TCREUR_Public/080904.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, September 4, 2008, Vol. 9, No. 176

                            Headlines

A U S T R I A

ALSAT LLC: Claims Registration Period Ends September 11
LUKAS LLC: Claims Registration Period Ends September 8
OVT LOGISTIK: Claims Registration Period Ends September 23
PIBER LLC: Claims Registration Period Ends September 10


B E L G I U M

PORTOLA PACKAGING: Moody's Lowers POD Rating to D from Ca


B U L G A R I A

KREMIKOVTZI AD: Creditors Appeal Court's Insolvency Ruling


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

CADENCE INNOVATION: Court Okays US$50 Million BofA DIP Financing
CADENCE INNOVATION: Can Use Lenders' Cash Collateral
CADENCE INNOVATION: Court OKs US$1MM Pre-Bankruptcy Claim Payment
CADENCE INNOVATION: Sec. 341 Creditors Meeting Set for September 8


F R A N C E

DELPHI CORP: Court OKs Add'l US$4MM Defense Costs for Ex-Officers
DELPHI CORP: Court Okays US$16.5MM Settlement With Furukawa


G E R M A N Y

BANK FORUM: Fitch Holds 'D/E' IDR on Parent's Dresdner Sale Deal
DRESDNER BANK: Fitch Affirms Individual Rating at 'C' on Sale Deal
B.I.G. SERVICE: Claims Registration Period Ends September 11
CAR AKUSTIK: Claims Registration Period Ends September 11
CON-SLOT SCREENS: Claims Registration Period Ends September 11

EXCLUSIVE OSTSEEIMMOBILIEN: Claims Registration Ends Sept. 11
LAAUSER VERWALTUNGS: Claims Registration Period Ends Sept. 11
NECKAR PAPER: Goes Into Administration; 190 Jobs at Risk
PROSIEBENSAT.1 GROUP: Acquires Stake in autoplenum.de Group
WATI BAUGERZTE: Claims Registration Period Ends September 10

WESTLB AG: North Rhine-Westphalia Gov't Won't Oppose Merger Plan
WHG IMMOBILIEN: Claims Registration Period Ends September 10
STAR DIALOGMARKETING: Claims Registration Period Ends Sept. 11
ZENTRUM GMBH: Claims Registration Period Ends September 10


I R E L A N D

CAPPOQUIN CHICKENS: Seeks Buyer; 250 Jobs at Risk
XELO III: Fitch Chips EUR70 Million Notes Rating to B from BBB-


K A Z A K H S T A N

VTB BANK: Obtains License to Open a Subsidiary in Kazakhstan


L U X E M B O U R G

AGILENT TECHNOLOGIES: Earns US$169 Mln for Q3 Ended July 31, 2008
TK ALUMINUM: Moody's Withdraws Caa3 Corporate Family Rating


R U S S I A

ALKO-TRADE CJSC: Volgograd Bankruptcy Hearing Set October 30
NOVATEK OAO: Board Recommends RUR3.04 Billion Dividend Payment
PARALLEL LLC: Moscow Bankruptcy Hearing Set November 11
PATRUS LLC: Creditors Must File Claims by September 28
STROMMASHINA LLC: Creditors Must File Claims by October 28

VTB BANK: Obtains License to Open a Subsidiary in Kazakhstan
ZELENCHUK ELECTRIC: Creditors Must File Claims by October 28


S P A I N

MARTINSA FADESA: Names Houlihan Lokey and Deloitte as Advisers
MARTINSA FADESA: Plans 234 Job Cuts After Administration Filing


S W E D E N

FORD MOTOR: To Contribute US$50 Mil. to Visteon Escrow Account
FORD MOTOR: Names Stephen Odell as Volvo Unit President & CEO
FORD MOTOR: David Mondragon Named Ford Canada President and CEO


S W I T Z E R L A N D

E.W.A. ATELIER: Creditors Have Until Sept. 24 to File Claims
GENERAL MOTORS: Investing US$500 Mil. for New Compact Car in Ohio
GENERAL MOTORS: Should Assume Delphi Pension Costs, PBGC Says
JOB CONCEPT: Sept. 25 Set as Deadline to File Proofs of Claim
MEERWEIN LLC: Creditors Must File Proofs of Claim by Sept. 25

MSA ARITRON: Deadline to File Proofs of Claim Set Sept. 22
NICOLAS EGGER: Proofs of Claim Filing Deadline is Sept. 24
SCIANT HOLDING: Creditors' Proofs of Claim Due by Sept. 22
TALKTALK COMMUNICATIONS: Sept. 25 Set as Deadline to File Claims


U K R A I N E

UNEX BANK: S&P Junks Counterparty Credit Ratings at CCC+/C


U N I T E D   K I N G D O M

AEWTL REALISATIONS: Taps Liquidators from BDO Stoy Hayward
CALIBER GLOBAL: Wants KPMG LLP to Manage Voluntary Liquidation
CHARISMA COLOURPRINT: Acquired by Progressive Print Solutions
CHRYSLER LLC: To Explore Strategic Options for Dodge Viper Biz
DAWNAY DAY: Sells Quantum Venture to Unit's Management & Staff

DUNLOP LATEX: Brings in Joint Administrators from KPMG
ECO PACKAGING: Calls in Liquidators from Tenon Recovery
EMBANKMENT PLACE: Phillip Sykes Leads Liquidation Procedure
FGIC CORP: Fitch Junks US$325 Million 6% Senior Notes Due 2034
GEORGE OF COLCHESTER: Appoints Simon Paterson as Liquidator

HAMPSHIRE REMOVAL: Calls in Liquidators from Tenon Recovery
INTERSCOPE IMPORTS: Joint Liquidators Take Over Operations
JIGSAW7 LTD: Colin Prescott Leads Liquidation Procedure
MID KENT: Hires Liquidators from Smith & Williamson
Q CONSTRUCTION: Appoints Liquidators from Mazars

SILVERJET PLC: Serious Fraud Office Mulls Probe into Collapse
SSG LLC: Houston Bankruptcy Court Dismisses Chapter 7 Petition
VISTEON: Ford Motor to Contribute US$50 Mil. in Escrow Account
VISTEON CORP: Closes UK Facility Sale, Continues UK Restructuring

* Upcoming Meetings, Conferences and Seminars


                         *********


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


ALSAT LLC: Claims Registration Period Ends September 11
-------------------------------------------------------
Creditors owed money by LLC Alsat have until Sept. 11, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Norbert Schopf
         Esteplatz 5/5
         1030 Vienna
         Austria
         Tel: 534 90-0
         Fax: 534 90-50
         E-mail: office@schopf-zens.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 a.m. on Sept. 25, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 21, 2008, (Bankr. Case No. 2 S 86/08x).


LUKAS LLC: Claims Registration Period Ends September 8
------------------------------------------------------
Creditors owed money by LLC Lukas have until Sept. 8, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Georg Kahlig
         Siebensterngasse 42/3
         1070 Wien
         Austria
         Tel: 523 47 91-0
         Fax: 523 47 91 33
         E-mail: kahlig.partner@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Sept. 22, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
July 17, 2008, (Bankr. Case No. 3 S 86/08d).


OVT LOGISTIK: Claims Registration Period Ends September 23
----------------------------------------------------------
Creditors owed money by LLC OVT Logistik Zentrum have until
Sept. 23, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Franz Stefan Pechmann
         Prinz-Eugen-Strasse 70/2/1.1
         1040 Wien
         Austria
         Tel: 89 00 826
         Fax: 8900826 20
         E-mail: office@pechmann.cc

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Oct. 7, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
July 18, 2008, (Bankr. Case No. 4 S 108/08x).


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

         Werner Seifried
         Burggasse 40
         8750 Judenburg
         Austria
         Tel: 03572-821270
         Fax: 03572-82127-4
         E-mail: mag.seifried@deranwalt.or.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:15 p.m. on Sept. 24, 2008, for the
examination of claims at:

         The Land Court of Leoben
         Hall IV
         First Floor
         Leoben
         Austria

Headquartered in Judenburg, Austria, the Debtor declared
bankruptcy on July 18, 2008, (Bankr. Case No. 18 S 36/08g).


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B E L G I U M
=============


PORTOLA PACKAGING: Moody's Lowers POD Rating to D from Ca
---------------------------------------------------------
Moody's Investors Service lowered the Probability of Default
Rating for Portola Packaging, Inc. to D following the company's
announcement that it filed a voluntary petition for Chapter 11
reorganization.  Moody's will withdraw all the company's ratings
within several days.

Moody's took these rating actions:

  -- Downgraded, Probability of Default Rating, to D from Ca

The company announced that holders of approximately 90% of the
principal amount of its 8-1/4% Senior Notes due 2012 agreed to a
restructuring of the company as outlined in the previously
announced restructuring agreement dated July 24, 2008.  According
to the plan, holders of the Senior Notes will receive 100% of the
common stock of reorganized Portola in exchange for their claims.
Wayzata Investment Partners LLC is expected to be Portola's
controlling shareholder upon its emergence from bankruptcy.  The
company anticipates completing its pre-packaged reorganization and
emerging from Chapter 11 in mid-October 2008.

Portola also announced that it has reached agreement with its
existing secured lenders to provide a US$79 million debtor-in-
possession facility to pay off the outstanding indebtedness under
the existing secured facilities and finance its ongoing
operations.

Moody's had previously downgraded the Corporate Family Rating and
other ratings of Portola on July 25, 2008, following the company's
announcement that it intended to file for bankruptcy.

Portola Packaging, Inc. designs, manufactures, and markets a broad
range of products and services including tamper evident plastic
closures, bottles, and related equipment and services for the
dairy, fruit juice, bottled water, sports drinks, and other non-
carbonated beverage markets.  Headquartered in Batavia, Illinois,
Portola had consolidated revenue of approximately US$280 million
for the 12 months ended Feb. 29, 2008.


===============
B U L G A R I A
===============


KREMIKOVTZI AD: Creditors Appeal Court's Insolvency Ruling
----------------------------------------------------------
Creditors of Kremikovtzi AD have filed an appeal against the Sofia
City Court's decision to declare the steel mill insolvent,
Novinite reports.

Creditors who bought EUR325 million of Kremikovtzi's seven-year
12% notes due 2013 warned that the ruling could lead to reduction
of foreign investments in Bulgaria.

The company's shareholders' committee meanwhile said that if the
court denies the appeal, it would influence their decisions to
further invest in Bulgaria.  They also threatened to warn the
entire investment community about the negative consequences of
investing in the country, Reuters reports.

The court ruled that Kremikovtzi's insolvency started on Dec. 31,
2005, which would place the bondholders at the bottom of the
creditor preference list.  Kremikovtzi issued the bonds in 2006
and defaulted payment in 2007.

As reported in the TCR-Europe on July 31, 2008, the High Court
of England and Wales issued a decision ordering Kremikovtzi to
repay EUR347 million in principal and interest due to Law
Debenture Trust Corporation, trustee for the company's seven-
year 12% notes due 2013.

Law Debenture claimed Kremikovtzi breached the terms of the
notes, which made them immediately payable.  The trustee further
claimed Kremikovtzi failed to pay interest to noteholders
despite receiving notices from March to May.

In its ruling, the High Court ordered that Kremikovtzi
reclassify the principal and interest due as a short-term
liability.

The commencement of insolvency proceedings against Kremikovtzi
signaled the start of a bidding war for a 71% stake in the
steelmaker between ArcelorMittal and Vorskla Steel AG.  Both
firms said they would acquire the stake if Kremikovtzi is
declared insolvent.

                        About Kremikovtzi

Headquartered in Sofia, Bulgaria, Kremikovtzi AD --
http://www.kremikovtzi.com/-- is a single-site steel producer
in Bulgaria that reported BGN896 million in revenues in 2006.
It explores and produces iron and ore fields.

The Sofia City Court appointed administrators April 30, 2008, at
Kremikovtzi AD in relation with the steel mill's deteriorating
financial position.  As of Dec. 31, 2007, the company had
BGN1.63 billion (US$1.3 billion) in total debts.


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


CADENCE INNOVATION: Court Okays US$50 Million BofA DIP Financing
----------------------------------------------------------------
Cadence Innovation LLC, and its affiliate, New Venture Real Estate
Holdings LLC, sought and obtained preliminary approval from the
the U.S. Bankruptcy Court for the District of Delaware to avail
US$50,000,000, in the form of revolving loans, from Bank of
America, N.A., as agent for lenders under the DIP Credit
Agreement.

The Debtors intend to use the bankruptcy loan to pay their debt to
prepetition lenders and pay the cost of administering their
bankruptcy cases.  The loan will also be used for working capital
and general corporate purposes.

