TCREUR_Public/080908.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

           Monday, September 8, 2008, Vol. 9, No. 178

                            Headlines

A U S T R I A

OESTERLE EDELSTAHLVERARBEITUNG: Claims Filing Ends September 20
T.R.O.S. LLC: Claims Registration Period Ends September 19
V&G LLC: Claims Registration Period Ends September 19


B U L G A R I A

BULGARIAN AMERICAN: Allied Irish Banks Acquires 49.99% Stake
BULGARIAN AMERICAN: S&P Lifts Counterparty Credit Rating to BB+
KREMIKOVTZI AD: Operating License at Risk on EU Pollution Concern


F R A N C E

DELPHI CORP: Appaloosa Insists Right to Cancel Funding Pledge


G E R M A N Y

CONBAU GMBH: Claims Registration Period Ends September 16
CONNUMI GMBH: Claims Registration Period Ends September 16
DIE HANDWERK-MEISTER: Claims Registration Period Ends Sept. 18
ENA KUNSTSTOFF: Claims Registration Period Ends September 15
ENERCESS GMBH: Claims Registration Period Ends September 16

FRESENIUS SE: S&P Assigns BB+/BBB- Debt Ratings on Subsidiaries
IGDIR FEINKOST: Claims Registration Period Ends September 15
IMPRESS SOFTWARE: Claims Registration Period Ends September 15
INGENIEURGESELLSCHAFT FUER: Claims Registration Ends Sept. 15
KULTURFAKTOR GMBH: Creditors' Meeting Slated for September 15

LOGISTIC & COINS: Claims Registration Period Ends Sept. 15
OSTSEE YACHTCHARTER: Claims Registration Period Ends Sept. 15
PRESSE VERLAG: Claims Registration Period Ends September 15
SCHLOSS GOEHRDE: Claims Registration Period Ends September 15
SMF DIENSTLEISTUNG: Claims Registration Period Ends Sept. 15

TAURUS TRANSPORT: Claims Registration Period Ends Sept. 15
TEEGEN VERLAGS: Claims Registration Period Ends September 15
VERWERTUNG UND AUFBEREITUNG: Claims Registration Ends Sept. 15


I T A L Y

ALITALIA SPA: Bidder Presents Rescue Plan to European Commission
ALITALIA SPA: Compagnia Aerea Italiana Eyes 3,250 Job Cuts


K A Z A K H S T A N

ARZU CJSC: Proof of Claim Deadline Slated for October 14
GALANTEREYA OJSC: Creditors Must File Claims by October 6
KARAGIYA-KASPYI-SERVICE LLP: Claims Filing Period Ends October 6


K Y R G Y Z S T A N

PAK MOTORS: Creditors Must File Claims by September 26


L U X E M B O U R G

EVRAZ GROUP: Sees No Material Effects from Coal Probe Results


R U S S I A

BARS SCIENTIFIC: Creditors Must File Claims by September 28
BOGUCHANLESPROM TIMBER: Creditor Must File Claims by October 28
BUTURLINOVSKIY TINNED: Creditor Must File Claims by October 28
EVRAZ GROUP: Sees No Material Effects from Coal Probe Results
FIFTH REGION: Kaliningrad Bankruptcy Hearing Set October 1

KOMPAS OJSC: Creditors Must File Claim by October 28
MOBILE TELESYSTEMS: To Spend RUR11.1 Bln on Share Buyback Program
NOVOLIPETSK STEEL: Acquiring Beta Steel for US$400 Million
NOVOLIPETSK STEEL: Passes Shipbuilding Slab Production Audit
SEVERSTAL OAO: Earns US$1.94 Billion for First Half 2008

SEVERSTAL OAO: Board Recommends RUR18.35 Dividend per Share
UNITY RE: S&P Assigns BB-/Stable Counterparty Credit Rating


S P A I N

SPANISH AYT: Fitch Affirms Ratings on Four Tranches at 'BB+'
TDA CAM: Fitch Holds Junk Ratings on Two Loan Classes


S W E D E N

FORD MOTOR: August 2008 Vehicle Sales Drop 25.6% to 151,021


S W I T Z E R L A N D

GENERAL MOTORS: Flint Okays Tax Incentives for Proposed Plant
GENERAL MOTORS: August Total Vehicle Sales Down 20% to 308,817
MAVENA JSC: Proofs of Claim Filing Deadline is  Sept. 21
REITSCHULE BURGDORF: Creditors' Proofs of Claim Due by Sept. 21
TAMEX JSC: Sept. 21 Set as Deadline to File Proofs of Claim


U K R A I N E

A-GROUP LLC: Creditors Must File Claims by Sept. 10
ALL-UKRAINIAN PRESS-GROUP: Creditors' Claims Due Sept. 11
BUILDING COMPLEX: Creditors Must File Claims by Sept. 10
CATRAN LLC: Creditors Must File Claims by Sept. 11
ENERGYALLIANCE LLC: Proofs of Claim Filing Deadline Set Sept. 11

EUROPEAN CREDIT: Proofs of Claim Filing Deadline Set Sept. 11
KAMEYA LLC: Creditors Must File Claims by Sept. 10
KIEV MEAT: Creditors Must File Claims by Sept. 10
MAY TRAVEL LLC: Creditors Must File Claims by Sept. 11
MEREFA BREAD-BAKING: Creditors Must File Claims by Sept. 11

NVK KAFA: Creditors Must File Claims by Sept. 11
MRT LLC: Creditors Must File Claims by Sept. 10
PILOT PLUS: Creditors Must File Claims by Sept. 11
POLIREM-AGRO LLC: Creditors Must File Claims by Sept. 10
REFRAIN LLC: Creditors Must File Claims by Sept. 10

SALOL LLC: Creditors Must File Claims by Sept. 10
TORVEKS CJSC: Proofs of Claim Filing Deadline Set Sept. 11
VOYKOVO AGRICULTURAL: Claims Filing Deadline Set Sept. 10
ZAPORUKA LLC: Creditors Must File Claims by Sept. 11


U N I T E D   K I N G D O M

1ST DIRECT: Brings in Liquidators from Tenon Recovery
BLACK HORSE: Taps Liquidators from Smith & Williamson
BLUE TOUCH: Calls in Liquidators from Tenon Recovery
BRITISH AIRWAYS: American Air Denies Tie Up Will Create Monopoly
BS DEVELOPMENT: To Leave Creditors at Least GBP2MM Out of Pocket

CHRYSLER LLC: August 2008 U.S. Sales Down 34% at 110,235 Units
CHRYSLER LLC: Canada Sales for August 2008 Fall 24%
CHRYSLER LLC: Discloses Leadership Appointments in Finance Office
CSW INDUSTRIAL: Appoints Liquidators from Mazars
EUROMEC SCOTLAND: Joint Liquidators Take Over Operations

INSTYLE CONSTRUCTION: Taps Liquidators from Baker Tilly
J & R CLEANING: David Elliott Leads Liquidation Procedure
MOBILE STORAGE: Appoints S. J. Parker as Liquidator
TTC CREATIVE: Brings in Liquidators from Tenon Recovery

* S&P Says Euro Leveraged Finance Markets OK But Debt Still High

* BOND PRICING: For the Week Sept. 1 to Sept. 5, 2008


                         *********


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


OESTERLE EDELSTAHLVERARBEITUNG: Claims Filing Ends September 20
---------------------------------------------------------------
Creditors owed money by OHG Oesterle Edelstahlverarbeitung have
until Sept. 20, 2008, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Andreas Fritsch
         Reichshofstrasse 11
         6890 Lustenau
         Austria
         Tel: 05577/89300
         Fax: 05577/89300-20

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:20 a.m. on Sept. 25, 2008, for the
examination of claims at:

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

Headquartered in Lustenau, Austria, the Debtor declared bankruptcy
on Aug. 25, 2008, (Bankr. Case No. 14 S 31/08h).


T.R.O.S. LLC: Claims Registration Period Ends September 19
----------------------------------------------------------
Creditors owed money by LLC T.R.O.S. have until Sept. 19, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Katharina Widhalm-Budak
         Favoritenstrasse 22/12 a
         1040 Vienna
         Austria
         Tel: 504 64 08
         Fax: 504 64 08 22
         E-mail: widhalm-budak@mitrecht.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Oct. 3, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 6, 2008, (Bankr. Case No. 28 S 106/08d).


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

         Martin Honemann
         Oelzeltgasse 4
         1030 Vienna
         Austria
         Tel: 713 61 92
         Fax: 713619222
         E-mail: martin.honemann@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Oct. 3, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 6, 2008, (Bankr. Case No. 28 S 107/08a).


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


BULGARIAN AMERICAN: Allied Irish Banks Acquires 49.99% Stake
------------------------------------------------------------
Bulgarian-American Enterprise Fund, on Aug. 29, 2008, sold
6,311,100 shares from the registered capital of Bulgarian American
Credit Bank AD (ISIN: BG1100098059) at a price of BGN67.00 per
share to Allied Irish Banks, p.l.c., Ireland through an ???
transaction.

The size of the deal is BGN422,843,700.  The deal represents the
sale of 49.99 per cent interest in BACB.  As a result, BAEF's
share in the Bank's capital is reduced to 3.89 per cent.

BAEF is the majority shareholder of BACB.  BAEF is a private U.S.
corporation established in 1991 under legislation enacted by the
U.S. Congress to promote active participation in the development
and expansion of the economy in Bulgaria.

                           About BACB

Headquartered in Sofia, Bulgaria, Bulgarian American Credit Bank
AD -- http://www.bacb.bg/en-- is a specialist provider of secured
finance to small and medium sized companies in Bulgaria.

BACB was established in 1996 and listed on the Bulgarian Stock
Exchange in March 2006.  It has four offices in key regional
cities and a network of mobile lending consultants who cover a
further 15 cities.  The company has 137 employees.

                         *     *     *

In February 2008, Standard & Poor's Ratings Services placed its
'BB/B' long- and short-term counterparty credit ratings on
Bulgarian American Credit Bank on CreditWatch with positive
implications.


BULGARIAN AMERICAN: S&P Lifts Counterparty Credit Rating to BB+
---------------------------------------------------------------
Standard & Poor's Ratings Services has raised its long-term
counterparty credit rating on Bulgarian American Credit Bank to
'BB+' from 'BB'.  The rating was removed from CreditWatch, where
it was placed on Feb. 25, 2008, with positive implications.  At
the same time, the 'B' short-term rating was affirmed.  The
outlook is stable.

This rating action follows the acquisition by Allied Irish Banks
PLC (AIB; A+/Stable/A-1) of a 49.99% stake in Bulgarian American,
which was finalized on Aug. 29, 2008.

"Our base case scenario assumes that BACB is set to benefit from
this transaction in terms of financial flexibility, risk
management, and business development," said S&P's credit analyst
Annette Ess.  "Therefore, the long-term rating on the bank
includes a one-notch uplift from its stand-alone credit quality.
The uplift is limited, however, because S&P considers BACB to be a
nonstrategic subsidiary of AIB, given its small size and AIB's
still piecemeal Central and Eastern European strategy, despite an
increased interest in this region."

The ratings on Bulgarian American continue to reflect its limited
customer franchise and diversification, low capital (in absolute
terms), reliance on wholesale funding, and rapid loan growth.  On
a positive note, the bank has a successful niche business
strategy, consistently high profitability, good capitalization,
and increasing funding diversification.  Medium-term economic
growth prospects in the Republic of Bulgaria (BBB+/Stable/A-2)
remain strong, although lower than in the past, given signs of
overheating pressures and the effects of tightening global
credit conditions, particularly on investment activity.

S&P considers the bank's risk profile to be vulnerable, due to
its rapid loan growth; large exposures in the hotel and real
estate sectors, which show signs of slowdown; price decreases;
and waning investor demand for holiday homes.  These risks are
partly mitigated by the bank's conservative credit procedures,
strong workout capabilities, and high collateral coverage.

"The outlook is stable because we expect AIB to help BACB sustain
its commercial position, solid capitalization, profitability, and
secure wholesale funding," said Ms. Ess.  "We expect the bank to
adequately manage risks emanating from mounting competition; rapid
loan growth; and high concentration in the hotel and real estate
sectors, which are prone to deterioration."

With a 2% market share for loans and total assets of about EUR400
million, Bulgarian American is a small bank.  It specializes in
loans to small and midsize enterprises that are secured by
residential and commercial property.


KREMIKOVTZI AD: Operating License at Risk on EU Pollution Concern
-----------------------------------------------------------------
The Bulgarian government would not issue an operating license to
Kremikovtzi AD if the insolvent steelmaker cannot meet the
European Union's environmental standards by end-October 2008,
Reuters reports citing Economy Minister Petar Dimitrov.

Mr. Dimitrov told Reuters Kremikovtzi's strategic investor should
address the matter before it could issue an operational permit.

The minister noted that Vorskla Steel AG, which has an existing
production agreement with Kremikovtzi, has pledged to carry out
pressing environmental upgrades by end of October.

                          Insolvency Ruling

Mr. Dimitrov, meanwhile, defended a ruling of Sofia City Court to
commence insolvency proceedings against Kremikovtzi, Reuters
reports.

He denied that the government had a hand in the ruling, saying
that doing such "is anti-European and unreal."

As reported in the TCR-Europe on Sept. 4, 2008, Kremikovtzi's
creditors have filed an appeal against the court's decision to
declare the steel mill insolvent.

Creditors who bought EUR325 million of Kremikovtzi's seven-year
12% notes due 2013 called the ruling biased and aimed at depriving
them of their rights for the benefit of potential buyers, Reuters
reports.  The court ruled that Kremikovtzi's insolvency started on
Dec. 31, 2005, which would place the bondholders at the bottom of
the creditor preference list.  Kremikovtzi issued the bonds in
2006 and defaulted payment in 2007.

"The bondholders' debt is there," Mr. Dimitrov was quoted by
Reuters as saying.  "It has not been dismissed."

Mr. Dimitrov said Bulgaria will file a claim of BGN900 million at
the creditors meeting scheduled in October.

                        About Kremikovtzi

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

As of Dec. 31, 2007, Kremikovtzi AD had around BGN1.63 billion
(US$1.3 billion) in total debts.


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


DELPHI CORP: Appaloosa Insists Right to Cancel Funding Pledge
-------------------------------------------------------------
Appaloosa Management L.P. and A-D Acquisition Holdings, LLC,
together with the other defendants, have denied Delphi Corp.'s
allegations and claims that it is entitled to specific performance
by investors of their commitment to provide US$2,550,000,000 in
exit equity financing.

Appaloosa says that it had grounds to terminate their agreement
after Delphi allowed General Motors Corp. to participate in the
exit financing process, which undermined their agreed objective
of Delphi's reorganization -- to disentangle itself from its
former parent and increase penetration of non-GM customers.

