TCREUR_Public/080910.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

         Wednesday, September 10, 2008, Vol. 9, No. 180

                            Headlines

A U S T R I A

EDV BERATUNGHAVE: Claims Registration Period Ends September 22
FLUCHER LLC: Claims Registration Period Ends September 24
ING. JOHANN REITER: Claims Registration Period Ends September 24
LAPATSCHKA OEG: Claims Registration Period Ends September 22
MICHAEL FELZMANN: Claims Registration Period Ends September 23


B E L G I U M

PORTOLA PACKAGING: Plan Confirmation Hearing Slated for October 6


F R A N C E

BALLY TECHNOLOGIES: S&P Confirms 'BB' Corporate Credit Rating


G E R M A N Y

BEWA GMBH: Claims Registration Period Ends September 18
DEUTSCHLAND UKRAINE: Claims Registration Period Ends Sept. 17
DYNOMEDIA GMBH: Claims Registration Period Ends Sept. 17
ENVICON VERWALTUNGS: Claims Registration Period Ends Sept. 17
GP AUTOMATEN: Claims Registration Period Ends September 17

IMEXCOP 663: Creditors' Meeting Slated for September 18
LENGEDER UMWELTSANIERUNGS: Claims Filing Period Ends Sept. 18
MAQBOOL & SONS: Claims Registration Period Ends September 17
MAXDATA AG: Talks With Potential Investor Collapsed
ORA CONSULT: Claims Registration Period Ends September 17

PFAFF: Possible Insolvency to Hit ACP Capital and ACP Mezzanine
POINT FOTOGRAFIE: Claims Registration Period Ends September 17
THEMA IMMOBILIEN-VERMIETUNGS: Claims Registration Ends Sept. 17


H U N G A R Y

CADENCE INNOVATION: Court Bars Exxon from Halting Delivery
CADENCE INNOVATION: Files Amended List of 20 Largest Creditors
CADENCE INNOVATION: Wants to Hire Cole Schotz at Lead Counsel
CADENCE INNOVATION: Wants Katten Muchin as Special Counsel
PROPEX INC: Creditors Panel Challenges DIP Lenders' Liens

PROPEX INC: Wants Court Nod on US$1.7 Million Pension Plan Payment
PROPEX INC: Wants to Amend Medical Program to Cease Coverage Offer


I R E L A N D

LANSDOWNE MORTGAGES: Fitch Hikes Securities No. 2 Class B2 to BB+


I T A L Y

ALITALIA SPA: Unions Reject Proposed Benefit Cuts
ALITALIA SPA: Gov't. Picks Banca Leonardo to Value Assets for Sale
ALITALIA SPA: Commissioner to Manage Cargo & Service Operations


K A Z A K H S T A N

AUTO LUX: Creditors Must File Claims by October 7
BTA BANK: Inks Cooperation Pact with Bank of China Kazakhstan
CASPIAN INVESTMENT: Claims Deadline Slated for October 12


K Y R G Y Z S T A N

IGROVYE SISTEMY: Creditors Must File Claims by September 26


R O M A N I A

CFR SA: S&P Withdraws BB Issuer Credit Rating at Company's Request


R U S S I A

ALYANS LLC: Creditors Must File Claims by October 1
ILANTRANS LLC: Moscow Bankruptcy Hearing Set December 16
GOLEGO CONSTRUCTION: Kemerovo Bankruptcy Hearing Set Jan. 15, 2009
GAZ-PROM-STORY-MONTAZH: Creditors Must File Claims by October 1
GERMES-TRADING-YUG: Creditors Must File Claims by October 1


S W I T Z E R L A N D

IBU LLC: Deadline to File Proofs of Claim Set Sept. 26
SKILSTAF EUROPE: Proofs of Claim Filing Deadline is Sept. 27
SUIMEX JSC: Creditors' Proofs of Claim Due by Sept. 20


U K R A I N E

AVROS-EXPO LLC: Creditors Must File Claims by Sept. 18
BUSHEL LLC: Creditors Must File Claims by September 19
CANON-INVEST SOUTH: Creditors Must File Claims by Sept. 18
DNIPROINVESTGROUP LLC: Creditors Must File Claims by Sept. 18
ECO LLC: Creditors Must File Claims by September 18

KOMISHUVAKHA REPAIR-TRANSPORT: Creditors' Claims Due Sept. 18
KREZ LLC: Creditors Must File Claims by September 18
LLC-SOUTH LTD: Creditors Must File Claims by Sept. 18
MAKO LLC: Proofs of Claim Filing Deadline Set September 19
RUDPOL-INVEST: Creditors Must File Claims by Sept. 19

VITARINA LLC: Creditors Must File Claims by September 18
YASEN LLC: Creditors Must File Claims by September 19
ZHYDACHEV CELLULOSE-PAPER: Creditors' Claims by Sept. 18


U N I T E D   K I N G D O M

AADAMS LTD: Brings in Joint Administrators from Vantis
AMC ENTERTAINMENT: Earns US$10.8 Mil. in 1st Quarter Ended July 3
CABLE & WIRELESS: Pension Fund Inks GBP1BB Prudential Buy-In Deal
CITECH ENERGY: Calls in Joint Administrators from KPMG
DOWNS COURT: Appoints Joint Administrators from PwC

DSG INTERNATIONAL: Moody's Changes Outlook on Ba1 CFR Rating
ELVA FUNDING: Fitch Cuts Rating on Class C Notes to 'BB+'
FEDERAL-MOGUL: Court Defers Claims Objection Deadline to Dec. 27
FORSYTH COMMUNICATIONS: Taps Joint Administrators from PwC
ITRAXX CROSSOVER: Fitch Keeps Series 3's B+ Weighted Ave. Rating

ITRAXX CROSSOVER: Fitch Holds Series 4 Credit-Linked Notes at B+
ITRAXX CROSSOVER: Fitch Holds Series 5 Credit-Linked Notes at B+
MYHOME INT'L: Appoints Joint Administrators from Ernst & Young
NIGHTINGALE CARE: Brings in Joint Administrators from Vantis
OLED-T LTD: Calls in Joint Administrators from Vantis

PARKLAKE HOTELS: Taps Tenon Recovery to Administer Assets
RANGER TRANSPORT: Appoints Joint Administrators from KPMG
SIGMUM CASTING: Taps Joint Administrators from Tenon Recovery
VIRGIN MEDIA: SRM Global Master Fund Cuts Stake to 4.04%
WELWYN LIGHTING: Appoints Joint Administrators from BDO Stoy

* Leonard Curtis Brings in Three New Members to Insolvency Team
* Number of UK Contractors Seeking NFB Redundancy Advice Up in '08


                         *********


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


EDV BERATUNGHAVE: Claims Registration Period Ends September 22
--------------------------------------------------------------
Creditors owed money by LLC Net Consulting Edv Beratunghave until
Sept. 22, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Ulla Reisch
         Praterstrasse 62-64
         1020 Vienna
         Austria
         Tel: 212 55 00
         Fax: 212 55 00 5
         E-Mail: office.wien@ulsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on Oct. 6, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 2101
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 6, 2008, (Bankr. Case No. 38 S 37/08f).


FLUCHER LLC: Claims Registration Period Ends September 24
---------------------------------------------------------
Creditors owed money by KEG Flucher have until Sept. 24, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Reinhard Teubl
         Mittergasse 28
         8600 Bruck an der Mur
         Austria
         Tel: 0386251462
         Fax: 03862-51462-10
         E-mail: rechtsanwaelte@bzt.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Oct. 8, 2008, for the
examination of claims at:

         The Land Court of Leoben
         Hall IV
         First Floor
         Leoben
         Austria

Headquartered in Krieglach, Austria, the Debtor declared
bankruptcy on Aug. 6, 2008, (Bankr. Case No. 17 S 39/08s).


ING. JOHANN REITER: Claims Registration Period Ends September 24
----------------------------------------------------------------
Creditors owed money by LLC Ing. Johann Reiter have until
Sept. 24, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Peter Haslinger
         Krottendorfer Gasse 4
         8700 Leoben
         Austria
         Tel: 03842-48117
         Fax: 03842-48117-11
         E-mail: office@ra-ahb.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:30 p.m. on Oct. 8, 2008, for the
examination of claims at:

         The Land Court of Leoben
         Hall IV
         First Floor
         Leoben
         Austria

Headquartered in Obdach, Austria, the Debtor declared bankruptcy
on Aug. 6, 2008, (Bankr. Case No. 18 S 43/08m).


LAPATSCHKA OEG: Claims Registration Period Ends September 22
------------------------------------------------------------
Creditors owed money by OEG Lapatschka have until Sept. 22, 2008,
to file written proofs of claim to the court-appointed estate
administrator:

         Teufer-Peyrl Sigrun
         Pfarrgasse 20
         4240 Freistadt
         Austria
         Tel: 0794275151
         Fax: 07942751519
         E-mail: ra.peyrl@epnet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Oct. 6, 2008, for the
examination of claims at:

         The Land Court of Linz
         Room 522
         5th Floor
         Linz
         Austria

Headquartered in Windhaag bei Perg, Austria, the Debtor declared
bankruptcy on Aug. 6, 2008, (Bankr. Case No. 12 S 68/08z).


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

         Dr. Stephan Riel
         Schiesstattring 35/13
         3100 St. Poelten
         Austria
         Tel: 02742/74731
         Fax: 02742/74731/22
         E-mail: kanzlei@jsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at noon 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 Mauerbach, Austria, the Debtor declared
bankruptcy on Aug. 14, 2008, (Bankr. Case No. 14 S 125/08k).


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


PORTOLA PACKAGING: Plan Confirmation Hearing Slated for October 6
-----------------------------------------------------------------
Portola Packaging Inc. and its debtor-affiliates will appear
before the U.S. Bankruptcy Court in Delaware on Oct. 6, 2008, for
a confirmation hearing of the Debtors' reorganization plan, Mr.
Rochelle of Bloomberg News relates.

The Troubled Company Reporter said on Sept. 1, 2008, that in
connection with the Debtors' bankruptcy filing, the Debtors
confirmed that all of its secured lenders and holders of
approximately 90% in aggregate principal amount of its 8-1/4%
Senior Notes due 2012 agreed to a voluntary and consensual
restructuring of the company pursuant to the restructuring support
agreement dated July 24, 2008.  Pursuant to the proposed plan of
reorganization, holders of the Senior Notes will receive 100% of
the common stock of reorganized Portola in exchange for their
claims.

The company reached agreement with its existing secured lenders
to provide the Company with debtor-in-possession financing of
US$79 million to pay off the outstanding indebtedness under the
company's existing secured facilities and to finance its ongoing
operations.

Mr. Rochelle notes that Wayzata Investment Partners LLC, a
private-equity investor in Wayzata, Minnesota, will hold a
controlling interest in the reorganized company.

Portola, according to Mr. Rochelle, defaulted on a US$60 million
revolving credit loan from General Electric Capital Corp.
following Portola's announcement of a probe on accounting
irregularities at its subsidiaries in China.

                    About Portola Packaging

Portola Packaging Inc. -- http://www.portpack.com/-- designs,
manufactures, and markets a full line of tamper-evident plastic
closures, bottles, and equipment for the beverage and food
industries, as well as plastic closures and containers for the
cosmetics industry.

The company and 6 of its debtor-affiliates filed for Chapter 11
reorganization on Aug. 27, 2008 (Bankr. D. Del. Lead Case No. 08-
12001).  Edmon L. Morton, Esq., Robert S. Brady, Esq., and Sean T.
Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent
the Debtors as counsel.  When the Debtors filed for protection
from their creditors, they listed assets of between US$50 million
and US$100 million, and debts of between US$100 million and
US$500 million.  The company has locations in China, Mexico and
Belgium.


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


BALLY TECHNOLOGIES: S&P Confirms 'BB' Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its issue-level and
recovery ratings to Bally Technologies Inc.'s proposed US$300
million senior secured credit facilities.  The loans are rated
'BBB-' -- two notches higher than the 'BB' corporate credit rating
on the company -- with a recovery rating of '1', indicating that
lenders can expect very high (90% to 100%) recovery in the event
of a payment default.