In return for the financing, the Debtors will grant BofA, on
behalf of the DIP lenders, superpriority claim status.  The
Debtors will also grant the DIP lenders first priority security
interests  and liens on their assets and properties, including
cash, accounts receivable, inventories, equipment, real property,
and 100% of their capital stock.

The collateral does not include the capital stock and other
equity of foreign subsidiaries; that certain intercompany note
owing from Plashof Holding BV; and avoidance actions and their
proceeds.

The terms of the DIP Credit Facility are:

Borrowers:          Cadence Innovation LLC and New Venture
                    Real Estate Holdings, LLC.

Lenders/Agents:     Bank of America, N.A., and any other
                    financial institution that becomes a
                    lender pursuant to the DIP Credit
                    Agreement as revolving lenders; Chrysler
                    Motors LLC, and General Motors
                    Corporation as term lenders.  BofA is
                    the agent on behalf of the revolving
                    and term lenders.

Commitment:         US$50,000,000 senior secured revolving
                    facility, provided that prior to the
                    entry of the final order as of the Friday
                    of any week, the amount available will
                    not exceed (i) US$50,000,000 or (ii) the
                    amount set in the Budget as loan
                    outstanding for that Friday.  The
                    revolving loan commitment will be reduced
                    to US$35,000,000 on the 10th day of the
                    filing of the bankruptcy cases.

Availability:       On the Closing Date, Lenders will make
                    available the lesser of US$50,000,0000 and
                    the amount set in the Budget as loan
                    outstanding for that date.  The Debtors
                    also have the option of requesting the
                    term loans from Chrysler and General
                    Motors in amounts not to exceed the
                    commitments of Chrysler and General Motors
                    in their Accommodation Agreements.  Upon
                    entry of the final order, availability
                    will be determined based on a formula with
                    respect to accounts receivable, inventory
                    and machinery and equipment.

Maturity Date:      The maturity date for the Revolving Loans
                    is December 31, 2008, and the maturity
                    date for the Term Loans is consistent
                    with the end of the liquidation periods
                    in the General Motors and Chrysler
                    Accommodation Agreements.

Security/Priority:  First priority security interests on all
                    property and assets of the Debtors,
                    excluding (i) the capital stock and other
                    equity of foreign subsidiaries; (ii) that
                    certain intercompany note owing from
                    PlashofHolding, BV; and (iii) avoidance
                    actions and their proceeds.  The first
                    priority liens and security interests are
                    subject only to the carve-out, and
                    permitted liens.

                    The obligations of the Debtors with
                    respect to the DIP Credit Agreement will
                    constitute allowed super-priority
                    administrative expenses, subject only to
                    the carve-out.

Carve-out:          Carve-out includes (i) professional fees
                    and expenses incurred in the bankruptcy
                    case, not exceeding US$2,500,000; and (ii)
                    unpaid fees of the Clerk of the
                    Bankruptcy Court and the U.S. Trustee;
                    and (iii) the payment of fees pursuant to
                    Section 1930 of the Bankruptcy Code.

Adequate
Protection:         For the Existing Lenders includes
                    (i) replacement liens on the collateral,
                    subject and junior to the postpetition
                    liens, permitted liens and the carve-out
                    and (ii) allowed administrative priority
                    claims with priority over all
                    administrative expenses.

                    The Prepetition Agents and Prepetition
                    Lenders will be paid the current cash
                    payment of all of their fees and
                    expenses.

Fees:               Closing fee of US$500,000, an unused line
                    fee of 0.5%, letter of credit fee of
                    3.25%, and letter of credit fronting
                    fee of 0.25%.

Interest Rate:      Base rate plus 1.50% per annum.

Events of Default:  The DIP Credit Agreements provide events
                    of default including:

                      * failure to make payments when due;

                      * noncompliance with covenants and
                        breaches of representations and
                        warranties related to payment and
                        securing the collateral only;

                      * impairment of security interests in
                        collateral;

                      * dismissal of the case or conversion
                        to a chapter 7 case;

                      * appointment of a chapter 11 trustee
                        or an examiner with enlarged powers
                        relating to the Debtors' business
                        operation;

                      * granting of relief from the automatic
                        stay to permit foreclosure on
                        material collateral of the Debtors;

                      * entry of an order granting, or filing
                        by the Debtors of a motion granting
                        of, any super-priority claim which
                        is senior or pari passu with the
                        Lenders' claims under the DIP Credit
                        Agreement;

                      * filing any motion seeking an order
                        that permits payment of or grants
                        adequate protection with respect to
                        prepetition debt; authorizes any
                        financing under section 364(c) or (d)
                        of the Bankruptcy Code; or authorizes
                        any cost or expense under Section
                        506(c);

                       * filing a plan of reorganization or a
                         motion to sell all or substantially
                         all of the assets of the Debtors
                         that does not provide for the
                         payment in full of all obligations;

                       * cessation of liens or super-priority
                         claims granted with respect to the
                         DIP Credit Agreement to be valid,
                         perfected and enforceable;

                       * an event having a Material Adverse
                         Effect;

                       * a default occurs under any of the
                         Accommodation Agreements or the
                         Access and Security Agreements with
                         General Motors or Chrysler; and

                       * any obligation owed under any
                         Material OEM Contract being subject
                         to an offset that is inconsistent
                         with the terms of the Accommodation
                         Agreements relating to offset in
                         respect of Material OEM Contracts.

In addition, the DIP Agreement requires Cadence to achieve these
milestones:

-- by Oct. 31, 2008, execute a definitive asset purchase
   agreement with a qualified buyer,

-- by Dec. 15, 2008, close the sale, and

-- with respect to Cadence's facilities:

   Facility               Milestone Timeline
   --------               ------------------
   Malyn Facility         Sale or wind down of facility,
   Malyn Rd.              4 months from Petition Date
   in Fraser, Michigan

   Groesbeck Facility     Sale or wind down of facility,
   Groesbeck Rd.          4 months from Petition Date
   in Clinton Township,
   Michigan

   Masonic Facility       Sale or wind down of facility,
   Masonic Rd., in        6 months from Petition Date
   Fraser, Michigan

   Hartford Facility      Sale or consolidation, 6 months from
   W. McDonald Street,    Petition Date
   Hartford City,
   Indiana

   Hillsdale Facility     Sale or wind down of facility, 6
   Superior St.,          months from Petition Date
   in Hillsdale,
   Michigan

   Chesterfield Facility  Sale, 9 months from Petition Date
   Mile Rd.,
   in Chesterfield,
   Michigan

   Corporate H.Q.         Wind down of facility, 6 months from
   14 Mile Rd.            Petition Date
   Troy, Michigan

The Court will convene a hearing to consider final approval of
the proposed DIP financing on Sept. 18, 2008.  Parties-in-
interest have until Sept. 11, 2008, to file their objections.

            Court Approves Accommodation Agreements

As an important aspect of the DIP financing, the Court approved,
on a final basis, the Debtors' Accommodation Agreements with
General Motors Corporation and Chrysler Motors LLC.

The Accommodation Agreements allow General Motor and Chrysler to
pay Cadence about US$1,000,000 and US$1,800,000 on account of
certain commercial claims.  The agreements also provide that
future sales to General Motor and Chrysler will be paid on a "net
immediate" basis for the term of the agreements.

As an inducement to the lenders under the DIP Credit Agreement to
provide Cadence with additional liquidity, General Motor and
Chrysler agreed to provide "liquidity enhancements" to the
lenders with respect to their collateral.  The liquidity
enhancements include:

(i) a limitation of certain set-off rights to 5% of the face
     amount of Cadence's postpetition receivables;

(ii) an agreement, upon the occurrence of certain enumerated
     events, to repurchase inventory acquired by Cadence to
     produce supplies for General Motor and Chrysler at 100%
     of cost for raw materials and at the applicable purchase
     order price for finished goods; and

(iii) an agreement to fund a last out participation in the DIP
     loans to enable Cadence to fund certain tooling and
     equipment required to produce parts for General Motor
     and Chrysler, or other operating expenses.

In return for the liquidity enhancements, the lenders are
required to immediately eliminate the US$6,000,000 block under the
Debtors' loan facility.  They are also required to increase the
advance rate against the Debtors' inventory to about 70% for
General Motor and Chrysler's inventory and to 90% for their
accounts receivable.  The lenders may increase the amount of the
block by an additional US$2,500,000 for the carve-out.

Meanwhile, the Court only gave preliminary approval of certain
provisions of the Accommodation Agreements concerning the
Debtors' obligations to pursue a sale of their business and
assets, and back-up plans to ensure that GM and Chrysler would
have remedies in the event of the Debtors' default.

"The Accommodation Agreements are chiefly intended to facilitate
the lenders' providing additional liquidity to the Debtors and
otherwise stabilizing the Debtors' operations by providing General
Motors and Chrysler comfort that the Debtors will have sufficient
liquidity with which to continue their manufacturing operations
and thereby preserve their going concern value," Mr. Pernick said.

According to Mr. Pernick, if the Bankruptcy Court does not enter a
final order approving these agreements, General Motors and
Chrysler would not make financial accommodations available while
the lenders will not make any advances to the Debtors under the
DIP Credit Facility.

The Debtors have submitted two confidential documents in
connection with their request for approval of their DIP Credit
Facility.

                    About Cadence Innovation

Headquartered in Troy, Michigan, Cadence Innovation LLC --
http://www.cadenceinnovation.com/-- manufactures and sells auto
parts to its customers GM and Chrysler.  The company has at least
4,200 employees in the United States and Europe, including Hungary
and Czech Republic.

Cadence Innovation LLC and its subsidiary, New Venture Real Estate
Holdings LLC, filed voluntary petitions under Chapter 11 of the
United States Bankruptcy Code in the United States
Bankruptcy Court for the District of Delaware.


CADENCE INNOVATION: Can Use Lenders' Cash Collateral
----------------------------------------------------
Cadence Innovation LLC, and its affiliate, New Venture Real Estate
Holdings LLC, obtained preliminary approval from the U.S.
Bankruptcy Court for the District of Delaware to use the cash
collateral securing obligations to their prepetition lenders.

The Debtors intend to use the cash collateral to pay their debts,
loans and other obligations under the DIP Credit Agreement with
Bank of America, N.A., or any other loan documents.  The cash
collateral will also be used to pay for services or materials
provided to the Debtors, and for the expenses incurred after their
bankruptcy filing.

The Debtors, however, are not allowed to use the cash collateral
generated after their bankruptcy filing from the sale or
disposition of assets outside the ordinary course of their
business, or those consisting of insurance proceeds.

In return for using the cash collateral, the Debtors will grant
their Existing Lenders (i) replacement liens on the collateral,
subject and junior to the postpetition liens, permitted liens and
the carve-out and (ii) allowed administrative priority claims with
priority over all administrative expenses.  The Debtors are also
required to deliver to the DIP lenders all cash collateral
regardless of the source.

The Court will convene a hearing to consider final approval of
the Debtors' use of the cash collateral on Sept. 18, 2008.
Parties-in-interest have until Sept. 11, 2008 to file their
objections.

                    About Cadence Innovation

Headquartered in Troy, Michigan, Cadence Innovation LLC --
http://www.cadenceinnovation.com/-- manufactures and sells auto
parts to its customers GM and Chrysler.  The company has at least
4,200 employees in the United States and Europe, including Hungary
and Czech Republic.

Cadence Innovation LLC and its subsidiary, New Venture Real Estate
Holdings LLC, filed voluntary petitions under Chapter 11 of the
United States Bankruptcy Code in the United States
Bankruptcy Court for the District of Delaware.


CADENCE INNOVATION: Court OKs US$1MM Pre-Bankruptcy Claim Payment
-----------------------------------------------------------------
Cadence Innovation LLC, and its affiliate, New Venture Real Estate
Holdings LLC, obtained the Court's approval to pay as much as
US$1,000,000 to the pre-bankruptcy claims of critical suppliers.

The Debtors did not identify the critical suppliers but said that
they intend to make the payment (i) only in cases where
nonpayment of the claims would result in the cessation of their
suppliers' delivery of products and services and eventually in
the shutdown of their operations, or (ii) where there is no
reasonable alternative source for products or services provided
by the vendor.

Proposed counsel for the Debtors, Norman Pernick, Esq., at Cole,
Schotz, Meisel, Forman & Leonard P.A., in Wilmington, Delaware,
said the payment would result in the reduction of the suppliers'
secured claims against the Debtors.

"Some of the suppliers may be entitled to assert liens or other
possessory rights against the Debtors' property," Mr. Pernick
said.  "To the extent these suppliers may have such possessory
rights, paying their claims would result in the reduction of
secured claims against the Debtors rather than the payment of
unsecured claims."

The Debtors will not make any payment unless the suppliers commit
themselves to continue providing goods and services.