The parties earlier entered a stipulation extending the
defendants' deadline to submit their answers to the Complaints to
September 2.

Appaloosa, et al., deny Delphi's claims for:

  (i) breach of contract in connection with the Equity Purchase
      and Commitment Agreement dated of August 3, 2007, as
      amended on December 10, 2007, which sets forth the
      obligation of ADAH, Harbinger Del-Auto Investment Company,
      Ltd., Pardus DPH Holding LLC, Merrill Lynch, Pierce,
      Fenner & Smith Incorporated, and Goldman Sachs & Co. to
      invest up to US$2,550,000,000 in reorganized Delphi;

(ii) breach of contract by Appaloosa, Harbinger Capital
      Partners Master Fund I, Ltd., and Pardus Special
      Opportunities Master Fund L.P., in connection with the
      Commitment Letter Agreements;

(iii) relief against all defendants pursuant to Section 1142 of
      the Bankruptcy Code, which empowers the U.S. Bankruptcy
      Court for the Southern District of New York to direct any
      necessary party to perform any act that is necessary for
      the consummation of a plan;

(iv) fraud against Appaloosa because it (i) deceived Delphi by
      concealing its plans, decision and actions to undermine
      the EPCA, and the Plan and the equity financing needed for
      the consummation of the Plan, and (ii) assured Delphi that
      it will fulfill its investment obligations, despite its
      plans to the contrary, resulting to Delphi refraining from
      pursuing alternatives, to its own detriment and the
      detriment of all its stakeholders; and

  (v) equitable subordination or disallowance of the claims of
      the defendants for acting inequitably and breaching their
      duties to the Debtors and causing substantial harm to the
      Debtors, their employees, creditors and other
      stakeholders.

UBS Securities, LLC, also refutes Delphi's assertions that (i)
UBS breached its obligations by failing to use its reasonable
best efforts to consummate the EPCA, (ii) the Court should
exercise its equitable authority under Section 1142 to order UBS
to comply with its obligations under the Plan and the EPCA, and
(iii) UBS' claims or interests should be equitably subordinated
or disallowed.  UBS denies that Delphi is entitled to specific
performance ordering UBS to invest US$166,866,749, and says, among
its affirmative defenses, that the EPCA limits Delphi's claims
against UBS to US$16,358,805.

Representing Appaloosa and ADAH, J. Christopher Shore, Esq., at
White & Case LLP, in New York, asserts 12 affirmative defenses
that would bar, in whole or in part, Delphi's claims:

  (1) the failure to state a claim;

  (2) the doctrine of estoppel;

  (3) the doctrine of election of remedies;

  (4) the doctrine of judicial estoppel;

  (5) the doctrine of law of the case;

  (6) the doctrine of laches;

  (7) the doctrine of unclean hands;

  (8) waiver and release of Delphi's claims pursuant to the
      EPCA;

  (9) Delphi's alleged harm and damages were due to, and
      caused by, events, conditions, instrumentalities or
      omisssions of individuals or entities other than the
      Appaloosa defendants;

(10) Delphi has failed to mitigate its alleged damages;

(11) Delphi is not entitled to specific performance because it
      cannot, currently or at the time of judgment in this
      action, fulfill all of the conditions of the Investment
      Agreement; and

(12) Delphi's claims for specific performance are barred in
      whole or in part by the doctrine of impossibility.

In view of these defenses, Mr. Shore says, Appaloosa brings these
counterclaims against Delphi to recover damages caused by
Delphi's material and willful breaches of the EPCA:

    * Delphi willfully violated the EPCA and thwarted
      Appaloosa's contractual expectation of investing in a
      viable Delphi that was separated from its wholesale
      dependence on and control by General Motors -- by bringing
      GM in for more than US$2,600,000,000 of long-term, non-
      market financing;

    * Delphi violated other provisions of the EPCA including
      its obligation to obtain exit financing on the terms
      agreed to by the parties, which would have provided Delphi
      with the liquidity it clearly needs while at the same time
      not saddling it with interest payments beyond its capacity
      to repay; and

    * as a result of Delphi's multiple breaches, Appaloosa
      terminated the EPCA for a cause, triggering Delphi's
      obligation to pay US$82,500,000 Alternate Transaction Fee
      and other transaction expenses as those terms are defined
      in the EPCA.

According to Mr. Shore, on Jan. 30, 2008, Delphi approached ADAH
with an exit financing proposal reflecting its agreement with GM
and contemplating that US$1,700,000,000 would be raised from the
public markets.  At a meeting on Feb. 6, ADAH expressed its
concerns with the proposal, including that it:

  (i) contemplated higher interest than permitted under the
      December 10, 2007 EPCA,

(ii) anticipated issuing the first and second lien paper at a
      significant original issue discount,

(iii) overly concentrated GM's participation in the capital
      structure, and

(iv) left Delphi insufficiently capitalized.

ADAH also expressed concern that GM's participation to that
degree would undermine a key objective of Delphi's reorganization
plan, which was for the company to disentangle itself from its
former parent and that such participation might also threaten the
execution of Delphi's portion of the business plan that
contemplated increased penetration of non-GM customers as a
result of no longer being a "GM captive."

Delphi, however, ignored those concerns by filing a motion under
Section 1142(b) of the Bankruptcy Code seeking an order, among
other things, that an exit financing that would provide for
additional funding by GM complies with the Plan and the EPCA.
Mr. Shore says that the Court denied the Motion and acknowledged
at the hearing that the US$2,000,000,000 in additional notes to GM
appeared to be outside the ordinary course of business, which is
precluded by paragraph 5(p)(ii) of the EPCA.  Mr. Shore adds that
changing the terms to have a GM subsidiary, GM Product Services,
Inc., to hold the Delphi-issued note, was still in violation of
the EPCA as (i) the GMPSI Proposal was, in reality, still an
agreement with GM, and provides for greater involvement and
control by GM, and (ii) Delphi obtained debt financing from
GMPSI, which was not a financial institution.

UBS seeks damages from Delphi arising from its breach of the
EPCA.  Other than Goldman Sachs, the Plan Investors want their
proportionate share from the US$82,500,000 Alternative Transaction
Fee.  Goldman Sachs seeks reimbursement of US$798,571 and Merrill
Lynch seeks an undisclosed amount for fees and expenses of
counsel in connection with investigating, negotiating, and
preparing to complete the transactions contemplated by the EPCA.

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


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


CONBAU GMBH: Claims Registration Period Ends September 16
---------------------------------------------------------
Creditors of CONBAU GmbH Hauser aus Holz have until Sept. 16,
2008, to register their claims with court-appointed insolvency
manager Dr. Gerrit Hoelzle.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Duisburg
         Hall C315
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Gerrit Hoelzle
         Rheinstrasse 75
         47623 Kevelaer
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against CONBAU GmbH Hauser aus Holz on July 29, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         CONBAU GmbH Hauser aus Holz
         Liebigstrasse 6
         47608 Geldern
         Germany

         Attn: Christoph Deckers, Manager
         Semmeringstrasse 39
         47249 Duisburg
         Germany


CONNUMI GMBH: Claims Registration Period Ends September 16
----------------------------------------------------------
Creditors of ConNumi GmbH have until Sept. 16, 2008, to register
their claims with court-appointed insolvency manager Christian
Krause.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.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 Cologne
         Meeting Hall 142
         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:

         Christian Krause
         Widdersdorfer Str. 190
         50825 Koeln
         Germany
         Tel: 690489-0
         Fax: 690 489-29

The District Court of Cologne opened bankruptcy proceedings
against ConNumi GmbH on Aug. 18, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         ConNumi GmbH
         Attn: Ingo Fydrich, Manager
         Johanneslust 1
         50181 Bedburg
         Germany


DIE HANDWERK-MEISTER: Claims Registration Period Ends Sept. 18
--------------------------------------------------------------
Creditors of DHM Die Handwerk-Meister fuer Elektro, Sanitar,
Heizung, Gebaudereinigung GmbH have until Sept. 18, 2008, to
register their claims with court-appointed insolvency manager Dr.
Wolf-Ruediger von der Fecht.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Oct. 15, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C207
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Wolf-Ruediger von der Fecht
         Goldstr. 1
         47051 Duisburg
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against DHM Die Handwerk-Meister fuer Elektro, Sanitar, Heizung,
Gebaudereinigung GmbH on Aug. 1, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         DHM Die Handwerk-Meister fuer Elektro,
         Sanitar, Heizung, Gebaudereinigung GmbH
         Attn: Christian Verforst, Manager
         Ruhrorter Str. 5
         47198 Duisburg
         Germany


ENA KUNSTSTOFF: Claims Registration Period Ends September 15
------------------------------------------------------------
Creditors of ENA Kunststoff GmbH have until Sept. 15, 2008, to
register their claims with court-appointed insolvency manager
Hans-Peter Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 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 Rosenheim
         Hall 108
         Rosenheim
         Germany

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

The insolvency manager can be reached at:

         Hans-Peter Mueller
         Marienstrasse 5
         83278 Traunstein
         Germany
         Tel: 0861/166268-50
         Fax: 0861/166268-81

The District Court of Rosenheim opened bankruptcy proceedings
against ENA Kunststoff GmbH on Aug. 22, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ENA Kunststoff GmbH
         Jensenstr. 8
         83209 Prien
         Germany


ENERCESS GMBH: Claims Registration Period Ends September 16
-----------------------------------------------------------
Creditors of EnerCess GmbH have until Sept. 16, 2008, to register
their claims with court-appointed insolvency manager Martin
Kienitz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 17, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         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:

         Martin Kienitz
         Hahler Strasse 253
         32427 Minden
         Germany

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

The Debtor can be reached at:

         EnerCess GmbH
         Attn: Udo Weinert, Manager
         Robert-Bosch-Str. 7
         32547 Bad Oeynhausen
         Germany


FRESENIUS SE: S&P Assigns BB+/BBB- Debt Ratings on Subsidiaries
---------------------------------------------------------------
Standard & Poor's Ratings Services has assigned issue-level
ratings to various proposed secured and unsecured debt instruments
to be issued by Fresenius Finance I SA (Luxembourg), Fresenius
U.S. Finance I Inc., APP Pharmaceuticals LLC, and Fresenius U.S.
Finance II Inc., subsidiaries of Germany-based health care group
Fresenius SE, as part of the debt financing of the 100%
acquisition of Illinois-based drug maker APP Pharmaceuticals Inc.
S&P also revised its issue and recovery ratings on Fresenius
Finance B.V.'s senior unsecured debt.

The proposed US$1 billion term loan A, US$1 billion term loan B,
and US$650 million revolving credit facility (RCF) to be issued
by APP, Fresenius U.S., and Fresenius Finance I are rated 'BBB-',
two notches higher than the 'BB' corporate credit rating on the
group.  The recovery rating on these debt instruments is '1',
indicating S&P's expectation of very high (90%-100%) recovery in
the event of a payment default.  S&P sees the possibility of
slightly better recovery prospects for lenders at APP
Phamaceuticals than at Fresenius U.S. and Fresenius Finance I
because of the different collateral structure, with APP debt
secured by assets while Fresenius U.S. and Fresenius Finance I
debt has only an indirect claim on security pledged to the
intercompany loans on-lent by these issuers.  All term loans and
the RCF are guaranteed by Fresenius SE, Fresenius Kabi AG, and
Fresenius ProServe GmbH, with APP debt additionally guaranteed
by APP Phamaceuticals Inc.

The proposed US$1.3 billion bridge facility to be issued by
Fresenius U.S. II is rated 'BB+', one notch higher than the
corporate credit rating.  The recovery rating on this debt
instrument is '2', indicating S&P's expectation of substantial
(70%-90%) recovery in the event of a payment default.  Weaker
recovery prospects on the bridge loan reflect its second-ranking
claim on the collateral available to the term loan and RCF
lenders.

The issue rating on Fresenius Finance's unsecured bonds has been
lowered to 'BB' from 'BB+', in line with the corporate credit
rating.  The recovery rating was revised to '4' from '2',
indicating S&P's expectation of average (30%-50%) recovery in the
event of a payment default.  The revised ratings reflect the
significant portion of additional prior-ranking debt instruments
to be raised to finance the acquisition of APP.

"We have valued the company on a going-concern basis, given its
satisfactory business risk profile, its leading market position,
and high barriers to entry in terms of skills and knowledge in a
highly regulated sector," said S&P's recovery analyst Carlo
Castelli.  "As we believe that a default would most likely result
from excessive leverage or an unforeseen event such as product
contamination, we have assumed that, with a restructured balance
sheet, Fresenius SE's health care products and services would
still provide a sustainable business model."

S&P's estimate of the stressed enterprise value at default is
about EUR3.05 billion, not including the company's stake in
Fresenius Medical Care AG & Co. KGaA.  Recovery prospects are
calculated based on the intrinsic value of the Fresenius Helios,
Fresenius Vamed, Kabi, and APP businesses, and allow for a
moderate amount of value from Fresenius SE's stake in Fresenius
Medical.

In the event of any refinancing of the US$1.3 billion bridge
facility, recovery ratings on all instruments would be subject
to further review.


IGDIR FEINKOST: Claims Registration Period Ends September 15
------------------------------------------------------------
Creditors of Igdir Feinkost GmbH have until Sept. 15, 2008, to
register their claims with court-appointed insolvency manager
Marco Martin.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on Oct. 15, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Marco Martin
         Apostelnkloster 17-19
         50672 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Igdir Feinkost GmbH on July 21, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Igdir Feinkost GmbH
         Marktstr. 10
         50968 Cologne
         Germany


IMPRESS SOFTWARE: Claims Registration Period Ends September 15
--------------------------------------------------------------
Creditors of Impress Software GmbH have until Sept. 15, 2008, to
register their claims with court-appointed insolvency manager
Christopher Seagon.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 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 Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Christopher Seagon
         Bernwardstrasse 11
         31134 Hildesheim
         Germany
         Tel: 05121 74974-0
         Fax: 05121 74974-17

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

The Debtor can be reached at:

         Impress Software GmbH
         Rotenburger Strasse 21
         30659 Hannover
         Germany


INGENIEURGESELLSCHAFT FUER: Claims Registration Ends Sept. 15
-------------------------------------------------------------
Creditors of Ingenieurgesellschaft fuer angewandte Mechanik mbH
have until Sept. 15, 2008, to register their claims with court-
appointed insolvency manager Thomas Krafft.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Oct. 15, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg
         Germany

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

The insolvency manager can be reached at:

         Thomas Krafft
         Leipziger Strasse 70
         06108 Halle/Saale
         Germany
         Tel: 0345-67878-0
         Fax: 0345-67878-10
         E-mail: halle-saale@hww-kanzlei.de

The District Court of Magdeburg opened bankruptcy proceedings
against Ingenieurgesellschaft fuer angewandte Mechanik mbH on
Aug. 1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Ingenieurgesellschaft fuer angewandte Mechanik mbH
         Steinfeldstr. 3-5
         39179 Barleben
         Germany


KULTURFAKTOR GMBH: Creditors' Meeting Slated for September 15
-------------------------------------------------------------
The court-appointed insolvency manager for Kulturfaktor GmbH,
Joachim Voigt-Salus will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:10 a.m. on
Sept. 15, 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 9:05 a.m. on Dec. 15, 2008, at the same venue.

