
commensurate with the Ba1 rating category within 12 to 18 months
following closing of the acquisition," Mr. Hendker continues.

As the full financial benefits of the APP acquisition will only be
realized over the medium term, leverage improvements require
further operating performance and cash flow improvements driven by
Fresenius' core business divisions on an organic basis, as well as
a dividend policy oriented towards preserving a continued positive
free cash flow generation. Leverage improvements however could be
mitigated by continued debt funded acquisition activity.

The total enterprise value of APP of US$4.6 billion will be funded
with proceeds from a capital increase at the level of Fresenius SE
of around EUR290 million (US$450 million), the proceeds from a
EUR554 million Mandatory Exchangeable bond (rated Ba2) which was
recently issued, a US$2.45 billion senior credit facility and a
US$1.3 billion bridge credit facility which has been committed by
several banks.  While the equity financing proportion is rather
limited, Moody's considered favourably in its rating review the
committed, albeit deferred nature of the asset sale of shares in
Fresenius SE's subsidiary Fresenius Medical Care which back the
EUR554 million Mandatory Exchangeable bond.  However, over the
three-year term of the loan, Fresenius will have to make fixed
coupon payments similar to pre-funded disposal proceeds.

The (P)Baa2 (LGD 2, 20%) rating assigned to the secured credit
facility is two notches above the group's corporate family rating,
a reflection of its senior position in the group's capital
structure due to the underlying security package.  The facility is
guaranteed on a senior basis by Fresenius SE, Fresenius Kabi AG
and Fresenius Proserve GmbH and consists of different tranches and
instruments and.  The US$ 500 million tranche of term loan A2, the
US$500 million tranche of term loan B2 and a US$150 million
revolving credit facility will be issued at the level of APP LLC
to refinance the existing debt at the level of APP.  These
instruments are secured by an all asset pledge on the assets of
APP and its material subsidiaries and in addition guaranteed by
these entities.

The US$500 million tranche of term loan A1 and the US$500 million
tranche of term loan B1 will be issued at the level of a new
finance subsidiary of Fresenius SE.  The proceeds will be
transfered as an intercompany loan to a new holding company to
partially fund the acquisition of APP.  In addition, a committed
US$ 300 million revolving credit facility will be issued at the
level of a new finance subsidiary of Fresenius SE.  These
instruments benefit from a second lien on the Refinancing Asset
security, a senior priority security on assets of APP not included
in the Refinancing Asset Security and pledges over shares of
certain Kabi subsidiaries, representing at least 60% of
consolidated sales and EBITDA of the Kabi group.

Despite the differing security packages among the layers of the
senior secured credit facility, Moody's ranks all instruments and
tranches of the secured credit facility pari passu, under
consideration of the existence of a re-allocation provision in the
credit documentation.  As a consequence of this re-allocation
provision, upon a default of certain tranches or instruments
lenders will be obliged to purchase participation from other
lenders in the various tranches which ensures that all lenders
will generate a similar recovery rate.  Moody's assumes the
enforceability of this provision in a default scenario but has
also taken comfort that its analysis of recovery in a stress
scenario shows levels that are not too dissimilar across the
security packages.

The (P)Ba1 (LGD 4, 53%) rating assigned to the US$1.3 billion
bridge credit facility is in line with the group's corporate
family rating and the outstanding senior unsecured notes.  The
instrument which will be issued at the level of a new finance
subsidiary of Fresenius SE is guaranteed on a senior basis by
Fresenius SE, Fresenius Kabi AG and Fresenius Proserve GmbH. While
the instrument is secured on second priority basis by the Kabi
share pledges and on a third priority basis by the Refinancing
Asset security, given the junior priority position relative to
significant senior debt ranking ahead, the ultimate recovery rate
is likely to be in line with the residual senior unsecured notes.

All instrument ratings are provisional, as the issuance is
dependent on the closing of the APP transaction.  Moody's notes
that the acquisition is still subject to regulatory approval, but
the rating agency expects the transaction to close within the next
weeks.

Fresenius SE is currently weakly positioned in the Ba1 rating
category and the rating anticipates continued operating
performance and leverage improvements but also the absence of
sizaable additional debt-funded acquisitions over the medium term.
The negative outlook reflects several challenges: (i) that the
operating performance and cash generation of the group will be
adequately strengthened to restore metrics towards the
requirements of the Ba1 rating category within the next two years;
(ii) the successful integration of APP and the continued and
sustainable growth of APP's business.

The ratings would be subject to downwards pressure within the next
12 to 18 months, if Fresenius is unable to substantially improve
operating performance and cash generation of its core businesses,
evidenced by Debt to EBITDA exceeding 4.0x or CFO to debt at the
low teens at the end of 2009, further debt financed acquisitions
or negative free cash flows.

Moody's considers that the outlook is likely to revert to stable
if there is evidence within the next 12 to 18 months of continued
performance improvements of the group, reflected in a reduction of
Debt to EBITDA towards 3.5x and a turnaround of CFO to debt
towards 15%, while preserving positive free cash flows and a solid
liquidity cushion.

Issuer: Fresenius SE

   Outlook Actions:

   -- Outlook, Changed to Negative From Rating Under Review

   Confirmations:

   -- Probability of Default Rating, Confirmed at Ba1

   -- Corporate Family Rating, Confirmed at Ba1

Issuer: Fresenius Finance BV

  Outlook Actions:

   -- Outlook, Changed to Negative From Rating Under Review

  Confirmations:

   -- Senior Unsecured Regular Bond/Debenture, Confirmed at
      Ba1 (LGD 4, 53% changed from LGD 3, 43%)

Issuer: Fresenius Finance (Jersey) Ltd.

   Outlook Actions:

   -- Outlook, Changed to Negative From Rating Under Review

   Confirmations:

   -- Senior Unsecured Regular Bond/Debenture, Confirmed at
      Ba2 (LGD 5, 85% changed from LGD 5, 74%)

Planned Issuer: APP, LLC

   Assignments:

   -- Senior Secured Bank Credit Facility, (P) Baa2,
      (LGD 2, 20%)

   -- Negative Outlook Assigned

Planned Issuer: Fresenius Luxco

   Assignments:

   -- Senior Secured Bank Credit Facility, (P) Baa2,
      (LGD 2, 20%)

   -- Negative Outlook Assigned

Planned Issuer: Fresenius US Finco1

   Assignments:

   -- Senior Secured Bank Credit Facility, (P) Baa2,
      (LGD 2, 20%)

   -- Negative Outlook Assigned

Planned Issuer: Fresenius US Finco2

   Assignments:

   -- Senior Unecured Bank Credit Facility, (P) Ba1,
      LGD 4, 53%)

   -- Negative Outlook Assigned

Fresenius SE is a global health care company with products and
services for dialysis (through Fresenius Medical Care); healthcare
services (Helios) and facilities management (Vamed); and nutrition
and infusion therapies (Fresenius Kabi).  For the fiscal year
ended on Dec. 31, 2007, Fresenius SE generated consolidated sales
of EUR11.4 billion.


GRUPO VERWALTUNGS: Claims Registration Period Ends September 8
--------------------------------------------------------------
Creditors of GruPo Verwaltungs-GmbH have until Sept. 8, 2008, to
register their claims with court-appointed insolvency manager
Holger Zbick.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         GruPo Verwaltungs-GmbH
         Vredener Strasse 173-186
         48703 Stadtlohn
         Germany


H & O ENERGIE: Claims Registration Period Ends September 8
----------------------------------------------------------
Creditors of H & O Energie-Spar-Bau GmbH & Co. KG have until Sept.
8, 2008, to register their claims with court-appointed insolvency
manager Hans-Juergen Paul.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on Oct. 7, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Hans-Juergen Paul
         Getzelauer Strasse 2
         04279 Leipzig
         Germany
         Tel: 0341/336090
         Fax: 0341/3360970
         E-mail: kanzlei@paul-inso.de

The District Court of Leipzig opened bankruptcy proceedings
against H & O Energie-Spar-Bau GmbH & Co. KG,
Karl-Liebknecht-Straße 53, 04107 Leipzig on Aug. 15, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         H & O Energie-Spar-Bau GmbH & Co. KG
         Karl-Liebknecht-Strasse 53
         04107 Leipzig
         Germany


IP VERLAGSGESELLSCHAFT: Claims Registration Period Ends Sept. 9
---------------------------------------------------------------
Creditors of IP Verlagsgesellschaft International Publishing GmbH
have until Sept. 9, 2008, to register their claims with court-
appointed insolvency manager Dr. Michael Jaffe.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Munich opened bankruptcy proceedings against
IP Verlagsgesellschaft International Publishing GmbH on July 14,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         IP Verlagsgesellschaft International Publishing GmbH
         Attn: Klaus Peter Frank, Manager
         Friedenstr. 15
         82110 Germering
         Germany


IS-TEC GMBH: Claims Registration Period Ends September 9
--------------------------------------------------------
Creditors of is-tec GmbH have until Sept. 9, 2008, to register
their claims with court-appointed insolvency manager Sylvia Rhein.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 21, 2008, at which time the
insolvency manager will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.307
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         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:

         Sylvia Rhein
         Walther-Rathenau-Str. 24
         64646 Heppenheim
         Germany
         Tel: 06252/6877-0
         Fax: 06252/6877-11

The District Court of Darmstadt opened bankruptcy proceedings
against is-tec GmbH on Aug. 13, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         is-tec GmbH
         Attn: Talat Demirkaya, Manager
         Gaussstrasse 29 a
         68623 Lampertheim
         Germany


MCCLEVER TEXTILVERTRIEBS: Claims Registration Period Ends Sept. 9
-----------------------------------------------------------------
Creditors of McClever Textilvertriebs GmbH & Co.KG have until
Sept. 9, 2008, to register their claims with court-appointed
insolvency manager Jens Wilhelm V.