In connection with the payment, the Court directed the banks to
honor and pay all checks or fund transfer requests made by the
Debtors before or after their bankruptcy filing.  The banks were
also authorized to rely on the Debtors' designation of any check
or fund transfer.

                    About Cadence Innovation

Headquartered in Troy, Michigan, Cadence Innovation LLC --
http://www.cadenceinnovation.com/-- manufactures and sells auto
parts to its customers GM and Chrysler.  The company has at least
4,200 employees in the United States and Europe, including Hungary
and Czech Republic.

Cadence Innovation LLC and its subsidiary, New Venture Real Estate
Holdings LLC, filed voluntary petitions under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware.


CADENCE INNOVATION: Sec. 341 Creditors Meeting Set for September 8
------------------------------------------------------------------
Roberta A. DeAngelis, Acting United States Trustee for Region 3,
will convene a meeting of creditors of Cadence Innovation, LLC,
and New Venture Real Estate Holdings, LLC, on Sept. 8, 2008, at
11:00 a.m., at The DoubleTree Hotel 700 King Street, in
Wilmington, Delaware.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in the Debtors' bankruptcy cases.

Attendance by the Debtor's creditors at the meeting is welcome,
but not required.  The Sec. 341(a) meeting offers the creditors a
one-time opportunity to examine the Debtors' representative under
oath about the Debtors' financial affairs and operations that
would be of interest to the general body of creditors.

                    About Cadence Innovation

Headquartered in Troy, Michigan, Cadence Innovation LLC --
http://www.cadenceinnovation.com/-- manufactures and sells auto
parts to its customers GM and Chrysler.  The company has at least
4,200 employees in the United States and Europe, including Hungary
and Czech Republic.

Cadence Innovation LLC and its subsidiary, New Venture Real Estate
Holdings LLC, filed voluntary petitions under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware.


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


DELPHI CORP: Court OKs Add'l US$4MM Defense Costs for Ex-Officers
-----------------------------------------------------------------
On Aug. 31, 2007, Delphi Corp., Delphi Trust I, Delphi Trust
II, certain former Delphi officers and employees, and certain of
the Debtors' insurance companies entered into a Stipulation and
Agreement of Insurance Settlement, which provided for the creation
of a fund for the defense costs of the former Delphi officers and
employees, administered by Delphi former Officers and employees
as escrow agent.

Pursuant to the Court-approved stipulation, the escrow agent was
authorized to disburse up to US$1,000,000 to the Former Delphi
Officers and Employees to be used solely for defense costs in
connection with the lawsuit In re: Delphi Corporation Securities,
Derivative and "ERISA" Litigation, 05-md-1725 (E.D. Mich.).

Still, several of the former officers and employees continue to
incur defense costs that require reimbursement.

In this regard, the parties again stipulated that the Escrow Agent
be authorized to disburse up to US$5,000,000, inclusive of the
sums already disbursed, to the Delphi former officers and
employees to be used solely for defense costs.

The Hon. Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York approved the stipulation.

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

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

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

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


DELPHI CORP: Court Okays US$16.5MM Settlement With Furukawa
-----------------------------------------------------------
Bankruptcy Law360 reports that the Hon. Robert Drain of the U.S.
Bankruptcy Court for the Southern District of New York approved
Delphi Corporation's US$16.5 million settlement with Furukawa
Electric Co. Ltd.

The settlement resolves a dispute between Delphi and Furukawa
Electric over a sales contract for torque and position sensors,
Bankruptcy Law360 relates.

As reported in the Troubled Company Reporter-Asia on May 22, 2007,
Furukawa Electric previously manufactured a power steering sensor,
called the Epsilon sensor for Delphi.  In April 2004, Delphi
terminated the Epsilon Sensor contracts, alleging that Furukawa
breached certain product warranties.  In October 2004, Delphi
filed a lawsuit against Furukawa in the U.S. Circuit Court for the
County of Saginaw, Michigan, asserting, among others, Epsilon
Sensor-related claims and USUS$25,000,000 in damages.

                   About Delphi Corporation

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

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

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


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


BANK FORUM: Fitch Holds 'D/E' IDR on Parent's Dresdner Sale Deal
----------------------------------------------------------------
Fitch Ratings has placed Germany's Commerzbank AG's Long-term
Issuer Default rating of 'A' and Short-term IDR at 'F1' on Rating
Watch Negative.  The agency has affirmed Commerzbank's Individual
rating at 'B/C', Support rating at '1' and Support Rating Floor at
'A-'.  The Commerzbank subsidiaries' ratings are listed at the end
of the release.

At the same time, Dresdner Bank AG's Long-term IDR of 'A+' and
Short-term IDR at 'F1+' have also been placed on RWN.  Dresdner's
Individual, Support Rating and Support Rating Floor have been
affirmed at 'C', '1', and 'A-'.

The RWN follows Commerzbank's announced acquisition of Dresdner on
Sept. 1, 2008.

"While Fitch recognizes the upside potential for the combined
entity resulting from a strengthened franchise in the German
Mittelstand, corporate and retail segments, the agency considers
the merger execution risk as material," says Michael Steinbarth,
Director in Fitch's Financial Institutions Group, London.
"Although Commerzbank has already demonstrated its ability to
integrate EUROHYPO AG, the integration of Dresdner may prove more
challenging, given its size and the tougher operating conditions
in recent months."

The RWN on Commerzbank's Long-term and Short-term IDRs reflects
the significant execution risk inherent in a large integration,
the challenges in achieving stated cost and revenue synergies in a
difficult operating environment and what Fitch considers to be the
inherent uncertainties over the future performance of the higher
risk portfolios held by Dresdner.  The latter is mitigated by the
creation of a risk shelter of around EUR1.2 billion.  The agency
expects to resolve the RWN on Commerzbank's Long-term and Short-
term IDRs when the benefits of the integration, de-risking and
right-sizing of the Dresdner's investment banking activities, and
the realization of synergies become evident.

For Dresdner, the announced change in ownership means the bank
will no longer benefit from the extremely high probability of
support from the 'AA-' rated Allianz SE, Germany's largest
insurance group, as soon as the ownership of the majority stake
will be transferred to Commerzbank.  The RWN will be resolved upon
formal completion of the first step of its acquisition by
Commerzbank.  Dresdner's future Long-term and Short-term IDRs will
be based on probable support available from Commerzbank, should it
be needed.

Rating actions on Commerzbank subsidiaries are listed below:

EUROHYPO AG:
  -- Long-Term IDR of 'A' and Short-term IDR of 'F1' placed on
     RWN;

  -- Individual 'B/C' and Support '1' Affirmed;

The ratings of EUROHYPO AG's mortgage and public sector
Pfandbriefe are unaffected by the rating action taken.

BRE Bank:
  -- Long-term IDR of 'A-' placed on RWN;
  -- The Short-term 'F2', Individual 'C/D' and Support '1'
     Affirmed;

BRE Leasing
  -- Long-term IDR of 'A-' placed on RWN;
  -- The Short-term 'F2', and Support '1'.  Affirmed;

Bank Forum
  -- Long-term foreign currency IDR 'BB-', Long-term local
     currency IDR 'BB', Short-term IDR 'B', Individual rating
     'D/E', Support '3', National Long-term rating 'AAA'(UKR) have
     been Affirmed.

  -- Both Long-term IDRs are on Stable Outlook.


DRESDNER BANK: Fitch Affirms Individual Rating at 'C' on Sale Deal
------------------------------------------------------------------
Fitch Ratings has placed Germany's Commerzbank AG's Long-term
Issuer Default rating of 'A' and Short-term IDR at 'F1' on Rating
Watch Negative.  The agency has affirmed Commerzbank's Individual
rating at 'B/C', Support rating at '1' and Support Rating Floor at
'A-'.  The Commerzbank subsidiaries' ratings are listed at the end
of the release.

At the same time, Dresdner Bank AG's Long-term IDR of 'A+' and
Short-term IDR at 'F1+' have also been placed on RWN.  Dresdner's
Individual, Support Rating and Support Rating Floor have been
affirmed at 'C', '1', and 'A-'.

The RWN follows Commerzbank's announced acquisition of Dresdner on
Sept. 1, 2008.

"While Fitch recognizes the upside potential for the combined
entity resulting from a strengthened franchise in the German
Mittelstand, corporate and retail segments, the agency considers
the merger execution risk as material," says Michael Steinbarth,
Director in Fitch's Financial Institutions Group, London.
"Although Commerzbank has already demonstrated its ability to
integrate EUROHYPO AG, the integration of Dresdner may prove more
challenging, given its size and the tougher operating conditions
in recent months."

The RWN on Commerzbank's Long-term and Short-term IDRs reflects
the significant execution risk inherent in a large integration,
the challenges in achieving stated cost and revenue synergies in a
difficult operating environment and what Fitch considers to be the
inherent uncertainties over the future performance of the higher
risk portfolios held by Dresdner.  The latter is mitigated by the
creation of a risk shelter of around EUR1.2 billion.  The agency
expects to resolve the RWN on Commerzbank's Long-term and Short-
term IDRs when the benefits of the integration, de-risking and
right-sizing of the Dresdner's investment banking activities, and
the realization of synergies become evident.

For Dresdner, the announced change in ownership means the bank
will no longer benefit from the extremely high probability of
support from the 'AA-' rated Allianz SE, Germany's largest
insurance group, as soon as the ownership of the majority stake
will be transferred to Commerzbank.  The RWN will be resolved upon
formal completion of the first step of its acquisition by
Commerzbank.  Dresdner's future Long-term and Short-term IDRs will
be based on probable support available from Commerzbank, should it
be needed.

Rating actions on Commerzbank subsidiaries are listed below:

EUROHYPO AG:
  -- Long-Term IDR of 'A' and Short-term IDR of 'F1' placed on
     RWN;

  -- Individual 'B/C' and Support '1' Affirmed;

The ratings of EUROHYPO AG's mortgage and public sector
Pfandbriefe are unaffected by the rating action taken.

BRE Bank:
  -- Long-term IDR of 'A-' placed on RWN;
  -- The Short-term 'F2', Individual 'C/D' and Support '1'
     Affirmed;

BRE Leasing
  -- Long-term IDR of 'A-' placed on RWN;
  -- The Short-term 'F2', and Support '1'.  Affirmed;

Bank Forum
  -- Long-term foreign currency IDR 'BB-', Long-term local
     currency IDR 'BB', Short-term IDR 'B', Individual rating
     'D/E', Support '3', National Long-term rating 'AAA'(UKR) have
     been Affirmed.

  -- Both Long-term IDRs are on Stable Outlook.


B.I.G. SERVICE: Claims Registration Period Ends September 11
------------------------------------------------------------
Creditors of b.i.g. service gmbh have until Sept. 11, 2008, to
register their claims with court-appointed insolvency manager
Achim Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Dortmund
         Meeting Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Achim Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against  b.i.g. service gmbh on Aug. 13, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         b.i.g. service gmbh
         Feldbachacker 11
         44149 Dortmund
         Germany

         Attn: Heiko Mueller, Manager
         Donnenberger Strasse 48
         42553 Velbert
         Germany


CAR AKUSTIK: Claims Registration Period Ends September 11
---------------------------------------------------------
Creditors of car akustik GmbH Celle have until Sept. 11, 2008, to
register their claims with court-appointed insolvency manager Jens
Koeke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:25 a.m. on Oct. 7, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Celle
         Hall 014
         First Floor
         Muehlenstrasse 4
         29221 Celle
         Germany

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

The insolvency manager can be reached at:

         Jens Koeke
         Blumlage 63 C
         29221 Celle
         Germany
         Tel: 05141/3493123
         Fax: 05141/3493124

The District Court of  Celle opened bankruptcy proceedings against
car akustik GmbH Celle on Aug. 11, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         car akustik GmbH Celle
         Harburger Heerstr. 2
         29223 Celle
         Germany


CON-SLOT SCREENS: Claims Registration Period Ends September 11
--------------------------------------------------------------
Creditors of con-slot SCREENS International GmbH have until
Sept. 11, 2008, to register their claims with court-appointed
insolvency manager Dr. Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Oct. 9, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Gifhorn
         Hall 118
         Schlossgarten 4
         38518 Gifhorn
         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. Steffen Koch
         c/o RAe. hww wienberg wilhelm
         Sophienstr. 1
         30159 Hannover
         Germany
         Tel: 0511/353991-0
         Fax: 0511/353991-10

The District Court of Gifhorn opened bankruptcy proceedings
against con-slot SCREENS International GmbH on July 17, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         con-slot SCREENS International GmbH
         Attn: Graue Riethe 2, Manager
         29378 Wittingen
         Germany


EXCLUSIVE OSTSEEIMMOBILIEN: Claims Registration Ends Sept. 11
-------------------------------------------------------------
Creditors of Exclusive Ostseeimmobilien GmbH have until
Sept. 11, 2008, to register their claims with court-appointed
insolvency manager Berthold Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 12, 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 Rostock
         Hall 330
         Zochstrasse
         18057 Rostock
         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:

         Berthold Brinkmann
         Freiligrathstrasse 1
         18055 Rostock
         Germany

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

The Debtor can be reached at:

         Exclusive Ostseeimmobilien GmbH
         Attn: Stefan Renner, Manager
         Deutsche-Med-Platz 2
         18057 Rostock
         Germany


LAAUSER VERWALTUNGS: Claims Registration Period Ends Sept. 11
-------------------------------------------------------------
Creditors of Laauser Verwaltungs-GmbH have until Sept. 11, 2008,
to register their claims with court-appointed insolvency manager
Dr. Tibor Braun.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         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. Tibor Braun
         Kriegerstrasse 3
         70191 Stuttgart
         Germany
         Tel: 0711/225583-0
         Fax: 0711/225583-20

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

The Debtor can be reached at:

         Laauser Verwaltungs-GmbH
         Attn: Joachim Enssle, Manager
         Schleifwiesenstrasse 27
         71723 Grossbottwar
         Germany


NECKAR PAPER: Goes Into Administration; 190 Jobs at Risk
--------------------------------------------------------
German mill Neckar Paper, also known as Papierfabrik am Neckar,
has gone into administration, putting 190 jobs at risk, Helen
Morris of printweek.com reports.