Creditors have until Oct. 16, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against Kulturfaktor GmbH on July 22, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Kulturfaktor GmbH
         Wilhelminenhofstr. 83-85
         12459 Berlin
         Germany


LOGISTIC & COINS: Claims Registration Period Ends Sept. 15
----------------------------------------------------------
Creditors of Logistic & Coins GmbH have until Sept. 15, 2008, to
register their claims with court-appointed insolvency manager
Moritz Hansberg.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Oct. 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 Bochum
         Meeting Hall A29
         Ground Floor
         Viktoriastr. 14
         44787 Bochum
         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:

         Moritz Hansberg
         Huestrasse 34
         44787 Bochum
         Germany

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

The Debtor can be reached at:

         Logistic & Coins GmbH
         Biermannsweg 58
         44789 Bochum
         Germany

         Attn: Claudia Unger, Manager
         Zechenstr. 8 B
         44791 Bochum
         Germany


OSTSEE YACHTCHARTER: Claims Registration Period Ends Sept. 15
-------------------------------------------------------------
Creditors of Ostsee Yachtcharter Holtmann GmbH have until
Sept. 15, 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 9:00 a.m. on Oct. 28, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Jan H. Wilhelm
         Sophienstr. 1
         30159 Hannover
         Germany
         Tel: 0511 5248523
         Fax: 0511 5422944

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

The Debtor can be reached at:

         Ostsee Yachtcharter Holtmann GmbH
         Attn: Ralf Holtmann, Manager
         Seumestrasse 5
         30161 Hannover
         Germany


PRESSE VERLAG: Claims Registration Period Ends September 15
-----------------------------------------------------------
Creditors of PVK Presse Verlag GmbH have until Sept. 15, 2008, to
register their claims with court-appointed insolvency manager
Stephan Poppe.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Oct. 6, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         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:

         Stephan Poppe
         Emil-Eichhorn-Strasse 1
         06114 Halle
         Germany
         Tel: 0345/530490
         Fax: 0345/5304926

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

The Debtor can be reached at:

         PVK Presse Verlag GmbH
         Poststrasse 7
         06366 Koethen
         Germany

         Attn: Eberhard Hinze, Manager
         Luxemburgstr. 1
         39114 Magdeburg
         Germany


SCHLOSS GOEHRDE: Claims Registration Period Ends September 15
-------------------------------------------------------------
Creditors of Schloss Goehrde Fine Food Service GmbH have until
Sept. 15, 2008, to register their claims with court-appointed
insolvency manager Dr. Gideon Boehm.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Oct. 27, 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 Pinneberg
         Hall 5
         First Floor
         Bahnhofstrasse 17
         25421 Pinneberg
         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. Gideon Boehm
         Bachstrasse 85 a
         22083 Hamburg
         Germany

The District Court of Pinneberg opened bankruptcy proceedings
against Schloss Goehrde Fine Food Service GmbH on Aug. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Schloss Goehrde Fine Food Service GmbH
         Attn: Carsten Schneider, Manager
         Osterbrookweg 60
         22869 Schenefeld
         Germany


SMF DIENSTLEISTUNG: Claims Registration Period Ends Sept. 15
------------------------------------------------------------
Creditors of SMF Dienstleistung & Verwaltungs GmbH have until
Sept. 15, 2008, to register their claims with court-appointed
insolvency manager Dr. Volkhard Frenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 1:15 p.m. on Oct. 15, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 101
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

The Court will verify the claims set out in the insolvency
manager's report at 1:10 p.m. on the same date at the same time at
the same venue , while creditors may constitute a creditors'
committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Dr. Volkhard Frenzel
         Magdeburger Str. 23
         06112 Halle
         Germany
         Tel: 0345/2311111
         Fax: 0345/2311199

The District Court of Leipzig opened bankruptcy proceedings
against SMF Dienstleistung & Verwaltungs GmbH on July 31, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         SMF Dienstleistung & Verwaltungs GmbH
         Attn: Hermann Josef Vogl, Manager
         Brauereistrasse 11
         04249 Leipzig
         Germany


TAURUS TRANSPORT: Claims Registration Period Ends Sept. 15
----------------------------------------------------------
Creditors of TAURUS Transport GmbH have until Sept. 15, 2008, to
register their claims with court-appointed insolvency manager
Sandra Schiffmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Oct. 15, 2008, at which time the
insolvency manager will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 13
         Breiter Weg 203-206
         39104 Magdeburg
         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:

         Sandra Schiffmann
         Hegelstr. 39
         39104 Magdeburg
         Germany
         Tel: 0391/5982244
         Fax: 0391/5982158
         E-mail: magdeburg@ra-fss.de

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

The Debtor can be reached at:

         TAURUS Transport GmbH
         Liebknechtstr. 82
         39110 Magdeburg
         Germany

         Attn: Holger Gebhardt, Manager
         An den Torfwiesen 3
         39291 Moeser
         Germany


TEEGEN VERLAGS: Claims Registration Period Ends September 15
------------------------------------------------------------
Creditors of Teegen Verlags GmbH have until Sept. 15, 2008, to
register their claims with court-appointed insolvency manager Dr.
Hubert Ampferl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Oct. 28, 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 Straubing
         Room 216
         Straubing
         Germany

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

The insolvency manager can be reached at:

         Dr. Hubert Ampferl
         Galgenbergstrasse 2
         93053 Regensburg
         Germany
         Tel: 0941/2807370
         Fax: 0941/2807379

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

The Debtor can be reached at:

         Teegen Verlags GmbH
         Regensburger Str. 61
         94315 Straubing
         Germany


VERWERTUNG UND AUFBEREITUNG: Claims Registration Ends Sept. 15
--------------------------------------------------------------
Creditors of V.A.S. Verwertung und Aufbereitung organischer Stoffe
GmbH have until Sept. 15, 2008, to register their claims with
court-appointed insolvency manager Rolf Rombach.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Rolf Rombach
         Magdeburger Allee 159
         99086 Erfurt
         Germany

The District Court of Ger opened bankruptcy proceedings against
V.A.S. Verwertung und Aufbereitung organischer Stoffe GmbH on July
22, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         V.A.S. Verwertung und Aufbereitung
         organischer Stoffe GmbH
         Am Tannenborn 1
         07806 Weira
         Germany


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


ALITALIA SPA: Bidder Presents Rescue Plan to European Commission
----------------------------------------------------------------
Compagnia Aerea Italiana s.r.l. president Roberto Colaninno has
presented the group's rescue plan for Alitalia S.p.A. to the
European Commission, Agenzia Giornalistica Italia reports.

Mr. Colaninno discussed details of the plan with Intesa Sanpaolo
S.p.A., which prepared rescue plan, and Commission's experts, who
will examine it, AGI reports.

AGI said the presentation included general orientation and goals
of plan as well as possible buyers of Alitalia's assets.

Italian Economy Minister Claudio Scajola earlier expressed
confidence that the Commission will approve the rescue plan since
it does not involve state funds.

As reported 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 to Augusto Fantozzi, the company's
extraordinary commissioner.

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.


ALITALIA SPA: Compagnia Aerea Italiana Eyes 3,250 Job Cuts
----------------------------------------------------------
Compagnia Aerea Italiana s.r.l. has proposed to shed off off
around 3,250 employees at Alitalia S.p.A. as part of the rescue
plan that aims to return the national carrier into profitability
within two-to-three years, Agenzia Giornalistica Italia reports
citing Italian Labor Minister Maurizio Sacconi.

As reported in the Troubled Company Reporter-Europe, the rescue
plan for Alitalia had entailed 5,000-6,000 job cuts.

"Redundancies are much less that what was estimated months ago,
but this does not mean that we will not do a point by point
verification," Raffaele Bonanni, CISL union representative, was
quoted by AGI as saying after a meeting with co-unions, Italian
government, Alitalia and CAI.

Mr. Sacconi said that following the merger between Alitalia and
AirOne S.p.A., around 14,250 would continue to work for the newco.
Around 11,500 will be placed at the newco while 2,750 will be
outsourced.

Of the outsourced jobs, 1,600 will be in ordinary maintenance, 450
in cargo, and 700 in administration, call center, and information
technology, Mr. Sacconi was quoted by AGI as saying.

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


ARZU CJSC: Proof of Claim Deadline Slated for October 14
--------------------------------------------------------
CJSC Arzu has declared liquidation.  Creditors have until
Oct. 14, 2008, to submit written proofs of claims to:

         CJSC Arzu
         Majorov Str. 37
         Almaty
         Kazakhstan
         Tel: 8 (7272) 56-21-00


GALANTEREYA OJSC: Creditors Must File Claims by October 6
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of North Kazakhstan
region has declared OJSC Galantereya insolvent.

Creditors have until Oct. 6, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Jumabayev Str. 109-410
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


KARAGIYA-KASPYI-SERVICE LLP: Claims Filing Period Ends October 6
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau region
has declared LLP Karagiya-Kaspyi-Service insolvent.

Creditors have until Oct. 6, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 26, 35-14
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 701 537 15-59


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


PAK MOTORS: Creditors Must File Claims by September 26
------------------------------------------------------
LLC Pak Motors has gone into liquidation.  Creditors have until
Sept. 26, 2008, to submit written proofs of claim to:

         LLC Pak Motors
         Lenin Str. 324
         Novopokrovka
         Issykatinsky
         Chui
         Kyrgyzstan


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


EVRAZ GROUP: Sees No Material Effects from Coal Probe Results
-------------------------------------------------------------
Evraz Group S.A. expects the results of the current probe into
possible price fixing at a unit and an affiliate to have no
material effect on its financial standing, Reuters reports citing
company vice-president Pavel Tatyanin.

As reported in the TCR-Europe on Aug. 7, 2008, the Russian Federal
Anti-Monopoly Service has commenced a probe into whether Evraz
Holding and Raspadsky Coal abused their dominant coking coal
market position.  FAS claims that the companies used their market
positions in fixing coking coal prices.

FAS noted that coking coal prices set by the companies rose by
around 100% from September 2007 to March-April 2008.

FAS had launched a similar probe into OAO Mechel and found it
guilty of price-fixing.  FAS fined Mechel and ordered it to revert
its prices to the previous levels.

                         About Evraz

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

                         *     *     *

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

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

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


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


BARS SCIENTIFIC: Creditors Must File Claims by September 28
-----------------------------------------------------------
Creditors of LLC Bars Scientific and Technical Centre (TIN
7404028981) have until Sept. 28, 2008 to submit their proofs of
claim to:

         K.Rudakov
         Insolvent manager
         Post User box 12555
         454080 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-7592/2008-36-67.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         LLC Bars Scientific and Technical Centre
         Prospekt Mira
         456209 Zlatoust
         Chelyabinsk
         Russia


BOGUCHANLESPROM TIMBER: Creditor Must File Claims by October 28
---------------------------------------------------------------
Creditor of LLC Boguchanlesprom Timber Industry have until
Oct. 28, 2008, to submit proofs of claim to:

         Kh. Malayev
         Insolvent manager
         Post User Box 20647
         660017 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-6759/2008

The Court is located at:

         The Arbitration Court of Krasnoyarsk
         Lenina Str. 143
         660021 Krasnoyarsk
         Russia

The Debtor can be reached at:

         LLC Boguchanlesprom Timber Industry
         Oktyabrskaya Str. 121-2
         Boguchanyu
         663430 Krasnoyarskiy Kray
         Russia


BUTURLINOVSKIY TINNED: Creditor Must File Claims by October 28
--------------------------------------------------------------
Creditors of LLC Buturlinovskiy Tinned Food Factory (TIN
3605005225) have until Oct. 28, 2008 to submit proofs of claim to:

         V. Zharkikh
         Insolvent manager
         Apt.1
         Nebolsina Str. 1
         394014 Voronezh
         Russia

The Arbitration Court of Voronezh commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A14-134-2008/1/20b

The Court is located at:

         The Arbitration Court of Voronezh
         Room 606
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         LLC Buturlinovskiy Tinned Food Factory
         Dorozhnaya Str. 38
         Buturlinovka
         397505 Voronezh
         Russia


EVRAZ GROUP: Sees No Material Effects from Coal Probe Results
-------------------------------------------------------------
Evraz Group S.A. expects the results of the current probe into
possible price fixing at a unit and an affiliate to have no
material effect on its financial standing, Reuters reports citing
company vice-president Pavel Tatyanin.

As reported in the TCR-Europe on Aug. 7, 2008, the Russian Federal
Anti-Monopoly Service has commenced a probe into whether Evraz
Holding and Raspadsky Coal abused their dominant coking coal
market position.  FAS claims that the companies used their market
positions in fixing coking coal prices.

FAS noted that coking coal prices set by the companies rose by
around 100% from September 2007 to March-April 2008.

FAS had launched a similar probe into OAO Mechel and found it
guilty of price-fixing.  FAS fined Mechel and ordered it to revert
its prices to the previous levels.

                         About Evraz

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

                         *     *     *

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

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

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


FIFTH REGION: Kaliningrad Bankruptcy Hearing Set October 1
----------------------------------------------------------
The Arbitration Court of Kaliningrad will convene at 3:00 p.m. on
Oct. 1, 2008, to hear the bankruptcy supervision procedure on LLC
Fifth Region Plus.  The case is docketed under Case No. A21-
3759/2008.

Creditors have to submit their proofs of claim to:

         R. Lapidus
         Temporary insolvent manager
         Entrance 6
         Smolnogo Str. 1/3
         191060 St. Petersburg
         Russia

The Court is located at:

         The Arbitration Court of Kaliningrad
         Office 5
         Gogolya Str. 12
         236008 Kaliningrad
         Russia

Debtor can be reached at:

         LLC Fifth Region Plus
         Krasnoselskaya Str. 83A
         236000 Kaliningrad
         Russia


KOMPAS OJSC: Creditors Must File Claim by October 28
----------------------------------------------------
Creditor of OJSC Kompas (TIN 6630000755) have until Oct. 28, 2008
to submit proofs of claim to:

         Ye. Zavodnikov
         Insolvent manager
         Mamin-Sibiryak Str. 36-403
         620027 Yekaterinburg
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60-2586/08-S11

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia

The Debtor can be reached at:

         OJSC Kompas
         Tagilskaya Str.66
         620046 Yekaterinburg
         Russia


MOBILE TELESYSTEMS: To Spend RUR11.1 Bln on Share Buyback Program
-----------------------------------------------------------------
OJSC Mobile TeleSystems JSC has allocated RUR11.1 billion to buy
out shareholders who opposed its planned merger with Russian
regional telecommunications operator, Reuters reports.

