TCREUR_Public/080903.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

            Wednesday, September 3, 2008, Vol. 9, No. 175

                            Headlines

F R A N C E

AKERYS HOLDINGS: S&P Chips Corporate Credit Rating to B from B+
ALCATEL-LUCENT SA: Names New Board Chairman and Chief Executive
ALCATEL-LUCENT SA: SanDisk Corp.'s Calif. Declaratory Suit Pending


G E R M A N Y

BS. TRANSPORT: Claims Registration Period Ends September 10
CALLUS ENTERTAINMENT: Claims Registration Period Ends Sept. 10
CENTRAL BAU: Claims Registration Period Ends September 10
C·O·M ENGINEERING: Claims Registration Period Ends September 10
COREALCREDIT BANK: S&P Withdraws BB-/B Counterparty Credit Ratings

DACHDECKEREI WALLSCHLAGER: Claims Registration Ends Sept. 10
DEL BACK: Creditors' Meeting Slated for September 8
DRESDNER BANK: Allianz and Commerzbank Inks EUR9.8 Bil. Sale Deal
HAMBURGER DISPLAY: Claims Registration Period Ends September 10
HKK BETRIEBS: Claims Registration Period Ends September 10

M POS SOFTDRINKVERTRIEBS: Claims Registration Ends September 10
MACROSOL BUSINESS: Claims Registration Period Ends September 10
NEUS TANZLOKAL: Claims Registration Period Ends September 10
QUADRIGA HAUS: Claims Registration Period Ends September 10
THIELERT AIRCRAFT: Gets Letters of Intent from Potential Buyers


I T A L Y

ALITALIA SPA: Italian Group Offers EUR400 Million for Some Assets
ALITALIA SPA: Italy, Unions Have Until Sept. 14 to Reach Terms
ALITALIA SPA: Only EUR30 Mil. Cash May be Left by End of September
INTERNATIONAL RECTIFIER: Rejects Vishay's Unsolicited Proposal
INTERNATIONAL RECTIFIER: Delays Filing of 2008 Annual Report

PARMALAT SPA: Exercised Warrants Hike Share Capital by EUR27,000


N E T H E R L A N D S

X5 RETAIL: Earns US$74.39 Million for Second Quarter Ended June 30


R U S S I A

X5 RETAIL: Earns US$74.39 Million for Second Quarter Ended June 30


S W E D E N

FORD MOTOR: District Court Approves VEBA Health Care Trust Fund
GENERAL MOTORS: Deserves US$50BB Gov't-Backed Loans, Mr. Lutz Says
OCTOPHARMA NORDIC: S&P Shifts Outlook, Holds BB+ Corp. Credit Rtng


S W I T Z E R L A N D

HARTMANN NATURHEILMITTEL: Deadline to File Claims Set Sept. 30
KURT MODE: Proofs of Claim Filing Deadline is November 1
MURATA ELECTRONICS: Creditors' Proofs of Claim Due by Sept. 30
OCTOPHARMA NORDIC: S&P Shifts Outlook, Holds BB+ Corp. Credit Rtng
POSITIVE REISEN: Nov. 8 Set as Deadline to File Proofs of Claim


U N I T E D   K I N G D O M

AJN COACHWORKS: Brings in Liquidators from Mazars
BRADFORD & BINGLEY: Posts GBP17.2 Mln Losses for First Half 2008
BRADFORD & BINGLEY: Mark Stevens to Quit as Group Sales Director
CARE IN CONSTRUCTION:Taps Liquidators from Deloitte & Touche
CATERING FOR EDUCATION: Calls in Liquidators from Tenon Recovery

COMMUNITY ORGANISATIONS: Appoints Liquidators from PwC
F F R LTD: Christopher Ratten Leads Liquidation Procedure
FRANCIS PRINT: Brings in Liquidators from Vantis
GATEWAY: Moody's Puts B3 Debt Rating Under Review for Upgrade
M PAVING: Appoints Liquidators from Tenon Recovery

MERRYDALE MARBLE: Taps Liquidators from Tenon Recovery
METSTOC LTD: Claims Filing Period Ends September 26
PRIORY PRINT: Brings in Joint Administrators from Tenon Recovery
QUEBECOR WORLD: Court Okays Settlement of US$3.8MM Claim with TSIC
SAFFIEH LTD: Calls in Liquidators from Tenon Recovery

SAT CONSTRUCTION: Claims Filing Period Ends November 15
SCOTIA LINEN: Goes Into Administration; 17 Jobs Affected
SELECT CATERING: Appoints Joint Administrators from Vantis
S G DESIGN: Taps Liquidators from Tenon Recovery
TAYLOR WIMPEY: Posts GBP1.42 Billion Losses for First Half 2008

TITANIC SINKS: Claims Filing Period Ends October 31
WYE COURIERS: Appoints Liquidators from Tenon Recovery

* ALVAREZ & MARSAL: Unveils Hires, Appointments in Europe & Asia


                         *********


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


AKERYS HOLDINGS: S&P Chips Corporate Credit Rating to B from B+
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on France-based homebuilder Akerys
Holdings S.A. to 'B' from 'B+'.  The outlook is stable.  At the
same time, S&P lowered the issue rating on Akerys' EUR300 million
senior secured floating-rate notes due 2014 to 'B-' from 'B'.  The
recovery rating of '5' on these notes remains unchanged,
indicating S&P's expectation of modest (10%-30%) recovery in the
event of a payment default.

All the ratings were removed from CreditWatch with negative
implications, where they had been placed on June 5, 2008.

"The downgrade and CreditWatch resolution reflect our expectation
that continued deterioration of market conditions in the coming
quarters will prevent Akerys from improving its current weak
operating performance and credit metrics," said S&P's credit
analyst Pierre Georges.  "In particular, debt leverage and
interest coverage by operating cash flows after working capital
changes are unlikely to recover soon."

The ratings reflect the company's aggressive financial profile
and lack of geographic diversity, as well as the property
development industry's currently challenging environment and
inherent characteristics of cyclicality, working capital
intensity, low barriers to entry, and high fragmentation.
These negative factors are only partly mitigated by Akerys'
relatively prudent risk policies, long-term debt maturity, and
focus on cash flows and liquidity.

Akerys' poor performance follows the deterioration in the French
residential property market since the beginning of 2008, with a
significant decrease in demand, stricter and more expensive
lending conditions, and signs of pressure on residential real
estate pricing due to affordability issues.  These negative
factors currently outweigh the favorable long-term fundamentals
supporting demand for residential assets in France, such as the
ongoing imbalance between need and supply and individuals'
growing concerns about securing a stable income for retirement.

"The outlook is stable because of the absence of debt maturities
before 2014 and our expectation that Akerys' operating performance
and credit metrics are likely to stabilize at current
lows in the next few quarters," said Mr. Georges.

S&P could revise the outlook to negative if Akerys' future
operating performance deteriorates under combined potential
pressures from a toughening French residential real estate
market, including rising interest rates, stricter lending terms,
a drop in asset valuations, or an increase in inventories.  These
conditions could notably lead to a prolonged decline in demand
for buy-to-rent properties, which in turn could further weaken
Akerys' credit metrics and liquidity.


ALCATEL-LUCENT SA: Names New Board Chairman and Chief Executive
---------------------------------------------------------------
Alcatel-Lucent SA's Board of Directors has approved the
appointment of Philippe Camus as non-executive Chairman as of Oct.
1, 2008.  Ben Verwaayen is appointed as the company's chief
executive officer.  Mr. Verwaayen will also join the company’s
Board of Directors.

Philippe Camus, 60 is a French national and a U.S. resident.  He
is a seasoned business leader whose international experience spans
several industries.  He was the Co-CEO at European Aeronautic
Defense and Space Company (EADS) and managed a large, global
business in the high-tech industry.  He is Co-Managing Partner of
Lagardère, an international media group, and a partner of Evercore
Partners, a New York based investment and advisory firm.

Ben Verwaayen, 56 is a Dutch national and has intensive
telecommunications and IT experience spanning many years. He was
CEO of BT from February 2002 to June 1, 2008.  He was formerly
vice-chairman of the management board of Lucent Technologies in
the U.S., which he joined in September 1997.  Prior to that, he
worked with KPN in the Netherlands for nine years as president and
managing director of its telecom subsidiary, PTT telecom.  Before
that, Ben worked for ITT, a predecessor of Alcatel.

"Philippe Camus and Ben Verwaayen are respected and experienced
business leaders.  Their understanding of this industry with its
challenges and opportunities make them the perfect choice to lead
and guide Alcatel-Lucent as it moves into this next stage in its
development," said the Board in a statement.  "Philippe Camus has
experience in several high-tech global industries, including the
fast-growing media sector, as well as in managing multi-cultural
environment.  Ben Verwaayen's years of experience in this industry
have given him great insight into Alcatel-Lucent.  He also has
deep understanding of the industry trends and customer needs and
is fully committed to innovation, technological excellence and
unsurpassed customer service."

Mr. Camus said: "Alcatel-Lucent is an undisputed worldwide leader
in the telecommunications industry.  I am looking forward to
contributing to the Company’s strategic positioning in the context
of an industry with challenges but also great opportunities. Our
top priority with the Board will be to bring full support to Ben
Verwaayen in his new mission."

Mr. Verwaayen said: "Alcatel-Lucent has a lot to offer:
technological excellence, leading market positions worldwide, in
developed as well as emerging countries  and a strong customer
focus.  The company operates in a quickly changing market and
therefore is evolving.  I'm truly delighted to become the CEO of
Alcatel-Lucent, leading a company with vast assets and great
talents, while recognizing the difficulties and challenges ahead.
I am committed to building significant and sustainable value for
our shareholders, customers and employees."

Mr. Verwaayen's office will be in the company’s headquarters in
Paris.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.

                           *     *     *

As appeared in the TCR-Europe on Aug. 4, 2008, Standard & Poor's
Ratings Services has revised to negative from stable its outlook
on France-based telecommunications equipment supplier Alcatel
Lucent.  At the same time, the 'BB-/B' long- and short-term
corporate credit ratings on Alcatel Lucent, the 'BB-/B-1' long
and short-term corporate credit ratings on subsidiary Lucent
Technologies Inc., and all issue ratings on both companies were
affirmed.

Alcatel-Lucent continues to carry Ba3 Corporate Family and
Senior Debt ratings, Not-Prime for short term debt, as well as
B2 ratings for subordinated debt with negative outlook from
Moody's Investors Service.  The ratings were affirmed in
April 2008.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt still carry Standard & Poor's Ratings Services'
BB rating.  Its Short-Term Corporate Credit rating stands at B.


ALCATEL-LUCENT SA: SanDisk Corp.'s Calif. Declaratory Suit Pending
------------------------------------------------------------------
SanDisk Corp. continues to pursue its action seeking a declaratory
judgment of non-infringement and the invalidity of Alcatel-Lucent
SA's U.S. Patent Nos. 5,341,457 and RE39,080 in the U.S. District
Court for the Northern District of California.