The administration process, which commenced on July 28, 2008, is
being handled by the mill's commercial lawyers, Rudiger Mocker and
Matthias Siereg, the report relates.

The report notes that although the mill is in administration, it
will be able to fulfill all orders until the end of the year.

The report adds it remains unclear as to why the mill was put into
administration since it had a successful August.

Meanwhile, a statement is set to be issued this month outlining
the plans for the business, which has a turnover of EUR80 million
(GBP64 million).

Based in Stuttgart, Neckar Paper produces recycled uncoated and
coated papers for the web offset market.  Its products are sold
out of U.K. agency John Heyer Paper.


PROSIEBENSAT.1 GROUP: Acquires Stake in autoplenum.de Group
-----------------------------------------------------------
The ProSiebenSat.1 Group has acquired a stake in autoplenum.de,
Germanys first independent, single-theme information and
evaluation platform for all things automotive.  The online portal
was launched at the end of June 2007 by Holtzbrinck eLAB GmbH and
Malte Kruger.

ProSiebenSat.1 now holds 25.1 percent of the platform, with an
option to expand its stake later to a majority interest of 50.1
percent.  The parties have agreed to keep the purchase price
confidential.  The investment has been approved by Germany's
Federal Cartel Office.  The acquisition expands ProSiebenSat.1's
presence in the digital world, and adds an online automotive
information and knowledge platform to ProSiebenSat.1 Networld.

autoplenum.des USP consists of editorial test reports from various
sources, including auto, motor und sport and AutoNews, together
with users reports about their own experiences.  The portal
focuses on evaluations written by drivers, for drivers.  They can
be posted in various categories, so that best lists can be set up
for example of car models or auto shops.  Then all users can
search the lists for cars, shops, car washes or accessories, and
form their own opinions quickly and easily.  autoplenum.de is
marketed by SevenOne Interactive, the ProSiebenSat.1 Groups online
and multimedia marketing subsidiary.

Dr. Marcus Englert, ProSiebenSat.1 Group Board Member for New
Media and Diversification, said, "By entering the automotive
segment, we are expanding ProSiebenSat.1 Networld with a very
promising subject area.  Jointly with the Georg von Holtzbrinck
publishing group, we hope to establish this young automotive
portal as a leading platform for evaluations and expert
information.  We are very confident that with our two corporate
groups pooled expertise and marketing experience well quickly
achieve that goal."

Dr. Stephan Roppel, managing director of Holtzbrinck eLAB, also
said, "We're delighted that following our successful startup
phase, well now be able to advance the expansion of autoplenum.de
jointly with an ideal partner, ProSiebenSat.1."

                       About autoplenum.de

The http://www.autoplenum.desite was founded at the end of June
2007 by Malte Krüger and Holtzbrinck eLAB.  Prior to his position
at autoplenum.de, Krueger was in charge of project management and
business development at AutoScout24 Deutschland GmbH, and in the
German business of Ask.com.

                      About ProsiebenSat.1

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

                          *     *     *

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


WATI BAUGERZTE: Claims Registration Period Ends September 10
------------------------------------------------------------
Creditors of WaTi Baugerzte GmbH have until Sept. 10, 2008, to
register their claims with court-appointed insolvency manager Dr.
Tibor Daniel Braun.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Stuttgart
         Room 178
         Hauffstr. 5
         70190 Stuttgart
         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. Tibor Daniel Braun
         Kriegerstr. 3
         70191 Stuttgart
         Germany
         Tel: 0711/22 55 830
         Fax: 0711/22 55 83 20

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

The Debtor can be reached at:

         WaTi Baugerzte GmbH
         Attn: Oliver Matthaei, Manager
         Alexanderstr. 56
         70182 Stuttgart
         Germany


WESTLB AG: North Rhine-Westphalia Gov't Won't Oppose Merger Plan
----------------------------------------------------------------
The government of North Rhine-Westphalia will not block the
planned merger between WestLB AG and another landesbank, Reuters
reports citing state Finance Minister Helmut Linssen.

Mr. Linssen said the merger would be pursuant to a demand by the
European Commission that WestLB should change hands by end of
2008.  The Commission had warned of harsh consequences for the
bank if an ownership change fails to materialize.

The Commission also demanded that WestLB's balance sheet be
halved, Mr. Linssen was cited by Reuters as saying.

North Rhine-Westphalia holds a 38% stake in WestLB while local
banks control the rest.  In 2007, the state blocked WestLB's
merger with LBBW on concerns of losing job and undermining
Duesseldorf as a financial center, Reuters reports.

WestLB had submitted a restructuring plan to the Commission, which
had approved the public-sector protection section of the scheme
The Commission is currently reviewing whether to approve the
restructuring to ensure fair competition between WestLB and other
banks.

Mr. Linssen, however, doubts that WestLB's new owner would take on
the bank's EUR5 billion risk-guarantee package.

In August 2008, the supervisory board of WestLB AG approved the
restructuring concept that the its managing board has developed
for the future strategic orientation of the Bank.

The concept, the key points of which will be coordinated further
in a constructive dialog with the European Commission, provides
for a targeted return on equity of at least 14% by 2012.
The key points of the restructuring plan are:

   -- the clear streamlining of the business model through a
      focus on the core competences of the Bank;

   -- the expansion of the Bank's "Verbund" business with the
      savings banks;

   -- the clear reduction of risk-weighted assets and the
      sustainable strengthening of the risk management;

   -- cost reductions of at least EUR300 million through a
      significant improvement of process efficiency; and

   -- headcount reduction of at least 1,350 full-time employees
      by 2010.

Moreover, in the context of the discussions with the European
Commission, the Bank's owners declared their intention to
proceed with a change in the ownership structure.  The
integration of the Bank in the consolidation process of the
landesbank is the preferred option.  If a timely implementation
of this should not be possible, the owners are open to other
options.  During the ensuing transformation phase the owners
declare their complete and unstinting support for the Bank.

                         About WestLB

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

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

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

                         *     *     *

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


WHG IMMOBILIEN: Claims Registration Period Ends September 10
------------------------------------------------------------
Creditors of WHG Immobilien GmbH have until Sept. 10, 2008, to
register their claims with court-appointed insolvency manager
Gordon Rapp.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 13, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Mannheim
         Area 232
         Second Floor
         West Wing
         Schloss
         68149 Mannheim
         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:

         Gordon Rapp
         Gaisbergstr. 6
         69115 Heidelberg
         Germany
         Tel: 06221/97370

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

The Debtor can be reached at:

         WHG Immobilien GmbH
         Attn: Hans Helbig, Manager
         Schillerstr. 4a
         69502 Hemsbach
         Germany


STAR DIALOGMARKETING: Claims Registration Period Ends Sept. 11
--------------------------------------------------------------
Creditors of Star Dialogmarketing GmbH have until Sept. 11, 2008,
to register their claims with court-appointed insolvency manager
Dr. Andreas Roepke.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 23, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C315
         Third Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         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. Andreas Roepke
         Muelheimer Strasse 100
         47057 Duisburg
         Germany

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

The Debtor can be reached at:

         Star Dialogmarketing GmbH
         Poststr. 12
         47051 Duisburg
         Germany

         Attn: Sven Jung, Manager
         Duesseldorfer Str. 547
         47055 Duisburg
         Germany


ZENTRUM GMBH: Claims Registration Period Ends September 10
----------------------------------------------------------
Creditors of Zentrum GmbH 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 2:30 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 Zentrum GmbH on Aug. 22, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Zentrum GmbH
         Am Felsenkeller 8
         97509 Kolitzheim
         Germany

         Attn: Adolf Schertel, Manager
         Im Huetlein 12
         97478 Knetzgau
         Germany


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


CAPPOQUIN CHICKENS: Seeks Buyer; 250 Jobs at Risk
-------------------------------------------------
West Waterford, Ireland-based poultry producer Cappoquin Chickens
is likely to shut down if a buyer is not found within three weeks,
putting 250 jobs at risk, the Irish Independent reports.
Cappoquin Chickens was placed into interim examinership by the
High Court in June 2008 after incurring an ongoing deficit of
EUR806,000.

According to the report, the court-appointed examiner, the company
management and trade unions have entered into an agreement aimed
at selling the poultry producer as a going concern.

The report notes that one investor expressed an interest in the
business but it could not confirm a purchase until late September
or early October.

Meanwhile, Sinn Fein's spokesman on employment Arthur Morgan told
Irish Independent the loss would be "a massive blow" to the Irish
agri-food sector as 50 chicken and egg suppliers were entirely
dependent on Cappoquin.

Cappoquin, the report discloses, has a winding-up deficit of EUR7
million.  The company blamed its financial woes on the ongoing
impact of the 2006 bird flu outbreak, cut-price poultry imports
from South America and the Far East, and a massive hike in feed
costs.

Cappoquin has bases in West Waterford and East Cork, and cold
storage facilities in Dublin, Galway and Limerick.


XELO III: Fitch Chips EUR70 Million Notes Rating to B from BBB-
---------------------------------------------------------------
Fitch Ratings has downgraded Xelo III Plc Series 2005's
EUR70 million issue of secured limited recourse extendable Class A
credit-linked notes (ISIN XS0210014907) to 'B' from 'BBB- and
removed them from Rating Watch Negative.  The action reflects
Fitch's view on the credit risk of the rated notes following the
release of its new corporate CDO rating criteria.

Since the transaction was placed on RWN in August 2008 the
portfolio credit risk has marginally deteriorated.  Key drivers of
this transaction's credit risk come from the corporate entities
referenced in the inner CDOs.  Five of the entities referenced in
the inner CDOs are now treated as 'CCC' category on an adjusted
basis, and three of these appear in all six portfolios.

Given Fitch's view of concentration and the current credit quality
of the portfolio, the 1.3% credit enhancement level is not
sufficient to justify the current rating of the notes.

In January 2005 Barclays Bank PLC bought protection on a portfolio
comprising 'AAA'- rated ABS assets and six synthetic CDS
obligations (each 3% of the master portfolio).  Each CDS
obligation referenced a portfolio of initially 50 mainly
investment-grade, geographically and industrially diverse
corporate and sovereign entities.  A cross-subordination feature
between the inner CDS obligations was included in June 2005.  XELO
III is an SPV incorporated under the laws of the Republic of
Ireland.

The rating only addresses the probability of a claim being made
under the master portfolio credit default swap for the period
ending on 20 March 2009.  The rating does not address any
potential exercise of the extension option that allows Barclays to
extend the maturity of the notes beyond the original scheduled
termination date and up to March 20, 2012.

Fitch released its updated criteria on April 30, 2008 for
Corporate CDOs and, at that time, noted it would be reviewing its
ratings accordingly to establish consistency for existing and new
transactions.  As part of this review, Fitch makes standard
adjustments for any names on RWN or Negative Outlook, reducing
such ratings for default analysis purposes by two notches and one
notch, respectively.

As such, the transaction was placed on RWN on Aug. 14, 2008 and,
as previously indicated, resolution of the Rating Watch status
depends on any plans managers or arrangers may choose to modify
either the structure or the portfolio.  In this case, Fitch used
the latest portfolio as the basis for its rating action.


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


VTB BANK: Obtains License to Open a Subsidiary in Kazakhstan
------------------------------------------------------------
The Republic of Kazakhstan's Agency for Regulation and Supervision
of Financial Markets and Financial Organizations has granted VTB
Bank a license to open VTB Bank (Kazakhstan).