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 Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Jens Wilhelm V
         Hohenzollernstrasse 53
         30161 Hannover
         Germany
         Tel: 0511 696846-0
         Fax: 0511 696846-79

The District Court of Hannover opened bankruptcy proceedings
against McClever Textilvertriebs GmbH & Co.KG on Aug. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         McClever Textilvertriebs GmbH & Co.KG
         Attn: Michael Virgens, Manager
         Luisenstrasse 5
         30159 Hannover
         Germany


PRINTHEON EDV-HANDELS: Creditors' Meeting Slated for September 9
----------------------------------------------------------------
The court-appointed insolvency manager for Printheon EDV-Handels
GmbH, Stefan Schacht will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:35
a.m. on Sept. 9, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:40 a.m. on Dec. 16, 2008, at the same venue.

Creditors have until Oct. 21, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Stefan Schacht
         Oranienburger Str. 4-5
         10178 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against Printheon EDV-Handels GmbH on July 24, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Printheon EDV-Handels GmbH
         Ollenhauerstrasse 99
         13403 Berlin
         Germany


RENTABEL GMBH: Claims Registration Period Ends September 9
----------------------------------------------------------
Creditors of RENTABEL GmbH have until Sept. 9, 2008, to register
their claims with court-appointed insolvency manager Ruediger
Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Dresden
         Hall D132
         Olbrichtplatz 1
         01099 Dresden
         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:

         Ruediger Wienberg
         Wasastrasse 15
         01219 Dresden
         Germany
         Web site: www.hww-kanzlei.de

The District Court of Dresden opened bankruptcy proceedings
against RENTABEL GmbH on Aug. 12, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         RENTABEL GmbH
         Rethelstrasse 30
         01139 Dresden
         Germany

         Attn: Steffen Heym, Manager
         geboren 1963
         Pestitzer Weg 18
         01217 Dresden
         Germany


SERVICEBASE.NET GMBH: Creditors' Meeting Slated for September 10
----------------------------------------------------------------
The court-appointed insolvency manager for ServiceBase.Net GmbH,
Dr. Christoph Schulte-Kaubruegger, will present his first report
on the Company's insolvency proceedings at a creditors' meeting at
8:30 a.m. on Sept. 10, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 8:50 a.m. on Jan. 7, 2009, at the same venue.

Creditors have until Nov. 10, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against ServiceBase.Net GmbH on Aug. 6, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ServiceBase.Net GmbH
         Friedrichstr. 50
         10117 Berlin
         Germany


TOMS GARAGE: Claims Registration Period Ends September 9
--------------------------------------------------------
Creditors of toms Garage GmbH have until Sept. 9, 2008, to
register their claims with court-appointed insolvency manager Dr.
Petra Mork.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on Oct. 21, 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 Dortmund
         Hall 3.201
         Gerichtsplatz 22
         44135 Dortmund
         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. Petra Mork
         Arndtstr. 28
         44135 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against toms Garage GmbH on July 31, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         toms Garage GmbH
         Derner Str. 7
         44532 Luenen
         Germany

         Attn: Christiane Beissner, Manager
         Am Burhag 16
         44329 Dortmund
         Germany


TREPCZIK DACHDECKEREI: Claims Registration Period Ends Sept. 9
--------------------------------------------------------------
Creditors of Trepczik Dachdeckerei GmbH have until Sept. 9, 2008,
to register their claims with court-appointed insolvency manager
Joern Weitzmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Joern Weitzmann
         Arnold-Heise-Strasse 9
         20249 Hamburg
         Germany

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

The Debtor can be reached at:

         Trepczik Dachdeckerei GmbH
         Attn: Idriz Aydogdu, Manager
         Harburger Schlossstrasse 45
         21079 Hamburg
         Germany


WELAN HANDELS: Creditors Meeting Slated for September 10
--------------------------------------------------------
The court-appointed insolvency manager for Welan Handels GmbH,
Thomas Kuehn, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:30 a.m. on
Sept. 10, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:15 a.m. on Dec. 17, 2008, at the same
venue.

Creditors have until Oct. 22, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Thomas Kuehn
         Luetzowstr. 100
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against Welan Handels GmbH on Aug. 4, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Welan Handels GmbH
         Motzener Str. 11
         12277 Berlin
         Germany


WERTERMITTLUNGSINSTITUT INTERWERT: Claims Filing Ends Sept. 8
-------------------------------------------------------------
Creditors of WertermittlungsInstitut InterWert GmbH have until
Sept. 8, 2008, to register their claims with court-appointed
insolvency manager Axel Roth.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 7, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Axel Roth
         Dittrichring 18-20
         04109 Leipzig
         Germany
         Tel: 0341/1493105
         Fax: 0341/1493111

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

The Debtor can be reached at:

         WertermittlungsInstitut InterWert GmbH
         Friedrich-List-Platz 1
         04103 Leipzig
         Germany


WESTLB AG: Posts EUR580 Million Profit for First Half of 2008
--------------------------------------------------------------
WestLB AG generated a profit before taxes of EUR657 million in the
first half of 2008.  Profit after taxes amounted to
EUR580 million, an increase of EUR748 million from the first half
of 2007.  Despite the flagging economy and the uncertain market
outlook, the Bank reaffirmed its goal for 2008, according to which
it expects to post a clearly positive after-tax profit.

Half-year earnings were predominantly shaped by the risk shield
borne by the Bank's owners.  By selling securities portfolios
acutely affected by the financial market crisis to a special
purpose vehicle, WestLB realized a ring-fence gain of
EUR962 million in the first half of 2008.

Mr. Heinz Hilgert, Chairman of the Managing Board, said, "WestLB
is firmly rooted in North Rhine-Westphalia, Germany's economic
powerhouse, and at the same time has outstanding expertise in
international capital market and financing business.  The
strategic realignment will enable WestLB to further strengthen its
solid nucleus, improve the quality of its earnings and reduce its
costs by EUR300 million annually through greater efficiency and
process optimization.  Made stronger and more stable through these
efforts, it will be amenable to any pooling of resources and
competencies which makes sound business sense.”

WestLB has made considerable progress in the last weeks and months
with the restructuring and strategic realignment of its business
model.  A detailed restructuring plan was drawn up and submitted
to the European Commission on Aug. 8 within the specified
timeframe.  Under the plan the Bank will be streamlined and will
concentrate on its core businesses and competencies, the central
component being a systematic focus on the customer business.

                         About WestLB

Hearquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB)
-- http://www.westlb.com/-- provides financial advisory,
lending, structured finance, project finance, capital markets
and private equity products, asset management, transaction
services and real estate finance to institutions.

In the United States, certain securities, trading, brokerage and
advisory services are provided by WestLB AG's wholly owned
subsidiary WestLB Securities Inc., a registered broker-dealer
and member of the NASD and SIPC.

WestLB's shareholders are the two savings banks associations in
NRW (25.15% each), two regional associations (0.52% each), the
state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by
NRW (64.7%) and two regional associations (35.3%).

                          *     *     *

West LB AG continues to carry Fitch's 'F' Individual Rating.
The rating was previously at 'D/E' and was downgraded by Fitch
to its current level in January 2008.


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


ALITALIA SPA: Files for Administration at Rome Tribunal
-------------------------------------------------------
Alitalia S.p.A. has filed for commencement of extraordinary
administration procedure at the Tribunal of Rome, pursuant to Law
no. 39 dated Feb. 18, 2004, modified by Decree no. 134 dated
Aug. 28 2008.  Alitalia's board of directors has declared the
company insolvent.

The filing prompted Italian Prime Minister Silvio Berlusconi to
appoint Augusto Fantozzi as extraordinary commissioner for
Alitalia.

As appeared in the Troubled Company Reporter Europe on
Sept. 1, 2008, the Italian government amended its bankruptcy law
-- named after former Industry Minister Antonio Marzano -- to
hasten the sale of its 49.9% stake in Alitalia and turn around the
loss-making national carrier.