Both patents relate to a technique for perceptual coding of audio
signals.

On May 11, 2007, the Company received notice from Alcatel-Lucent
alleging that the Company's digital music players require a
license to the '457 and '080 patents.

The Company sued Lucent Technologies Inc. and Alcatel-Lucent SA on
July 13, 2007, seeking declaratory judgment that the Company does
not infringe the two patents and that these patents are invalid.

The defendants have answered the Company's suit and counterclaimed
for infringement of the '080 patent.  The defendants also moved to
dismiss the case without prejudice or stay the case pending an
appeal of a judgment involving the same patent in the U.S.
District Court for the Southern District of California.

The Company has moved for summary judgment on its claims for
declaratory relief and for the dismissal of Lucent's patent
infringement counterclaim. (Lloyds Intellectual Property Reporter,
March 4, 2008)

Based in Milpitas, Calif., SanDisk Corp. designs, develops,
markets and manufactures products and solutions in a variety of
form factors using its flash memory, controller and firmware
technologies.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.

                           *     *     *

As appeared in the TCR-Europe on Aug. 4, 2008, Standard & Poor's
Ratings Services has revised to negative from stable its outlook
on France-based telecommunications equipment supplier Alcatel
Lucent.  At the same time, the 'BB-/B' long- and short-term
corporate credit ratings on Alcatel Lucent, the 'BB-/B-1' long
and short-term corporate credit ratings on subsidiary Lucent
Technologies Inc., and all issue ratings on both companies were
affirmed.

Alcatel-Lucent continues to carry Ba3 Corporate Family and
Senior Debt ratings, Not-Prime for short term debt, as well as
B2 ratings for subordinated debt with negative outlook from
Moody's Investors Service.  The ratings were affirmed in
April 2008.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt still carry Standard & Poor's Ratings Services'
BB rating.  Its Short-Term Corporate Credit rating stands at B.


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


BS. TRANSPORT: Claims Registration Period Ends September 10
-----------------------------------------------------------
Creditors of BS. Transport GmbH have until Sept. 10, 2008, to
register their claims with court-appointed insolvency manager
Karl-Heinz Trebing.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Oct. 22, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Karl-Heinz Trebing
         Hanauer Landstr. 287-289
         60314  Frankfurt (Main)
         Germany
         Tel: 069/15051300
         Fax: 069/15051400

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against BS. Transport GmbH on Aug. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BS. Transport GmbH
         Cargo City Sued, Geb. 641
         First Floor
         60594 Frankfurt (Main)
         Germany


CALLUS ENTERTAINMENT: Claims Registration Period Ends Sept. 10
--------------------------------------------------------------
Creditors of callus entertainment GmbH have until Sept. 10, 2008,
to register their claims with court-appointed insolvency manager
Dr. Nikolaus Schmidt.

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

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 145
         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:

         Dr. Nikolaus Schmidt
         Magdeburger Str. 23
         06112 Halle
         Germany
         Tel:0345/231110
         Fax: 0345/2311199
         E-mail: Dr.Frenzel.u.Kollegen@t-online

The District Court of Leipzig opened bankruptcy proceedings
against callus entertainment GmbH on July 25, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         callus entertainment GmbH
         zuletzt Naumburger Strasse 28
         04229 Leipzig
         Germany

         Attn: Enrico Obenau, Manager
         Langer Weg 22
         04435 Schkeuditz
         Germany


CENTRAL BAU: Claims Registration Period Ends September 10
---------------------------------------------------------
Creditors of Central Bau GmbH & Co KG have until Sept. 10, 2008,
to register their claims with court-appointed insolvency manager
Robert Wartenberg.

Creditors and other interested parties are encouraged to attend
the meeting at 2:35 p.m. on Sept. 22, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Schweinfurt
         Meeting Hall 22
         Eingang Friedenstr. 2
         Schweinfurt
         Germany

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

The insolvency manager can be reached at:

         Robert Wartenberg
         Friedrichstr. 15
         96047 Bamberg
         Germany
         Tel: 0951/29743-0
         Fax: 0951/29743-29

The District Court of Schweinfurt opened bankruptcy proceedings
against Central Bau GmbH & Co KG on Aug. 19, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Central Bau GmbH & Co KG
         Felsenkeller 8
         97509 Kolitzheim
         Germany

         Attn: Adolf Schertel, Manager
         Huetlein 12
         97478 Knetzgau
         Germany


C·O·M ENGINEERING: Claims Registration Period Ends September 10
---------------------------------------------------------------
Creditors of C·O·M Engineering GmbH have until Sept. 10, 2008, to
register their claims with court-appointed insolvency manager Eva
Klein.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Nov. 7, 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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Str. 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Eva Klein
         Werlestrasse 38
         42289 Wuppertal
         Germany
         Tel: 0202 26 26 40
         Fax: 0202-26264-32

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

The Debtor can be reached at:

         C·O·M Engineering GmbH
         Attn: Roland Klaar, Manager
         Pantholz 20
         42929 Wermelskirchen
         Germany


COREALCREDIT BANK: S&P Withdraws BB-/B Counterparty Credit Ratings
------------------------------------------------------------------
Standard & Poor's Ratings Services has withdrew its 'BB-' long-
term and 'B' short-term counterparty credit ratings on Germany-
based Corealcredit Bank AG at the bank's request.  At the same
time, the 'B' issue ratings on subordinated debt and the 'B'
short-term rating on the EUR5 billion Eurocommercial paper program
were withdrawn.  Furthermore, S&P affirmed the 'AAA'
ratings on Oeffentliche Pfandbriefe (public-sector covered bonds)
and Hypothekenpfandbriefe (mortgage-covered bonds) before their
subsequent withdrawal.  The withdrawal affects EUR4.4 billion of
Oeffentliche Pfandbriefe, EUR3.7 billion of Hypothekenpfandbriefe,
EUR200 million of senior unsecured bonds and EUR185 million of
senior subordinated bonds.

On Aug. 12, 2008, S&P revised its outlook on the German bank to
positive from stable, following progress in implementing its new
business model.  At the same time, the 'BB-/B' long-term and
short-term counterparty credit ratings were affirmed.

"The ratings on Corealcredit reflected its subdued medium-term
earnings prospects, which hinge closely on the bank's ability to
release loan loss reserves while reducing its extraordinarily
high stock of nonperforming loans," said S&P's credit analyst
Volker von Kruechten.  "As Corealcredit focuses purely on the
domestic commercial real estate market, where it has a small
market share, the adjusted business model only minimally
addresses the bank's weak business and earnings diversification."

Therefore, considerable uncertainties remain as to whether
Corealcredit will be able to establish a viable and sustainable
business model, despite its limited franchise, and attain a
profitable niche position in the competitive German property
lending market.  As a result of the withdrawal S&P will no longer
comment on fundamental developments at the bank.

"The ratings on Corealcredit's Oeffentliche and
Hypothekenpfandbriefe reflected our level of comfort in the
German covered-bond framework that allows the rating of covered
bonds, predominantly based on the strength of the structure, to
be relatively independent of the counterparty rating on the
issuer," said S&P's credit analyst Sabine Daehn.  "In particular,
our analysis verified that the notes can be repaid even under
'AAA' stress scenarios."

The public cover pool comprised EUR6.1 billion of assets as of
the June reporting date.  While credit quality has been average
compared with that of other public-sector pools, an above-average
concentration (75.9%) of the top-20 borrowers was visible.

As of June 30, 2008, the mortgage cover pool comprised EUR5
billion of predominantly commercial real estate assets with an
adequate credit quality.  The quality and liquidity of the pool
was also supported by a very high amount of substitute
collateral. Geographically, the pool consists almost entirely of
German assets.

Overcollateralization of the cover pools has been stable over
previous periods and the bank has consistently provided about
6%-7% of overcollateralization on a net present value basis for
the public-sector cover pool and more than 19% for the mortgage
cover pool.


DACHDECKEREI WALLSCHLAGER: Claims Registration Ends Sept. 10
------------------------------------------------------------
Creditors of Dachdeckerei Wallschlager GmbH have until Sept. 10,
2008, to register their claims with court-appointed insolvency
manager Joachim Exner.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on Oct. 23, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Fuerth
         Hall 3
         Ground Floor
         Baumenstrasse 32
         Fuerth
         Germany

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

The insolvency manager can be reached at:

         Joachim Exner
         Stahlstrasse 17
         90411 Nuremberg
         Germany
         Tel: 0911-9512850
         Fax: 0911-95128510

The District Court of Fuerth opened bankruptcy proceedings against
Dachdeckerei Wallschlager GmbH on Aug. 5, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Dachdeckerei Wallschlager GmbH
         Adalbert-Stifter-Str. 13
         90587 Veitsbronn
         Germany


DEL BACK: Creditors' Meeting Slated for September 8
---------------------------------------------------
The court-appointed insolvency manager for DEL Back GmbH, Haro
Helms will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 3:00 p.m. on Sept. 8, 2008.

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

        The District Court of Delmenhorst
         Hall 2
         Branch 1
         Cramerstrasse 183
         27749 Delmenhorst
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 3:00 p.m. on Oct. 6, 2008, at the same venue.

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

The insolvency manager can be reached at:

         Haro Helms
         Schillerstrasse 10
         28195 Bremen
         Germany
         Tel: 0421 3377915
         Fax: 0421 3377944
         E-mail: helms@dr-stankewitz.de

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


The Debtor can be reached at:

         DEL Back GmbH
         Gruene Str. 52
         27749 Delmenhorst
         Germany

         Attn: Bernd Wuerdemann, Manager
         Tulpenstrasse 32
         27749 Delmenhorst
         Germany


DRESDNER BANK: Allianz and Commerzbank Inks EUR9.8 Bil. Sale Deal
-----------------------------------------------------------------
Allianz SE and Commerzbank AG have agreed on the sale of Dresdner
Bank AG to Commerzbank for a consideration of EUR9.8 billion
including a payment into a trust solution for specific ABS assets
of Dresdner Bank of up to EUR975 million.  The new bank will be
the leading bank for retail and corporate clients in Germany.  The
supervisory board of Allianz approved the agreement at its meeting
on Sunday, Aug. 31, 2008.  The transaction will take place in two
steps and should be completed no later than the end of 2009.  It
is subject to approval by the regulatory authorities.

"This is a milestone in the consolidation of the German banking
sector.  With this step we selected the best solution for Dresdner
Bank.  Together, the two banks will be the German market leader
for retail clients and medium-size companies," said Michael
Diekmann, CEO of Allianz.  "As a strong bank, the new company can
safeguard jobs in the long term.  With a stake of nearly 30
percent Allianz will be the largest shareholder of the new bank
and will gain access to a powerful distribution network for its
insurance products.  The move will also secure the further success
of its bancassurance strategy."

