---

        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Tuesday, September 9, 2008, Vol. 9, No. 179

                            Headlines

A U S T R I A

CWA LLC: Claims Registration Period Ends September 23
TAN MONTAGEN: Claims Registration Period Ends September 19
MATTHIAS MERTH: Claims Registration Period Ends September 19


B E L G I U M

LEVI STRAUSS: CFO Resigns; Appoints Heidi Manes as Interim CFO


G E R M A N Y

ARTEMUS INGENIEURBAU: Creditors Meeting Slated for September 17
ASE VERWALTUNGS: Claims Registration Period Ends September 17
BENTNET SYSTEMHAUS: Claims Registration Period Ends September 17
DATATEC-BUEROMASCHINENHANDEL: Claims Registration Ends Sept. 17
EQUIPE WERBEAGENTUR: Claims Registration Period Ends Sept. 16

GONDELFAHRT GASTRONOMIE: Claims Filing Period Ends Sept. 16
ICB VERMOEGENSVERWALTUNGS: Claims Filing Period Ends Sept. 16
LAOLA FUSSBALLCENTER: Claims Registration Period Ends Sept. 16
MEISTERCASINO KANTINE: Claims Registration Period Ends Sept. 16
STAHL-U. APPARATEBAU: Claims Registration Period Ends Sept. 16

TINTENKLEX GMBH: Claims Registration Period Ends September 16
VARIANT MASSIVHAUS: Claims Registration Period Ends September 16


I R E L A N D

EIRLES FOUR: Fitch Junks Rating on EUR115 Million Series 42 CDO
MAGNOLIA FINANCE II: S&P Withdraws CCC- Rating on CDO Transaction


I T A L Y

ALITALIA SPA: Newco to Shed Cargo and Maintenance Units
DA VINCI: Fitch Puts 'BB' Rating on Class C FR Note on Watch Neg.
PARMALAT SPA: Board Okays EUR128.4 Mln Partial Dividend for 2008


K A Z A K H S T A N

KAZKOMMERTSBANK JSC: Repays US$600 Million Syndicated Loan
MOTOR DRIVE: Creditors' Claims Due on October 7
TRANS ENERGO: Claims Registration Ends October 7
TENGIZ OIL: Proof of Claim Deadline Slated for October 8


K Y R G Y Z S T A N

RAKURS LLC: Creditors Must File Claims by September 26


R U S S I A

COMSTAR UNITED: Intergrates Stream-TV Group's Regional Assets
KOPEYKA JSC: S&P Lifts Corporate Credit Rating to CCC+
LUNDA-PLUS LLC: Creditors Must File Claims by October 28
MELLAR LLC: Moscow Bankruptcy Hearing Set November 5
OKTAVA LLC: Court Names O. Vasilyeva as Insolvency Manager

TNK-BP INT'L: Owners Sign MOU to Overhaul Governance Structure
TNK-BP INTERNATIONAL: New Agreement Cues S&P's Negative Outlook
URALETS LLC: Creditors Must File Claims by October 28


S E R B I A   &   M O N T E N E G R O

DIMITRIJE TUCOVIC: Auction Slated for September 23
MATROZ: Auction Slated for September 23


S P A I N

SANTANDER CONSUMER SPAIN 07-2: S&P Affirms Cl. E Notes CCC- Rating


S W I T Z E R L A N D

AC HODEL: Creditors Have Until Sept. 26 to File Proofs of Claim
EFFULGENCE EUROPE: Sept. 26  Set as Deadline to File Claims
GMAC LLC: To Streamline Mortgage Operations, Close Retail Offices
GMAC LLC: Cutbacks to Curb Earnings, WSJ Report Says
GROSS ARBEIT: Creditors Must File Proofs of Claim by  Sept. 26

UBS AG: Appoints Kengeter as Global Head of FICC


U K R A I N E

BROK-INVEST LLC: Creditors Must File Claims by Sept. 13
BUILDING DELIVERY: Proofs of Claim Filing Deadline Set Sept. 11
CROMEKS-TRADE LLC: Creditors Must File Claims by Sept. 13
CYBER-SOUTH LLC: Creditors Must File Claims by Sept. 11
KHARKOV ENERGYREPAIR: Claims Filing Deadline Set Sept. 11

KLIO TRADING: Creditors Must File Claims by September 11
KNIAGININ PLUS Proofs of Claim Filing Deadline Set Sept. 11
LITY-PLUS LLC: Creditors Must File Claims by Sept. 13
MEMUR-TRADE LLC: Creditors Must File Claims by Sept. 11
MERKOTAN-PLAZA: Creditors Must File Claims by Sept. 13

MICRO-SOFT-PLUS: Creditors Must File Claims by Sept. 13
MOTORTRADECOMPLEX LLC: Creditors Must File Claims by Sept. 13
NIKOLAYEV TARE: Creditors Must File Claims by Sept. 11
NOVOSELITSA FOOD: Proofs of Claim Filing Deadline Set Sept. 18
SMILA METALIST: Creditors Must File Claims by Sept. 11

SOUTH-TRADE LTD: Creditors Must File Claims by Sept. 13
STROYKA LLC: Creditors Must File Claims by Sept. 11


U N I T E D   K I N G D O M

ABL LTD: Taps Joint Administrators from PricewaterhouseCoopers
ARETON INT'L: Goes Into Administration; 20 Jobs Affected
CRAFTANSWER LTD: Brings in Joint Administrators from BDO Stoy
DALVI TECH: Calls in Joint Administrators from Tenon Recovery
GLENEAGLES OF EDINBURGH: Goes Into Administration; Seeks Buyer

ILES LTD: Appoints Joint Administrators from Baker Tilly
KENSINGTON MORTGAGE: S&P Puts Cl. B2 Notes BB Rating on WatchNeg.
LEHMAN BROTHERS: WSJ Says KDB's Plan Could Face Regulatory Hurdles
MAIN LTD: Brings in Liquidators from Baker Tilly
NEW COLLECTION: Joint Liquidators Take Over Operations

PB EVENTS: Court Appoints PricewaterhouseCoopers as Liquidator
ST. ANDREWS: Goes Into Receivership; Receiver Seeks Buyer
TIME AND TIDE: Goes Into Administration
WORLDWIDE BIO: Taps Liquidators from Mazars

* S&P Says Accident-Year Performance in U.K. Motor Market Worsens

* Large Companies with Insolvent Balance Sheet


                         *********


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


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

         Dr. Susanne Binder-Novak
         Riemerplatz 1/2nd floor
         3100 St. Poelten
         Tel: 02742/26 600
         Fax: 02742/26600/10
         E-mail: ra-binder@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 a.m. on Oct. 14, 2008, for the
examination of claims at:

         The Land Court of St. Poelten
         Room 216
         Second Floor
         Old Building
         St. Poelten
         Austria

Headquartered in Hofstetten, Austria, the Debtor declared
bankruptcy on Aug. 14, 2008, (Bankr. Case No. 14 S 124/08p).


TAN MONTAGEN: Claims Registration Period Ends September 19
----------------------------------------------------------
Creditors owed money by KEG Tan Montagen have until Sept. 19,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Christian Podoschek
         Dr. Karl Lueger Ring 12
         1010 Vienna
         Austria
         Tel: 533 16 95
         Fax: 535 56 86
         E-mail: podoschek@preslmayr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 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 108/08y).


MATTHIAS MERTH: Claims Registration Period Ends September 19
-------------------------------------------------------
Creditors owed money by KG Matthias Merth have until Sept. 19,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Michael Ludwig Lang
         Schüttelstrasse 55
         1020 Vienna
         Austria
         Tel: 72 577
         Fax: 72 577 577
         E-mail: michael.lang@blw-legal.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 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. 8, 2008, (Bankr. Case No. 28 S 110/08t).


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


LEVI STRAUSS: CFO Resigns; Appoints Heidi Manes as Interim CFO
--------------------------------------------------------------
Levi Strauss & Co. disclosed that its chief financial officer,
Hans Ploos van Amstel, has decided to leave the company to pursue
other career opportunities.  LS&CO.'s corporate controller and
principal accounting officer, Heidi Manes, will serve as CFO on an
interim basis while the company recruits externally for a
permanent replacement.  Mr. Ploos van Amstel has agreed to serve
as a financial consultant to LS&CO. for the next several months to
help ensure a smooth transition.

Ms. Manes joined LS&CO. in 2002 from KPMG LLP and has held several
leadership positions in the LS&CO. finance organization.

"[Ms. Manes] is steeped in the financial details of our global
enterprise, and she played an integral role in developing our
accounting policies, financial controls and external reporting
practices," LS&CO.'s chief executive officer John Anderson, said.
"[Ms. Manes] is well-positioned to lead the finance team through
this transition."

"[Mr. Ploos van Amstel] was a key contributor in strengthening the
financial performance of the company during the past several
years, Mr. Anderson also said.  "He helped us to improve our
capital structure, reduce costs and debt, and enhance our
financial controls, accounting capabilities and reporting
processes.  We wish Hans the very best in his future endeavors."

                     About Levi Strauss & Co.

Headquartered in San Francisco, California, Levi Strauss & Co. --
http://www.levistrauss.com/-- is a branded apparel company.  The
company designs and markets jeans, casual and dress pants, tops,
jackets and related accessories, for men, women and children under
the Levi's(R), Dockers(R) and Signature by Levi Strauss & Co.(TM).

Levi Strauss is organized into three geographic divisions: Levi
Strauss Americas, based in the San Francisco headquarters,
Levi Strauss Europe, Middle East and North Africa, based in
Brussels, Belgium and Asia Pacific Division, based in Singapore.
Levi's also has operations in Brazil, Mexico, Chile and Peru.
Shares of Levi Strauss Japan K.K., its Japanese affiliate, are
publicly traded in Japan.