The amendment was part of the "Phoenix" rescue plan for Alitalia,
drafted by Intesa Sanpaolo S.p.A., the government's adviser for
the sale of its stake in the national carrier.

The amended law will allow Alitalia to be split into two -- an
oldco and a newco.

The oldco will shoulder the cost of the planned 5,000-7,000 job
cuts and take on Alitalia's EUR1.1 billion debt -- including the
recent EUR300 million loan from the government and a EUR750
million convertible bond.  The government will place the oldco
under extraordinary administration and appoint an extraordinary
commissioner to oversee the sale of unprofitable assets.

The law will allow Mr. Fantozzi to sell Alitalia's assets through
private talks and without holding public auction.

The newco, meanwhile, will inherit Alitalia's fleet and
real estate assets as well as the remaining employees and up to
EUR500 million in debt.  It would receive around EUR300 million in
assets from AirOne S.p.A., which would be folded under the newco.
AirOne leads a group of 16 local investors who pledged to inject
around EUR1 billion into the newco in exchange for shares.

The investor group includes:

    * IMMSI S.p.A. -- EUR150 million;
    * Atlantia S.p.A. -- EUR100 million to EUR150 million;
    * Intesa Sanpaolo S.p.A. -- EUR100 million; and
    * Fondiaria SAI S.p.A. -- EUR30 million to EUR50 million.

Air France-KLM S.A., meanwhile, renewed interest in acquiring a
stake in Alitalia, although Italian Prime Minister Silvio
Berlusconi commented that foreign investors could only acquire a
minority stake in the national carrier.

Transport Minister Altero Matteoli revealed that investor group
plans to sign an industrial agreement with an international
partner like Air France or Deutsche Lufthansa AG.

The amended law exempts Alitalia from anti-trust rules for six
months, allowing its merger with AirOne to push through without
problems.  The revised law also binds investors from selling their
shares in Alitalia for five years.  IMMSI's Roberto Colaninno will
become executive chairman of the newco.

                          About Alitalia

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

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


ALITALIA SPA: Group Debt Reaches EUR1.17 Bln at July 31, 2008
-------------------------------------------------------------
The Alitalia Group's net debt as of July 31, 2008, amounted to
EUR1.172 million, with an increase in net indebtedness of
EUR57 million (+5.1%) compared to the situation on
June 30, 2008.

Regarding the EUR300 million cashed according to Law no. 111 of
June 23, 2008, which converted the legislative decree no. 80
of April 23, 2008, modified with the legislative decree no. 93 of
May 27, 2008, and the legislative decree no. 97 of June 3, 2008,
it should be noted that this amount is not included in the
indebtedness mentioned above, since it was added to net equity,
existing the requirements.

The net debt of the parent company as of July 31, 2008, amounted
to EUR1.159 million, with an increase in net indebtedness of EUR53
million (+4.8%) compared to the situation on June 30, 2008;

Regarding the EUR300 million cashed according to Law no. 111 of
June 23, 2008, which converted the legislative decree no. 80
of April 23, 2008, modified with the legislative decree no. 93 of
May 27, 2008, and the legislative decree no. 97 of June 3, 2008,
it should be noted that this amount is not included in the
indebtedness mentioned above, since it was added to net equity,
existing the requirements.

The Group's cash-to-hand and short-term financial credits as of
July 31, 2008, at the Group level and for Alitalia, amounted to
EUR314 million and EUR338 million respectively.

Group's short-term financial indebtedness, as of July 31, 2008,
amounted to EUR173 million.

It should be noted that as of July 31, 2008, there were several
leasing contracts at the Group level which capital share,
including lease closure value, amounted to EUR88 million (of which
EUR12 million represent the current capital share falling due
within 12 months of the reference date, with EUR9 million held by
the parent company).

It should also be noted that existing debts to banks are almost
entirely backed up by real guarantees (mortgages on aircraft) or
by personal guarantees (mainly guarantees issued by banks for
export credit).

The relative financing contracts contain standard legal
clauses relating to withdrawal. None of the contracts refer to
specific requirements regarding assets or economic/financial
aspects, in order to maintain the credit line.

During July 2008, repayments were made of medium/long-term
financing amounting to about EUR3 million.

Regarding debts of a financial, fiscal and social welfare nature,
there were no outstanding sums or payment irregularities on July
31, 2008, both for the parent company and for the other companies
in the Group.

As far as debts of a commercial nature are concerned, decisions
are still pending for the petitions filed by Alitalia regarding:

    * an injunction related to supposed different pricing
      policies, issued by a carrier for EUR6 million (two
      decrees);

    * another injunction issued by a supplier of on-board movies
      for EUR909,000;

    * an injunction has been issued by an IT services supplier
      for EUR812,000;

    * an injunction has been issued by an Italian subsidiary of
      an air carrier bankruptcy for EUR288,000;

    * injunction issued by a maintenance services supplier for
      EUR492,000;

    * an injunction issued by the special manager of a firm for
      presumed debts relating to air ticket sales, for
      EUR3.2 million;

    * one injunction issued by a fuel supplier (airport rights)
      for about EUR1 million;

    * another injunction issued by an airport management company
      for limited failure to pay handling fees for about
      EUR375,000;

    * an injunction has been issued by a supplier of several
      services for EUR112,000;

    * another injunction has been issued by an advisory services
      company for EUR171,000; and

    * an injunction has been issued by a company for presumed
      failure to pay commissions related to air ticket sales,
      for EUR274,000.

There are no other injunction orders or executive actions
undertaken by creditors notified as of July 31, 2008, nor are
there any threats by suppliers to suspend operations.  It should
be pointed out that, as part of ordinary management practices, the
Company is committed to maintaining commercial relations
with its customers and suppliers who guarantee -– in the absence
of critical situations or operational emergencies -– the necessary
financial flexibility in support of cash-to-hand
requirements.

                          About Alitalia

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

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


ALITALIA SPA: Codacons to File Suit vs Newco
--------------------------------------------
Coordinamento delle Associazioni per la Difesa dell'Ambiente
e dei Diritti degli Utenti e dei Consumatori, a consumer
protection group, will file a lawsuit against the creation of
newco from Alitalia S.p.A., Agenzia Giornalistica Italia reports.

Alitalia's rescue plan entails splitting the national carrier
into two -- an oldco -- comprised of the bulk of the company's
debt as well unprofitable assets -- and a newco -- comprised of
its core operations that would be taken over by a group of 16
Italian investors.

Codacons president Carlo Rienzi told AGI that splitting Alitalia
into two would harm shareholders, since they would "come away
empty-handed.

Mr. Rienzi added that Codacons is currently studying the lawsuit,
"which will have preventative effects, requesting that the court
blocks the constitution of the new airline."

Mr. Rienzi said the lawsuit aims to "to preserve the value of the
debentures and shares of investors,"  while waiting the class
action against Alitalia to commence in January 2009.

With regards to the class action, Mr. Rienzi told AGI that they
are preparing a memorandum for the criminal judge to open up a
criminal proceeding.

He added that "whether there are many or few participants,
[Codacons] will take the class action."

                         About Alitalia

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

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


DANA CORP: To Sell Offices in Toledo, Ohio to Health Care REIT
--------------------------------------------------------------
Dana Holding Corporation said in a press release that it reached
a contingent agreement for the sale of its Toledo, Ohio corporate
headquarters building and grounds to Health Care REIT, Inc., for
an undisclosed amount.

The sale, according to the press release, is contingent on the
support of state and local authorities.  In conjunction with the
agreement, Dana will relocate its corporate headquarters staff
to its existing Automotive Systems Technology Center in Maumee,
Ohio by mid-2009.

"The relocation of Dana's corporate headquarters facility enables
us to consolidate its local operations and make the most
efficient use of our Toledo-area footprint," Dana Executive
Chairman John Devine said.  "This move provides Dana with a
headquarters facility that more appropriately reflects our
company's profile, while also providing an excellent new home for
a respected and growing Toledo-based company."

"This is an opportunity to secure a unique property in the city
of Toledo that would accommodate our growth.  The campus could
play a key role in supporting our corporate objectives," added
Health Care REIT Chairman and Chief Executive Officer George L.
Chapman.  "We're pleased that this transaction would maintain a
strong corporate presence at this prominent Toledo landmark,"
Mr. Chapman added.

Under terms of the sale agreement, Dana would vacate its facility
located at 4500 Dorr Street facility by September 2009.  Health
Care REIT plans to transfer its headquarters workforce from its
current location in One SeaGate to Dorr Street.  Health Care REIT
employs approximately 200 people nationwide, including 75 people
at its One SeaGate corporate headquarters.