"The two banks fit together perfectly," commented Herbert Walter,
CEO of Dresdner Bank AG.  "Commerzbank and Dresdner Bank together
will create a modern, strong and client focused bank.  In the
upcoming months we will put our joint efforts into shaping this
new institution by focusing on earnings as well as cost
synergies."

Transaction creates added value

The integration of the two banks creates a potential for improved
efficiency and synergies that offers shareholders of the new bank
the chance of significant value enhancement.  Allianz, as the
largest shareholder, will benefit from these gains.  The cash
equivalent of the synergies after deduction of restructuring costs
amounts to EUR5.0 billion.  Commerzbank and Allianz will jointly
provide risk coverage for selected ABS assets, whereby Commerzbank
provides EUR275 million for the first loss piece and Allianz
EUR975 million for the second loss piece.

Business models complement each other ideally

Together Commerzbank and Dresdner Bank will have the most powerful
sales organization in the German banking sector.  Dresdner Bank's
proven securities expertise perfectly complements Commerzbank's
business model.

The new bank has a balanced mix of activities and an excellent
potential for growth.  It focuses on retail and corporate clients,
medium-size companies, Central and Eastern Europe, corporates &
markets (including public finance) and commercial real estate.

With eleven million private customers in Germany and the densest
network of branches by far the two companies will become the
leading German bank.  With a total of 1200 branches the bank will
be even more accessible for private and business customers.  At
the same time it will have a broader range of products and will be
in a position to increase its market share even further.  The two
banks together will strengthen their already strong position among
medium-size companies.  The new bank will have more than 100,000
corporate and institutional clients.  The bank stands as long-term
partner by local companies and their needs.  The two banks also
complement each other in the segment of high net-worth
individuals.  Dresdner Bank is very strong in this segment.  This
will help the new bank minimize the gap to the market leader and
establish its position as number two in Germany in this market.
Dresdner Bank has recently invested heavily in boosting its
national and international presence, an asset the new bank will
benefit from.

Dresdner Bank's activities in investment banking will be reduced.
Overall the new bank will strengthen its leading position as
investment bank for German companies.

Exclusive sales cooperation ensures growth potential for Allianz
and Allianz keeps OLB

The new bank will offer Allianz' insurance products through an
exclusive sales agreement.  The cooperation hitherto of
Commerzbank and Generali in the insurance field will not be
continued after expiry.  Moreover, Allianz Global Investors will
be the preferred partner of the new bank in the asset management
business.  With the acquisition of Cominvest, Commerzbank's asset
management entity, Allianz strengthens its market position in this
segment and will become Germany's largest asset manager with more
than EUR300 billion assets under management.

The successful assurbanking business of Allianz will continue to
be promoted.  More than a million new banking customers served by
Allianz' sales force will be transferred to a fully owned Allianz
subsidiary.  Furthermore the banking agencies distribution network
will be expanded.  Overall 300 banking agencies will support
Allianz' sales force by 2009.  The Oldenburgische Landesbank (OLB)
will remain in the Group as part of Allianz Deutschland AG.  All
banking products sold by Allianz will be purchased from
Commerzbank and OLB.

"By means of this exclusive sales cooperation we are securing
access to the expanded branch network of the new bank with eleven
million customers.  In this way we will be able to further
strengthen our bancassurance strategy.  By OLB remaining part of
the Group we keep a competent bank to further expand the banking
product distribution via Allianz' tied agents," said Michael
Diekmann.

Two-step consideration

The sale of Dresdner Bank will be realized in two steps: In the
first step, Commerzbank will acquire 60.2 percent of the shares in
Dresdner Bank from Allianz.  In exchange Allianz will receive
163.5 million new shares in Commerzbank generated from a capital
increase against contribution in kind, which is equivalent to a
share of 18.4 percent of the increased share capital of
Commerzbank.  On the basis of the average XETRA closing price
during the last month, these shares are worth EUR3.4 billion.
Commerzbank will pay Allianz an additional EUR2.5 billion in cash.
Thereof EUR975 million will be provided as coverage for defined
securities portfolio and will only be paid out, if not needed by
2018.  In the transaction Cominvest which is valued at EUR0.7
billion will be transferred to Allianz.

In the second step, Dresdner Bank will be merged with Commerzbank
whereas Allianz will receive shares in Commerzbank worth EUR3.2
billion.  The final stake in Commerzbank which Allianz will hold
after the second step will depend on the exact exchange ratio of
Commerzbank shares to Dresdner Bank shares.  Allianz' target stake
in Commerzbank will amount to nearly 30 percent.  This will make
Allianz the largest shareholder by far and a strong partner of the
new bank.

Allianz has been advised by Goldman Sachs, Shearman Sterling and
Ernst & Young.  Leonardo & Co. will provide a fairness opinion for
Allianz and Rothschild for Dresdner Bank.

                        About Dresdner Bank

Based in Frnakfurt.Main, Dresdner Bank AG --
http://www.dresdner-bank.com/-- is a commercial bank.  It has a
network of 838 domestic branch offices and is represented in a
number of centers outside Germany.  The Bank is a wholly owned
subsidiary of Allianz AG, Munich, Germany, and serves
approximately 6.5 million customers.  It offers a range of banking
products and financial services, such as lending and deposits,
capital market products, corporate advisory and financial
services, payment transactions, as well as securities and custody
business.  In addition, the Bank is active in the investment
business.  As part of the Allianz Group, Dresdner Bank distributes
life, health and non-life insurance products from the Allianz
Group.  The Bank's activities are structured into two business
divisions.  Offerings for private and business clients are
combined in Private and Corporate Clients, whereas Investment
Banking bundles advisory services for enterprises and
institutions.

                        *     *     *

Dresdner Bank AG continues to carry 'C' Individual rating from
Fitch.  Fitch downgraded the rating to its current level from
'B/C' in March 2008.


HAMBURGER DISPLAY: Claims Registration Period Ends September 10
---------------------------------------------------------------
Creditors of HDP Hamburger Display GmbH have until Sept. 10, 2008,
to register their claims with court-appointed insolvency manager
Soenke Hansen.

Creditors and other interested parties are encouraged to attend
the meeting at 12:55 p.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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Soenke Hansen
         Moenckebergstrasse 17
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against HDP Hamburger Display GmbH on July 23, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HDP Hamburger Display GmbH
         Attn: Andreas Salzbrunn, Manager
         Buttstrasse 3
         22767 Hamburg
         Germany


HKK BETRIEBS: Claims Registration Period Ends September 10
----------------------------------------------------------
Creditors of HKK Betriebs GmbH have until Sept. 10, 2008, to
register their claims with court-appointed insolvency manager
Thomas Krafft.

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

The meeting of creditors will be held at:

         The District Court of Cottbus
         Hall 313
         Gerichtsplatz 2
         Cottbus
         Germany

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

The insolvency manager can be reached at:

         Thomas Krafft
         Heinrich-Mann-Allee 18/19
         14473 Potsdam
         Germany

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

The Debtor can be reached at:

         HKK Betriebs GmbH
         Attn: Frau Katja Kladtke, Manager
         Buchenstrasse 08
         01998 Klettwitz
         Germany


M POS SOFTDRINKVERTRIEBS: Claims Registration Ends September 10
---------------------------------------------------------------
Creditors of M POS SOFTDRINKVERTRIEBS & GASTRONOMIEBERATUNGS GmbH
have until Sept. 10, 2008, to register their claims with court-
appointed insolvency manager Hannfried Grauer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Oct. 2, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Wuerzburg
         Room 14
         Second Stock
         Tiepolostr. 6
         Wuerzburg
         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:

         Hannfried Grauer
         Hofstr. 3
         97070 Wuerzburg
         Germany
         Tel: 0931/452029-50
         Germany

The District Court of Wuerzburg opened bankruptcy proceedings
against M POS SOFTDRINKVERTRIEBS & GASTRONOMIEBERATUNGS GmbH on
Aug. 1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         M POS SOFTDRINKVERTRIEBS &
         GASTRONOMIEBERATUNGS GmbH
         Attn: Joerg Meurer, Manager
         Am Zahn 3
         97246 Eibelstadt
         Germany


MACROSOL BUSINESS: Claims Registration Period Ends September 10
---------------------------------------------------------------
Creditors of macroSol Business Solutions GmbH have until
Sept. 10, 2008, to register their claims with court-appointed
insolvency manager Torben Ottmar Herbold.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.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 Potsdam
         Hall 24
         Justice Center
         Jagerallee 10 - 12
         14469 Potsdam
         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:

         Torben Ottmar Herbold
         Haeckelstrasse 10
         39104 Magdeburg
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against macroSol Business Solutions GmbH on July 24, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         macroSol Business Solutions GmbH
         Pappelring 22
         15738 Zeuthen
         Germany

         Attn: Karl-Heinz Trager, Manager
         Pappelring 23
         15738 Zeuthen
         Germany


NEUS TANZLOKAL: Claims Registration Period Ends September 10
------------------------------------------------------------
Creditors of NEUS Tanzlokal GmbH & Co. Betriebs-KG have until
Sept. 10, 2008, to register their claims with court-appointed
insolvency manager Volker Quinkert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 1, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Volker Quinkert
         Brucknerallee 6
         41236 Moenchengladbach
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against NEUS Tanzlokal GmbH & Co. Betriebs-KG on Aug. 19, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         NEUS Tanzlokal GmbH & Co. Betriebs-KG
         Batteriestrasse 7
         41460 Neuss
         Germany

         Attn: Stefan Dolzer, Manager
         Weinstrasse 2
         35510 Butzbach
         Germany


QUADRIGA HAUS: Claims Registration Period Ends September 10
-----------------------------------------------------------
Creditors of QUADRIGA Haus- und Grundbesitz GmbH have until Sept.
10, 2008, to register their claims with court-appointed insolvency
manager Dr. Bettina E. Breitenbuecher.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 20, 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:

         Dr. Bettina E. Breitenbuecher
         Nieritzstrasse 14
         01097 Dresden
         Germany
         Web site: www.kuebler-gbr.de

The District Court of Dresden opened bankruptcy proceedings
against QUADRIGA Haus- und Grundbesitz GmbH on Aug. 22, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         QUADRIGA Haus- und
         Grundbesitz GmbH
         Attn: Olaf Russig, Manager
         Paradiesstrasse 5
         01445 Radebeul
         Germany


THIELERT AIRCRAFT: Gets Letters of Intent from Potential Buyers
---------------------------------------------------------------
The insolvency administrator of Thielert Aircraft Engines GmbH has
received letters of intent for the company from potential
investors, Robert Wall of Aviation Week reports.

The report notes the offers in hand are still nonbinding, although
prices being put forward are within the range the insolvency
administrator was hoping to get for Thielert.

The insolvency administrator, however, declined to confirm the
names of the potential investors or their number, the report
relates.