VTB Group intends to enter the Kazakh market as part of the
Group's expansion of its presence throughout the CIS.

VTB plans to launch its new subsidiary in January 2009 with
authorized share capital of US$50 million.

VTB has been in the Kazakh market since the start of 2008.  In
February, VTB opened a representative office in Kazakhstan, which
is now operating as a project office of the subsidiary.

                      About OJSC VTB Bank

Headquartered in St. Petersburg, Russia, OJSC VTB --
http://www.vtb.com/-- is a leading Russian universal banking
group offering a wide range of banking services and products
across Russia, certain CIS countries and selected countries in
Western Europe, Asia and Africa.

                        *     *     *

OJSC VTB continues to carry a D bank financial strength rating
from Moody's Investors Service.  The rating was placed in
November 2007.


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


AGILENT TECHNOLOGIES: Earns US$169 Mln for Q3 Ended July 31, 2008
-----------------------------------------------------------------
Agilent Technologies Inc. has reported orders of US$1.39 billion
for the third fiscal quarter ended July 31, 2008, 6% above one
year ago.  Revenues during the quarter were US$1.44 billion,
5% above last year.  Third quarter GAAP net income was US$169
million, or US$0.45 per diluted share. Last year's third quarter
GAAP net income was US$185 million, or US$0.45 per share.

Included in this quarter's GAAP income is US$22 million of non-
cash amortization charges.  Excluding this item and US$7 million
of other net charges, Agilent reported third quarter adjusted net
income of US$198 million, or US$0.53 per share.  On a comparable
basis, the company earned US$173 million, or US$0.43 per share,
one year ago.

"The power of Agilent's operating model was clearly evident during
the quarter," said Bill Sullivan, Agilent president and chief
executive officer.  "Economic conditions were difficult in much of
the developed world, and third quarter revenues came in at the low
end of our expectations.  But we were able to quickly adapt to the
changing economic environment, and our adjusted net income came in
just above the high end of our expectations."

Third quarter adjusted net income of US$0.53 per share was 23%
above one year ago compared with a 5% increase in revenues.
Subtracting US$18 million of share-based compensation from
operating results, third quarter adjusted net income of US$0.57
per share compares with guidance of US$0.52 to US$0.56 per share.

Organic revenue growth in the Americas was about 3%, and local
currency revenues were about flat in Europe compared with last
year.  Growth in Asia Pacific, at about 2%, was less robust than
in recent quarters due largely to weakness in Japan.

                        About Agilent Tech

Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/
-- is the world's premier measurement company and a technology
leader in communications, electronics, life sciences and
chemical analysis.  The company's 19,000 employees serve
customers in more than 110 countries.

The company has operations in India, Argentina, Puerto Rico,
Bolivia, Paraguay, Venezuela, and Luxembourg, among others.

                          *     *     *

As reported in the TCR-Europe on July 16, 2008, Moody's Investors
Service affirmed the existing ratings of Agilent Technologies,
Inc. and revised the outlook to positive.

These ratings were affirmed:

* Corporate Family Rating -- Ba1
* Probability of Default Rating -- Ba1
* Senior Unsecured Notes due 2017 -- Ba1 (LGD-4, 52%)
* Speculative Grade Liquidity -- SGL-1


TK ALUMINUM: Moody's Withdraws Caa3 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn the Caa3 Corporate Family
Rating of TK Aluminum Ltd. as well as the Ca rating of senior
notes issued by its subsidiary Teksid Aluminum Luxembourg Sarl
SCA.

The ratings are being withdrawn under Moody's Guidelines for the
Withdrawal of Ratings in situations associated with Bankruptcies,
Reorganisations and Liquidations.

Outlook Actions:

   Issuer: TK Aluminum Ltd.

   -- Outlook, Changed To Rating Withdrawn From Stable

   Issuer: Teksid Aluminum Luxembourg Sarl SCA

   -- Outlook, Changed To Rating Withdrawn From Stable

Withdrawals:

   Issuer: TK Aluminum Ltd.

   -- Corporate Family Rating, Withdrawn, previously rated Caa3

   Issuer: Teksid Aluminum Luxembourg Sarl SCA

   -- Senior Unsecured Regular Bond/Debenture, Withdrawn,
      previously rated Ca

TK Aluminum is a group of companies whose primary activity is to
manage residual interests of subsidiaries located in Bermuda,
Luxembourg, and the United States.


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


ALKO-TRADE CJSC: Volgograd Bankruptcy Hearing Set October 30
------------------------------------------------------------
The Arbitration Court of Volgograd will convene at 10:30 a.m. on
Oct. 30, 2008, to hear the bankruptcy supervision procedure on
CJSC Volgograd Trade Company Alko-Trade.  The case is docketed
under Case No. A12-9488/08-?55

The Temporary Insolvency Manager is:

         A.O. Zhukov
         Post User Box 12
         109443 Moscow
         Russia

The Debtor can be reached at:

         CJSC Alko-Trade
         Prutskiy proezd 3
         Volgograd
         Russia


NOVATEK OAO: Board Recommends RUR3.04 Billion Dividend Payment
--------------------------------------------------------------
OAO Novatek's Board of Directors has recommended to the
Extraordinary General Meeting of Shareholders to approve dividend
payments on the Company's shares in the amount of RUR3,036,306,000
or RUR1.00 per one ordinary share.

The Board’s Corporate Governance Committee recommended the
dividend payment based on Novatek's results for the first half of
2008 prepared in accordance to Russian accounting standards.

The Company's EGM will take place on Oct. 2, 2008.  Shareholders
of record at the close of business on the July 24, 2008, will be
entitled to receive dividends and to participate in the Company's
EGM.

                          About Novatek

Based in Tarko-Sale, Russia, OAO Novatek -- http://www.novatek.ru/
-- engages in the exploration, production and processing of
natural gas and liquid hydrocarbons.  The company's upstream
activities are concentrated in the prolific Yamal-Nenets Region in
Western Siberia.

                         *     *     *

As reported in the TCR-Europe on July 16, 2008, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
OAO Novatek, Russia's largest independent natural gas producer, to
'BB+' from 'BB'.  The outlook is stable.

OAO Novatek currently carries a Ba2 Corporate Family rating from
Moody's Investors Service, which said the outlook is stable.


PARALLEL LLC: Moscow Bankruptcy Hearing Set November 11
-------------------------------------------------------
The Arbitration Court of Moscow will convene at 11:30 a.m. on
Nov. 11, 2008, to hear the bankruptcy supervision procedure on LLC
Parallel.  The case is docketed under Case No. A40-29835/
08-74-91B.

The Temporary Insolvency Manager is:

         A. G. Savelyev
         Post User Box 27
         125481 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Moscow
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         LLC Parallel
         Building 1
         Shipilovskaya str. 54
         115573 Moscow
         Russia


PATRUS LLC: Creditors Must File Claims by September 28
------------------------------------------------------
Creditors of LLC Patrus have until Sept. 28, 2008, to submit
proofs of claim to:

         A.V. Romanov
         Temporary Insolvency Manager
         Sovetskaya Str. 4
         Penza
         Russia

The Arbitration Court of Ryazan commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A54-2014/2008 C19.

The Court is located at:

         The Arbitration Court of Ryazan
         Pochtovaya Str. 43/44
         Ryazan
         Russia

The Debtor can be reached at:

         LLC Patrus
         Apt. 7
         Building 86/1
         Vedenskaya Str.
         390000 Ryazan
         Russia


STROMMASHINA LLC: Creditors Must File Claims by October 28
----------------------------------------------------------
Creditors of LLC Strommashina have until Oct. 28, 2008, to submit
proofs of claim to:

         N. Osaulenko
         Insolvency Manager
         Post User Box 782
         167000 Syuktyuvkar
         Russia

The Arbitration Court of Kostroma commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A31-502/2008-28.



VTB BANK: Obtains License to Open a Subsidiary in Kazakhstan
------------------------------------------------------------
The Republic of Kazakhstan's Agency for Regulation and Supervision
of Financial Markets and Financial Organizations has granted VTB
Bank a license to open VTB Bank (Kazakhstan).

VTB Group intends to enter the Kazakh market as part of the
Group's expansion of its presence throughout the CIS.

VTB plans to launch its new subsidiary in January 2009 with
authorized share capital of US$50 million.

VTB has been in the Kazakh market since the start of 2008.  In
February, VTB opened a representative office in Kazakhstan, which
is now operating as a project office of the subsidiary.

                      About OJSC VTB Bank

Headquartered in St. Petersburg, Russia, OJSC VTB --
http://www.vtb.com/-- is a leading Russian universal banking
group offering a wide range of banking services and products
across Russia, certain CIS countries and selected countries in
Western Europe, Asia and Africa.

                        *     *     *

OJSC VTB continues to carry a D bank financial strength rating
from Moody's Investors Service.  The rating was placed in November
2007.


ZELENCHUK ELECTRIC: Creditors Must File Claims by October 28
------------------------------------------------------------
Creditors of OJSC Zelenchuk Electric Networks have until Oct. 28,
2008, to submit proofs of claim to:

         N. Khabichev
         Insolvency Manager
         Kubanskaya Str. 40/1
         Cherkessk
         369000 Karachaevo-Cherkessk
         Russia

The Arbitration Court of Karachayevo-Cherkessk commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A25-531/08-10


=========
S P A I N
=========


MARTINSA FADESA: Names Houlihan Lokey and Deloitte as Advisers
--------------------------------------------------------------
Martinsa Fadesa SA has appointed Houlihan Lokey Howard & Zukin and
Deloitte & Touche Tohmatsu as advisers for the restructuring of
its EUR5 billion debt, Reuters reports citing sources privy to the
matter.

According to Reuters' sources, Deloitte will draft Martinsa's
business plan while Houlihan will build a new financial structure
with newly arranged debt and equity terms.

The company is currently holding talks with advisers and creditors
over the options to turn around the insolvent homebuilder.
Options include sale of assets, refinancing, or debt-for-equity
swap.

Martinsa's advisers include law firm Gomez-Acebo & Pombo Abogados,
which would be paid around EUR3 million for its legal services.

Martinsa-Fadesa filed for opening of administration procedures
at the Mercantile Court of La Coruna after it failed to secure
a EUR150 million loan -- a requirement for its EUR4 billion debt
refinancing agreement with creditor banks.

The Mercantile Court of La Coruna has named Antonia Magdaleno; the
Comision Nacional del Mercado de Valores named Angel Martin Torres
of KPMG; and creditor-bank Bankinter S.A. named Antonio Moreno
Rodriguez as administrators.

The company had sought a waiver for the loan, TCR-Europe
reported on July 16, 2008.

Martinsa said it had insufficient cash-flow to meet interest
payments and pay suppliers.  The company owes more than EUR5
billion to creditors.  The property group attributed its
financial troubles to "clear recession that the Spanish economy
is suffering at the moment."

Headquartered in Corunna, Spain, Martinsa-Fadesa SA --
http://www.martinsafadesa.com/-- develops residential and
commercial property projects, including hotels, shopping centers
and golf courses, as well as industrial projects, among others.
The company also operates in Portugal, Romania, Hungary,
Ireland, France, Bulgaria, Mexico, the Dominican Republic, the
Czech Republic, Slovakia, and Poland.


MARTINSA FADESA: Plans 234 Job Cuts After Administration Filing
---------------------------------------------------------------
Martinsa Fadesa SA will lay off 234 employees from its 800-strong
workforce, Reuters reports.

Martinsa revealed that the EUR10.8 billion tag placed on its
assets --  which include homes, hotels, golf courses, shops and
factories -- when it filed for administration on July 24, 2008,
represented the value of its portfolio at Dec. 31, 2007.

Reuters, however, notes that the value of houses and commercial
property in Spain has dropped since 2007.

Martinsa Fadesa filed for opening of administration procedures
at the Mercantile Court of La Coruna after it failed to a secure
a EUR150 million loan -- a requirement for its EUR4 billion debt
refinancing agreement with creditor banks.

The company had sought a waiver for the loan, TCR-Europe
reported on July 16, 2008.

Martinsa said it had insufficient cash-flow to meet interest
payments and pay suppliers.  The company owes more than EUR5
billion to creditors.  The property group attributed its
financial troubles to "clear recession that the Spanish economy
is suffering at the moment."

Headquartered in Corunna, Spain, Martinsa Fadesa SA --
http://www.martinsafadesa.com/-- develops residential and
commercial property projects, including hotels, shopping centers
and golf courses, as well as industrial projects, among others.
The company also operates in Portugal, Romania, Hungary,
Ireland, France, Bulgaria, Mexico, the Dominican Republic, the
Czech Republic, Slovakia, and Poland.