Dana established its global headquarters at the Dorr Street
location in 1970, after spending the previous 40 years at the
company's former Bennett Road complex in north Toledo.  Located
directly across from Inverness Club golf course, the 200,000
square-foot Georgian Colonial-style building opened in the fall
of 1970 and currently houses approximately 175 employees,
including the company's executive leadership and a variety of
corporate-based functions like Accounting, Finance, Law, Tax, and
Corporate Communications.  In 2006, Dana sold its former Dana
Commercial Credit headquarters facility located adjacent to the
current Dorr Street campus to ProMedica Health System, which
utilizes the building as its corporate headquarters.

Dana's decision to sell its Toledo, Ohio headquarters will leave
Owens Corning as the city's lone Fortune 500 firm, The Toledo
Blade said.

                          About DANA

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

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

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
June 30, 2008, the Debtors listed US$7,482,000,000 in total debts,
resulting in US$2,979,000,000 in total shareholders' deficit.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, served as the Debtors' financial
advisor and investment banker.

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

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

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

(Dana Corporation Bankruptcy News, Issue No. 81; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000)


PARMALAT SPA: Posts EUR426.9 Mln Group Net Profit for H1 2008
-------------------------------------------------------------
The Parmalat Group posted EUR426.9 million in net profit on
EUR1.90 billion in net revenues for the first half ended June 30,
2008, compared with EUR244.3 million in net profit on EUR1.81
billion in net revenues for the same period ended June 30, 2007.

The Group's net financial assets amounted to EUR901 million.  The
increase of EUR45.2 million, compared with net financial assets of
EUR855.8 million at Dec. 31, 2007, reflects primarily:

   -- the cash flow from operating activities, net of changes in
      operating working capital and capital expenditures
      (EUR14.9 million );

   -- the inflow from non-recurring activities (EUR36.7
      million), which refers mainly to the sale of Newlat S.p.A.
      (EUR35.1 million);

   -- the inflow from litigations (EUR409.1 million, as the net
      result of EUR437.9 million in proceeds from settlements
      reached during the first half of 2007 and EUR28.8 million
      in costs incurred to pursue the corresponding legal
      actions;

   -- the outflow for income taxes (EUR172.6 million , including
      EUR83 million  for operating items and EUR89.6 million
      owed on proceeds from litigation;

   -- the payment of dividends (EUR262.1 million, including
      EUR260.6 million attributable to the Group’s Parent
      Company)

The Group interest in shareholders' equity totaled EUR2.78
billion, or EUR119.7 million more than the EUR2.66 billion
reported at Dec. 31, 2007.  The net profit for the period
(EUR425.0 million) and a capital increase of EUR6.4 million,
offset in part by charges of EUR265.1 million for the distribution
of dividends and EUR46.7 million for the translation into euros of
the financial statements of companies that operate outside the
euro zone.

                     Business Outlook

The deepening of the economic and financial crisis has affected
the economic trend of Parmalat Australia and Parmalat South Africa
more than originally anticipated this past May.  To this situation
a major decline of the Italian market must be added.  Damages
suffered by the above mentioned markets have been only partially
compensated by the positive trend of other subsidiaries and by the
operational actions already implemented and in course of
implementation.

Given the environment outlined above and in absence of
extraordinary events, the new "guidance" for the Group presents an
increase in revenues of 3% compared with 2007, while EBITDA of the
Group, for this period, is expected to be approximately EUR350
million, or about 5% less than in 2007.

                         About Parmalat

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

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

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

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

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


* Italian ABS Market Slightly Up in Last Quarters, S&P Reports
--------------------------------------------------------------
Delinquencies and defaults in the Italian lease asset-backed
securities (ABS) market have increased slightly over the past
few quarters, according to a report published by Standard &
Poor's Ratings Services.

S&P's aggregate indices show a moderate rise in these performance
metrics across the three assets types that typically make up the
collateral of lease securitizations in Italy: vehicle, equipment,
and real estate.

In general, transaction deleveraging is more than offsetting any
performance deterioration and this is reflected in the rating
actions taken so far.

For consumer loans, the number of transactions issued so far
still remains too small to build any meaningful indices.  There
has been some new issuance in 2008, though, which has increased
the outstanding balance of the rated deals to levels above those
recorded at the end of 2007.

S&P discusses each single transaction's performance in detail in
the article, as well as rating actions taken.


===================
L U X E M B O U R G
===================


EVRAZ GROUP: Earns US$2.04 Billion for First Half 2008
------------------------------------------------------
Evraz Group SA released its unaudited interim results for the six
months ended June 30, 2008.

Evraz posted US$2.04 billion in net profit on US$10.73 billion in
net revenues for the first half of 2008, compared with US$1.12
billion in net profit on US$6.02 billion in net revenues for the
same period in 2008.

                     Operational Highlights

Steel Division

    * Crude steel production grew by 11.9% year-on-year to
      9.5 million tons; and

    * Total steel sales volumes increased by 10.9% to
      9.4 million tons.

Vanadium Division

    * Revenues of vanadium segment increased by 212.2% to
      US$740 million; and

    * Vanadium products sales increased 57.2% year-on-year to
      15,800 tons in vanadium equivalent.

Mining Division

    * Iron ore production grew by 21.8% to 11.3 million tons
      with iron ore self-coverage of 93%;

    * Own coal production provides for over 100% of the
      Company’s steel making requirements.

    * Recently approved Yuzhkuzbassugol development program
      until 2018 is another step in Yuzhkuzbassugol's
      turnaround.

             Corporate Developments and Acquisitions

    * Acquisition of Claymont Steel for US$420 million completed
      in January 2008;

    * Acquisition of IPSCO Canada for US$2,413 million completed
      in June 2008; and

    * Successful bond placements totaling US$2.0 billion
      completed in April and May.

                         About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

Evraz Group S.A. continues to carry Ba2 corporate family rating,
Ba2 rating for Senior Notes due 2009 and Ba3 rating for Senior
Notes due 2015 from Moody's Investors Service, which placed
them on review in March 2008 for possible downgrade.

The company also carries BB- long-term corporate credit and
senior unsecured debt ratings from Standard & Poor's Ratings
Services, with positive outlook.  The ratings were affirmed in
March 2008.

Evraz carries BB long-term Issuer Default and senior unsecured
ratings and B Short-term Issuer Default rating from Fitch
Ratings, with stable outlook.  The ratings were affirmed in
March 2008.


EVRAZ GROUP: Board Declares Dividend for First Half 2008
--------------------------------------------------------
Evraz Group S.A.'s Board of Directors has declared an interim
dividend for the first six months of 2008 of US$8.25 per common
share, or US$2.75 per GDR payable before Dec. 18, 2008, to
shareholders on the share register record date of Sept. 18, 2008.

Holders of the Company's GDRs should contact The Bank of New York
Mellon as depositary for the related GDRs record date and payment
date.

                         About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

Evraz Group S.A. continues to carry Ba2 corporate family rating,
Ba2 rating for Senior Notes due 2009 and Ba3 rating for Senior
Notes due 2015 from Moody's Investors Service, which placed
them on review in March 2008 for possible downgrade.

The company also carries BB- long-term corporate credit and
senior unsecured debt ratings from Standard & Poor's Ratings
Services, with positive outlook.  The ratings were affirmed in
March 2008.

Evraz carries BB long-term Issuer Default and senior unsecured
ratings and B Short-term Issuer Default rating from Fitch
Ratings, with stable outlook.  The ratings were affirmed in
March 2008.


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


NXP BV: Moody's Cuts Corporate Family Rating to B3
--------------------------------------------------
Moody's Investors Service downgraded NXP Semiconductors' corporate
family rating to B3 from B2, its senior secured notes to B3 from
B2 and senior unsecured notes to Caa2 from Caa1 upon conclusion of
its rating review initiated on July 23, 2008.  The outlook for the
ratings is stable.

The rating review was focused on NXP's weakening operating
profitability in a slowing semiconductor market and particularly a
cash consumption of about US$830 million for the first half of
2008 leading to heightened concern over NXP's financial
flexibility that became increasingly reliant on the proceeds from
the wireless joint venture with STMicroelectronics (ST, Baa1).
The closure in early August of the first phase of disposal of
NXP's wireless activities with receipt of gross proceeds of about
US$1.55 billion and ST's subsequent announcement of its intention
to acquire NXP's remaining 20% share in the joint venture by the
end of the year has significantly enhanced the company's liquidity
position.

However, by the indenture covenants, NXP is required to either
reinvest the disposal proceeds or apply them to senior debt
redemptions within 12 months of receipt so that they will be
available for operations only for a limited period of time.  This
time window is available to management to execute its
restructuring plans and return the company to sustained cash
generation at increasing levels, which will be critical in view of
NXP's high debt level.

Given a near term outlook for low demand growth in NXP's remaining
semiconductor segments and weak factory load levels resulting in
increases of working capital, management will be severely
challenged to quickly realize and retain material cost savings in
order to return to free cash flow generation by the time of cash
redeployment expected during 2009.