As reported in the Troubled Company Reporter on July 10, 2008, the
company's consolidated balance sheet at May 25, 2008, showed
US$2.9 billion in total assets, US$3.2 billion in total
liabilities, and US$5.1 million in temporary equity, resulting in
a US$387.1 million total stockholders' deficit.

                         *     *     *

Moody's Investors Service placed Levi Strauss & Co.'s long term
corporate family and probability of default ratings at 'B1' in
March 2007.  The ratings still hold to date with a positive
outlook.


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


ARTEMUS INGENIEURBAU: Creditors Meeting Slated for September 17
---------------------------------------------------------------
The court-appointed insolvency manager for ARTEMUS Ingenieurbau
GmbH, Dr. Juergen Wallner, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 12:05
p.m. on Sept. 17, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:30 a.m. on Jan. 7, 2009, at the same venue.

Creditors have until Oct. 13, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Juergen Wallner
         Budapester Str. 31
         10787 Berlin
         Germany

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

The Debtor can be reached at:

         ARTEMUS Ingenieurbau GmbH
         Hochstaedter Str. 19
         13347 Berlin
         Germany


ASE VERWALTUNGS: Claims Registration Period Ends September 17
-------------------------------------------------------------
Creditors of ASE Verwaltungs- und Beteiligungs-GmbH have until
Sept. 17, 2008, to register their claims with court-appointed
insolvency manager Dr. Johannes Graute, III.

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

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         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. Johannes Graute, III
         Hagen 30
         45127 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings against
ASE Verwaltungs- und Beteiligungs-GmbH on Aug. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ASE Verwaltungs- und Beteiligungs-GmbH
         Attn: Sabine Mueller, Manager
         Elbestrasse 6
         45768 Marl
         Germany


BENTNET SYSTEMHAUS: Claims Registration Period Ends September 17
----------------------------------------------------------------
Creditors of BentNet Systemhaus Bad Bentheim GmbH have until
Sept. 17, 2008, to register their claims with court-appointed
insolvency manager Dr. Leo Schoofs.

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

The meeting of creditors will be held at:

         The District Court Nordhorn
         Hall 42
         Seilerbahn 15
         48529 Nordhorn
         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. Leo Schoofs
         Salierstrasse 4
         46395 Bocholt
         Germany
         Tel: 02871/2183-404
         Fax: 02871/2183-410
         E-mail: Lschoofs@Stellmach-Broeckers.de

The District Court of Nordhorn opened bankruptcy proceedings
against BentNet Systemhaus Bad Bentheim GmbH on Aug. 8, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BentNet Systemhaus Bad Bentheim GmbH
         Schlossstrasse 20 B
         48455 Bad Bentheim
         Germany

         Attn: Alexander Holtel, Manager
         Vahrenhorststiege 6
         48455 Bad Bentheim
         Germany


DATATEC-BUEROMASCHINENHANDEL: Claims Registration Ends Sept. 17
---------------------------------------------------------------
Creditors of Datatec-Bueromaschinenhandel und Bau GmbH have until
Sept. 17, 2008, to register their claims with court-appointed
insolvency manager Bjorn Feldmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 Aschaffenburg
         Meeting Room 5.103
         First Upper Floor
         Schlossplatz 5
         63739 Aschaffenburg
         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:

         Bjorn Feldmann
         Friedrichstr. 15
         63739 Aschaffenburg
         Germany
         Tel: 06021/35010
         Fax: 06021/350111

The District Court of Aschaffenburg  opened bankruptcy proceedings
against Datatec-Bueromaschinenhandel und Bau GmbH on Aug. 18,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Datatec-Bueromaschinenhandel und
         Bau GmbH
         Am Kohlberg 9
         63928 Eichenbuehl
         Germany


EQUIPE WERBEAGENTUR: Claims Registration Period Ends Sept. 16
-------------------------------------------------------------
Creditors of Equipe Werbeagentur GmbH have until Sept. 16, 2008,
to register their claims with court-appointed insolvency manager
Dr. Holger Lessing.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Oct. 7, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany

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

The insolvency manager can be reached at:

         Dr. Holger Lessing
         Hanauer Landstr. 287-289, D
         60314 Frankfurt (Main)
         Germany
         Tel: 069/15051300
         Fax: 069/15051400

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against  Equipe Werbeagentur GmbH on Aug. 20, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Equipe Werbeagentur GmbH
         Arndtstr. 11
         60325 Frankfurt (Main)
         Germany


GONDELFAHRT GASTRONOMIE: Claims Filing Period Ends Sept. 16
-----------------------------------------------------------
Creditors of Gondelfahrt-Gastronomie-Betriebsgesellschaft mbH have
until Sept. 16, 2008, to register their claims with court-
appointed insolvency manager Dr. Christoph Munz.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 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 Dresden
         Hall D132
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Dr. Christoph Munz
         Gustav-Adolf-Str. 6 b
         01219 Dresden
         Germany
         Web site: http://www.munz-anwaelte.de

The District Court of Dresden opened bankruptcy proceedings
against Gondelfahrt-Gastronomie-Betriebsgesellschaft mbH on
Aug. 21, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Gondelfahrt-Gastronomie-Betriebsgesellschaft mbH
         Attn: Ralph Hausmann, Manager
         Graben 5
         02736 Oppach
         Germany


ICB VERMOEGENSVERWALTUNGS: Claims Filing Period Ends Sept. 16
-------------------------------------------------------------
Creditors of ICB Vermoegensverwaltungs-GmbH have until Sept. 16,
2008, to register their claims with court-appointed insolvency
manager Hans G. Hanel.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Oct. 7, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Weilheim
         Meeting Hall E 007
         Waisenhausstr. 5
         Weilheim
         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 G. Hanel
         Hauptstr. 37
         82380 Peissenberg
         Germany
         Tel: 08803/63660
         Fax: 08803/636677

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

The Debtor can be reached at:

         ICB Vermoegensverwaltungs-GmbH
         Herrschinger Str. 2 a
         82266 Inning a. Ammersee
         Germany


LAOLA FUSSBALLCENTER: Claims Registration Period Ends Sept. 16
--------------------------------------------------------------
Creditors of LaOla Fussballcenter Holding GmbH & Co. KG have until
Sept. 16, 2008, to register their claims with court-appointed
insolvency manager Dr. Paul Fink.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Oct. 20, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Moenchengladbach
         Meeting Hall A 58
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach
         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. Paul Fink
         Koenigsallee 33
         40212 Duesseldorf
         Germany
         Tel: 0211/301 80 60
         Fax: +4921130180699

The District Court of Moenchengladbach opened bankruptcy
proceedings against LaOla Fussballcenter Holding GmbH & Co. KG on
July 31, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         LaOla Fussballcenter Holding GmbH & Co. KG
         Attn: Georg Luggenhoelscher, Manager
         Luerriper Strasse 133
         41065 Moenchengladbach
         Germany


MEISTERCASINO KANTINE: Claims Registration Period Ends Sept. 16
---------------------------------------------------------------
Creditors of "Meistercasino" Kantine Betriebs GmbH have until
Sept. 16, 2008, to register their claims with court-appointed
insolvency manager Stephan Jaeger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 14, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Stephan Jaeger
         Leopoldstr. 139
         80804 Munich
         Germany
         Tel: 089/361930-750
         Fax: 089/361930-999

The District Court of Munich opened bankruptcy proceedings against
"Meistercasino" Kantine Betriebs GmbH on Aug. 6, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         "Meistercasino" Kantine Betriebs GmbH
         Attn: Juergen Kraushofer, Manager
         Zamilastr. 11
         81677 Munich
         Germany


STAHL-U. APPARATEBAU: Claims Registration Period Ends Sept. 16
--------------------------------------------------------------
Creditors of Stahl-u. Apparatebau Roszewski und Labs GmbH have
until Sept. 16, 2008, to register their claims with court-
appointed insolvency manager Marcus Janca.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 7, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Kiel
         3 Deliusstr. 22
         Kiel
         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:

         Marcus Janca
         Willestr. 3
         24103 Kiel
         Germany
         Tel: 0431/888970
         Fax: 0431/8889788

The District Court of  Kiel opened bankruptcy proceedings against
Stahl-u. Apparatebau Roszewski und Labs GmbH on Aug. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Stahl-u. Apparatebau Roszewski und Labs GmbH
         Attn: Barbara Roszewski, Manager
         Bahnhof 5 a
         24232 Schoenkirchen
         Germany


TINTENKLEX GMBH: Claims Registration Period Ends September 16
-------------------------------------------------------------
Creditors of Tintenklex GmbH have until Sept. 16, 2008, to
register their claims with court-appointed insolvency manager Dr.
Heiner Buss.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on Oct. 10, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Leer
         Hall 101
         Woerde 5
         26789 Leer
         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. Heiner Buss
         Hauptstr. 169
         26639 Wiesmoor
         Germany
         Tel: 04944/1033
         Fax: 04944/912035

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

The Debtor can be reached at:

         Tintenklex GmbH
         Attn: Lutz Vogt, Manager
         Bremer Strasse 43
         26789 Leer
         Germany


VARIANT MASSIVHAUS: Claims Registration Period Ends September 16
----------------------------------------------------------------
Creditors of VARIANT Massivhaus GmbH have until Sept. 16, 2008, to
register their claims with court-appointed insolvency manager
Susanne Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 11:50 a.m. on Oct. 21, 2008, at which time the
insolvency manager will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         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:

         Susanne Mueller
         Vietmannsdorfer Strasse 23
         17268 Templin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against VARIANT Massivhaus GmbH on Aug. 15, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         VARIANT Massivhaus GmbH
         Schoenower Strasse 45
         16341 Panketal
         Germany


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


EIRLES FOUR: Fitch Junks Rating on EUR115 Million Series 42 CDO
---------------------------------------------------------------
Fitch Ratings has downgraded one tranche of Eirles Four Limited
Series 42 funded mezzanine swap and removed Eirles Four Limited
Series 42 from Rating Watch Negative (RWN).

