TCREUR_Public/080905.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, September 5, 2008, Vol. 9, No. 177

                            Headlines

A U S T R I A

ALTBAU SOLUTION: Claims Registration Period Ends September 16
ANTO NEDIC: Claims Registration Period Ends October 1
BABEL LLC: Claims Registration Period Ends September 11
BOB-HOME LLC: Claims Registration Period Ends September 16
ERTEX LLC: Claims Registration Period Ends September 11

HERMANN WALLNER: Claims Registration Period Ends September 18
HVAR LLC: Claims Registration Period Ends September 16


B E L G I U M

PORTOLA PACKAGING: U.S. Trustee Sets Sept. 8 Org. Meeting


C Z E C H  R E P U B L I C

CADENCE INNOVATION: U.S. Trustee Sets Sept 8 Meeting to Form Panel


E S T O N I A

BALTI INVESTEERINGUTE: Moody's Holds E+ Financial Strength Rating


F R A N C E

DELPHI CORP: Reaches Agreement with Panel & WTC to Stay Process
DELPHI CORP: In Talks to Modify Bankruptcy Exit Plan
FIRSTLIGHT POWER: Suez Pact Cues S&P to Put Ratings on Watch


G E R M A N Y

BAD GRUND: Claims Registration Period Ends September 12
ENGMUR OBST-FEINKOST: Claims Registration Period Ends Sept. 12
GRUBSTORE GMBH: Creditors' Meeting Slated for September 11
GUT & GUENSTIG: Claims Registration Period Ends September 12
IHB BAUGESELLSCHAFT: Claims Registration Period Ends Sept. 12

LEMGOER MOEBELWERKSTATTE: Claims Registration Period Ends Sept. 12
MARICLEAN HANDELS: Claims Registration Period Ends September 12
MOGA IMPORT: Claims Registration Period Ends September 12
MUEHLENHOF PROJEKTENTWICKLUNGS: Claims Filing Period Ends Sept. 12
N+EINS GMBH: Claims Registration Period Ends September 12

PATROL HOTELBETRIEBS: Claims Registration Period Ends Sept. 12
RIBA BERGISCHE: Claims Registration Period Ends September 14
SPORTS UNLIMITED: Creditors' Meeting Slated for September 11
TAMI - BAUMASCHINENHANDELS: Claims Registration Ends Sept. 11
TECH21 GMBH: Creditors' Meeting Slated for September 12

TKP VERWALTUNGS: Claims Registration Period Ends September 12
WHS AKUSTIK: Claims Registration Period Ends September 12


I T A L Y

ALITALIA SPA: Commissioner Confirms Offer from Italian Consortium


K Y R G Y Z S T A N

EL-HOME LTD: Creditors Must File Claims by September 26


L U X E M B O U R G

OAKHAM 2 SA: Fitch Slashes NOK686MM Series 2 Notes Rating to 'BB+'


N E T H E R L A N D S

KONINKLIJKE AHOLD: Earns EUR13.3 Billion for Half Year 2008
ROYAL AHOLD: Fitch Lifts Sr. Unsecured Ratings to BBB- from BB+


R U S S I A

ALFA-ACO LLC: Creditors Must File Claims by October 28
APC LLC: Court Names A. A. Yekidin as Insolvency Manager
HEAT NETWORKS: Creditors Must File Claims by October 28
STROMNEFTEMASH LLC: Creditors Must File Claims by October 28
SUE DALNEVOSTOCHNUY: Bankruptcy Hearing Set Jan. 28, 2009

SUKHOI CIVIL: Fitch Assigns 'BB+' ID and Senior Unsecured Ratings


S W E D E N

FORD: Michigan Plant Gets US$75MM Infusion to Build Small Cars


S W I T Z E R L A N D

AUTO PUNKT DEGEN: Creditors Have Until Sept. 21 to File Claims
DOMIAG JSC: Sept. 21 Set as Deadline to File Proofs of Claim
DORFMETZG CHRISTEN: Creditors Must File Claims by  Sept. 20
GENERAL MOTORS: Offering Retirement Incentives to Workers
KABECO JSC: Deadline to File Proofs of Claim Set  Sept. 21


U K R A I N E

AZOVSTAL IRON: Moody's Lifts Corporate Family Rating to B1
DELTA BROKER: Creditors Must File Claims by September 7
EUROTECH LLC: Creditors Must File Claims by September 6
EKVA LLC: Creditors Must File Claims by September 10
FIN-SERVICE LLC: Creditors Must File Claims by September 7

KIEV-LENVARS: Creditors Must File Claims by September 7
KOLIUS ST: Creditors Must File Claims by September 7
LOMRESOURCE LLC Proofs of Claim Filing Deadline Set Sept. 6
MEGARESOURCE CJSC: Creditors Must File Claims by September 7
SANITARYWARE-SERVICE: Creditors Must File Claims by Sept. 7

SUNRISE ENERGY: US$2.1MM Working Capital Deficit Cues GLO Doubt
TOPTRADE SERVICE: Proofs of Claim Filing Deadline Set Sept. 7
TRANS TECHNICS: Creditors Must File Claims by September 7
UKRAINIAN PETROLEUM: Creditors Must File Claims by Sept. 6
VITEKS LLC: Creditors Must File Claims by September 7


U N I T E D   K I N G D O M

BETBROKERS PLC: Goes Into Administration
BRITISH AIRWAYS: Strong Dollar Offset Oil Price Drop Benefit
BRITISH CROP: British Crop Protection Council Calls in Receivers
BUSINESS DIRECT: Nominated Adviser and Broker Resigns
DOIG SPRING: Brings in Joint Administrators from Baker Tilly

DURA AUTOMOTIVE: SEC Filing Reveals CEO Compensation Package
EDWARD WARE: To Continue Trading Under CVA; Debts Total GBP5.1MM
ENVIROPEEL INT'L: Bank of Scotland Taps Receivers from Mazars
HIFLEX FLUIDPOWER: Appoints Joint Administrators from PwC
LEHMAN BROTHERS: KDB Proposes to Acquire 25% Stake, Report Says

MYHOME INT'L: Fails to Repay Lloyds TSB; LSE Suspends Trading
OPUS 4: Taps Joint Administrators from Deloitte & Touche
REFCO INC: Allied World to Resume Payment of Grant's Defense Costs
REFCO INC: Trustee Fights Motions to Dismiss Fraud Lawsuit
S GOLD: Brings in Joint Administrators from BDO Stoy Hayward

SEA CONTAINERS: Recovery Under Chapter 11 Plan Beats Liquidation
SEA CONTAINERS: Balks at US$500 Million Securities Fraud Claim
SEA CONTAINERS: Files Notice of Bermuda Scheme of Arrangement
SEA CONTAINERS: PBGC & SPCP Objects to Disclosure Statement
W H WESSON: Calls in Joint Administrators from Tenon Recovery

* 2008 European Loan Default Rate Stable So Far, S&P Reports
* PPF Takes a Further 15 Insolvent Schemes in August

* BOOK REVIEW: The Fallen Colossus


                         *********


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


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

         Dr. Guenther Grassner
         Suedtirolerstr. 4-6
         4020 Linz
         Austria
         Tel: 70 77 08 15
         Fax: 70 77 08 16
         E-mail: lawfirm@gltp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Sept. 30, 2008, for the
examination of claims at:

         The Land Court of Linz
         Hall 522
         Linz
         Austria

Headquartered in Steyr, Austria, the Debtor declared bankruptcy on
July 22, 2008, (Bankr. Case No. 17 S 30/08y).


ANTO NEDIC: Claims Registration Period Ends October 1
-----------------------------------------------------
Creditors owed money by KEG Anto Nedic have until Oct. 1, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Petra Diwok
         Landstrasser Hauptstrasse 34
         1030 Vienna
         Austria
         Tel: 01/713 80 57, 713 80 58
         Fax: 01/713 07 76
         E-mail: diwok@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at [time] on [date] for the examination of
claims at:

         The Land Court of Korneuburg
         Room 204
         2nd floor
         Korneuburg
         Austria

Headquartered in Neureisenberg, Austria, the Debtor declared
bankruptcy on July 25, 2008, (Bankr. Case No. 36 S 90/08i).


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

         Dr. Peter Pullez
         Tuchlauben 8
         1010 Vienna
         Austria
         Tel: 513 29 79
         Fax: 513 29 79 25
         E-mail: pullezgschwandtner@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 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 84/08b).


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

         Dr. Peter Shamiyeh
         Hopfengasse 23
         4020 Linz
         Austria
         Tel: 66 73 26
         Fax: 66 73 20-942
         E-mail: p.shamiyeh@wildmoser-koch.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at [time] on [date] for the examination of
claims at:

         The Land Court of Linz
         Room 522
         Linz
         Austria

Headquartered in St. Marien bei Neuhofen, Austria, the Debtor
declared bankruptcy on July 22, 2008, (Bankr. Case No. 17 S
31/08w).


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

         Dr. Stephan Wehrberger
         Brucknerstrasse 4
         1040 Vienna
         Austria
         Tel: 505 78 61
         Fax: 505 78 61-9
         E-mail: wehrberger@hoch.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:50 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 85/08z).


HERMANN WALLNER: Claims Registration Period Ends September 18
-------------------------------------------------------------
Creditors owed money by LLC Hermann Wallner have until Sept. 18,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Christian Lind
         Kremser Gasse 4
         3100 St. Poelten
         Austria
         Tel: 02742/35 15 50
         Fax: 02742/35 15 50-5
         E-mail: office.st.poelten@ulsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Oct. 2, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in [city], Austria, the Debtor declared bankruptcy
on July 22, 2008, (Bankr. Case No. 5 S 77/08w).


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

         Dr. Stephan Riel
         Landstrasser Hauptstrasse 1/2
         1030 Vienna
         Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Sept. 30, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 22, 2008, (Bankr. Case No. 4 S 111/08p).


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


PORTOLA PACKAGING: U.S. Trustee Sets Sept. 8 Org. Meeting
---------------------------------------------------------
Roberta A. DeAngelis, the acting United States Trustee for
Region 3, will hold an organizational meeting in the Chapter 11
case of Portola Packaging Inc. on Sept. 8, 2008, at 11:00 a.m. at
J. Caleb Boggs Federal Building at 844 King Street, Room 2112, in
Wilmington, Delaware.

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' cases.

The organizational meeting is not the meeting of creditors
pursuant to Section 341 of the Bankruptcy Code.  A representative
of the Debtor, however, may attend the Organizational Meeting,
and provide background information regarding the bankruptcy
cases.

                    About Portola Packaging

Portola Packaging Inc. -- http://www.portpack.com/-- designs,
manufactures, and markets a full line of tamper-evident plastic
closures, bottles, and equipment for the beverage and food
industries, as well as plastic closures and containers for the
cosmetics industry.  The company and 6 of its debtor-affiliates
filed for Chapter 11 reorganization on Aug. 27, 2008 (Bankr. D.
Del. Lead Case No. 08-12001).  Edmon L. Morton, Esq., Robert S.
Brady, Esq., and Sean T. Greecher, Esq., at Young, Conaway,
Stargatt & Taylor, represent the Debtors as counsel.  When the
Debtors filed for protection from their creditors, they listed
assets of between US$50 million and US$100 million, and debts of
between US$100 million and US$500 million.  The company has
locations in China, Mexico and Belgium.


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


CADENCE INNOVATION: U.S. Trustee Sets Sept 8 Meeting to Form Panel
------------------------------------------------------------------
Roberta A. DeAngelis, the acting United States Trustee for
Region 3, will hold an organizational meeting in the Chapter 11
case of Cadence Innovation LLC on Sept. 8, 2008, at 11:00 a.m. at
The DoubleTree Hotel at 700 King Street, in Wilmington, Delaware.

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' cases.

The organizational meeting is not the meeting of creditors
pursuant to Section 341 of the Bankruptcy Code.  A representative
of the Debtor, however, may attend the Organizational Meeting,
and provide background information regarding the bankruptcy
cases.

                    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.  The company and its debtor-affiliate, New
Venture Real Estate Holdings, LLC, filed for Chapter 11
reorganization on Aug. 26, 2008 (Bankr. D. Del. Lead Case No.
08-11973).  Norman L. Pernick, Esq. and Patrick J. Reilley, Esq.,
at Cole, Schotz, Meisel, Forman & Leonard, represent the Debtors
as counsel.  When the Debtor filed for protection from its
creditors, it listed assets of between US$10 million and
US$50 million, and debts of between US$100 million to US$500
million.


=============
E S T O N I A
=============


BALTI INVESTEERINGUTE: Moody's Holds E+ Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service today changed the outlook on the B1
long-term local and foreign currency deposit ratings of Balti
Investeeringute Grupi Pank AS (BIG Pank) to negative from stable.
Moody's affirmed the E+ bank financial strength rating (BFSR) and
Not Prime short-term deposit rating with a stable outlook.

The change in outlook on BIG Pank's deposit ratings reflects
Moody's concern with regard to the deteriorating asset quality
trends in its loan portfolio, with the bank having reported a
significant increase in problem loans in the first half of 2008.

Over the past couple of years the bank, which specialises in
consumer finance, has demonstrated rapid growth largely supported
by a boom in consumption.  In this context, Moody's cautions that
the recent weakening in consumer confidence in conjunction with
the general economic slowdown in the Baltic region could exert
pressure on the overall debt service ability of households --
which could in turn adversely affect BIG Pank's asset quality. In
addition, given the bank's high dependence on market funding, a
deterioration in its liquidity could also have adverse rating
implications.

The rating agency acknowledges that to date the bank has continued
to report good results but believes that the deterioration in its
asset quality and the higher cost of provisioning are likely to
increase the pressure on its profitability.