The rating still expects NXP to achieve by the end of 2009 a level
of net debt/EBITDA (at run-rate) not exceeding 7 times and
generation of free cash flows after interest cost and capex from
Q1, 2009 latest, increasing to above US$200 million per annum
during the year, which is still modest compared to a debt level of
US$7.2 billion currently (Moody's definition) or estimated US$5.3
billion pro-forma for the disposal proceeds.

The exit from the wireless business leaves NXP with a narrower
business portfolio but a higher share of leading-edge products in
automotive, identification and video applications, which business
are more mature and less R&D intensive than semiconductors for the
large mobile phone companies.

Following the elimination of stranded costs retained from the
creation of the wireless joint venture and implementation of
decisive restructuring measures, NXP would be well positioned to
generate material free cash flow.  The restructuring should also
serve to improve capacity utilization and reduce NXP's USD
exposure which has so far absorbed almost all benefits from the
existing cost savings programs.

However, NXP still has the competitive disadvantages of a
primarily European cost base, manufacturing equipment without 300
mm wafer or CMOS-based fabrication lines, and a loss-making
business unit Home, which is transitioning from analog to digital
video applications.  In addition, profitability is burdened by
underutilized manufacturing capacities, mostly housed in a
separate division, substantial central and restructuring cost and
interest expense of around US$500 million annually.

As a result NXP has incurred net losses (even excluding purchase
price accounting effects) in all quarters since its inception in
autumn 2006 except for Q3 and Q4, 2007 and cash flow was negative
except for one quarter pushing LTM net debt /EBITDA to around 7-
times.  Against this track record, a successful restructuring to
create a robust and sustainable business that is suited to support
its high debt load within the time window allotted by the disposal
proceeds appears very challenging.

Moody's stable outlook for the rating incorporates significant
cushion for delays in implementing cost saving measures and
continued cash consumption, though at a substantially lower level
than in first half 2008.  The benefits of management's decisive
restructuring may only surface well into 2009.  Rating pressure
would thus develop if the negative free cash flow continues into
2009 or if there are no material improvements in operating
profitability in Q1 and Q2, 2009 in year-on-year comparison to
show a trend towards 15% EBITDA-margin by Q2, 2009 with quarter-
on-quarter improvement towards 20% and a net debt/EBITDA level
below 7 times at FYE 2009.

Downgrades:

   Issuer: NXP B.V.

   -- Probability of Default Rating, Downgraded to B3 from B2

   -- Corporate Family Rating, Downgraded to B3 from B2

   -- Senior Secured Regular Bond/Debenture, Downgraded to
      B3 from B2

   -- Senior Unsecured Regular Bond/Debenture, Downgraded
      to Caa2 from Caa1

Outlook Actions:

   Issuer: NXP B.V.

   -- Outlook, Changed To Stable From Rating Under Review

Confirmations:

   Issuer: NXP B.V.

   -- Senior Secured Regular Bond/Debenture, Confirmed at
      46 - LGD3

   -- Senior Unsecured Regular Bond/Debenture, Confirmed
      at 88 - LGD5

NXP Semiconductors, headquartered in Eindhoven, Netherlands, is a
leading semiconductor company, focusing on the designs and
manufacture of application-specific integrated circuits for the
home electronics, mobile communications, automotive and
identification technology application markets.  NXP posted sales
of US$3.0 billion (including the Mobile & Personal business) in
the first half 2008.


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


EVRAZ GROUP: Earns US$2.04 Billion for First Half 2008
------------------------------------------------------
Evraz Group SA released its unaudited interim results for the six
months ended June 30, 2008.

Evraz posted US$2.04 billion in net profit on US$10.73 billion in
net revenues for the first half of 2008, compared with US$1.12
billion in net profit on US$6.02 billion in net revenues  for the
same period in 2008.

                     Operational Highlights

Steel Division

    * Crude steel production grew by 11.9% year-on-year to
      9.5 million tons; and

    * Total steel sales volumes increased by 10.9% to
      9.4 million tons.

Vanadium Division

    * Revenues of vanadium segment increased by 212.2% to
      US$740 million; and

    * Vanadium products sales increased 57.2% year-on-year to
      15,800 tons in vanadium equivalent.

Mining Division

    * Iron ore production grew by 21.8% to 11.3 million tons
      with iron ore self-coverage of 93%;

    * Own coal production provides for over 100% of the
      Company’s steel making requirements.

    * Recently approved Yuzhkuzbassugol development program
      until 2018 is another step in Yuzhkuzbassugol's
      turnaround.

             Corporate Developments and Acquisitions

    * Acquisition of Claymont Steel for US$420 million completed
      in January 2008;

    * Acquisition of IPSCO Canada for US$2,413 million completed
      in June 2008; and

    * Successful bond placements totaling US$2.0 billion
      completed in April and May.

                         About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

Evraz Group S.A. continues to carry Ba2 corporate family rating,
Ba2 rating for Senior Notes due 2009 and Ba3 rating for Senior
Notes due 2015 from Moody's Investors Service, which placed
them on review in March 2008 for possible downgrade.

The company also carries BB- long-term corporate credit and
senior unsecured debt ratings from Standard & Poor's Ratings
Services, with positive outlook.  The ratings were affirmed in
March 2008.

Evraz carries BB long-term Issuer Default and senior unsecured
ratings and B Short-term Issuer Default rating from Fitch
Ratings, with stable outlook.  The ratings were affirmed in
March 2008.


EVRAZ GROUP: Board Declares Dividend for First Half 2008
--------------------------------------------------------
Evraz Group S.A.'s Board of Directors has declared an interim
dividend for the first six months of 2008 of US$8.25 per common
share, or US$2.75 per GDR payable before Dec. 18, 2008, to
shareholders on the share register record date of Sept. 18, 2008.

Holders of the Company's GDRs should contact The Bank of New York
Mellon as depositary for the related GDRs record date and payment
date.

                         About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

Evraz Group S.A. continues to carry Ba2 corporate family rating,
Ba2 rating for Senior Notes due 2009 and Ba3 rating for Senior
Notes due 2015 from Moody's Investors Service, which placed
them on review in March 2008 for possible downgrade.

The company also carries BB- long-term corporate credit and
senior unsecured debt ratings from Standard & Poor's Ratings
Services, with positive outlook.  The ratings were affirmed in
March 2008.

Evraz carries BB long-term Issuer Default and senior unsecured
ratings and B Short-term Issuer Default rating from Fitch
Ratings, with stable outlook.  The ratings were affirmed in
March 2008.


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


ABOUT MEDIA: Creditors Have Until Sept. 30 to File Claims
---------------------------------------------------------
Creditors owed money by LLC about: media are requested to file
their proofs of claim by Sept. 30, 2008, to:

         Advocacy bureau HP. Stamm + Co
         Seidenhofstrasse 14
         6003 Luzern
         Switzerland

The company is currently undergoing liquidation in Stans.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 11, 2008.


CALCOMERZ JSC: Sept. 30 Set as Deadline to File Proofs of Claim
---------------------------------------------------------------
Creditors owed money by JSC Calcomerz are requested to file their
proofs of claim by Sept. 30, 2008, to:

         Trust Company Thomas Heldstab Treuhand
         Chamerstrasse 30
         6304 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 2, 2008.


EVG MASCHINEN: Creditors Must File Proofs of Claim by Sept. 28
--------------------------------------------------------------
Creditors owed money by JSC EVG Maschinen und Stahl are requested
to file their proofs of claim by Sept. 28, 2008, to:

         Breitackerstrasse 2
         Mail Box 176
         8702 Zollikon Dorf
         Switzerland

The company is currently undergoing liquidation in Zollikon.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 10, 2008.


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


1ST TEE: Brings in Liquidators from Tenon Recovery
--------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of 1st Tee Golfing Holidays Ltd. on
Aug. 14, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         1st Tee Golfing Holidays Ltd.
         c/o Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         SR5 3JN
         England


AEW DELFORD: Taps Liquidators from BDO Stoy Hayward
---------------------------------------------------
Geoffrey Stuart Kinlan and William John Turner  of BDO Stoy
Hayward LLP were appointed joint liquidators of AEW Delford Group
Ltd. on Aug. 14, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         AEW Delford Group Ltd.
         c/o BDO Stoy Hayward LLP
         Prospect Place
         85 Great North Road
         Hatfield
         Hertfordshire
         AL9 5BS
         England


BISTRO AT THE MILL: Calls in Liquidators from Tenon Recovery
------------------------------------------------------------
Alexander Kinninmonth and Nigel Ian Fox of Tenon Recovery were
appointed joint liquidators of Bistro at the Mill Ltd. on Aug. 11,
2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Bistro at the Mill Ltd.
         c/o Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3T
         England


BODY ULTIMATE: Claims Filing Period Ends September 5
----------------------------------------------------
Creditors of Body Ultimate Direct Ltd. have until Sept. 5, 2008,
to send in their names and addresses, with particulars of their
debts or claims, to:

         Lindsay J. Cooper
         Joint Liquidator
         c/o  Baker Tilly Restructuring and Recovery LLP
         Brazennose House
         Lincoln Square
         Manchester
         M2 5BL
         England

Lindsey Cooper and Adrian Allen of Baker Tilly Restructuring and
Recovery LLP were appointed joint liquidators of the company on
Aug. 14, 2008, for the creditors' voluntary winding-up proceeding.