Citing an official close to the process, the report discloses more
letters of intent are expected to be delivered in the next two
weeks.

On July 29, 2008, Thielert announced 24 prospective buyers have so
far shown their serious interest by signing a confidentiality
agreement.  Thielert said the prospective buyers are mainly
aircraft industry firms, in addition to a number of financial
investors.

As reported in the TCR-Europe, these potential investors will be
invited to the "due diligence" and given access to the data room
with complete information about the company.  Thereafter the
purchasing negotiations which may take up to several weeks will
begin.

The Chemnitz Local Court, on July 1, 2008, opened insolvency
proceedings against Thielert.  Bruno M. Kuebler was appointed as
the company's insolvency administrator.  The process of finding an
investor for the company also got underway with commencement of
the insolvency proceedings.

Commenting on investor qualifications, Mr. Kuebler said "An
investor who is capable of securing the existence of the company
on a long-term basis at its business locations and continues to
develop the company's leading position on the market for diesel
piston engines should get the nod.  Of course, the purchase
price also plays a role."

Headquartered in Lichtenstein, Saxony/Germany, Thielert Aircraft
Engines GmbH -- http://www.thielert.com/--  is a full
subsidiary of Thielert AG, which develops and manufactures
components for high-performance engines and special parts with
complex geometries and hardware and software for digital engine
control systems.


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


ALITALIA SPA: Italian Group Offers EUR400 Million for Some Assets
-----------------------------------------------------------------
Compagnia Aerea Italiana, a consortium of local investors planning
to acquire Alitalia S.p.A., has submitted a EUR400 million
conditional offer to acquire some assets of the national carrier,
the Financial Times reports.

The consortium includes:

    * AirOne S.p.A. of Carlo Toto;
    * IMMSI S.p.A. of Roberto Colaninno;
    * Atlantia S.p.A. of the Benetton family;
    * Intesa Sanpaolo S.p.A.;
    * Fondiaria SAI S.p.A.; and
    * 11-12 other investors.

Sources privy to the consortium told FT that the offer, valid for
a few weeks, is subject to several conditions including:

    * approval from Italian anti-trust agency and from the
      European Commission; and

    * acceptance of trade union of 5,000-7,000 job cuts.

Alitalia has filed for commencement of extraordinary
administration procedure at the Tribunal of Rome, pursuant to the
amended Marzano bankruptcy law.  Italian Prime Minister Silvio
Berlusconi has appointed Augusto Fantozzi as extraordinary
commissioner for Alitalia.

The amended law allows Alitalia to be split into two -- an
oldco and a newco.  It also allows Mr. Fantozzi to sell Alitalia's
assets through private talks without holding public auction.

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.

                          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 S.p.A. declared insolvency on Aug. 29, 2008, and filed
for commencement of extraordinary administration procedure at the
Tribunal of Rome.  Italian Prime Minister Silvio Berlusconi to
appoint Augusto Fantozzi as extraordinary commissioner.


ALITALIA SPA: Italy, Unions Have Until Sept. 14 to Reach Terms
--------------------------------------------------------------
The Italian government has set a Sept. 14, 2008 deadline to
convince trade unions to agree with the proposed rescue plan for
Alitalia S.p.A., Bloomberg News reports citing Labor Minister
Maurizio Sacconi.  Negotiations will start tomorrow, Sept. 4,
2008.

Compagnia Aerea Italiana, a consortium of local investors, has
submitted an offer to acquire some of Alitalia's profitable
assets.  The offer was made pursuant to the Phoenix rescue plan,
which sees a profitable Alitalia after two-to-three years.

The Phoenix rescue plan -- which entails 5,000-7,000 job cuts --
cannot materialize without the support of trade unions, which
leaders hope to minimize redundancies during Alitalia's
restructuring.

The plan will split 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 Compagnia Aerea Italiana.

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.

"Ten days will be tight," Fabio Berti, general secretary of the
ANPAC pilots union told Bloomberg News.  "It would have been
better if we had started earlier.  What's important is that there
is this investor group and we don't want to miss another
opportunity."

                          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 S.p.A. declared insolvency on Aug. 29, 2008, and filed
for commencement of extraordinary administration procedure at the
Tribunal of Rome.  Italian Prime Minister Silvio Berlusconi to
appoint Augusto Fantozzi as extraordinary commissioner.


ALITALIA SPA: Only EUR30 Mil. Cash May be Left by End of September
------------------------------------------------------------------
Alitalia S.p.A.'s extraordinary commissioner Augusto Fantozzi
warns that the national carrier may only have around EUR30 million
to EUR50 million in cash-on-hand at Sept. 30, 2008, from
EUR195 million to EUR200 million as of Aug. 31, 2008, Agenzia
Giotnalistica Italia reports citing union sources.

Meanwhile, AGI says Mr. Fantozzi revealed a EUR50 million payment
to the International Air Transport Association to prevent
interruption of international ticketing services.

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 S.p.A. declared insolvency on Aug. 29, 2008, and filed
for commencement of extraordinary administration procedure at the
Tribunal of Rome.  Italian Prime Minister Silvio Berlusconi to
appoint Augusto Fantozzi as extraordinary commissioner.


INTERNATIONAL RECTIFIER: Rejects Vishay's Unsolicited Proposal
--------------------------------------------------------------
The Board of Directors of International Rectifier Corporation has
unanimously determined that the unsolicited, non-binding proposal
by Vishay Intertechnology, Inc. to acquire all of the outstanding
shares of International Rectifier for US$21.22 per share in cash
is not in the best interests of IR and its shareholders.

The Board reviewed the proposal with the assistance of its
financial and legal advisers Goldman, Sachs & Co. and Fried,
Frank, Harris, Shriver & Jacobson LLP, respectively.

Richard J. Dahl, Chairman of the Board of International Rectifier
said: "Vishay's proposal significantly undervalues the Company and
its future prospects when compared to the shareholder value
realizable under our recently adopted strategic plan.  On August
1, we announced that the Company had successfully completed the
restatement process of prior financial periods.  The Company has
also added considerable strength and depth to its senior
management team during the past year and is poised to enhance its
competitive position in the marketplace.

"The Board believes that the proposal by Vishay does not value the
Company and its future prospects appropriately.  In our judgment,
IR shareholders will be better served by allowing management to
move forward with its strategic plan.  We believe that IR's
valuation is still under the cloud of legacy issues.  The Board
and our management team look forward to executing the exciting
opportunities available to our Company and to delivering this
value to our shareholders," concluded Mr. Dahl.

Oleg Khaykin, Chief Executive Officer of the Company added: "We
look forward to fulfilling our potential as we continue to follow
our strategic plan and focus on long term value creation for our
shareholders."

The Board of Directors communicated its decision in a letter sent
from Richard J. Dahl, Chairman of the Board of International
Rectifier to Vishay Intertechnology's Executive Chairman of the
Board of Directors, Dr. Felix Zandman and President and Chief
Executive Officer, Dr. Gerald Paul.

                  About International Rectifier

Based in El Segundo, California, International Rectifier
Corporation (NYSE:IRF) -- http://www.irf.com/-- is a designer,
manufacturer and marketer of power management product devices,
which use power semiconductors.  The company's products are used
in a variety of end applications, including computers,
communications networking, consumer electronics, energy-
efficient appliances, lighting, satellites, launch vehicles,
aircraft and automotive diesel injection.  Its products consist
of Power Management Integrated Circuits (Power Management ICs),
Power Components and Power Systems.  It summarizes its segments
in two groups: Focus Products and Non-Focus Products.  The
company has manufacturing facilities in the U.S., Mexico, United
Kingdom, Germany and Italy; and has subsidiaries in Japan and
Singapore.

                         *     *     *

International Rectifier Corporation continues to carry 'BB' long
term foreign and local issuer credit ratings from Standard &
Poor's.  The ratings were placed in April 2007.


INTERNATIONAL RECTIFIER: Delays Filing of 2008 Annual Report
------------------------------------------------------------
On Aug. 1, 2008, International Rectifier Corporation filed its
Quarterly Report on Form 10-Q for the fiscal quarter ended
March 31, 2007, Annual Report on Form 10-K for the fiscal year
ended June 30, 2007, and Quarterly Reports on Forms 10-Q for the
fiscal quarters ended September 30, 2007, December 31, 2007 and
March 31, 2008, after the completion of the Company Audit
Committee's investigation into accounting irregularities at the
Company's subsidiary in Japan and the reconstruction of that
subsidiary's financial records, revenue recognition matters,
restructuring, tax and other matters as described in the 2007
Annual Report.  The effort involved in preparing and filing those
delinquent reports, including the completion of the audit of its
2007 Annual Report by its independent registered public accounting
firm, delayed the Company's 2008 fiscal year-end closing schedule
and preparation of its financial statements, and, as a result,
delayed the examination and audit for such fiscal year being
conducted by the Company's independent registered public
accounting firm.

The Company continues to use diligent efforts regarding the
preparation of its Annual Report on Form 10-K for its fiscal year
ended June 30, 2008, but can give no assurance that the 2008
Annual Report can be completed in time for filing with the U.S.
Securities and Exchange Commission on or before the expiration of
the fifteen-day extension period provided under Rule 12b-25 on
Sept. 12, 2008.

The Company continues the process of completing the preparation of
its financial statements for its fiscal year ended June 30, 2008.
As a result, the Company cannot at this time provide audited
financial statements for such period.  The Company anticipates a
significant decline in the results of operations from the prior
fiscal year.  The Company anticipates the Loss from continuing
operations before income taxes for the fiscal year ended June 30,
2008 will be in the range of US$(90.0) million to US$(110.0)
million, compared to Income from continuing operations before
income taxes of US$136.5 million in fiscal 2007.  These results
include the anticipated recording in the fourth fiscal quarter of
2008 of approximately US$69 million of charges for the following:
expenses relating to the Company's previously reported Audit
Committee investigation and reconstruction and restatement of
financial statements, and including transfer pricing and FIN 48
analysis, preparation of tax return amendments ("Investigation-
Related Expenses") (of approximately US$32 million), impairment of
goodwill (of approximately US$33 million), and impairment of
certain available-for-sale asset and mortgage backed securities
(of approximately US$4 million).  Excluding these charges and
expenses, the Company estimates that its operating results for the
fourth quarter ending June 30, 2008 would be about breakeven.

For the full fiscal year of 2008 (including previously reported
periods), the Company anticipates that it will record
approximately US$157 million of charges for the following:
Investigation-Related Expenses (of approximately US$96 million),
impairment of goodwill (of approximately US$33 million), inventory
charges associated with products we deemed to be obsolete and no
longer plan to support (of approximately US$20 million), and
impairment of certain available-for-sale asset and mortgage backed
securities (of approximately US$8 million).  In fiscal year 2007,
the Company recorded charges for Investigation-Related Expenses
(of approximately US$9 million) and inventory-related charges
(totaling approximately US$30 million) associated with (a)
products we deemed to be obsolete, (b) quality issues in game
station products, and (c) excess spares parts inventory.  In
fiscal year 2007, the Company did not record charges for
impairment of goodwill or available-for-sale asset and mortgage
backed securities and expenses.