At the same time, Standard & Poor's affirmed its 'BB' corporate
credit rating on Bally.  The rating outlook is stable.

Proceeds from the credit facilities, which will consist of a draw
of approximately US$50 million on a US$75 million revolving credit
facility and a US$225 million term loan, will be used to refinance
the existing credit facilities.  The proposed bank facility is due
four years from the close of the transaction.

"The 'BB' rating reflects Bally's exposure to product sales
volatility, the importance of sustained research and development
spending in order to maintain the quality of its products, the
existence of a much larger and well-established competitor
(International Game Technology), and the expectation for a
moderation in the operating environment during the next few
quarters as a result of slower replacement sales and economic
weakness," said Standard & Poor's credit analyst Melissa Long.

"These factors are tempered by the company's No. 2 position in the
North American gaming equipment market, its expanding base of
gaming devices and systems, and strong credit measures
for the rating, which we expect provide ample cushion in a
slowdown."

"For the 12 months ended June 30, 2008, Bally reported EBITDA of
US$272 million--up about 96% year over year," S&P said.  "Pro
forma for this transaction, we expect leverage to be in the 1x
area, which represents a significant  improvement over fiscal
2007, when leverage was about 2.3x.  The credit  measures are
currently strong for the rating and afford some flexibility for
share repurchases, acquisitions, or a weakening operating
environment," S&P related.

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc.
(NYSE: BYI) -- http://www.BallyTech.com/-- designs,
manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide.  Bally's product
line includes reel-spinning slot machines, video slots, wide-
area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of
casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Mississippi.  The company's South
American operations are located in Argentina.  The company also
has operations in France, Germany, Macau, China, India, and the
United Kingdom.


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


BEWA GMBH: Claims Registration Period Ends September 18
-------------------------------------------------------
Creditors of Bewa GmbH i.L. have until Sept. 18, 2008, to register
their claims with court-appointed insolvency manager Rudolf
Rossmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 16, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Meeting Hall 162
         Alten Einlass 1
         86150 Augsburg
         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:

         Rudolf Rossmann
         Weisskopfstr. 13
         c/o Kanzlei Gabrielli Kaufer u. Koll
         86343 Koenigsbrun
         Germany

The District Court of Augsburg opened bankruptcy proceedings
against Bewa GmbH i.L. on July 31, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Bewa GmbH i.L.
         Schwalbenstr. 9
         86391 Stadtbergen
         Germany


DEUTSCHLAND UKRAINE: Claims Registration Period Ends Sept. 17
-------------------------------------------------------------
Creditors of DUP Deutschland-Ukraine-Projekt GmbH have until
Sept. 17, 2008, to register their claims with court-appointed
insolvency manager Dr. Olaf Buechler.

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

The meeting of creditors will be held at:

         The District Court of Hamburg
         Meeting Hall B 405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Olaf Buechler
         Herrengraben 3
         20459 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against DUP Deutschland-Ukraine-Projekt GmbH on July 23, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         DUP Deutschland-Ukraine-Projekt GmbH
         St. Benedictstrasse 19
         20149 Hamburg
         Germany

         Attn: Hermann Henniger, Manager
         Op'n Hainholt 109 c
         22589 Hamburg
         Germany


DYNOMEDIA GMBH: Claims Registration Period Ends Sept. 17
--------------------------------------------------------
Creditors of DYNOMEDIA GmbH have until Sept. 17, 2008, to register
their claims with court-appointed insolvency manager Arndt
Geiwitz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 6, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Meeting Hall 162
         Alten Einlass 1
         86150 Augsburg
         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:

         Arndt Geiwitz
         Eserwallstr. 1-3
         86150 Augsburg
         Germany

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

The Debtor can be reached at:

         DYNOMEDIA GmbH
         Attn: Andreas Weckwert and Bjoern Hein, Managers
         Schiessgrabenstr. 16
         86150 Augsburg
         Germany


ENVICON VERWALTUNGS: Claims Registration Period Ends Sept. 17
-------------------------------------------------------------
Creditors of Envicon Verwaltungs GmbH have until Sept. 17, 2008,
to register their claims with court-appointed insolvency manager
Dirk Hammes.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 8, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Meeting Hall C315
         Third Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Dirk Hammes
         Wilhelmshofallee 75
         47800 Krefeld
         Germany

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

The Debtor can be reached at:

         Envicon Verwaltungs GmbH
         Bassfeldshof 2-4
         46537 Dinslaken
         Germany

         Attn: Eugen Salomon, Manager
         Hoehenweg 5a
         88145 Hergatz
         Germany


GP AUTOMATEN: Claims Registration Period Ends September 17
----------------------------------------------------------
Creditors of GP Automaten GmbH & Co. KG have until Sept. 17, 2008,
to register their claims with court-appointed insolvency manager
Bardo M. Sigwart.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 29, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 14
         First Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         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:

        Bardo M. Sigwart
        Ostend 14
        64347 Griesheim
        Germany
        Tel: 06155-60930
        Fax: 06155-66297

The District Court of Darmstadt opened bankruptcy proceedings
against GP Automaten GmbH & Co. KG on Aug. 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         GP Automaten GmbH & Co. KG
         Attn: Dominique Versapuech, Manager
         Paul Joseph Strasse 12-14
         64658 Fuerth
         Germany


IMEXCOP 663: Creditors' Meeting Slated for September 18
-------------------------------------------------------
The court-appointed insolvency manager for Imexcop 663 GmbH,
Dr. Christian Strauss will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:15
a.m. on Sept. 18, 2008.

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

         The District Court of Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:30 a.m. on Dec. 18, 2008, at the same venue.

Creditors have until Nov. 4, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Christian Strauss
         Friedrich-Missler-Str. 42
         28211 Bremen
         Germany
         Tel: 0421/7926260
         Fax: 0421/7926285
         E-mail: info@kanzlei-dr-strauss.de
         Web site: www.kanzlei-dr-strauss.de

The District Court of Bremen opened bankruptcy proceedings against
Imexcop 663 GmbH on July 30, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Imexcop 663 GmbH
         Attn: Detlev Willi Leidig, Manager
         Froebelstrasse 58
         28755 Bremen
         Germany


LENGEDER UMWELTSANIERUNGS: Claims Filing Period Ends Sept. 18
-------------------------------------------------------------
Creditors of Lengeder Umweltsanierungsgesellschaft mbH have until
Sept. 18, 2008, to register their claims with court-appointed
insolvency manager Dr. Steffen Koch.

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

The meeting of creditors will be held at:

         The District Court of Gifhorn
         Hall 118
         Schlossgarten 4
         38518 Gifhorn
         Germany

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

The insolvency manager can be reached at:

         Dr. Steffen Koch
         c/o RAe. hww wienberg wilhelm
         Sophienstr. 1
         30159 Hannover
         Germany
         Tel: 0511/353991-0
         Fax: 0511/353991-10

The District Court of Gifhorn opened bankruptcy proceedings
against Lengeder Umweltsanierungsgesellschaft mbH on July 18,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Lengeder Umweltsanierungsgesellschaft mbH
         Attn: Karsten Hanusa, Manager
         Hubertusstr. 19
         06502 Thale
         Germany


MAQBOOL & SONS: Claims Registration Period Ends September 17
------------------------------------------------------------
Creditors of Maqbool & Sons International Trading GmbH have until
Sept. 17, 2008, to register their claims with court-appointed
insolvency manager Bardo M. Sigwart.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 29, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.312
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         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:

         Bardo M. Sigwart
         Ostend 14
         64347 Griesheim
         Germany
         Tel: 06155-60930
         Fax: 06155-66297

The District Court of Darmstadt opened bankruptcy proceedings
against Maqbool & Sons International Trading GmbH on July 30,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Maqbool & Sons International Trading GmbH
         Frankfurter Strasse 3
         64521 Gross-Gerau
         Germany

         Attn: Aqeel Khokhar, Manager
         Europaring 2
         64521 Gross-Gerau
         Germany


MAXDATA AG: Talks With Potential Investor Collapsed
---------------------------------------------------
evertiq.com reports that talks between Maxdata AG and potential
investor Quanmax collapsed last week.

Quanmax is a subsidiary of Taiwan-based Quanta, the report
relates.

As reported in the TCR-Europe on June 30, 2008, Maxdata filed for
insolvency proceedings at the District Court in Essen due to
illiquidity.

                        About Maxdata AG

Headquartered in Marl, Germany, Maxdata AG --
http://www.maxdata.com/-- manufactures of computer hardware and
provides built-to-order PC, notebook and server solutions.  The
Company offers servers, personal computers, laptops and
notebooks under the Maxdata brand name, as well as a range of
monitors and displays under the Belinea brand.  The Company
operates in Austria, Switzerland, France, Spain, Poland, Italy,
the Netherlands and the United Kingdom.

                         *     *     *

Maxdata has been posting net losses since 2003: EUR20.7 million
in 2003, EUR1.5 million in 2004, EUR39.6 million in 2005,
EUR465 million in 2006 and EUR33.8 million in 2007.


ORA CONSULT: Claims Registration Period Ends September 17
---------------------------------------------------------
Creditors of ORA Consult GmbH have until Sept. 17, 2008, to
register their claims with court-appointed insolvency manager Dr.
Mark Zeuner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 5, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

        The District Court of Rostock
        Hall 330
        Zochstrasse
        18057 Rostock
        Germany

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

The insolvency manager can be reached at:

         Dr. Mark Zeuner
         John-Brinckman-Str. 9
         18055 Rostock
         Germany

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

The Debtor can be reached at:

         ORA Consult GmbH
         Attn: Hans Werner Guderjahn, Manager
         Industriestrasse 10
         18069 Rostock
         Germany


PFAFF: Possible Insolvency to Hit ACP Capital and ACP Mezzanine
---------------------------------------------------------------
Pfaff Industrie Maschinen AG's possible insolvency is expected to
affect the net asset values of ACP Capital Ltd. and ACP Mezzanine
Ltd., Thomson Financial News reports.

According to the report, Pfaff may become insolvent if it fails to
obtain additional funding and reach a deal with its creditors.

The insolvency, the report relates, is likely to hit ACP Capital
as it has a shareholding in ACP Mezzanine, which extended a
EUR9 million loan facility to Pfaff.  It also has a direct
investment in Pfaff's parent company GCI Management AG.

The report relates ACP Mezzanine expressed concerns about the
ability of Pfaff to meet its obligations.

Headquartered in Kaiserslautern, Germany, Pfaff Industrie
Maschinen AG -- http://www.pfaff-industrial.com/-- is engaged in
the development, manufacture and sale of industrial sewing
machines.  In addition, the company offers spare parts and
accessories for its machines, as well as training services.  The
company is operative through a network of nine daughter companies
and approximately 200 dealers in Europe, North, Central and South
America, Africa, the Middle East, Asia and Australia.


POINT FOTOGRAFIE: Claims Registration Period Ends September 17
--------------------------------------------------------------
Creditors of Point Fotografie Kunst & Design GmbH have until
Sept. 17, 2008, to register their claims with court-appointed
insolvency manager Dr. Oliver Kirschnek.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Nov. 4, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         Germany

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

The insolvency manager can be reached at:

         Dr. Oliver Kirschnek
         Kriegerstrasse 3
         70191 Stuttgart
         Germany
         Tel: 0711/225583-0
         Fax: 0711/225583-20

The District Court of Heilbronn opened bankruptcy proceedings
against Point Fotografie Kunst & Design GmbH on Aug. 7, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Point Fotografie Kunst & Design GmbH
         Bahnhofstrasse 30
         71732 Tamm
         Germany


THEMA IMMOBILIEN-VERMIETUNGS: Claims Registration Ends Sept. 17
---------------------------------------------------------------
Creditors of Thema Immobilien-Vermietungs- und
Verwaltungsgesellschaft mbH have until Sept. 17, 2008, to register
their claims with court-appointed insolvency manager Klaus A.
Maier.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 8, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Str. 28
         Ludwigsburg
         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:

         Klaus A. Maier
         Wilhelmstr. 12
         70182 Stuttgart
         Germany

The District Court of Ludwigsburg opened bankruptcy proceedings
against Thema Immobilien-Vermietungs- und Verwaltungsgesellschaft
mbH on July 28, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Thema Immobilien-Vermietungs- und
         Verwaltungsgesellschaft mbH
         Attn: Matthias Heissner und Erik Richter, Managers
         Steinbeisstr. 2
         71229 Leonberg
         Germany


=============
H U N G A R Y
=============


CADENCE INNOVATION: Court Bars Exxon from Halting Delivery
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware issued a
temporary restraining order directing Exxon Mobil Chemical Company
to continue supplying Cadence Innovation LLC upon pre-payment by
the company pending the hearing on the preliminary injunction.