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


FORD MOTOR: To Contribute US$50 Mil. to Visteon Escrow Account
------------------------------------------------------------
Visteon Corporation, Ford Motor Company and Ford-managed entity
Automotive Components Holdings, LLC, amended these agreements:

    1) The Escrow Agreement, dated as of Oct. 1, 2005, among
       Ford, the company and Deutsche Bank Trust Company Americas,
       was amended to, among other things, provide that Ford will
       contribute an additional US$50 million into the escrow
       account, and to provide that such additional funds will be
       available to the company to fund restructuring and other
       qualifying costs, as defined within the Escrow Agreement,
       on a 100% basis.

    2) The Reimbursement Agreement, dated as of Oct. 1, 2005,
       between Ford and the company, was amended and restated to,
       among other things, require Ford to reimburse the company
       for certain severance expenses and other qualifying
       termination benefits, as defined in such agreement,
       relating to the termination of salaried employees who were
       leased to ACH.  Previously, the amount required to be
       reimbursed by Ford was capped at US$150 million, of which
       the first US$50 million was to be funded in total by Ford
       and the remaining US$100 million was to be matched by the
       company.  Any unused portion of the US$150 million as of
       Dec. 31, 2009, was to be deposited into the escrow account
       governed by the Escrow Agreement.

    3) The Master Services Agreement, dated as of Sept. 30, 2005,
       as amended, between the company and ACH, was amended to,
       among other things, extend the term that Visteon will
       provide certain services to ACH, Ford and others from
       Dec. 31, 2009, to Jan. 1, 2011.

    4) The Visteon Salaried Employee Lease Agreement, dated as of
       Oct. 1, 2005, as amended, between the company and ACH was
       amended to, among other things, extend the term that ACH
       may lease salaried employees of the company from Dec. 31,
       2010 to Dec. 31, 2014.

    5) The Intellectual Property Contribution Agreement, dated as
       of Oct. 1, 2005, as amended, among the company, Visteon
       Global Technologies, Inc., Automotive Components Holdings,
       Inc. and ACH was amended to, among other things, to clarify
       the availability for use of certain patents, design tools
       and other proprietary information.

                         About Visteon

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is an automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company also has corporate offices
in Shanghai, China; and Kerpen, Germany; the company has
facilities in 26 countries and employs approximately 38,500
people.

Visteon Corporation's consolidated balance sheet at June 30, 2008,
showed US$7.02 billion in total assets, US$6.93 billion in total
liabilities, and US$295.0 million in minority interests, resulting
in a US$207.0 million stockholders' deficit.

                    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.


FORD MOTOR: Names Stephen Odell as Volvo Unit President & CEO
-------------------------------------------------------------
Ford Motor Company has appointed Stephen Odell as president and
chief executive officer of Volvo Car Corporation, replacing
Fredrik Arp, who has decided to leave the company.

Effective Oct. 1, Odell, 53, will be responsible for Volvo's
global operations out of its headquarters in Gothenburg, Sweden,
and lead the company's drive toward sustained profitability
through continued restructuring and the accelerated development of
high-quality, fuel-efficient and safe vehicles in the premium end
of the market.

Odell, who has played a key role in Ford of Europe's resurgence as
its chief operating officer, will report to Lewis Booth, executive
vice president of Ford Motor Company and chairman of Volvo Car
Corporation, who will continue to oversee the strategic direction
of Volvo.

"Stephen Odell brings to Volvo a wealth of experience of strong
leadership in the automotive industry," said Alan Mulally,
president and CEO, Ford Motor Company.  "Given his strong track
record at Ford, Jaguar and Mazda, the time is now right for
Stephen to take up this new challenge at Volvo.  I believe that
Stephen is the right person – together with Lewis Booth and the
Volvo Cars Management Team – to take Volvo forward and to return
the business to sustainable profitability."

Booth thanked Fredrik Arp for his leadership of Volvo over the
past three years, a period in which Volvo reduced costs and
strengthened its product lineup despite a difficult business
environment and challenges presented by adverse currency exchange
rates and other external factors.

"Fredrik has steered the Volvo team through some difficult times
since joining the company three years ago.  His wide experience in
business has been a strong asset in helping to develop and
implement Volvo's plan to improve its business results.

"Fredrik has decided that now is the right time to hand over to a
new president and CEO, Stephen Odell, who will lead the Volvo team
through the next stage of its recovery."

Mr. Odell said he is excited to lead Volvo at an important time in
the company's history.

"Volvo is one of the great iconic automotive brands," Mr. Odell
said.  "The very attributes that make Volvo distinctively Swedish
-– its heritage of safety, environmental concern and its
Scandinavian design -- appeal to customers around the globe.  Our
strategy is to enhance the premium nature of Volvo by further
strengthening these attributes. Volvo really is the auto brand for
today's customers.

"We have a restructuring plan in place that will help to deliver a
more competitive business and that enables Volvo to continue to
build upon its core strengths.  Volvo will adopt a more stand-
alone approach within Ford Motor Company, while still leveraging
product development and purchasing synergies with other Ford
operations."

Before he was appointed chief operating officer of Ford of Europe
in April 2008 responsible for product development, manufacturing,
purchasing, and marketing, sales and service operations, Odell
served as Ford of Europe's vice president of marketing, sales and
service for nearly three years.

Prior to that, he held several senior level positions at Mazda
Motor Corporation from 2000 to 2005.  From 1997 to 2000, Mr. Odell
was vice president, marketing and sales, Jaguar North America.
Stephen Odell joined Ford of Britain in 1980 as a graduate
trainee.  A native of London, he is married with two children.

                      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.

In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company has operations in Japan in the Asia
Pacific region.  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.


FORD MOTOR: David Mondragon Named Ford Canada President and CEO
---------------------------------------------------------------
Ford Motor Company of Canada, Ltd. appointed David Mondragon as
president and CEO, effective Sept. 1, as the company introduces
its expanded 2009 model lineup and commits to being the best or
among the best in fuel economy with every new Ford product in its
segment.

"It's an exciting time to join Ford of Canada as we accelerate
plans to introduce new fuel-efficient vehicles, especially small
cars and crossovers, which are exactly what Canadian consumers are
asking for," Mr. Mondragon said.  "I look forward to working
closely with the Ford of Canada dealers to ensure we are not only
meeting, but exceeding customer expectations as we introduce the
new products."

During his 23 years with Ford, Mr. Mondragon has held a variety of
roles in sales and marketing.  He currently serves as general
manager for the Southwest Region, Ford’s largest U.S. sales
region.  Mr. Mondragon began his Ford career in an entry-level
administrative job at the Edison (New Jersey) Assembly Plant and
moved on to serve in a variety of management positions in areas
such as marketing programs, field operations, contests and
incentives, and sales training.  As manager of marketing programs
and strategy, Mr. Mondragon directed national incentive programs
and led the strategy for more than 80 auto shows across the U.S.

"David is the right person to lead Ford of Canada as we launch our
new model year.  Ford's 2009 product lineup is the best we've ever
produced and David has a proven track record of connecting with
customers, energizing employees and partnering with our dealers to
help drive sales," said Dave Schoch, executive director of Canada
and South America, Ford Motor Company.

Mr. Mondragon replaces Barry Engle, who announced last week that
he is leaving the company to serve as president and CEO of New
Holland Agricultural Equipment S.p.A., a unit of CNH Global N.V.,
effective Sept. 8.

"I want to sincerely thank Barry for his many contributions to the
Ford Motor Company and to wish him well in his new role," Mr.
Schoch said.


                       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.

In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company has operations in Japan in the Asia
Pacific region.  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.


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


E.W.A. ATELIER: Creditors Have Until Sept. 24 to File Claims
------------------------------------------------------------
Creditors owed money by LLC E.W.A.-Atelier are requested to file
their proofs of claim by Sept. 24, 2008, to:

         Martin Rohr
         Industriestrasse 8
         8618 Oetwil am See
         Switzerland

The company is currently undergoing liquidation in See.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 7, 2007.


GENERAL MOTORS: Investing US$500 Mil. for New Compact Car in Ohio
-----------------------------------------------------------------
General Motors Corp. Chairman and Chief Executive Officer Rick
Wagoner disclosed that GM will invest more than US$500 million in
the U.S. to build the Chevrolet Cruze, an all-new global compact
car.  The vehicle will be built at its Lordstown, Ohio plant.  The
Chevy Cruze will be officially unveiled at the Paris Motor Show in
a few short weeks.  In a surprise move, the investment
announcement was accompanied by a glimpse of the Cruze life-size
show property.

The investment in Lordstown is one of several that have been
announced at U.S. plants in the past five years, adding up to over
US$2 billion total investment in Ohio and more than US$20 billion
in the United States.

"One of the key reasons for the success of the Chevrolet Cobalt
and Pontiac G5 is the Lordstown workforce and the strong
partnerships with the UAW and local and state officials," Mr.
Wagoner said.  "Based on the quality of work and these strong
partnerships, we are pleased to announce our plans to invest
another US$500 million in the Chevy Cruze product program in the
U.S., including more than US$350 million in Lordstown."

Ed Peper, GMNA vice president of Chevrolet, spoke to GM's strong
position in delivering fuel-efficient vehicles that consumers want
to buy.  "The Cruze will build on the already successful Chevrolet
Cobalt, Cobalt XFE and Cobalt SS, all of which are nearly sold out
in dealer showrooms," Mr. Peper said.  "Our dealers are asking for
many more Cobalts than we can build."

Chevrolet Cobalt sales are up 16%, year-to-date through July 2008,
with an impressive 33 miles-per-gallon highway.  The new Cobalt
XFE model jumps to 37 miles-per-gallon and is selling almost as
soon as it's unloaded from the delivery trucks to dealerships.

The Chevrolet Cruze epitomizes the global nature of the automobile
industry and GM's commitment to deliver fuel efficient, high-
quality products.  Cruze is the result of a development process
harnessing GM's global design and engineering expertise.  It is
the first of a new family of compact Chevrolets that will continue
the attention to quality, fuel efficiency, and strong value
promise of the highly successful Malibu and all other vehicles
under the Chevrolet brand.

"The Chevrolet Cruze was designed and engineered by our global
teams in Europe and Asia Pacific and will be manufactured in those
regions in addition to the assembly plant here in Lordstown,
Ohio," Mr. Wagoner said.  "Our goal for the Chevrolet Cruze is to
lead in fuel economy in this very competitive car segment."

The new Cruze will be launched in Europe and Asia Pacific next
year.  It's scheduled to make its European debut at the Paris
Motor Show in October.

                   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 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, Switzerland
and Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.


GENERAL MOTORS: Should Assume Delphi Pension Costs, PBGC Says
-------------------------------------------------------------
Mike Ramsey and Christopher Scinta of Bloomberg News report that
the Pension Benefit Guaranty Corp. has said General Motors should
assume pension liabilities from Delphi Corp. by the end of
September or risk bearing additional costs from its former auto
parts subsidiary in bankruptcy.

The agency is concerned that no resolution on a pension
transfer seems imminent.  Delphi had about US$3.3 billion
in unfunded pension liabilities at the end of 2007, spokesman
Lindsey Williams said, according to the report.

                      About Delphi Corp.

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

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

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

(Delphi Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                   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 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, Switzerland
and Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.


JOB CONCEPT: Sept. 25 Set as Deadline to File Proofs of Claim
--------------------------------------------------------------
Creditors owed money by LLC Job Concept are requested to file
their proofs of claim by Sept. 25, 2008, to:

         Roland Handschin
         Schulackerstrasse 13
         4142 Muenchenstein
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 7, 2008.


MEERWEIN LLC: Creditors Must File Proofs of Claim by Sept. 25
-------------------------------------------------------------
Creditors owed money by LLC Meerwein are requested to file their
proofs of claim by Sept. 25, 2008, to:

         Ruchligweg 101
         4125 Riehen
         Switzerland

The company is currently undergoing liquidation in Binningen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 25, 2008.


MSA ARITRON: Deadline to File Proofs of Claim Set Sept. 22
----------------------------------------------------------
Creditors owed money by JSC MSA Aritron are requested to file
their proofs of claim by Sept. 22, 2008, to:

         Dr. Hans Bollmann
         Lowenstrasse 1
         8001 Zurich
         Switzerland

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


NICOLAS EGGER: Proofs of Claim Filing Deadline is Sept. 24
----------------------------------------------------------
Creditors owed money by JSC Nicolas Egger Asset Management are
requested to file their proofs of claim by Sept. 24, 2008, to:

         Helen Hanimann
         Forchstrasse 157
         8127 Forch
         Switzerland

The company is currently undergoing liquidation in Stafa.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 30, 2008.

SCIANT HOLDING: Creditors' Proofs of Claim Due by Sept. 22
----------------------------------------------------------
Creditors owed money by JSC Sciant Holding are requested to file
their proofs of claim by Sept. 22, 2008, to:

         Nicola Fantini
         Huobstrasse 10
         8808 Pfaffikon
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 6, 2008.