MTS, in a filing with the U.S. Securities and Exchange Commission,
will repurchase around 37.8 million shares from investors.

The company disclosed that more shares were tendered but the total
value has exceeded the amount it could legally spend on a buyback
under Russian law.  MTS said it could only accommodate around
three quarters of requests.

MTS plans to complete the share repurchase program by Sept. 10.

                    About Mobile TeleSystems

Based in Moscow, OJSC Mobile TeleSystems -- http://www.mtsgsm.com/
-- provides wireless telecommunications services operator in
Russia, Ukraine, Uzbekistan, Turkmenistan, Armenia, and Belarus.

                         *      *      *

Mobile TeleSystems continues to carry a Long-term Issuer Default
rating of 'BB+', National Long-term rating of 'AA(rus)' and Short-
term IDR of B from Fitch Ratings, with stable outlook.  The
ratings were assigned April 2008.

Mobile TeleSystems also carries Ba2 Corporate Family and
Probability-of-Default ratings from Moody's Investors Service,
which says the outlook is positive.


NOVOLIPETSK STEEL: Acquiring Beta Steel for US$400 Million
----------------------------------------------------------
Novolipetsk Steel OJSC has signed a definitive agreement to
acquire Beta Steel, a U.S. hot-rolled steel producer, from a group
of private shareholders for an all cash consideration of
US$400 million, on a debt free, cash free basis.  The transaction
is subject to customary regulatory approvals and is expected to
close in the fourth quarter of 2008.

Beta Steel operates an Electric Arc Furnace (EAF) melt shop of
800,000 short tpa (725 000 metric tpa) capacity and a hot strip
rolling mill of 1,200,000 short tpa (1 100 000 metric tpa)
capacity.  In FY2007, the company’s sales volume reached 602,000
short tons (547,000 metric tonnes), revenues were US$324 million,
with EBITDA of US$21 million.

The rationale for the transaction is to secure additional upstream
integration with the assets of John Maneely Company (JMC), one of
the largest U.S. based pipe and tube producers which NLMK agreed
to acquire in August 2008.  Beta Steel is an independent steel
producer specializing in the production of hot rolled flat steel.
Over 35% of Beta Steel's total output is currently sold to pipe
and tube producers.  Strategically located in Portage (IN), in
immediate proximity to JMC's Atlas division assets, Beta Steel is
one of the suppliers of pipe HRC to JMC's Atlas division.  The
company is a perfect match to support JMC's future growth with an
increased supply to JMC's Atlas division while remaining an active
player in the U.S. HRC market.  NLMK plans to increase Beta
Steel's HRC output through debottlenecking existing operations as
well as supplying its own slabs for re-rolling.

The acquisition of Beta Steel is fully consistent with NLMK's
stated strategy of product diversification and increasing sales of
finished products in its core markets.  The transaction allows
NLMK to shape a new, vertically integrated pipe and tube player in
the North American market.  The combined entity will enjoy
sustainable HRC supplies from NLMK's Beta Steel and Farrell
supported by competitive slab supply from NLMK's Russian
operations.  Overall, this combination creates a solid basis for
further growth of production, revenues and earnings of NLMK's U.S.
assets.

"We believe that the acquisition of Beta Steel is a timely and
matching fit, which will develop our North American presence,
increase the sustainability of operations of JMC's pipe and tube
division and provide a solid basis for the future growth of our
U.S. operations," Alexey Lapshin, President and CEO of NLMK, said.
"We will work closely with the management of Beta Steel to
facilitate smooth integration, to extract maximum operational
synergies, and to ensure further production growth.  This
acquisition is fully in line with our commitment to develop a
strong footprint in the U.S. high value added finished steel
market."

The transaction will be financed from NLMK's existing cash funds
and available credit lines.

                   About Novolipetsk Steel

Headquartered in Lipetsk, Russia, Novolipetsk Steel OJSC --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Denmark and Japan.

The group entered the Danish steel market in the first quarter
of 2006 by acquiring a 100% stake at DanSteel A/S.

                         *     *     *

Novolipetsk Steel OJSC carries Ba1 Corporate Family and
Probability-of-Default ratings from Moody's Investors Service,
which said the Outlook is stable.

NLMK carries BB+ Issuer Credit rating from Standard & Poor's
Ratings Services with a Stable Outlook.

The company also carries BB+ Long-term Issuer Default, B and
Short-term Issuer Default ratings from Fitch Ratings, which said
the Outlook is Stable.


NOVOLIPETSK STEEL: Passes Shipbuilding Slab Production Audit
------------------------------------------------------------
Novolipetsk Steel OJSC has successfully passed a re-certification
audit of its shipbuilding slab production carried out by the
American Bureau of Shipping (ABS).

The audit comprised the inspection of NLMK's shipbuilding steel
production process, technical control departments, and current
documents on the Quality Management System to ensure compliance
with ABS requirements.  Samples of steel produced by NLMK and
supplied to Europe were also tested in accordance with ABS
requirements.

The auditors confirmed that NLMK complies with international and
national standards for steel produced.

"The Company is approved as a structural steel slab producer to
manufacture ship hulls in accordance with ABS Rules and is
permitted to continue the supply of steel for ships classified by
the ABS," the auditors noted.

NLMK will obtain a new Steel Supply Renewal of Approval, which
will be valid for five years.

                   About Novolipetsk Steel

Headquartered in Lipetsk, Russia, Novolipetsk Steel OJSC --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Denmark and Japan.

The group entered the Danish steel market in the first quarter
of 2006 by acquiring a 100% stake at DanSteel A/S.

                         *     *     *

Novolipetsk Steel OJSC carries Ba1 Corporate Family and
Probability-of-Default ratings from Moody's Investors Service,
which said the Outlook is stable.

NLMK carries BB+ Issuer Credit rating from Standard & Poor's
Ratings Services with a Stable Outlook.

The company also carries BB+ Long-term Issuer Default, B and
Short-term Issuer Default ratings from Fitch Ratings, which said
the Outlook is Stable.


SEVERSTAL OAO: Earns US$1.94 Billion for First Half 2008
--------------------------------------------------------
OAO Severstal released its financial results for the first ended
June 30, 2008.

Severstal posted US$1.94 billion in net profit on US$10.55 billion
in net revenues for the first six months of 2008, compared with
US$1.15 billion in net profit on US$7.74 billion in net revenues
for the same period in 2007.

                    First Half 2008 Highlights:

    * US$219 million negative goodwill gain from acquisition of
      Sparrows Point;

    * US$255 million net gain from the sale of Kuzbassugol;

    * EPS up to US$1.92 from US$1.14 year-on-year a 68.4%
      increase;

    * Strong domestic and global demand for coking coal and iron
      ore drive excellent performance in Severstal Resources;

    * Positive pricing environment for steel products lifts EBITDA
      at Russian Steel and Severstal International; and

    * Breakthrough achieved in the scale and capability of our
      North American business.

Alexey Mordashov, CEO of OAO Severstal, said, "I am pleased to
report very good interim results across all divisions.  We grew
significantly in all our markets in the first half of the year
driven by both price increases and volume growth.

"Our most important strategic initiative so far this year has been
to enlarge the scope and scale of our North American operations,
making them a significant part of the company's business.

"We are now well positioned as an international player with a
strong balance sheet and an integrated business model.  With a
favorable outlook for pricing, we are confident in our ability to
deliver strong results for the full year 2008.  We expect EBITDA
for the year to be within the range of US$5.8 to US$6.1 billion.”

Net debt, calculated as total indebtedness less cash and cash
equivalents, less short-term bank deposits, decreased from
US$1.5 billion as at Dec. 31, 2007, to US$1.34 billion as at
June 30, 2008.  Total indebtedness increased from US$3.79 billion
as at Dec. 31, 2007, to US$5.02 billion as at June 30, 2008.
Cash, cash equivalents and short-term bank deposits increased from
US$2.29 billion as at Dec. 31, 2007, to US$3.69 billion as at
June 30, 2008.

           Estimated Production Volumes: Full Year 2008

The company expects to see growth in sales volumes across all of
our businesses for the remainder of 2008.  Severstal estimates
total production volumes for the full year of 2.7 million tons of
coal, 4.6 million tons of coking coal concentrate, 4.9 million
tons of iron ore concentrate, 10.3 million tons of pellets,
23.0 million tons of crude steel and 21.9 million tons of rolled
products.

                         About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                          *     *     *

As appeared in the Troubled Company Reporter Europe on Aug. 27,
2008, Fitch Ratings affirmed OAO Severstal's ratings at long term
Issuer Default 'BB', Short-term IDR 'B', and National 'AA-
(rus)'.  The Outlooks on the Long-term IDR and National Long-term
rating are Stable.

OAO Severstal continues to carry Ba2 Corporate Family, Senior
Unsecured Debt and Probability-of-Default ratings from Moody's
Investor Service, which said the the outlook on all ratings is
stable.  Moody's raised the company's ratings to its current
level in October 2007.

The company also carries BB long-term Foreign and Local Issuer
Credit ratings from Standard & Poor's, which said the outlook is
stable.


SEVERSTAL OAO: Board Recommends RUR18.35 Dividend per Share
-----------------------------------------------------------
OAO Severstal's Board of Directors has recommended a dividend of
RUR18.35 rubles per share and per global depositary receipt for
the second quarter 2008 with the record date of Aug 20, 2008.
Each GDR represents one share in the Company.

Approval of the dividend payment is expected at the company's EGM
on Sept. 20, 2008.

                         About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                          *     *     *

As appeared in the Troubled Company Reporter Europe on Aug. 27,
2008, Fitch Ratings affirmed OAO Severstal's ratings at long term
Issuer Default 'BB', Short-term IDR 'B', and National 'AA-
(rus)'.  The Outlooks on the Long-term IDR and National Long-term
rating are Stable.

OAO Severstal continues to carry Ba2 Corporate Family, Senior
Unsecured Debt and Probability-of-Default ratings from Moody's
Investor Service, which said the the outlook on all ratings is
stable.  Moody's raised the company's ratings to its current
level in October 2007.

The company also carries BB long-term Foreign and Local Issuer
Credit ratings from Standard & Poor's, which said the outlook is
stable.


UNITY RE: S&P Assigns BB-/Stable Counterparty Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'BB-' long-
term counterparty credit and insurer financial strength ratings
and its 'ruAA-' Russian national scale rating to Russian reinsurer
Unity Re.  The outlook is stable.

"The ratings are based on the company's good capitalization and
good quality of fixed-income investments," said S&P's credit
analyst Victor Nikolskiy.

These positive factors are partly offset by the high industry risk
of operating in the Russian Federation (foreign currency
BBB+/Positive/A-2; local currency A-/Positive/A-2; Russia national
scale rating 'ruAAA'), combined with Unity Re's marginal
competitive advantages and limited operating performance track
record.

"The outlook is stable because we expect that Unity Re will
preserve its competitive position, maintain a good level of
capital adequacy -- despite the company's growth -- and that the
company will maintain its investment portfolio quality," said
Mr. Nikolskiy.

S&P would consider revising the outlook to positive if Unity Re
develops stronger competitive advantages and if the shareholders
show continued capital support for the company.

Conversely, any significant and sustained deterioration in
earnings, capitalization, or investment portfolio quality could
lead to negative rating actions.


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


SPANISH AYT: Fitch Affirms Ratings on Four Tranches at 'BB+'
------------------------------------------------------------
Fitch Ratings has upgraded four and affirmed twenty two tranches
of Spanish AyT Genova Hipotecario, Fondo de Titulizacion
Hipotecario series RMBS transactions.  The agency has also revised
the Outlook on six of the tranches of the transaction from Stable
to Positive.

The rating upgrades and Positive Outlooks reflect the continued
steady performance of these transactions and strong build up of
credit enhancement levels they have experienced due to a
sequential pay down of the notes.

Delinquencies, defined as loans that are in arrears for three
months or more, have remained lower than most of the other
transactions in Spain.  Fitch notes that the highest levels of
arrears seen was in AyT Genova Hipotecario IV, Fondo de
Titulizacion de Hipotecaria at 0.24% as of August 2008's investor
report, whereas the lowest levels were observed in AyT Genova
Hipotecario VIII, Fondo de Titulizacion de Hipotecaria at 0.07%,
as of August 2008 investor report.

With the exception of AyT Genova Hipotecario III, Fondo de
Titulizacion de Hipotecaria, with cumulative defaults at 0.02% of
the original collateral balance, there have been no defaults
recorded to date.  However, with the expected rise in arrears
levels due to the continued deterioration of the Spanish housing
market, Fitch expects the number of loan default in Spanish RMBS
to increase.  This is however unlikely to impact significantly on
these deals.