Cadence Innovation LLC filed a lawsuit against Exxon Mobil for
planning to stop supplying goods to the company.  In a complaint
dated Sept. 2, 2008, Cadence Innovation alleged that Exxon Mobil
violated their contract when it said it will stop supplying goods
to the company by Sept. 3, 2008.  Exxon Mobil is Cadence
Innovation's principal supplier of resin pellets, which the Debtor
uses as raw materials for manufacturing the plastic parts it
supplies to auto manufacturers.  Cadence Innovation seeks a ruling
from the Bankruptcy Court, enjoining Exxon Mobil from refusing to
supply the company as well as payment for damages that may result.

Proposed counsel for Cadence Innovation, Norman Pernick, Esq., at
Cole, Schotz, Meisel, Forman & Leonard P.A., in Wilmington,
Delaware, said that under the contract, Exxon Mobil is obligated
to continue to supply the company even if the contract has expired
or has been terminated.  According to Mr. Pernick, Exxon Mobil's
decision would affect Cadence Innovation's business operations as
well as its customers.

"If Cadence Innovation stops manufacturing, the assembly lines at
the auto manufacturers that use its products will also be forced
to shut down," Mr. Pernick said, pointing out that Cadence
Innovation is the exclusive manufacturer and supplier of those
plastic parts.  He further said that Cadence Innovation has no
other supplier of resin pellets.

Cadence Innovation reached a temporary settlement with Exxon
Mobil, permitting it to continue receiving supplies from Exxon,
according to a report by Bloomberg News.  Exxon, at the Sept. 3
hearing, agreed to continue supplying resin pellets until the next
hearing on Sept. 22, provided Cadence pays in advance, Bloomberg
News reported.

At the Sept. 22 hearing, the Court will rule on Cadence
Innovation's request for a preliminary injunction compelling Exxon
to continue supplying the company.  The parties are required to
submit legal memoranda in connection with the Injunction Motion on
or before Sept. 19, at 4:00 p.m.

                   About Cadence Innovation

Headquartered in Troy, Michigan, Cadence Innovation LLC --
http://www.cadenceinnovation.com/-- manufactures and sells auto
parts to its customers GM and Chrysler.  The company has at least
4,200 employees in the United States and Europe, including Hungary
and Czech Republic.  The company and its debtor-affiliate, New
Venture Real Estate Holdings, LLC, filed for Chapter 11
reorganization on Aug. 26, 2008 (Bankr. D. Del. Lead Case No. 08-
11973).  Norman L. Pernick, Esq. and Patrick J. Reilley, Esq., at
Cole, Schotz, Meisel, Forman & Leonard, represent the Debtors as
counsel.  When the Debtor filed for protection from its creditors,
it listed assets of between US$10 million and US$50 million, and
debts of between US$100 million to US$500 million.


CADENCE INNOVATION: Files Amended List of 20 Largest Creditors
--------------------------------------------------------------
Cadence Innovation LLC, and its affiliate, New Venture Real Estate
Holdings LLC, filed with the U.S. Bankruptcy Court for the
District of Delaware, an amended list of their 20 largest
creditors:

  Creditors                Nature of Claim       Claim Amount
  ---------                ---------------       ------------
Chrysler LLC
Attention: Doug Doran             Money Lent         US$9,932,698
CIMS 48401 10
Auburn Hills, MI

Ventra c/o CoAmerica Bark         Trade              US$2,616,013
Attn: Kim Boyer
Mail Code
411 West Lafayette
Detroit, MI 48275-3328

Recticel Interiors North          Trade              US$1,637,527
America, LLC
5600 Bow Pointe Drive
Clarkston, MI 48346

Bayer Material Science            Trade              US$1,622,906
P.O. BOX 223 105
Pittsburgh, PA 15251-2105

Blackhawk Automotive Plastics     Trade              US$1,034,574
Salem Division
1159 Paysphere Circle
Chicago, IL 60674

Exxon Mobil Chemical              Trade                US$954,105
P.O. Box 371127M
Pittsburgh, PA 15251

Michigan Staffing LLC             Trade                US$895,147
29400 Van Dyke
Suite 222
Warren, MI 48093

O'Sullivan Films, Inc.            Trade                US$744,102
1310 Paysphere Circle
Chicago, IL 60674

Summit Polymers                   Trade                US$679,075
67 I5 South Sprinkle Road
Portage, MI 49002

Let's Unique Fabricating
800 Standard Parkway              Trade                US$650,598
Auburn Hills, MI 48326

ADAC Plastics                     Trade                US$551,113
P.O. Box 888375
Grand Rapids, MI 49588-8375

Michigan Department of Treasury   Tax                  US$533,217
Department 78172
P.O. Box 78000
Detroit, MI48278-0172

Advanced Composites, Inc.         Trade                US$528,651
3066 Sidco Drive
Nashville, TN 37204

Coastal Container                 Trade                US$517,797
c/o Vericorr Packaging
1201 Industrial Ave.
Holland, MI 49423

Emhart Teknologies Inc            Trade                US$430,012
12337 Collections Center Dr.
Chicago, IL 60693

City of Fraser                    Tax                  US$408,908
P.O. Box 26032
Fraser, MI 48026

Anchor Bay                        Trade                US$382,554
3090523 Mile Road
New Baltimore, MI 48047

Mico Industries, Inc.
1425 Burlingame Ave SW            Trade                US$367,858
Grand Rapids, MI 49509

Complete Prototype                Trade                US$367,593
44783 Morley Drive
Clinton TWP, MI 48036

Charter Township of Chesterfield  Tax                  US$353,837
Pamela R. Harris, Treasurer
47275 Sugarbush Road
Chesterfieid, MI 48047

                   About Cadence Innovation

Headquartered in Troy, Michigan, Cadence Innovation LLC --
http://www.cadenceinnovation.com/-- manufactures and sells auto
parts to its customers GM and Chrysler.  The company has at least
4,200 employees in the United States and Europe, including Hungary
and Czech Republic.  The company and its debtor-affiliate, New
Venture Real Estate Holdings, LLC, filed for Chapter 11
reorganization on Aug. 26, 2008 (Bankr. D. Del. Lead Case No. 08-
11973).  Norman L. Pernick, Esq. and Patrick J. Reilley, Esq., at
Cole, Schotz, Meisel, Forman & Leonard, represent the Debtors as
counsel.  When the Debtor filed for protection from its creditors,
it listed assets of between US$10 million and US$50 million, and
debts of between US$100 million to US$500 million.


CADENCE INNOVATION: Wants to Hire Cole Schotz at Lead Counsel
-------------------------------------------------------------
Cadence Innovation LLC, and its affiliate, New Venture Real Estate
Holdings LLC, seek the U.S. Bankruptcy Court for the District of
Delaware's authority to employ Cole, Schotz, Meisel, Forman &
Leonard, P.A., as their lead bankruptcy counsel.

The Debtors selected the firm because of its extensive experience
and knowledge in business reorganizations under Chapter 11, as
well as its familiarity with the Debtors' business operations.

As counsel, Cole Schotz is expected to:

   (1) advise the Debtors of their rights, powers and duties
       as debtors-in-possession as well as advise them
       regarding matters of bankruptcy law;

   (2) represent the Debtors in proceedings and hearings;

   (3) prepare legal papers on behalf of the Debtors;

   (4) provide assistance, advice, and representation
       concerning the confirmation of any proposed plan and
       solicitation of acceptances for that plan, or
       responding to objections to those plans;

   (5) advise the Debtors and assist them in the negotiations
       concerning financing agreements, debt restructuring,
       cash collateral arrangements, and related transactions;

   (6) provide assistance, advice, and representation
       concerning any possible sale of the Debtors' assets;

   (7) review the nature and validity of liens asserted
       against the Debtors' property, and advise them
       concerning the enforceability of those liens;

   (8) provide assistance, advice and representation
       concerning any further investigation of the Debtors'
       assets, liabilities and financial condition that may be
       required under local, state, or federal law;

   (9) prosecute and defend litigation matters; and

  (10) provide counseling and representation with respect to
       the assumption or rejection of executory contracts and
       leases, asset sale, among other things.

In exchange for Cole Schotz' services, the firm will be paid on
an hourly basis and reimbursed for the expenses incurred.  The
firm's professionals and their hourly rates are:

      Members        US$320 - US$625
      Associates     US$195 - US$325
      Paralegals     US$130 - US$190

Cole Schotz received a US$626,039 retainer from the Debtors for
the planning, preparation of documents and proposed employment
during the Debtors' bankruptcy.  Of that amount, US$230,977 was
applied to pay pre-bankruptcy fees and expenses incidental to the
preparation and filing of the cases, and US$2,078 for the filing
fees.

Norman Pernick, Esq., at Cole Schotz, assures the Court that
the firm does not hold or represent any interest adverse to the
Debtors.  He adds that the firm is a "disinterested person" as
defined in Section 101(14) of the Bankruptcy Code.

                   About Cadence Innovation

Headquartered in Troy, Michigan, Cadence Innovation LLC --
http://www.cadenceinnovation.com/-- manufactures and sells auto
parts to its customers GM and Chrysler.  The company has at least
4,200 employees in the United States and Europe, including Hungary
and Czech Republic.  The company and its debtor-affiliate, New
Venture Real Estate Holdings, LLC, filed for Chapter 11
reorganization on Aug. 26, 2008 (Bankr. D. Del. Lead Case No. 08-
11973).  Norman L. Pernick, Esq. and Patrick J. Reilley, Esq., at
Cole, Schotz, Meisel, Forman & Leonard, represent the Debtors as
counsel.  When the Debtor filed for protection from its creditors,
it listed assets of between US$10 million and US$50 million, and
debts of between US$100 million to US$500 million.


CADENCE INNOVATION: Wants Katten Muchin as Special Counsel
----------------------------------------------------------
Cadence Innovation LLC, and its affiliate, New Venture Real Estate
Holdings LLC, seek the U.S. Bankruptcy Court for the District of
Delaware's approval to employ Katten Muchin Rosenman LLP, as their
special counsel.

The Debtors selected the firm because of its extensive experience
and knowledge in business reorganizations under Chapter 11.  The
Debtors said Katten Muchin is also familiar with their business
since it has served as counsel for them prior to their bankruptcy
filing.

As special counsel, Katten Muchin is expected to:

   (1) negotiate and prepare documents relating to the
       disposition of assets as requested by the Debtors;

   (2) advise the Debtors on finance as well as on matters
       related to finance and the sale of the Debtors' assets;

   (3) advise the Debtors concerning their rights, powers and
       duties as debtor-in-possession in the continued
       management and operation of their business;

   (4) counsel and prepare the Debtors' plan of reorganization
       or liquidation, disclosure statement, and related
       documents;

   (5) assist Cole, Schotz, Meisel, Forman & Leonard, P.A., in
       matters concerning the administration of the Debtors'
       estate; and

   (6) perform other legal services when necessary.

In return for Katten Muchin's services, the Debtors will pay the
firm its fees on an hourly basis as well as reimburse for the
expenses incurred in connection with its employment.  The firm's
professionals expected to provide legal assistance to the Debtors
and their hourly rates are:

      Howard Lanznar     US$625
      John Sieger        US$565
      Peter Siddiqui     US$410
      Andrew Wool        US$365

Katten Muchin received from the Debtors a US$373,637 retainer for
the planning and preparation of the documents, and for its
proposed employment during the Debtors' bankruptcy.  As of
Aug. 26, 2008, the firm is holding about US$265,000 as retainer.
Howard Lanznar, Esq., at Katten Muchin, assures the Court that
the firm does not hold or represent any interest adverse to the
Debtors.