TALKTALK COMMUNICATIONS: Sept. 25 Set as Deadline to File Claims
----------------------------------------------------------------
Creditors owed money by LLC TalkTalk Communications are requested
to file their proofs of claim by Sept. 25, 2008, to:

         Karl B. Steinke
         Zahlerweg 6
         6300 Zug
         Germany

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 14, 2008.


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


UNEX BANK: S&P Junks Counterparty Credit Ratings at CCC+/C
----------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'CCC+' long-
term and 'C' short-term counterparty credit ratings as well as its
'uaB+' Ukraine national scale rating to UNEX BANK.  The outlook is
stable.

"The ratings reflect UNEX's very limited market position and
franchise given its small and interrelated customer base, high
single-name concentrations on both sides of the balance sheet and
in earnings, as well as the risky operating environment in
Ukraine," said S&P's credit analyst Ekaterina Trofimova.

These negative factors are partially mitigated by the bank's
strengthening commercial dynamism and revenue generation, lower-
than-peer currency risk and maturity mismatches, and adequate
capitalization.

"The stable outlook balances UNEX's business and financial
progress with remaining weaknesses in the bank's credit and
commercial profile and risky operating environment," said
Ms. Trofimova.

S&P would raise the ratings if the bank substantially reduces
single-name concentrations by developing a healthy and recurrent
customer base, strengthens core profitability, diversifies
funding, enhances its currently weak risk management, and improves
ownership and reporting ransparency.  Although the current ratings
already incorporate a probability of some weakening in the bank's
financial and commercial profile, if it degrades more than that,
S&P might consider a negative rating action.

UNEX is a small Ukrainian bank with total assets of UAH511 million
(US$101 million) on June 30, 2008.  Historically focused on
servicing the metals and mining sector, the bank is gradually
diversifying into small and midsize enterprise and retail banking.


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


AEWTL REALISATIONS: Taps Liquidators from BDO Stoy Hayward
----------------------------------------------------------
Geoffrey Stuart Kinlan and William John Turner of BDO Stoy Hayward
LLP were appointed joint liquidators of AEWTL Realisations Ltd.
(formerly AEW-Thurne  Ltd.) on Aug. 14, 2008, for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

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


CALIBER GLOBAL: Wants KPMG LLP to Manage Voluntary Liquidation
--------------------------------------------------------------
Caliber Global Investment Ltd. is seeking to appoint KPMG LLP as
its voluntary liquidator, Bloomberg News reports.

Caliber plans to receive approval of the appointment on Sept. 26,
2008, when shareholders gather for an extraordinary general
meeting.

According to Bloomberg News, Caliber is unwinding holdings of U.S.
and European mortgage-backed debt, which totaled US$908 million in
March 2007, after suffering losses on subprime mortgages.

Cambridge Place will continue to advise the company after a
liquidator is appointed, but will waive its management fees,
Bloomberg News report.

At end-March 2008, Caliber managed US$176 million of securities
directly and through firms it created to acquire bonds by
borrowing at the end of March this year.

As at June 30, 2008, Caliber, on a non-consolidated basis, had
gross assets of US$11 million, which comprised cash of
US$2.7 million, securities with a market value of US$4.3 million,
an investment in the Crown Woods financing facility of
US$3.2 million and other assets of US$0.8 million.  The company
also had liabilities of US$1.1 million, leaving net assets of
US$9.9 million.

                           About Caliber

Caliber is a Guernsey-incorporated investment company listed on
the London Stock Exchange.  Caliber's investment manager is
Cambridge Place Investment Management LLP.


CHARISMA COLOURPRINT: Acquired by Progressive Print Solutions
-------------------------------------------------------------
Progressive Print Solutions has acquired Charisma Colourprint.
On Aug. 15, 2008, the company called in Administrators from BWC
Business solutions, Printweek reports.

Commenting on the buyer, joint administrator Mr. Paul Whitwam
said "It's related to an outfit called Progressive Print
Solutions, which is based in Leeds.  It's not associated at all
with the company directors, it's another printing company."

In December 2006, Charisma Colourprint reported a pre-tax loss of
GBP134,000 on a turnover of GBP5.4 million.

Charisma Colourprint Ltd. offers value services data analysis for
direct mail, data capture, stock control and distribution, print
management services, professional advice for design and
production, advice to ensure our customers use the most
appropriate and cost saving services for postage discounts.


CHRYSLER LLC: To Explore Strategic Options for Dodge Viper Biz
--------------------------------------------------------------
Chrysler LLC planning to explore strategic options for the Dodge
Viper business.  This strategic review comes as the company
focuses on enhancing its core business and leveraging its assets.

"We have been approached by third parties who are interested in
exploring future possibilities for Viper," said Bob Nardelli,
Chairman and Chief Executive Officer – Chrysler LLC.  "As the
company evaluates strategic options to maximize core operations
and leverage its assets, we have agreed to listen to these
parties.  We will do so keeping in mind the best interests of
those who have shown tremendous support for the vehicle --
including employees, suppliers, dealers and a worldwide group of
loyal Viper owners and enthusiasts.  Viper is an integral part of
this company's heritage.  While this is a strategic review, our
intent would be to offer strong operational and financial support
during any potential transaction, in order to ensure a future for
the Viper business and perpetuate the legacy of this great
vehicle."

This review -- unique to the Viper specialty vehicle -- comes as
the company strengthens the Dodge brand's core portfolio with four
all-new Dodge-branded offerings introduced for 2009 -- Dodge
Journey, Dodge Challenger, Dodge Durango Hybrid and Dodge Ram --
and prepares to bring even more exciting vehicles to its customers
in the near future.

The Viper is hand-built in a low-volume, modular process at the
Conner Avenue Assembly Plant in Detroit, which operates largely
independent of Chrysler's other production facilities.  The
vehicle was introduced as a concept vehicle at the 1989 Detroit
auto show.  It was first available as a production vehicle in the
1992 model year.

With the announcement, the company emphasizes that it has not set
a definitive timetable for completion of the review of its
strategic options, no final decision has been made with regard to
the Viper business, and there can be no assurance that any
transaction will take place as a result of this process.  Chrysler
has retained Lazard as its financial advisor in connection with
this review.

                  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.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 11, 2008,
Standard & Poor's Ratings Services said lowered its ratings on
Chrysler LLC, including the corporate credit rating, to 'CCC+'
from 'B-'.

On July 31, 2008, TCR said that Fitch Ratings has downgraded the
Issuer Default Rating of Chrysler LLC to 'CCC' from 'B-'.  The
Rating Outlook is Negative.  The downgrade reflects Chrysler's
restricted access to economic retail financing for its vehicles,
which is expected to result in a further step-down in retail
volumes.  Lack of competitive financing is also expected to result
in more costly subvention payments and other forms of sales
incentives.  Fitch is also concerned with the state of the
securitization market and the ability of the automakers to access
this market on an economic basis over the near term, given the
steep drop in residual values, higher default rates, higher loss
severity being experienced and jittery capital market.


DAWNAY DAY: Sells Quantum Venture to Unit's Management & Staff
--------------------------------------------------------------
The board and employees of Dawnay Day Quantum Limited became the
firm's new owners after acquiring shares held by Dawnay Day
International, Reuters reports.

"We have been operating as a stand alone business, independently
regulated by the FSA, for some years now and we will continue to
focus on investment returns, risk management and our clients," DDQ
CEO Mark Mathias said.

The management buyout was conducted through DDI's administrators
from BDO Stoy Hayward.

Dawnay Day Quantum specializes in structured investments and is
authorized and regulated by the Financial Services Authority.  It
was part of the Dawnay Day Group, a property investment and
financial services group.

Headquartered in London, Dawnay Day is a diversified
international financial and property group.  Since 2004 Dawnay
Day has four property funds, Puma (U.K. commercial property),
Dawnay Shore Hotels (U.K. hotels), Dawnay Day Carpathian
(Eastern Europe) and Dawnay Day Treveria (German) .  According
to the Times, the group has interests in more than 250
companies, through hundreds of subsidiaries and holding
companies, and owns and manages more than US$10 billion (GBP5
billion) worth of assets.

Dawnay Day Properties and Dawnay Day International have been put
under BDO Stoy Hayward's control.


DUNLOP LATEX: Brings in Joint Administrators from KPMG
------------------------------------------------------
Howard Smith and Richard Philpott of KPMG's Restructuring practice
were appointed as Joint Administrators to Dunlop Latex Foam
Limited on Sept. 2, 2008.  They are currently assessing the
prospects of trading the business in the short term while seeking
a going concern sale.

Dunlop manufactures latex foam pillows, blocks and sheeting for
the worldwide bedding market.  Its products are sold around the
world under the Dunlopillo brand through key regional distributors
into the premium end of the niche foam bedding market segment.

The company employs 155 people, operating from its leasehold site
in Pannal, near Harrogate.

The company was acquired by its existing shareholders in 2007 when
a new management team was put in place.  A strategic review was
carried out and a turnaround strategy was implemented in 2008.
The business made a small operating profit of approximately
GBP400,000 for the first seven months of 2008 compared to an
operating loss of GBP100,000 for the year in 2007.

The directors had secured funding to relocate an element of the
business overseas.  The funding was conditional upon the
resolution of the company's pension fund deficit, which did not
prove possible.  Combined with significant cost base increases and
the economic slowdown, this served to undermine the turnaround
strategy.  As a result the directors had no alternative but to
place the business into administration.

Howard Smith, Joint Administrator, said: "Dunlopillo is one of the
few truly worldwide brands in the sector that is immediately
recognizable to the customer.  We are continuing to trade the
Company while discussions take place with both external investors
and trade buyers in an attempt to secure a going concern sale."


ECO PACKAGING: Calls in Liquidators from Tenon Recovery
-------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Eco Packaging Solutions Ltd. on
Aug. 22, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Eco Packaging Solutions Ltd.
         c/o Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


EMBANKMENT PLACE: Phillip Sykes Leads Liquidation Procedure
-----------------------------------------------------------
Phillip Sykes of Moore Stephens LLP was appointed  liquidator of
Embankment Place Hotels (Blackfriars) Ltd. on Aug. 26, 2008, for
the creditors' voluntary winding-up  procedure.

The company can be reached at:

         Embankment Place Hotels (Blackfriars) Ltd.
         c/o Moore Stephens LLP
         1-3 Snow Hill
         London
         EC1A 2DH
         England


FGIC CORP: Fitch Junks US$325 Million 6% Senior Notes Due 2034
------------------------------------------------------------
FGIC Corporation said a definitive agreement to cede the bulk of
its U.S. public finance portfolio to MBIA Insurance Corp (MBIA,
not rated by Fitch), as well as a settlement on a structured
finance collateralized debt obligation (SF CDO) in which
substantial losses were anticipated by Fitch.  Offsetting these
positive developments were significant increases in loss reserves
on its RMBS exposures as well as the potential for future adverse
loss development in the SF CDO portfolio.

Fitch currently rates FGIC Corp. and its financial guaranty
insurance subsidiaries:

FGIC
FGIC UK Ltd.

-- Insurer financial strength (IFS)'CCC';
-- Rating Watch Evolving.

FGIC Corp.

-- Long-term Issuer 'CCC-';
-- US$325 million 6% senior notes due Jan. 15, 2034 'CCC-';
-- Rating Watch Negative.

FGIC Corp. announced it expects to cede US$184 billion of its
approximately US$200 billion of U.S. public finance exposure to
MBIA.  The transaction is in the form of a cut-through reinsurance
agreement that Fitch believes will provide the underlying
policyholders of the covered portfolio a level of protection that
is pari passu with other MBIA policyholders.  While Fitch does not
rate MBIA, the reinsurance agreement affords policyholders on the
transferred risks significantly higher credit protection than that
afforded by FGIC at its present 'CCC' IFS rating level.  On
June 26, 2008, Fitch withdrew its ratings on MBIA at the then
current level of 'AA.'

The ceding transaction will require that FGIC pay MBIA the cash
associated with the US$937 million unearned premium reserve on the
covered portfolio.  That said, Fitch notes the transaction will
allow FGIC to add US$550 million to its statutory policyholder
surplus due primarily to the US$197 million cede commission it
will receive from MBIA, and the reversal of US$349 million of
contingency reserves on the ceded business.  The transaction is
expected to close in late September 2008, pending among other
conditions, approval of the New York State Insurance Department.
The agreement also contains 'Standstill' language permitting FGIC
to engage in discussions with other counterparties that could
ultimately result in an Alternative Proposal.  The Alternative
Proposal could replace the present agreement with MBIA if the
board of directors of FGIC concludes the Alternative Proposal is
more favorable to policyholders of FGIC.