The Company's revenue for its fiscal year 2008 compared with its
fiscal year 2007 have been negatively affected by a number of
factors, including:

    * Revenue is lower in several of the Company's ongoing
      operating segments as end user demand declined due to
      overall market weakness resulting from decreased consumer
      spending and the continuing downward pressure in the
      housing sector.

    * A decline in revenue took place during the second half of
      fiscal year 2007 continuing into fiscal year 2008 as a
      result of excess inventory in our distribution channels,
      with the Company taking more affirmative steps in the
      second half of fiscal year 2008 to reduce this inventory
      level.

    * A decline in revenue in the Company's Intellectual
      Property segment due to the expiration of most of the
      Company's royalty generating patents in the fourth quarter
      of fiscal year 2008.

The Company is providing preliminary information related to
liquidity and certain other matters.  This information is not
final and may be affected by the Company's final review and
preparation of its annual report on Form 10-K which is subject to
the examination and audit by the Company's independent registered
public accounting firm.

As of the Company's fiscal year ended June 30, 2008, the Company
anticipates that it will report in excess of US$725 million in
cash, cash equivalents and investments, compared to the Company's
prior fiscal year ended June 30, 2007 balance of approximately
US$1,302.9 million.  The Company had no bank debt outstanding and
no long-term debt as of June 30, 2008 compared with total bank and
long-term debt of approximately US$543.8 million at June 30, 2007.

During the fiscal year ended June 30, 2008, the Company repaid all
its outstanding long term debt.  Cash interest paid by the Company
in fiscal year 2008 was US$17 million compared to US$46 million in
fiscal year 2007 (the decrease being primarily due to the
repayment in full at maturity of the Company's convertible
subordinated notes in July 2007).  The Company acquired
approximately US$38 million of property, plant and equipment in
fiscal year 2008 compared with approximately US$120.5 million in
fiscal year 2007 (the decrease relating primarily to a decline in
purchases of manufacturing related equipment as the Company did
not require additional capacity in fiscal year 2008) and paid
approximately US$100 million in cash taxes in fiscal year 2008
compared with US$27.8 million in fiscal year 2007 (the increase
relating primarily to additional taxes paid to the U.S. Federal
government and state taxing agencies in connection with filing
amended income tax returns for fiscal years 2004 to 2006 to
correct errors identified and previously reported by the Company).

The Company anticipates that it will have recorded approximately
US$105 million in Investigation-Related Expenses as of June 30,
2008, of which US$8.6 million were incurred in fiscal year 2007.
The Company believes that it will not be incurring substantial
Investigation-Related Expenses following the end of its fiscal
quarter ending September 30, 2008.

The Company believes it continues to have sufficient cash and
other resources available to meet working capital and other needs
that may arise during the next twelve months.

The information being provided is based on the Company's current
estimates and actual results may vary.  All estimates are
preliminary and are subject to revision upon completion and filing
of the Company's 2008 Annual Report.

                 About International Rectifier

Based in El Segundo, California, International Rectifier
Corporation (NYSE:IRF) -- http://www.irf.com/-- is a designer,
manufacturer and marketer of power management product devices,
which use power semiconductors.  The company's products are used
in a variety of end applications, including computers,
communications networking, consumer electronics, energy-
efficient appliances, lighting, satellites, launch vehicles,
aircraft and automotive diesel injection.  Its products consist
of Power Management Integrated Circuits (Power Management ICs),
Power Components and Power Systems.  It summarizes its segments
in two groups: Focus Products and Non-Focus Products.  The
company has manufacturing facilities in the U.S., Mexico, United
Kingdom, Germany and Italy; and has subsidiaries in Japan and
Singapore.

                         *     *     *

International Rectifier Corporation continues to carry
Standard & Poor's 'BB' long term foreign and local issuer credit
ratings, which were placed in April 2007.


PARMALAT SPA: Exercised Warrants Hike Share Capital by EUR27,000
----------------------------------------------------------------
Parmalat S.p.A. communicates that, following the allocation of
shares to creditors of the Parmalat Group, the subscribed and
fully paid up share capital has now been increased by
EUR26,985 to EUR1,667,667,936 from EUR1,667,640,951.  The share
capital increase is due to exercise of 26,985 warrant.

The latest status of the share allotment is that 28,404,379 shares
representing approximately 1.7% of the share capital are still in
a deposit account c/o Parmalat S.p.A., of which:

    * 13,114,722 or 0.8% of the share capital, registered in the
      name of individually identified commercial creditors, are
      still deposited in the intermediary account of Parmalat
      S.p.A. centrally managed by Monte Titoli (compared with
      13,203,874 shares as at July 11, 2008);

    * 15,289,657 or 0.9% of the share capital registered in the
      name of the Foundation, called Fondazione Creditori
      Parmalat, of which:

      -- 120,000 shares representing the initial share capital of
         Parmalat S.p.A. (unchanged);

      -- 15,169,657 or 0,9% of the share capital that pertain to
         currently undisclosed creditors (compared with 15,422,865
         shares as at July 11, 2008).

                         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.


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


X5 RETAIL: Earns US$74.39 Million for Second Quarter Ended June 30
------------------------------------------------------------------
X5 Retail Group N.V. has published its unaudited IFRS results for
the six months and quarter ended June 30, 2008, based on
management accounts.

X5 posted US$74.39 million in consolidated net profit on
US$1.98 billion in consolidated net revenues for the second
quarter ended June 30, 2008, compared with US$13.98 million in
consolidated net profit on US$1.24 billion in consolidated net
revenues for same period ended June 30, 2007.

X5 posted US$160.71 million consolidated in net profit on
US$3.77billion in consolidated net revenues for the first half
ended June 30, 2008, compared with US$41.05 million in
consolidated net profit on US$2.35 billion in consolidated net
revenues for same period ended June 30, 2007.

X5 Retail Group CFO Evgeny Kornilov commented: "After reporting
solid sales growth in the second quarter, we are pleased to
announce that our financial results were strong as well.  While
our continual investment in prices and customer loyalty resulted
in increased sales volumes, our cost control policy has enabled us
to enhance profitability.  Going forward we will maintain our
focus on efficiency, and our key task for the rest of the year is
to ensure smooth integration of Karusel and improvement of its
operational and financial performance."

As of June 30, 2008, X5 Retail N.V. had US$9.415 billion in total
assets, US$4.45 billion in total liabilities and US$4.96 billion
in total shareholders' equity.

                          About X5 Retail

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

                         *       *      *

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

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


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


X5 RETAIL: Earns US$74.39 Million for Second Quarter Ended June 30
------------------------------------------------------------------
X5 Retail Group N.V. has published its unaudited IFRS results for
the six months and quarter ended June 30, 2008, based on
management accounts.

X5 posted US$74.39 million in consolidated net profit on
US$1.98 billion in consolidated net revenues for the second
quarter ended June 30, 2008, compared with US$13.98 million in
consolidated net profit on US$1.24 billion in consolidated net
revenues for same period ended June 30, 2007.

X5 posted US$160.71 million consolidated in net profit on
US$3.77billion in consolidated net revenues for the first half
ended June 30, 2008, compared with US$41.05 million in
consolidated net profit on US$2.35 billion in consolidated net
revenues for same period ended June 30, 2007.

X5 Retail Group CFO Evgeny Kornilov commented: "After reporting
solid sales growth in the second quarter, we are pleased to
announce that our financial results were strong as well.  While
our continual investment in prices and customer loyalty resulted
in increased sales volumes, our cost control policy has enabled us
to enhance profitability.  Going forward we will maintain our
focus on efficiency, and our key task for the rest of the year is
to ensure smooth integration of Karusel and improvement of its
operational and financial performance."

As of June 30, 2008, X5 Retail N.V. had US$9.415 billion in total
assets, US$4.45 billion in total liabilities and US$4.96 billion
in total shareholders' equity.

                          About X5 Retail

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

                         *       *      *

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

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


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


FORD MOTOR: District Court Approves VEBA Health Care Trust Fund
---------------------------------------------------------------
The Detroit Free Press reports that U.S. District Court Judge
Robert Cleland in Detroit approved, on Friday, the creation of the
Voluntary Employee Beneficiary Association, an independent union-
controlled trust fund for Ford Motor Company employees.  Ford will
be turning over to the United Auto Workers union retiree health
care obligations.

According to a UAW Report, Ford agreed to fund the VEBA in a
manner sufficient to provide benefits at current levels on a
lifetime basis for current and future retirees, based on
reasonable projections.

The Detroit Free Press, relates that the ruling indicated that
Ford, together with General Motors Corp. and Chrysler LLC, can
make a go at the funds.  Judge Cleland approved GM's VEBA on
July 31, and Chrysler's on August 4.

The UAW Report recounts that Ford's VEBA trust pays benefits
beginning Jan. 1, 2010.  In order to secure long-term funding for
retiree health care, Ford will continue to pay for retiree health
care directly until 2010 (at a cost of roughly US$2.2 billion),
and also contribute US$13.2 billion in cash and securities to the
independent VEBA trust.

According to The Wall Street Journal, Ford vowed in August to
continue operating three former Visteon Corp. plants beyond 2008
as it attempts to find buyers in an ever-tightening market.  Ford
took back 17 factories and facilities back from Visteon, its
financially struggling parts supplier and former subsidiary.  The
Journal said the plants were placed in the Automotive Components
Holdings unit created by Ford in October 2005.  To date, the unit
has sold five plants, will close three this year and has
nonbinding sale agreements on two other facilities, WSJ says.

Separately, Ford Motor Credit told investors early in August that
it is substantially scaling back the number of vehicles it expects
to lease and warned that if market conditions continue to
deteriorate, further losses could place Ford Credit's lending plan
at further risk, the Journal says.  According to the Journal, Jim
Farley, Ford's global vice president for marketing and
communications, said during a call with analysts, that "we are
rebalancing our marketing incentives to really focus on retail
[loans].  We've been actually doing that for several months and it
has been very effective in rebalancing our portfolio."

                    About Ford Motor Co

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin-American regions, including Argentina and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 5, 2008,
Fitch Ratings has downgraded the issuer default rating of Ford
Motor Company and Ford Motor Credit Company LLC to 'B-' from 'B'.
The Rating Outlook remains Negative.  The downgrade reflects
these: (i) the further deterioration in Ford's U.S. sales as a
result of economic conditions, an adverse product mix and the most
recent jump in gas prices; (ii) portfolio deterioration at Ford
Credit and heightened concern regarding economic access to capital
to support financing requirements; and (iii) escalating commodity
costs that will remain a significant offset to cost reduction
efforts.