                   About Cadence Innovation

Headquartered in Troy, Michigan, Cadence Innovation LLC --
http://www.cadenceinnovation.com/-- manufactures and sells auto
parts to its customers GM and Chrysler.  The company has at least
4,200 employees in the United States and Europe, including Hungary
and Czech Republic.  The company and its debtor-affiliate, New
Venture Real Estate Holdings, LLC, filed for Chapter 11
reorganization on Aug. 26, 2008 (Bankr. D. Del. Lead Case No. 08-
11973).  Norman L. Pernick, Esq. and Patrick J. Reilley, Esq., at
Cole, Schotz, Meisel, Forman & Leonard, represent the Debtors as
counsel.  When the Debtor filed for protection from its creditors,
it listed assets of between US$10 million and US$50 million, and
debts of between US$100 million to US$500 million.


PROPEX INC: Creditors Panel Challenges DIP Lenders' Liens
---------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in the
bankruptcy cases of Propex Inc. and its debtor-affiliates notified
the U.S. Bankruptcy Court for the Eastern District of Tennessee
that it will take an appeal to the U.S. District Court for the
Eastern District of Tennessee from the Hon. John C. Cook's
Aug. 21, 2008 order confirming the granting to the DIP Lenders of
liens on all of the Debtors' Foreign Subsidiaries.

As disclosed in the Troubled Company Reporter on Aug. 27, 2008,
the Debtors filed a Security Agreement Amendment/Foreign Stock
Pledge Motion, whereby they asked the Court to (i) permit them to
amend a Security Agreement related to their DIP Credit Agreement,
and (ii) confirm that the liens granted to the DIP Lenders on 100%
of the Debtors' foreign capital stock is in accordance with the
terms of the Final DIP Order and the DIP Credit Agreement.

In line with that request, the Debtors, the Official Committee of
Unsecured Creditors, and BNP Paribas, on behalf of the DIP
Lenders, entered into a Court-approved stipulation for the filing
under seal of any pleadings or documents relating to the Security
Agreement Motion that may be deemed to contain confidential
information.

BNP Paribas Securities Corp., as administrative agent for the DIP
Lenders, expressed its support of the Debtors' request.  BNP
Paribas asserted that the DIP documents plainly and unequivocally
include the 100% Foreign Stock Pledge as part of the collateral
package granted to the DIP lenders and as part of their adequate
protection package to the prepetition lenders.

Counsel to BNP Paribas, Gene L. Humphreys, Esq., at Bass, Berry &
Sims, PLC, in Nashville, Tennessee, maintained that even if there
is any ambiguity on the amount of equity of the Debtors' foreign
subsidiaries that pledged as collateral under the DIP facility,
the ambiguity is completely mooted by the uncontested fact that
both the Interim and the Final DIP Orders provide a superpriority
administrative claim to the DIP obligations pursuant to Section
364(c)(1) of the Bankruptcy Code.

"The DIP lenders have loaned the Debtors tens of millions of
dollars in reliance upon the fundamental premise of the full
collateral package, including the 100% Foreign Stock Pledge," Mr.
Humphreys said.

On the other hand, the Creditors Committee filed an objection
to the Debtors' Security Agreement Amendment under seal.

BNP Paribas countered that the Committee's attempt to renegotiate
the DIP Facility has no basis in law or fact and cannot be
sustained.

                        About Propex Inc.

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It also produces
primary and secondary carpet backing.  Propex has manufacturing
facilities in Brazil, Mexico, Germany, Hungary and the United
Kingdom.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249).  The Debtors have selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  The Official Committee of
Unsecured Creditors have tapped Ira S. Dizengoff, Esq., at Akin
Gump Strauss Hauer & Feld, LLP, in New York, to be its counsel.

The Court extended the exclusive plan filing period of the Debtors
through Oct. 20, 2008, and their exclusive solicitation period
through Dec. 19, 2008.

As of June 29, 2008, the Debtors' balance sheet showed total
assets of US$562,700,000, and total debts of US$551,700,000.

(Propex Bankruptcy News, Issue No. 16; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


PROPEX INC: Wants Court Nod on US$1.7 Million Pension Plan Payment
----------------------------------------------------------------
Propex Inc. and its debtor-affiliates are sponsors of two defined
benefit pension plans -- the Propex Inc. Cash Value Retirement
Plan and the Propex Inc. Balance Retirement Plan.  The Pension
Plans are funded solely through employer contributions.

The benefits accruals under the Cash Value Plan was frozen
effective September 1, 2005.  Benefit accruals under the Balance
Plan was frozen as of August 1, 2006.

As a result of the decline in the equity markets, the Pension
Plans are significantly underfunded and ongoing obligations to
the Pension Plans will place a significant financial burden on
the Debtors over the next several year, Henry J. Kaim, Esq., at
King & Spalding LLP, in Houston, Texas, informs the U.S.
Bankruptcy Court for the Eastern District of Tennessee.

Mr. Kaim says the Debtors have considered all alternatives to
alleviate the problem, including the termination of the Pension
Plans.  The termination of the Pension Plan though would create a
large claim against the Debtors' estate in favor of the Pension
Benefit Guaranty Corporation and possibly result in the
imposition of large liabilities on the Debtors' overseas
affiliates, he points out.

According to Mr. Kaim, the Pension Plan actuary estimates that
there will be a liquidity shortfall in the Cash Value Plan of
approximately US$3,100,000 as of Sept. 30, 2008.  This liquidity
shortfall payment will have to be paid as part of the Oct. 15,
2008 quarterly minimum funding contribution, he notes.

The liquidity shortfall, however, can be avoided altogether by
making additional plan contribution before Sept. 15, 2008 since
the contributions are counted as plan assets for purposes of
Jan. 1, 2008 plan valuation, Mr. Kaim states.

Thus, pursuant to Section 363 of the Bankruptcy Code, the Debtors
seek the Court's authority to make additional payment of up to
US$1,700,000 on or before Sept. 15, 2008, in addition to the
regularly scheduled and previously authorized minimum payments of
US$279,937 and US$660,840 on Oct. 15, 2008.

Mr. Kaim contends that the additional payments will increase the
Cash Value Plan's funded status sufficiently to avoid having a
liquidity shortfall on Jan. 1, 2008 plan.

                        About Propex Inc.

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It also produces
primary and secondary carpet backing.  Propex has manufacturing
facilities in Brazil, Mexico, Germany, Hungary and the United
Kingdom.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249).  The Debtors have selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  The Official Committee of
Unsecured Creditors have tapped Ira S. Dizengoff, Esq., at Akin
Gump Strauss Hauer & Feld, LLP, in New York, to be its counsel.

The Court extended the exclusive plan filing period of the Debtors
through Oct. 20, 2008, and their exclusive solicitation period
through Dec. 19, 2008.

As of June 29, 2008, the Debtors' balance sheet showed total
assets of US$562,700,000, and total debts of US$551,700,000.

(Propex Bankruptcy News, Issue No. 16; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


PROPEX INC: Wants to Amend Medical Program to Cease Coverage Offer
------------------------------------------------------------------
Propex Inc. and its debtor-affiliates sponsor the Propex Medical
Program pursuant to which they provide certain medical benefits to
their employees, including health insurance.

The Medical Program currently provides medical coverage for sale
to certain eligible employees and their dependents upon the
employee's retirement.  The Debtors aver that the cost to the
retiree ranges from US$470 to US$1,220 per month and is generally
cost-prohibitive to the retirees.

As of Aug. 12, 2008, only six retirees have purchased medical
coverage, the Debtors relate.  The Debtors clarify they do not
seek to modify any benefits provided to these Current
Participants.

The Debtors, however, seek to eliminate the medical coverage for
Eligible Employees and Retirees because they are required to
carry on their books the actuarial cost of US$4,400,000.

About 398 potentially eligible retirees have not elected to
purchase medical coverage, the Debtors note.  Despite the fact
that the Eligible Retirees are not taking advantage of this
benefit, the Debtors relate that they are required to reserve
significant assets to account for the possibility that the
retirees will elect to purchase medical coverage.

In addition to the cost carried on their books, the Debtors
forecast spending in the future an estimated US$4,765 per employee
per year for each Eligible Employee and Retiree who elects to
purchase medical coverage.  "The cost of the medical coverage is
disproportionate to the benefit it provides and should be
terminated, except as to the current six participants," the
Debtors contend.

Pursuant to Sections 105 and 363 of the Bankruptcy Code, the
Debtors seek authority from the U.S. Bankruptcy Court for the
Eastern District of Tennessee to amend their Medical Program
to eliminate the option to purchase Medical Coverage by employees
and retirees other than the Current Participants.

The Debtors say the proposed amendment will allow them to remove
US$4,400,000 in liabilities from their balance sheet.

The Debtors inform the Court that no employee who declined to
purchase Medical Coverage, upon retiring, has ever subsequently
elected to purchase Medical Coverage.  The Debtors say they are
unaware of any retired employee that will be adversely impacted
if their request is granted.

The Debtors add that on Aug. 12, 2008, the Board of Directors
entered a resolution to amend the Medical Program to cease to
offer Medical Coverage to employees other than the Current
Participants who receive benefits under the Medical Program.

                        About Propex Inc.

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It also produces
primary and secondary carpet backing.  Propex has manufacturing
facilities in Brazil, Mexico, Germany, Hungary and the United
Kingdom.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249).  The Debtors have selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  The Official Committee of
Unsecured Creditors have tapped Ira S. Dizengoff, Esq., at Akin
Gump Strauss Hauer & Feld, LLP, in New York, to be its counsel.

The Court extended the exclusive plan filing period of the Debtors
through Oct. 20, 2008, and their exclusive solicitation period
through Dec. 19, 2008.

As of June 29, 2008, the Debtors' balance sheet showed total
assets of US$562,700,000, and total debts of US$551,700,000.

(Propex Bankruptcy News, Issue No. 16; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


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


LANSDOWNE MORTGAGES: Fitch Hikes Securities No. 2 Class B2 to BB+
-----------------------------------------------------------------
Fitch has upgraded three and affirmed eight tranches of Lansdowne
Mortgage Securities No. 1 and No. 2 (LMS1 and LMS2), Irish RMBS
transactions originated by Start Mortgages Limited (SML).  The
Outlook on the mezzanine tranche of LMS2 has been revised to
Positive reflecting the continued growth credit enhancement level
on these notes.  The rating actions are:

Lansdowne Mortgages Securities No. 1 plc:

   -- Class A2 (ISIN XS0250832614) affirmed at 'AAA';
      Outlook Stable

   -- Class X (ISIN XS0250833000) affirmed at 'AAA';
      Outlook Stable

   -- Class M1 (ISIN XS0250833695) affirmed at 'AA+';
      Outlook Positive

   -- Class M2 (ISIN XS0250834073) upgraded to 'AA-'(AA minus)
      from 'A+'; Outlook Positive

   -- Class B1 (ISIN XS0250834404) upgraded to 'BBB+' from 'BBB';
      Outlook Positive

   -- Class B2 (ISIN XS0250835120) upgraded to 'BB+' from 'BB';
      Outlook Positive

Lansdowne Mortgage Securities No. 2 plc:

   -- Class A2 (ISIN XS0277482286) affirmed at 'AAA';
      Outlook Stable

   -- Class X (ISIN XS0277482443) affirmed at 'AAA';
      Outlook Stable

   -- Class M1 (ISIN XS0277482526) affirmed at 'AA';
      Outlook revised to Positive from Stable

   -- Class M2 (ISIN XS0277482955) affirmed at 'A';
      Outlook Stable

   -- Class B (ISIN XS0277483417) affirmed at 'BBB';
      Outlook Stable

Historically, the arrears levels seen in the two Lansdowne
transactions have been higher than those seen in other Irish RMBS
transactions, which is expected as the loans originated by SML are
aimed at adverse borrowers.  According to the latest investor
reports received for July 2008, loans in arrears by more than
three months stood at 16.91% and 16.48% of the current portfolio
outstanding for LMS1 and LMS2, respectively.  In LMS1, the volume
of loans with three or more monthly installments in arrears has
decreased from EUR25.5 million in December 2007 to EUR22.7 million
in July 2008, however the high prepayment rates (29.30% as of
July 2008) on the performing loans has been offsetting the effect
of this decrease.