The rating actions reflect Fitch's view on the credit risk of the
rated tranches following the release of its new Corporate CDO
rating criteria.

   -- EUR115 million Series 42 due July 2013 (ISIN: XS0171953796):
      downgraded to 'CCC' (DR2) from 'B' (DR1)

Key drivers of this transaction's credit risk include an increase
of the portfolio's credit risk, with 22% of the portfolio now
rated sub-investment grade.  In addition, portfolio migration risk
has increased, with 11% of the portfolio on RWN and 15% on
Negative Outlook.  Fitch also notes the industry concentration of
32% in the two largest sectors, made up of 23% in banking and
finance, and 9% in telecommunications.

Given Fitch's view of concentration and the current credit quality
of the portfolio, as well as the remaining risk horizon, the
credit enhancement levels below are not sufficient to justify the
previous ratings of the tranches.

   -- Eirles Four Limited Series 42 due July 2013: 2.68%

Since the initial RWN action in June 2008, negative portfolio
migration impacted 16% of the portfolio.

At closing, Eirles Four Limited, a special purpose vehicle
incorporated in the Republic of Ireland, entered into one
mezzanine credit default swaps with Deutsche Bank AG London (rated
'F1+'), under which it provides notional protection on a static
reference portfolio of currently 99 corporate entities with a
total notional value of EUR735mn.

Fitch released its updated criteria on April 30, 2008 for
Corporate CDOs and, at that time, noted it would be reviewing its
ratings accordingly to establish consistency for existing and new
transactions.  As part of this review, Fitch makes standard
adjustments for any names on RWN or Negative Outlook, reducing
such ratings for default analysis purposes by two notches and one
notch, respectively.  Fitch has previously noted that its review
will be focused first on ratings most exposed to risks it has
highlighted in its updated criteria.  As such, the transaction was
placed on RWN on June 4, 2008.  As previously indicated,
resolution of the Rating Watch status depends on any plans
arrangers may choose to modify either the structure or the
portfolio.  In this case, the arranger has confirmed that it does
not intend to make any modifications.


MAGNOLIA FINANCE II: S&P Withdraws CCC- Rating on CDO Transaction
-----------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its CCC- rating
on the notes issued by Magnolia Finance II PLC's Azalea series
2007-1C, a synthetic collateralized debt obligation of
asset-backed securities (CDO of ABS) transaction.

The withdrawal follows the complete paydown of the class pursuant
to the Aug. 20, 2008, repurchase agreement.


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


ALITALIA SPA: Newco to Shed Cargo and Maintenance Units
-------------------------------------------------------
The reorganized Alitalia will focus on providing passenger
transport services and will stop its cargo and heavy maintenance
operations, Agenzia Giornalistica Italia reports, citing Compagnia
Aerea Italiana s.r.l. CEO Rocco Sabelli.

Mr. Sabelli told unions that Alitalia will continue focusing on
its core operations while offloading unrelated units.

"We have to follow logic and not ideology, Mr. Sabelli told
unions.  "It is imperative to focus on our core business: an
excellent company for passenger transport."

CAI's chief executive, however, said that "administrative
services, the call center, and IT, and the rest is all in."

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.

The consortium includes:

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

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

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

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

Augusto Fantozzi, Alitalia S.p.A.'s extraordinary commissioner,
confirmed receiving the offer.

                          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.


DA VINCI: Fitch Puts 'BB' Rating on Class C FR Note on Watch Neg.
-----------------------------------------------------------------
Fitch Ratings has placed the ratings of all outstanding classes of
notes of the Da Vinci Synthetic plc transaction on Rating Watch
Negative (RWN):

   -- EUR25.9 million Class A floating-rate notes: 'A-' (A minus);
      Rating Watch Negative

   -- EUR20.8 million Class B floating-rate notes: 'BBB'; Rating
      Watch Negative

   -- EUR15.6 million Class C floating-rate notes: 'BB'; Rating
      Watch Negative

The RWN follows Alitalia's Aug. 29 announcement that it has
decided to apply for bankruptcy protection at the Rome Court.

The Da Vinci Synthetic plc transaction is a synthetic
securitisation of a portfolio of financial leases and loans
secured on aircraft and associated aircraft collateral. Merrill
Lynch International Bank (MLI, ('A+' RWN)) entered into a credit
default swap (CDS) with Intesa Sanpaolo (IntesaSP ('AA-'(AA minus)
Stable Outlook)) under which it sold protection on a reference
portfolio of up to US$650 million.  All financial lease or loan
obligations (the reference portfolio) relate to the financing or
refinancing of aircrafts.  The current exposure towards Alitalia
amounts to 12.5% of the portfolio.

Under the terms and conditions of the CDS documentation,
bankruptcy of an airline constitutes a credit event if the
reference claims do not continue to be serviced by the relevant
airline, or the reference obligations become accelerated.
IntesaSP is allowed a period of up to 180 days commencing from the
date of the occurrence of the Credit Event to determine whether it
wishes to serve a Credit Event Notice on the CDS Counterparty and
the Issuer.  To date, no Credit Event Notice has been served.
However, given the transaction's exposure to Alitalia, Fitch has
decided to place all outstanding classes of notes on RWN.

Fitch will continue to closely monitor the situation and expects
to resolve the RWN after clarification on the course of action to
be taken by IntesaSP.


PARMALAT SPA: Board Okays EUR128.4 Mln Partial Dividend for 2008
----------------------------------------------------------------
Parmalat S.p.A.'s Board of Directors has approved the distribution
of a partial statutory dividend for the 2008 reporting year in the
amount of EUR0.077 per share, before any applicable tax
withholdings, for a total payout of about EUR128.4 million.

This partial statutory dividend is a part of the entire 2008
financial year dividend.  The partial statutory dividend
will be payable as of Sept. 25, 2008, with Coupon No. 3, Stock
Exchange presentation date of Sept. 22, 2008.

The partial statutory dividend was approved based on the Company's
financial statements at June 30, 2008 and the corresponding Report
by the Board of Directors.

The Independent Auditors have issued an opinion on both documents.
As required by Article 2433 bis of the Italian Civil Code, the
Company's financial statements, the corresponding Report by the
Board of Directors and the opinion provided by the Independent
Auditors are available to the public at the Company's registered
office, 4 Via delle Nazioni Unite, Collecchio (Parma), and at the
offices of Borsa Italiana S.p.A.

                         About Parmalat

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

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

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

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

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


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


KAZKOMMERTSBANK JSC: Repays US$600 Million Syndicated Loan
---------------------------------------------------------
Kazkommertsbank has repaid the syndicated loan facility of US$600
million on Sept. 4, 2008.  The principal and interest were repaid
from the banks' funds.

The syndicated loan was raised in August 2007 and the Bank used
the funds raised under the facility to finance import-export
transactions of the clients of the Bank.

The arrangers of the facility were the Bank of Tokyo-Mitsubishi
UFJ, LTD., ?itibank, N.A., Standard bank plc and Mizuho Corporate
Bank Ltd.

                    About Kazkommertsbank

Headquartered in Almaty, Kazakhstan, JSC Kazkommertsbank --
http://www.kazkommertsbank.com/-- accepts deposits and provides
loans and credit facilities in Tenge and foreign currencies.
The Bank is also a major participant in the securities market
and the foreign currency market in Kazakhstan.

Kazkommertsbank has subsidiaries in Kyrgyzstan and Russia, it is
the majority shareholder in the Grantum pension fund,
Kazkommerts-Policy and Kazkommerts-Life companies, as well as
the Kazkommerts-Securities investment company.

                          *   *   *

JSC Kazkommertsbank continues to carry Ba1 Foreign and
Local Bank Deposit ratings; Ba3 Subordinated and Junior
Subordinated Debt ratings; and D- Bank Financial Strength rating
from Moody's Investor Service, which said the Outlook is stable.

The bank still carries BB Long-Term Local and Foreign Issuer
Credit ratings; and B Short-Term Local and Foreign Issuer Credit
ratings from Standard & Poor's Rating Services, which said the
Outlook is negative.

Kazkommertsbank also carries BB+ Long-Term Foreign Issuer
Default and Senior Unsecured Debt ratings; BB Subordinated Debt
rating; and B Short-Term rating from Fitch Ratings, which said
the Outlook is negative.


MOTOR DRIVE: Creditors' Claims Due on October 7
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Motor Drive Engineering insolvent.

Creditors have until Oct. 7, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


TRANS ENERGO: Claims Registration Ends October 7
------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Multiphasic Plant Trans Energo insolvent.

Creditors have until Oct. 7, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


TENGIZ OIL: Proof of Claim Deadline Slated for October 8
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Tengiz Oil insolvent.

Creditors have until Oct. 8, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Third Floor
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (71222) 32-90-02


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


RAKURS LLC: Creditors Must File Claims by September 26
------------------------------------------------------
LLC Company Rakurs has gone into liquidation.  Creditors have
until Sept. 26, 2008, to submit written proofs of claim.

Inquiries can be addressed to (0-772) 54-00-17.


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


COMSTAR UNITED: Intergrates Stream-TV Group's Regional Assets
-------------------------------------------------------------
COMSTAR – United TeleSystems JSC has commenced the integration of
the regional operators of STREAM-TV Group, which is owned by
Sistema Mass Media, and providing cable TV and broadband internet
access services in 40 Russian cities with a combined population of
over 15 million people.

Comstar is taking over the management STREAM-TV Group, which is
the largest pay-TV operator in Russia and had a 17% share of the
Russian subscriber market as at the end of 2007.  The networks
pass over 3.5 million households and have over 1.5 million active
pay-TV subscribers and over 200 thousand broadband Internet
subscribers.