GENERAL MOTORS: Deserves US$50BB Gov't-Backed Loans, Mr. Lutz Says
----------------------------------------------------------------
ABI World reports that General Motors vice chairman Robert A. Lutz
said that automakers are "deserving" of as much as US$50 billion
in government-backed loans so that they can build more fuel-
efficient cars.  Mr. Lutz made the statement to reporters at an
event near Chicago where G.M. showed off its 2009 lineup,
according to Nick Bunkley of The New York Times.

As reported by the Troubled Company Reporter on Aug. 26, 2008, the
Big Three auto makers and their suppliers are now seeking
significantly more help from the federal government.

The Detroit Free Press reported earlier in August that top
executives at Ford Motor Co., General Motors Corp., and Chrysler
LLC had a meeting and decided to ask for financial aid from the
feds.  There is no consensus as to how much do auto executives
want, people familiar with the talks say, according to The Wall
Street Journal.  But reports say it could be between US$40 billion
and US$50 billion.  The auto makers would like to have a funded
plan in place by the end of 2008.

The companies have already been authorized to receive US$25
billion government-backed loans approved as part of an energy bill
last year.  The loans have yet to be funded.

David Cole, president of the Center of Automotive Research in Ann
Arbor, Mich., denied the funding is a bailout in its entirety, WSJ
says.

"This is actually more like the government acting like a banker as
it begins to look at the major consequences of a major failure in
the auto industry," he said.  The current funding is reportedly
aimed at making the Big Three more competitive.

                   About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                     About Ford Motor Co

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin-American regions, including Argentina and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 5, 2008,
Fitch Ratings has downgraded the issuer default rating of Ford
Motor Company and Ford Motor Credit Company LLC to 'B-' from 'B'.
The Rating Outlook remains Negative.  The downgrade reflects
these: (i) the further deterioration in Ford's U.S. sales as a
result of economic conditions, an adverse product mix and the most
recent jump in gas prices; (ii) portfolio deterioration at Ford
Credit and heightened concern regarding economic access to capital
to support financing requirements; and (iii) escalating commodity
costs that will remain a significant offset to cost reduction
efforts.

                   About General Motors

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

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

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

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


OCTOPHARMA NORDIC: S&P Shifts Outlook, Holds BB+ Corp. Credit Rtng
------------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Sweden-based and Switzerland-headquartered plasma derivatives
manufacturer and distributor Octapharma Nordic AB to positive
from stable.  At the same time, S&P affirmed the 'BB+' long-term
corporate credit rating.

"The outlook revision reflects Octapharma's continuing strong
organic sales growth," said S&P's credit analyst Marketa Horkova.
"It also reflects the positive steps taken toward increasing
independence on the plasma supply market via investments into
owned plasma sourcing centers and progress made in developing
plasma recombinant technology (genetic engineering)."

Furthermore, the outlook action acknowledges greater visibility
regarding the sustainability of Octapharma's current financial
profile.  Transformational acquisition risk in the industry has
diminished to some extent following recent consolidation
activity.

"There is potential for an upgrade in the near term if Octapharma
makes progress in rolling out own sourcing capacity," Ms. Horkova
added.

Positive rating movement would be subject to the company
sustaining its operating performance trends and improving product
and geographic diversification, while at the same time
maintaining its financial policy of self-financed organic growth.

Conversely, unforeseen significant shortfalls in sales or future
external funding that could turn the current net cash position
into leverage and result in adjusted debt to EBITDA exceeding 2x
could put pressure on the rating.


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


HARTMANN NATURHEILMITTEL: Deadline to File Claims Set Sept. 30
--------------------------------------------------------------
Creditors owed money by LC Dr. med. Alois Hartmann Naturheilmittel
are requested to file their proofs of claim by Sept. 30, 2008, to:

         W. Hess, Baugeschaft Weggis
         Herrenmatt
         6353 Weggis
         Switzerland

The company is currently undergoing liquidation in Weggis.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 8, 2008.


KURT MODE: Proofs of Claim Filing Deadline is November 1
--------------------------------------------------------
Creditors owed money by JSC Kurt Mode are requested to file their
proofs of claim by Nov. 1, 2008, to:

         Max Kurt
         Hinterbergweg 20
         4900 Langenthal
         Switzerland

The company is currently undergoing liquidation in Langenthal.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 1, 2008.


MURATA ELECTRONICS: Creditors' Proofs of Claim Due by Sept. 30
--------------------------------------------------------------
Creditors owed money by JSC Murata Electronics Switzerland are
requested to file their proofs of claim by Sept. 30, 2008, to:

         Europastrasse 9
         8152 Glattbrugg
         Switzerland

The company is currently undergoing liquidation in Opfikon.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 9, 2008.


OCTOPHARMA NORDIC: S&P Shifts Outlook, Holds BB+ Corp. Credit Rtng
------------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Sweden-based and Switzerland-headquartered plasma derivatives
manufacturer and distributor Octapharma Nordic AB to positive
from stable.  At the same time, S&P affirmed the 'BB+' long-term
corporate credit rating.

"The outlook revision reflects Octapharma's continuing strong
organic sales growth," said S&P's credit analyst Marketa Horkova.
"It also reflects the positive steps taken toward increasing
independence on the plasma supply market via investments into
owned plasma sourcing centers and progress made in developing
plasma recombinant technology (genetic engineering)."

Furthermore, the outlook action acknowledges greater visibility
regarding the sustainability of Octapharma's current financial
profile.  Transformational acquisition risk in the industry has
diminished to some extent following recent consolidation
activity.

"There is potential for an upgrade in the near term if Octapharma
makes progress in rolling out own sourcing capacity," Ms. Horkova
added.

Positive rating movement would be subject to the company
sustaining its operating performance trends and improving product
and geographic diversification, while at the same time
maintaining its financial policy of self-financed organic growth.

Conversely, unforeseen significant shortfalls in sales or future
external funding that could turn the current net cash position
into leverage and result in adjusted debt to EBITDA exceeding 2x
could put pressure on the rating.


POSITIVE REISEN: Nov. 8 Set as Deadline to File Proofs of Claim
---------------------------------------------------------------
Creditors owed money by LLC POSITIVE Reisen are requested to file
their proofs of claim by Nov. 8, 2008, to:

         Christoph Eggspuhler, Notary Public
         Mellingerstrasse 207
         Tafernhof
         5405 Baden-Dattwil
         Switzerland

The company is currently undergoing liquidation in Lenzburg.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 8, 2008.


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


AJN COACHWORKS: Brings in Liquidators from Mazars
-------------------------------------------------
Simon David Chandler and Alistair Steven Wood of Mazars LLP were
appointed joint liquidators of AJN Coachworks Ltd. on Aug. 15,
2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         AJN Coachworks Ltd
         c/o Mazars LLP
         Cartwright House
         Tottle Road
         Nottingham
         NG2 1RT
         England


BRADFORD & BINGLEY: Posts GBP17.2 Mln Losses for First Half 2008
----------------------------------------------------------------
Bradford & Bingley Plc released its consolidated financial results
for the first six months ended June 30, 2008.

B&B posted GBP17.2 million in net losses on GBP246.7 million in
net revenues for the first half 2008, compared with GBP129 million
in net profit on GBP271.2 million in net revenues for the same
period in 2007.

                             Highlights

    * completion of GBP400 million rights issue;

    * New Chief Executive appointed.  Richard Pym started on
      Aug. 18, 2008;

    * Funding:

      -- continue to fund business successfully;
      -- continued importance of Retail deposit; and
      -- prudent levels of liquidity.

    * Slowing growth of mortgage balances;

    * Underlying profit before tax of GBP70.2 million;

    * Statutory loss before tax of GBP26.7 million, mainly
      reflecting losses on Treasury assets;

    * Group net interest margin down to 0.98%, as previously
      indicated;

    * Arrears levels continue to rise, as expected.  Arrears on
      organic loans considerably lower than arrears on acquired
      loans;

                      Outlook for Second Half

    * Board continues to be cautious on the economy and trading;

    * Trends in arrears and net interest margin expected to
      continue;

    * Reduction in mortgage balances planned;

    * Currently working with GMAC-RFC to renegotiate contract;

    * Review of cost reductions underway;

    * Continue to build strong franchise in the savings and
      buy-to-let markets; and

    * New Chief Executive to set out plans for the business in the
      autumn.

"In the light of the turbulence in the banking and housing
sectors, the first six months of this year have been very
challenging for B&B," Rod Kent, Chairman, said.  "Although we
clearly signaled this at our announcement on June 2, the results
for the half year are, of course, disappointing.

"The Board's priority has been to ensure that we can continue to
fund our business safely and we have achieved this. With a strong
capital base following our rights issue, our new Chief
Executive, Richard Pym, will review our plans for the business to
enable us to continue to operate effectively in these economic
conditions."

As of June 30, 2008, Bradford & Bingley had GBP52.25 billion in
total assets, GBP51.11 billion in total liabilities and
GBP1.14 billion in total shareholders' equity.

                    About Bradford & Bingley

Headquartered in Bingley, United Kingdom, Bradford & Bingley plc
-- http://www.bbg.co.uk/-- offers residential mortgages, and
focus on a range of areas providing mortgages for individuals.
It focuses on its savings business and provides a range of
savings products through 197 branches and network of 140 third-
party branch-type agents, by phone, post and Online.

                        *      *       *

As reported in the TCR-Europe on July 8, 2008, Fitch Ratings has
maintained UK-based Bradford and Bingley's ratings at Short-term
IDR 'F2', Individual 'B/C', Support '3' and Support Rating Floor
'BB+'.


BRADFORD & BINGLEY: Mark Stevens to Quit as Group Sales Director
----------------------------------------------------------------
Bradford & Bingley announces that Mark Stevens, Group Sales
Director, on Sept. 1, 2008, gave six months' notice of resignation
of his position as an Executive Director of the Board.

An exact date for his departure from the Group will be agreed
subsequently which is expected to be by the end of September.

Richard Pym, B&B's Chief Executive, said: "I had wanted Mark to
stay but he has made a personal decision to leave us.  We thank
him for his contribution to the Group over the past five years and
wish him well for the future."

                    About Bradford & Bingley

Headquartered in Bingley, United Kingdom, Bradford & Bingley plc
-- http://www.bbg.co.uk/-- offers residential mortgages, and
focus on a range of areas providing mortgages for individuals.
It focuses on its savings business and provides a range of
savings products through 197 branches and network of 140 third-
party branch-type agents, by phone, post and Online.

                        *      *       *

As reported in the TCR-Europe on July 8, 2008, Fitch Ratings has
maintained UK-based Bradford and Bingley's ratings at Short-term
IDR 'F2', Individual 'B/C', Support '3' and Support Rating Floor
'BB+'.