BRADFORD & BINGLEY: S&P's Ratings Unaffected By GBP17 Mil. Loss
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its short-term
counterparty credit rating on Bradford & Bingley PLC (B&B;
--/Watch Neg/A-2) is unchanged following the announcement of
a first-half loss of GBP17 million.  The current rating
incorporates one notch of external support and remains on
CreditWatch with negative implications.

B&B's results for the six months ending June 30, 2008, were
broadly in line with S&P's expectations following the company's
announcement of a revised rights issue in June.  The statutory
loss of GBP17 million reflected GBP117 million of aggregate
losses relating to changes in the value of the treasury
portfolio.  Excluding this and fair-value movements on hedges,
profits before tax were GBP70 million, down 61% compared to the
same period in 2007.  This decline results from a sharp fall in
the net interest margin as well as a jump in impairments on
loans.  Following the recent rights issue, capital ratios are
strong, with a regulatory Tier 1 ratio of 9.9% including the
GBP400 million net capital increase.  The funding profile has
shifted toward secured funding following outflows of unsecured
wholesale funding and the drawing of collateralized bank credit
lines. Retail savings also saw some outflows in June and July,
but stabilized in August.

However, significant doubts remain.  In particular, the strategic
direction of the company is uncertain given that B&B is now
seeking to shrink its loan book to reduce its reliance on
wholesale funding.  Mortgage asset quality is weaker than most
peers, with 2.87% of loans more than three months in arrears.
The bank's revised commitment to buy loans from GMAC-RFC is now
spread over a longer period.  Such acquired loans currently show
higher arrears, although further negotiations are ongoing to
reduce this risk.  Meanwhile, a declining net interest margin
reduces B&B's capacity to absorb rising impairments within the
income statement, which are exacerbated by falling house prices
and an unfavorable loan-to-value profile.

S&P will seek to resolve this CreditWatch status following
meetings with the new senior management team over the next two
months.  Principally, S&P will be seeking more information on
the outlook for margin trends, profitability, asset quality,
funding and liquidity, as well as strategic direction.  In
addition, S&P will be seeking to assess the degree of external
support.  The rating is unlikely to be lowered by more than one
notch.  The rating is only likely to be raised if B&B were to be
acquired by a stronger banking group or if tangible external
support became much more significant.


BRITISH AIRWAYS: Eyes Stake in Austrian Airlines
------------------------------------------------
British Airways plc is eyeing a stake in Austrian Airlines,
Reuters reports citing Austrian daily Die Presse.

According to the report, Austrian state holding company OeIAG is
selling its 43% stake in Austrian Airlines.  The holding is worth
around EUR157 million.

The report however notes that the offer may change as a 25% stake
must remain under the control of Austrian investors.

Among the airlines vying to acquire a stake with OeIAG are
Lufthansa of Germany, S7 of Russia, Air France-KLM, Air China and
Turkish Airlines, the report discloses.  All interested parties
have until Sept. 12 to present their concepts to the state holding
company, which will then draw up a shortlist, the report adds.

A BA spokeswoman neither confirm nor deny the report, saying "we
don't comment on rumor or speculation."

                     About British Airways

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

                         *     *     *

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


BUSINESS DIRECT: Appoints Administrators from BDO Stoy Hayward
--------------------------------------------------------------
The Board of Business Direct Group plc has appointed David Gilbert
and Kim Rayment of BDO Stoy Hayward LLP to act as Administrators
of the Company.  The Board of Business Direct has requested the
London Stock Exchange to suspend trading in the Company's shares,
and suspension is effective Sept. 1, 2008.

The Board was seeking a sale of all or part of the Group to secure
its long term funding and has received offers from various
parties.  However, this business cannot be completed within a
timeframe during which the Board believes the Company will have
sufficient cash and borrowing facilities to continue trading.

As a result, the Board of Business Direct has taken advice and has
concluded that the Company is no longer in a position to continue
its operations.  The Administrators are currently negotiating to
sell the business and assets of the Group.

Business Direct -- http://www.bdpx.com/-- is a courier company
and quickly grew through a reputation for staying ahead of
technology and the development of the UK's largest network of
intelligent drop boxes, ParcelXchangeT.  Business Direct employs
over 250 people at seven nationwide depots, with a turnover in
excess of GBP15 million.


DALTON DEVELOPMENTS: Appoints Liquidators from Tenon Recovery
-------------------------------------------------------------
Thomas Dixon and Christopher Benjamin Barrett of Tenon Recovery
were appointed joint liquidators of Dalton Developments (U.K.)
Ltd. on Aug. 12, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Dalton Developments (U.K.) Ltd.
         c/o Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


DATOGRAPHY UK: Claims Filing Period Ends October 13
---------------------------------------------------
Creditors of Datography U.K. Ltd.  have until Oct. 13, 2008, to
detail their names and addresses (and solicitors if applicable)
together with particulars of their debts or claims, in writing, or
in person, to:

         Duncan R. Beat
         Liquidator
         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England

Duncan R. Beat of Tenon Recovery was appointed liquidator of the
company on Aug. 13, 2008, for the creditors' voluntary winding-up
procedure.


DURA AUTOMOTIVE: GE Commercial Heads US$110MM Exit Credit Facility
----------------------------------------------------------------
GE Commercial Finance Corporate Lending said that it led a
US$110 million plan of reorganization credit facility for DURA
Automotive Systems Inc.  The financing will be used to complete
the company's reorganization as it emerges from bankruptcy.

GE Capital Markets arranged the transaction.

In 2006, GE Commercial also provided the company with a
US$115 million debtor-in-possession credit facility to support the
company's Chapter 11 filing.

"Decreasing market demand, a change in the types of vehicles being
sold and rising raw material prices are making this a tougher
market for auto suppliers," said Beth Brockmann, automotive
industry leader for GE Corporate Lending.  "However, suppliers
with strong technology and solid balance sheets should be able to
endure this transitionary period and ultimately benefit from a
stronger market environment."

"Leveraging our auto industry expertise and restructuring
specialization helped provide DURA with smarter capital," said Tom
Quindlen, chairman and CEO of GE Corporate Lending.  "We continue
to work closely with clients through good and challenging times to
provide them with the capital they require to meet their business
objectives."

                          About DURA

Rochester Hills, Michigan-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies, structural
door modules and exterior trim systems for the global automotive
industry.  The company is also a supplier of similar products to
the recreation vehicle and specialty vehicle industries. DURA
sells its automotive products to North American, Japanese and
European original equipment manufacturers and other automotive
suppliers.

The company has three locations in Asia -- China, Japan and Korea.
It has locations in Europe and Latin-America, particularly in
Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006,
(Bankr. D. Del. Case No. 06-11202).  Marc Kieselstein, P.C., Esq.,
Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq., at
Kirkland & Ellis LLP are lead counsels for the Debtors' bankruptcy
proceedings.  Daniel J. DeFranseschi, Esq., and Jason M. Madron,
Esq., at Richards Layton & Finger, P.A. Attorneys are the Debtors'
co-counsels.  Baker & McKenzie acts as the Debtors' special
counsel.  Togut, Segal & Segal LLP is the Debtors' conflicts
counsel.  Miller Buckfire & Co., LLC is the Debtors' investment
banker.  Glass & Associates Inc., gives financial advice to the
Debtor.  Kurtzman Carson Consultants LLC handles the notice,
claims and balloting for the Debtors and Brunswick Group LLC acts
as their Corporate Communications Consultants for the Debtors.

As of Jan. 31, 2008, the Debtor had US$1,503,682,000 in total
assets and US$1,623,632,000 in total liabilities.

On April 3, 2008, the Court approved the Debtors' revised
Disclosure Statement explaining their revised Chapter 11 plan of
reorganization.  On June 27, 2008, the Debtors emerged from
Chapter 11 bankruptcy protection.


GATEWAY TELECOM: Vodacom Buys Business Network Solutions Units
--------------------------------------------------------------
Vodacom has agreed to acquire the carrier services and business
network solutions subsidiaries of Gateway Telecommunications SA
(Pty) Ltd. for an enterprise value of approximately US$675 million
plus a makewhole payment of approximately US$25 million in
relation to Gateway's high-yield bond.