Approximately 30% of STREAM-TV Group's network has already been
modernized to enable the provision of triple-play services (VoIP,
Internet and pay-TV).  Comstar and STREAM-TV's regional broadband
market share stood at 13% as at the end of 20071.  STREAM-TV Group
reported revenues of US$89.8 million, and an OIBDA margin of 24.6%
for the 12 months ended Dec. 31, 2007.

The agreement follows the approval by the Comstar and SMM Boards
of Directors in July 2008 for the transfer of the STREAM-TV
business to Comstar.

The next stage of the integration process comprises the
acquisition of STREAM-TV Group from SMM.  The structure of the
deal is currently under discussion and the assets are being
independently valued by Ernst&Young.  Comstar expects to complete
the deal by the end of 2008.

Vitaly Savelyev, First Vice President of Sistema and Chairman of
Comstar's Board of Directors, commented: "The decision to separate
the operations of our subsidiaries is in line with the development
strategy for Sistema's telecommunications and media businesses.
Comstar will continue to focus on providing broadband access,
telephony services and pay-TV solutions, while Sistema Mass Media
will be responsible for multi-media activities, such as content
development and aggregation.  This structure will enable us to
further strengthen our business segments, and provide a powerful
impetus to the development of the telecommunications market by
further strengthening one of Russia's largest multi-service
telecommunications operators."

Sergey Pridantsev, President and Chief Executive Officer of
Comstar UTS, added:  "The consolidation of STREAM-TV under our
management will enable us to become a national broadband Internet
access provider in Russia.  We will service 67 Russian cities with
a combined population of over 48 million people.  We intend to
selectively modernize up to 90% of the newly acquired networks
using fiber-to-the-building technology.  We will combine the
networks to create a unified infrastructure providing a wide range
of telecommunications services -– telephony, Internet access and
pay-TV -– to the mass market.  In addition, we plan to further
extend the networks, in order to provide enhanced services for
corporate subscribers."

                       About Comstar-UTS

Headquartered in Moscow, Russia, Comstar-UTS JSC --
http://www.Comstar-uts.com/en/-- provides fixed line
telecommunication services in the Moscow metropolitan area with
a population of over 10 million, and to five regions of Russia,
Ukraine and Armenia.  As at Dec. 31, 2006, Comstar had US$1.12
billion in revenues and US$428.6 million in EBITDA (excluding
US$62 million stock bonus awards).

                          *     *     *

Comstar-United TeleSystems carries a Ba3 long-term corporate
family rating from Moody's with a positive outlook.

The company also carries a BB- long-term foreign issuer credit
rating and a BB- long-term local issuer credit rating with
from Standard & Poor's with a positive outlook.


KOPEYKA JSC: S&P Lifts Corporate Credit Rating to CCC+
------------------------------------------------------
Standard & Poor's Ratings Services has raised its long-term
corporate credit rating on Russian discount food retailer Open
Joint Stock Co. Trade House Kopeyka to 'CCC+' from 'CCC-' and
raised the Russia national scale rating to 'ruBB' from 'ruCCC-'.
At the same time, all the ratings were removed from CreditWatch,
where they were placed with developing implications on Dec. 14,
2007, following Kopeyka's public announcement of potential
shareholder support and management plans to obtain financing to
repay short-term maturities.  The outlook is stable.

The rating actions follow the company's successful fulfillment of
a bondholder put option on a RUR4 billion bond in August 2008 and
repayment of a RUR1.2 billion bond issue in June 2008, as well as
its public release of its 2007 financials under International
Financial Reporting Standards (IFRS).

"The upgrade reflects our view that Kopeyka's immediate liquidity
issues have been resolved," said S&P's credit analyst Anton
Geyze.  "Shareholder support materialized in several forms,
helping the company to pay down one bond and successfully fulfill
the bondholder put option on another."

It also reflects S&P's view that the 2007 IFRS financials show
fair operating fundamentals in Kopeyka's core business in the
greater Moscow area.  However, liquidity continues to be
extremely stretched, with a significant debt maturity coming up
as early as February 2009.

The ratings on Kopeyka are primarily driven by the group's very
weak level of liquidity.  At the same time, credit quality
depends on the willingness of controlling shareholder Nikolai
Tsvetkov to continue providing support to the company.

The stable outlook balances the upcoming maturity refinancing
risks against possible shareholder support through Bank URALSIB
(OJSC) (BB-/Stable/B) or other vehicles -- similar to that
enjoyed by the company in June and August 2008 -- and a possible
equity increase through the participation of either Mr. Tsvetkov
or external investors.

"The ratings will be lowered if Kopeyka fails to fulfill its
obligations of an upcoming put option in February 2009," said
Mr. Geyze.  "Fulfilling the put option but failing to reduce the
debt burden would result in the ratings being kept at the current
level while outlook would likely be revised to negative."

Any upside is very remote, as S&P expects liquidity to remain
stretched for some time.


LUNDA-PLUS LLC: Creditors Must File Claims by October 28
--------------------------------------------------------
Creditors of LLC Lunda-Plus (TIN 2801092102) have until Oct.28,
2008 to submit proofs of claims to:

         G. Chmurina
         Insolvent manager
         Office 201
         Building 6
         Ostapovskiy proezd  3
         109316 Moscow
         Russia

The Arbitration Court of Amur will convene on Nov. 11, 2008, to
hear the bankruptcy proceedings against the company after finding
it insolvent.  The case is docketed under Case No.
A04–1187/08–11/139B.

Court is located at:

         The Arbitration Court of Amur
         Office 105
         Pereulok Svyatogo Innokentiya 13
         675000 Blagovechshensk
         Russia

Debtor can be reached at:

         LLC Lunda-Plus
         Amurskaya Str. 208
         675000 Blagovechshensk
         Amur region
         Russia


MELLAR LLC: Moscow Bankruptcy Hearing Set November 5
----------------------------------------------------
The Arbitration court of Moscow will convene at 2:00 p.m. on
Nov. 5, 2008, to hear bankruptcy supervision procedure of LLC
Mellar.  The case is docketed under Case No. A41-10461/08

Temporary insolvent manager is:

         I. Ovchinnikov
         Post User Box 37
         Postal telegraph office 20
         302020 Orel
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Mellar
         Selyatino
         Naro-Phominskiy District
         143345 Moscow
         Russia


OKTAVA LLC: Court Names O. Vasilyeva as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad appointed O.
Vasilyeva as Insolvency Manager for LLC Oktava.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-5696/2008.

The Court is located at:

         The Arbitration Court of St. Petersburg and the
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

Debtor can be reached at:

         LLC Oktava
         Dimitova Str. 18/2
         St. Petersburg
         Russia


TNK-BP INT'L: Owners Sign MOU to Overhaul Governance Structure
--------------------------------------------------------------
An overhaul of the governance structure of Russia's third largest
oil company, TNK-BP, has been agreed in principle by the two main
owners, BP and Alfa Access-Renova.  The aim is to better align
their respective interests and improve the transparency of TNK-
BP's equity.

A memorandum of understanding signed on Thursday, Sept. 4, 2008,
and due to be finalized in detail over the coming months,
envisages the re-structuring of the TNK-BP board through the
appointment of three new directors independent of either side.
The MOU also includes an option to sell up to 20 per cent of a
subsidiary of TNK-BP through an initial public offering on the
international financial markets at an appropriate future point,
subject to the consent of the Russian authorities.

BP chairman Peter Sutherland said that an agreement would align
the two sides around a shared agenda for value growth and allow BP
and AAR to move forward, relieving recent tensions.

"It will create a stable base from which to grow the joint venture
to the benefit of everyone involved, including the Russian state
for which strong capital investment and continued technical
innovation to boost declining oil output are so important," Mr.
Sutherland said.

BP chief executive Tony Hayward described the agreement as "a
sensible means of resolving a situation that could not continue
without causing serious damage to what has been an immensely
successful joint venture for all concerned.

"I now look forward to a fruitful conclusion of negotiations so
that we can rebuild trust with AAR and resume our record of
success for the benefit of all parties," he said.  "A transparent,
responsible approach to governance will be a critical factor in
the appeal of TNK-BP to potential future investors, if the company
is to be fully valued on the financial markets."

The MOU envisages the appointment of a new independent chief
executive nominated by BP and approved by the TNK-BP board.  The
management committee, responsible for running operations, will be
reduced significantly from the current 14 members and will include
the chief executive, the chief operating officer, the chief
financial officer and an executive director.

The main board of TNK-BP will be adjusted in size to four
representatives each from BP and AAR, together with the three new
independent directors not affiliated to either side.  The company
will continue to operate under English law.

Current chief executive Bob Dudley will step down before the end
of the year.  In nominating his replacement, BP will offer a
Russian-speaking candidate with extensive Russian business
experience.  The new CEO will be explicitly incentivized to focus
on further improving transparency, financial returns and the
market value of the company's shares.

Describing Dudley as "an absolutely outstanding CEO of great
courage and strength of character", Mr. Hayward said: "Bob
originally intended to step down at the beginning of the year but
volunteered to stay in place to guide the joint venture through
what he realized would be a difficult transitional phase.  He will
be very hard to replace.

"During the last five years his leadership has been crucial in
building what is arguably the most successful oil business in
Russia, with the best record of production growth, reserves
replacement and total shareholder return.  He has overseen
extraordinary performance, financial and technical, delivering
dividends of more than US$20 billion during that period and paying
taxes and duties to the Russian Federation of over US$80 billion,
a record that is surely unrivaled," Mr. Hayward said.

                          About TNK-BP

Headquartered Moscow, Russia, TNK-BP -- http://www.tnk-bp.ru/--
is a vertically integrated oil company with a diversified
upstream and downstream portfolio in Russia and Ukraine.  It
owns and operates five refineries (four in Russia and one in
Ukraine) and has a retail network of approximately 1,600 sites
spread across Central Russia and Ukraine, with a particularly
strong position in the Moscow market.

TNK-BP employs approximately 65,000 people, mostly located in
eight major areas of Russia and Ukraine.