The ratings for the AyT Genova Hipotecario Series are:

AyT Genova Hipotecario III, Fondo de Titulizacion Hipotecario:
  -- Class A (ISIN ES0370143002): affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN ES0370143010): upgraded to 'AA-'from 'A+';
     Outlook revised to Positive from Stable

AyT Genova Hipotecario IV, Fondo de Titulizacion Hipotecaria:
  -- Class A (ISIN ES0370150007): affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN ES0370150015): upgraded to 'AA-' from 'A+';
     Outlook Positive

AyT Genova Hipotecario VI, Fondo de Titulizacion Hipotecaria:
  -- Class A2 (ISIN): affirmed at 'AAA'; Outlook Stable
  -- Class B (ISIN): upgraded to 'AA+' from 'AA-'; Outlook revised
     to Positive from Stable

  -- Class C (ISIN): upgraded to 'A-' from 'BBB+'; Outlook revised
     to Positive from Stable

  -- Class D (ISIN): affirmed at 'BB+'; Outlook revised to
     Positive form Stable

AyT Genova Hipotecario VII, Fondo de Titulizacion Hipotecaria:
  -- Class A2 (ISIN ES0312343017): affirmed at 'AAA'; Outlooks
     Stable

  -- Class B (ISIN ES0312343025): affirmed at 'A+'; Outlook
     revised to Positive from Stable

  -- Class C (ISIN ES0312343033): affirmed at 'A-';
     Outlook revised to Positive from Stable

AyT Genova Hipotecario VIII, Fondo de Titulizacion Hipotecaria:
  -- Class A1 (ISIN ES0312344015): affirmed at 'AAA'; Outlook
     Stable

  -- Class A2 (ISIN ES0312344007): affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN ES0312344023): affirmed at 'AA'; Outlook Stable

  -- Class C (ISIN ES0312344031): affirmed at 'BBB+'; Outlook
     Stable

  -- Class D (ISIN ES0312344049): affirmed at 'BB+'; Outlook
     Stable

AyT Genova Hipotecario IX, Fondo de Titulizacion Hipotecaria:
  -- Class A1 (ISIN ES0312300009): affirmed at 'AAA'; Outlook
     Stable

  -- Class A2 (ISIN ES0312300017): affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN ES0312300025): affirmed at 'AA-' (AA minus);
     Outlook Stable

  -- Class C (ISIN ES0312300033): affirmed at 'BBB+'; Outlook
     Stable

  -- Class D (ISIN ES0312300041): affirmed at 'BB'; Outlook Stable

AyT Genova Hipotecario X, Fondo de Titulizacion Hipotecaria:
  -- Class A1 (ISIN ES0312301007): affirmed at 'AAA'; Outlook
     Stable

  -- Class A2 (ISIN ES0312301015): affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN ES0312301023): affirmed at 'AA-' (AA minus);
     Outlook Stable

  -- Class C (ISIN ES0312301031): affirmed at 'BBB'; Outlook
     Stable

  -- Class D (ISIN ES0312301049): affirmed at 'BB'; Outlook Stable

Fitch has employed its credit cover multiple methodology in
reviewing the deals to assess the level of credit support
available to each class of notes.

Rating Outlooks for European Structured Finance tranches provide
forward-looking information to the market.  An Outlook indicates
the likely direction of any rating change over a one- to two-year
period.


TDA CAM: Fitch Holds Junk Ratings on Two Loan Classes
-----------------------------------------------------
Fitch Ratings has upgraded three, affirmed 21, and downgraded four
tranches of the TDA CAM series of RMBS transactions, following a
performance review.  The portfolios backing these transactions
comprise loans originated by Caja de Ahorros Del Mediterraneo.
The rating actions are:

TDA CAM 1 Fondo de Titualizacion Activos:
  -- Class A (ISIN ES0338448006) affirmed at 'AAA'; Outlook
     Stable.

  -- Class B (ISIN ES0338448014) upgraded to 'AA' from 'AA-' from
     'A+'; Outlook remains Positive.

TDA CAM 2 Fondo de Titualizacion Activos:
  -- Class A (ISIN ES0338449004) affirmed at 'AAA'; Outlook
     Stable.

  -- Class B (ISIN ES0338449012) upgraded to 'AA-' from 'A+';
     Outlook remains Positive.

TDA CAM 3 Fondo de Titualizacion Activos:
  -- Class A (ISIN ES0377990009) affirmed at 'AAA'; Outlook Stable
  -- Class B (ISIN ES0377990017) upgraded to 'A+' from 'A';
     Outlook remains Positive.

TDA CAM 4 Fondo de Titualizacion Activos:
  -- Class A (ISIN ES0377991007) affirmed at 'AAA'; Outlook Stable
  -- Class B (ISIN ES0377991015) affirmed at 'A'; Outlook Stable

TDA CAM 5 Fondo de Titualizacion Activos:
  -- Class A (ISIN ES0377992005) affirmed at 'AAA'; Outlook Stable
  -- Class B (ISIN ES0377992013) affirmed at 'A'; Outlook Stable

TDA CAM 6 Fondo de Titualizacion Activos:
  -- Class A1 (ISIN ES0377993003) affirmed at 'AAA'; Outlook
     Stable

  -- Class A2 (ISIN ES0377993011) affirmed at 'AAA'; Outlook
     Stable

  -- Class A3 (ISIN ES0377993029) affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN ES0377993037) downgraded from 'A' to 'A-';
     Outlook remains Negative.

TDA CAM 7 Fondo de Titualizacion Activos:
  -- Class A1 (ISIN ES0377994001) affirmed at 'AAA'; Outlook
     Stable

  -- Class A2 (ISIN ES0377994019) affirmed at 'AAA'; Outlook
     Stable

  -- Class A3 (ISIN ES0377994027) affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN ES0377994035) downgraded from 'A' to 'A-';
     Outlook remains Negative.

TDA CAM 8 Fondo de Titualizacion Activos:
  -- Class A (ISIN ES0377966009): affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN ES0377966017): affirmed at 'A'; Outlook revised
     to Negative from Stable

  -- Class C (ISIN ES0377966025): downgraded from 'BBB' to 'BBB-';
     Outlook revised to Negative from Stable

  -- Class D (ISIN ES0377966033): affirmed at 'CC'; Outlook
     revised to Negative from Stable

TDA CAM 9 Fondo de Titualizacion Activos:
  -- Class A1 (ISIN ES0377955002): affirmed at 'AAA'; Outlook
     Stable

  -- Class A2 (ISIN ES0377955010): affirmed at 'AAA'; Outlook
     Stable

  -- Class A3 (ISIN ES0377955028): affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN ES0377955036): affirmed at 'A'; Outlook revised
     to Negative from Stable

  -- Class C (ISIN ES0377955044): downgraded from 'BBB' to 'BBB-';
     Outlook revised to Negative from Stable

  -- Class D (ISIN ES0377955051): affirmed at 'CCC'; Outlook
     revised to Negative from Stable

The downgrades and negative outlooks of CAM 6, 7, 8 and 9 reflect
the deteriorating performance of the underlying loans since
closing.  Both the volume of loans in arrears and the volume of
defaults are higher than Fitch's initial expectations.  The extent
of defaults means that expected losses are higher than expected
and these are further increased by the deteriorating housing
market in Spain.  Compared to earlier deals issued, these
transactions have more aggressive LTV distributions and more
limited seasoning and embedded home price appreciation.

The agency expects that CAM 6-9 are likely to experience reserve
fund draws caused by the write-off of loans that have defaulted -
defined as loans in arrears by more than 12 months.  CAM6-8 have
had limited excess spread after write offs in recent periods, and
any further increase in the number of defaults will likely result
in a reserve fund draw.  With high levels of arrears there remains
a strong pipeline of future defaults which may result in the
reserve funds remaining below their target levels for a
significant period of time.

In contrast the performance of CAM 1, 2, and 3, remains strong and
well within expectations, with loans in arrears by more than three
months remaining a consistently low proportion of the pool.
Furthermore, the weighted average loan-to-value ratio of these
pools has fallen since closing, currently less than 51% for all
three deals, and the sequential pay down of the notes has allowed
credit enhancement to grow.  The good performance and high
seasoning of the transactions, combined with the transaction
structure, supports a higher rating on the junior notes of these
transactions.

CAM 4 and 5, have historically had low arrears, however in recent
months these started an upwards trend.  Given their more limited
seasoning CE has grown less and in addition the WALTV remains
higher than the earlier series.

CAM resulted from the merger of different cajas in the Valencia
and Murcia regions; accordingly the series has a high
concentration in the Valencia region.  Loan-by-loan level data
made available to Fitch indicated that loans in arrears are
concentrated in Andalucia, Valencia and Castilla La Mancha.

Fitch has employed its credit-cover multiple methodology in
reviewing these transactions to assess the level of credit support
available to each class of notes and has also fully re-modelled
CAM 6&7, including revision assumptions, and expected levels of
delinquency, defaults, prepayments and recoveries in line with the
relevant rating scenarios, based on performance to date.

Rating Outlooks for European structured finance tranches provide
forward-looking information to the market.  An Outlook indicates
the likely direction of any rating change over a one- to two-year
period.


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


FORD MOTOR: August 2008 Vehicle Sales Drop 25.6% to 151,021
-----------------------------------------------------------
Ford Motor Company reported total vehicle sales for August 2008 at
151,021, down 25.6% from August last year's 203,001 vehicle sales.
Total August 2008 vehicle sales by brand, constituting Ford,
Lincoln, Mercury and Volvo, is 155,690 units, down 26.6% compared
to August last year's 212,120 vehicles.

Higher demand for the fuel-efficient Ford Focus and Ford Escape
continued in August, as consumers continued moving to smaller and
more fuel-efficient vehicles.

Ford Focus sales were up 23% and Escape sales were up 17% versus a
year ago, while the impact of a weak economy and lower demand for
large trucks and SUVs resulted in double-digit sales declines for
Ford and the auto industry.

"The Focus and Escape offer the features and fuel economy today's
consumer's want," said Jim Farley, Ford group vice president,
Marketing and Communications.

The 2009 Escape, with its new 2.5-liter four-cylinder engine and
six-speed transmission, delivers class-leading highway fuel
economy of 28 mpg -- matching the 2009 Toyota RAV4 and topping the
Honda CR-V.  The 2009 Escape Hybrid delivers 34 mpg in the city
and 31 mpg on the highway, making it the most fuel-efficient
utility vehicle available.

The 2009 Focus has similarly impressive fuel economy with an EPA
highway fuel economy of 35 mpg -- equal to the Toyota Corolla and
the smaller 2009 Honda Fit.

Overall, during August, Ford, Lincoln and Mercury vehicle sales
totaled 151,021, down 26%.  The decline primarily reflects lower
demand for SUVs (down 53%) and trucks (down 39%) and lower sales
to fleet customers (down 31%).

"We expect the second half of 2008 will be more challenging than
the first half, as weak economic conditions and the consumer
credit crunch continues," Mr. Farley said.

                   North American Production

Ford now plans to produce 890,000 vehicles in the second half of
2008 (420,000 vehicles in the third quarter and 470,000 vehicles
in the fourth quarter).

The second-half plan is 50,000 vehicles lower than the previous
plan (20,000 vehicles in the third quarter and 30,000 vehicles in
the fourth quarter).  The reduction primarily reflects lower sales
to daily rental companies, lower production associated with the
transfer of the Ford Expedition and Lincoln Navigator from
Michigan Truck Plant to Kentucky Truck Plant, and a downward
revision to the company's U.S. industry sales forecast (to the low
end of the previously provided range of 14.0 to 14.5 million).

                     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: 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; portfolio deterioration at Ford Credit and heightened
concern regarding economic access to capital to support financing
requirements; and escalating commodity costs that will remain a
significant offset to cost reduction efforts.


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


GENERAL MOTORS: Flint Okays Tax Incentives for Proposed Plant
-------------------------------------------------------------
Detroit Free Press reports that Flint City Council has approved
tax incentives to help persuade General Motors Corp. to build a
US$350 million engine plant.  The facility will build the gas
engine
for the Chevrolet Volt range-extended electric car and the
Chevrolet Cruze compact car.  GM expects to operate it by 2010 in
line with a plan to begin selling the Cruze and the Volt by that
time.  The overall plan is dependent on GM and its partners
figuring out the battery technology, according to the report.

                   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.


GENERAL MOTORS: August Total Vehicle Sales Down 20% to 308,817
--------------------------------------------------------------
General Motors Corp. dealers in the United States delivered
308,817 vehicles in August, making it GM's best monthly total,
retail and fleet sales performance so far in 2008.  The strong
showing was spurred by GM's Employee Discount for Everyone sale in
celebration of GM's Centennial later this month.  In response to
ongoing customer and dealer demand, the sale is being extended
through Sept. 30, 2008 and a number of 2009 models are being added
due to dwindling 2008 inventories.

Compared with an exceptionally strong retail and fleet month last
year, August total sales were down 20%.  However, when compared
with July, 2008, total sales were up 31%, retail sales were up 32%
and fleet sales were up 29%.  Last August's sales performance was
influenced by significantly lower fuel prices and a 0% APR for 60
months offer on pickups.

Notably in August, Chevrolet Silverado, Avalanche and GMC Sierra
had their strongest total sales month since last August, with more
than 80,000 vehicles sold, as GM full-size pickups continue to
build market share calendar-year-to-date.  Silverado sales were up
69%, Avalanche was up 59% and Sierra sales increased 75% compared
with July, 2008.

Chevrolet Tahoe, Suburban and GMC Yukon full-size utilities had
their best performance of the year with total sales up 33%
compared with July with more than 22,000 vehicles sold.  Overall,
GM August truck sales (excluding crossovers) declined 25.6%
compared with a year ago.

"Our award-winning lineup of new products, combined with the GM
Employee Discount for Everyone sale that started August 20th,
helped drive additional showroom traffic and our dealers are
giving us some very enthusiastic feedback.  We had our best sales
month so far in 2008.  We're announcing the extension of the sale
through September 30, and we've added 19 additional 2009 models to
the eligible list of vehicles because our 2008 stock on dealer
lots is rapidly disappearing," Mark LaNeve, vice president, GM
North America Vehicle Sales, Service and Marketing, said.

"With the recent moderation in fuel prices, we're seeing some
relaxation of pent-up demand in pickups and utilities.  Our August
sales of these segment-leading trucks and utilities has been the
best in nearly a year and August marked the fourth consecutive
month that truck sales as a%age of GM and industry sales
increased. We also saw double-digit retail increases in our
crossovers compared with July," Mr. LaNeve added.  "We saw great
car retail performance in our launch products, including the
Chevrolet Malibu, Cadillac CTS, Pontiac Vibe and G8, and Saturn
Astra, and continued strong retail demand for our fuel efficient
Chevrolet Aveo and HHR."

Chevrolet retail car sales were up 18%, Pontiac retail car sales
increased 11% and Cadillac retail car sales were up 10% compared
with last August.

Cadillac CTS dominated the mid-car luxury category with retail
sales increasing 87% compared with the same month a year ago.

Saturn Astra monthly sales of more than 1,900 vehicles were the
best to date, and show a 28% increase compared with July 2008
(Astra was not available last August).

GM's popular midsized crossovers -- Buick Enclave, GMC Acadia and
Saturn Outlook -- together accounted for more than 14,600 vehicle
sales in the month, with a retail sales increase of 29% compared
with a year ago.

GM hybrid vehicles continue to gain in popularity in the
marketplace with 530 hybrid Chevrolet Tahoe, 267 GMC Yukon and 1
Cadillac Escalade 2-mode SUVs delivered.  There were 388 Chevrolet
Malibu, 26 Saturn Aura and 417 Vue hybrids sold in August.  For
the month, a total of 1,629 hybrid vehicles were delivered, with
7,096 hybrids sold so far this year.

"Customers are responding to our six hybrid models -- vehicles
that provide industry-leading value, great fuel economy and the
best warranty coverage of any full-line automaker," Mr. LaNeve
added.  "We're working hard to change perceptions and gain
awareness of GM as the leader in advanced propulsion technology
and fuel efficiency."