The most likely drivers of a downgrade of BIG Pank's B1 deposit
ratings are a further deterioration in the bank's asset quality.
Weakening capitalization, profitability and/or deterioration in
liquidity could also add negative pressure.

Headquartered in Tallinn, Estonia, BIG Pank reported total assets
of EUR173 million at June 30, 2008.


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


DELPHI CORP: Reaches Agreement with Panel & WTC to Stay Process
---------------------------------------------------------------
In light of the ongoing negotiations surrounding the Debtors'
Chapter 11 cases, Delphi Corp. and its debtor-affiliates, the
Official Committee of Unsecured Creditors, and Wilmington Trust
Company all agree to stay all further proceedings with respect to
the calls for revocation of Delphi's Plan of Reorganization,
subject to these terms:

  * All activity in either the WTC or Committee's complaint
    under Section 1144 of the Bankruptcy Code will be stayed
    until the earlier of (i) the service by the Committee or WTC
    of a written notice terminating the stay with respect to
    the Revocation Complaint or (ii) further order of the
    U.S. Bankruptcy Court for the Southern District of New York;

  * Upon receipt of a notice of termination of stay, the Debtors
    will have 30, or other period of time as the parties may
    agree or may be ordered by the Bankruptcy Court, to answer
    or otherwise file a responsive pleading as to each
    particular Revocation Complaint.

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: In Talks to Modify Bankruptcy Exit Plan
----------------------------------------------------
According to Bankruptcy Law360, Delphi Corp. said it is plotting
changes to its reorganization plan to try to better position
itself to successfully emerge from Chapter 11.  Bankruptcy Law360
relates that Delphi's spokesperson, Lindsey Williams, said on
Friday the firm is discussing with stakeholders on making the
necessary revisions.

Delphi has yet to emerge from bankruptcy despite obtaining
confirmation of its reorganization plan from the Bankruptcy Court
in January 2008, after Appaloosa Management, L.P. and other
investors withdrew funding of US$2,550,000,000 in exit financing.
Delphi has sued Appaloosa, which asserts that its liabilities, if
any, is only up to US$250,000,000 pursuant to the terms of their
deal.

Last week, The Wall Street Journal reported that people involved
with Delphi's bankruptcy process said that odds are increasing
that Delphi will be liquidated, with some U.S. plants being taken
over by its former parent, General Motors Corp.

Even if a liquidation does not happen, General Motors' financial
obligation could grow by billions, WSJ said, citing people
familiar with the matter.

The Pension Benefit Guaranty Corp. has already asked GM to assume
Delphi's pension plan liabilities by Sept. 30, 2008.  GM has
already agreed to assume US$1,500,000,000 of Delphi's pension
liabilities but Delphi's pension debts have reached
US$3,300,000,000 as of the end of 2007.  GM also recently agreed
to provide additional US$300,000,000 loan to Delphi to help
address its former unit's liquidity needs.  The US$300,000,000
loan is in addition to the up to US$650,000,000 in extensions of
credit which GM had advanced in anticipation of the effectiveness
of their Master Restructuring Agreement and Global Settlement
Agreement, which is tied up to Delphi's plan of reorganization.
GM said in its second quarter 2008 results that its Delphi-related
charges have now reached approximately US$11,000,000,000.

Delphi's US$4,100,000,000 debtor-in-possession facility expires
Dec. 31, 2008.  Delphi refinanced its existing DIP facility in
late April to extend the July 1 maturity date to be able to have
time to consummate its restructuring.  Delphi in May 2008
increased the size of the facility by US$254,000,000 following an
oversubscription of its three-tranche loans, and unexpected
market support.  However, according to WSJ, there are indications
that its current lenders may balk at renewing the bankruptcy
loans.

"We've not thrown that word around," Delphi spokesman Lindsey
Williams, told WSJ, "If that were our intent, we would not be
working as feverishly as we are.  We've been going down a lot of
avenues to emerge from bankruptcy."

Delphi's competitors in the U.S. have been facing similar
problems.  Progressive Moulded Products, Intermet Corp., Blue
Water Automotive Systems, and Plastech Engineered Products, which
all have exposure to the Big-3 Michigan automakers -- GM, Corp.,
Ford Motor Company, and Chrysler LLC -- have filed for bankruptcy
protection.  Blue Water and Plastech are selling their key
assets.  Progressive has ceased operations.

According to WSJ, Ray Young, the chief financial officer of
General Motors, said this month that U.S.' largest auto maker was
having a "constructive dialogue" with Delphi, but "they have to
understand there is only so much that we can do.  They're going
to have to do their own form of self help here."

According to filings with the U.S. Securities and Exchange
Commission, Delphi's pension plan covers about 85,000 and had
obligations of US$14.05 billion at year-end, but was underfunded
by US$3.3 billion.  WSJ noted that Delphi's DIP financing trades
in the secondary market at about 82 cents on the dollar, a
discount that indicates doubts about Delphi's solvency.

                        About Delphi Corp.

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

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

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

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


FIRSTLIGHT POWER: Suez Pact Cues S&P to Put Ratings on Watch
------------------------------------------------------------
Standard & Poor's Ratings Services placed FirstLight Power
Resources Inc.'s. senior secured US$550 million first-lien term
loan, US$65 million letter of credit facility, and US$70 million
revolving facility -- all rated 'BB-' -- on CreditWatch  with
developing implications; S&P took the same action for the 'B-'
rated US$170  million second-lien facility.

The action follows publication of an agreement signed by Suez
Energy N.A., a U.S. subsidiary of the French energy company GDF
SUEZ S.A. (A/Positive/A-1), to acquire FirstLight Power
Enterprises, owner of  FirstLight Power and FirstLight Hydro
Generating Co. (BB-/Watch Dev) (FirstLight Hydro).

"While we view the strong credit quality of the French parent
company as potentially credit positive to the FirstLight
portfolio, we expect the debt at  the FirstLight entities to
remain nonrecourse to GDF SUEZ; any change to the business profile
(in management, strategy, or execution) could negatively
impact the ratings," said Standard & Poor's credit analyst Justin
Martin.

GDF SUEZ is the recently merged company of Gaz de France S.A. and
Suez S.A.; it is one of Europe's largest utilities and currently
consists of six business units, including its "Energy Europe and
International" business line  that wholly owns Suez Energy North
America Inc.  Among its business lines, SEMNA manages commodity
price risk for roughly 3,000 megawatts of merchant energy assets
in the U.S.

"Although the FirstLight assets are not structurally separated
per Standard & Poor's criteria, the nonrecourse nature of the
debt at both FirstLight Hydro and FirstLight Power prevents any
improvement in the credit quality of these debt issues because
project lenders will not be able to benefit from the new parent
company's balance sheet.  Although GDF SUEZ may voluntarily
provide support to the FirstLight portfolio, it would do so at
its own discretion.  Given the size of FirstLight Power's 2007
EBITDA of roughly US$130 million (including FirstLight Hydro),
compared with GDF SUEZ's total 2007 EBITDA of US$1.9 billion, we
recognize the possibility that the acquisition will not viewed as
a core asset to the latter and therefore may not receive
significant parent support in the event of distress," S&P says.

"We will resolve the CreditWatch when we have enough details to
form a view on the structural, financial, and operational impact
of the acquisition on the FirstLight assets."


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


BAD GRUND: Claims Registration Period Ends September 12
-------------------------------------------------------
Creditors of Bad Grund Kur- und Touristik GmbH have until
Sept. 12, 2008, to register their claims with court-appointed
insolvency manager Ruediger Berkhan.

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

The meeting of creditors will be held at:

         The District Court of Osterode am Harz
         Hall 12
         Amtshof 20
         37520 Osterode am Harz
         Germany

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

The insolvency manager can be reached at:

         Ruediger Berkhan
         Zuechnerturm
         Braunschweiger Strasse 15 a
         38723 Seesen
         Germany
         Tel: 05381/93560
         Fax: 05381/935644
         E-mail: berkhan@ebk-seesen.de

The District Court of Osterode am Harz opened bankruptcy
proceedings against Bad Grund Kur- und Touristik GmbH on
Aug. 1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Bad Grund Kur- und Touristik GmbH
         Attn: Bernd Wagner, Manager
         Elisabethstrasse 1
         37539 Bad Grund
         Germany


ENGMUR OBST-FEINKOST: Claims Registration Period Ends Sept. 12
--------------------------------------------------------------
Creditors of ENGMUR Obst-Feinkost Im- und Export GmbH have until
Sept. 12, 2008, to register their claims with court-appointed
insolvency manager Ulrich Rosenkranz.

Creditors and other interested parties are encouraged to attend
the meeting at 12:15 p.m. on Oct. 7, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Ulrich Rosenkranz
         Osdorfer Landstrasse 230
         22549 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against ENGMUR Obst-Feinkost Im- und Export GmbH on
Aug. 12, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         ENGMUR Obst-Feinkost Im- und Export GmbH
         Attn: Murat Savk, Manager
         Banksstrasse 28
         20097 Hamburg
         Germany


GRUBSTORE GMBH: Creditors' Meeting Slated for September 11
----------------------------------------------------------
The court-appointed insolvency manager for Grubstore GmbH, Michael
Hawelka, will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 9:25 a.m. on Sept. 11,
2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Dec. 4, 2008, at the same venue.

Creditors have until Oct. 12, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Michael Hawelka
         Friedrichstr. 204
         10117 Berlin
         Germany

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

The Debtor can be reached at:

         Grubstore GmbH
         Greifenhagener Str. 48
         10437 Berlin
         Germany


GUT & GUENSTIG: Claims Registration Period Ends September 12
------------------------------------------------------------
Creditors of GG Gut & Guenstig Schluesselnotdienst Tag und Nacht,
Einbruchschutz GmbH have until Sept. 12, 2008, to register their
claims with court-appointed insolvency manager Gisela Weinreich-
Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on Sept. 30, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Kleve
         Meeting Hall C 58
         Ground Floor
         Schlossberg 1
         47533 Kleve
         Germany

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

The insolvency manager can be reached at:

         Gisela Weinreich-Schmitz
         Silcherstr. 11
         47623 Kevelaer
         Germany

The District Court of Kleve opened bankruptcy proceedings against
GG Gut & Guenstig Schluesselnotdienst Tag und Nacht,
Einbruchschutz GmbH on Aug. 18, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         GG Gut & Guenstig Schluesselnotdienst
         Tag und Nacht, Einbruchschutz GmbH
         Weezer Str. 129
         47623 Kevelaer
         Germany

         Attn: Gisela Weinreich-Schmitz, Manager
         Silcherstr. 11
         47623 Kevelaer
         Germany


IHB BAUGESELLSCHAFT: Claims Registration Period Ends Sept. 12
-------------------------------------------------------------
Creditors of IHB Baugesellschaft mbH have until Sept. 12, 2008, to
register their claims with court-appointed insolvency manager
Sebastian Laboga.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 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 Schwerin
         Hall 7
         Demmlerplatz 14
         19053 Schwerin
         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:

         Sebastian Laboga
         Einemstrasse 24
         10785 Berlin
         Germany

The District Court of Schwerin opened bankruptcy proceedings
against IHB Baugesellschaft mbH on Aug. 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         IHB Baugesellschaft mbH
         Attn: Wilfried Dol, Henry Farclas and
              Raimund Schoenke, Managers
         Torney 2a
         23970 Wismar
         Germany


LEMGOER MOEBELWERKSTATTE: Claims Registration Period Ends Sept. 12
------------------------------------------------------------------
Creditors of Lemgoer Moebelwerkstatte GmbH & Co. KG have until
Sept. 12, 2008, to register their claims with court-appointed
insolvency manager Frank M. Welsch.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 a.m. on Oct. 14, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Hall 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         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:

         Frank M. Welsch
         Villa Struck
         Barkeystr. 30
         33330 Guetersloh
         Germany

The District Court of Detmold opened bankruptcy proceedings
against Lemgoer Moebelwerkstatte GmbH & Co. KG on July 29, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Lemgoer Moebelwerkstatte GmbH & Co. KG
         Stoppelkamp 1
         32758 Detmold
         Germany

         Attn: Rainer Moenkemoeller, Manager
         Eggestr. 16
         32758 Detmold
         Germany


MARICLEAN HANDELS: Claims Registration Period Ends September 12
---------------------------------------------------------------
Creditors of MARICLEAN Handelsgesellschaft fuer umweltschonende
Reinigungs- und Pflegemittel mbH have until Sept. 12, 2008, to
register their claims with court-appointed insolvency manager  Jan
H. Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 24, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Syke
         Hall 112
         Hauptstr. 5A
         28857 Syke
         Germany

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

The insolvency manager can be reached at:

         Jan H. Wilhelm
         Markt 1
         28195 Bremen
         Germany
         Tel: 0421/178765
         Fax: 0421/1787665

The District Court of Syke opened bankruptcy proceedings against
MARICLEAN Handelsgesellschaft fuer umweltschonende Reinigungs- und
Pflegemittel mbH on Aug. 1, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         MARICLEAN Handelsgesellschaft fuer umweltschonende
         Reinigungs- und Pflegemittel mbH
         Attn: Marion-Luise Heiken, Manager
         Niddastrasse 12
         28816 Stuhr
         Germany


MOGA IMPORT: Claims Registration Period Ends September 12
---------------------------------------------------------
Creditors of MOGA Import - Export GmbH have until Sept. 12, 2008,
to register their claims with court-appointed insolvency manager
Ingmar Jarchow.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 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 Hamburg
         Hall B 405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Ingmar Jarchow
         Heuberg 1
         20354 Hamburg
         Germany

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

The Debtor can be reached at:

         MOGA Import - Export GmbH
         Attn: Marie Sana Voges, Manager
         Eilbeker Weg 40
         22089 Hamburg
         Germany


MUEHLENHOF PROJEKTENTWICKLUNGS: Claims Filing Period Ends Sept. 12
------------------------------------------------------------------
Creditors of Muehlenhof Projektentwicklungs-GmbH have until
Sept. 12, 2008, to register their claims with court-appointed
insolvency manager Dr. Joern-H. Meyn.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 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 Hamburg
         Meeting Hall B 405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Joern-H. Meyn
         Herrengraben 31
         20459 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Muehlenhof Projektentwicklungs-GmbH on July 28, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Muehlenhof Projektentwicklungs-GmbH
         Attn: Peter-Heinrich Albers, Manager
         Holstenhofplatz 20
         22765 Hamburg
         Germany


N+EINS GMBH: Claims Registration Period Ends September 12
---------------------------------------------------------
Creditors of n+eins gmbH have until Sept. 12, 2008, to register
their claims with court-appointed insolvency manager Hartwig
Albers.

Creditors and other interested parties are encouraged to attend
the meeting at 2:40 a.m. on Oct. 29, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany

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

The insolvency manager can be reached at:

         Hartwig Albers
         Luetzowstrasse 100
         10785 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against n+eins gmbH on Aug. 6, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         n+eins gmbH
         Friedrich-Franz-Strasse 19
         14770 Brandenburg
         Germany


PATROL HOTELBETRIEBS: Claims Registration Period Ends Sept. 12
--------------------------------------------------------------
Creditors of Patrol Hotelbetriebs GmbH have until Sept. 12, 2008,
to register their claims with court-appointed insolvency manager
Tobias Kampf.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Oct. 21, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Tobias Kampf
         Gerichtsfach 28
         Philippsruher Allee 22
         63450 Hanau
         Germany
         Tel: 06181-5070366
         Fax: 06181-5070344

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

The Debtor can be reached at:

         Patrol Hotelbetriebs GmbH
         Rhoenstr. 9-10
         63526 Erlensee
         Germany


RIBA BERGISCHE: Claims Registration Period Ends September 14
------------------------------------------------------------
Creditors of Riba Bergische Fischzuchtbetriebe GmbH have until
Sept. 14, 2008, to register their claims with court-appointed
insolvency manager Dr. Christoph Niering.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Oct. 14, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Christoph Niering
         Brabanter Str. 2
         50674 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Riba Bergische Fischzuchtbetriebe GmbH on Aug. 19, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Riba Bergische Fischzuchtbetriebe GmbH
         Parborn 1
         51515 Kuerten
         Germany


SPORTS UNLIMITED: Creditors' Meeting Slated for September 11
------------------------------------------------------------
The court-appointed insolvency manager for Sports Unlimited - ITT
GmbH, Michael Pluta, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
9:30 a.m. on Sept. 11, 2008.

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

         The District Court of Ravensburg
         Hall 209
         Herrenstr. 42
         88212 Ravensburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:15 a.m. on Oct. 14, 2008, at the same venue.

Creditors have until Sept. 30, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Michael Pluta
         Karlstr. 33
         89073 Ulm
         Germany

The District Court of Ravensburg opened bankruptcy proceedings
against Sports Unlimited - ITT GmbH on Aug. 18, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Sports Unlimited - ITT GmbH
         Attn: Jens Endl, Manager
         Bismarckring 20
         88400 Biberach
         Germany


TAMI - BAUMASCHINENHANDELS: Claims Registration Ends Sept. 11
-------------------------------------------------------------
Creditors of Tami - Baumaschinenhandels- und Demontagegesellschaft
mbH have until Sept. 11, 2008, to register their claims with
court-appointed insolvency manager Walter Broehan.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 2, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Luebeck
         Hall E3
         Am Burgfeld 7
         23568 Luebeck
         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:

         Walter Broehan
         Muehlenstrasse 56
         23552 Luebeck
         Germany

The District Court of Luebeck opened bankruptcy proceedings
against Tami - Baumaschinenhandels- und Demontagegesellschaft mbH
on Aug. 7, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Tami - Baumaschinenhandels- und
         Demontagegesellschaft mbH
         Attn: Mario Baumert, Manager
         Muehlenstr. 68
         23552 Luebeck
         Germany


TECH21 GMBH: Creditors' Meeting Slated for September 12
-------------------------------------------------------
The court-appointed insolvency manager for Tech21 GmbH,
Dr. Michael C. Frege, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:35
a.m. on Sept. 12, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:30 a.m. on Dec. 19, 2008, at the same venue.

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

The insolvency manager can be reached at:

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

The District Court of Charlottenburg opened bankruptcy proceedings
against Tech21 GmbH on July 16, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Tech21 GmbH
         Helmholtzstr. 2-9
         10587 Berlin
         Germany


TKP VERWALTUNGS: Claims Registration Period Ends September 12
-------------------------------------------------------------
Creditors of TKP Verwaltungs GmbH have until Sept. 12, 2008, to
register their claims with court-appointed insolvency manager
Torben Ottmar Herbold.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Oct. 8, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany

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

The insolvency manager can be reached at:

         Torben Ottmar Herbold
         Haeckelstrasse 10
         39104 Magdeburg
         Germany

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

The Debtor can be reached at:

         TKP Verwaltungs GmbH
         Friedrich-Franz-Strasse 19
         14770 Brandenburg
         Germany


WHS AKUSTIK: Claims Registration Period Ends September 12
---------------------------------------------------------
Creditors of WHS Akustik- u. Trockenbau GmbH have until Sept. 12,
2008, to register their claims with court-appointed insolvency
manager Jochen Wagner.

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

The meeting of creditors will be held at:

         The District Court of Ingolstadt
         Meeting Hall 28 I
         Schrannenstr. 3
         85049 Ingolstadt
         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:

         Jochen Wagner
         Goldknopfgasse 2
         85049 Ingolstadt
         Germany
         Tel: 0841/14 28 99-0
         Fax: 0841/14 28 99-10

The District Court of Ingolstadt opened bankruptcy proceedings
against WHS Akustik- u. Trockenbau GmbH on July 21, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         WHS Akustik- u. Trockenbau GmbH
         Preysingstr. 58 1/3
         85283 Wolnzach
         Germany


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


ALITALIA SPA: Commissioner Confirms Offer from Italian Consortium
-----------------------------------------------------------------
Augusto Fantozzi, Alitalia S.p.A.'s extraordinary commissioner,
confirmed that a preliminary offer was received on Sept. 1, 2008,
from Compagnia Aerea Italiana s.r.l. for the purchase of business
assets forming a significant part of the activities of the
Alitalia Group.

As a preliminary step, the extraordinary commissioner takes note
that the offer received seems to meet the requirements contained
in legislative decree no. 347 of Dec. 23, 2003, with recent
amendments.  The contents of the offer are confidential.

The extraordinary commissioner, reserves the right to examine the
offer and to undertake negotiations on the basis of its contents,
bearing in mind creditors’ interests, safeguarding company
assets as well as the continuity of public service.

As appeared in the Troubled Company Reporter Europe on Sept. 3,
CAI, a consortium of local investors planning to acquire Alitalia,
has submitted a EUR400 million conditional offer to acquire some
assets of the national carrier.

The consortium includes:

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

The offer, valid for a few weeks, is subject to several conditions
including:

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

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

Pursuant to the amended Marzano bankruptcy, Alitalia will be split
into two -- an oldco and a newco.  The law allows Mr. Fantozzi to
sell Alitalia's assets through private talks without holding
public auction.

The amended law exempts Alitalia from anti-trust rules for six
months, allowing its merger with CAI, particularly AirOne, to push
through without problems.  The revised law also binds investors
from selling their shares in Alitalia for five years.

                          About Alitalia

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

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

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


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


EL-HOME LTD: Creditors Must File Claims by September 26
-------------------------------------------------------
LLC El-Home Ltd. has gone into liquidation.  Creditors have until
Sept. 26, 2008, to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 47-04-05.


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


OAKHAM 2 SA: Fitch Slashes NOK686MM Series 2 Notes Rating to 'BB+'
------------------------------------------------------------------
Fitch Ratings has downgraded Oakham 2 S.A. NOK686 million Series 2
notes due September 2015 (ISIN: XS0223795930) to 'BB+' from 'A+'
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 May 2008 the portfolio
credit risk has further deteriorated and has an average portfolio
quality of 'BBB-'.  Key drivers of the transaction's credit risk
include an increase in the portfolio's credit risk, with 23% of
the portfolio now rated sub-investment grade, compared to 20.5% at
the time of placing the RWN.  In addition, portfolio migration
risk remains, with 4.5% of the portfolio on RWN and 26% on
Negative Outlook.  Fitch also notes the industry concentration of
46.5% in the three largest sectors of the transaction, made up of
30% in banking and finance, 9.0% in automobiles, and 7.5% in
building materials.

Given Fitch's view of concentration and the current credit quality
of the portfolio, the 7.38% credit enhancement level is not
sufficient to justify the current rating of the notes.

The NOK686 million notes were issued from Oakham Rated, a
Luxembourg SPV incorporated under European Structured Investments
S.A., a EUR5billion limited recourse secured note program.  This
transaction is managed by Natixis Asset Management (rated
'CAM1-').  The trading gains or losses will be attributed to the
C/E.

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 May 16, 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 confirmed by Natixis Asset Management, as the
basis for its rating action.


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


KONINKLIJKE AHOLD: Earns EUR13.3 Billion for Half Year 2008
-----------------------------------------------------------
Koninklijke Ahold N.V. has published its interim financial report
for the second quarter and half year 2008.

"We continued to invest in price and gave increased focus to
promotions, both of which helped to drive sales and win customers
but, as anticipated, impacted margins," Ahold CEO John Rishton
said.

"In Europe, as part of Albert Heijn's price positioning strategy,
food price inflation was only partially passed on to customers
during the quarter, and strong promotions including the Euro 2008
Football Championships temporarily impacted margins.  At
Albert/Hypernova, we also did not pass on all food price inflation
to customers this quarter, as we continued the repositioning
started a year ago.

"In the United States, the Value Improvement Program has now
expanded beyond price repositioning to marketing and branding.  We
unveiled new logos and a number of brand initiatives for Stop &
Shop and Giant-Landover last week as a further step in Ahold's
global strategy to build powerful local consumer brands.
Giant-Carlisle continued to gain share in a highly competitive
market.

"We are confident we will manage the balance between sales growth
and margin and deliver our underlying retail operating margin
guidance for 2008 of 4.8-5.3%."

                       Second Quarter 2008

Net sales were EUR5.8 billion, down 0.8% from the same period last
year.  At constant exchange rates, net sales increased by 7.3%.

Operating income was EUR235 million, EUR39 million lower than in
the same period last year.  Retail operating income was EUR247
million, an operating margin of 4.3% compared to 5.1% in the same
period last year.  Corporate Center costs were EUR12 million for
the quarter, down EUR7 million from the same period last year.

Income from continuing operations was EUR177 million, EUR7 million
higher than the same period last year.  Net income was EUR338
million, which includes EUR162 million related to the divestment
of Schuitema.  Net income is down EUR1.9 billion compared to the
same quarter last year, which included EUR2 billion related to the
divestment of U.S. Foodservice and the Company’s operations in
Poland.

Cash flow before financing was EUR635 million, EUR5 billion lower
than the same period last year, which included EUR5.2 billion
proceeds from the divestment of U.S. Foodservice and the Company's
operations in Poland.  In the second quarter of 2008 EUR952
million of debt was repaid as part of our targeted EUR2 billion
debt reduction.

                        Half year 2008

Net sales were EUR13.3 billion, down 1.1% from the same period
last year.  At constant exchange rates, net sales increased by
7.0%.

Operating income was EUR571 million, EUR16 million lower than in
the same period last year. Retail operating income was EUR617
million, an operating margin of 4.6% compared to 4.9% in the same
period last year.  Corporate Center costs were EUR46 million, down
EUR15 million from the same period last year.

Income from continuing operations was EUR398 million, EUR72
million higher than the same period last year.  Net income was
EUR599 million, down EUR1.9 billion compared to the same period
last year, which included a EUR2 billion result on divestments.

Cash flow before financing was EUR906 million, EUR4.8 billion
lower than the same period last year which included EUR5.2 billion
proceeds from the divestment of U.S. Foodservice and the Company’s
operations in Poland.


(EUR in millions)  Q2    Q2    % Change  HY      HY     %Change
                   2008  2007            2008    2007
                  -----  ----  --------  ----    ----   -------
Net sales         5,783  5,832 (0.8%)*   13,321  13,466 (1.1%)*

Operating
income            235    274   (14.2%)   571     587    (2.7%)

Income from
continuing
operations        177    170    4.1%     398     326     22.1%

Net income        338    2,228 (84.8%)   599     2,469  (75.7%)


* At constant exchange rates, net sales increased by 7.3% in the
second quarter and 7.0% in the first half year.


                Performance by business segment

Stop & Shop/Giant-Landover

For the second quarter, net sales of US$4 billion were up 1.7%
compared with the same period last year.  Net sales included US$29
million of sales to Tops (prior to its divestment, such sales were
recorded as inter-company sales).  Identical sales were up 2.2% at
Stop & Shop (1.0% excluding gasoline net sales) and down 1.5% at
Giant-Landover (1.7% excluding gasoline net sales), impacted by
lower pharmacy sales.  Operating income was US$125 million (or
3.1% of net sales), down US$36 million from the same period last
year.  Margins were impacted by price investments related to the
roll-out of the Value Improvement Program, with improvements
expected later in the year.  Furthermore, operating income in the
quarter included restructuring, severance and related charges of
US$37 million and impairment charges of US$7 million, partially
offset by gains on the sale of assets of US$22 million.

For the first half, net sales of US$9.2 billion were up 1.5%
compared with the same period last year.  Net sales included US$85
million of sales to Tops.  Identical sales were up 1.6% at Stop &
Shop (0.6% excluding gasoline net sales) and down 1.5% at Giant-
Landover (1.6% excluding gasoline net sales).  Operating income
was US$327 million (or 3.6% of net sales), down US$62 million from
the same period last year.

Giant-Carlisle

For the second quarter, net sales of US$1.1 billion were up 11.5%
compared with the same period last year.  Identical sales were up
7.0% (4.1% excluding gasoline net sales).  Operating income was
US$51 million (or 4.6% of net sales), down US$10 million compared
to the same period last year.  Operating income in the quarter
included restructuring related charges of US$8 million.

For the first half, net sales of US$2.5 billion were up 10.2%
compared with the same period last year.  Identical sales were up
6.3% (3.9% excluding gasoline net sales).  Operating income was
US$123 million (or 4.9% of net sales), and was flat compared to
the same period last year.

Albert Heijn

For the second quarter, net sales of EUR2.1 billion were up 14.2%
compared with the same period last year.  Net sales increased at
Albert Heijn supermarkets by 14.4% to EUR1.9 billion.  Identical
sales at Albert Heijn supermarkets increased 11.8%.  Operating
income was EUR138 million (or 6.6% of net sales), up EUR8 million
from the prior year, primarily due to lower pension charges.
Second quarter 2008 operating income included gains on the sale of
assets of EUR10 million (Q2 2007: EUR9 million).

For the first half, net sales of EUR4.8 billion were up 13.8%
compared with the same period last year.  Identical sales at
Albert Heijn supermarkets were up 11.5%.  Operating income was
EUR327 million (or 6.9% of net sales), up EUR47 million compared
to the same period last year.

Albert/Hypernova (Czech Republic and Slovakia)

For the second quarter, net sales increased 20.2% to EUR411
million.  At constant exchange rates net sales increased 4.6%.
Identical sales were up 5.6%.  Operating losses were EUR4 million
compared to an operating income of EUR5 million in the same
quarter last year.

For the first half, net sales increased 18.9% to EUR923 million.
At constant exchange rates net sales increased 6.4%.  Identical
sales were up 6.8%.  Operating losses were EUR5 million compared
to nil in the same period last year.

Schuitema

They completed the sale of our majority interest in Schuitema to
CVC Capital Partners on June 30, 2008.  They expect to complete
the transfer of stores and conversion to the Albert Heijn brand by
the end of 2008.

                  Unconsolidated joint ventures

For the second quarter, Ahold's share in income of joint ventures
increased 15.6% to EUR37 million.  The increase was primarily due
to ICA, mainly as a result of strong performance in Sweden and the
Baltics.

For the first half, Ahold's share in income of joint ventures was
down 7.4% to EUR50 million, mainly due to lower gains on the sale
of assets at ICA.

Headquartered in Amsterdam, Netherlands, Koninklijke Ahold N.V.
-- http://www.ahold.com/-- retails food through supermarkets,
hypermarkets and discount stores in North and South America,
Europe.  It has operations in Argentina.  The company's chain
stores include Stop & Shop, Giant, TOPS, Albert Heijn and
Bompreco.  Ahold also supplies food to restaurants, hotels,
healthcare institutions, government facilities, universities,
stadiums, and caterers.

                          *     *     *

Koninklijke Ahold carries BB+ issuer default and senior unsecured
ratings with positive outlook from Fitch.  The company also
carries a short-term rating of B from Fitch.


ROYAL AHOLD: Fitch Lifts Sr. Unsecured Ratings to BBB- from BB+
---------------------------------------------------------------
Fitch Ratings has upgraded Royal Ahold N.V.'s Long-Term Issuer
Default Rating and senior unsecured ratings to 'BBB-' from 'BB+'.
The Outlook on the Long-Term IDR is Stable.  Ahold's Short-Term
IDR is upgraded to F-3 from 'B'.

"Ahold's upgrade reflects the group's more focused and balanced
business profile, with its program to divest non-profitable or
non-core businesses nearly complete, and its retail operations in
the USA and Netherlands now contributing more equally to overall
revenue growth," said Johnny Da Silva, Director in Fitch's
European Retail Leisure Consumer Products team.  "Ahold's next
challenge is to improve the performance of its US retail
operations which faced margin pressure in H108, while continuing
to demonstrate sound financial discipline."

The Stable Outlook reflects Fitch's expectation that Ahold will
maintain a financial profile commensurate with its rating and will
gradually show improvement in the performance of its US retail
operations.

Ahold's business profile is now more geographically balanced as
revenues generated in the USA and Europe represented 57% and 43%
respectively of group sales in H108.

The group's US retail format is comprised of Stop & Shop, Giant-
Landover and Giant-Carlisle.  At Stop & Shop and Giant-Landover,
Ahold is implementing its value improvement program, which is
designed to improve the company's competitiveness by reducing
prices, revising product offerings and cutting costs.  This
repositioning should benefit the company longer-term, though an
aggressive pricing stance together with food cost inflation and
fierce competition in the US food retail market, pressured Ahold's
US operating margin in H108.  The operating margin narrowed in the
half to 3.9 % (from 4.5% in H107), and Fitch does not expect
significant improvement in Ahold's US retail operating performance
before 2009.

In Europe, the Albert Heijn Dutch operations continue to post
strong growth, and profitability remains high due to its dominant
domestic market position.  For FY08, management has recently
reaffirmed its guidance for the group's retail operating margin to
remain unchanged at 4.8%-5.3%.

Ahold has been able to significantly improve its credit metrics
thanks to divestments of non-profitable activities and non-core
businesses.  In 2007, the disposals of US Foodservice, Tops stores
in the US and the company's operations in Poland have accelerated
this process with EUR5.4 billion of cash received from these
divestments.  EUR4 billion from these divestments has been
returned to shareholders through reverse stock splits and a share
buyback program.  As a result, lease-adjusted net debt /EBITDAR
improved significantly to 3.1x at FYE07 from 3.6x at FYE06, a
level that Fitch believes should be maintained in 2008.
Management has indicated its desire to maintain a low investment
grade rating.


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


ALFA-ACO LLC: Creditors Must File Claims by October 28
------------------------------------------------------
Creditors of LLC Alfa-Eco have until Oct. 28, 2008, to submit
proofs of claim to:

         S. V. Lebedev
         Insolvency Manager
         Office 310
         Kamenskaya Str. 64a
         Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-3092/2008 14/10.

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk
         Russia

The Debtor can be reached at:

         LLC Alfa-Eco
         D. Kovalchuk Str. 252
         Novosibirsk
         Russia


APC LLC: Court Names A. A. Yekidin as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Primorskiy Kray appointed A. A. Yekidin
as Insolvency Manager for LLC APC.  He can be reached at:

         A. A. Yekidin
         Post User Box 45
         Office 48
         Russkaya str. 65
         690105 Vladivostok
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A51-5584/2008-26-72.

The Debtor can be reached at:

         LLC APC
         Zavodskaya Str. 8
         Nakhodka
         692953 Pimorskiy Kray
         Russia


HEAT NETWORKS: Creditors Must File Claims by October 28
-------------------------------------------------------
Creditors of OJSC Heat Networks have until Oct. 28, 2008, to
submit proofs of claim to:

         V. A. Karkhalev
         Insolvency Manager
         Post User Box 14467
         443008 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A55-241/2008

The Court is located at:

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

The Debtor can be reached at:

         OJSC Heat Networks
         Zaporozhskaya Str.33A
         Chapayevsk
         Samara
         Russia


STROMNEFTEMASH LLC: Creditors Must File Claims by October 28
------------------------------------------------------------
Creditors of LLC Trade House Concern Stromneftemash 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. A31-991/2008-28.


SUE DALNEVOSTOCHNUY: Bankruptcy Hearing Set Jan. 28, 2009
---------------------------------------------------------
The Arbitration Court of Primorskiy Kray will convene at 2:00 p.m.
on Jan. 28, 2009, to hear the bankruptcy supervision procedure on
State Unitary Enterprise Dalnevostochnuy Mine Constructing Trust.
The case is docketed under Case No. A51–604/2008 15-15B.

The Temporary Insolvency Manager is:

         O. Rusakova
         Post User Box 45
         690105 Vladivostok-105
         Russia

The Debtor can be reached at:

         State Unitary Enterprise Dalnevostochnuy Mine
         Constructing Trust
         Komsomolskaya Str.41
         Poselok Fabrichnuy
         Kavalerovskiy
         692425 Primorskiy Kray
         Russia


SUKHOI CIVIL: Fitch Assigns 'BB+' ID and Senior Unsecured Ratings
-----------------------------------------------------------------
Fitch Ratings has assigned Russian-based Sukhoi Civil Aircraft
Company a Long Term Issuer Default rating of 'BB+', a senior
unsecured rating of 'BB+' and a Short-term IDR of 'B'.  All
ratings apply to Foreign and Local currency debt.  The Outlook on
the Long Term IDR is Stable.  Fitch has also assigned National
ratings of Long-term 'AA(rus)' Outlook Stable and Short-term
'F1+(rus)' to the company.  SCAC has public debt of RUB5 billion.

In line with Fitch's parent subsidiary linkage methodology, the
ratings are driven by SCAC's strong links to its ultimate parent,
the Russian government.  Through this shareholding, SCAC can rely
on the support of the Russian state for additional equity
injections over and above what has already been contributed.
Other factors influencing the rating include the likely strong
local demand for the company's product driven by the high economic
growth in recent years, the presence of French-based engine
manufacturer SNECMA as risk-sharing partner on the Sukhoi Super
Jet 100 program and the long-term positive cash flow generation
capabilities of the company's business model.

Established in 2000, SCAC is engaged in the development and
production of civil aviation aircraft. At present, the Russian
state ('BBB+/Stable') owns 91% of SCAC, however, a 25% plus one
share stake will be sold shortly to Alenia Aeronautica (a 100%
subsidiary of Finmeccanica ('BBB/Pos')).  The company's product
range currently consists solely of the SSJ 100 aircraft, a
regional jet which will initially be available in two sizes, of 78
and 98 seats.  Work on the SSJ 100 began in 2001, first test
flight took place in May 2008 and first commercial delivery is
expected in Q309.

At Dec. 31, 2007, SCAC had gross debt of approximately
US$576million, of which US$98 million was short-term.
Unrestricted cash and cash equivalents were US$103 million.

The Stable Outlook reflects Fitch's expectation that SCAC will
continue to be supported by the Russian state financially and
operationally and continue to see growing demand for the SSJ 100
as the aircraft is brought to the market.


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


FORD: Michigan Plant Gets US$75MM Infusion to Build Small Cars
---------------------------------------------------------------
Ford Motor Company will invest US$75 million in Michigan Truck
Plant's body shop to prepare for small-vehicle production.

The plant will begin converting its body shop in November when the
tooling and equipment specific to the Ford Expedition and Lincoln
Navigator will be disassembled and transferred to Kentucky Truck
Plant, which begins producing the large SUVs in the second quarter
of 2009.

The move paves the way for Michigan Truck to convert to a car
plant that will begin producing global C-car based vehicles in
2010.

In the interim, the plant's 1,000 employees will be transferred
next door to Wayne Assembly Plant where a third crew will be added
in January to accommodate increased production of the hot-selling
Ford Focus.  When completed, Michigan Truck's flexibility will
allow it to augment current Ford Focus production if necessary.

"This is the best plan to meet consumer demand and utilize our
assets at Michigan Truck and other facilities, both in the near
term and long term," Joe Hinrichs, Ford group vice president,
Global Manufacturing and Labor Affairs, said.  "Consumers will
benefit through increased production of the strong-selling Focus
at Wayne, the continuation of the popular Expedition and Navigator
for those who need a large SUV at Kentucky Truck, and more world-
class C-cars at Michigan Truck."

Michigan Truck is one of three truck and SUV plants in North
America that will be converted to build small fuel-efficient
compact and subcompact vehicles.  In 2010, Cuautitlan Assembly,
which currently produces F-Series pickups, will begin building the
new Fiesta subcompact car for North America.  Louisville Assembly,
home of the Ford Explorer mid-size SUV, is slated to start
production of yet more unique small vehicles from the automaker˙s
global C-car platform the following year.

At the heart of this manufacturing transformation is a flexible
operation, which uses reprogrammable tooling in the body shop,
standardized equipment in the paint shop and common-build sequence
in final assembly, enabling production of multiple models in the
same plant.

Aiding the implementation of flexible manufacturing is Ford's
industry-leading virtual manufacturing technology.  In the virtual
world, engineers and plant operators evaluate tooling and product
interfaces before costly installations are made on the plant
floor.  This method of collaboration improves launch quality and
enables speed of execution.

In a flexible body shop, at least 80% of the robotic equipment can
be reprogrammed to weld various sized vehicles.  This "non-product
specific" equipment gives the body shop its flexibility and
provides more efficient use of the facility.

In 2005, Ford invested US$300 million in Michigan Truck to build a
new, flexible body shop.  That investment will help streamline the
conversion to small vehicles and will require an additional body
shop investment of approximately US$75 million.  This is part of a
larger investment planned for the plant.  Meanwhile, Ford
continues to work with state and local governments on the scope of
incentive support.

Today, nearly 87% of Ford's assembly plants around the world have
flexible body shops.  By 2012, the number will grow to 100%.

  * Michigan Truck Plant Facts

    Location: Wayne, Michigan

    Number of Employees: 1,000

    Year Opened: 1957

    Plant Size (Sq. Ft.): 2,866,000

    Current Products: Ford Expedition, Lincoln Navigator

    Future Products: Small vehicles based on Ford's global C-car
                     platform

                    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.


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


AUTO PUNKT DEGEN: Creditors Have Until Sept. 21 to File Claims
--------------------------------------------------------------
Creditors owed money by LLC Auto punkt degen are requested to file
their proofs of claim by Sept. 21, 2008, to:

         Max Dieffenbach
         Bruelmatten 8
         4410 Liestal
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 24, 2008.


DOMIAG JSC: Sept. 21 Set as Deadline to File Proofs of Claim
------------------------------------------------------------
Creditors owed money by JSC Domiag are requested to file their
proofs of claim by Sept. 21, 2008, to:

         Belpstrasse 23
         3007 Bern
         Switzerland

The company is currently undergoing liquidation in Bern.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 24, 2008.


DORFMETZG CHRISTEN: Creditors Must File Claims by  Sept. 20
-----------------------------------------------------------
Creditors owed money by LLC Dorfmetzg Christen are requested to
file their proofs of claim by Sept. 20, 2008, to:

         Bruno Christen-Wechsler
         Im Hof 3
         6374 Buochs NW
         Switzerland

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


GENERAL MOTORS: Offering Retirement Incentives to Workers
---------------------------------------------------------
Reuters reports that General Motors Corp. is offering early
retirement incentives to about 28% of its 32,000 U.S. work force,
as part of its effort to reduce payroll expenses and conserve
cash.

GM spokesperson Dan Flores said on Friday that the offers would be
made to workers in areas where the firm wants to reduce work
force, KansasCity.com relates.  According to Reuters, a person
familiar with the plan said that the incentives were offered to
about 9,000 workers, who are given 45 days to consider the
package.  GM spokesperson Tom Wilkinson said that workers eligible
for the incentives will receive sealed, individualized offers
based on age, years of service and work history, Free Press
states.

The retirement incentives GM is offering includes an option to
roll over lump-sum severance payments into employees' 401(k) plans
or Individual Retirement Accounts, Jeff Green at Bloomberg News
relates, citing Mainstay Capital Management, LLC's Chief Executive
Officer and Chief Investment Strategist, David Kudla.

GM said on July 15 it would cut 20% of its salaried-worker costs
in the U.S. and Canada by Nov. 1, according Edomonton Journal.  GM
aims to boost liquidity by US$15 billion through the end of 2009,
Bloomberg states.

                   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.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in
Miramar, Florida.

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.


KABECO JSC: Deadline to File Proofs of Claim Set  Sept. 21
----------------------------------------------------------
Creditors owed money by JSC Kabeco are requested to file their
proofs of claim by Sept. 21, 2008, to:

         Maria Kania
         Widmerstrasse 73A
         8038 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 1, 2006.


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


AZOVSTAL IRON: Moody's Lifts Corporate Family Rating to B1
----------------------------------------------------------
Moody's Investors Service has upgraded Azovstal's corporate family
rating and the rating of the loan participation notes issued by
Azovstal Capital to B1 from B2 and B3 respectively.  The outlook
for the ratings is positive.  Since the creation of Metinvest, the
amount of secured debt at Azovstal level has been reduced
significantly, this in turn removes the notching for the bond
which had been in place previously.

The rating action was prompted by the improved transparency of
Azovstal's role within the enlarged Metinvest group, one of the
largest industrial enterprises in the Ukraine.  Moody's also took
into consideration the positive environment for companies in the
steel industry and the improved profitability and reduced leverage
of Azovstal stemming from better prices achieved for the steel
products manufactured at Azovstal as well as the ongoing
modernization of the steel plant which helps reducing the
operating costs over time.

The B1 CFR reflects:

   (i) the company's improving operating and financial results as
       demonstrated in its financial performance in 2007 and into
       the first half of 2008, underpinned by continued benign
       market conditions for Ukrainian steel producers;

  (ii) the expectation that dividend payments from Azovstal as
       well as Metinvest will remain a function of net income plus
       depreciation minus capital expenditure, thereby giving
       priority to capital expenditure for dividend payments , and

(iii) Moody's expectation that ongoing capex investments aimed at
       achieving efficiency gains will enable the company to
       better control its costs and at the same time to develop
       higher value-added products that will broaden its potential
       customer base and thus help to reduce earnings volatility
       going forward.  It also reflects the importance of Azovstal
       to the Metinvest group.  The company's turnover in 2007 has
       accounted for close to 50% of Metinvest's consolidated
       turnover.

The B1 rating also remains underpinned by:

   (i) Azovstal's strong position in the domestic plates and rail
       segments;

  (ii) its low cash costs and continued focus on cost
       reductions, also benefiting from its geographical location
       and close proximity to the major Ukrainian iron ore and
       coal reserves;

(iii) Azovstal's integrated business profile with its own coke
       plants and secure access to iron ore and coal mines via
       affiliated companies under the Metinvest umbrella;

  (iv) its strong market position as a major supplier of slabs to
       Italy and other Western countries; and

   (v) relatively strong historical financial metrics and low
       leverage, in line with the regional peer group.

The last rating action for Azovstal was the change in outlook to
developing in September 2007 to reflect the increased uncertainty
from the creation of the topholding company Metinvest at the time.

Upgrades:

   Issuer: Azovstal Capital B.V.

   -- Senior Unsecured Regular Bond/Debenture,
      Upgraded to B1 from B3

   Issuer: Azovstal Iron & Steel Works

   -- Corporate Family Rating, Upgraded to B1 from B2

Outlook Actions:

   Issuer: Azovstal Capital B.V.

   -- Outlook, Changed To Positive From Developing

   Issuer: Azovstal Iron & Steel Works

   -- Outlook, Changed To Positive From Developing

Azovstal is located in Mariupol on the shores of the Sea of Azov,
is Ukraine's third-largest integrated steel producer with an
annual production capacity of 6.5 million tonnes.  The main
production focus is on semi-finished products such as slabs which
account for 40% of total revenue in 2007 and are mostly exported
to the markets of the EU, the CIS, Mediterranean, Africa and Asia.
Azovstal is also a major producer of plates, heavy sections and
rails which are sold either domestically or exported to CIS
countries.  The company reported sales of UAH16,636 billion
(approximately US$3.3 billion) and operating profit of UAH2,256
billion (approx. US$ 447 million) in 2007.  Azovstal is the major
asset of Metinvest a newly formed metals and mining group in the
Ukraine, ultimately majority-owned by System Capital Management.


DELTA BROKER: Creditors Must File Claims by September 7
-------------------------------------------------------
Creditors of have until Sept. 7, 2008, to submit proofs of claim
to:

         Vitaly Zlenko
         Insolvency Manager
         Balochnaya Str. 3
         Makieyevka
         Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on July 28, 2008.
The case is docketed as 5/102b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Delta Broker
         Universitetskaya Str. 80
         Donetsk
         Ukraine


EUROTECH LLC: Creditors Must File Claims by September 6
-------------------------------------------------------
Creditors of LLC Eurotech (code EDRPOU 34952917) have until Sept.
6, 2008, to submit proofs of claim to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on July 22, 2008.
The case is docketed as B-39/66-08.

The Debtor can be reached at:

         LLC Eurotech
         Dostoyevsky Str. 3
         61102 Kharkov
         Ukraine


EKVA LLC: Creditors Must File Claims by September 10
----------------------------------------------------
Creditors of LLC Ekva (code EDRPOU 24182566) have until
Sept. 10, 2008, to submit proofs of claim to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on June 13, 2008.
The case is docketed as 22/5b.

The Debtor can be reached at:

         LLC Ekva
         Gromova Str. 21a
         Stanichno-Luganskoye
         Lugansk
         Ukraine


FIN-SERVICE LLC: Creditors Must File Claims by September 7
----------------------------------------------------------
Creditors of LLC Fin-Service (code EDRPOU 229915929) have until
Sept. 7, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 4, 2008.
The case is docketed as 50/39.

The Debtor can be reached at:

         LLC Fin-Service
         Apartment 414
         Gnat Jury Str. 9
         03148 Kiev
         Ukraine


KIEV-LENVARS: Creditors Must File Claims by September 7
-------------------------------------------------------
Creditors of LLC Kiev-Lenvars (code EDRPOU 19023104) have until
Sept. 7, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 16, 2008.
The case is docketed as 50/82.

The Debtor can be reached at:

         LLC Kiev-Lenvars
         Academic Tupolev Str. 17
         04128 Kiev
         Ukraine


KOLIUS ST: Creditors Must File Claims by September 7
----------------------------------------------------
Creditors of LLC Kolius ST (code EDRPOU 32669876) have until Sept.
7, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 7, 2008.
The case is docketed as 50/76.

The Debtor can be reached at:

         LLC Kolius ST
         General Naumov Str. 23-b
         03164 Kiev
         Ukraine


LOMRESOURCE LLC Proofs of Claim Filing Deadline Set Sept. 6
-----------------------------------------------------------
Creditors of LLC Lomresource (code EDRPOU 24743728) have until
Sept. 6, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy supervision
procedure on the company on July 9, 2008.  The case is docketed as
44/50-b.

The Debtor can be reached at:

         LLC Lomresource
         Demiyevskaya Str. 45B
         03040 Kiev
         Ukraine


MEGARESOURCE CJSC: Creditors Must File Claims by September 7
------------------------------------------------------------
Creditors of CJSC Trading House Megaresource (code EDRPOU
31779513) have until Sept. 7, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 9, 2008.
The case is docketed as 44/92-B.

The Debtor can be reached at:

         CJSC Trading House Megaresource
         General Naumov Str. 23-b
         03164 Kiev
         Ukraine


SANITARYWARE-SERVICE: Creditors Must File Claims by Sept. 7
-----------------------------------------------------------
Creditors of LLC Sanitaryware-Service (code EDRPOU 34925066) have
until Sept. 7, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 31, 2008.
The case is docketed as 24/215-B.

The Debtor can be reached at:

         LLC Sanitaryware-Service
         Vanda Vasilevska Str. 18
         04116 Kiev
         Ukraine


SUNRISE ENERGY: US$2.1MM Working Capital Deficit Cues GLO Doubt
---------------------------------------------------------------
Houston, Texas-based GLO CPA's LLLP raised substantial doubt about
the ability of Sunrise Energy Resources, Inc., to continue as a
going concern after auditing the company's financial statements
for the year ended Dec. 31, 2007.  The auditor pointed to the
company's net losses during the year ended Dec. 31, 2007, and
working capital deficit as of Dec. 31, 2007.

The company posted a net loss of US$2,002,817 on total revenues of
US$2,767,432 for the year ended Dec. 31, 2007, as compared with a
net loss of US$339,042 on total revenues of US$1,874,207 in the
prior
year.

                      Management Statement

Since inception, the company has financed its operations from
private sources.  Management anticipates continuing losses in the
near future while its wholly owned Ukrainian subsidiaries, TOV
Energy-Servicing Company Esko Pivnich and Pari, Ltd., establish
steady production of hydrocarbons in Ukraine.  As at Dec. 31,
2007, the company has cash balances of US$11,915 and a working
capital deficit of US$2,172,224.

Management is currently discussing various financing options with
private investors that include company shareholders.  However, no
assurance can be provided as to if, when, and in what amount the
new financing may be received by the company.  Failure to timely
receive a financing may cause the company to significantly curtail
or altogether suspend its capital expenditure program.  This may,
in turn, have material adverse effect on its production
activities.  Management anticipates it will require around
US$10,000,000 to implement its capital expenditure program for
2008.

Management believes that it will be able to raise the funds
through equity and debt financing.

To fully develop the area covered by its licenses, the company
needs substantial additional funding.  Additionally,
recoverability of a major portion of its assets is dependent upon
continued operations of the company, which in turn is dependent
upon its ability to meet its financing requirements on a
continuing basis, primarily by its ability to raise additional
funds in equity markets, and to succeed in its future operations.

Management has taken steps to revise its operating and financial
requirements, which it believes are sufficient to provide the
company with the ability to continue in existence.  The company
plans to continue to raise additional capital in the equity
markets as significant source of funding the development of the
Licenses.  Based on its expected production capabilities from the
expenditures that will be made as a result of equity and debt
financing, the company believes that it could generate adequate
cash flow.  Additional funding requirements may also be necessary
before the company is able to rely solely on the production from
the licensed properties for the cash flow of the company.

                Oil & Gas Production and Revenue

During the year ended Dec. 31, 2007, Esko Pivnich had gross
production of 21,321 barrels of crude oil, 201,414 thousands of
cubic feet of natural gas, and 7,068 barrels of condensate
respectively.  As at Dec. 31, 2007, the company carried inventory
of oil of 104 BBLS and 635 BBLS of condensate while as at Dec. 31,
2006, the company carried 6,252 BBLS of oil in inventory.

The company recognizes revenue from the sale of oil and condensate
when the purchaser takes delivery of the oil at the field.  The
revenue from the sale of natural gas is recognized at the metering
node installed at the point of connection of the Bogodukhov-
Stepove gas pipeline with the gas flow line from the storage and
separation facility at the Karaikozovsk property lease in Eastern
Ukraine.

During the year ended Dec. 31, 2007, the company sold on the gross
basis 27,229 BBLS of its internally produced crude oil at an
average price of US$51.78 per BBL translating into net revenues
from sales of internally produced oil of US$1,409,783.  In
addition, the company sold on a gross basis 201,414 MCF of gas at
an average price of US$3.06 per MCF translating into net revenues
from sales of produced gas of US$617,239.  Also, the company
generated US$350,621 from the sales of produced condensate at an
average price of US$54.70.

                          Balance Sheet

At Dec. 31, 2007, the company's balance sheet showed US$12,793,914
in total assets, US$11,684,607 in total liabilities, and
US$1,109,307 in total stockholders' equity.

The company's consolidated balance sheet at Dec. 31, 2007, showed
strained liquidity with US$2,942,614 in total current assets
available to pay US$5,114,835 in total current liabilities.

These information are included in Sunrise Energy's amendment to
its Form 10-KSB with the Securities and Exchange Commission to
disclose the result of management's assessment of internal
controls.

A full-text copy of the company's 2007 annual report is available
for free at http://ResearchArchives.com/t/s?3195

                      About Sunrise Energy

Sunrise Energy Resources, Inc., (OTC BB: SEYR) --
http://www.sunriseenergy.us/-- through its subsidiaries,
explores, distributes and produces oil and gas in Ukraine. It
holds interests primarily in the Karaikozovsk, Rakitnyansk, and
Rogan fields in eastern Ukraine, as well as in the Peremyshlyansk,
Niklovitsk, Chukvinsk, Pilipivsk, and Sheremetyevsk properties in
the western Ukraine.  The company was founded in 2000 and is
headquartered in New York.


TOPTRADE SERVICE: Proofs of Claim Filing Deadline Set Sept. 7
-------------------------------------------------------------
Creditors of LLC Toptrade Service (code EDRPOU 33236933) have
until Sept. 7, 2008, to submit proofs of claim to:

         Fedor Lazarev
         Temporary Insolvency Manager
         Matrosov Str. 27
         36002 Poltava
         Ukraine

The Economic Court of Kiev commenced bankruptcy supervision
procedure on the company on July 4, 2008.  The case is docketed as
44/113-b.

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

The Debtor can be reached at:

         LLC Toptrade Service
         Schors Str. 29
         01133 Kiev
         Ukraine


TRANS TECHNICS: Creditors Must File Claims by September 7
---------------------------------------------------------
Creditors of LLC Trans Technics (code EDRPOU 35429848) have until
Sept. 7, 2008, to submit proofs of claim to:

         Vitaly Zlenko
         Insolvency Manager
         Balochnaya Str. 3
         Makieyevka
         Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on July 28, 2008.
The case is docketed as 5/105b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Trans Technics
         Gurov Avenue 11
         Donetsk
         Ukraine


UKRAINIAN PETROLEUM: Creditors Must File Claims by Sept. 6
----------------------------------------------------------
Creditors of CJSC Ukrainian Petroleum Gas Technology (code EDRPOU
24942422) have until Sept. 6, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 23/245-B43/529.  The Court has appointed Oleg Yatsiv
as liquidator.

The Debtor can be reached at:

         CJSC Ukrainian Petroleum Gas Technology
         Elektrikov Str. 26
         04176 Kiev
         Ukraine


VITEKS LLC: Creditors Must File Claims by September 7
-----------------------------------------------------
Creditors of LLC Viteks (code EDRPOU 13737274) have until
Sept. 7, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as B 2/157-08.

The Debtor can be reached at:

         LLC Viteks
         Boyarskaya Str. 4
         Vita-Poshtova
         08170 Kiev
         Ukraine


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


BETBROKERS PLC: Goes Into Administration
----------------------------------------
Betbrokers plc was placed into administration on Wednesday,
Sept. 3, 2008.

Until the administration of its subsidiary Betbrokers Ltd. is
completed and/or the company is able to effect a sale of Winning
Edge, it is not possible for Betbrokers Ltd. to repay a loan to
Betbrokers plc.  Therefore, with regret, the directors of
Betbrokers plc were left no other choice but to put the company
into administration.

As reported in the TCR-Europe, Betbrokers Ltd. was placed into
administration on Aug. 22, 2008.

Betbrokers plc's shares on AIM were suspended temporarily on
Aug. 26, 2008 as a result.

Betbrokers plc (AIM: BETB) -- http://www.betbroker.co.uk/-- is
headquartered in London.


BRITISH AIRWAYS: Strong Dollar Offset Oil Price Drop Benefit
------------------------------------------------------------
In August 2008, British Airways Plc's passenger capacity, measured
in Available Seat Kilometers, was 1.9% above August 2007.

Traffic, measured in Revenue-Passenger-Kilometers, fell by 1.6%.
This resulted in a passenger load factor decrease of 2.7 points
versus last year, to 77.3%.  Traffic comprised a 2.2% increase in
premium traffic and a 2.1% fall in non-premium traffic.

Cargo, measured in Cargo Ton Kilometers, rose by 1.1%.

                         Market conditions

Market conditions for the industry remain very difficult, with the
strong dollar largely offsetting the benefit of the recent fall in
oil prices.  The outlook for premium bookings is uncertain as
forward booking patterns for business travel develop after the
summer break.

                      Strategic Developments

British Airways, American Airlines and Iberia signed a joint
business agreement on flights between North America and Europe and
plan to expand their global cooperation.  The relationship will
benefit consumers by providing easy, seamless and convenient
travel to more global destinations with better connections,
improved flight schedules and enhanced frequent flyer benefits.

Shannon Airport was announced as the re-fueling stop for British
Airways' planned business-class only flights from London City to
New York.  During the stop customers will be allowed to complete
USA arrivals checks, meaning they will by-pass the normal arrivals
checks when they land in New York.  The airline plans to launch
twice-daily business class flights between London City and New
York.  It is expected the new service will launch in autumn 2009.

Team GB flew home with British Airways from Beijing to a heroes'
welcome.

British Airways was voted Best Transatlantic Airline by air
travelers in this year's Skytrax survey.

British Airways celebrated GBP25 million raised since the 'Change
for Good' partnership between the airline and UNICEF began in
1994.


                     About British Airways

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

                         *     *     *

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


BRITISH CROP: British Crop Protection Council Calls in Receivers
----------------------------------------------------------------
The British Crop Protection Council appointed William Jeremy
Jonathan Knigh and Richard Eaglesfield Floyd joint administrative
receivers of British Crop Protection Enterprises Ltd. (Company
Number 02367773) on Aug. 6, 2008.


BUSINESS DIRECT: Nominated Adviser and Broker Resigns
-----------------------------------------------------
Arden Partners plc, the nominated adviser and broker of Business
Direct Group plc, notified the administrators of the company of
its intention to resign effective Oct. 1, 2008.

Under the AIM Rules, the company has one month after Oct. 1, 2008,
to appoint a replacement nominated adviser.  If the company fails
to appoint a new nominated adviser within this period, the AIM
admission of its shares will be canceled by the London Stock
Exchange at 7:00 a.m. on Nov. 3, 2008.

For more information, please direct your inquiries to:

         C K Rayment and D H Gilbert - Joint Administrators
         c/o BDO Stoy Hayward LLP
         125 Colmore Row
         Birmingham
         England

As reported in the TCR-Europe, the Board of Business Direct Group
appointed David Gilbert and Kim Rayment of BDO Stoy Hayward LLP to
act as administrators of the company.  The Board also requested
the London Stock Exchange to suspend trading in the company's
shares.  The suspension of the company's shares took effect on
Monday, Sept. 1, 2008.

The administrators are currently negotiating to sell the business
and assets of the Group.

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


DOIG SPRING: Brings in Joint Administrators from Baker Tilly
------------------------------------------------------------
Matthew Richard Meadley Wild and Geoffrey Lambert Carton-Kelly of
Baker Tilly Restructuring and Recovery LLP were appointed joint
administrators of Doig Spring & Engineering Co. Ltd. (Company
Number 00508900) on Aug. 21, 2008.

The company can be reached at:

         Doig Spring & Engineering Co. Ltd.
         c/o Baker Tilly Restructuring and Recovery LLP
         The Clock House
         140 London Road
         Guildford
         Surrey
         GU1 1UW
         England


DURA AUTOMOTIVE: SEC Filing Reveals CEO Compensation Package
------------------------------------------------------------
Dura Automotives Systems, Inc. entered into separate executive
employment term sheet agreements, on Aug. 29, 2008, with Timothy
D. Leuliette, the President and Chief Executive Officer of the
Company, and Theresa L. Skotak, the company's Executive Vice
President and Chief Administrative Officer, a Securities and
Exchange Commission filing disclosed.

According to The Detroit Free Press, the agreement provides
Mr. Leuliette a US$1 million salary, a US$44,000 expense account
for country club memberships and vehicles, and a US$1.5 million
bonus depending on company performance.

The regulatory filing relates that the executive employment term
sheet agreements detailed for the job position and employment and
compensation arrangements for each of Mr. Leuliette and Ms.
Skotak.  The agreements provide for the participation of each
executive in the company's Annual Performance Bonus Plan for each
calendar year commencing Jan. 1, 2009.  The agreements also
provide for an at will employment arrangement between the company
and each executive, subject to certain severance obligations in
the event the company terminates the employment of the executive
without cause.

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

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

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

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

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


EDWARD WARE: To Continue Trading Under CVA; Debts Total GBP5.1MM
----------------------------------------------------------------
Clifton-based property developer Edward Ware Homes Ltd. has
entered into a company voluntary arrangement after racking up
debts of more than GBP5.1 million, thisisbristol.co.uk reports.

Under the CVA, which was set up through BDO Stoy Hayward, Edward
Ware Homes will continue to trade.  The report however notes
creditors will only get GBP2.50 for every GBP1,000 owed to them.

"The company continues to trade in its streamlined state under the
CVA, in order to organize the build out of its various projects,"
Simon Girling, joint supervisor of the arrangement at BDO Stoy
Hayward, was quoted by the report as saying.

According to the report, Edward Ware Homes owed money to 211
creditors, including ECS (Bristol) Ltd., Greenvale Landscapes in
Fishponds, and Mark Breen Plastering in Emersons Green.  Edward
Ware, the company's director, is the largest creditor.  He
personally accounts for over 50 per cent of the debt.

Mr. Ware, the report relates, attributed the company's financial
difficulties to an "an industry in meltdown," claiming "the
problem is that land values have dropped by 100 per cent.
Existing stock – apartments and houses you are trying to sell –
has had to be discounted by up to 30 per cent.  The assets of the
business have become worthless – less value than the borrowings."

He added "the dilemma facing the directors was whether to put the
business into receivership or come to a voluntary agreement with
all the creditors with the view to holding some of the assets
until the market recovered sufficiently to build the developments
and sites on the books and pay people back in full."

In 2007 turnover of Edward Ware Homes dropped from GBP11.4 million
to GBP673,000.  The company's losses reached GBP3.8 million, the
report adds.


ENVIROPEEL INT'L: Bank of Scotland Taps Receivers from Mazars
-------------------------------------------------------------
The Bank of Scotland plc appointed Roderick John Weston and Guy
Hollander of Mazars LLP joint administrative receivers of
Enviropeel International Ltd. (Company Number 03096243) on
Aug. 6, 2008.

The company can be reached at:

         Enviropeel International Ltd.
         3 Charles Wood Road
         Rash's Green
         Dereham
         Norfolk
         NR19 1SX
         England


HIFLEX FLUIDPOWER: Appoints Joint Administrators from PwC
---------------------------------------------------------
David James Bennett, Zelf Hussain and Colin Michael Trevethyn Haig
of PricewaterhouseCoopers LLP were appointed joint administrators
of Hiflex Fluidpower Ltd. (Company Number 01046614) on Aug. 22,
2008.

The company can be reached at:

         Hiflex Fluidpower Ltd.
         Hiflex House
         Telford Road
         Churchfields Industrial Estate
         Salisbury
         Wiltshire
         SP2 7PH
         England


LEHMAN BROTHERS: KDB Proposes to Acquire 25% Stake, Report Says
---------------------------------------------------------------
Korea Development Bank has proposed to acquire a 25% stake in U.S.
investment bank Lehman Brothers Holdings Inc., reports citing
Chosun Ilbo, South Korea's largest mass-circulation daily, say.
Dow Jones reports that KDB is prepared to pay at least
US$4.4 billion for the stake.  Associate Press say KDB could offer
as much as US$5.3 billion.

Korea Development Bank is in talks to buy a stake in the
securities firm, Chief Executive Officer Min Euoo Sung said,
according to Bloomberg News.  He refused to comment further.

According to Dow Jones KDB has proposed to ask for the right to
subsequently increase its stake in Lehman Brothers to 40% to 50%
and for the separation of Lehman's bad assets.  The segregation
will be done by creating a "bad bank" and write down as much as
possible on non-risk assets through due diligence before
investing, Dow Jones reports citing Chosun Ilbo.

Observers are advising KDB to bid with caution.  As reported by
the TCR on Aug. 28, 2008, analyst told the Wall Street Journal
that Lehman Brother may incur at least US$2 billion in net loss
and more than US$3 billion in write-downs in the present quarter
that would subject Richard Fuld Jr., chairman and chief executive
officer of Lehman Brothers, under pressure to improve the firm's
financial health by mid-September.

KDB could bid against one of the top three major U.S.-based hedge
funds, HSBC and a Chinese bank to acquire a stake in Lehman, the
report said.

Lehman has been struggling to keep up with the losses it had to
take in marking to market its mortgage assets, and is exploring
options to raise capital.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- an
innovator in global finance, serves the financial needs of
corporations, governments and municipalities, institutional
clients, and high net worth individuals worldwide.  Founded in
1850, Lehman Brothers maintains leadership positions in equity and
fixed income sales, trading and research, investment banking,
private investment management, asset management and private
equity.  The firm is headquartered in New York, with regional
headquarters in London and Tokyo, and operates in a network of
offices around the world.


MYHOME INT'L: Fails to Repay Lloyds TSB; LSE Suspends Trading
-------------------------------------------------------------
The London Stock Exchange has granted the Board of Myhome
International plc's request to suspend the company's shares from
trading on AIM, effective Sept. 3, 2008.  As of Sept. 3, 2008, the
company is unable to repay the monies owed to Lloyds TSB.

This suspension has been requested after receiving a demand notice
from Lloyds TSB Bank plc for the immediate repayment of all monies
owed to Lloyds TSB by the company.

This demand has been received notwithstanding the fact that the
company is still actively pursuing the offer from a new potential
investor to replace the company's existing bank debt and subscribe
for new shares in the company.  In addition the company is still
trading within its banking facilities.

Myhome International plc -- http://www.myhome.com/-- has over 400
franchisees, and has established their position in the home
services market in the United Kingdom.


OPUS 4: Taps Joint Administrators from Deloitte & Touche
--------------------------------------------------------
Stephen Anthony John Ramsbottom and Dominic Lee Zoong Wong  of
Deloitte & Touche LLP were appointed joint administrators of Opus
4 Ltd. (Company Number 951391) on Aug. 22, 2008.

The company can be reached at:

         Opus 4 Ltd.
         c/o Deloitte & Touche LLP
         Four Brindleyplace
         Birmingham
         England


REFCO INC: Allied World to Resume Payment of Grant's Defense Costs
------------------------------------------------------------------
Bankruptcy Law360 reports that the Hon. Gerard E. Lynch of the
U.S. District Court for the Southern District of New York upheld a
ruling by the U.S. Bankruptcy Court in Manhattan that directed
Allied World Assurance Co. Inc. to continue paying Refco Inc.
President Tone N. Grant's defense costs.

According to Bankruptcy Law360, Refco had suspended coverage for
Mr. Grant in the wake of his criminal conviction for securities
fraud.

Headquartered in New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operations in 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives.  The company has operations in Bermuda.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts to
the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.  (Refco Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


REFCO INC: Trustee Fights Motions to Dismiss Fraud Lawsuit
----------------------------------------------------------
Bankruptcy Law360 reports that Marc S. Kirschner, the Plan
Administrator for Refco Capital Markets, Ltd., filed on Friday a
response in the U.S. District Court for the Southern District of
New York on several motions to dismiss a lawsuit alleging that
outside auditors, legal counsel, and investment banks knew that a
multimillion-dollar fraud was taking place at Refco Inc. that
would eventually lead to the firm's collapse.

According to Bankruptcy Law360, Mr. Kirschner "pushed back hard"
against the motions.

In August, Bankruptcy Law 360 said the District Court once again
tossed complaints by the shareholders of now-defunct futures
brokerage Refco Inc. against three of the world's largest
investment banks, marking the second time that the plaintiffs in
the case have been denied.

Headquartered in New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operations in 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives.  The company has operations in Bermuda.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.  (Refco Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


S GOLD: Brings in Joint Administrators from BDO Stoy Hayward
------------------------------------------------------------
Antony David Nygate and David Harry Gilbert of BDO Stoy Hayward
LLP, were appointed joint administrators of S Gold Holdings Ltd.
(Company Number 04488614) on Aug. 22, 2008.


SEA CONTAINERS: Recovery Under Chapter 11 Plan Beats Liquidation
----------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates delivered to the
U.S. Bankruptcy Court for the District of Delaware a liquidation
analysis in support of their Chapter 11 plan of reorganization.

Under the "best interests of creditors" test set forth under
Section 1129(a)(7) of the U.S. Bankruptcy Code, the U.S.
Bankruptcy Court for the District of Delaware may not confirm a
Chapter 11 plan of reorganization unless it provides each holder
of a claim or interest that does not accept the plan with property
of a value, as of the effective date of the plan, that is not less
than the amount that the holder would receive or retain if the
debtor was liquidated under Chapter 7 of the Bankruptcy Code.

To demonstrate that their Joint Plan of Reorganization satisfies
the "best interests of creditors" test, the Debtors -- with the
assistance of their advisors, including PricewaterhouseCoopers
LLP and Kirkland & Ellis LLP -- prepared and delivered to the
Court a hypothetical liquidation analysis, which is based upon
certain assumptions.

The Liquidation Analysis assumes conversion of the Debtors'
Chapter 11 cases to Chapter 7 liquidation cases on November 30,
2008.  Due to the potentially competing interests between Sea
Containers Ltd. and Sea Containers Services Ltd., it is possible
that upon conversion to Chapter 7, separate trustees would be
appointed to the SCL and SCSL estates.  In addition to the costs
associated with both Chapter 7 trustees familiarizing themselves
with the cases, it could be assumed that each trustee would
appoint a separate set of legal and professional advisors.  This
would lead to a further increase in administrative costs.
Administration of the Chapter 7 estates would be expected to
continue for a period of at least two years and possibly longer.
During this time, the Liquidation Analysis assumes that the
Chapter 7 trustees would conduct a liquidation of the assets under
the Chapter 7 trustees' control and endeavor to repatriate cash
from the Non-Debtor Subsidiaries.  However, the majority of the
NonContainer Leasing Businesses and assets are held by Non-Debtor
Subsidiaries over which the Chapter 7 trustees are unlikely to
have direct control.  Furthermore, it is possible that certain
creditors may seek the appointment of a Bermudian liquidator for
SCL, resulting in a cross-border competition for control of SCL,
implicating complex issues of jurisdiction and comity that could
drain remaining resources rapidly through litigation, and
otherwise delay any residual distributions to creditors.

                      Sea Containers Ltd.
                     Liquidation Analysis
                    As of November 30, 2008

                                               Value
                                     --------------------------
                                     Ch. 7 High       Ch. 7 Low
                                     ----------       ---------
Cash                                 US$30,100,000
US$30,100,000
Net receivables - group companies    100,700,000      75,300,000
Investment in GESeaCo                315,800,000     228,800,000
Containers                           104,000,000      85,300,000
Other assets                           5,400,000       5,400,000
                                    -----------     -----------
Est. gross liquidation proceeds      556,000,000     424,900,000

DIP claims                          (145,500,000)   (145,500,000)
Other administrative claims          (84,200,000)    (92,700,000)
Est. Chapter 7 trustee fee            (8,800,000)     (4,300,000)
Est. Chapter 7 costs and fees        (21,800,000)    (39,500,000)
                                    -----------     -----------
                                   (260,300,000)   (282,000,000)
Estimated proceeds available         -----------     -----------
to 3rd party unsecured claims        295,700,000     142,900,000

3rd party unsecured claims:
Noteholder claims                    420,900,000     420,900,000
Pension fund claims                  261,200,000     245,800,000
Guarantee claims                      21,900,000      28,000,000
Other claims                          18,400,000      63,400,000
                                    -----------     -----------
                                   US$722,400,000 US$758,100,000
Est. % recovery to
3rd party unsecured claims                   41%             19%

Estimated proceeds
available to interests                        -               -

                 Sea Containers Services Ltd.
                     Liquidation Analysis
                    As of November 30, 2008

                                               Value
                                     --------------------------
                                     Ch. 7 High       Ch. 7 Low
                                     ----------       ---------
Net receivables - group companies    US$21,000,000
US$42,500,000
Other assets                           1,700,000       1,700,000
                                    -----------     -----------
Est. gross liquidation proceeds       22,700,000      44,200,000

Other administrative claims          (16,300,000)     (1,100,000)
Est. Chapter 7 trustee fee              (100,000)       (700,000)
Est. Chapter 7 costs and fees         (4,000,000)    (18,000,000)
                                    -----------     -----------
                                    (20,400,000)    (19,800,000)
Estimated proceeds available         -----------     -----------
to 3rd party unsecured claims          2,300,000      24,400,000

3rd party unsecured claims:
Pension claims                                 -     207,400,000
Other claims                           6,400,000       6,400,000
                                    -----------     -----------
                                     US$6,400,000 US$213,800,000

Est. % recovery to
3rd party unsecured claims                   36%             11%

Est. proceeds available to interests          -               -

                 Sea Containers Caribbean Inc.
                     Liquidation Analysis
                    As of November 30, 2008

                                               Value
                                     --------------------------
                                     Ch. 7 High       Ch. 7 Low
                                     ----------       ---------
Cash                                           -               -
Net receivables - group companies              -               -
Other assets                                   -               -
                                    -----------     -----------
Est. gross liquidation proceeds                -               -

Other administrative claims                    -               -
Est. Chapter 7 trustee fee                     -               -
Est. Chapter 7 costs and fees                  -               -
                                    -----------     -----------
                                              -               -

Estimated proceeds available         -----------     -----------
to 3rd party unsecured claims                  -               -

3rd party unsecured claims:
Pension claims                                 -               -
Other claims                                   -               -
                                    -----------     -----------
                                              -               -

Est. % recovery to
3rd party unsecured claims                     -               -

Est. proceeds available to interests           -               -

According to the Analysis, the Plan assumes that Intercompany
Claims will pass through the Debtors' Chapter 11 cases, pursuant
to an agreed-to standstill with the Non-Debtor Subsidiaries, to
be resolved post-Confirmation.  In a Chapter 7 liquidation,
however, it is possible that Claims otherwise settled under the
Plan may be asserted against the Non-Debtor Subsidiaries, leading
to those companies to set aside the Intercompany Standstill and,
instead, assert Claims against the Debtors or other Non-Debtor
Subsidiaries, resulting in a cascading call on Intercompany
Claims across the SCL group.  These Intercompany Claims could be
asserted and pursued through contested legal proceedings,
including competing proceedings in non-U.S. jurisdictions.
Within a contested environment, asset values and costs discussed
in the Liquidation Analysis may differ materially from estimates
referred to in the Plan and Disclosure Statement.

A full-text copy of the Debtors' Liquidation Analysis is
available at no charge at http://researcharchives.com/t/s?3190

                      About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S. Sea Containers
Ltd. and two subsidiaries filed for chapter 11 protection on
Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).  Edmon L.
Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., and
Sean T. Greecher, Esq., at Young, Conaway, Stargatt and Taylor,
represent the Debtors in their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Debtors filed their joint Chapter 11 plan of reorganization
and disclosure statement on July 31, 2008.  (Sea Containers
Bankruptcy News, Issue No. 48; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)



SEA CONTAINERS: Balks at US$500 Million Securities Fraud Claim
------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to disallow Claim
No. 116, which was asserted in amounts "in excess of US$500
million," and filed on behalf of a putative plaintiff class, whose
consolidated action at the U.S. District Court for the Southern
District of New York was dismissed with prejudice by the Honorable
Richard Berman.

Robert S. Brady, Esq., at Young Conaway Stargatt & Taylor, LLP,
in Wilmington, Delaware, relates that the Claim is based entirely
on allegations of securities law violations that Judge Berman has
twice dismissed.  Accordingly, he says, the long-standing
principles of res judicata and collateral estoppel mandate that
the Claim be disallowed.

In the alternative, the Claim should be disallowed for the same
carefully considered reasons that the New York District Court has
repeatedly found the Plaintiffs' allegations to be deficient,
Mr. Brady tells the Bankruptcy Court.  Any contrary result not
only would be legally inconsistent, but also would place a
needless burden on the bankruptcy estates, he continues.

The putative class action complaint named Sea Containers Ltd.,
its former chief executive officer and chairman, and two of its
former chief financial officers as defendants.  The complaint
asserts that the defendants made false and misleading statements
in violation of Sections 11, 12(a)(2) and 15 of the Securities
Act of 1933 and Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934.

The principles of res judicata bar the assertions set out in the
Claim because it is based entirely on allegations that the New
York District Court twice rejected for failure to state any claim
upon which relief can be granted, Mr. Brady contends.  He notes
that the Plaintiffs have had two full and fair opportunities to
state a cognizable basis for liability under the federal
securities laws, and have failed to do so.

Thus, Mr. Brady states, permitting the Plaintiffs to relitigate
the issues in the Bankruptcy Court would constitute an end run of
the New York District Court's opinions, and result in the
Plaintiffs receiving an unjustified third "bite at the apple."

Mr. Brady further argues that the allegations set out in the
Claim are barred under the principles of collateral estoppel
because the claims at issue are identical to those involved in
the District Court action.  Accordingly, the Debtors submit that
the elements for issue preclusion have clearly been satisfied,
and thus, the Claim must be disallowed.

The Debtors reserve all of their rights to file any request,
pleading or brief with respect to any further consideration the
Bankruptcy Court may give to the Claim.  To the extent the
Bankruptcy Court allows any portion of the Claim, the Debtors
reserve the right to file an adversary proceeding to subordinate
the allowed portion of the Claim pursuant to Section 510(b) of
the U.S. Bankruptcy Code.

                      About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S. Sea Containers
Ltd. and two subsidiaries filed for chapter 11 protection on
Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).  Edmon L.
Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., and
Sean T. Greecher, Esq., at Young, Conaway, Stargatt and Taylor,
represent the Debtors in their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Debtors filed their joint Chapter 11 plan of reorganization
and disclosure statement on July 31, 2008.  (Sea Containers
Bankruptcy News, Issue No. 48; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: Files Notice of Bermuda Scheme of Arrangement
-------------------------------------------------------------
Sea Containers Limited has notified parties-in-interest that
in line with its Plan of Reorganization filed with the United
States Bankruptcy Court for the District of Delaware, and its
winding up proceedings in Bermuda, it anticipates entering into a
Scheme of Arrangement with certain of its creditors, pursuant to
Section 99 of the Companies Act 1981 of Bermuda, for the purpose
of implementing the Plan in Bermuda.

According to SCL, it is likely that an application to the Supreme
Court of Bermuda will be made during this month to convene one or
more meetings of creditors, as applicable.

SCL proposes that, if approved, the Scheme will become effective
in or around mid to late November this year and have a Scheme bar
date in or around mid to late December.  The Scheme Bar Date is
the date by which any claims against SCL not currently filed in
the Chapter 11 proceedings must be submitted by creditors to be
taken into account for distribution purposes.

SCL says that notwithstanding the substantial efforts made to date
to identify all creditors, SCL is keen to identify any remaining
person or persons who believe they have a claim against SCL and
who have not already submitted claims in respect of the Chapter 11
proceedings.  These person or persons may be eligible to submit a
claim in respect of the Scheme if their failure to participate in
the Chapter 11 Proceedings is not a result of willful default or
lack of reasonable diligence, according to the notice.

Accordingly, SCL urges creditors who have not previously filed a
claim in the Chapter 11 proceedings to contact its claims and
solicitation agent:

  BMC Group, Inc.
  31 Southampton Row, 4th Floor
  Holborn WC1B 5HJ, England
  Tel. No.: +44-20-7000-1214

or at:

  444 Nash Street
  El Segundo, California 90245
  Tel. No.: 001-888-909-0100

or at:

  http://www.bmcgroup.com/scl

The bar date for filing claims against SCL under the Chapter 11
Proceedings was set at July 16, 20, 2007, and a subsequent bar
date for claims by employees was set at August 28, 2008.

                      About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S. Sea Containers
Ltd. and two subsidiaries filed for chapter 11 protection on Oct.
15, 2006 (Bankr. D. Del. Case No. 06-11156).  Edmon L. Morton,
Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., and Sean T.
Greecher, Esq., at Young, Conaway, Stargatt and Taylor, represent
the Debtors in their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Debtors filed their joint Chapter 11 plan of reorganization
and disclosure statement on July 31, 2008.


SEA CONTAINERS: PBGC & SPCP Objects to Disclosure Statement
-----------------------------------------------------------
Two parties-in-interest have objected to Sea Containers Ltd. and
its debtor-affiliates' disclosure statement explaining their joint
plan of reorganization.

1) Pension Benefit Guaranty Corporation

The Pension Benefit Guaranty Corporation complains that the
disclosure statement violates Section 1125(a)(1) of the U.S.
Bankruptcy Code by failing to adequately disclose the Debtors'
responsibilities and liabilities under the Employee Retirement
Income Security Act and Internal Revenue Code with regard to the
currently underfunded Sea Containers America Pension Plan.

"In particular, the Disclosure Statement fails to fully account
for the Debtors' statutory liabilities under ERISA and IRC that
continue to accrue should the Pension Plan remain ongoing or
liabilities that arise should the Pension Plan terminate in a
distress termination or PBGC-initiated termination," Charles L.
Finke, Esq., PBGC's deputy chief counsel, tells the Court.  He
notes that PBGC has contacted the Debtors' counsel to resolve the
issues consensually, but files the objection as a protective
measure.

ERISA provides the exclusive means for a plan sponsor to
terminate a pension plan by a standard termination, a distress
termination, or a PBGC-initiated termination.  PBGC is a U.S.
Government agency that administers pension plan termination
insurance program under ERISA.

Non-Debtor Sea Containers America, Inc., is the Pension Plan's
contributing sponsor, Mr. Finke relates.  As a subsidiary of
Debtor Sea Containers, Ltd., however, SCA and all of the Debtors
are under common control for purposes of ERISA and IRC, and thus,
are members of the same controlled group that are jointly and
severally liable for certain statutory obligations in relation to
the Pension Plan, including contributions necessary to satisfy
the Pension Plan's minimum funding standards under the IRC and
ERISA, and variable-rate and flat-rate premiums owed to PBGC.

If the Pension Plan terminates in a Distress or PBGC Termination,
Mr. Finke explains, SCA, the Debtors, and their controlled group
members would be jointly and severally liable for all unpaid
minimum funding contributions, which would become immediately due
and payable upon termination and are typically owed to PBGC, who
would become the Pension Plan's statutory trustee upon
termination.  He says that SCA, et al., would also incur joint
and several liability to PBGC for the total amount of the Pension
Plan's unfunded benefit liabilities, which is the excess of a
pension plan's "benefit liabilities" over the value of the
pension plan's assets.

Mr. Finke discloses that after the Debtors filed for bankruptcy
protection, PBGC timely filed proofs of claims, on its own behalf
and on behalf of the Pension Plan, for (i) the Pension Plan's
unfunded benefit liabilities, (ii) unpaid minimum funding
contributions, and (iii) unpaid premiums owed to PBGC.  However,
he notes, the Disclosure Statement does not provide that SCA, et
al., are jointly and severally liable for certain liabilities and
contributions with respect to the Pension Plan.

PBGC, therefore, suggests that certain language should be added
to the Disclosure Statement regarding the Pension Plan, including
the fact that the Pension Plan is underfunded on a termination
basis for US$2,047,651, and that US$10,469 in unpaid minimum
funding contributions are due.

If the Debtors include the suggested language, PBGC would
withdraw its objection, Mr. Finke assures the Court.  PBGC
expects its concerns will be reflected in the Debtors' Chapter 11
Plan.

PBGC also objects to the Disclosure Statement because it fails to
disclose ERISA's effect on the Chapter 11 Plan's provision titled
"Employee Benefits."  Mr. Finke contends that the provision
clearly violates ERISA, which provides the exclusive means to
terminate a defined benefit pension plan.  Thus, the Pension Plan
cannot be summarily terminated "pursuant to the [Debtors' Plan of
Reorganization]" without satisfying ERISA's statutory
requirements and corresponding regulations, he adds.

PBGC further complains that the Disclosure Statement and the
Chapter 11 Plan provide for broad releases of non-debtor
liability.  Mr. Finke notes that the Disclosure Statement does
not even mention the claims that are being released, and does not
discuss whether the proposed release applies to PBGC's claims and
any claims of the Pension Plan's participants.  He adds that the
Disclosure Statement does not even discuss why the releases are
appropriate.

The Debtors have failed to provide "adequate information" as
defined in Section 1125, Mr. Finke points out.

Mr. Finke says PBGC is willing to withdraw its objections if its
suggested language were included in the Disclosure Statement and
the Chapter 11 Plan.

2) SPCP Group, et al.

Pursuant to an assignment of claim agreement, Papenburger
Fahrschiffsreederei GMBH & Co., transferred and assigned to SPCP
Group, L.L.C, all of its right, title and interest in and to a
claim against Sea Containers Ltd.  The claim relates to a certain
sale and purchase agreement, Paul Traub, Es q., at Dreier LL, in
New York, relates.

SPCP Group subsequently sold 75% of the Papenburger Claim to
various third parties, with SPCP Group retaining 25% of the claim
for its own account.

In April 2007, SPCP Group filed a proof of claim, designated as
Claim No. 25, evidencing its portion of the Papenburger Claim,
against SCL, Mr. Traub informs the Court.  On August 21, 2008,
SPCP Group amended Claim No. 25 to correct the claim amount,
which was listed in U.S. dollars, as opposed to Euros.  He
declares that the correct claim amount should be EUR3,951,335.

The Debtors' proposed plan of reorganization contains the
definition "Allowed SPCP Group Claim" with a proposed allowed
claim amount erroneously listed as US$3,951,335, Mr. Traub
relates.
He contends that the claim amount should be in Euros and not in
dollars.

Mr. Traub further relates the that the "Allowed JMB Capital
Claim" and "Allowed Trilogy Claim" defined in the Plan represent
two 25% portions of the Papenburger Claim, which have been
converted from EUR3,951,335 to US$4,951,813.  Since Claim No. 25
is
identical to the JMB and Trilogy claims, the definition of
"Allowed SPCP Group Claim" in the Plan should match the two
claims' definitions, so that the "Allowed SPCP Group Claim"
should be listed in the aggregate allowed amount of US$4,951 ,813,
or the Euro equivalent of EUR3,951,335, Mr. Traub points out.

Accordingly SPCP Group, as agent for Silver Point Capital Fund,
L.P., and Silver Point Capital Offshore Fund, Ltd., as assignee
of Papenburger, ask Judge Carey to:

  (a) direct the Debtors to amend the Plan and Disclosure
      Statement to define the "Allowed SPCP Group Claim" as
      EUR3,951,335, or the identical definition used to define
      "Allowed JMB Capital Claim" and "Allowed Trilogy Claim";
      or

  (b) deny the approval of the Disclosure Statement based on the
      incorrect and inadequate information it contained with
      respect to the "Allowed SPCP Group Claim".

                      About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S. Sea Containers
Ltd. and two subsidiaries filed for chapter 11 protection on Oct.
15, 2006 (Bankr. D. Del. Case No. 06-11156).  Edmon L. Morton,
Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., and Sean T.
Greecher, Esq., at Young, Conaway, Stargatt and Taylor, represent
the Debtors in their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Debtors filed their joint Chapter 11 plan of reorganization
and disclosure statement on July 31, 2008.  (Sea Containers
Bankruptcy News, Issue No. 48; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


W H WESSON: Calls in Joint Administrators from Tenon Recovery
-------------------------------------------------------------
Andrew James Pear and Ian Cadlock of Tenon Recovery were appointed
joint administrators of W H Wesson (Fencing) Ltd. (Company Number
00780894) on Aug. 26, 2008.

The company can be reached at:

         W H Wesson (Fencing) Ltd.
         The Sawmills
         Small Dole
         Henfield
         West Sussex
         BN5 9XG
         England


* 2008 European Loan Default Rate Stable So Far, S&P Reports
------------------------------------------------------------
One year on since the onset of the liquidity crunch, it is quite
apparent that the economic repercussions are starting to be felt
by the most vulnerable industrial companies.  Yet, while the U.S.
leveraged loan default rate has risen sharply in 2008, to date
there has been no discernable increase in the European loan
default rate from the level seen in recent years.

European leveraged loan issuers have remained relatively
unscathed, protected by a degree of built-in defenses incorporated
into their structures and the willingness of lenders and
shareholders to provide support.  But defaults in Europe could
jump significantly once both lenders and sponsors adopt a much
more unforgiving stance where financial restructuring is clearly
required, Standard & Poor's Ratings Services said in an article
titled "European First-Half Loan Default Rate Stable So Far, But A
Sharp Jump Is Plausible," published on RatingsDirect.

In the year to end-July 2008, globally S&P has seen 52 publicly
rated companies default, driving up the trailing 12-month
speculative-grade default rate to 1.79%.  This compares with only
22 publicly rated companies globally for the whole of 2007, which
translated into a record low 0.97% default rate.

Of these 52 companies, the only rated European company to default
was the French drinks manufacturing company Belvedere S.A., which
voluntarily filed under the procedure de sauvegarde in July 2008.
Furthermore, in the 12 months to the end of June, 2008, not a
single European publicly rated industrial company had defaulted.

However, in Europe, it is misleading to review in isolation the
default experience of those mainly high-yield issuers that are
publicly rated, as much issuance activity occurs below the radar
screen in the unrated private leveraged loan market.  S&P's
private credit estimate database of 648 entities (end June 2008)
comprising mainly private leveraged loans held in institutional
investors' portfolios tells a quite different story.  Over the 12-
month period to end of June 2008, 10 defaults were recorded in
Europe, representing a default rate of 1.55%.

Defaults under S&P's rating definition encompass failure to pay
and bankruptcy filings, as well as restructurings involving
coercive exchanges that result in material losses for creditors.
Although higher in terms of the number of defaulting entities,
this is not materially different from the private default rates
experienced in the CE portfolio in the 2004-2007 period.

"To get a sense of how far the private European loan default rate
could rise over the next 12 months, we have analyzed our current
distribution of rating opinions and then compared the outcome to
the U.S. loan market experience at similar stages in the credit
cycle over the past decade," said S&P's credit analyst Paul
Watters.

"Our calculations suggest a 12-month prospective European default
rate of 5.8% for the private European leveraged loan market is
quite plausible," said Mr. Watters.


* PPF Takes a Further 15 Insolvent Schemes in August
----------------------------------------------------
In August 2008, 15 more schemes transferred to the Pension
Protection Fund, resulting in a further 3,597 people around the
U.K. now receiving PPF compensation –- or will do so in the
future.

To date:

    * 57 schemes have now transferred to the PPF

    * 15,935 people are now receiving compensation, or will
      receive it in the future

    * The PPF paid out almost GBP2.3 million in compensation this
      month (September)

    * The average yearly compensation payment is GBP4,700 per
      person

    * The oldest recipient of compensation in 101, and the
      youngest is six.

Details of the schemes that have transferred is available for free
at:

http://www.pensionprotectionfund.org.uk/index/transferred-
schemes.htm

This also includes details of schemes currently in the assessment
period and those schemes that have completed assessment but have
not transferred in for whatever reason.


* BOOK REVIEW: The Fallen Colossus
----------------------------------
Author:     Robert Sobel
Publisher:  Beard Books
Hardcover:  370 pages
List Price: US$34.95

Own your personal copy at
http://amazon.com/exec/obidos/ASIN/1893122883/internetbankrupt

The Fallen Colossus by Robert Sobel is the story of the Penn
Central debacle that has much to teach investors, businessmen, and
financiers about giant corporations caught in economic recessions
or industries suffering a slow decline.

It is the story of the 1970's bankruptcy of the Penn Central
Railroad, the nation's foremost transportation company.

The demise of the Penn Central, which took the form of a death
struggle for six years, was a catalyst for legislation that set
the stage for future partnerships between the private and public
sectors, a relationship enjoyed by other segments of the
transportation industry.


                            *********

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 * * *