The company was formed in 2003 as a result of the merger of BP's
Russian oil and gas assets and the oil and gas assets of Alfa,
Access/Renova group (AAR).  BP and AAR each own 50% of TNK-BP.

                          *     *     *

As reported in the TCR-Europe on Aug. 8, 2008, Standard & Poor's
Ratings Services lowered its long-term corporate credit and
senior unsecured debt ratings on TNK-BP International Ltd. to
'BB' from 'BB+', reflecting S&P's concerns over the group's
protracted shareholder dispute.

At the same time, S&P affirmed its 'B' short-term corporate
credit rating on the group.  The outlook is negative.


TNK-BP INTERNATIONAL: New Agreement Cues S&P's Negative Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Russia-based oil and gas company TNK-BP International Ltd. to
stable from negative, after its shareholders agreed in principle
on new governance structures.  The 'BB' long-term and 'B' short-
term corporate credit ratings on the company were affirmed.

"The outlook revision reflects S&P's opinion that the agreement is
a very important first step in resolving major differences
between TNK-BP's shareholders with equal 50% stakes, the oil major
BP PLC (AA/Stable/A-1+) and a consortium of Russian
investors Alfa-Access-Renova (not rated)," said S&P's credit
analyst Elena Anankina.  "This largely removes the rating
downside that could otherwise stem from the lack of strategic
direction in the context of protracted shareholding disputes
regarding control over the venture."

Under the new agreement, TNK-BP's board will include 11 members,
four from each shareholder plus three independents.  There will
be a new Chief Executive Officer and a new management structure.
In the medium term, there could also be an IPO of a minority
stake in TNK-BP's subsidiary, subject to the Russian authorities'
approval.  The Russian authorities have publicly welcomed the
agreement, which signals that TNK-BP is now unlikely to become a
target of specific government interference or large litigations.
This reduces its exposure to event risks, even though the general
risks of operating in Russia remain high.

The new deal will take time to finalize and implement and is
subject to major uncertainties.  "It will not be easy to find
independent directors and a new CEO, as well as other management
team members to replace managers who have recently left," said
Ms. Anankina.  "It also remains unclear so far whether the
group's financial policy regarding capital expenditures,
dividends, and leverage will change."  The shareholders'
disagreements have prevented the board from approving its 2008
capital expenditure budget and dividends up to now.

What's more, several months of past uncertainties and the
departure of BP technical specialists may affect TNK-BP's
operating performance in 2008-2009 and delay some new oil
exploration and development projects, such as Uvat or Russkoye,
even if replacements are gradually found.  It will also take some
time for the new management team to establish a track record.

The rating on TNK-BP reflects its position as the third largest
vertically integrated oil company in Russia, with large upstream
operations, profitable refining and marketing, together with
currently moderate debt levels.  High oil prices should boost
TNK-BP's 2008 profits.  S&P expects its net debt as of mid 2008
to have fallen from US$5.4 billion at year-end 2007, implying
comfortable credit metrics.  However, TNK-BP continues to face
considerable risks of operating in Russia, including a weak
institutional environment, resource nationalism, and very high
cost inflation.


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

         D. Pakhomov
         Insolvent manager
         Office 1
         Vernadskogo Str. 5
         456318 Miass
         Tel/Fax: (3513) 52-70-27

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent
as an absent debtor.  The case is docketed under Case No.
A76-8605/2008-36-86

The Debtor can be reached at:

         LLC Uralets
         Komsomolskaya Str. 90A
         456302 Miass
         Chelyabinsk
         Russia

=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


DIMITRIJE TUCOVIC: Auction Slated for September 23
--------------------------------------------------
Serbia's Privatization Agency is auctioning off bankrupt sugar
plant Dimitrije Tucovic and paper manufacturer Matroz on
Sept. 23, 2008, Balkan Insight reports.

The starting price for Dimitrije Tucovic and its subsidiary in
Belgrade's suburb of Padinska Skela is EUR77 million, while the
starting price for Matroz is set at EUR8.6 million, the report
relates.

Interested buyers, the report discloses, have until Sept. 16,
2008, to place their bid deposits.

The agency is also putting up Inex Interexport's 21-storey
business tower in downtown Belgrade for sale.  The building has a
starting price of EUR40 million.  The company's office space in
Belgrade and the northern town of Vrsac will also be sold for up
to 355 square meters, the report adds.

Inex, the report notes, was sued for bankruptcy in 2003.


MATROZ: Auction Slated for September 23
---------------------------------------
Serbia's Privatization Agency is auctioning off bankrupt
paper manufacturer Matroz and sugar plant Dimitrije Tucovic
on Sept. 23, 2008, Balkan Insight reports.

The starting price for Matroz is set at EUR8.6 million, while the
starting price for Dimitrije Tucovic and its subsidiary in
Belgrade's suburb of Padinska Skela is EUR77 million, the report
relates.

Interested buyers, the report discloses, have until Sept. 16,
2008, to place their bid deposits.

The agency is also putting up Inex Interexport's 21-storey
business tower in downtown Belgrade for sale.  The building has a
starting price of EUR40 million.  The company's office space in
Belgrade and the northern town of Vrsac will also be sold for up
to 355 square meters, the report adds.

Inex, the report notes, was sued for bankruptcy in 2003.


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


SANTANDER CONSUMER SPAIN 07-2: S&P Affirms Cl. E Notes CCC- Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch with
negative implications its credit ratings on the class B, C, and D
notes issued by Fondo de Titulizacion de Activos Santander
Consumer Spain Auto 06 and the class B and C notes issued by
Fondo de Titulizacion de Activos Santander Consumer Spain Auto
07-1 .  At the same time, S&P affirmed the ratings on the class A
notes in these transactions and all classes of notes issued by
Fondo de Titulizacion de Activos Santander Consumer Spain 07-2.
All other ratings in these transactions are unaffected.

The CreditWatch placements follow an initial review of the
basecase default assumptions that S&P used to rate these three
asset-backed securities (ABS) transactions originated by
Santander Consumer Finance.  S&P considers that, given current
collateral performance, this review could ultimately have a
negative rating effect on the junior notes issued by Consumer
Auto 06 and Consumer Auto 07-1.

In Consumer Auto 06, loans in arrears for more than 90 days
account for 1.58% of the outstanding pool balance, and have
exceeded the revolving period trigger threshold.  Consequently,
the transaction entered early amortization at the last payment
date. The comparable level in the Consumer Auto 07-1 transaction
is 1.09% of the current pool and though this transaction has not
breached its revolving period trigger threshold, S&P considers
that there is a heightened risk that this may occur at the
September interest payment date.

In contrast, S&P considers that its review will have no rating
effect on the notes issued by Consumer Spain 07-2.  Although this
transaction has already entered early amortization (90-day
arrears are over 1.5% of the outstanding pool balance) and S&P
believes that defaults could begin to rise from the final quarter
of the year, it considers that levels of credit enhancement
available to each class remain sufficient to maintain their
current ratings.

S&P will maintain close contact with the originator to monitor
the status of the delinquent loans in each case.  Additionally,
S&P will complete its updated credit analysis and re-run the cash
flows to assess whether credit enhancement levels for the classes
on CreditWatch are sufficient to support any new modeled default
levels at their respective rating categories.

The notes issued by Consumer Auto 06 and Consumer Auto 07-1 are
backed by a portfolio of Spanish consumer loans originated by
Santander Consumer Finance and granted to individuals and
enterprises for buying new or used cars.  The notes issued by
Consumer Spain 07-2 are backed by a portfolio of both auto and
consumer loans granted to individuals and businesses domiciled in
Spain.

Ratings List:

Ratings Placed On CreditWatch Negative:

Fondo de Titulizacion de Activos Santander Consumer Spain Auto 06
EUR1.360.2 Billion Floating-Rate Notes:

Class       Rating To                 Rating From
-----       ---------                 -----------
B           AA/Watch Neg                 AA
C           A/Watch Neg                  A
D           BBB/Watch Neg                BBB

Fondo de Titulizacion de Activos Santander Consumer Spain Auto
07-1 EUR2.04 Billion Floating-Rate Notes:

Class       Rating To                 Rating From
-----       ---------                 -----------
B           A/Watch Neg                  A
C           BBB/Watch Neg                BBB

Ratings Affirmed:

Fondo de Titulizacion de Activos Santander Consumer Spain Auto 06
EUR1.360.2 Billion Floating-Rate Notes:

Class       Rating
-----       ------
  A           AAA

Fondo de Titulizacion de Activos Santander Consumer Spain Auto
07-1 EUR2.04 Billion Floating-Rate Notes:

Class       Rating
-----       ------
A           AAA

Fondo de Titulizacion de Activos Santander Consumer Spain 07-2
EUR1.02 Billion Floating-Rate Notes:

Class       Rating
-----       ------
A           AAA
B           AA
C           A
D           BBB
E           CCC-


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


AC HODEL: Creditors Have Until Sept. 26 to File Proofs of Claim
---------------------------------------------------------------
Creditors owed money by LLC AC Hodel are requested to file their
proofs of claim by Sept. 26, 2008, to:

         Michael Hodel
         Waldegg 2
         2565 Jens
         Switzerland

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


EFFULGENCE EUROPE: Sept. 26  Set as Deadline to File Claims
-----------------------------------------------------------
Creditors owed money by LLC Effulgence Europe are requested to
file their proofs of claim by Sept. 26, 2008, to:

         Dr. Michael Siegwart
         Steinstrasse 63
         8003 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 22, 2008.


GMAC LLC: To Streamline Mortgage Operations, Close Retail Offices
-----------------------------------------------------------------
GMAC Financial Services and its subsidiary Residential Capital,
LLC unveiled additional initiatives to further optimize the
mortgage business as the downturn in the credit and mortgage
markets persists. In response to these conditions, ResCap has
enacted a plan to significantly streamline its operation, reduce
cost, adjust its lending footprint and refocus its resources on
strategic lending and servicing.

On Sept. 2, 2008, a plan was approved that included closing all
200 GMAC Mortgage retail offices, ceasing originations through the
Homecomings wholesale broker channel, further curtailing business
lending and international business activities, and right-sizing
functional staff support.  In addition, the company is evaluating
strategic alternatives for the GMAC Home Services business and the
non-core servicing business.  These collective actions will reduce
the ResCap workforce by approximately 5,000 employees, or 60
percent.  Approximately 3,000 employees will receive notification
this month with the majority of the remaining 2,000 reductions
expected to occur by year-end.

"While these actions are extremely difficult, they are necessary
to position ResCap to withstand this challenging environment,"
said ResCap Chairman and Chief Executive Officer Tom Marano.

"Conditions in the mortgage and credit markets have not abated
and, therefore, we need to respond aggressively by further
reducing both operating costs and business risk."

ResCap will incur a charge expected to range from US$90 million to
US$120 million that reflects the 3,000 workforce reductions and
related operational streamlining initiatives.  The charge will
include costs related to severance and other employee-related
costs of approximately US$50 to US$60 million and facility closure
costs of approximately US$40 to US$60 million.  The majority of
the charge is expected to be reflected in the third quarter and
result in future cash expenditures of approximately US$55 million.
Potential charges related to the remaining 2,000 workforce
reductions have not yet been determined.

The workforce reductions will include a range of administrative
and managerial positions.  All eligible employees affected by the
workforce reduction will be provided severance packages and
outplacement assistance.

ResCap will continue to originate loans in the U.S. and
internationally where there is a secondary market to sell the
loans.  The company will originate products through its
correspondent and direct lending channels.  ResCap's commitment to
servicing loans is unchanged by the announced actions, and the
company will continue to expand and enhance its industry-leading
servicing platform, including further development of high-touch
special servicing operations to help preserve homeownership and
support investors that own distressed and special situation loan
portfolios.

                         About ResCap

Headquartered in Minneapolis, Minnesota, Residential Capital LLC
-- http://www.rescapholdings.com/-- is the home mortgage unit
of GMAC Financial Services, which is in turn wholly owned by GMAC
LLC.

                           *     *     *

As disclosed in the Troubled Company Reporter on June 18, 2008,
Moody's Investors Service assigned ratings of Caa2 and Caa3 to
Residential Capital LLC (ResCap)'s senior secured and junior
secured bonds, respectively.  These bonds were issued as part of
ResCap's bond exchange which was completed on June 4, 2008.  The
ratings of ResCap's unsecured senior debt and unsecured
subordinate debt were affirmed at Ca and C, respectively.  Ratings
are under review for downgrade.  Separately the senior unsecured
rating of GMAC LLC was downgraded to B3 from B2 with a negative
outlook.

As disclosed in the Troubled Company Reporter on June 9, 2008,
Fitch Ratings has downgraded Residential Capital LLC's long- and
short-term Issuer Default Ratings to 'D' from 'C' following
completion of the company's distressed debt exchange.  Fitch has
also removed ResCap from Rating Watch Negative, where it was
originally placed on May 2.

                        About GMAC LLC

GMAC LLC -- http://www.gmacfs.com/-- formerly General Motors
Acceptance Corporation, is a global, diversified financial
services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and other
commercial businesses.  GMAC was established in 1919 and employs
approximately 26,700 people worldwide.

GMAC Financial Services is in turn wholly owned by GMAC LLC.

Cerberus Capital Management LP led a group of investors that
bought a 51% stake in GMAC LLC from General Motors Corp. in
December 2006 for US$14 billion.


GMAC LLC: Cutbacks to Curb Earnings, WSJ Report Says
----------------------------------------------------
Residential Capital LLC's plan to cut cost could sharply curtail
its ability to lend and its potential to earn, an article by
Aparajit Saha-Bubna of The Wall Street Journal states.

Parent GMAC Financial Services and ResCap have announced plans to
shut down all 200 GMAC Mortgage retail offices and 5,000 job cuts
or 60% of the workforce at ResCap by the end of the year.  ResCap
will also stop providing home loans through third-party brokers.
A related story appears in today's Troubled Company Reporter.

Job cuts, and office closures at the company could lead to savings
of US$1 billion each year starting in 2009, according to a company
official.  This is a significant amount considering that the
company's total expenses in 2007 was US$3.86 billion, the report
noted.

A director at Standard & Poor's analyzed ResCap's moves and its
effect on the ability of the company to generate profit after the
cutbacks.  Jack Bartko at S&P admits that after several quarterly
losses at ResCap, a billion dollars in saving is significant.  He
added, however, "But the question for us is, after you complete
these actions and have rationalized your infrastructure, what
business model are you left with? And what kind of profit margins
are you looking at?" he said, according to the report.

ResCap lost US$4.3 billion in 2007 and was loss-making for the
last seven quarters.

The report says Rescap's scaling back will leave it focusing
solely on prime mortgages that are bought by Fannie Mae and
Freddie Mac.  It adds, "While a safe business bet, profit margins
in this line of work are razor thin, with loan volume being a big
determinant of income."

Mr. Bartko reportedly said: "In large part, ResCap did have scale,
but across a much broader product spectrum," said Mr. Bartko.
Now, ResCap "is limiting itself to the narrowest of products in
terms of margin.  This raises questions of profitability even with
scale."

                         About ResCap

Headquartered in Minneapolis, Minnesota, Residential Capital LLC
-- http://www.rescapholdings.com/-- is the home mortgage unit
of GMAC Financial Services, which is in turn wholly owned by GMAC
LLC.

                           *     *     *

As disclosed in the Troubled Company Reporter on June 18, 2008,
Moody's Investors Service assigned ratings of Caa2 and Caa3 to
Residential Capital LLC (ResCap)'s senior secured and junior
secured bonds, respectively.  These bonds were issued as part of
ResCap's bond exchange which was completed on June 4, 2008.  The
ratings of ResCap's unsecured senior debt and unsecured
subordinate debt were affirmed at Ca and C, respectively.  Ratings
are under review for downgrade.  Separately the senior unsecured
rating of GMAC LLC was downgraded to B3 from B2 with a negative
outlook.

As disclosed in the Troubled Company Reporter on June 9, 2008,
Fitch Ratings has downgraded Residential Capital LLC's long- and
short-term Issuer Default Ratings to 'D' from 'C' following
completion of the company's distressed debt exchange.  Fitch has
also removed ResCap from Rating Watch Negative, where it was
originally placed on May 2.

                        About GMAC LLC

GMAC LLC -- http://www.gmacfs.com/-- formerly General Motors
Acceptance Corporation, is a global, diversified financial
services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and other
commercial businesses.  GMAC was established in 1919 and employs
approximately 26,700 people worldwide.

GMAC Financial Services is in turn wholly owned by GMAC LLC.

Cerberus Capital Management LP led a group of investors that
bought a 51% stake in GMAC LLC from General Motors Corp. in
December 2006 for US$14 billion.


GROSS ARBEIT: Creditors Must File Proofs of Claim by  Sept. 26
--------------------------------------------------------------
Creditors owed money by JSC Gross Arbeit are requested to file
their proofs of claim by Sept. 26, 2008, to:

         Rico Birchler
         Grabenstrasse 47
         7002 Chur
         Switzerland

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


UBS AG: Appoints Kengeter as Global Head of FICC
------------------------------------------------
UBS AG has appointed Carsten Kengeter as Global Head of the Fixed
Income, Currencies and Commodities business within its Investment
Bank.  Mr. Kengeter will join UBS from Goldman Sachs and will
relocate from Hong Kong to London in his new role.  He will report
toJerker Johansson, Chairman and CEO of UBS Investment Bank, and
will join the Investment Bank Executive Committee and the UBS
Group Managing Board.

Mr. Kengeter, will be responsible for all fixed income products
including credit fixed income, rates, structured products,
emerging markets, securitized products as well as client coverage
and research.  He will also have responsibility for
UBS Investment Bank's market-leading foreign exchange business and
the global commodities group.  When he joins the firm in the early
part of 2009, Kengeter will assume the leadership of FICC from
Johansson, who will continue to manage the business on an interim
basis until then.

Mr. Johansson said,  "Carsten is a high-caliber leader who brings
broad geographic and product expertise to the firm as well as a
depth of experience and skill set which greatly complements our
FICC management team.  We will continue to build on our bench of
senior talent as we move towards our goal of strengthening our
fixed income business and getting all our FICC businesses back on
the road to profitability and competitiveness."

Mr. Johansson added, "We have already taken significant steps to
streamline the business and this hire underscores our commitment
to focusing on core client-centric product offerings.  I am
confident that under this new leadership FICC will be best
positioned to thrive in an evolving market and we will continue to
offer our clients the best service and solutions."

Kengeter served on the board of Goldman Sachs International Bank
as well as a number of the firm's Asian boards and committees.  He
holds a Diplom-Betriebswirt from FH Reutlingen, a B.A. (hons) in
Business Administration from Middlesex University as well as a MSc
in Finance and Accounting from the London School of Economics.

                         About UBS AG

Based in Zurich, Switzerland, UBS AG -- http://www.ubs.com/--
is a global provider of financial services for wealthy clients.
UBS's financial businesses are organized on a worldwide basis
into three Business Groups and the Corporate Center.  Global
Wealth Management & Business Banking consists of three segments:
Wealth Management International & Switzerland, Wealth
Management US and Business Banking Switzerland.  The Business
Groups Investment Bank and Global Asset Management constitute
one segment each.  The Industrial Holdings segment holds all
industrial operations controlled by the Group.  Global Asset
Management provides investment products and services to
institutional investors and wholesale intermediaries around the
globe.  The Investment Bank operates globally as a client-driven
investment banking and securities firm.  The Industrial Holdings
segment comprises the non-financial businesses of UBS, including
the private equity business, which primarily invests UBS and
third-party funds in unlisted companies.


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


BROK-INVEST LLC: Creditors Must File Claims by Sept. 13
-------------------------------------------------------
Creditors of LLC Brok-Invest (code EDRPOU 35756641) have until
Sept. 13, 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. 6, 2008.
The case is docketed as 24/220-b.

The Debtor can be reached at:

         LLC Brok-Invest
         Chokolovsky Boulevard 19
         03186 Kiev
         Ukraine


BUILDING DELIVERY: Proofs of Claim Filing Deadline Set Sept. 11
---------------------------------------------------------------
Creditors of LLC Repair Building Delivery (code EDRPOU 31308212)
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 May 16, 2008.  The case is docketed as
43/421.

The Debtor can be reached at:

         LLC Repair Building Delivery
         Vyzvoliteley Avenue 19-A
         02660 Kiev
         Ukraine


CROMEKS-TRADE LLC: Creditors Must File Claims by Sept. 13
---------------------------------------------------------
Creditors of LLC Cromeks-Trade (code EDRPOU 35690654) have until
Sept. 13, 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. 6, 2008.
The case is docketed as 24/219-b.

The Debtor can be reached at:

         LLC Cromeks-Trade
         Citadel Str. 6/8
         01015 Kiev
         Ukraine


CYBER-SOUTH LLC: Creditors Must File Claims by Sept. 11
-------------------------------------------------------
Creditors LLC Cyber-South (code EDRPOU 34772788) of have until
Sept. 11, 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 31, 2008.
The case is docketed as 13/134/08.

The Debtor can be reached at:

         LLC Cyber-South
         Apartment 110
         Lazurnaya Str. 52-B
         Nikolaev
         Ukraine


KHARKOV ENERGYREPAIR: Claims Filing Deadline Set Sept. 11
---------------------------------------------------------
Creditors of OJSC Kharkov Energyrepair Enterprise (code EDRPOU
05471276) 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 supervision
procedure on the company on June 27, 2008.  The case is docketed
as B-48/98-08.

The Debtor can be reached at:

         OJSC Kharkov Energyrepair Enterprise
         50 Years of USSR Avenue 149
         Kharkov
         Ukraine


KLIO TRADING: Creditors Must File Claims by September 11
--------------------------------------------------------
Creditors of LLC Klio Trading (code EDRPOU 34727280) 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 49/140-B.

The Debtor can be reached at:

         LLC Klio Trading
         Tychina Avenue 20
         02152 Kiev
         Ukraine


KNIAGININ PLUS Proofs of Claim Filing Deadline Set Sept. 11
-----------------------------------------------------------
Creditors of LLC Kniaginin Plus (code EDRPOU 30610333) have until
Sept. 11, 2008, to submit proofs of claim to:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
supervision procedure on the company on July 24, 2008.  The case
is docketed as B-21/101.

The Debtor can be reached at:

         LLC Kniaginin Plus
         Polevaya Str. 2
         Ivano-Frankovsk
         Ukraine


LITY-PLUS LLC: Creditors Must File Claims by Sept. 13
-----------------------------------------------------
Creditors of LLC Lity-Plus (code EDRPOU 35001055) have until
Sept. 13, 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. 6, 2008.
The case is docketed as 24/233-b.

The Debtor can be reached at:

         LLC Lity-Plus
         Apartment 1
         Burmistenko Str. 11
         03040 Kiev
         Ukraine


MEMUR-TRADE LLC: Creditors Must File Claims by Sept. 11
-------------------------------------------------------
Creditors of LLC Memur-Trade (code EDRPOU 34566388) have until
Sept. 11, 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 31, 2008.
The case is docketed as 13/135/08.

The Debtor can be reached at:

         LLC Memur-Trade
         Apartment 77
         Chkalov Str. 122
         Nikolaev
         Ukraine


MERKOTAN-PLAZA: Creditors Must File Claims by Sept. 13
------------------------------------------------------
Creditors of LLC Merkotan-Plaza (code EDRPOU 35218020) have until
Sept. 13, 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 Aug. 12, 2008.
The case is docketed as 2/311/08.

The Debtor can be reached at:

         LLC Merkotan-Plaza
         Veselinovskaya Str. 53/1
         Nikolaev
         Ukraine


MICRO-SOFT-PLUS: Creditors Must File Claims by Sept. 13
-------------------------------------------------------
Creditors of LLC Micro-Soft-Plus (code EDRPOU 35001081) have until
Sept. 13, 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. 6, 2008.
The case is docketed as 24/232-b.

The Debtor can be reached at:

         LLC Micro-Soft-Plus
         Krasnozvezdmy Avenue 128
         03118 Kiev
         Ukraine


MOTORTRADECOMPLEX LLC: Creditors Must File Claims by Sept. 13
-------------------------------------------------------------
Creditors of LLC Motortradecomplex (code EDRPOU 35363033) have
until Sept. 13, 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. 6, 2008.
The case is docketed as 24/234-b.

The Debtor can be reached at:

         LLC Motortradecomplex
         Marina Raskovaya Str. 19
         02002 Kiev
         Ukraine


NIKOLAYEV TARE: Creditors Must File Claims by Sept. 11
------------------------------------------------------
Creditors of LLC Production-Commerce Firm Nikolayev Tare (code
EDRPOU 01879856) have until Sept. 11, 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 24, 2008.
The case is docketed as 2/265/08.

The Debtor can be reached at:

         LLC Production-Commerce Firm Nikolayev Tare
         Novozavodskaya Str. 16
         54028 Nikolaev
         Ukraine


NOVOSELITSA FOOD: Proofs of Claim Filing Deadline Set Sept. 18
--------------------------------------------------------------
Creditors of OJSC Novoselitsa Food Taste Plant (code EDRPOU
00380913) have until Sept. 18, 2008, to submit proofs of claim to:

         The Economic Court of Chernovcy
         O. Kobylianska Str. 14
         58000 Chernovcy
         Ukraine

The Economic Court of Chernovcy commenced bankruptcy supervision
procedure on the company on July 29, 2008.  The case is docketed
as 10/159/b.

The Debtor can be reached at:

         OJSC Novoselitsa Food Taste Plant
         Lenin Str. 93
         Novoselitsa
         63000 Chernovcy
         Ukraine


SMILA METALIST: Creditors Must File Claims by Sept. 11
------------------------------------------------------
Creditors of OJSC Smila Plant Metalist (code EDRPOU 02972368) have
until Sept. 11, 2008, to submit proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy has commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed as 10/5958.

The Debtor can be reached at:

         OJSC Smila Plant Metalist
         Smila
         October LKane 75a
         20700 Cherkassy
         Ukraine


SOUTH-TRADE LTD: Creditors Must File Claims by Sept. 13
-------------------------------------------------------
Creditors of LLC South-Trade LTD (code EDRPOU 34992954) have until
Sept. 13, 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 Aug. 12, 2008.
The case is docketed as 2/310/08.

The Debtor can be reached at:

         LLC South-Trade Ltd.
         Apartment 16
         Krilov Str. 3-A
         Nikolaev
         Ukraine


STROYKA LLC: Creditors Must File Claims by Sept. 11
---------------------------------------------------
Creditors of LLC Stroyka (code EDRPOU 32769485) 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 June 12, 2008.
The case is docketed as 28/154-B.

The Debtor can be reached at:

         LLC Stroyka
         Trostianetskaya Str. 6-g
         02068 Kiev
         Ukraine


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


ABL LTD: Taps Joint Administrators from PricewaterhouseCoopers
--------------------------------------------------------------
Paul W. Harding and Derek A. Howell of PricewaterhouseCoopers LLP
were appointed joint administrators of ABL (Taybrite) Ltd.
(Company Number 05495794) on Aug. 27, 2008.

The company can be reached at:

         ABL (Taybrite) Ltd.
         Taybrite
         Heol Y Bwlch Bynea
         Llanelli
         Carmarthenshire
         SA14 9SU
         Wales


ARETON INT'L: Goes Into Administration; 20 Jobs Affected
--------------------------------------------------------
Wrexham, North Wales-based compounder Areton International
Plastics has gone into administration, resulting to the loss of
around 20 jobs, PRW.com reports.

According to the report, Areton's former Israeli parent, Kafrit,
acquired the goodwill and a substantial part of the equipment from
the administrator.

The former Areton products, which will be manufactured in Kafrit's
Constab factory in Germany and a Kafrit factory in Israel, will
now bear the Kafrit name, the report discloses.

"We tried very hard to sustain it.  We put a lot of effort into
it, but it wasn't working as we expected it.  Similar products
were being produced in the U.K., Germany and Israel, and the U.K.
factory was the least effective," Itzik Edry, Kafrit vice
president of sales and marketing, was quoted by the report as
saying.  "If you can produce in one or two sites, why do it in
three or four?"

Kafrit however assured Areton's existing customers that they will
receive the same level of service, the report notes.

Meanwhile, Kafrit plans to introduce a sales and marketing office
in the U.K.  Three staff from the former Areton operation will run
the office with former Areton sales and technical manager as head,
the report adds.

Suppliers owed money by Areton should contact the administrator,
Gary Bell of Cowgill Holloway in Manchester on 01204 41 42 43.


CRAFTANSWER LTD: Brings in Joint Administrators from BDO Stoy
-------------------------------------------------------------
Simon Edward Jex Girling and Graham David Randall of BDO Stoy
Hayward LLP were appointed joint administrators of Craftanswer
Ltd. (t/a The Malthouse) (Company Number 04902064) on Aug. 27,
2008.


DALVI TECH: Calls in Joint Administrators from Tenon Recovery
-------------------------------------------------------------
Alexander Kinninmonth and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint administrators of Dalvi Technology
Ltd. (Company Number 4334424) on Aug. 18, 2008.