GM has aggressively managed inventories to low levels.  In August,
only about 736,000 vehicles were in stock -- the lowest August
level since 1998 -- down about 209,000 vehicles (22%) compared
with last August.  There were about 256,000 cars and 480,000
trucks (including crossovers) in inventory at the end of August.

                      Certified Used Vehicles

August 2008 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned
Vehicles, and HUMMER Certified Pre-Owned Vehicles, were 41,238
vehicles, down 8% from August 2007.  Year-to-date sales are
339,375 vehicles, down 5% from the same period last year.

GM Certified Used Vehicles, the industry's top-selling certified
brand, posted August sales of 35,168 vehicles, down 12% from a
strong August 2007 sales performance.  Saturn Certified Pre-Owned
Vehicles sold 1,005 vehicles, down nearly 6%.  Cadillac Certified
Pre-Owned Vehicles sold 4,023 vehicles, up 27%.  Saab Certified
Pre-Owned Vehicles sold 791 vehicles, up 32%, and HUMMER Certified
Pre-Owned Vehicles sold 251 vehicles, up 130%.

"The Cadillac, Saab and HUMMER programs posted robust sales
increases in August, while GM Certified Used Vehicles continues to
lead the certified pre-owned segment in sales," Mr. LaNeve.  "The
launch this month of a new 12-month/12,000-mile bumper-to-bumper
warranty on all Saturn Certified Pre-Owned and GM Certified Used
Vehicles, effective September 13, will provide shoppers a range of
peace-of-mind assurances as strong as those provided by any
certified program in America."

           GM North America August 2008 Production

In August, GM North America produced 341,000 vehicles (158,000
cars and 183,000 trucks).  This is down 96,000 vehicles or 22%
compared with August 2007 when the region produced 437,000
vehicles (152,000 cars and 285,000 trucks).  (Production totals
include joint venture production of 18,000 vehicles in August 2008
and 21,000 vehicles in August 2007.)

The GM North America third-quarter production forecast is at
920,000 vehicles (443,000 cars and 477,000 trucks) which is down
about 10% compared with a year ago, due to production adjustments
in response to market changes that will reduce the number of
trucks produced by about 176,000 and increase the number of cars
by about 76,000.  GM North America built 1.020 million vehicles
(367,000 cars and 653,000 trucks) in the third-quarter of 2007.

The initial GM North America fourth-quarter production forecast is
875,000 vehicles (436,000 cars and 439,000 trucks) which is down
about 16% compared with a year ago.  GM North America built 1.042
million vehicles (358,000 cars and 684,000 trucks) in the fourth-
quarter of 2007.

                    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.


MAVENA JSC: Proofs of Claim Filing Deadline is  Sept. 21
--------------------------------------------------------
Creditors owed money by JSC Mavena are requested to file their
proofs of claim by Sept. 21, 2008, to:

         LLC Amplus
         Zelglistrasse 15
         8320 Fehraltdorf
         Switzerland

The company is currently undergoing liquidation in Belp.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 17, 2008.


REITSCHULE BURGDORF: Creditors' Proofs of Claim Due by Sept. 21
---------------------------------------------------------------
Creditors owed money by LLC Reitschule Burgdorf are requested to
file their proofs of claim by Sept. 21, 2008, to:

         Susanne Burgi
         Schutzenmatte
         3400 Burgdorf
         Switzerland

The company is currently undergoing liquidation in Burgdorf.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 19, 2008.


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

         JSC Claiden Leu
         Bahnhofstrasse 32
         8070 Zurich
         Switzerland

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


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


A-GROUP LLC: Creditors Must File Claims by Sept. 10
---------------------------------------------------
Creditors of LLC A-Group (code EDRPOU 31111339) have until
Sept. 11, 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 21, 2008.
The case is docketed as 44/116-B.

The Debtor can be reached at:

         LLC A-Group
         Mikhaylovskaya Str. 7
         01001 Kiev
         Ukraine


ALL-UKRAINIAN PRESS-GROUP: Creditors' Claims Due Sept. 11
---------------------------------------------------------
Creditors of LLC All-Ukrainian Press-Group (code EDRPOU 30604581)
have until Sept. 11, 2008, to submit proofs of claim to:

         Viacheslav Letskan
         Liquidator
         Apartment 42
         Dovzhenko Str. 16V
         03057 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 1, 2008.
The case is docketed as 28/173-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC All-Ukrainian Press-Group
         Apartment 45
         Pechenegovskaya Str. 35/43
         04107 Kiev
         Ukraine


BUILDING COMPLEX: Creditors Must File Claims by Sept. 10
--------------------------------------------------------
Creditors of LLC Building Complex Ltd (code EDRPOU 34992462) have
until Sept. 10, 2008, to submit proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on July 29, 2008.
The case is docketed as 5/379/08.

The Debtor can be reached at:

         LLC Building Complex Ltd.
         Apartment 1
         V. Morskaya Str. 78
         54001 Nikolaev
         Ukraine


CATRAN LLC: Creditors Must File Claims by Sept. 11
--------------------------------------------------
Creditors of LLC Catran (code EDRPOU 30058930) have until
Sept. 11, 2008, to submit proofs of claim to:

         Viacheslav Letskan
         Liquidator
         Apartment 42
         Dovzhenko Str. 16V
         03057 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 21, 2008.
The case is docketed as 44/119-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Catran
         04053 Kiev Ukraine
         Artem Str. 48
         Apartment 12


ENERGYALLIANCE LLC: Proofs of Claim Filing Deadline Set Sept. 11
----------------------------------------------------------------
Creditors of LLC Energyalliance (code EDRPOU 30180506) have until
Sept. 11, 2008, to submit proofs of claim to:

         Alexander Serebriakov
         Temporary Insolvency Manager
         P.O. Box 53
         Srebnokolskaya Str. 24
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy supervision
procedure on the company on July 24, 2008.  The case is docketed
as 44/84-b.

The court is located at:

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

The Debtor can be reached at:

         LLC Energyalliance
         Tupolev Str. 17
         04128 Kiev
         Ukraine


EUROPEAN CREDIT: Proofs of Claim Filing Deadline Set Sept. 11
------------------------------------------------------------
Creditors of LLC European Credit Standard (code EDRPOU 34614745)
have until Sept. 11, 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 24, 2008.  The case is docketed
as 50/175.

The Debtor can be reached at:

         LLC European Credit Standard
         M. Grushevsky Str. 28/2
         01021 Kiev
         Ukraine


KAMEYA LLC: Creditors Must File Claims by Sept. 10
--------------------------------------------------
Creditors of LLC Kameya (code EDRPOU 35122344) have until
Sept. 10, 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 Aug. 4, 2008.
The case is docketed as 44/172-B.


KIEV MEAT: Creditors Must File Claims by Sept. 10
-------------------------------------------------
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 21, 2008.
The case is docketed as 44/117-B.

Creditors of LLC Kiev Meat Trade (code EDRPOU 30861795) have until
Sept. 11, 2008, to submit proofs of claim to:

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

The Debtor can be reached at:

         LLC Kiev Meat Trade
         Apartment 3
         Reuters Str. 20/24
         01034 Kiev
         Ukraine


MAY TRAVEL LLC: Creditors Must File Claims by Sept. 11
------------------------------------------------------
Creditors of LLC May Travel (code EDRPOU 31405865) have until
Sept. 11, 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 1, 2008.
The case is docketed as 28/174-B.

The Debtor can be reached at:

         LLC May Travel
         Apartment 1
         Kostelnaya Str. 5
         01001 Kiev
         Ukraine


MEREFA BREAD-BAKING: Creditors Must File Claims by Sept. 11
-----------------------------------------------------------
Creditors of OJSC Merefa Bread-Baking Plant (code EDRPOU 00381858)
have until Sept. 11, 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 June 24, 2008.
The case is docketed as B-39/47-08.

The Debtor can be reached at:

         OJSC Merefa Bread-Baking Plant
         Leonovskaya Str. 60
         Merefa
         Kharkov District
         Kharkov
         Ukraine


NVK KAFA: Creditors Must File Claims by Sept. 11
------------------------------------------------
Creditors of LLC NVK Kafa (code EDRPOU 30551755) have until
Sept. 11, 2008, to submit proofs of claim to:

         Viacheslav Letskan
         Liquidator
         Apartment 42
         Dovzhenko Str. 16V
         03057 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 21, 2008.
The case is docketed as 44/118-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC NVK Kafa
         Yaroslavov Val Str. 36-38B
         01034 Kiev
         Ukraine


MRT LLC: Creditors Must File Claims by Sept. 10
-----------------------------------------------
Creditors of LLC MRT (code EDRPOU 33641851) have until
Sept. 10, 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 Aug. 4, 2008.
The case is docketed as 44/171-B.


PILOT PLUS: Creditors Must File Claims by Sept. 11
--------------------------------------------------
Creditors of LLC Pilot Plus (code EDRPOU 31958555) have until
Sept. 11, 2008, to submit proofs of claim to:

         Viacheslav Letskan
         Liquidator
         Apartment 42
         Dovzhenko Str. 16V
         03057 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 23/142-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Pilot Plus
         Apartment 22
         Shamrilo Str. 8
         04112 Kiev
         Ukraine


POLIREM-AGRO LLC: Creditors Must File Claims by Sept. 10
--------------------------------------------------------
Creditors of LLC Polirem-Agro (code EDRPOU 34920670) have until
Sept. 10, 2008, to submit proofs of claim to:

         Vladimir Popenko
         Insolvency Manager
         Office 18
         50 Years of Pobeda Avenue 22
         Melitopol
         72313 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy proceedings
against the company after finding it insolvent on July 3, 2008.
The case is docketed as 16/157/08.

The Court is located at:

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

The Debtor can be reached at:

         LLC Polirem-Agro
         Apartment 18
         Kirov Str. 52
         Melitopol
         72319 Zaporozhje
         Ukraine

REFRAIN LLC: Creditors Must File Claims by Sept. 10
---------------------------------------------------
Creditors of LLC Refrain (code EDRPOU 34706846) have until
Sept. 10, 2008, to submit proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on July 29, 2008.
The case is docketed as 5/378/08.

The Debtor can be reached at:

         LLC Refrain
         Apartment 148
         Rybnaya Str. 1/2
         54052 Nikolaev
         Ukraine


SALOL LLC: Creditors Must File Claims by Sept. 10
-------------------------------------------------
Creditors of LLC Salol (code EDRPOU 34706872) have until
Sept. 10, 2008, to submit proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on July 29, 2008.
The case is docketed as 5/380/08.

The Debtor can be reached at:

         LLC Salol
         Yantarnaya Str. 215
         54050 Nikolaev
         Ukraine


TORVEKS CJSC: Proofs of Claim Filing Deadline Set Sept. 11
----------------------------------------------------------
Creditors of CJSC Torveks (code EDRPOU 25588036) have until Sept.
11, 2008, to submit proofs of claim to:

         Alexander Serebriakov
         Temporary Insolvency Manager
         P.O. Box 53
         Srebnokolskaya Str. 24
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy supervision
procedure on the company on July 24, 2008.  The case is docketed
as 44/85-b.

The court is located at:

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

The Debtor can be reached at:

         CJSC Torveks
         I. Kudria Str. 26
         03158 Kiev
         Ukraine


VOYKOVO AGRICULTURAL: Claims Filing Deadline Set Sept. 10
---------------------------------------------------------
Creditors of Voykovo Agricultural LLC (code EDRPOU 00850023) have
until Sept. 10, 2008, to submit proofs of claim to:

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy supervision
procedure on the company.  The case is docketed as 13/159-08.

The Debtor can be reached at:

         Voykovo Agricultural LLC
         Chkalov Str. 2
         Zgurov District
         Voykovo
         07621 Kiev
         Ukraine


ZAPORUKA LLC: Creditors Must File Claims by Sept. 11
----------------------------------------------------
Creditors of LLC Zaporuka (code EDRPOU 32049948) have until Sept.
11, 2008, to submit proofs of claim to:

         Viacheslav Letskan
         Liquidator
         Apartment 42
         Dovzhenko Str. 16V
         03057 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 17, 2008.
The case is docketed as 28/208-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Zaporuka
         Artem Str. 37-41
         04053 Kiev
         Ukraine


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


1ST DIRECT: Brings in Liquidators from Tenon Recovery
-----------------------------------------------------
Alexander Kinninmonth and Nicholas Simmonds of Tenon Recovery were
appointed joint liquidators of 1st Direct Mailing Ltd. (formerly
Maximailing Ltd.) on Aug. 12, 2008, for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         1st Direct Mailing Ltd.
         c/o Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


BLACK HORSE: Taps Liquidators from Smith & Williamson
-----------------------------------------------------
Peter William Engle of Smith & Williamson Restructuring and
Recovery Services was appointed liquidator of The Black Horse
(North) Nibley Ltd. on Aug. 22, 2008, for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         The Black Horse (North) Nibley Ltd.
         c/o Smith & Williamson
         Restructuring and Recovery Services
         Portwall Place
         Portwall Lane
         Bristol
         BS1 6NA
         England


BLUE TOUCH: Calls in Liquidators from Tenon Recovery
----------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of Blue Touch Technologies Ltd. on Aug. 21,
2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Blue Touch Technologies Ltd.
         c/o Tenon Recovery
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


BRITISH AIRWAYS: American Air Denies Tie Up Will Create Monopoly
----------------------------------------------------------------
American Airlines Inc. has rejected charges by Virgin Atlantic
that a proposed alliance between American and British Airways
would create a monopoly on trans-Atlantic service from London
Heathrow Airport, the International Herald Tribune reports.

According to the report, Richard Branson, the head of Virgin
Atlantic, has denounced the combination of American and British
Airways as a "monster monopoly" that would be bad for competition
and for the U.S. and British aviation markets.  Mr. Branson
maintained that the two airlines would have nearly 60 percent of
passengers between the United States and Heathrow, and up to 79
percent of the seats on some routes.

American Airlines responded that based on market data for July,
its alliance with British Airways would hold an overall market
share of 43.6 percent on flights from Heathrow to the United
States while flights from John F. Kennedy Airport in New York to
Heathrow would hold 52.3 percent.  The American carrier's response
came in a filing with the U.S. Transportation Department, which is
reviewing a request by American and British Airways for antitrust
immunity, the report relates.

If they receive approval, The Tribune says the airlines would
service a total of 443 destinations in 106 countries, with nearly
6,300 daily departures.