The company also announced a commutation and settlement of an SF
CDO that in Fitch's view is materially positive for FGIC's capital
position. Effective Aug. 25, 2008, FGIC and its wholly owned
subsidiary FGIC UK Ltd. have completed an agreement with Calyon, a
French bank, regarding a financial guaranty insurance policy of up
to US$1.875 billion issued by FGIC U.K. Ltd. to Havenrock II
Limited.  Under the agreement, Calyon agrees not to pursue
monetary claims in connection with Havenrock II in exchange for a
US$200 million payment from FGIC UK Ltd.  This settlement will
allow FGIC to release statutory reserves of about US$590 million
in connection with this transaction and will also materially
reduce the US$3.1 to US$4.2 billion of expected losses Fitch has
allocated to SF CDOs in FGIC's capital adequacy modeling.

Standalone, these announcements are significant credit positives
for the company and Fitch expects their combined impact to
increase statutory surplus levels by more than US$900 million.
That said, FGIC continues to experience credit deterioration on
its RMBS exposures that significantly offsets this increase.  In
the second quarter of 2008, the company increased loss reserves
associated with RMBS exposures by US$815 million, primarily
related the home equity line of credit (HELOC) and closed end
second (CES) sectors.  In addition to this, Fitch believes further
adverse loss development may occur within FGIC's SF CDO portfolio.
The Agency notes that Fitch-estimated expected losses for FGIC's
SF CDO portfolio are substantially in excess of the approximately
US$900 million of loss reserves the company has put up for this
sector as of June 30, 2008.

Fitch believes that continued deterioration in the insured RMBS
and SF CDO portfolios is a real possibility, further pressuring
regulatory capital levels and the risk of regulatory intervention.
If regulatory intervention were to occur, FGIC's exposure to
credit derivatives (CDS) could be subject to immediate termination
by counterparties, resulting in mark-to-market claims well in
excess of the company's existing cash positions.  The company
continues to actively pursue commutations of these exposures.

The Rating Watch Evolving on FGIC reflects:

-- Ongoing negotiations with external reinsurance providers and
   insured transaction counterparties that could ultimately
   improve certain policyholder positions;

-- Fitch's expectation for continued higher RMBS and SF CDO loss
   reserves in the next several quarters; and

-- Recognition that the remaining portfolio is now heavily
   oriented toward high risk transactions. As such, focus remains
   on continued negotiations surrounding CDS and financial
   guaranty settlements.

The Rating Watch Negative on FGIC Corp.'s long-term issuer and
senior unsecured debt ratings reflects:

-- Fitch's expectation that if continued stress within FGIC's
   RMBS and SF CDO book causes the company's financial condition
   to deteriorate and triggers some form of regulatory
   intervention, regulators will likely prevent FGIC from paying
   dividends to FGIC Corp. in order to service its debt or other
   holding company operating expenses.

FGIC Corp. is a U.S. holding company whose primary operating
financial guaranty subsidiaries are FGIC and FGIC U.K Ltd.  For
March 31, 2008, FGIC Corp. reported consolidated assets under
Generally Accepted Accounting Principles of US$6.7 billion and
shareholders' equity of approximately US$548 million.  On an
aggregated basis, net par outstanding for FGIC totaled US$308
billion as of March 31, 2008.


GEORGE OF COLCHESTER: Appoints Simon Paterson as Liquidator
-----------------------------------------------------------
Simon Paterson of Moore Stephens LLP were appointed joint
liquidators of The George of Colchester Ltd. on Aug. 11, 2008, for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Colchester Ltd.
         c/o Moore Stephens LLP
         Victory House
         Admiralty Place
         Chatham Maritime
         Kent
         ME4 4Q
         England


HAMPSHIRE REMOVAL: Calls in Liquidators from Tenon Recovery
-----------------------------------------------------------
Stanley Burkett-Coltman and Alexander Kinninmonth of Tenon
Recovery were appointed joint liquidators of Hampshire Removal
Services Ltd. on Aug. 19, 2008, for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

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


INTERSCOPE IMPORTS: Joint Liquidators Take Over Operations
----------------------------------------------------------
Martin Weller and Paul Atkinson, both of Vantis Business Recovery
Service were appointed joint liquidators of Interscope Imports
Ltd. on Aug. 20, 2008, for the creditors' voluntary winding-up
proceeding
procedure.

The company can be reached at:

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


JIGSAW7 LTD: Colin Prescott Leads Liquidation Procedure
-------------------------------------------------------
Colin Prescott of Moore Stephens LLP were appointed joint
liquidators of Jigsaw7 Ltd. on Aug. 22, 2008, for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Jigsaw7 Ltd.
         c/o Moore Stephens LLP
         1-2 Little King Street
         Bristol
         BS1 4HW
         England


MID KENT: Hires Liquidators from Smith & Williamson
---------------------------------------------------
Stephen John Tancock and Stephen John Adshead of Smith &
Williamson Ltd. were appointed joint liquidators of Mid Kent Steel
Ltd. on Aug. 26, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Mid Kent Steel Ltd.
         c/o Smith & Williamson Ltd.
         First Floor
         89 King Street
         Maidstone
         Kent
         ME14 1BG
         England


Q CONSTRUCTION: Appoints Liquidators from Mazars
------------------------------------------------
Tim Alan Askham and Robert David Adamson of Mazars were appointed
joint liquidators of Q Construction Design Management Ltd. on Aug.
20, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Construction Design Management Ltd.
         c/o Mazars LLP
         Merchant Exchange
         Whitworth Street West
         Manchester
         M1 5WG
         England


SILVERJET PLC: Serious Fraud Office Mulls Probe into Collapse
-------------------------------------------------------------
The United Kingdom's Serious Fraud Office (SFO) may launch a probe
into the collapse of Silverjet Plc, pursuant to a complaint lodged
with the agency, Times Online reports.

The SFO is currently reviewing the complaint and considering
whether there are any grounds to launch a full investigation.

Silverjet was placed into administration having announced on
May 23, 2008 that it had yet to receive the proceeds of the
US$5.0 million drawdown request made under its loan facility
with Viceroy Holdings LLC.  The company said its working capital
reserves were limited and that advances under the loan facility
were required as a matter of urgency.

                          About Silverjet

Headquartered in Luton, United Kingdom, Silverjet Plc --
http://www.flysilverjet.com/-- operates flights between London
and New York and London and Dubai.


SSG LLC: Houston Bankruptcy Court Dismisses Chapter 7 Petition
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas
(Houston) has dismissed St. Stephen the Great LLC's
Chapter 7 petition, Graeme Neill of The Bookseller reports.

According to the report, the case was dismissed "with prejudice".

The report adds the ruling imposed a number of restrictions,
including a set period when SSG owners Mark and Philip Brewer
cannot submit another bankruptcy filing in the US.

As reported in the TCR-Europe on July 10, 2008, SSG's owners filed
for Chapter 11 reorganization but that case was subsequently
converted to a Chapter 7 liquidation proceeding.

In June 2008, Randy W. Williams, the trustee for the Chapter 7
liquidation, filed a motion to dismiss the case, arguing "on its
face there is nothing to liquidate and nothing available to fund
an investigation in the UK," The Bookseller relates.

"Due to the relatively small number of assets, the trustee did not
feel that liquidation was worth his while," Mr.
Brewer was quoted by The Bookseller as saying.

Mr. Brewer earlier told The Bookseller he opted to file for
protection from creditors in the US because he did not have enough
money to file for insolvency in the UK, claiming "abysmal"
Christmas sales last year meant that "by late spring, the chain
was plainly insolvent."

Mr. Brewer explained SSG was registered at Companies House in the
UK, but the management of the chain and its accounting support
were based in Houston, Texas, the Bookseller discloses.


VISTEON: Ford Motor to Contribute US$50 Mil. in Escrow Account
--------------------------------------------------------------
Visteon Corporation, Ford Motor Company and Ford-managed entity
Automotive Components Holdings, LLC, amended these agreements:

    1) The Escrow Agreement, dated as of Oct. 1, 2005, among
       Ford, the company and Deutsche Bank Trust Company Americas,
       was amended to, among other things, provide that Ford will
       contribute an additional US$50 million into the escrow
       account, and to provide that such additional funds will be
       available to the company to fund restructuring and other
       qualifying costs, as defined within the Escrow Agreement,
       on a 100% basis.

    2) The Reimbursement Agreement, dated as of Oct. 1, 2005,
       between Ford and the company, was amended and restated to,
       among other things, require Ford to reimburse the company
       for certain severance expenses and other qualifying
       termination benefits, as defined in such agreement,
       relating to the termination of salaried employees who were
       leased to ACH.  Previously, the amount required to be
       reimbursed by Ford was capped at US$150 million, of which
       the first US$50 million was to be funded in total by Ford
       and the remaining US$100 million was to be matched by the
       company.  Any unused portion of the US$150 million as of
       Dec. 31, 2009, was to be deposited into the escrow account
       governed by the Escrow Agreement.

    3) The Master Services Agreement, dated as of Sept. 30, 2005,
       as amended, between the company and ACH, was amended to,
       among other things, extend the term that Visteon will
       provide certain services to ACH, Ford and others from
       Dec. 31, 2009, to Jan. 1, 2011.

    4) The Visteon Salaried Employee Lease Agreement, dated as of
       Oct. 1, 2005, as amended, between the company and ACH was
       amended to, among other things, extend the term that ACH
       may lease salaried employees of the company from Dec. 31,
       2010 to Dec. 31, 2014.

    5) The Intellectual Property Contribution Agreement, dated as
       of Oct. 1, 2005, as amended, among the company, Visteon
       Global Technologies, Inc., Automotive Components Holdings,
       Inc. and ACH was amended to, among other things, to clarify
       the availability for use of certain patents, design tools
       and other proprietary information.

                        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.

                         About Visteon

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is an automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company also has corporate offices
in Shanghai, China; and Kerpen, Germany; the company has
facilities in 26 countries and employs approximately 38,500
people.

Visteon Corporation's consolidated balance sheet at June 30, 2008,
showed US$7.02 billion in total assets, US$6.93 billion in total
liabilities, and US$295.0 million in minority interests, resulting
in a US$207.0 million stockholders' deficit.

                         *     *     *

Fitch Ratings has affirmed Visteon Corporation's ratings as:
issuer default rating at 'CCC'; senior secured bank facilities at
'B/RR1'; and unsecured notes at 'CC/RR6'.  Fitch has also assigned
a rating of 'CC/RR6' to Visteon's new 12.25% senior unsecured
notes being issued as part of the company's debt exchange offer.
The ratings cover approximately US$2.8 billion in debt.  The
rating outlook is negative.


VISTEON CORP: Closes UK Facility Sale, Continues UK Restructuring
-----------------------------------------------------------------
Visteon Corporation disclosed the sale of its facility in
Halewood, United Kingdom, to International Automotive Components
Group Europe (IAC Europe), a key automotive supplier for interior
trim, carpet and acoustics systems, and exterior trim.

The Halewood facility is dedicated to the assembly and sequencing
of cockpit systems and consoles to Jaguar Land Rover's Halewood
operation.  The Halewood facility had 2007 sales of approximately
US$150 million and operated on close to a break-even basis.  Under
the business purchase agreement, Visteon will transfer the
assembly facility and associated assets including purchase and
supply contracts to IAC Europe.  The nearly 150 employees
currently employed at the facility will also transfer to the new
owner.  Terms of the sale were not disclosed.

"Following the recently announced customer agreements and the
Swansea plant sale, the divestiture of our Halewood facility marks
another important step in improving the financial performance of
our UK operations," said Donald J. Stebbins, Visteon president and
chief executive officer.

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is an automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company also has corporate offices
in Shanghai, China; and Kerpen, Germany; the company has
facilities in 26 countries and employs approximately 38,500
people.

Visteon Corporation's consolidated balance sheet at June 30, 2008,
showed US$7.02 billion in total assets, US$6.93 billion in total
liabilities, and US$295.0 million in minority interests, resulting
in a US$207.0 million stockholders' deficit.

                         *     *     *

Fitch Ratings has affirmed Visteon Corporation's ratings as: (i)
issuer default rating (IDR) at 'CCC'; (ii) senior secured bank
facilities at 'B/RR1'; and (iii) unsecured notes at 'CC/RR6'.
Fitch has also assigned a rating of 'CC/RR6' to Visteon's new
12.25% senior unsecured notes being issued as part of the
company's debt exchange offer. The ratings cover approximately
US$2.8 billion in debt.  The rating outlook is negative.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                     *      *      *

                   Featured Conferences

Renaissance American Management and Beard Conferences presents

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

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

                    *      *      *

Beard Audio Conferences presents

Bankruptcy and Restructuring Audio Conference CDs

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

                          *      *      *

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


                            *********

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

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

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

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

                            *********


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

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