The company can be reached at:

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


GLENEAGLES OF EDINBURGH: Goes Into Administration; Seeks Buyer
--------------------------------------------------------------
Scottish glassware supplier Gleneagles of Edinburgh Ltd. has gone
into administration, housewareslive.net reports.

Paul Travis, managing director of Gleneagles, blamed the current
economic climate and problems with supply and credit crunch for
the company's collapse, the report relates.

According to the report, a buyer is being sought for the business,
which sourced 40% of its product from Slovak-based crystal and
soda-lime glass manufacturer Slovglkass Poltar.

The report notes trading of Gleneagles was hit after supplies from
Slovglkass Poltar were restricted earlier this year.

We would "be trying to find a home for what is remaining of the
company and we have a number of interested parties,"
Mr. Travis was quoted by the report as saying.

Meanwhile, Gleneagles withdrew its plan to acquire the retail
distribution of Bormioli Rocco glassware in the U.K. from Chomette
Dornberger, although the Italian firm would consider future
partnership once a buyer is found, the report adds.


ILES LTD: Appoints Joint Administrators from Baker Tilly
--------------------------------------------------------
Andrew Sheridan and Bruce Mackay of Baker Tilly Restructuring and
Recovery LLP were appointed joint administrators of Iles
(Colourprint) Ltd. (Company Number 02360049) on Aug. 27, 2008.

The company can be reached at:

         Iles (Colourprint) Ltd.
         Station Farm
         Station Road
         Pilning
         Bristol
         BS35 4JW
         England


KENSINGTON MORTGAGE: S&P Puts Cl. B2 Notes BB Rating on WatchNeg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch with
negative implications its credit ratings on the class B1a, B1b,
and B2 notes issued by Kensington Mortgage Securities PLC, series
2007-1.  All other notes in this transaction are unaffected by
these CreditWatch placements.

The CreditWatch placements follow an initial review of the most
recent transaction information that S&P received.

This analysis showed that the likelihood of negative rating
actions has increased for all the classes listed below.  This is
partly due to the current and continuing decline in U.K. house
prices, leading to an expectation of higher losses on average for
those loans that ultimately do default.  As U.K. house prices are
likely to continue falling, S&P expects the more recently
originated U.K. RMBS transactions to be particularly susceptible
to this pressure.  Increased losses will place strain on excess
spread, leading to the possibility of reserve fund draws and a
decrease in credit enhancement.  S&P notes that in particular,
Kensington series 2007-1 has shown an erosion of excess spread
and an increase in losses, albeit from a low base, in recent
quarters.

S&P will continue to monitor the performance of this transaction
using the most recent loan-level data for its full credit and
cash flow analyses.  The results of S&P's analysis, together with
any effects on the ratings on any of the notes are expected to be
released within three months of this press release.

The notes, issued in March 2007, are backed by a portfolio of
first and second-ranking nonconforming residential mortgages
secured over owner-occupied properties in England, Wales, and
Scotland.

Kensington Mortgage Securities PLC:

  -- GBP236.3 Million, EUR492.1 Million, And US$465 Million
     Mortgage-Backed Floating-Rate Notes (Series 2007-1)

Ratings Placed On CreditWatch Negative:

Class         Rating To         Rating From
-----         ---------         -----------
B1a         BBB/Watch Neg          BBB
B1b         BBB/Watch Neg          BBB
B2          BB/Watch Neg           BB


LEHMAN BROTHERS: WSJ Says KDB's Plan Could Face Regulatory Hurdles
------------------------------------------------------------------
Evan Ramstad of The Wall Street Journal says executives of Korea
Development Bank -- which, according to reports, has proposed to
acquire a stake in U.S. investment bank Lehman Brothers Holdings
Inc. -- face difficulties in finding partners for the acquisition.
They could also faces hurdles in convincing regulators who oversee
KDB.

Reports citing Chosun Ilbo, South Korea's largest mass-circulation
daily, say KDB has proposed to acquire a 25% stake in Lehman.  Dow
Jones reports that KDB is prepared to pay at least US$4.4 billion
for the stake.  Associate Press say KDB could offer as much as
US$5.3 billion.

Korea Development Bank is in talks to buy a stake in the
securities firm, Chief Executive Officer Min Euoo Sung said,
according to Bloomberg News.  But he refused to comment further.
WSJ says what Mr. Min told local reporters was only that he hopes
to form a consortium with other Korean banks and investors to
invest in the Wall Street bank.

Mr. Ramstad's report says a deal involving KDB, which is South
Korea's fifth-largest bank with assets of about US$120 billion,
faces numerous challenges, including that which could be posed by
regulators.  The South Korean government has plans of splitting
KDB into a holding company a separate development fund, and later
on privatizing the holding company.  According to the report, "Jun
Kwang-woo, chairman of the Financial Services Commission, which
regulates South Korea's banks, expressed skepticism at the idea of
a state-run firm taking a major role in a Wall Street investment
bank."

With regards to finding partners for the acquisition, the report
said several major South Korean financial institutions, including
Kookmin Bank, Hana Financial Group Inc. and Shinhan Financial
Group Co., said they are unwilling to join KDB in an investment in
or acquisition of Lehman.

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

                      About Lehman Brothers

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


MAIN LTD: Brings in Liquidators from Baker Tilly
------------------------------------------------
Lindsey Cooper and Philip Pierce of Baker Tilly Restructuring and
Recovery LLP were appointed joint liquidators of Main Ltd.
(formerly Mainway Engineering (Rochdale) Ltd.) on Aug. 22, 2008,
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Main Ltd.
         c/o Baker Tilly Restructuring and Recovery LLP
         Brazennose House
         Lincoln Square
         Manchester
         M2 5BL
         England


NEW COLLECTION: Joint Liquidators Take Over Operations
------------------------------------------------------
Edward T. Kerr and Ian J. Gould of PKF (U.K.) LLP were appointed
joint liquidators of New Collection Ltd. on Aug. 28, 2008, for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         New Collection Ltd
         c/o PKF (U.K.) LLP
         Pannell House
         159 Charles Street
         Leicester
         LE1 1LD
         England


PB EVENTS: Court Appoints PricewaterhouseCoopers as Liquidator
--------------------------------------------------------------
PB Events, the company who organized a lecture by former US
President Bill Clinton, has now gone into liquidation.  Glasgow
Sheriff Court has appointed PricewaterhouseCoopers as provisional
liquidator, Declan Harte of pressandjournal reports.

PricewaterhouseCoopers have sent letters to ticket holders asking
them to reply with detailed information on their purchased ticket.

Around 1,200 tickets have been sold at prices ranging from GBP95
to GBP145.

PB Events -- http://www.pbevents.co.uk/-- is an Event Management
Company that offers services like: Conference and Seminars, Team
Development/Motivation, Dinners and Awards, Product launches and
Incentive Programs.


ST. ANDREWS: Goes Into Receivership; Receiver Seeks Buyer
---------------------------------------------------------
Ballater, Aberdeenshire-based St. Andrews Nursing Home has gone
into receivership after running into operational and financial
problems, Jamie Buchan of Press and Journal reports.

According to the report, receiver Tenon Recovery, is selling the
business as a going concern for more than GBP1 million.

"The nursing home experienced a number of operational and
financial problems.  However, the core business is very sound and
presents a great opportunity for another nursing home business, or
it may be attractive to an entrepreneur aiming to move into the
nursing home market," Ian Fraser of Tenon Recovery was quoted by
Press and Journal as saying.  "The premises are located in a very
attractive setting and there is a committed team of staff and
excellent client base."

Tenon Recovery confirmed that the nursing home, which has 17
residents, would continue to trade, the report notes.

"It is very much business as usual for all concerned and we are
focused on securing a smooth sale to new owners as quickly as
possible," Mr. Fraser added.

Founded in 1996, St. Andrews Nursing Home has 19 full and part-
time staff.  Its main clients are the Aberdeenshire and Aberdeen
City councils.


TIME AND TIDE: Goes Into Administration
---------------------------------------
Lancaster-based property firm Time and Tide Homes Ltd. has gone
into administration, Matt Donlan of The Lancaster and Morecambe
Citizen reports.

John Kelly and John Lowe of Begbies Traynor have been appointed as
joint administrators of Time and Tide Homes, which owns the Halton
Mills commercial and residential development in Halton, the report
relates.

"We are in the process of establishing a clearer picture of the
situation, specifically in regard to the financial affairs of the
business and also in respect of the potential different uses for
the undeveloped parts of the site," Mr. Kelly was quoted by the
report as saying.  "For the moment we are in a holding position as
we continue these inquiries and seek to identify interested
parties to purchase the site."

Mr. Kelly however notes Time and Tide Highmore One Ltd. is not
affected by the administration, the report adds.


WORLDWIDE BIO: Taps Liquidators from Mazars
-------------------------------------------
Roderick John Weston and Alistair Steven Wood of Mazars LLP were
appointed joint liquidators of Worldwide Bio Refineries plc on
Aug. 28, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Worldwide Bio Refineries plc
         c/o Mazars LLP
         Tower Bridge House
         St. Katharine's Way
         London
         E1W 1DD
         England


* S&P Says Accident-Year Performance in U.K. Motor Market Worsens
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that its analysis of the
U.K. motor insurance industry's reported results shows that
healthy reported numbers continue to hide high releases from
prior-year reserves "Premium Rate Increases Needed To Tow U.K.
Motor Insurance Industry Out Of The Red").

"The stable performance indicated by the headline results, as
measured by insurers' combined ratios, are supported in most
cases by ever-increasing sums from prior-year reserves," said
S&P's credit analyst Nigel Bond.  "Accident-year performance for
the motor market has been worsening steadily and the
accident-year combined ratio has been consistently higher than
100% since 2003."


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

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


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


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


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

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


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

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

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

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

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


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


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


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


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


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


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


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


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


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


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


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


                            *********

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

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

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

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

                            *********


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

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

Copyright 2008.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.


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