Commenting on the transaction, Pieter Uys, Chief Executive Officer
designate of Vodacom Group, said:

"The acquisition of Gateway reflects Vodacom's strategy to
reposition itself as a leading pan-African provider of
communications services and to diversify from its current status
as primarily a mobile-centric network operator.  We believe that
Gateway's significant presence across Africa will allow Vodacom to
tap into the huge potential for growth in business services and
connectivity and will enhance our position with multinational
corporations."

Peter Gbedemah, Chief Executive Officer of Gateway added:

"This is an exciting milestone in Gateway's development as a
unique pan-African service provider.  We will increase resources,
efficiency, and product range and continue our relentless focus on
meeting the requirements of all Africa's mobile networks and
multi-national corporations."

Compelling Strategic Rationale and Growth Opportunities

The acquisition of Gateway is in line with Vodacom's growth
strategy and offers multiple strategic benefits including:

    * acceleration of international expansion

           -- broadens Vodacom's international presence in key
              markets throughout Africa, especially Nigeria, and
              creates a platform for future expansion

           -- positions Vodacom as partner of choice for
              multinational customers and international
              telecommunications providers seeking African
              connectivity

    * strengthening of total communications strategy

           -- complements Vodacom's business services strategy
              in South Africa and allows roll-out of existing
              products and services, in addition to new
              offerings, across the continent

           -- access to Gateway's blue chip customer base
              enables the marketing of converged fixed and
              mobile offerings across Africa

    * substantial growth potential

           -- the nascent sub-Saharan business services market
              is expected to continue to grow rapidly

           -- access to new growth markets across Africa is
              designed to enhance Vodacom's growth profile

    * significant synergy potential

           -- cost savings expected from satellite operations,
              vertical integration and procurement

           -- revenue synergies expected from the combination of
              Gateway's connectivity platform with Vodacom's IP
              skills, new service offerings and cross-selling
              opportunities

Transaction Structure

Subsidiaries nominated by Vodacom Group (Pty) Ltd. will purchase
from Gateway Telecommunications SA (Pty) Ltd. 100% of the shares
in Gateway Telecommunications plc, Gateway Communications (Pty)
Ltd., Gateway Communications Mozambique LDA, Gateway
Communications (Tanzania) Ltd. and GS Telecom (Pty) Ltd. and their
respective subsidiaries, subject to customary conditions.

Conditions Precedent

The transaction remains subject to certain conditions, including
approval from the South African Reserve Bank and the relevant
regulatory and competition authorities.

UBS Investment Bank acted as exclusive financial adviser to
Vodacom on this transaction.

                      Overview of Gateway

Gateway is Africa's largest independent provider of
interconnection services via satellite and terrestrial network
infrastructure for both African and international
telecommunications companies.  Gateway also provides an extensive
range of high quality, end-to-end connectivity solutions to
multinational corporations operating across Africa.

Gateway employs approximately 350 employees in 17 countries
throughout Africa and Europe.  For the year ended Dec. 31, 2007,
Gateway's sales were US$257 million.

The broadcasting businesses held by Gateway Telecommunications
(Pty) Ltd. (Gateway Broadcast Services Group) are not part of the
transaction and will be retained by the current owners.


GATEWAY TELECOM: S&P Puts US$132.5MM Notes' B- Rating on WatchPos.
------------------------------------------------------------------
Standard & Poor's Ratings Services has placed all ratings on
South Africa-based emerging markets telecommunications services
provider Gateway Telecommunications S.A. (Proprietary) Ltd.
(Gateway) on CreditWatch with positive implications, including
the 'B-' long-term corporate credit rating and the 'B-' debt
rating on the US$132.5 million notes issued by Gateway
Telecommunications PLC and guaranteed by Gateway.

The CreditWatch placement follows the announcement of the
proposed sale of Gateway's carrier services and business network
solutions subsidiaries to South African mobile operator Vodacom
Group (Pty) Ltd., a joint venture company between Telkom S.A.
Ltd. (BBB/Positive/--) and Vodafone Group PLC (A-/Stable/A-2),
for about US$700 million.  Gateway will retain its currently
loss-making start-up pay-TV business, launched in July 2007,
through the group's 63.5%-owned subsidiary Gateway Broadcast
Services Ltd.  On completion, Gateway's leverage and liquidity
profile will significantly improve, as the disposal proceeds
will be used to redeem the US$132.5 million outstanding notes
and all of the company's unrated outstanding debt, which
totals US$106.3 million as of June 30, 2008.

Gateway's pay-TV business, branded GTV, requires significant
investment for the roll-out of pay-TV services in Sub-Saharan
Africa.  These investments have been funded with a series of
payment-in-kind loans: Gateway Broadcast Services raised US$62.5
million in December 2007 and a further US$36.1 million in August
2008.  The company reports strong demand for the service and
plans to increase its geographical reach into more than 30
countries by the end of 2008.

"We expect to resolve the CreditWatch status on completion of
the deal and repayment of the US$132.5 million senior secured
notes," said S&P's credit analyst Michael O'Brien.  "Key drivers
for a potential upgrade will be the use of proceeds from the
transaction and a reassessment of the group's business risk
profile excluding the carrier services and business
network solutions subsidiaries."


GO-GETTA INVESTMENTS: Taps Kroll to Administer Assets
-----------------------------------------------------
Simon Wilson and Anne O'Keefe of  Kroll were appointed joint
administrators of Go-Getta Investments Ltd. (Company Number
4004877) on Aug. 21, 2008.

The company can be reached at:

         Go-Getta Investments Ltd.
         c/o UHY Hacker Young
         St. James Building
         79 Oxford Street
         Manchester
         M1 6HT
         England


GRACELAND ENTERPRISES: Appoints Tenon Recovery as Administrators
----------------------------------------------------------------
T. J. Binyon and S. J. Parker  of Tenon Recovery were appointed
joint administrators of Graceland Enterprises Ltd. (Company Number
3921130) on Aug. 12, 2008.

The company can be reached at:

         Graceland Enterprises Ltd.
         c/o Tenon Recovery
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


HARTLEY & HAYCOCK: M. H. Abdulali Leads Liquidation Procedure
-------------------------------------------------------------
M. H. Abdulali of Moore Stephens was appointed liquidator of
Hartley & Haycock Ltd. on Aug. 14, 2008, for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Hartley & Haycock Ltd.
         c/o Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent
         ST1 5TL
         England


HOLLYCREST ASSOCIATES: Calls in Liquidators from Tenon Recovery
---------------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of Hollycrest Associates Ltd. on
Aug. 14, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Hollycrest Associates Ltd.
         c/o Tenon Recovery
         Unit 1
         Calder Close
         Calder Park
         Wakefield
         WF4 3BA
         England


KEITH LODGE: Brings in Joint Administrators from Vantis
-------------------------------------------------------
Beverley Jayne Marsh  and Geoffrey Paul Rowley of Vantis Business
Recovery Services were appointed joint administrators of Keith
Lodge Industrial Roofing Ltd. (Company Number 1887005) on Aug. 20,
2008.

The company can be reached at:

         Keith Lodge Industrial Roofing Ltd.
         c/o Vantis
         104/106 Colmore Row
         Birmingham
         B3 3AG
         England


NVRP LTD: Appoints Joint Administrators from PwC
------------------------------------------------
David Thornhill and Edward Klempka of PricewaterhouseCoopers LLP
were appointed joint administrators of NVRP Ltd. (formerly Korova
Negresco Limited) (Company Number 5926880) on Aug. 19, 2008.

The company can be reached at:

         NVRP Ltd.
         116 Duke Street
         Liverpool
         L1 5JW
         England


OUTER AUTO: Hires Liquidators from Tenon Recovery
-------------------------------------------------
I. Cadlock and A. J. Pear of Tenon Recovery were appointed joint
liquidators of Outer Auto Panels Ltd. on Aug. 18, 2008, for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Auto Panels Ltd.
         Unit 3 & 4
         64 Davigdor Road
         Hove
         East Sussex
         BN3 1RF
         England


QUEBECOR WORLD: Sets Final Conversion Rate of Preferred Shares
--------------------------------------------------------------
Quebecor World Inc. determined the final conversion rate
applicable to the 744,124 Series 5 Cumulative Redeemable First
Preferred Shares that will be converted into Subordinate Voting
Shares effective as of Sept. 1, 2008.

Taking into account all accrued and unpaid dividends on the Series
5 Preferred Shares up to and including Sept. 1, 2008, Quebecor
World has determined that, in accordance with the provisions
governing the Series 5 Preferred Shares, each Series 5 Preferred
Share will be converted effective as of September 1, 2008 into
13.3625 Subordinate Voting Shares.

Registered holders of Series 5 Preferred Shares who submitted
notices of conversion on or prior to June 27, 2008 will receive in
the coming days from Quebecor World's transfer agent and
registrar, Computershare Investor Services Inc., certificates
representing their Subordinate Voting Shares resulting from the
conversion.