Repossessions in both transactions have remained low 0.28% (LMS1)
and 0.25% (LMS2) of the initial collateral balance.  The reason
behind the low levels is the lengthy process of litigation, as
well as continued efforts made by the servicer to either cure the
non-performing loans or reach a mutual agreement with the
borrower.  According to information provided to Fitch by SML, a
significant amount of loans that enter the litigation phase end up
being redeemed - either through refinancing or private sale of
property.  This is why, until July 2008, neither of the two
transactions have seen any losses come through.

The notes in these transactions are currently redeeming
sequentially, as the pro rata triggers defining the level of loans
in arrears by three months (set at 12.5% and 15% for LMS1 and LMS2
respectively) have been breached in both transactions.  Similarly
the amortization of the reserve funds in the two transactions is
in Fitch's opinion highly unlikely to occur.  In combination with
high annualized payment rates seen to date (30.82% in LMS1 and
32.26% in LMS2 (July 2008)), this has had a positive effect on the
credit enhancement levels of the notes.

Fitch has conducted a full loan-by-loan and cash flow analysis of
the two transactions based upon updated data received from SML.


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


ALITALIA SPA: Unions Reject Proposed Benefit Cuts
-------------------------------------------------
Alitalia S.p.A.'s unions have rejected the employment contract
proposed by Compagnia Aerea Italiana s.r.l., Agenzia Giornalistica
Italia reports, citing union sources.

Under CAI's proposal:

    * pilots' vacation will be reduced from 42 to 30 days a year,
      with extra day off for every five years of service in the
      company;

    * attendants' fixed salary will be reduced by 43% while their
      variable salary will be reduced by 28%-31%;

    * flight hours per flight personnel will be reduced between
      750 and 900 hours;

    * ground personnel benefits for work during holidays, Sundays
      and nights, will be reduced; and

    * work-hour per week will pass from 37.5 to 40.

"It is the worst, unfeasible, and not viable, this is not material
to arrive to an agreement," FILT-CGIL union secretary general
Franco Nasso told AGI, referring to the reaction of all unions
that attended the meeting with the Italian government, Alitalia
and CAI.

Mr. Nasso said the proposal needs to be "deeply modified."

Unions of flight attendants said they would present a
counterproposal for the employment contract.

As reported in the TCR-Europe, CAI proposed to shed off around
3,250 employees at Alitalia as part of the rescue plan that aims
to return the national carrier into profitability within two-to-
three years.  The rescue plan for Alitalia had entailed 5,000-
6,000 job cuts.

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

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

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.


ALITALIA SPA: Gov't. Picks Banca Leonardo to Value Assets for Sale
------------------------------------------------------------------
The Italian government has appointed Gruppo Banca Leonardo S.p.A.
to appraise Alitalia S.p.A. assets that Compagnia Aerea Italiana
S.r.l. is interested in buying, Bloomberg News reports.

As reported in the Troubled Company Reporter-Europe on Sept. 3,
CAI submitted a EUR400 million conditional offer to acquire some
of Alitalia's assets.

The CAI is a consortium that includes:

    * AirOne S.p.A.;
    * IMMSI S.p.A.;
    * Atlantia S.p.A.;
    * Intesa Sanpaolo S.p.A.;
    * Fondiaria SAI S.p.A.; and
    * at least 11 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.


ALITALIA SPA: Commissioner to Manage Cargo & Service Operations
---------------------------------------------------------------
Alitalia S.p.A's service, cargo and other operations will be
placed in the hands of extraordinary commissioner Augusto
Fantozzi, Agenzia Giornalistica Italia reports citing Italian
Welfare Minister Maurizio Sacconi.

According to the report, Mr. Sacconi said that Compagnia Aerea
Italiana s.r.l., which submitted a EUR400 million conditional
offer to acquire some of Alitalia's assets, plans to outsource the
services provided by the units.  However, the report notes, CAI
will continue the units' operations "until the best outsourcing
solution is approved."

Agenzia Giornalistica Italia relates that according to Mr.
Sacconi, the Italian government supports the outsourcing of
Alitalia's non-core services.

As reported in the Troubled Company Reporter-Europe on Sept. 9,
2008, CAI CEO Rocco Sabelli said reorganized Alitalia will focus
on providing passenger transport services and will stop its cargo
and heavy maintenance operations.  Alitalia will continue focusing
on its core operations while offloading unrelated units.

As reported in the TCR-Europe on Sept. 3, CAI is a consortium of
local investors planning to acquire Alitalia.  The consortium
includes:

    * AirOne S.p.A.;
    * IMMSI S.p.A.;
    * Atlantia S.p.A.;
    * Intesa Sanpaolo S.p.A.;
    * Fondiaria SAI S.p.A.; and
    * at least 11 other investors.

CAI's 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.


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


AUTO LUX: Creditors Must File Claims by October 7
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Auto Lux Karaganda 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


BTA BANK: Inks Cooperation Pact with Bank of China Kazakhstan
-------------------------------------------------------------
Almaty Managing Director of BTA Bank Timur Sabyrbayev and Chief
Executive Officer of Subsidiary Bank, Bank of China Kazakhstan JSC
Mr. Tian Wei sealed a cooperation agreement to bolster
international business and open a correspondent account on
Sept. 8, 2008.

This document opens up new opportunities for clients of BTA Bank.
Now remittances to China from Kazakhstan via BTA Bank will take
only one day instead of three.

Mr. Sabyrbayev underscored, "For such dynamic and successful
market participant as BTA Bank JSC, a desire to expand its
international activities and thus facilitate interests and
business of its clients is natural.  In this case we follow a
strategic plan to access the market of China. Signing this
document with Bank of China is a milestone in the implementation
of the chosen strategy."

BTA Bank views the Chinese market as the most promising one for
its long-term international cooperation given the development
trends of trade and economic interaction as well as the financial
sector of China.

                    About Bank of China

Bank of China has assets worth over US$700 billion and capital of
US$40 billion.  The bank ranks among ten top banks in the world.
It runs more than 13,000 units throughout China and 550
representative offices in 25 countries.  Overall Bank of China has
210,000 employees.

                         About BTA Bank

Headquartered in Almaty, Kazakhstan, JSC BTA Bank --
http://bta.kz/en/-- is among the biggest banks and leader in
creation of banking network in CIS.

BTA operating in the CIS and far-abroad countries is expanding
into the CIS countries.  Activities of its strategic bank
partners cover Ukraine, 4 regions in Russia, Belarus, Georgia,
Armenia, Kyrgyzstan and Turkey.  BTA runs its representative
offices in Russia, Ukraine, China and the United Arab Emirates.

In Kazakhstan, BTA's network consists of 22 branches and 256
cash settlement units.

                          *     *     *

Bank TuranAlem carries a BB+ long-term foreign currency IDR
from Fitch with a stable outlook.

The company also carries Ba1 foreign currency subordinate debt
ratings, Ba2 foreign currency junior subordinate debt rating and
a D- bank financial strength rating from Moody's Investor Service.


CASPIAN INVESTMENT: Claims Deadline Slated for October 12
---------------------------------------------------------
JSC Caspian Investment Holding has declared liquidation.
Creditors have until Oct. 12, 2008, to submit written proofs of
claims to:

         JSC Caspian Investment Holding
         Amangeldy Str. 1
         Almaty
         Kazakhstan


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


IGROVYE SISTEMY: Creditors Must File Claims by September 26
-----------------------------------------------------------
LLC Game Systems Igrovye Sistemy has gone into liquidation.
Creditors have until Sept. 26, 2008, to submit written proofs of
claim to:

         LLC Game Systems Igrovye Sistemy
         Isanov Str. 42/1
         Bishkek
         Kyrgyzstan


=============
R O M A N I A
=============


CFR SA: S&P Withdraws BB Issuer Credit Rating at Company's Request
------------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'BB' long-
term issuer credit rating on Romanian rail infrastructure operator
CFR S.A. at the request of the company.  At the time of the
withdrawal, there were no rated bond issues outstanding.

The rating on 100% state-owned CFR was constrained by the
company's weak financial profile and recurrent negative free
operating cash flow resulting from weak profitability and
significant investment needs.  Other negative factors included the
continued decline in rail traffic, counterparty exposure to
financially weak state-owned rail carriers, and the poor quality
of CFR's annual report with numerous qualifications.

These weaknesses were mitigated by strong ongoing and potential
extraordinary financial support from the Republic of Romania
(foreign currency BBB-/Negative/A-3; local currency
BBB/Negative/A-3), low privatization risk, and the strategic
importance of CFR's operations.

S&P views CFR as a public policy-based government-related entity
and factored government support into the rating through a top-down
approach, reflecting the high level of integration with the
government and the company's importance to the national economy.
The Romanian government guarantees 88% of the company's debt and
the rest is supported by a letter of comfort issued by the
Ministry of Economy and Finance.


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


ALYANS LLC: Creditors Must File Claims by October 1
---------------------------------------------------
Creditors of LLC Alyans(TIN 6367045624) have until Oct. 1, 2008 to
submit proofs of claim to:

         I. Kirzhayev
         Insolvency Manager
         Office 15
         Gaya Str. 23a
         460000 Orenburg
         Russia
         Tel: 78-38-43

The Arbitration court of Orenburg commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A47-3569/2008-14G? .

The Court is located at:

         The Arbitration Court of Orenburg
         9th January Str. 64
         460046 Orenburg
         Russia

The Debtor can be reached at:

         LLC Alyans
         Selo Nezhinka 12
         Orenburgskiy District
         460520 Orenbug
         Russia


ILANTRANS LLC: Moscow Bankruptcy Hearing Set December 16
--------------------------------------------------------
The Arbitration Court of Moscow will convene at 2:30 p.m. on
Dec. 16, 2008, to hear the bankruptcy supervision procedure on LLC
Ilantrans.  The case is docketed under Case No. A40-26211/
08-124-85B.

The Temporary Insolvency Manager is:

         A. Savelyev
         Post User Box 27
         D-481
         125481 Moscow
         Russia

The Court is located at:

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

Debtor can be reached at:

         LLC Ilantrans
         Zlatoustinskiy Pereulok 9
         101000 Moscow
         Russia


GOLEGO CONSTRUCTION: Kemerovo Bankruptcy Hearing Set Jan. 15, 2009
------------------------------------------------------------------
The Arbitration Court of Kemerovskaya will convene at 11:30 a.m.
on Jan. 15, 2009, to hear the bankruptcy supervision procedure on
LLC Golego Construction Service Center.  The case is docketed
under Case No. A27-7319/2008-4.

Creditors must file their claims to:

         Yev. Lazarevich
         Temporary insolvency manager
         Rudnichnaya Str. 6
         Prokopyevsk
         653000 Kemerovskaya
         Russia

The Debtor can be reached at:

         LLC Golego Construction Service Center
         Office 210B
         Tereshkovoy Str. 49
         Kemerovo
         Russia


GAZ-PROM-STORY-MONTAZH: Creditors Must File Claims by October 1
---------------------------------------------------------------
Creditors of LLC Gaz-Prom-Stroy-Montazh Construction Industry have
until Oct. 1, 2008, to submit proofs of claim to:

         V. Davyudov
         Temporary Insolvency Manager
         Gaya Str. 23A
         460000 Orenburg
         Russia

The Arbitration Court of Orenburg will convene at 9:00 a.m. on
Nov. 18, 2008, to hear the bankruptcy supervision procedure on the
company.  The case is docketed under Case No. A473728/
200814GK.