CARE IN CONSTRUCTION:Taps Liquidators from Deloitte & Touche
------------------------------------------------------------
Richard Michael Hawes and Stephen Anthony John Ramsbottom of
Deloitte & Touche LLP were appointed joint liquidators of Care in
Constructions Ltd. (formerly Turner Construction (Devon) Ltd.) on
Aug. 19, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Care in Constructions Ltd.
         3 Rivergate
         Temple Quay
         Bristol
         BS1 6GD
         England


CATERING FOR EDUCATION: Calls in Liquidators from Tenon Recovery
----------------------------------------------------------------
C. B. Barrett and T. Dixon  of Tenon Recovery were appointed joint
liquidators of Catering for Education Ltd. on Aug. 20, 2008, for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Catering for Education Ltd.
         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England

COMMUNITY ORGANISATIONS: Appoints Liquidators from PwC
------------------------------------------------------
Ian Christopher Oakley Smith and Russell Downs of
PricewaterhouseCoopers LLP were appointed joint liquidators of
Community Organisations Forum on Aug. 15, 2008, for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Community Organisations Forum
         c/o PricewaterhouseCoopers LLP
         Hill House
         Richmond Hill
         Bournemouth
         BH2 6HR
         England


F F R LTD: Christopher Ratten Leads Liquidation Procedure
---------------------------------------------------------
Christopher Ratten of  Tenon Recovery was appointed liquidator of
F F R Ltd. on Aug. 18, 2008, for the creditors' voluntary winding-
up procedure.

The company can be reached at:

         F F R Ltd.
         Pendennis House
         169 Eastgate
         Worksop
         Nottinghamshire
         S80 1QS
         England


FRANCIS PRINT: Brings in Liquidators from Vantis
------------------------------------------------
Peter James Hughes-Holland and Frank Wessely of Vantis Business
Recovery Services were appointed joint liquidators of Francis
Print Finishing Ltd. on Aug. 15, 2008, for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Francis Print Finishing Ltd.
         c/o Vantis Business Recovery Services
         81 Station Road
         Marlow
         Buckinghamshire
         SL7 1NS
         England


GATEWAY: Moody's Puts B3 Debt Rating Under Review for Upgrade
-------------------------------------------------------------
Moody's placed the B3 Corporate Family Rating of Gateway
Telecommunications SA (Pty) Ltd. as well as the US$132.5 million
senior secured notes due 2013, rated B3 (issued by its wholly-
owned subsidiary, Gateway Telecommunications Plc), under review
for possible upgrade.  The action follows the announcement on
Aug. 29, 2008, by Gateway that Vodacom Group (an unrated joint
venture between the UK's Vodafone Group Plc, rated Baa1, and South
Africa's Telkom SA Limited, rated A3) will acquire Gateway's
telecommunications business for around US$675 million.

Subject to the completion of the disposal, Gateway
Telecommunications Plc will fully redeem the senior notes,
together with a make-whole premium, as well as the remainder of
Gateway's debt of around US$100 million.  The transaction is
subject to South African Reserve Bank and South African
Competition Authorities approval, amongst other conditions.
Following the transaction, Gateway will retain its broadcasting
business.

Moody's said that the decision to place Gateway's ratings under
review indicates that the change in ownership could have positive
implications for Gateway's standalone credit profile, as well as
noting Gateway's intent to repurchase the notes on completion of
the transaction.

In its review, Moody's will focus on the business and financial
risk profile of the remaining group (expected to be largely
Gateway's broadcasting and pay-TV operations) following disposal
of its telecommunications business.  Moody's expects to conclude
its review on completion of the transaction and repayment of
Gateway's outstanding debt.

On Review for Possible Upgrade

   -- Corporate Family Rating, Placed on Review for Possible
      Upgrade, currently B3

   -- Senior Secured Notes due 2013, Placed on Review for
      Possible Upgrade, currently B3

Outlook Actions

Outlook changed to Rating Under Review (Pos) from Negative

Headquartered in London, with operations in Belgium and South
Africa, Gateway provides voice and data connectivity services
between Africa and the rest of the world, and a provider of mobile
intra-network connectivity to African wireless operators.  For the
year ended Dec. 31, 2007, the company reported EBITDA of
US$41 million and revenue of US$257 million.


M PAVING: Appoints Liquidators from Tenon Recovery
--------------------------------------------------
Stanley Donald Burkett-Coltman and Alexander Kinninmonth of Tenon
Recovery were appointed joint liquidators of M Paving Ltd. on Aug.
13, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         M Paving Ltd.
         c/o Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


MERRYDALE MARBLE: Taps Liquidators from Tenon Recovery
------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of Merrydale Marble Ltd. on Aug.
20, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

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


METSTOC LTD: Claims Filing Period Ends September 26
---------------------------------------------------
Creditors of Metstoc (U.K.) Ltd. have until Sept. 26, 2008, to
send in their names, their addresses and descriptions, full
particulars of their debts and claims, and names and addresses of
their Solicitors (if any), to:

         Christopher Benjamin Barratt
         Joint Liquidator
         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         Greater Manchester
         BL1 1ET
         England

Christopher Benjamin Barratt and Thomas Dixon of Tenon Recovery
were appointed joint liquidators of the company on Aug. 21, 2008,
by resolutions of members and creditors.


PRIORY PRINT: Brings in Joint Administrators from Tenon Recovery
----------------------------------------------------------------
Stanley Donald Burkett-Coltman and Alexander Kinninmonth of Tenon
Recovery were appointed joint administrators of Priory Print
(Bicester) Ltd. (Company Number 3424274) on Aug. 20, 2008.

The company can be reached at:

         Priory Print (Bicester) Ltd.
         18 West Bar
         Banbury
         Oxfordshire
         OX16 9RR
         England


QUEBECOR WORLD: Court Okays Settlement of US$3.8MM Claim with TSIC
------------------------------------------------------------------
Quebecor World (USA), Inc., asserted a US$3,800,000 claim against
TSIC, Inc., formerly Sharper Image Corporation, on account of
printing services under an amended and restated printing
agreement between the parties dated January 5, 2007.  Quebecor
alleges that its claim is secured by a lien on certain paper,
currently in its possession under the Agreement.  TSIC disputes
Quebecor's lien rights since those lien rights may be avoidable.

TSIC's counsel, Steven K. Kortanek, Esq., at Womble Carlyle
Sandridge & Rice, PLLC, in Wilmington, Delaware, relates that
TSIC and Quebecor engaged in arms-length negotiations and agreed
to sell the Paper for US$460,000 on an agreed-upon basis to a
third-party, free and clear of liens.

The parties agreed that gross proceeds from the sale be allocated
at 80% to Quebecor and 20% to TSIC.

According to Mr. Kortanek, by the stipulation, TSIC will realize
meaningful value on account of its interest in the Paper, while
avoiding the cost and risk associated with litigation.  If
litigated, the dispute may be further complicated by the fact
that both TSIC and Quebecor are debtor-in-possession in separate
Chapter 11 cases, pending in different districts.  If the claim
is not resolved, further discovery, motion practice, and
litigation will likely ensue in both the U.S. Bankruptcy Court
for the District of Delaware, where TSIC filed its Chapter 11
case, and the U.S. Bankruptcy Court for the Southern District of
New York, where Quebecor filed its Chapter 11 case, with
additional expense and delay.

TSIC believes that under relevant circumstances, the terms and
conditions of the stipulation are favorable and in the best
interests of the estate and its creditors.  Accordingly, TSIC
asks the Delaware Court to approve the Stipulation.

A full-text copy of the stipulation with Quebecor is available at
no charge at http://ResearchArchives.com/t/s?317c

                   About Sharper Image

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.

The company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D.D., Case No. 08-10322).  Judge Kevin Gross presides
over the case.  Harvey R. Miller, Esq., Lori R. Fife, Esq., and
Christopher J. Marcus, Esq., at Weil, Gotshal & Manges, LLP,
serve as the Debtor's lead counsel.  Steven K. Kortanek, Esq.,
and John H. Strock, Esq., at Womble, Carlyle, Sandridge & Rice,
P.L.L.C., serve as the Debtor's local Delaware counsel.

An Official Committee of UnsecuredCreditors has been appointed in
the case.  Cooley Godward Kronish LLP is the Committee's lead
bankruptcy counsel.  Whiteford Taylor Preston LLC is the
Committee's Delaware counsel.

When the Debtor filed for bankruptcy, it listed total assets of
US$251,500,000 and total debts of US$199,000,000.  As of June 30,
2008, the Debtor listed US$52,962,174 in total assets and
US$39,302,455 in total debts.

The Court extended the exclusive period during which the Debtor
may file a Plan through and including Sept. 16, 2008.  Sharper
Image sought and obtained the Court's approval to change its name
to "TSIC, Inc." in relation to an an Asset Purchase Agreement by
the Debtor with Gordon Brothers Retail Partners, LLC, GB Brands,
LLC, Hilco Merchant Resources, LLC, and Hilco Consumer Capital,
LLC.

(Sharper Image Bankruptcy News, Issue No. 19; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                      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.

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.


SAFFIEH LTD: Calls in Liquidators from Tenon Recovery
-----------------------------------------------------
Ian Cadlock and Andrew James Pear of Tenon Recovery were appointed
joint liquidators of Saffieh Ltd. on Aug. 19, 2008, for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Saffieh Ltd.
         19 New Road
         Brighton
         East Sussex
         BN1 1UF
         England


SAT CONSTRUCTION: Claims Filing Period Ends November 15
-------------------------------------------------------
Creditors of SAT Construction Ltd. have until Nov. 15, 2008, to
send their names, addresses and descriptions, full particulars of
their debts or claims, and the names and addresses of their
solicitors (if any), to:

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

M. H. Abdulali of Moore Stephens was appointed liquidator of the
company on Aug. 15, 2008, for the creditors' voluntary winding-up
procedure.


SCOTIA LINEN: Goes Into Administration; 17 Jobs Affected
--------------------------------------------------------
Scotia Linen Services, Scotland's largest independent laundry and
dry cleaning business, has been placed in administration.

Headquartered in Aberdeen, the company employed 108 staff across
19 sites stretching from Fraserburgh and Ellon in the North East
to Edinburgh in the Central Belt.  Six of the sites specialized in
providing industrial scale laundry facilities for major corporate
clients, including hotels and ferries, and employ around 60 staff.
The remaining 12 retail sites are based in residential areas and
provide dry cleaning and associated services to the consumer.

The company was founded in 1992 as a single branch, and turnover
has since grown to more than GBP2 million per annum.  Joint
administrators Iain Fraser and Tom MacLennan of Tenon Recovery
plan to continue trading Scotia Linen Services while seeking a
buyer for the business as a going concern.

Commenting, Iain Fraser said: "Scotia Linen Services is a highly
regarded specialist laundry and dry cleaning business with a good
network of sites and a skilled workforce.  The company has grown
steadily and has an excellent corporate client base and good
penetration into the retail market.  This is a good opportunity
for an established player wanting to expand through acquisition,
or for an entrepreneur keen to move into the cleaning sector."  He
added: "However we regret that in order to enable the business to
continue trading, we have had to close premises in Whitburn
(factory and shop), and shops in Newtown in Edinburgh, George St
in Aberdeen and Cornhill in Aberdeen, resulting in 17
redundancies."


SELECT CATERING: Appoints Joint Administrators from Vantis
----------------------------------------------------------
Geoffrey Paul Rowley and Nicholas Hugh O'Reilly of Vantis Business
Recovery Services were appointed joint administrators of Select
Catering Ltd. (Company Number 05578276) on Aug. 20, 2008.

The company can be reached at:

         Select Catering Ltd.
         8-12 Bromley Road
         Beckenham
         Kent
         BR3 5JE
         England


S G DESIGN: Taps Liquidators from Tenon Recovery
------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon Recovery
were appointed joint liquidators of S G Design & Print Ltd. on
Aug. 18, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         S G Design & Print Ltd.
         c/o Tenon Recovery
         Technopole
         Kingston Crescent
         Portsmouth
         PO2 8FA
         England


TAYLOR WIMPEY: Posts GBP1.42 Billion Losses for First Half 2008
---------------------------------------------------------------
Taylor Wimpey Plc released its financial results for the first
half ended June 30, 2008.

Taylor Wimpey recorded GBP1.42 billion in net losses on
GBP1.89 billion in net revenues for the six months ended
June 30, 2008, compared with GBP22.9 million in net income on
GBP1.4 billion in net revenues for the same period in 2007.

                            Highlights

    * Very challenging market conditions across the U.K., U.S. and
      Spain;

    * North American business 'fighting fit' to deal with tough
      conditions -- now applying experience of the U.S. downturn
      to the U.K. market;

    * Business priorities are cash management and cost reduction,
      to protect shareholder value, and place the business in a
      strong position as conditions change Tight control of
      investment in land and work in progress.  Early action
      taken to reduce overhead costs in the U.K.  Previously
      announced closure of 13 of 39 operating businesses
      complete by the end of September Further overhead reductions
      in North America;

    * Business integration following merger now complete, synergy
      savings will be delivered in line with previously announced
      targets;

    * Group home completions 8,494 (H1 2007: 4,857, H1 2007 pro-
      forma:12,228) as the impact of last year's nil premium
      merger outweighed the deterioration in market conditions;

    * The Group remains in full compliance with all of its debt
      covenants and its liquidity position is currently strong;

    * the Group is likely to breach its existing interest
      cover covenants when tested for the full year.  Constructive
      discussions with the relevant lenders are ongoing and the
      Board is of the view that a satisfactory conclusion will be
      reached.

Norman Askew, Chairman, said: "The first half of 2008 has been
characterized by the very challenging trading conditions in the
U.K., U.S. and Spain.  The Board remains convinced of the
fundamental value of the business over the medium and long term
and our primary focus is to amend certain of the existing
borrowing agreements.  To this end, the Group is engaged in
constructive dialog and is not aware of any issues which would
prevent these amendments being finalized by the end of this year."

Pete Redfern, Group Chief Executive, said: "Our experience of the
downturn in the US housing market has enabled us to recognize the
early signs of market weakness in the U.K. and act swiftly to
position our U.K. housing business for a difficult trading
environment.  While conditions are likely to remain tough in both
the U.K. and the US in the short term, we are maintaining momentum
in the U.K. and we have seen pockets of stabilization in the U.S.
We believe that both markets continue to be attractive on a
longer-term view."

As of June 30, 2008, Taylor Wimpey had GBP6.14 billion in total
assets, GBP3.96 billion in total liabilities, and GBP2.18 billion
in total shareholders' equity.

                       About Taylor Wimpey

Headquartered in London, Taylor Wimpey plc --
http://www.taylorwimpey.com/-- builds homes in the U.K., North
America, Spain and Gibraltar.  Taylor Wimpey also operates in the
Construction sector under the Taylor Woodrow brand.

Taylor Wimpey plc's major markets are experiencing a significant
downturn, characterized by significantly lower weekly sales
rates and lower average selling prices than in recent years.

Taylor Wimpey remains in full compliance with its banking
covenants.  However, without an amendment to the terms of its
banking facilities, in certain negative market scenarios Taylor
Wimpey might breach one or more banking covenants at the first
testing date in 2009.


TITANIC SINKS: Claims Filing Period Ends October 31
---------------------------------------------------
Creditors of Titanic Sinks Ltd. have until Oct. 31, 2008,  to send
their names, address and descriptions, full particulars of their
debts or claims, and the names and addresses of their Solicitors
(if any), to:

         Simon Paterson
         Liquidator
         Moore Stephens LLP
         First Floor
         Victory House
         Quayside
         Chatham Maritime
         Kent
         ME4 4QU
         England

Simon Paterson of Moore Stephens LLP was appointed liquidator of
the company on Aug. 20, 2008, for the creditors' voluntary
winding-up procedure.


WYE COURIERS: Appoints Liquidators from Tenon Recovery
------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of Wye Couriers Ltd. on Aug. 15, 2008, for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

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


* ALVAREZ & MARSAL: Unveils Hires, Appointments in Europe & Asia
----------------------------------------------------------------
Alvarez & Marsal (A&M), a leading independent global professional
services firm, has announced several new senior hires and key
appointments as part of its continued growth and expansion in
Europe, the Middle East and India, and is on track to double in
size by 2009.

A&M, which has a distinguished track record in Europe and around
the world for delivering specialist skills in turnaround
management and restructuring advisory services, has now
established significant credentials and a world-class talent base
in the areas of Performance Improvement (PI) focused on
operational business consulting, Transaction Advisory, Dispute
Analysis & Forensic services and Financial Industry Advisory
Services in Europe.

Since 2003, Alvarez & Marsal in North America has been steadily
building on and broadening its portfolio of services, while
maintaining its focus on the firm's core operational heritage, as
a means of responding to demand from corporates, investors and
stakeholders in need of improving business performance with
skilled professionals who bring a bias toward action and results.
Announcement of these senior appointments signals Alvarez &
Marsal's intent to build on the firm's ability to deliver a
sophisticated range of business advisory services and extend its
capabilities by selectively hiring top-tier talent based in A&M
locations throughout the U.K. and European continent.

A&M welcomes the following professionals:

    * Ann Cairns, a Managing Director, who joins from ABN AMRO to
      lead the firm's Financial Industry Advisory practice in
      Europe;

    * Ramon Tisaire, a former Managing Director with CapGemini,
      who joins A&M to lead the firm's newly launched Performance
      Improvement practice in Spain;

    * Colin Leisk, formerly of IBM and Booz Allen Hamilton, who
      joins as a Managing Director in France; and

    * Walter Bickel and Gerald Corbae, who join A&M as Managing
      Directors in Munich to head up Performance Improvement
      efforts in Germany.

In addition to these key hires, A&M has announced that:

    * Stefaan Vansteenkiste and Scott Pinfield have been named co-
      heads of its U.K. Turnaround and Restructuring practice;

    * Douglas Rosefsky has been named co-head of the firm's
      Turnaround and Restructuring practice in France;

    * Max Frangulov serves as co-head of A&M's newly launched
      practice in Russia;

    * Sankar Krishnan has been appointed to oversee A&M's
      practices in India and the Middle East; and

    * Rakesh Chopra heads up the firm's practice in India.

Antonio Alvarez III, Managing Director and Head of A&M Europe,
said of the growth and expansion:

"We are amassing and developing a deep and impressive talent base,
bound by A&M's distinct and unifying culture, with professionals
who bring a relentless focus on accelerating and achieving
results.  A&M professionals excel at working with business leaders
and investors who feel a sense of urgency to address complex, high
value issues and to get things done.

"Over the past two years, we've experienced mounting demand not
only for our specialist turnaround skills but also –- and
increasingly -- for experienced A&M professionals who know how to
collaborate with management, boards and investors to accelerate
operating performance and be a catalyst for business
transformation.  While demand for our turnaround and restructuring
services has grown substantially year over year, the demand for
performance improvement has become just as strong.

"With the extraordinary talent and track records exemplified in
Ann, Ramon, Colin, Walter and Gerald, A&M is well positioned to
deliver significant performance improvement capabilities and
specialized industry expertise to clients across Europe and around
the world.

"I am also delighted to announce the promotions of Stefaan, Scott,
Douglas, Sankar, Max and Rakesh, who have been entrusted with key
leadership roles in our practices across Europe, the Middle East
and India.  I am confident that under their senior leadership
these practices will continue to thrive.

"Our firm's growth will continue to be organic - one person at a
time.  This is how we maintain our culture and core values.  It's
also why we believe so much in developing our people and promoting
their advancement.  As importantly, it is how we can consistently
ensure and deliver the high level of quality service and results
our clients expect from Alvarez & Marsal around the world."

                      About Alvarez & Marsal

Alvarez & Marsal (A&M) is the leading independent global
professional services firm that provides specialized performance
improvement, turnaround management, and business advisory services
to companies, investors and stakeholders across the industry
spectrum.  With services delivered through professionals operating
locally throughout Europe and around the world, A&M works as
advisers or in interim management roles to help guide
organizations through complex periods of change.  The firm has
been at the forefront of driving performance improvement through
its multi-cultural and multi-lingual professionals who excel at
problem solving and value creation.

Setting the standard of excellence in turnaround management since
1983, Alvarez & Marsal draws on its strong operational heritage
and hands-on problem solving approach to accelerate results for
publicly listed and privately held corporates and public sector
organizations, positioning them for success on the path forward.

Alvarez & Marsal has been involved in ground-breaking European
turnarounds including: Ihr Platz, Germany's fifth largest retail
drugstore chain, for which A&M successfully employed a little-used
German insolvency law and served in interim management roles to
help achieve significant EBITDA improvement; Schefenacker plc, a
global tier one automotive supplier, for which A&M was engaged in
interim management and officer roles to implement a complex
restructuring and performance improvement initiative; Estonia-
based Galvex Group, the largest independent steel galvanizing line
in Europe, for which A&M helped to drive EBITDA improvement of
more than EUR20 million in one year.

The firm also earned top Large and International Turnaround of the
Year Awards from the Turnaround Management Association for its
work on behalf of The Warnaco Group (2003), The Spiegel Group
(2005), and most recently in 2007 for The Treofan Group, in which
A&M served as interim leadership in a multi-national turnaround
and performance improvement effort that significantly improved
EBITDA, increased enterprise value, saved and created jobs, and
put in place a sound operational and financial foundation.
U.K.-based Private Equity News named A&M "Firm of the Year" in
2007.  Most recently, Consulting Magazine named Alvarez & Marsal
to the 2008 Top Ten Consulting Firms.


                            *********

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 * * *