Approximately 9.9 million new Subordinate Voting Shares will thus
be issued by Quebecor World to holders of Series 5 Preferred
Shares effective as of Sept. 1, 2008.

                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.

The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of June 30, 2008, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$3,412,100,000, total
liabilities of US$4,326,500,000, preferred shares of
US$62,000,000, and total shareholders' deficit of US$976,400,000.

The Debtors have until Sept. 30, 2008, to file a plan of
reorganization in the chapter 11 case.  The Debtors' CCAA stay
has been extended to Sept. 30, 2008.


SIMPLE SIMON: Taps Liquidators from Tenon Recovery
--------------------------------------------------
Ian Cadlock and Andrew James Pear  of Tenon Recovery were
appointed joint liquidators of Simple Simon Catering Ltd. on Aug.
18, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Simple Simon Catering Ltd.
         One Bell Lane
         Lewes
         East Sussex
         BN7 1JU
         England


SMARTIRE: Sells Conv. Debentures to Xentenial for US$100,000
------------------------------------------------------------
SmarTire Systems Inc. sold a secured convertible debenture to
Xentenial Holdings Limited in the principal amount of US$100,000
on August 15, 2008.  No fees were withheld from the proceeds,
which were received on August 19, 2008.

Under the terms of this secured convertible debenture, the company
is required to repay principal, together with accrued interest
calculated at an annual rate of twelve percent (12%), on or before
August 15, 2011.

Interest may be paid either in cash or in shares of its common
stock valued at the closing bid price on the trading day
immediately prior to the date paid, at its option.  The secured
convertible debenture is secured by all of its assets.

Subject to a restriction, all or any part of principal and
interest due under the secured convertible debenture may be
converted at any time at the option of the holder into shares of
our common stock.  The conversion price in effect on any
conversion date shall be equal to the lesser of:

    a) US$0.0573 or;

    b) (80%) of the lowest volume weighted average price of its
       common stock during the 30 trading days immediately
       preceding the conversion date as quoted by Bloomberg, LP.

The conversion price is subject to adjustment in the event the
company issues any shares of common stock at a price per share
less than the conversion price then in effect, in which event,
subject to certain agreed exceptions, the conversion price will be
reduced to the lower purchase price.

The secured convertible debenture contains a contractual
restriction on beneficial share ownership.  It provides that the
holders may not convert the convertible debenture, or receive
shares of its common stock as payment of interest, to the extent
that the conversion or the receipt of the interest payment would
result in such holder, together with its affiliates, beneficially
owning in excess of 4.99% of its then issued and outstanding
shares of common stock.

This beneficial ownership limitation may be waived by the holder
upon not less than 65 days' notice to us.

An event of default will occur under the convertible debenture if
any of the following occurs:

  -- any default (not waived by the holder) in the payment of the
     principal of, interest on or other charges in respect of the
     convertible debentures;

  -- the company or any of its subsidiaries become bankrupt or
     insolvent;

  -- the company or any of its subsidiaries default in any of its
     obligations under any other indebtedness in an amount
     exceeding US$100,000;

  -- the company's common stock ceases to be quoted for trading
     or listed for trading on any of the Nasdaq OTC Bulletin
     Board, the New York Stock Exchange, American Stock Exchange,
     the NASDAQ Capital Market or the NASDAQ National Market and
     is not again quoted or listed for trading on any primary
     market within 5 trading days of such delisting;

  -- the company or any subsidiary experiences a change of
     control;

  -- the company fail to use its best efforts to file, within
     30 days of demand by the Investors and provided that at
     least 30 days have passed since any other registration
     statement filed by the company has been declared
     effective by the SEC, with the SEC a registration statement
     on Form S-1 or SB-2 under the Securities Act ;

  -- if the effectiveness of the registration statement lapses
     for any reason or the holder of the 10% convertible
     debenture is not permitted to resell the underlying shares
     of common stock, in either case, for more than five trading
     days or an aggregate of eight trading days;

  -- the company fail to deliver common stock certificates to a
     holder prior to the fifth trading day after a conversion
     date or it fails to provide notice to a holder of its
     intention not to comply with requests for conversions of the
     convertible debentures;

  -- the company fails to deliver the payment in cash pursuant to
     a "buy-in" within three days after notice is claimed
     delivered; or;

  -- the company fails to observe or perform any other material
     covenant or agreement contained in or otherwise materially
     breach or default under any other provision of the
     convertible debenture which is not cured within the
     applicable cure periods.

Upon an event of default, the full principal amount of the
convertible debentures, together with accrued and unpaid interest
will become, at the holder's election, immediately due and payable
in cash or, at the election of the holder, shares of its common
stock.

Furthermore, in addition to any other remedies, the holder will
have the right to convert the convertible debenture at any time
after an event of default or the maturity date at the then
effective conversion price.  If an event of default occurs, the
company may be unable to immediately repay the amount owed, and
any repayment may leave us with little or no working capital in
its business.

In the event of any issuances of shares of common stock or rights,
options, warrants or securities convertible or exercisable into
common stock at a price per share of common stock less than the
conversion price of the convertible debentures, the conversion
price of such convertible debentures will be reduced to the lower
purchase price.

In addition, the conversion price of the convertible debentures
will be subject to adjustment in connection with any subdivision,
stock split, combination of shares or recapitalization.  No
adjustment will be made as a result of issuances of securities or
interests upon the conversion, exchange or exercise of any right,
option, warrant obligation or security outstanding immediately
prior to the date of execution of the security purchase agreement
and exercises of options to purchase shares of common stock issued
for compensatory purposes pursuant to any of our stock option or
stock purchase plans.

In addition, the company will pay the holder 100% of the proceeds,
in cash, of any pending or future litigation, with such payments
to be applied to principal or interest on this debenture or other
debentures issued by the company to the holder, at the sole
discretion of the holder.

                     About SmarTire Systems

Headquartered in Richmond, British Columbia, Canada, SmarTire
Systems Inc. (OTC BB: SMTR) -- http://smartire.com/-- develops,
subcontracts its manufacturing, and markets tire pressure
monitoring systems (TPMSs), which monitor tire pressure and tire
temperature in a range of vehicles.  The company sells TPMSs for
trucks, buses, recreational vehicles, passenger cars and
motorcycles. It has three wholly owned subsidiaries: SmarTire
Technologies Inc., SmarTire USA Inc. and SmarTire Europe Limited.

SmarTire Systems Inc.'s consolidated balance sheet at April 30,
2008, showed US$3,240,386 in total assets, US$38,162,990 in total
liabilities, and US$3,565,585 in preferred shares, resulting in a
US$38,488,189 stockholders' deficit.

                       Going Concern Doubt

BDO Dunwoody LLP, in Vancouver, Canada, expressed substantial
doubt about SmarTire Systems Inc.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the years ended July 31, 2007, and 2006.  The
auditing firm pointed to the company's accumulated deficit and
working capital deficiency.

The company has incurred recurring operating losses and as of
April 30, 2008, had an accumulated deficit of US$146,822,824 and a
working capital deficiency of US$33,864,927 of which US$33,739,519
is potentially convertible into shares of common stock of the
company, subject to certain restrictions.


* Shoosmiths Taps James Keates to Head Insolvency Team
------------------------------------------------------
National law firm Shoosmiths has invested further in its
Birmingham restructuring and insolvency team with the appointment
of a new partner.

James Keates, who joins from HBJ Gateley Wareing, is now the new
national head of restructuring and insolvency.  Mr. Keates
qualified in 1996 and brings a wealth of corporate insolvency law
experience with him, including restructuring advice, negotiating
sale and purchase agreements, advising insolvency practitioners on
all aspects of the insolvency process, as well as advising banks
and other funders on the recovery of their corporate loans.

He said: "Choosing to come to Shoosmiths was definitely the right
decision.  We have an excellent team in place and I'm looking
forward to working with them to develop and raise the profile of
the department both locally and nationally."

Since his arrival, James' team has been busy working on various
administrations, including advising Deloitte on the administration
of part of the Chase Midland plc group of companies.

Joel Kordan, partner and head of Shoosmiths' Birmingham office,
said:  "I'm very pleased that James has made the decision to join
the firm.  There is increasing demand for quality restructuring
and insolvency advice, and Shoosmiths is continuing to invest
heavily in developing this field to provide the kind of guidance
and support that clients value.  James' appointment to the team
really couldn’t have come at a better time."

Mr. Keates' appointment to the team is closely followed by that of
insolvency solicitor Aaron Harlow.  Mr. Harlow, who joins
Shoosmiths from Eversheds, qualified in September 2007 and is
experienced in all areas of insolvency law.


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

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


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


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


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

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


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

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

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

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

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


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


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


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


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


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


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


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


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


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


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


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


                            *********

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

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

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

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

                            *********


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

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