The Court is located at:

         The Arbitration Court of Orenburg
         Matrosskiy Pereulok 12
         Orenburg
         Russia

The Debtor can be reached at:

         LLC Gaz-Prom-Stroy-Montazh
         Tekhnicheskaya Str. 3
         460019 Orenburg
         Orenburg
         Russia


GERMES-TRADING-YUG: Creditors Must File Claims by October 1
-----------------------------------------------------------
Creditors of LLC Germes-Trading-Yug (TIN 2312113807) have until
Oct. 1, 2008 to submit proofs of claim to:

         Ye. Romanova
         Temporary Insolvency Manager
         Office 802
         Sotsialisticheskaya Str. 74
         344002 Postov-na-Donu
         Russia

The Arbitration Court of Krasnodar will convene at 9:30 a.m.
on Dec. 17, 2008 to hear the bankruptcy supervision procedure on
the company.  The case is docketed under Case No. A329514/
200814/282B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC Germes-Trading-Yug
         Novorossiyskaya Str. 236
         Krasnodar
         Russia


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


IBU LLC: Deadline to File Proofs of Claim Set Sept. 26
------------------------------------------------------
Creditors owed money by LLC IBU are requested to file their proofs
of claim by Sept. 26, 2008, to:

         Alfred Dolder
         Neugut 30A
         3280 Murten
         Switzerland

The company is currently undergoing liquidation in Galmiz.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on May 28, 2002.


SKILSTAF EUROPE: Proofs of Claim Filing Deadline is Sept. 27
------------------------------------------------------------
Creditors owed money by JSC SkilStaf Europe are requested to file
their proofs of claim by Sept. 27, 2008, to:

         JSC Centrapriv Zug
         Alpenstrasse 15
         6304 Zug
         Switzerland

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


SUIMEX JSC: Creditors' Proofs of Claim Due by Sept. 20
------------------------------------------------------
Creditors owed money by JSC Suimex are requested to file their
proofs of claim by Sept. 20, 2008, to:

         JSC BILTAX
         Hohenweg 5
         8302 Kloten
         Switzerland

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


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


AVROS-EXPO LLC: Creditors Must File Claims by Sept. 18
------------------------------------------------------
Creditors of LLC Avros-Expo (code EDRPOU 33747085) have until
Sept. 18, 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 24/231-b.

The Debtor can be reached at:

         LLC Avros-Expo
         Constantinovskaya Str. 68-A
         04071 Kiev
         Ukraine


BUSHEL LLC: Creditors Must File Claims by September 19
------------------------------------------------------
Creditors of LLC Bushel (code EDRPOU 34446092) have until
Sept. 19, 2008, to submit proofs of claim to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 12, 2008.
The case is docketed as B-39/76-08.

The Debtor can be reached at:

         LLC Bushel
         Oreshkovo Passage 5
         Vasischevo
         Kharkov
         Ukraine


CANON-INVEST SOUTH: Creditors Must File Claims by Sept. 18
----------------------------------------------------------
Creditors of LLC Canon-Invest South (code EDRPOU 35639011) have
until Sept. 18, 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. 14, 2008.
The case is docketed as 13/161/08.

The Debtor can be reached at:

         LLC Canon-Invest South
         Veselinovskaya Str. 53/1
         Nikolaev
         Ukraine


DNIPROINVESTGROUP LLC: Creditors Must File Claims by Sept. 18
------------------------------------------------------------
Creditors of LLC Dniproinvestgroup (code EDRPOU 35447207) have
until Sept. 18, 2008, to submit proofs of claim to:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on Aug.
5, 2008.  The case is docketed as B 15/225-08.

The Debtor can be reached at:

         LLC Dniproinvestgroup
         Newspaper Pravda Avenue 50
         49000 Dnipropetrovsk
         Ukraine


ECO LLC: Creditors Must File Claims by September 18
---------------------------------------------------
Creditors of LLC Firm Eco (code EDRPOU 32128343) have until
Sept. 18, 2008, to submit proofs of claim to:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine


The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on Aug.
7, 2008.


KOMISHUVAKHA REPAIR-TRANSPORT: Creditors' Claims Due Sept. 18
-------------------------------------------------------------
Creditors of OJSC Komishuvakha Repair-Transport Enterprise (code
EDRPOU 05516458) have until Sept. 18, 2008, to submit proofs of
claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy proceedings
against the company after finding it insolvent on August 7, 2008.
The case is docketed as 16/63/08.

The Debtor can be reached at:

         OJSC Komishuvakha Repair-Transport Enterprise
         Gorky Str. 1
         Komishuvakha
         Orekhovsky District
         70530 Zaporozhje
         Ukraine


KREZ LLC: Creditors Must File Claims by September 18
----------------------------------------------------
Creditors of LLC Krez (code EDRPOU 32513004) have until
Sept. 18, 2008, to submit proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 5, 2008.
The case is docketed as 12/77/08.

The Debtor can be reached at:

         LLC Krez
         Perspectivnaya Str. 2B
         69009 Zaporozhje
         Ukraine


LLC-SOUTH LTD: Creditors Must File Claims by Sept. 18
-----------------------------------------------------
Creditors of LLC-South Ltd. (code EDRPOU 30258294) have until
Sept. 18, 2008, to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 14, 2008.
The case is docketed as 21/74-08-2818.

The Debtor can be reached at:

         LLC-South Ltd
         Admiralsky Avenue 33-A
         65010 Odessa
         Ukraine


MAKO LLC: Proofs of Claim Filing Deadline Set September 19
----------------------------------------------------------
Creditors of LLC Company Mako (code EDRPOU 31756449) have until
Sept. 19, 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 July 25, 2008.  The case is docketed
as B-24/143-08.

The Debtor can be reached at:

         LLC Company Mako
         Lenin Avenue 9
         61166 Kharkov
         Ukraine


RUDPOL-INVEST: Creditors Must File Claims by Sept. 19
-----------------------------------------------------
Creditors of Joint Ukrainian-Polish Enterprise Rudpol-Invest (code
EDRPOU 21343402) have until Sept. 19, 2008, to submit proofs of
claim to:

         The Economic Court of Hmelnitskij
         Nezalezhnosti Square 1
         29000 Hmelnitskij
         Ukraine

The Economic Court of Hmelnitskij commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 5, 2008.
The case is docketed as 13/79-B.

The Debtor can be reached at:

         Joint Ukrainian-Polish Enterprise Rudpol-Invest
         Kamianetskaya Str. 257
         29000 Hmelnitskij
         Ukraine


VITARINA LLC: Creditors Must File Claims by September 18
--------------------------------------------------------
Creditors of LLC Vitarina (code EDRPOU 34785839) have until
Sept. 18, 2008, to submit proofs of claim to:

         The Economic Court of Herson
         Gorkiy Str. 18
         73000 Herson
         Ukraine

The Economic Court of Herson commenced bankruptcy proceedings
against the company after finding it insolvent on July 3, 2008.
The case is docketed as 5/127-B-08.

The Debtor can be reached at:

         LLC Vitarina
         Apartment 59
         Chernomorskaya Str. 10
         Herson
         Ukraine


YASEN LLC: Creditors Must File Claims by September 19
-----------------------------------------------------
Creditors of LLC Yasen (code EDRPOU 31828607) have until
Sept. 19, 2008, to submit proofs of claim to:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on Aug.
14, 2008.  The case is docketed as B 15/277-08.

The Debtor can be reached at:

         LLC Yasen
         Lazarianaya Str. 3
         49010 Dnipropetrovsk
         Ukraine


ZHYDACHEV CELLULOSE-PAPER: Creditors' Claims by Sept. 18
--------------------------------------------------------
Creditors of OJSC Zhydachev Cellulose-Paper Combine (code EDRPOU
00278801) have until Sept. 18, 2008, to submit proofs of claim to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 12, 2008.
The case is docketed as 1/430-19/9.

The Debtor can be reached at:

         OJSC Zhydachev Cellulose-Paper Combine
         Fabrichnaya Str. 4
         Zhydachev
         81700 Lvov
         Ukraine


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


AADAMS LTD: Brings in Joint Administrators from Vantis
------------------------------------------------------
Beverley Jayne Marsh and Christopher David Stevens of Vantis
Business Recovery Services were appointed joint administrators of
Aadams Ltd. (Company Number 05634557) on Aug. 28, 2008.

The company can be reached at:

         Aadams Ltd.
         c/o Vantis Business Recovery Services
         104/106 Colmore Row
         Birmingham
         B3 3AG
         England


AMC ENTERTAINMENT: Earns US$10.8 Mil. in 1st Quarter Ended July 3
-----------------------------------------------------------------
AMC Entertainment Inc. reported net earnings of US$10.8 million
for the thirteen weeks ended July 3, 2008, versus net earnings of
US$22.1 million in the comparable period ended June 28, 2007.

Total revenues increased 4.1%, or US$25.5 million, to US$648.0
million during the thirteen weeks ended July 3, 2008, compared to
the thirteen weeks ended June 28, 2007.  The increase in revenues
was mainly a result of the increase in Admissions revenue in the
U.S. and Canada.  Total costs and expenses increased 4.6%, or
US$26.9 million, during the thirteen weeks ended July 3, 2008,
compared to the thirteen weeks ended June 28, 2007.

U.S. and Canada theatrical exhibition costs and expenses increased
8.4%, or US$39.2 million, during the thirteen weeks ended July 3,
2008, compared to the thirteen weeks ended June 28, 2007.

U.S. and Canada film exhibition costs increased 7.9%, or
US$16.6 million, during the thirteen weeks ended July 3, 2008,
compared to the thirteen weeks ended June 28, 2007, due to the
increase in admissions revenues and an increase in film exhibition
costs as a percentage of admission revenues.  U.S. and Canada
theatrical exhibition costs and expenses during the thirteen weeks
ended June 28, 2007, included US$14.8 million of theater and other
closure income, which were absent in 2008.  This was due primarily
to lease terminations negotiated on favorable terms for two of the
company's theaters that were closed during the thirteen weeks
ended June 28, 2007.

Merger, acquisition and transaction costs decreased to US$17,000
during the thirteen weeks ended July 3, 2008, compared to
US$2.0 million during the thirteen weeks ended June 28, 2007.
Prior period costs are primarily comprised of preacquisition
expenses for casualty insurance losses related to the merger with
Loews.

Management fees of US$1.25 million were unchanged during the
thirteen weeks ended July 3, 2008.

Other general and administrative expense decreased 32.8%, or
US$4.3 million, during the thirteen weeks ended July 3, 2008,
compared to the thirteen weeks ended June 28, 2007.  The decrease
in other general and administrative expenses is primarily due to a
decrease in postretirement expense of US$6.2 million related to an
amendment to the company's Postretirement Plan which resulted in a
curtailment gain of US$6.0 million during the thirteen weeks ended
July 3, 2008.

Depreciation and amortization decreased 8.9%, or US$5.7 million,
compared to the prior period due primarily to the closing of
theaters.

Other income decreased US$725,000 to US$2.7 million, and includes
US$2.2 million and roughly US$1.8 million of income related to the
derecognition of stored value card liabilities during the thirteen
weeks ended July 3, 2008, and June 28, 2007, respectively.  Other
income also includes insurance recoveries related to Hurricane
Katrina of US$1.2 million for property losses in excess of
property carrying cost and US$397,000 for business interruption
during the thirteen weeks ended June 28, 2007.  Other income also
includes US$469,000 of income related to ineffectiveness of
interest rate swaps during the thirteen weeks ended July 3, 2008.

Interest expense decreased 11.7%, or US$4.4 million, to
approximately US$33.3 million primarily due to decreased interest
rates on the Senior Secured Credit Facility.

Equity in earnings of non-consolidated entities were US$4.4
million compared to roughly US$2.3 million in the prior period.
Equity in earnings related to the company's investment in National
CineMedia, LLC were roughly US$4.7 million and US$1.8 million for
the thirteen weeks ended July 3, 2008, and June 28, 2007,
respectively.

Investment income was US$705,000 for the thirteen weeks ended
July 3, 2008, compared to approximately US$19.3 million for the
thirteen weeks ended June 28, 2007.  The thirteen weeks ended
June 28, 2007, includes a gain on the sale of the company's
investment in Fandango of US$15.7 million.

The provision for income taxes from continuing operations was
US$4.2 million for the thirteen weeks ended July 3, 2008, and
US$7.0 million for the thirteen weeks ended June 28, 2007, with
the reduction due primarily to the decrease in earnings before
income taxes, foreign rate differential and a release of
previously reserved foreign tax due to updated interpretation by
authorities.

                Liquidity and Capital Resources

The company's consolidated revenues are primarily collected in
cash, principally through box office admissions and theater
concessions sales.  Exhibition costs are ordinarily paid to
distributors from 20 to 45 days following receipt of box office
admissions revenues.  This operating "float" allows the company to
operate with a limited amount of working capital.