The report says the bid marks the third time in the past dozen
years that American and British Airways have sought permission to
enter into so-called code-sharing agreements on flights between
the United States and Heathrow.  Two earlier efforts by British
Airways and American failed after U.S. authorities told the
airlines they would have to give up some flights at Heathrow.
Since the airlines' last attempt in 2002, the United States and
Europe have signed an "open skies" treaty that has expanded
competition at Heathrow, where American and United previously had
been the only U.S. airlines with approval to operate, the report
notes.

Headquartered in Fort Worth, Texas, American Airlines Inc. --
http://www.aa.com/index.jhtml/-- is the principal subsidiary of
AMR Corporation (AMR).  All of American's common stock is owned by
AMR.  American is a scheduled passenger airline.  During the year
ended December 31, 2007, American provided scheduled jet service
to approximately 170 destinations throughout North America, the
Caribbean, Latin America, Europe and Asia.  In addition, American
has capacity purchase agreements with two wholly owned
subsidiaries of AMR, American Eagle Airlines, Inc. and Executive
Airlines, Inc. and two independently owned regional airlines,
which do business as the American Connection (the American
Connection carriers).  The AMR Eagle and American Connection
carriers provide connecting service from eight of American’s high-
traffic cities to smaller markets throughout the United States,
Canada, Mexico and the Caribbean.  American is also a scheduled
air freight carriers, providing a range of freight and mail
services to shippers throughout its system.

American Airlines continues to carry, among others, a "B-" Credit
Rating placed by Standard & Poor's on July 25, 2008.

                      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.


BS DEVELOPMENT: To Leave Creditors at Least GBP2MM Out of Pocket
----------------------------------------------------------------
Manchester-based property developer BS Development Ltd. will leave
creditors at least GBP2 million out of pocket as the company faces
more health and safety concerns over its unfinished Sarah Point
mixed-use scheme, Crain's Manchester Business says, citing a
report by administrators at the Manchester office of KPMG.  BS
Development, one of Bashar Issa's companies, went into
administration in June.

Crain's however notes Yorkshire Bank, which was owed GBP18.9
million, before interest and fees by BS Development, is likely to
get its money back.

Yorkshire Bank, Crain's discloses, funded the Sarah Point scheme,
which was being built by BS Construction Ltd.  According to a TCR-
Europe report on May 20, 2008, BS Construction went into voluntary
administration after Anglo-Irish Bank decided to withdraw an GBP89
million rescue package for the company's Canopus Greengate scheme.

"At the date of appointment there were 17 health and safety
prohibition notices and five improvement notices outstanding
against (BS Construction)," David Costley-Wood and Richard
Fleming, the joint administrators, were quoted by Crain's as
saying.  "Immediately following the appointment, measures were
taken to secure (Sarah Point) and address pressing health and
safety concerns.  The bank's facility was fully drawn yet there
were significant costs to complete (Sarah Point).

The administrators, Crain's relates, also found out that BS
Development did not keep managed accounts but instead kept a cash
book at BSC Group level only.  The company last filed audited
accounts to the period ending July 31, 2005.

"(Issa) was unable to provide a statement of the company's affairs
at the date of appointment...the unsecured creditor information
was compiled from the company records which we have found to be
inaccurate and incomplete; as such the balances may not accurately
reflect the true level of indebtedness," Messrs. Costley-Wood and
Fleming added.

As reported in the TCR-Europe on Aug. 15, 2008, BS Developments'
Yorkshire Bank-funded Sarah Point development, which is estimated
to be worth GBP35 million, has been put for sale with David
Clifton of Knight Frank carrying out viewings with potential
buyers.

Andy Finch of Knight Frank, however, told Crain's viewers
expressed concerns as Sarah Point, which is partially complete,
was in a state of disrepair, although he said "there has been
interest in the site and there are a few options on what it
could be used for," including a mixed-use residential and
serviced apartment scheme or a rental-only residential complex.


CHRYSLER LLC: August 2008 U.S. Sales Down 34% at 110,235 Units
--------------------------------------------------------------
Chrysler LLC reported total August 2008 U.S. sales of 110,235
units, down 34% from the same period last year.  Total August
sales reflect an industry-wide slowdown, segment shifts and
reduced fleet sales.  Compared with July 2008, Chrysler's August
sales increased 12% supported by enhanced financing offers,
efforts to shift lease-oriented customers to purchasing, leasing
availability from independent financial institutions and better
demand for key vehicles.  Although Chrysler Financial is no longer
offering leasing options to Chrysler customers, customers are
still able to lease Chrysler, Jeep(R) and Dodge products through
independent financial institutions and qualify for available
discounts.

"The industry is changing rapidly in terms of what vehicles and
features customers want and the leasing and financing options
available to them," Jim Press, Chrysler LLC Vice Chairman and
President, said.  "To help consumers, we are offering some of our
most popular vehicles at significant savings.  In August, we saw
this formula generate new signs of momentum on vehicles like our
Chrysler and Dodge minivans, Dodge Ram light-duty trucks and Jeep
Liberty.  In September, we will continue to offer competitive
values and showcase dynamic new vehicles like the 2009 Dodge
Challenger, and hybrid Dodge Durango and Chrysler Aspen SUVs."

                      September Incentives

Chrysler's "Shop 'til You Drive Sales Event" continues through
September 30, offering up to 40% off MSRP on select vehicles, and
zero% APR for 72-months on the 2008 Dodge Ram, Dodge Durango,
Chrysler Aspen, Jeep Grand Cherokee and Jeep Commander.
Especially strong values are available on Dodge Ram pickup trucks,
with up to US$9,000 discounts in select markets.

In September, customers can continue to take advantage of consumer
bonus cash of US$2,000 on select retail purchases when financed
through Chrysler Financial.  For those customers who still wish to
lease a Chrysler, Jeep or Dodge vehicle through an independent
financial institution, they can take advantage of Chrysler's
Customer Cash Allowance on select vehicles up to US$2,000.

Returning lease customers will receive a Lease Loyalty incentive
up to US$750 for use towards the retail purchase of an eligible
new Chrysler, Jeep or Dodge vehicle.  The disposition fee, up to
US$425, will be waived by Chrysler Financial.

                     August Sales Highlights

Total Chrysler LLC minivan sales were up 7% compared with a year
ago.  The Dodge Grand Caravan posted sales of 9,422 units, nearly
flat when compared with August 2007 sales.  However, when compared
with July 2008, Grand Caravan sales were up 54%.  The all-new
Chrysler Town & Country posted increased sales of 10,182 units in
August, up 15% compared with August 2007 sales, and up 26% when
compared with July 2008 sales.

Total Dodge Ram light-duty truck sales have doubled in the last 60
days, (June sales 9,172 units vs. August sales 18,774 units).
Although sales were down 7% when compared with August 2007, sales
increased 16% when compared with July 2008 sales.  The 2009 model
year Dodge Ram will begin arriving in Dodge dealerships in
September.

The all-new 2008 Dodge Journey continues to gain momentum in the
expanding mid-size crossover segment by capturing more than 35% of
its buyers from owners of larger SUVs who are looking for
efficiency and versatility.  More than half of all Dodge Journey
sales were first-time customers to the Dodge Brand.  Journey
posted sales of 4,587 in August, a 33% increase when compared with
July 2008 sales of 3,449 units.

Chrysler LLC sold 4,654 units of the Jeep Liberty in August, a
decrease of 14% when compared with August 2007.  However, the
vehicle picked up some momentum in August, increasing sales 24%
when compared with July 2008 sales.

Sales for the Dodge Charger continue to grow.  In August, 8,102
Dodge Chargers were sold, a 3% increase versus 2007 sales, and a
48% increase compared with July 2008 sales.

The Company finished the month with 380,560 units of inventory, or
a 93-day supply.  As part of a planned reduction in manufacturing
and capacity, inventory is down 15% compared with August 2007 when
it totaled 446,249 units.

                      About Chrysler LLC

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

                         *     *     *

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

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


CHRYSLER LLC: Canada Sales for August 2008 Fall 24%
---------------------------------------------------
Chrysler Canada reported sales of 15,548 for the month of August
in 2008, with a positive showing by several key vehicles (August
2007: 20,503).  The company's results calendar-year-to-date
remained stable, with sales of 162,299 for the period January
through August, compared to 162,862 in 2007.

"August sales reflect the shift Canadian buyers are making from a
lease focus to a purchase-oriented automotive market," said Reid
Bigland, President and CEO of Chrysler Canada.  "In spite of the
softening, unprecedented pricing on many of our Chrysler, Jeep(R)
and Dodge products resonated with shoppers and generated solid
sales."

                       August Highlights

The Dodge Ram Light Duty pickup truck posted another very
successful month, achieving sales of 3,131, compared to 2,752 in
2007, an increase of 14%.

"Our Dodge Ram Light Duty pickup truck has experienced phenomenal
success in 2008, with sales up 25% CYTD over the same period last
year," Dave Buckingham, Vice President of Sales, said.  "This is
great news considering that we are bringing an all-new, completely
redesigned light duty Dodge Ram to market later this fall.  With
35 new or improved features, our 2009 Ram is clearly a game-
changer that raises the bar for the competition."

Demand for the Dodge Nitro rose significantly in August, with
sales of 1,047, an increase of 31% compared to the same month in
2007.  Sales of the Dodge Grand Caravan and Chrysler Town &
Country more than doubled over the August 2007 level, with
combined sales of 2,890 (2007: 1,388).

The iconic Jeep Wrangler posted strong sales for the month,
achieving 949 units sold, an increase of 18% over 2007.  Another
Chrysler LLC legend, the Dodge Challenger SRT8(R), has been
building momentum and driving showroom traffic in spite of limited
availability.  The 2009 Dodge Challenger is launching in September
with an increased range of models and powertrains, reaching a
broader spectrum of driving enthusiasts.  The Dodge Challenger SE
will be offered with a fuel-efficient 3.5L V6 which delivers a
highway fuel economy rating of 7.9L/100 km (36 mpg).

Production began in August of the all-new 2009 Chrysler Aspen
Hybrid Electric Vehicle.  The Chrysler Aspen HEV will be available
for sale beginning this fall, and offers seven-passenger seating
combined with a blend of performance, utility, functionality and
significantly improved fuel economy.  Combined with fuel-saving
MDS technology, the advanced, two-mode hybrid technology delivers
an overall improvement of more than 25% in fuel economy and up to
a 40% improvement in the city.

                    September Sales Promotions

For the month of September, Chrysler Canada's incentive program
will focus on aggressive cash positions with competitive monthly
payment options and total discounts up to US$13,500.  For example,
the 2008 Dodge Ram 1500 Quad Cab(R) SXT 4 X 4 featuring a HEMI(R)
V8 with fuel-saving Multi-Displacement System, chrome wheels, and
power equipment package is available for US$23,898, or US$165
bi-weekly.  The Dodge Ram pickup is Chrysler Canada's highest-
selling vehicle.

Total discounts on the 2008 Jeep Wrangler and 4-door Wrangler
Unlimited now equal up to US$5,000.  A well-equipped Jeep Wrangler
Sahara with modular hard top, air conditioning, aluminum wheels,
power equipment package and legendary 4 X 4 capability can be
purchased for as little as US$155 bi-weekly.

In addition to exceptional pricing, Chrysler Canada is launching
the all-new "We'll Pay Your Way Till 2009" initiative.  Under this
program, Chrysler Canada will cover all monthly purchase or lease
payments up to US$1,500 through the end of 2008.  Customers also
have the option of selecting a cash rebate of US$1,250.  "We'll
pay your way" is not a payment deferral, but an innovative
incentive plan that covers nearly all 2008 model vehicles
(excluding Dodge Sprinter and Challenger), as well as the 2009
Dodge Caliber, Jeep Compass, and Jeep Patriot.

                      About Chrysler LLC

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

                         *     *     *

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

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


CHRYSLER LLC: Discloses Leadership Appointments in Finance Office
-----------------------------------------------------------------
Chrysler LLC disclosed a series of leadership appointments in the
company's Finance and Diversity Offices.

Kim Harris Jones is appointed Senior Vice President – Corporate
Controller and Auditor as part of an on-going initiative to
streamline functions for greater organizational efficiency and
drive corporate strategy.  Chrysler also has named Laurie A.
Macaddino Vice President – Finance Operations.

Under this structure, Harris Jones will oversee the consolidation
of the Corporate Controller's office and Audit operations.  She is
responsible for the company's corporate financial activities,
including business planning, short- and medium-term financial
forecasting as well as all internal and external audit functions.

Harris Jones was most recently Vice President and Chief
Controller.  She was recently named to the list of "25 Women to
Watch" by CFO Magazine.  In 2006, she was named the "African
American Executive of the Year" by On Wheels, Inc. and in 2005 was
named to the Automotive News list of "100 Leading Women in the
North American Auto Industry."  She joined Chrysler in 1992.

In her new role, Ms. Macaddino is responsible for ensuring that
all vehicles produced and sold by Chrysler meet financial
requirements, including cost, investment and profitability.  Ms.
Macaddino is also responsible for overseeing Manufacturing,
Engineering, Research and Development budgets.  Ms. Macaddino
formerly was Vice President – Corporate Audit and Compliance.  She
joined the company in 1986.

Also in the Finance organization, Steven E. Bell was appointed
Director – Corporate Audit and Compliance.  He is responsible for
managing the day-to-day internal and external audit functions,
including financial, operational, and process audits, dealer and
supplier audits, business ethics, compliance operations and fraud
and forensic investigations.  Mr. Bell joined the company in 1988.

"[The] announcement allows us to maximize the talents of our
management team," Ronald E. Kolka, Executive Vice President and
Chief Financial Officer, Chrysler LLC, said.  "Both Kim and Laurie
are strong leaders who have made valuable contributions to this
company. Both are strategic thinkers with a keen sense of
financial control.  In their new roles they will bring a laser
focus to their respective areas."

Chrysler LLC also disclosed that Monica E. Emerson, Executive
Director – Corporate Diversity Office, has decided to retire after
33 years with the company.  With Ms. Emerson's departure, Chrysler
has named Lisa J. Wicker, Director – Corporate Diversity.

"Monica has been a true leader and champion in developing
Chrysler's diversity and inclusion in the workplace strategy,"
said Nancy Rae, Executive Vice President – Human Resources and
Communications, Chrysler LLC.  "Through Monica's efforts, the
company has been honored at the highest level—we thank her for her
contributions and wish her the best in her retirement.  We have
every confidence that Lisa will continue this legacy."

Ms. Emerson has received several honors including the Leadership
in Diversity Award by the Career Communication Group.  Recently,
she was named to Savoy Professional Magazine's "Top 100 Blacks in
Corporate America."

As Director – Corporate Diversity, Ms. Wicker will be responsible
for the overall design, development and deployment of Chrysler's
corporate diversity strategies.  This includes facilitating short-
and long-term strategies for implementing cultural change in all
aspects of how the company leverages diversity for a competitive
advantage throughout its entire business enterprise.  In addition,
she will be responsible for Equal Employment Opportunity
Commission Compliance and Governance and Work/Life Policies and
Programs.

Ms. Wicker joined the company in 2001 and most recently was Senior
Manager – Manufacturing Group HR, Stamping and Components.

                    About Chrysler LLC

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

                         *     *     *

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

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


CSW INDUSTRIAL: Appoints Liquidators from Mazars
------------------------------------------------
Robert David Adamson and Paul Charlton of Mazars LLP were
appointed joint liquidators of CSW Industrial Services Ltd. on
Aug. 22, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

          CSW Industrial Services Ltd.
          c/o Mazars LLP
          Mazars House
          Gelderd Road
          Leeds
          LS27 7JN
          England


EUROMEC SCOTLAND: Joint Liquidators Take Over Operations
--------------------------------------------------------
Edward T. Kerr and Ian J. Gould of PKF (U.K.) LLP were appointed
joint liquidators of Euromec Scotland Ltd., Euromec Finance Ltd.
and Euromec Holdings Ltd. on Aug. 22, 2008, for the creditors'
voluntary winding-up proceeding.

The companies can be reached at:

         PKF (U.K.) LLP
         Pannell House
         159 Charles Street
         Leicester
         LE1 1LD
         England


INSTYLE CONSTRUCTION: Taps Liquidators from Baker Tilly
-------------------------------------------------------
Adrian David Allen and Philip Edward Pierce of Baker Tilly
Restructuring and Recovery LLP were appointed joint liquidators of
Instyle Construction Ltd. (formerly In-style Refurbishments Ltd.)
on Aug. 26, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Instyle Construction Ltd.
         c/o Baker Tilly Restructuring and Recovery LLP
         2 Whitehall Quay
         Leeds
         LS1 4HG
         England


J & R CLEANING: David Elliott Leads Liquidation Procedure
---------------------------------------------------------
David Elliott of Moore Stephens LLP was appointed liquidator of J
& R Cleaning Services Ltd. on Aug. 21, 2008, for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         J & R Cleaning Services Ltd.
         c/o Moore Stephens LLP
         First Floor
         Victory House
         Quayside
         Chatham Maritime
         Kent
         ME4 4QU
         England


MOBILE STORAGE: Appoints S. J. Parker as Liquidator
---------------------------------------------------
S. J. Parker of Tenon Recovery was appointed liquidator of Mobile
Storage Technology Ltd. on Aug. 26, 2008, for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Mobile Storage Technology Ltd.
         c/o Tenon Recovery
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


TTC CREATIVE: Brings in Liquidators from Tenon Recovery
-------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of TTC Creative Ltd. on Aug. 21, 2008, for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

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


* S&P Says Euro Leveraged Finance Markets OK But Debt Still High
----------------------------------------------------------------
In the year since the onset of the liquidity crunch, European
leveraged finance issuers have increased lender protection but
there is still room for improvement, according to a report
published by Standard & Poor's Ratings Services.

"The market is slowly adopting more conservative structures to
meet investor demand," said S&P's research analyst Taron Wade.
"Arrangers may be tailoring structures more conservatively to
appeal to banks -- now the dominant lenders -- because they
generally are more credit disciplined than institutional
investors and hedge funds."

Ratings and credit estimates assigned to leveraged loans in 2008
reflect this trend.  The proportion of 'B+' and 'BB-' credits is
higher this year than last, while the proportion of 'B-' credits
is lower.  The absence of recapitalizations is another sign of a
less-aggressive borrowing market.

Some deal features remain surprisingly aggressive, however.
Total debt remains higher than the 2006 average levels, when the
leveraged finance market was already aggressive.  Average total
leverage in the first half of 2008 was 5.48x EBITDA, according to
S&P's Leveraged Commentary & Data.  This compares with 5.52x in
2007 and 5.43x in 2006.  The last time the average total debt
multiple fell below 5x was in 2004, when it was 4.54x EBITDA.

Another indicator of aggressive deal structures is the higher
concentration of risk in the distribution of ratings and credit
estimates in 2008 compared with 2007.  In 2007, ratings and
credit estimates ranged from 'CCC+' to 'BB+', whereas deals
completed in 2008 have been assigned ratings and credit estimates
ranging from 'B-' to 'BB-'.

One reason for issuers' apparent reluctance to fully embrace the
necessary move to better structures for lenders could be that
default rates have not yet climbed steeply, despite the worsening
economic conditions S&P has seen throughout 2008.

"Protection for lenders on new deals, such as larger cash
interest coverage ratios and significantly lower debt multiples,
may not improve until the default rate in Europe starts to climb,
forcing lenders -- particularly banks -- to face facts and demand
better terms," Ms. Wade added.


* BOND PRICING: For the Week Sept. 1 to Sept. 5, 2008
-----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Immofinanz Immobilien     2.750    01/20/14     EUR      66.89
Kommunal Kredit
  Austria AG              0.500    03/15/19     CAD      67.33
                          0.250    10/14/26     CAD      40.66
Republic of Austria       1.000    06/22/22     EUR      71.11
                          0.000    10/10/25     EUR      62.83

BELGIUM
Fortis Bank               8.750    12/07/10     EUR      54.78

FINLAND
-------
M-Real Serla              7.250    04/01/13     EUR      71.80
Muni Finance PLC          1.000    02/27/18     AUD      61.34
                          0.500    09/24/20     CAD      63.27
                          0.250    06/28/40     CAD      21.38
                          1.000    10/30/17     AUD      62.21
                          1.000    11/21/16     NZD      64.18

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      14.99
Altran Technologies S.A.  3.750    01/01/09     EUR      12.69
Calyon                    6.000    06/18/47     EUR      46.14
CAP Gemini S.A.           2.500    01/01/10     EUR      52.70
                          1.000    01/01/12     EUR      45.55
Club Mediterranee S.A.    3.000    11/01/08     EUR      68.03
                          4.380    11/01/10     EUR      46.23
Essilor Intl              1.500    07/02/10     EUR      72.27
Europcar Groupe           8.130    05/15/14     EUR      64.42
                          8.130    05/15/14     EUR      64.75
FCC Rome Alliance
Funding                   2.260    01/08/21     EUR      72.33
Groupe Vial               2.500    01/01/14     EUR      29.91
Havas S.A.                4.000    01/01/09     EUR      10.92
Ingenico                  2.750    01/01/12     EUR      15.90
Maurel & Prom             3.500    01/01/10     EUR      21.12
Publicis Group            1.000    01/18/18     EUR      42.16
Rhodia S.A.               0.500    01/01/14     EUR      35.84
Scor S.A.                 4.125    01/01/10     EUR       2.13
Soc Air France            2.750    04/01/20     EUR      22.07
St Gobain                 5.630    11/15/24     GBP      78.27
Tereos Europe             6.380    04/15/14     EUR      74.78
Theolia S.A.              2.000    01/01/14     EUR      16.94
Valeo                     2.380    01/01/11     EUR      42.74
Wavecom S.A.              1.750    01/01/14     EUR      18.19
Wendel Invest S.A.        4.880    05/26/16     EUR      87.49
                          2.000    06/19/09     EUR      42.56
                          4.380    08/09/17     EUR      66.73
Zlomrex Int Fin           8.500    02/01/14     EUR      70.33
                          8.500    02/01/14     EUR      70.25

GERMANY
-------
Allgemeine HypothekenBank
   Rheinboden             5.080    12/10/14     EUR      67.81
Deutsche Schifbk          4.200    01/23/09     EUR      99.65
IKB Deutsche
   Industriebank AG       5.760    03/31/23     EUR      55.97
                          4.500    07/09/13     EUR      62.36
                          5.670    02/27/23     EUR      55.49
                          5.580    03/31/18     EUR      61.16
KfW Bankengruppe          1.250    05/23/20     EUR      74.89
                          0.500    10/30/13     AUD      73.04
                          5.000    09/01/25     EUR      72.99
                          1.250    07/21/25     EUR      66.81
                          0.500    12/19/17     EUR      69.99
                          1.250    07/29/20     EUR      73.07
                          5.000    10/17/35     EUR      60.06
                          1.250    07/07/20     EUR      73.64
                          2.820    08/10/30     EUR      66.91
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      45.26
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      62.85
Solon AG Solar            1.380    12/06/12     EUR      71.68

ICELAND
-------
Glitnir Banki HF          6.000    03/05/12     GBP      74.55
Kaupthing Bank            6.500    02/03/45     EUR      41.75

IRELAND
-------
Banesto Finance Plc       6.120    11/07/37     EUR       6.12
Depfa ACS Bank            0.500    03/03/25     CDN      49.69
                          0.250    07/08/33     CDN      29.16
Irish Nationwide
  Building Society        5.500    01/10/18     GBP      62.12
Irish Perm Plc            2.500    02/15/35     EUR      50.01
Ono Finance II            8.000    05/16/14     EUR      68.64

ITALY
-----
CIR SPA                   5.750    12/16/24     EUR      77.56
Risanamento S.p.A.        1.000    05/10/14     EUR      28.81
Telecom Italia            5.250    03/17/55     EUR      71.61
IGD                       2.500    06/28/12     EUR      72.40

LUXEMBOURG
----------
Cirio Finance             7.500    11/03/02     EUR      15.30
Global Yatirim Holding    9.250    07/31/12     US$      73.59
Globus Capital Finance SA 8.500    03/05/12     US$      74.24
IT Holding Fin            9.880    11/15/12     EUR      59.97
Kloeckner Fin. Intl       1.500    07/27/12     EUR      70.47
Lighthouse International  8.000    04/30/14     EUR      73.91
Nell AF S.A.              8.380    08/15/15     EUR      58.64
                          8.380    08/15/15     US$      60.02

NETHERLANDS
-----------
ABN Amo Bank B.V.         6.000    03/16/35     EUR      64.95
Air Berlin Finance B.V.   1.500    04/11/27     EUR      28.31
ALB Finance BV            7.880    02/01/12     EUR      71.79
                          9.250    09/25/13     US$      73.46
                          9.750    02/14/11     GBP      79.34
Biopetrol Finance         4.000    02/21/12     EUR      47.59
BK Ned Gemeenten          0.500    06/27/18     CDN      68.92
                          0.500    02/24/25     CDN      49.74
BLT Finance BV            7.500    05/15/14     US$      68.24
Elec De Car Fin           8.500    04/10/18     US$      74.48
EM.TV Finance B.V.        5.250    05/08/13     EUR       3.88
Indah Kiat Intl           11.88    06/15/02     US$      53.00
IVG Finance B.V.          1.750    03/29/17     EUR      57.84
Kazkommerts Fin           8.500    06/13/17     US$      71.83
                          8.630    07/27/16     US$      74.88
Kazkommerts Intl          7.500    11/29/16     US$      71.87
                          7.500    11/29/16     US$      72.90
                          6.880    02/13/17     EUR      70.50
Lehman Bros TSY B.V.      2.000    03/16/35     EUR      38.79
                          2.000    03/18/15     EUR      73.02
                          7.000    05/17/35     EUR      39.75
                          3.440    11/26/13     EUR      67.78
                          2.000    02/16/15     EUR      75.10
                          6.000    11/02/35     EUR      37.93
                          4.170    02/16/17     EUR      63.18
                          6.000    02/15/35     EUR      47.63
                          7.250    10/05/35     EUR      34.13
Montell Finance B.V.      8.100    03/15/27     US$      51.41
Natl Invester Bank       25.982    05/07/29     EUR      32.24
Ned Waterschapbk          6.000    06/01/35     EUR      61.09
                          6.500    08/15/35     EUR      54.51
NXP BV/NXP FUNDI          8.630    10/15/15     EUR      65.78
                          9.500    10/15/15     US$      67.50
                          8.630    10/15/15     EUR      66.34
Rabobank Groep N.V.       2.500    02/22/35     EUR      58.58
                          6.000    05/09/35     EUR      60.90
                          2.000    03/23/35     EUR      55.88
                          5.000    02/28/35     EUR      61.54
                          0.440    04/08/20     EUR      71.50
Tjiwi Kimia Finance BV   13.250    08/01/01     US$       0.13
Turanalem Fin BV          8.250    01/22/37     US$      72.97
                          8.250    01/22/37     US$      73.99

NORWAY
------
Norske Skogindustrier ASA 7.000    06/26/17     EUR      64.98

SPAIN
-----
Bancaja                   4.380    02/14/17     EUR      84.39

SWITZERLAND
-----------
Cytos Biotechnology       2.880    02/20/12     CHF      71.39
Swiss RE                  6.000    12/15/08     CHF      71.52
UBS AG Jersey             3.220    07/31/12     EUR      66.43

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      52.60
Aspire Defence            4.670     03/31/40    GBP      65.90
                          4.670     03/31/40    GBP      65.98
Bank of Scotland          6.000     02/07/35    EUR      46.95
Bradford&Bin BLD          5.750     12/12/22    GBP      71.34
                          6.630     06/16/23    GBP      72.17
Brit Insurance            6.630     12/09/30    GBP      78.42
Britannia Building
   Society                5.880     03/28/33    GBP      72.37
Enterprise Inns           6.380     09/26/31    GBP      70.70
F&C Asset Management plc  6.750     12/20/26    GBP      72.10
Grainer Plc               3.630     05/17/14    GBP      51.29
Hammerson Plc             6.000     02/23/26    GBP      75.66
HBOS Plc                  4.500     03/18/30    EUR      73.21
HSBC Bank Plc             3.750     05/18/15    EUR 9027508.13
Ineos Group Holdings Plc  7.880     02/15/16    EUR      62.17
                          7.880     02/15/16    EUR      62.35
Louis No1 Plc            10.000     12/01/16    EUR      71.15
                          8.500     12/01/14    EUR      73.70
                          8.500     12/01/14    EUR      73.54
Marston's Issuer PLC      5.640     07/15/35    GBP      75.05
National Grid Gas Plc     1.750     10/17/36    GBP      43.25
                          1.770     03/30/37    GBP      43.24
Progress Health           5.580     10/02/42    GBP      71.86
Punch Taverns             6.470     04/15/33    GBP      72.13
Royal BK Scotland         9.500     04/04/25    US$      67.12
Slough Estates plc        5.750     06/20/35    GBP      71.52
Taylor Woodrow            6.380     05/24/19    GBP      53.80
                          6.630     02/07/12    GBP      53.11
TXU Eastern Funding       6.450     05/15/05    US$       0.01
Unique Pub Fin            6.460     03/30/32    GBP      70.73
Wessex Water Fin          1.370     07/31/57    GBP      19.34


                            *********

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.

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                 * * * End of Transmission * * *