Cash flows provided by operating activities were US$116.7 million
and roughly US$72.8 million during the thirteen weeks ended
July 3, 2008, and June 28, 2007, respectively.

The company had total corporate borrowings of US$1.60 billion at
July 3, 2008.  As of July 3, 2008, the company was in compliance
with all financial covenants relating to the Senior Secured Credit
Facility, the Cinemex Credit Facility, the Notes due 2016, the
Notes due 2014, and the Fixed Notes due 2012.

The company's Senior Secured Credit Facility is with a syndicate
of banks and other financial institutions and provides financing
of up to US$850.0 million, consisting of a US$650.0 million term
loan facility with a maturity of seven years and a US$200.0
million revolving credit facility with a maturity of six years.
As of July 3, 2008, the company had no borrowings under the
revolving credit facility and roughly US$633.7 million was
outstanding under the term loan facility at an interest rate of
4.23%.

The company believes that cash generated from operations and
existing cash and equivalents will be sufficient to fund
operations and planned capital expenditures and potential
acquisitions for at least the next twelve months.

                         Balance Sheet

At July 3, 2008, the company's consolidated balance sheet showed
US$3.90 billion in total assets, US$2.75 billion in total
liabilities, and US$1.15 billion in total stockholders' equity.

The company's consolidated balance sheet at July 3, 2008, also
showed strained liquidity with US$319.8 million in total current
assets available to pay US$502.6 million in total current
liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended July 3, 2008, are available for
free at http://researcharchives.com/t/s?31be

                    About AMC Entertainment

Based in Kansas City, Missouri, AMC Entertainment Inc.
-- http://www.amctheaters.com/-- is one of the world's largest
theatrical exhibition companies.  As of July 3, 2008, the company
owned, operated or had interests in 353 theaters and 5,117
screens, with 89% or 4,569 of its screens in the U.S. and Canada
and 11%, or 548 of its screens in Mexico, China (Hong Kong),
France and the United Kingdom.

The company's principal direct and indirect owned subsidiaries are
American Multi-Cinema Inc., Grupo Cinemex, S.A. de C.V. and AMC
Entertainment International Inc.

                         *     *     *

To date, AMC Entertainment Inc. still carries Fitch Ratings'
'CCC+' senior subordinate rating assigned on Jan. 12, 2006.


CABLE & WIRELESS: Pension Fund Inks GBP1BB Prudential Buy-In Deal
-----------------------------------------------------------------
The Pension Trustee of Cable and Wireless plc's main U.K. defined
benefit scheme has agreed with Prudential U.K., a 'buy-in' of the
pensioner element of the Fund.

"Cable & Wireless is committed to meeting our pension commitments
to existing and former colleagues," Tony Rice, Cable & Wireless
Group Finance Director, said.  "We are delighted the Pension Fund
Trustee has secured this agreement with such a high quality, long-
standing pensions provider as Prudential.  The transaction
materially reduces the Fund's exposure to liabilities by over GBP1
billion.  It also materially reduces the Fund's and shareholders'
exposure to the future risk of adverse changes in actuarial
assumptions and investment returns."

The buy-in involves the purchase of a bulk annuity policy by the
Fund under which Prudential will assume responsibility for the
benefits payable to the Fund's about 5,000 pensioners with effect
from Aug. 1, 2008.

This annuity policy effectively matches the pensioner liabilities,
removing all risks relating to the pensioner element of the Fund.
The annuity policy reduces the Fund's exposure to liabilities by
50%, or approximately GBP1 billion, based on the latest actuarial
valuation as of March 31, 2007.  The pensioner liabilities and the
matching annuity policy will remain within the Fund.

The premium for the annuity policy is just over GBP1 billion which
the Fund will settle with a combination of assets and cash.
Cable & Wireless will contribute GBP10 million in cash to the
Fund.  There is no material accounting change arising from this
transaction.

The benefits of the Fund's members, including active employees and
deferred pensioners, are unaffected by this transaction.  In
current market conditions, the cost of a buy-in of the Fund's
remaining liabilities is unattractive.

Headquartered in London, Cable & Wireless Plc
-- http://www.cw.com/new/-- operates through two standalone
business units -- International and Europe, Asia & US.  The
International business unit operates integrated
telecommunications companies in 33 countries, with principal
operations in the Caribbean, Panama, Macau, Monaco and the
Channel Islands.  The Europe, Asia & U.S. business unit provides
enterprise and carrier solutions to the largest users of
telecoms services across the U.K., U.S., continental Europe and
Asia -- and wholesale broadband services in the U.K.  The
company also has operations in India, China, the Cayman Islands
and the Middle East.

                           *     *     *

Cable & Wireless plc continues to carry 'BB-' long-term and 'B'
short-term corporate credit ratings from Standard & Poor's with a
developing outlook.


CITECH ENERGY: Calls in Joint Administrators from KPMG
------------------------------------------------------
Brian Green and Richard Dixon Fleming of KPMG LLP were appointed
joint administrators of Citech Energy Systems Ltd. (Company Number
00344247) and Citech Ltd. (Company Number 05605189)
on Aug. 21, 2008.

The companies can be reached at:

         KPMG LLP
         St. James Square
         Manchester
         M2 6DS
         England


DOWNS COURT: Appoints Joint Administrators from PwC
---------------------------------------------------
Nicholas Edward Reed, Ian David Green and Russell Stewart Cash of
PricewaterhouseCoopers LLP were appointed joint administrators of
Downs Court Properties Ltd. (Company Number 01558662) and
Manderwell Ltd. (Company Number 05477096) on Aug. 28, 2008.


DSG INTERNATIONAL: Moody's Changes Outlook on Ba1 CFR Rating
------------------------------------------------------------
Moody's Investors Service has changed the outlook on the Ba1
corporate family rating of DSG International plc to negative from
stable following the company's weak trading performance for the
16 weeks ended Aug. 23, 2008.

"The significant decline in like-for-like sales and the decrease
in gross margins of 75 bps reported by DSGi reflect the
increasingly difficult environment it is facing in all its markets
in Europe, as household consumption has tightened and consumers
are trading down or cutting discretionary spending," says Yasmina
Serghini, a Moody's Analyst and lead analyst for the company.  The
analyst also noted that management does not expect any near-term
recovery and is forecasting a loss for the interim period, placing
DSGi's credit metrics under mounting pressure.

More positively, Moody's acknowledges that the strategic plan laid
out by DSGi's new Chief Executive in May 2008 is on track, with
several stores being refitted in advance of the key Christmas and
New Year season.  The company also announced a further GBP25
million in cost savings for the current fiscal year, complementing
the GBP50 million in cost reductions already delivered so far.  It
is expected that these will mitigate the decrease in gross margins
reported by the company for the 16 weeks ended Aug. 23, 2008.

The negative outlook reflects Moody's expectation that the
continued deterioration in the consumer environment in DSGi's
markets will weigh on its operational performance, raising
concerns with regard to trading during the critical Christmas
season when the company generates the bulk of its annual profit.
Further negative pressure on the rating would occur if there were
evidence of a greater-than-anticipated weakening in earnings, with
a profit before tax trending below GBP130 million for the full
year ending April 2009.

Moody's recognizes that DSGi's liquidity profile remains
underpinned by satisfactory cash balances, although it expects
negative free cash flow generation in the coming 12 to 18 months
given the additional investments required by the renewal program.
The company nonetheless has very limited refinancing in the coming
12 months and, more importantly, has access to a GBP400 million
syndicated facility maturing in 2011, currently undrawn, which has
financial covenants.

Moody's latest rating action on DSGi was on May 28, 2008, when it
downgraded its long-term issuer and senior unsecured ratings to
Ba1 from Baa3.

Headquartered in Hemel Hempstead, England, DSG international plc
is one of Europe's leading specialist consumer electrical
retailers.  It posted revenues of GBP8.5 billion for the fiscal
year ended April 2008.


ELVA FUNDING: Fitch Cuts Rating on Class C Notes to 'BB+'
---------------------------------------------------------
Fitch Ratings has downgraded eight classes of notes from two Elva
Funding Plc transactions (part of Euclid CDO) and removed them
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.

Elva Funding Plc Series 2007-2:

   -- EUR73 million Class A (ISIN: XS0294844906): Downgraded to
      'BBB' from 'AAA'; removed from RWN

   -- US$5 million Class A2 (ISIN: XS0298421677): Downgraded to
      'BBB' from 'AAA'; removed from RWN

   -- US$10 million Class A3 (ISIN: XS0298421834): Downgraded to
      'BBB' from 'AAA'; removed from RWN

   -- EUR82 million Class B (ISIN: XS0294845549): Downgraded to
      'BBB-' (BBB minus) from 'AA'; removed from RWN

   -- EUR10 million Class B2 (ISIN: XS0294943476): Downgraded to
      'BBB-' (BBB minus) from 'AA'; removed from RWN

   -- US$5 million Class B4 (ISIN: XS0298423293): Downgraded to
      'BBB-' (BBB minus) from 'AA'; removed from RWN

   -- US$20 million Class C (ISIN: XS0294846513): Downgraded to
      'BB+' from 'A'; removed from RWN

Elva Funding Plc Series 2007-11:

   -- EUR110,000 secured credit-linked floating-rate notes with a
      maximum issuance of EUR110 million (ISIN: XS0309231974 for
      notes with note funding percentage of 100%; XS0309286101 for
      with note funding percentage of 0.01%): Downgraded to 'BBB-'
      (BBB minus) from 'AA'; removed from RWN

Since the transaction was placed on RWN on May 20, 2008, the
credit quality of the portfolio has slightly improved due to
recent substitutions.  The weighted average rating factor is now
2.67 ('A-' (A minus)/'BBB+') compared to 3.33 ('BBB+') in
May 2008.  However, the improvement in credit quality has been
offset by a decrease in credit enhancement.

Key drivers of this transaction's credit risk include the
portfolio's credit risk, with 3.2% of the portfolio now rated sub-
investment grade.  In addition, portfolio migration risk is
present, with 8% of the portfolio on RWN and 23% on Negative
Outlook.  Fitch also notes the industry concentration of 54% in
the two largest sectors, made up of 44% in banking and finance,
and 10% in telecommunications.

Given Fitch's view of concentration and the current credit quality
of the portfolio, the credit enhancement levels below are not
sufficient to justify the current ratings.

   -- Series 2007-2 Classes A, A2 and A3: 3.91%
   -- Series 2007-2 Classes B, B2 and B4: 3.36%
   -- Series 2007-2 Class C: 2.99%
   -- Series 2007-11: 3.89%

ELVA Funding Plc Series 2007-2 is a funded synthetic CDO
referencing a portfolio of primarily investment grade corporate
obligations, maturing in June 2014.  At closing, the issuer
entered into a credit default swap (CDS) agreement with Morgan
Stanley Capital Services, Inc. (the swap counterparty) under which
the latter purchased protection on a managed reference portfolio
of 125 non-equally weighted reference entities.  Deutsche Asset
Management International GmbH (DeAM, rated 'CAM1-(1 minus)') acts
as a portfolio advisor for the term of the notes.  Changes in the
reference portfolio can only be made subject to eligibility
criteria that define guidelines and restrictions on replacements
and substitutions.

ELVA Funding Plc Series 2007-11 is a flexible funding synthetic
CDO referencing the same portfolio as Series 2007-2 but with a
maturity of September 2014.  Currently, the funding percentage of
the Series 2007-11 notes is 0.1%, the same percentage as at
closing.  The issuer will have the option to increase the funding
percentage up to 100% through a flex-up provision, or decrease it
to 0.1% through a flex-down provision, subject to investors'
consent.

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 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 May 20, 2008.  As previously indicated, resolution of the
Rating Watch status depends on any plans managers/arrangers may
choose to modify either the structure or the portfolio.  In this
case, the manager has made substitutions and the rating actions
were based on the portfolio as at August 27, 2008.


FEDERAL-MOGUL: Court Defers Claims Objection Deadline to Dec. 27
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware extended
until Dec. 27, 2008, the deadline by which Federal-Mogul Corp. and
its debtor-affiliates may filed objections to administrative
expense claims.

James E. O'Neill, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware, on behalf of the Reorganized Debtors filed
a certificate of no objection to the extension request.

Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(OTCBB: FDMLQ) is a global supplier, serving the world's foremost
original equipment manufacturers of automotive, light commercial,
heavy-duty, agricultural, marine, rail, off-road and industrial
vehicles, as well as the worldwide aftermarket.  Founded in
Detroit in 1899, the company is headquartered in Southfield,
Michigan, and employs 45,000 people in 35 countries.  Aside from
the U.S., Federal-Mogul also has operations in other locations
which includes, among others, Belgium, Russia, Mexico, Malaysia,
Australia, China, India, Japan, Korea, and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James F.
Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown &
Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed US$10.15 billion in assets and US$8.86 billion in
liabilities.

Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at
Dudley Hill, Bradford.  Peter D. Wolfson, Esq., at Sonnenschein
Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer,
Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the
Official Committee of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on June 6,
2004, the Bankruptcy Court approved the Third Amended Disclosure
Statement for their Third Amended Plan.  On July 28, 2004, the
District Court approved the Disclosure Statement.  The estimation
hearing began on June 14, 2005.  The Debtors submitted a Fourth
Amended Plan and Disclosure Statement on Nov. 21, 2006, and the
Bankruptcy Court approved that Disclosure Statement on Feb. 6,
2007.  The Fourth Amended Plan was confirmed by the Bankruptcy
Court on Nov. 8, 2007, and affirmed by the District Court on
November 14.  Federal-Mogul emerged from chapter 11 on Dec. 27,
2007.

(Federal-Mogul Bankruptcy News, Issue No. 171; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


FORSYTH COMMUNICATIONS: Taps Joint Administrators from PwC
----------------------------------------------------------
Ian David Green and Ian David Stokoe of PricewaterhouseCoopers LLP
were appointed joint administrators of Forsyth Communications Ltd.
(Company Number 01380691) on Aug. 27, 2008.

The company can be reached at:

         Forsyth Communications Ltd.
         Bulman House
         Regent Centre
         Gosforth
         Newcastle Upon Tyne
         NE3 3LS
         England


ITRAXX CROSSOVER: Fitch Keeps Series 3's B+ Weighted Ave. Rating
----------------------------------------------------------------
Fitch Ratings has downgraded iTraxx Europe Series 3 credit-linked
notes' weighted average rating to 'BBB' from 'BBB+' and the iTraxx
HiVol Series 3 CLN's weighted average rating to 'BBB-' (BBB minus)
from 'BBB'.  The agency has also Affirmed the iTraxx Crossover
Series 3 CLN's weighted average ratings at 'B+'.

The ratings indicate the average credit rating in the reference
pool of the notes. They do not address other risks, such as
collateral risk and counterparty risk, which would be addressed in
a Long-term credit rating.

iTraxx Europe consists of 125 most liquid European credit-default
swaps as judged by a dealer poll.  iTraxx HiVol comprises 30 of
those entities with the highest spreads and the iTraxx Crossover
is 35 European crossover credits with ratings no higher than
'BBB-' (BBB minus) with Negative Outlook.


ITRAXX CROSSOVER: Fitch Holds Series 4 Credit-Linked Notes at B+
----------------------------------------------------------------
Fitch Ratings has affirmed the iTraxx Crossover Series 4 credit-
linked notes' Weighted Average rating at 'B+'.

The rating only indicates the average credit rating in the
reference pool of the notes.  It does not address other risks,
such as collateral risk and counterparty risk, which would be
addressed in a Long-term credit rating.

The iTraxx Crossover index references 40 European speculative-
grade entities.


ITRAXX CROSSOVER: Fitch Holds Series 5 Credit-Linked Notes at B+
----------------------------------------------------------------
Fitch Ratings has affirmed the iTraxx Crossover Series 5 credit-
linked notes' Weighted Average rating at 'B+'.

The rating only indicates the average credit rating in the
reference pool of the notes.  It does not address other risks,
such as collateral risk and counterparty risk, which would be
addressed in a Long-term credit rating.

The iTraxx Crossover index references 40 European speculative-
grade entities.


MYHOME INT'L: Appoints Joint Administrators from Ernst & Young
--------------------------------------------------------------
Myhome International, on Sept. 3, 2008, appointed Roy Bailey and
Angela Swarbrick of Ernst & Young LLP as joint-administrators of
the company.

The underlying businesses that the franchisees contract with are
not subject to insolvency proceedings and shall continue to
operate whilst the joint-administrators explore the strategic
options for the group.

On Sept. 5, 2008, the TCR-Europe reported that The London Stock
Exchange has granted the company's request to suspend trading its
shares on AIM effective Sept. 3, 2008.  The company was unable to
repay the monies owed to Lloyds TSB.

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


NIGHTINGALE CARE: Brings in Joint Administrators from Vantis
------------------------------------------------------------
Christopher David Stevens and Julie Anne Kinnison of Vantis
Business Recovery Services were appointed joint administrators of
Nightingale Care Lodge Ltd. (Company Number 05574760) on
Aug. 28, 2008.

The company can be reached at:

         Nightingale Care Lodge Ltd.
         c/o Vantis Business Recovery Services
         Fourth Floor
         Southfield House
         11 Liverpool Gardens
         Worthing
         BN11 1RY
         England


OLED-T LTD: Calls in Joint Administrators from Vantis
-----------------------------------------------------
Simon Elliott Glyn and Geoffrey Paul Rowley of Vantis Business
Recovery Services were appointed joint administrators of Oled-T
Ltd. (Company Number 05489271) on Aug. 27, 2008.

The company can be reached at:

         Oled-T Ltd.
         Workzone Unit 2
         8 Kinetic Crescent
         Innova Park
         Enfield
         Middlesex
         England


PARKLAKE HOTELS: Taps Tenon Recovery to Administer Assets
---------------------------------------------------------
Paul William Ellison and Gareth Wyn Roberts of Tenon Recovery were
appointed joint administrators of Parklake Hotels Ltd. (Company
Number 04456552) on Aug. 28, 2008.

The company can be reached at:

         Parklake Hotels Ltd.
         c/o Tenon Recovery
         Aquarium
         1-7 King Street
         Reading
         Berkshire
         RG1 2AN
         England


RANGER TRANSPORT: Appoints Joint Administrators from KPMG
---------------------------------------------------------
Richard Dixon Fleming and Mark Granville Firmin of KPMG LLP were
appointed joint administrators of Ranger Transport Services
Ltd.(Company Number 01348374) on Aug. 27, 2008.

The company can be reached at:

         Ranger Transport Services Ltd.
         c/o KPMG LLP
         Quayside House
         110 Quayside
         Newcastle upon Tyne
         England


SIGMUM CASTING: Taps Joint Administrators from Tenon Recovery
-------------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint administrators of Sigmum Casting Co. Ltd. (Company Number
6007377) on Aug. 27, 2008.

The company can be reached at:

         Sigmum Casting Co. Ltd.
         c/o Tenon Recovery
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


VIRGIN MEDIA: SRM Global Master Fund Cuts Stake to 4.04%
--------------------------------------------------------
SRM Global Master Fund cut its stake in Virgin Media Inc. to 4.04%
from 7.88%, Reuters reports, citing a regulatory filing.

As of Sept. 3, 2008, the fund owns about 13.2 million Virgin Media
shares, the report relates.

                     About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

                          *     *     *

As reported in the TCR-Europe on June 2, 2008, Fitch Ratings
upgraded Virgin Media Inc.'s Long-term Issuer Default Rating to
'BB-' from 'B+' and affirmed the Short-term IDR at 'B'.  Following
the upgrade, the Outlook is now Stable.

Virgin Media continues to carry a Ba3 corporate family rating from
Moody's Investors Service with a negative outlook.

The company still carries a 'B+' long-term corporate credit rating
from Standard & Poor's with a positive outlook.


WELWYN LIGHTING: Appoints Joint Administrators from BDO Stoy
------------------------------------------------------------
Malcolm Cohen and William John Turner of BDO Stoy Hayward LLP were
appointed joint administrators of Welwyn Lighting Designs Ltd.
(Company Number 01190454) on Aug. 22, 2008.


* Leonard Curtis Brings in Three New Members to Insolvency Team
---------------------------------------------------------------
Leonard Curtis, the business rescue and recovery specialist, has
strengthened its team with new appointments across two offices.

Paul Warry has been appointed as senior manager at Leonard Curtis'
Birmingham office, joining the Insolvency and Recovery Services
team.  Chris Brooks and Rachael Warner have both been appointed as
administrators within the insolvency and recovery division, at the
Birmingham and Bury offices respectively.

Mr. Warry is joining Leonard Curtis after 20 years in the
insolvency field.  Previously at Numerica and Ernst and Young, Mr.
Warry has advised on numerous high profile cases across the U.K.
He has specific sector expertise in engineering and construction
as well as unregistered companies and offshore investment.

"Leonard Curtis has a great reputation as a top five firm with an
impressive track record," Mr. Warry said of joining the firm.  The
company works on a high volume of cases across an array of sectors
and has a very comprehensive service offer."

Mr. Brooks joins from Baker Tilly, where he spent six months as
senior administrator.  Previously, he spent over three years with
RSM Robson Rhodes.

Rachael Warner joins the Bury office from Tomlinsons, where she
was an insolvency administrator for more than two years.  CPI
qualified, Ms. Warner has specialized in Individual Voluntary
Arrangements for the last four years and will now join Leonard
Curtis' Insolvency and Recovery Services team, dealing
specifically with closures.

"We are dedicated to growing our team to ensure we can
consistently provide the level of expertise and support our
clients and partners expect, John Titley," managing director at
Leonard Curtis, says of the appointments.  These appointments help
to strengthen our national team so that we can deliver on that
promise."

Leonard Curtis is a top 10 U.K. independent corporate recovery,
insolvency and restructuring specialist.  The firm provides
directors of struggling businesses with positive strategic advice,
enabling them to retain control of their business, as well as
creditors and professionals involved with those dealing with debt
and financial problems.


* Number of UK Contractors Seeking NFB Redundancy Advice Up in '08
------------------------------------------------------------------
Hundreds of small and medium sized contractors have sought
professional advice over redundancies in 2008, according to
figures released by the National Federation of Builders.

Nearly 1,200 calls have been made to the NFB employment helpline
so far this year, compared to a total of 997 calls for the whole
of 2007 as the economic downturn continues to bite.

As well as a crisis affecting the housing industry, contractors
have reported order books falling across most other sectors as the
U.K. economy continues to slide towards an expected recession.

The NFB's helplines, which advise membership on a range of issues
including taxation, health & safety and legal issues, have seen an
134 per cent increase in calls in the first half of 2008 compared
to the same period last year.

It says the increase demonstrates how many SMEs are being forced
to restructure in order to survive the downturn.

"These latest figures provide the clearest evidence yet that the
tightening market is taking its toll on the industry's SMEs,"
Julia Evans, chief executive of the NFB said.  Rising material
costs, late or non-payment and falling order books are among the
multiplying barriers to running a profitable, stable construction
company."

Figures published by the Construction Confederation and
Construction Products Association in August reported a 53% fall in
inquiries for new work.  Meanwhile, PricewaterhouseCoopers
announced that 449 contractors fell into insolvency in the second
quarter of 2008.

"But that doesn't mean smaller firms are destined for failure,"
Ms. Evans added.  Changing conditions create winners as well as
losers.

"Not everybody who calls our helplines will necessarily need help
with restructuring and we are often able to talk them through
other options.

"The important thing is not to bury your head in the sand but face
up to the challenges.  Now is the time to focus on the basic
principle involved in running a watertight business.  For example,
companies should be keeping on top of late payments and perform
due diligence on all new customers.

"While cost control is key, it's important not to cut back on
areas that will help you survive a downturn, such as training and
business improvement initiatives.  This can help you capitalize
when the market picks up.

"Membership of a good trade body can also offer genuine value for
money.  For example our members save thousands of pounds on legal
fees by accessing our free helplines."

National Federation of Builders provides inspired business
solutions to builders, contractors and house builders across
England and Wales.


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *