TCREUR_Public/080911.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, September 11, 2008, Vol. 9, No. 181

                            Headlines

A U S T R I A

BIRDLAND LLC: Claims Registration Period Ends September 30
F + G LLC: Claims Registration Period Ends September 30
GRABNER LLC: Claims Registration Period Ends September 30
NENO LLC: Claims Registration Period Ends September 29
STRASSER & SAXTON: Claims Registration Period Ends September 26


F R A N C E

GROUPE CELEOS: Saint-Brieuc Court Grants Creditor Protection
TEMBEC INDUSTRIES: Files for Chapter 15 Protection in Manhattan
TEMBEC INDUSTRIES: Chapter 15 Case Summary


G E R M A N Y

BAGGERBETRIEB GMBH: Claims Registration Period Ends September 19
ECZ AUTOHANDEL: Claims Registration Period Ends September 19
ENBAU B & L: Claims Registration Period Ends September 19
FARBENFREUDE GMBH: Claims Registration Period Ends September 19
INDUSTRIE- UND EISSTRAHLTECHNOLOGIE: Claims Filing Ends Sept. 19

ITALIA LEATHER: Claims Registration Period Ends September 19
JUREX MITTELDEUTSCHLAND: Claims Registration Ends Sept. 19
KLEINBOEHL FLAECHENSPRITZ: Claims Registration Ends Sept. 19
MGS TREUHAND: Claims Registration Period Ends September 19
NRG ENERGY: Commences US$2 Billion Private Debt Exchange Offers

NRG ENERGY: Moody's Affirms Corporate Family Rating at Ba3
PANORAMA BAUELEMENTE: Claims Registration Period Ends Sept. 19
PIKANT FLEISCHWAREN: Claims Registration Period Ends Sept. 19
PMT PFLEGEDIENST: Claims Registration Period Ends Sept. 19
SK KUNSTSTOFFVERARBEITUNG-GARTEN: Claims Filing Ends Sept. 19

TSCHIERSWITZ TROCKEN: Claims Registration Period Ends Sept. 19
VITRO LASER: Claims Registration Period Ends September 19
W. E. S. GMBH: Claims Registration Period Ends September 19
ZYDV VERWALTUNGS: Claims Registration Period Ends September 19


H U N G A R Y

CIB BANK: Fitch Affirms Individual Rating at 'C/D'


I R E L A N D

CAPPOQUIN CHICKENS: Derby Poultry Fails to Raise Enough Funds
XELO III: Fitch Slashes Rating on EUR25MM Notes to 'BB' from 'A'


I T A L Y

REVLON INC: Plans to Reduce Debt by US$170 Million


K A Z A K H S T A N

FOSTER ALLIANCE: Claims Filing Period Ends October 7
JASTAR OJSC: Creditors' Claims Due on October 22
KULANDY ENERGY: Claims Registration Ends September 30
KURYLYS SERVICE: Creditors Must File Claims by October 8


K Y R G Y Z S T A N

SHYMKENT PIVO: Creditors Must File Claims by September 26


N E T H E R L A N D S

EMAC DE 2005-I: S&P Cuts Rating on Class D Notes to BB-
EMAC DE 2006-I: S&P Lowers Rating on Class E Notes to B
MARYLEBONE ROAD: Fitch Cuts EUR29.75MM Cl. A-3 Notes Rating to CCC


R U S S I A

GLOBAL TRANS: Creditor Must File Claims by October 1
PRODSERVIS LLC: Court Names Zh. Denisova as Insolvency Manager
SEVERSTROY CONSTRUCTION: Creditors Must File Claims by October 1
SITRONICS JSC: Posts US$20.1 Million Net Loss for First Half 2008
STEKLO LLC: Creditors Must File Claims by October 1

VOLGA CEMENT: Creditors Must File Claims by October 1
ZERNOGRAD-GIDROAGREGAT: Bankruptcy Hearing Set October 14

* Russian Power Companies Face More Debt & Regulation, S&P Says
* S&P Sees Increase in PPP Popularity in Russian Federation


S L O V A K   R E P U B L I C

VSEOBECNA UVEROVA: Fitch Affirms Individual Rating at 'C'


S L O V E N I A

BANKA KOPER: Fitch Holds 'C' Individual Rating


S P A I N

FUTURA INT'L: Soaring Fuel Prices Prompt Bankruptcy Protection


S W I T Z E R L A N D

DAILY BUSINESS: Creditors Have Until Sept. 30 to File Claims
INTERNATIONAL BULK: Sept. 30 Set as Deadline to File Claims
OSIO JSC: Creditors Must File Proofs of Claim by Sept. 30
PLATTLIHUS SAFENWIL: Deadline to File Proofs of Claim Set Oct. 1
RINOS AUTOMOBILE: Proofs of Claim Filing Deadline is Oct. 1

STUDIO PETER: Creditors' Proofs of Claim Due by September 30


U K R A I N E

ANTA-LTD LLC: Creditors Must File Claims by Sept. 19
AVIAT LLC: Creditors Must File Claims by Sept. 19
BENA TECH: Creditors Must File Claims by September 19
EXCLUSIVE-K: Creditors Must File Claims by September 19
PRAVEX BANK: Fitch Affirms Individual Rating at 'D/E'

SIVERSPECIALSET LLC: Creditors Must File Claims by Sept. 19
SOLARA LLC: Creditors Must File Claims by September 19
SOYUZLIGHT LLC: Creditors Must File Claims by Sept. 19
TECHNOLOGIES OF REASONABLE: Creditors' Claim Due by Sept. 19
ULIANOVA MILK: Proofs of Claim Filing Deadline Set Sept. 19

VLADAR-KIEV LLC: Creditors Must File Claims by Sept. 19

* Ukraine Banking Biz Vulnerable to Macroeconomic Risks, S&P Says


U N I T E D   K I N G D O M

ACCELERON CENTRAL: Duncan R. Beat Leads Liquidation Procedure
ALLERTON CONSTRUCTION: Taps Administrators from Armstrong Watson
APHEX CAPITAL: Fitch Cuts Rating on Two Classes of Notes to 'BB-'
APHEX CAPITAL: Fitch Lowers Rating on EUR70MM Notes to BB from AA
APHEX CAPITAL: Fitch Chips Ratings on Two Notes Classes to 'BB+'

BRITISH ENERGY: Shareholders Want GBP1.5 Bln Sweetener from EDF
COMPASS COTTAGE: Brings in Liquidators from Vantis
D M CONSTRUCTION: Appoints Andrew Appleyard as Liquidator
HARBOURMASTER CLO: Fitch Cuts Rating on EUR8MM Class C Notes to B
LEIGHSTONE STONE: Calls in Liquidators from Tenon Recovery

MYHOME INTERNATIONAL: Directors and Nominated Advisor Resign
NEWGATE FUNDING: Fitch Chips Rating on Class Q Notes to 'B+'
NORTHERN ROCK: Treasury Appoints Andrew Caldwell as Valuer
REGENCY WINDOWS: Taps Liquidators from Tenon Recovery
THREE CROSS: Claims Filing Period Ends October 21

* S&P Says Global Crunch Starts to Affect Euro Structured Finance
* Sonya Van de Graaff Joins Brown Rudnick's London Office

* Upcoming Meetings, Conferences and Seminars


                         *********


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


BIRDLAND LLC: Claims Registration Period Ends September 30
----------------------------------------------------------
Creditors owed money by LLC Birdland have until Sept. 30, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Karl F. Engelhart
         Esteplatz 4
         1030 Wien
         Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: kanzlei@engelhart.at

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

         The Trade Court of Vienna
         Room 1609
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 11, 2008, (Bankr. Case No. 6 S 106/08t).


F + G LLC: Claims Registration Period Ends September 30
-------------------------------------------------------
Creditors owed money by LLC F + G have until Sept. 30, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Guenther Grassner
         Südtirolerstraße 4-6
         4020 Linz
         Austria
         Tel: 0732/77 08 15
         Fax: 770816
         E-mail: lawfirm@gltp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:20 a.m. on Oct. 14, 2008, for the
examination of claims at:

         The Land Court of Steyr
         Hall 7
         Second Floor
         Steyr
         Austria

Headquartered in Waldneukirchen, Austria, the Debtor declared
bankruptcy on Aug. 8, 2008, (Bankr. Case No. 14 S 48/08v).


GRABNER LLC: Claims Registration Period Ends September 30
---------------------------------------------------------
Creditors owed money by LLC Grabner have until Sept. 30, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Arno Lerchbaumer
         Marburger Kai 47
         8010 Graz
         Austria
         Tel: 0316/822244, Fax: 0316/822244-22
         E-mail: office@lerchbaumer.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on Oct. 9, 2008, for the
examination of claims at:

         The Land Court of Graz
         Room 222
         Second Floor
         Graz
         Austria

Headquartered in Zettling, Austria, the Debtor declared bankruptcy
on Aug. 19, 2008, (Bankr. Case No. 26 S 94/08f).


NENO LLC: Claims Registration Period Ends September 29
------------------------------------------------------
Creditors owed money by LLC Neno have until Sept. 29, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Peter Sommerer
         Nottendorfer Gasse 11
         1030 Vienna
         Austria
         Tel: 503 17 90
         Fax: 503 17 90 444
         E-mail: office@sommerer.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Oct. 13, 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. 14, 2008, (Bankr. Case No. 38 S 38/08b).


STRASSER & SAXTON: Claims Registration Period Ends September 26
---------------------------------------------------------------
Creditors owed money by LLC Strasser & Saxton & Co KEG have until
Sept. 26, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Marisa Schamesberger
         Hofgasse 6/III
         8010 Graz
         Austria
         Tel: 0316/842184
         Fax: 0316/842184-8
         E-mail: kanzlei@ra-hofgasse6.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 3:55 p.m. on Oct. 9, 2008, for the
examination of claims at:

         The Land Court of Graz
         Room 230
         Second Floor
         Hall L
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy on
Aug. 19, 2008, (Bankr. Case No. 25 S 68/08z).


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


GROUPE CELEOS: Saint-Brieuc Court Grants Creditor Protection
------------------------------------------------------------
Plerin-based real estate company Groupe Celeos SA was granted
creditor protection by the Tribunal de Commerce in Saint-Brieuc in
Northern France on Sept. 3, 2008, Heather Smith of Bloomberg News
reports.

Celeos, the report relates, sought court protection from creditors
after being hit by a "strong decline in the economic situation and
the housing sector."

According to the report, Celeos will now go into a six-month
observation period during which a court-appointed
administrator will consider options for the company.

"All new projects will be frozen" during the six-month
"observation period," Emmanuel Huynh, a Celeos spokesman, told
Bloomberg.  "Several dozen construction projects will be affected,
and any building under way will be guaranteed to the buyer."

The company sells apartments and building lots through the
Internet and in its offices.

Founded in 1996, Groupe Celeos SA -- http://www.groupeceleos.com/
-- sells apartments and building lots through the Internet and in
its offices.


TEMBEC INDUSTRIES: Files for Chapter 15 Protection in Manhattan
---------------------------------------------------------------
Tembec Industries Inc. filed a Chapter 15 petition in the United
States Bankruptcy Court for the Southern District of New York as a
final step in its recapitalization.

Michel J. Dumas, Tembec's Executive Vice President, Finance and
Chief Financial Officer, filed the petition.

"The filing [on Thursday] simply closes a procedural loose end
related to the recapitalization" said James Lopez, president and
chief executive officer of Tembec.  "It is not in any way a
material event and does not in any way affect the business or the
financial condition or anything else related to the newly
recapitalized corporation."

According to Tembec, for the past several years, its business has
experienced significant challenges. Specifically, Tembec's "forest
products" segment has been severely impacted by:

   (1) the appreciation of the Canadian dollar relative to the
       U.S. dollar, which significantly has affected Tembec's
       profitability;

   (2) the slowdown in housing construction in the U.S., which
       has led to a significant decline in demand and prices for
       lumber and other wood products; and

   (3) the on-going accelerated harvesting of British Columbia
       timberlands due to mountain pine beetle infestation, which
       has further contributed to excess lumber supply and
       falling product prices.

                   Recapitalization Transaction

Through extensive negotiations, in late 2007, Tembec and the
holders of approximately 65% of the outstanding principal amount
of the senior unsecured notes agreed to the terms of a
recapitalization that would significantly de-lever Tembec's
balance sheet and enhance liquidity.  Under the Recapitalization,
disclosed on Dec. 19, 2007:

   -- the Old Notes were exchanged for 45% of the equity of
      Tembec Arrangement Inc. -- New Tembec -- a new entity
      formed for the express purpose of effecting the
      Recapitalization;

   -- the old shares of the Parent were exchanged for 5% of the
      shares of New Tembec and certain other consideration;

   -- qualifying holders of the Old Notes were offered the
      opportunity to participate as lenders in amounts up to
      their pro rata share of a new term loan provided to the
      Debtor in the principal amount of US$300 million;

   -- participants in the New Loan received their pro rata share
      of 43% of the New Shares;

   -- participants who committed to fund any portion of the New
      Loan that was not funded through the Loan Participation
      Process received the remaining 7% of the New Shares; and

   -- claims of Tembec's other creditors, including employees,
      trade creditors and customers, were not affected by the
      Recapitalization.

The Recapitalization was to be implemented through a Plan of
Arrangement pursuant to section 192 of the Canada Business
Corporations Act, R.S.C. 1985, c. C-44.  The Plan required -- and
eventually received -- the affirmative vote of not less than 66-
2/3% of the holders of the Old Notes voting on the Plan, and the
approval and sanction by an order of the Canadian Court.  The
Consenting Noteholders entered into support agreements pursuant to
which they agreed, among other things, to vote in favor of the
Plan.

On January 22, 2008, Tembec Arrangement Inc., together with Tembec
Industries and Tembec Enterprises Inc., commenced the Canadian
Proceeding by filing an application, pursuant to section 192(3)
and 192(4) of the CBCA, for an order approving the proposed Plan.

The Sanction Order confirming the Plan was issued on February 27,
2008. In addition to confirming the Plan, the Sanction Order
authorized the Petitioner to "act as a representative of any of
the Applicants or other Tembec entities in connection with the
recognition by any judicial body of the United States of America
in carrying out the terms of the Sanction Order."

"This is excellent news for the Company and its stakeholders,"
said James Lopez, President and CEO of Tembec.  "Court approval
of the Plan of Arrangement is the final step in advance of
closing the transaction.  With a secure financial footing and
solid stakeholder support, the Company that will emerge from
this transaction will be very well positioned to pursue its
business strategy.  The immediate focus will be on improving
the operating and financial performance of the Company with
the short-term goal of restoring free cash flow."

The resolutions relating to the recapitalization were granted
by in excess of 95% of shareholders of Tembec and by in excess
of 98% of noteholders of Tembec Industries Inc. on Feb. 22, 2008.

                         Tembec's Assets

Approximately 99% of the Debtor's assets (determined by asset
value) are located in Canada.  The Debtor's principal operations
are located throughout Ontario, Quebec, British Columbia and
Manitoba.  The majority of the Debtor's leased and owned real
property is located in Canada, including 100% of its production
facilities.  The Debtor's sole asset in the United States is a
lease for office space located at 330 Madison Avenue, 6th Floor,
in New York.  The Debtor employs approximately 4,100 employees,
approximately 98% of which reside and work in Canada.

On an annual basis, Tembec produces approximately 1.7 billion
board feet of lumber, 2.1 million tonnes of pulp and 1.0 million
tonnes of paper.  For the fiscal year ended September 29, 2007,
Tembec had sales of C$2.8 billion, earnings before interest, tax,
depreciation and amortization of approximately C$65 million,
operating earnings of C$119 million and a net loss of C$49
million.

The Debtor disclosed assets and debts of more than US$1 billion
each in its petition.

The company had total assets of US$2.5 billion and total
liabilities of US$2.0 million as of Dec. 29, 2007, according to
its regulatory filing with the U.S. Securities and Exchange
Commission.  The financial report also disclosed US$56 million in
net loss on sales of US$545 million for the quarter ended Dec. 29,
2007, compared to a US$137 million net loss on sales of US$649
million in the prior year.

Tembec's total assets as of September 29, 2007 were C$2.7 billion.

The chapter 15 filing is intended to give effect to the sanction
order issued under the Canada Business Corporation Act in Canada
on Feb. 27, 2008 and does not affect the rights of any creditors
or shareholders or any security holder of Tembec Inc. or any
of its affiliates.

According to Reuters, Tembec sought Chapter 15 protection
because it was the only entity with certain debt agreements
covered by U.S. law.

                      About Tembec Industries

Based in Canada, Tembec Industries Inc., (TSX: TBC) a unit of
Tembec Inc., --  http://www.tembec.com/-- operates forest
product business comprised of four segments: forest products,
pulp, paper and chemical.  The company has operations in North
America and France.  It has about 8,000 employees.


TEMBEC INDUSTRIES: Chapter 15 Case Summary
------------------------------------------
Foreign Debtor: Tembec Industries Inc.
                Suite 1050, 800 Rene-Levesque Blvd.
                West Montreal, Quebec H3B 1X9

                -- and --

                330 Madison Avenue, 6th Floor
                New York, New York 10017

Petition Date
under CCAA:    January 22, 2008

Foreign Court: Ontario Superior Court of Justice

Chapter 15
Petitioner:     Michel J. Dumas
                Tembec's Executive Vice President,
                Finance and Chief Financial Officer

Chapter 15
Petition Date:  September 4, 2008

U.S. Court:     U.S. Bankruptcy Court
                Southern District of New York

Chapter 15
Case No.:       08-13435

Petitioner's Counsel: Douglas P. Bartner, Esq.
                      Andrew V. Tenzer, Esq.
                      Solomon J. Noh, Esq.
                      Shearman & Sterling LLP
                      599 Lexington Avenue
                      New York, NY 10022-6069
                      Tel: (212) 848-8190
                      Fax: (212) 848-4387
                      E-mail: dbartner@shearman.com

The Debtor disclosed assets and debts of more than US$1 billion
each in its petition.

The company had total assets of US$2.5 billion and total
liabilities of US$2.0 million as of Dec. 29, 2007, according to
its regulatory filing with the U.S. Securities and Exchange
Commission.  The financial report also disclosed US$56 million in
net loss on sales of US$545 million for the quarter ended Dec. 29,
2007, compared to a US$137 million net loss on sales of US$649
million in the prior year.

Tembec's total assets as of September 29, 2007, were C$2.7
billion.


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


BAGGERBETRIEB GMBH: Claims Registration Period Ends September 19
----------------------------------------------------------------
Creditors of Baggerbetrieb GmbH & Co. KG have until Sept. 19,
2008, to register their claims with court-appointed insolvency
manager Susanne Fittkau.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 14, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Weilheim i.OB
         SS E 007
         Waisenhausstr. 5
         Weilheim i.OB
         Germany

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

The insolvency manager can be reached at:

         Susanne Fittkau
         Barthstr. 16
         80339 Munich
         Germany
         Tel: 089/8589633
         Fax: 089/858963-50

The District Court of Weilheim i.OB opened bankruptcy proceedings
against Baggerbetrieb GmbH & Co. KG on Aug. 8, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Baggerbetrieb GmbH & Co. KG
         Schoettlkarstr. 28
         82481 Mittenwald
         Germany


ECZ AUTOHANDEL: Claims Registration Period Ends September 19
------------------------------------------------------------
Creditors of ECZ Autohandel GmbH have until Sept. 19, 2008, to
register their claims with court-appointed insolvency manager Dr.
Andreas Lang.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Oct. 17, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Ravensburg
         Hall 6
         Herrenstr. 42
         88212 Ravensburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Andreas Lang
         Eisenbahnstr. 40
         78628 Rottweil
         Germany

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

The Debtor can be reached at:

         ECZ Autohandel GmbH
         Attn: Giuliano Tamburro, Manager
         Seestr. 6
         A-6900 Bregenz
         Germany


ENBAU B & L: Claims Registration Period Ends September 19
---------------------------------------------------------
Creditors of EnBau B & L GmbH have until Sept. 19, 2008, to
register their claims with court-appointed insolvency manager
Michael W. Scholz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Oct. 21, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Meeting Hall B405
         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:

         Michael W. Scholz
         Deichstrasse 1
         20459 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against EnBau B & L GmbH on Aug. 14, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         EnBau B & L GmbH
         Attn: Fritz Gohde, Manager
         Leuchtturmweg 19a
         22559 Hamburg
         Germany


FARBENFREUDE GMBH: Claims Registration Period Ends September 19
---------------------------------------------------------------
Creditors of Farbenfreude GmbH have until Sept. 19, 2008, to
register their claims with court-appointed insolvency manager  Dr.
Stefan Niederste Frielinghaus.

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

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 7
         Demmlerplatz 14
         19053 Schwerin
         Germany

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

The insolvency manager can be reached at:

         Dr. Stefan Niederste Frielinghaus
         Alexandrinenstrasse 17
         19055 Schwerin
         Germany

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

The Debtor can be reached at:

         Farbenfreude GmbH
         Attn: Roman Schattschneider, Manager
         Grevesmuehlener Strasse 18b
         23942 Dassow
         Germany


INDUSTRIE- UND EISSTRAHLTECHNOLOGIE: Claims Filing Ends Sept. 19
----------------------------------------------------------------
Creditors of IET Industrie- und Eisstrahltechnologie GmbH  have
until Sept. 19, 2008, to register their claims with court-
appointed insolvency manager Dr. H. Hess.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.m. on Oct. 21, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. H. Hess
         Barbarrossahof 4-5
         99092 Erfurt
         Germany

The District Court of Gera opened bankruptcy proceedings against
IET Industrie- und Eisstrahltechnologie GmbH on Aug. 4, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         IET Industrie- und Eisstrahltechnologie GmbH
         Osterlandweg 1
         07580 Ronneburg
         Germany


ITALIA LEATHER: Claims Registration Period Ends September 19
------------------------------------------------------------
Creditors of Italia Leather Wear ILW Handelsgesellschaft Nord mbH
have until Sept. 19, 2008, to register their claims with court-
appointed insolvency manager Joachim Buettner.

Creditors and other interested parties are encouraged to attend
the meeting at 11:25 a.m. on Oct. 10, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Joachim Buettner
         Osdorfer Landstrasse 230
         22549 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Italia Leather Wear ILW Handelsgesellschaft Nord mbH on
July 31, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Italia Leather Wear ILW Handelsgesellschaft Nord mbH
         Attn: Meimei Hu, Manager
         Hamburg
         Germany


JUREX MITTELDEUTSCHLAND: Claims Registration Ends Sept. 19
----------------------------------------------------------
Creditors of Jurex Mitteldeutschland GmbH have until
Sept. 19, 2008, to register their claims with court-appointed
insolvency manager Dr. Thorsten Fuest.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Oct. 10, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Thorsten Fuest
         Gerichtstr. 3
         33602 Bielefeld
         Germany

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

The Debtor can be reached at:

         Jurex Mitteldeutschland GmbH
         Hauptstr. 93
         33758 Schloss Holte-Stukenbrock
         Germany

         Attn: Detlef Kaschub, Manager
         Stapellager Weg 2a
         33813 Oerlinghausen
         Germany


KLEINBOEHL FLAECHENSPRITZ: Claims Registration Ends Sept. 19
------------------------------------------------------------
Creditors of Kleinboehl Flaechenspritz GmbH have until
Sept. 19, 2008, to register their claims with court-appointed
insolvency manager Wolfgang Mathaess.

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

The meeting of creditors will be held at:

         The District Court of Worms
         Room 318
         Hauptgebaude
         Hardtgasse 6
         67547 Worms
         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:

         Wolfgang Mathaess
         Kirschgartenweg 58
         67549 Worms
         Germany
         Tel: 06241/2061-0
         Fax: 06241/2061-20

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

The Debtor can be reached at:

         Kleinboehl Flaechenspritz GmbH
         Attn: Klaus Bernstorff and
               Reiner Pelzl, Managers
         Mainzer Strasse 28
         67577 Alsheim
         Germany


MGS TREUHAND: Claims Registration Period Ends September 19
----------------------------------------------------------
Creditors of MGS Treuhand GmbH have until Sept. 19, 2008, to
register their claims with court-appointed insolvency manager
Ulrich Sonntag.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Sept. 30, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Friedberg
         Hall 236
         Homburger Road 18
         61169 Friedberg (Hessen)
         Germany

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

The insolvency manager can be reached at:

         Ulrich Sonntag
         Hanauer Strasse 25
         63674 Altenstadt
         Germany
         Tel: 06047 / 954760
         Fax: 06047 / 9547620

The District Court of Friedberg (Hessen) opened bankruptcy
proceedings against MGS Treuhand GmbH on Aug. 27, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MGS Treuhand GmbH
         61231 Bad Nauheim
         Germany

         Attn: Michael Grzybowski, Liquidator
         Hugenottenstrasse 111
         61381 Friedrichsdorf/Taunus
         Germany


NRG ENERGY: Commences US$2 Billion Private Debt Exchange Offers
---------------------------------------------------------------
In an effort to migrate to a more appropriate and efficient
capital structure, NRG Energy, Inc., on Sept. 4, 2008, commenced
offers to exchange up to a maximum of US$2.0 billion in aggregate
principal amount of its existing 7.250% senior notes due 2014
(CUSIP No. 629377 AT 9), 7.375% senior notes due 2016 (CUSIP No.
629377 AU 6) and 7.375% senior notes due 2017 (CUSIP No. 629377 AX
0), for new 8.25% senior notes due 2018 to be issued by NRG.

Concurrently with the exchange offers, NRG is also soliciting
consents from eligible holders of its Old Notes to certain
proposed amendments to the indentures governing the Old Notes,
which would eliminate many of the restrictive covenants in such
indentures and make the indentures for the Old Notes consistent
with the indentures for the New Notes.  Holders of the Old Notes
may deliver consents on or prior to 5:00 p.m. New York City Time
on Sept. 17, 2008, unless extended without tendering the related
Old Notes for a cash consent fee of US$2.50 per US$1,000 principal
amount of Old Notes, and holders who tender their Old Notes for
exchange pursuant to the exchange offers will be deemed to have
consented to the proposed amendments.

The exchange offers and consent solicitations, which are only
available to eligible holders, are being made pursuant to an
Offering Circular and Consent Solicitation Statement dated
Sept. 4, 2008.

The exchange offers are being conducted as a modified "Dutch
Auction."  Eligible holders must specify the minimum total
consideration, or "bid price," that such holder would be willing
to receive in exchange for each US$1,000 principal amount of Old
Notes tendered.  The total consideration payable for each series
of Old Notes is determined based on a formula consisting of a
"base" price for that series of Old Notes, plus a "clearing
premium" applicable to all series of Old Notes, to be determined
pursuant to the modified "Dutch Auction."  The total consideration
will be payable in the form of New Notes.

Holders must validly tender and not withdraw their Old Notes (and
be deemed to have validly tendered and not revoked consents) on or
prior to the Early Participation and Consent Date in order to be
eligible to receive the applicable total consideration.  Holders
validly tendering their Old Notes after the Early Participation
and Consent Date will be eligible to receive the applicable total
consideration less, in each case, an early participation payment
equal to US$17.50 for each US$1,000 principal amount of the
relevant series of Old Notes and the consent fee equal to US$2.50
for each US$1,000 principal amount of the relevant series of Old
Notes.

The bid price that each holder specifies for each US$1,000
principal amount of Old Notes must be in increments of US$2.50,
and may not be more than US$20.00 in excess of the base price for
such series of Old Notes.  The "base price" is equal to (i)
US$1,005.00 for the 2014 notes, (ii) US$1,000.00 for the 2016
notes and (iii) US$1,000.00 for the 2017 notes.

The clearing premium for all series of Old Notes will be
determined by consideration of the "bid premiums" (the amount by
which the bid price exceeds the base price) of all tendered Old
Notes in order of lowest to highest bid premiums.  The clearing
premium will be the lowest single premium such that for all
tendered Old Notes of all series whose bid price resulted in a bid
premium equal to or less than this lowest single premium, the
aggregate principal amount of all such tenders is not less than
US$2.0 billion aggregate principal amount of Old Notes or, in the
event that less than the Maximum Amount is tendered but NRG still
elects to proceed with the exchange offers, the clearing premium
will be the highest bid premium with respect to any tender.  If
all Old Notes tendered at a bid price that resulted in a bid
premium equal to or less than the clearing premium have an
aggregate principal amount that exceeds the Maximum Amount, all
holders who validly tendered their Old Notes with a bid premium at
or below the clearing premium will be accepted on a prorated basis
using a single proration rate across all series of Old Notes
accepted.

Consummation of the exchange offers and the consent solicitations
is subject to the satisfaction or waiver of certain conditions,
including the receipt of consents from a majority in aggregate
principal amount outstanding of holders of all three series of Old
Notes to the proposed amendments to the indentures for the Old
Notes.  NRG reserves the right, in its sole discretion, to waive
or modify any one or more of the conditions to the exchange offers
and/or the consent solicitations, in whole or in part at any time.
NRG may amend, extend or terminate each of the exchange offers and
consent solicitations in its sole discretion.

Promptly following the Early Participation and Consent Date, upon
receipt of consents from a majority in aggregate principal amount
outstanding of holders of each of the three series of Old Notes to
the proposed amendments to the indentures, NRG will execute
supplemental indentures giving effect to the proposed amendments;
however, they will not become operative unless and until NRG has
paid the applicable consideration with respect to the Old Notes
that are validly tendered and accepted for payment in accordance
with the exchange offers, if any, and NRG has paid the consent
payment with respect to all consents that have been validly
delivered prior to the Early Participation and Consent Date in
accordance with the consent solicitations, if any.

Holders that validly tender their Old Notes pursuant to the
exchange offers will be deemed to have delivered their consents
pursuant to the consent solicitations, even if such tendered Old
Notes are not accepted by NRG for exchange for any reason.  The
form of consent payment will be in New Notes for consenting
holders of Old Notes who participate in the exchange offers and
whose Old Notes are accepted for exchange in the exchange offers
and will be in cash for all other consenting holders of Old Notes.

Tendered notes may be validly withdrawn and delivery of consents
may be revoked until 5:00 p.m., New York City time, on Sept. 17,
2008, unless extended, but not thereafter.  The exchange offers
will expire at 10:00 a.m., New York City time, on Oct. 2, 2008,
unless extended.

The New Notes will accrue interest from and including the
settlement date.  Holders who exchange Old Notes for New Notes
will receive, in cash, accrued and unpaid interest to, but not
including, the settlement date.  The New Notes will initially be
subject to restrictions on transfer and have not been registered
under the Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an
applicable exemption from registration requirements.

The exchange offers and consent solicitations are being made only
to qualified institutional buyers and to certain non-U.S.
investors located outside the United States.  The complete terms
and conditions of the exchange offers and consent solicitations
are described in the Offering Circular, copies of which may be
obtained from Global Bondholder Services Corporation, the
information agent for the exchange offers and consent
solicitations, at 866.387.1500 (U.S. toll-free) or 212.430.3774.

Documents relating to the exchange offers and consent
solicitations will only be distributed to holders of Old Notes who
complete and return a letter of eligibility confirming that they
are within the category of eligible investors for this private
offer.  Holders who desire a copy of the eligibility letter may
contact Global Bondholder Services Corporation, the information
agent for the exchange offers and consent solicitations, at
866.387.1500 (U.S. toll-free) or 212.430.3774.

NRG Energy, Inc. -- http://www.nrgenergy.com/-- (NYSE:NRG) owns
and operates a diverse portfolio of power generating facilities,
primarily in Texas and the Northeast, South Central and West
regions of the United States.  Its operations include baseload,
intermediate, peaking, and cogeneration and thermal energy
production facilities.  NRG also has ownership interests in
generating facilities in Australia and Germany.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 1, 2008,
Standard & Poor's Ratings Services affirmed the 'B+' corporate
credit rating on NRG Energy Inc. and removed it from CreditWatch
with negative implications.


NRG ENERGY: Moody's Affirms Corporate Family Rating at Ba3
----------------------------------------------------------
Moody's Investors Service has affirmed all of NRG Energy, Inc.'s
(NRG) ratings, including its Corporate Family Rating at Ba3, the
senior unsecured debt at B1, and the Speculative Grade Liquidity
Rating at SGL-1.  The rating outlook remains stable.

The rating affirmation reflects the announcement by NRG to offer
existing bondholders the ability to exchange up to approximately
US$2 billion of new bonds, and to concurrently seek consents from
its existing bondholders with proposed amendments to the
indentures governing the existing US$4.7 billion of senior
unsecured debt.  While the transaction, if completed, will
increase annual interest expense and will weaken covenant
protection for bondholders, the transaction will not result in any
fundamental change in the issuer's credit quality.  To that end,
should bondholder consent to the proposed amendments occur and
should the bonds be offered in the capital markets, Moody's
anticipates assigning a B1 rating to the approximate US$2 billion
of new senior unsecured bonds.

The rating affirmation recognizes NRG's continued generation of
relatively consistent credit metrics through an active hedging
program as evidenced by adjusted cash flow to total adjusted debt
registering 15% - 16% for the past three years and through
June 30, 2008.  Moody's expects these financial metrics to
modestly improve during 2008 due to continued steady operating
cash flow generation and permanent consolidated debt reduction,
including debt retirement of around US$475 million under the
company's senior secured term loan, the bulk of which occurred in
December 2007 and March 2008.

The rating affirmation acknowledges the company's stated desire to
return more capital to shareholders as evidenced by the
announcement of a consent request, which if successful, would
eliminate the restricted payments test in the senior note
indentures.  While the company continues to pursue a capital
allocation strategy that returns to shareholders an average rate
of 3% annually (or approximately US$250 million to US$300 million
each year), Moody's observes that the company has complimented
this capital return program with associated debt retirement.
Moody's believes management will continue to pursue this two-
pronged capital approach.  Assuming that the indentures are
amended and the restricted payments test is eliminated in the
indentures, bondholders will continue to benefit from the existing
restricted payments test in the senior secured bank facility;
however, that restricted payments test offers the company greater
flexibility to make distributions to shareholders and it can be
amended or eliminated in the future without the consent of the
bondholders.  While this is a risk for bondholders, the rating
agency does believe that a senior secured bank facility will have
some form of a restricted payment test even if the credit
environment becomes substantially more benign than what currently
exists today.  More importantly, while NRG's management is clearly
shareholder focused, it believes that the company will continue to
implement its shareholder return program in a manner that
addresses both shareholder and creditor interests.  It also
observes NRG's historical approach to capital investment programs
has involved the utilization of joint venture arrangements for all
of the company's largest generation projects, and the execution of
long-term power purchase arrangements with load serving entities
at other projects in conjunction with re-powering initiatives.

NRG's speculative grade liquidity rating of SGL-1 reflects our
expectation that the company will maintain a very good liquidity
profile over the next 12-month period as a result of its
generation of strong internal cash flows, maintenance of
significant cash balances plus continued access to substantial
credit availability.  Total liquidity at June 30, 2008
approximated US$2.7 billion, including cash on hand of US$1.3
billion.  In addition, we anticipate the company will generate
incremental free cash flow during 2008.  Moody's understands that
the company remains very comfortably in compliance with the
covenants in its bank facilities and acknowledges the increase in
liquidity that occurred following the sale of ITISA for
approximately US$288 million during the second quarter 2008.

NRG's stable rating outlook reflects our expectation for continued
generation of relatively predictable cash flow for this wholesale
power company due to the fleet's competitive position and hedging
strategy.  The stable outlook considers continued execution of
management's balanced capital allocation policy and factors in
NRG's measured strategy for capital investment, including the use
of joint ventures and execution of key contractual arrangements to
mitigate risk.

The last rating action for this company was April 28, 2008 when
the negative outlook was stabilized and the speculative grade
liquidity rating was upgraded to SGL-1 from SGL-2.

Headquartered in Princeton, New Jersey, NRG Energy, Inc. owns and
operates power generating facilities, primarily in Texas and the
northeast, south central and western regions of the United States.
NRG also owns generating facilities in Australia and Germany.


PANORAMA BAUELEMENTE: Claims Registration Period Ends Sept. 19
--------------------------------------------------------------
Creditors of PBD Panorama Bauelemente & Dienstleistungs GmbH have
until Sept. 19, 2008, to register their claims with court-
appointed insolvency manager Udo Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 21, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Udo Mueller
         Editharing 31
         39108 Magdeburg
         Germany
         Tel: 0391/5066030
         Fax: 0391/5066033
         E-mail: magdeburg@insoteam.de

The District Court of Magdeburg opened bankruptcy proceedings
against PBD Panorama Bauelemente & Dienstleistungs GmbH on
Aug. 6, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         PBD Panorama Bauelemente & Dienstleistungs GmbH
         Attn: Sylvio Barchend, Manager
         Friedenshaller Ring 12
         06406 Bernburg
         Germany


PIKANT FLEISCHWAREN: Claims Registration Period Ends Sept. 19
-------------------------------------------------------------
Creditors of PIKANT Fleischwaren und Convenience GmbH have until
Sept. 19, 2008, to register their claims with court-appointed
insolvency manager Dr. Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 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 Potsdam
         Hall 24
         Justice Center
         Jagerallee 10 - 12
         14469 Potsdam
         Germany

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

The insolvency manager can be reached at:

         Dr. Dirk Wittkowski
         Kirchblick 11
         14129 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against PIKANT Fleischwaren und Convenience GmbH on
Aug. 8, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         PIKANT Fleischwaren und
         Convenience GmbH
         Weinberge 80
         14913 Jueterbog
         Germany

         Attn: Manfred Dallabrida, Manager
         Unterbaumstrasse 4
         10117 Berlin
         Germany


PMT PFLEGEDIENST: Claims Registration Period Ends Sept. 19
----------------------------------------------------------
Creditors of PMT Pflegedienst Hamburg GmbH & Co. Kg have until
Sept. 19, 2008, to register their claims with court-appointed
insolvency manager Reinhard Titz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Reinhard Titz
         Gertrudenstrasse 3
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against PMT Pflegedienst Hamburg GmbH & Co. Kg on July 24, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         PMT Pflegedienst Hamburg GmbH & Co. KG
         Mattentwiete 5
         20457 Hamburg
         Germany

         Attn: Hans-Juergen Massong, Liquidator
         Veltheimstrasse 10a
         22149 Hamburg
         Germany


SK KUNSTSTOFFVERARBEITUNG-GARTEN: Claims Filing Ends Sept. 19
-------------------------------------------------------------
Creditors of SK Kunststoffverarbeitung-Garten- u. Landschaftsbau
GmbH i.L. have until Sept. 19, 2008, to register their claims with
court-appointed insolvency manager Frank-M. Rhode.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 31, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Frank-M. Rhode
         Graf-Moltke-Str. 62
         28211 Bremen
         Germany
         Tel: 0421/34 8520
         Fax: 0421/34 1078

The District Court of Syke opened bankruptcy proceedings against
SK Kunststoffverarbeitung-Garten- u. Landschaftsbau GmbH i.L. on
Aug. 11, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         SK Kunststoffverarbeitung-Garten- u. Landschaftsbau
         GmbH i.L.
         Deblinghausen 90a
         31595 Steyerberg
         Germany


TSCHIERSWITZ TROCKEN: Claims Registration Period Ends Sept. 19
--------------------------------------------------------------
Creditors of Tschierswitz Trocken- u. Akustikbau GmbH have until
Sept. 19, 2008, to register their claims with court-appointed
insolvency manager Dr. Detlef Ruediger Beckmann.

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 Cottbus
         Hall 210
         First Floor
         Gerichtsplatz 2
         03046 Cottbus
         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. Detlef Ruediger Beckmann
         Lindenallee 33
         14050 Berlin
         Germany

The District Court of Cottbus opened bankruptcy proceedings
against Tschierswitz Trocken- u. Akustikbau GmbH on Aug. 11, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Tschierswitz Trocken- u. Akustikbau GmbH
         Waldweg 22
         03099 Kolkwitz
         Germany


VITRO LASER: Claims Registration Period Ends September 19
---------------------------------------------------------
Creditors of Vitro Laser GmbH have until Sept. 19, 2008, to
register their claims with court-appointed insolvency manager Dr.
Thorsten Fuest.

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 Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Dr. Thorsten Fuest
         Gerichtstr. 3
         33602 Bielefeld
         Germany

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

The Debtor can be reached at:

         Vitro Laser GmbH
         Gewerbepark Meissen 10
         32423 Minden
         Germany


W. E. S. GMBH: Claims Registration Period Ends September 19
-----------------------------------------------------------
Creditors of W. E. S. GmbH have until Sept. 19, 2008, to register
their claims with court-appointed insolvency manager Carsten
Lange.

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 Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         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:

         Carsten Lange
         Laurentiusstrasse 16-20
         52072 Aachen
         Germany
         Tel: 024141344550
         Fax: 0241413445511

The District Court of Aachen opened bankruptcy proceedings against
W. E. S. GmbH on Aug. 8, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         W. E. S. GmbH
         Hoehenweg 21
         52074 Aachen
         Germany


ZYDV VERWALTUNGS: Claims Registration Period Ends September 19
--------------------------------------------------------------
Creditors of ZYDV Verwaltungs GmbH have until Sept. 19, 2008, to
register their claims with court-appointed insolvency manager
Klaus-Peter Krueger.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Oct. 21, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Tuebingen
         Hall 208
         Second Floor
         Branch Office
         Schulberg 14
         72074 Tuebingen
         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-Peter Krueger
         Kaiserstr. 56
         72764 Reutlingen
         Germany
         Tel: 07121/9725512
         Fax: 07121/9725522

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

The Debtor can be reached at:

         ZYDV Verwaltungs GmbH
         Grillparzerweg 20
         72805 Lichtenstein
         Germany


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


CIB BANK: Fitch Affirms Individual Rating at 'C/D'
--------------------------------------------------
Fitch Ratings has affirmed Intesa Sanpaolo's ratings at Long-term
Issuer Default 'AA-' with a Stable Outlook, Short-term IDR 'F1+',
Individual 'B', Support '1' and Support Rating Floor 'A-'.  The
Long-term ratings on IntesaSP's subordinated debt and hybrid
securities (Tier 1 and Upper Tier 2 instruments) were affirmed at
'A+'.

The agency has also affirmed all ratings of Banca IMI and Banca
Infrastrutture Innovazione e Sviluppo, two fully-owned Italian
subsidiaries of IntesaSP, at Long-term IDR 'AA-' with Stable
Outlook, Short-term IDR 'F1+' and Support '1'.  The ratings of
Cassa di Risparmio di Firenze, in which IntesaSP holds
approximately a 90% stake, are also affirmed at Long-term IDR 'A+'
with Positive Outlook, Short-term IDR 'F1', Individual 'C' and
Support '1'.  The ratings of IntesaSP's foreign subsidiaries are
also affirmed and listed below.

The ratings affirmation reflects IntesaSP's role as one of the two
biggest Italian banks with a strong franchise in retail and
corporate lending, as well as in asset management and
bancassurance.  The ratings are also based on the group's sound
operating performance, conservative risk appetite and adequate
capitalization.

Fitch believes IntesaSP remains well-placed to operate in a more
challenging operating environment, where loan impairment charges
might increase as a result of a slower-growing domestic economy.
While loan volume growth will be more challenging in a weaker
economic environment, cost and revenue benefits from synergies
through the integration of the bank's distribution network and its
product companies should help sustain operating profit.

Despite a 9% fall in IntesaSP's operating profit in H108 to
EUR3.1 billion, mainly caused by lower trading income in the
difficult market environment, underlying performance remains sound
with an average operating return on equity of 12.1% in H108,
reflecting the resilience of its income-generating capacity.
Excluding trading income, significant non-recurrent items arising
and the impact of the sale and acquisitions of subsidiaries since
its merger in January 2007, IntesaSP's H108 net income would have
been 22.4% higher than in H107.

Gross impaired loans increased 6.7% during H108, but the bank's
asset quality remains adequate with net impaired loans equal to
about 16% of eligible capital at end-June 2008.  Its
capitalization during 2007 and H108 was volatile because of
several large transactions, including the acquisition of
Carifirenze and the sale of subsidiaries and branches.  Fitch
notes IntesaSP's eligible capital ratio of 8.31% at end-June 2008
was higher than its regulatory Tier 1 ratio of 6.6%, mainly
because investments in insurance subsidiaries are not deducted
from eligible capital.

The ratio is in line with domestic and international peers', and
Fitch considers it adequate for a large bank with sound revenue
generation, which is mainly active in retail and commercial
banking.  The bank's core Tier 1 ratio at end-June 2008 was 5.7%,
falling below the group's 6% target, but the bank expects to reach
its target ratio in the short-term.

The ratings of IntesaSP's foreign subsidiaries are affirmed as:

Slovakia:
  -- Vseobecna Uverova Banka: affirmed at Long-term IDR 'A+'
     Stable Outlook, Short-term IDR 'F1', Individual 'C', and
     Support '1'.

Slovenia:
  -- Banka Koper: affirmed at Long-term IDR 'A+' Stable Outlook,
     Short-term IDR 'F1', Individual 'C', and Support '1'.

Hungary:
  -- CIB Bank: affirmed at Long-term IDR 'A+' Stable Outlook,
     Short-term IDR 'F1', Individual 'C/D', and Support '1'.

Croatia:
  -- Privredna Banka Zagreb: affirmed at Support '2'

Ukraine:
  -- Pravex Bank: affirmed at Long-term foreign currency IDR 'BB-'
     Stable Outlook, Short-term foreign currency IDR 'B', Long-
     term local currency IDR 'BB', Individual 'D/E', and Support
     '3'


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


CAPPOQUIN CHICKENS: Derby Poultry Fails to Raise Enough Funds
-------------------------------------------------------------
Derby Poultry failed to raise the necessary funds to invest in
Cappoquin Chickens, Barry Roche of the Irish Times reports.

According to the report, Cappoquin Chickens needs an investment of
around EUR2 million to keep going.  Derby Poultry, however,is only
proposing to invest EUR800,000.

"The growers' co-op has been trying to raise funds to invest in
the company.  However, despite considerable efforts by the co-op
board, the necessary funds have not been forthcoming from any
party that was approached," Ned Morrissey, chairman of the Irish
Farmers' Association, was quoted by the Irish Times as saying.

The report relates representatives of Derby Poultry met with
liquidator Aidan O'Connell of Deloitte & Touche Thursday last week
to discuss a possible rescue bid for Cappoquin Chickens but no
rescue package had been agreed to the disappointment of growers,
about 50 of which are owed on average EUR30,000 to EUR40,000.

Mr. Morrisey stated "producers have not even seen a business plan
for the company, uncertainty exists over the time scale of payment
and the fear is that they may not be paid at all."

Meanwhile, the liquidator indicated operations at Cappoquin plant
will continue until talks with potential investors collapse as the
company could not be sold as a going concern if production was
stopped, the Irish Independent discloses.

"If the company is to continue, producers must put birds into
their houses," Mr. Morrissey noted.

The High Court Ms. Justice Mary Finlay-Geoghegan earlier allowed
the company to trade until Oct. 13, 2008, to maximize the value of
its livestock, including 1.3 million of chickens.  The company is
expected to earn more than EUR500,000 from the stock, the Irish
Times adds.  The liquidator may request the court to extend the
six-week period if required.

As reported in the TCR-Europe on Sept. 4, 2008, Cappoquin Chickens
was placed into interim examinership by the High Court in June
2008, putting 250 jobs at risk.  The company incurred an ongoing
deficit of EUR806,000

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

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


XELO III: Fitch Slashes Rating on EUR25MM Notes to 'BB' from 'A'
----------------------------------------------------------------
Fitch Ratings has downgraded XELO III Public Limited Company's
EUR25 million Series 2006 due March 2014 credit-linked notes to
'BB' from 'A' and removed them from Rating Watch Negative.  The
action reflects Fitch's view on the credit risk of the rated notes
following the release of its new corporate CDO rating criteria.

Fitch makes standard adjustments for any names on RWN or Outlook
Negative, reducing such ratings by two notches and one notch,
respectively for default analysis in its Portfolio Credit Model.
Although 1.3% of the assets are rated 'BB+' or below on an
unadjusted basis, on an adjusted basis approximately 3.9% of the
assets are treated as 'BB+' or below and the weighted average
portfolio quality is 'BBB+'.  In the portfolio 9.1% of the assets
are on RWN and 15.6% on Outlook Negative.  Fitch also notes the
industry concentration of 96% in banking and finance.

Given Fitch's view of concentration and the current credit quality
of the portfolio, the credit enhancement level of 3.5% is not
sufficient to justify the current rating of the notes.

Barclays Bank PLC bought protection from XELO III, an SPV
incorporated with limited liability under the laws of the Republic
of Ireland.  The credit default swap references a 77-name
portfolio on which the swap counterparty, Barclays, has purchased
credit protection.  The portfolio is managed by Sachsen LB Europe
Plc.

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

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


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


REVLON INC: Plans to Reduce Debt by US$170 Million
--------------------------------------------------
Revlon, Inc. has planned to reduce its debt by US$170 million by
repaying the US$170 million MacAndrews & Forbes Senior
Subordinated Term Loan, which matures on Aug. 1, 2009.  The debt
reduction would be achieved in two steps.  In the first step,
Revlon will use US$63 million of the net proceeds from the
previously announced July 2008 sale of its Bozzano business in
Brazil to repay US$63 million of the US$170 million M&F Term Loan.
The remaining approximately US$30 million of net cash proceeds
from the sale of the Bozzano business will be used by the Company
for general corporate purposes.

In the second step Revlon intends to launch, as early as in the
fourth quarter of 2008, a US$107 million equity rights offering
that would allow stockholders to purchase additional shares of
Revlon Class A common stock.  Upon closing the rights offering,
Revlon intends to use the net proceeds of such equity issuance to
fully repay the remaining balance of the M&F Term Loan.

"By repaying the M&F Term Loan, we will eliminate our highest
cost, nearest maturity debt, which carries an annual cash interest
cost of almost US$19 million.  Improving our capital structure
with this important step is consistent with a key aspect of our
strategy," Revlon President and Chief Executive Officer, David
Kennedy said.

                       Reverse Stock Split

Revlon intends to effect its previously announced 1-for-10 reverse
stock split of its Class A and Class B common stock on Sept. 15,
2008, and open for trading on the NYSE on a post-split basis on
Sept. 16, 2008.

                       About Revlon Inc.

Headquartered in New York City, Revlon Inc. (NYSE: REV)
-- http://www.revloninc.com/-- is a worldwide cosmetics, hair
color, beauty tools, fragrances, skincare, anti-
perspirants/deodorants and personal care products company.  The
company's brands, which are sold worldwide, include Revlon(R),
Almay(R), Mitchum(R), Charlie(R), Gatineau(R) and Ultima II(R).

At June 30, 2008, the company's consolidated balance sheet
showed US$883.7 million in total assets and US$1.94 billion in
total liabilities, resulting in a roughly US$1.06 billion
stockholders' deficit.


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


FOSTER ALLIANCE: Claims Filing Period Ends October 7
----------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory liquidation
of LLP Foster Alliance Kazakhstan (RNN 090300212565).

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

         The Tax Committee of Almaty
         Room 304
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 21-07-34


JASTAR OJSC: Creditors' Claims Due on October 22
------------------------------------------------
OJSC Jastar has declared liquidation.  Creditors have until
Oct. 22, 2008, to submit written proofs of claims to:

         OJSC Jastar
         Potanin Str. 27
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


KULANDY ENERGY: Claims Registration Ends September 30
-----------------------------------------------------
LLP Joint Enterprise Kulandy Energy Corporation has declared
liquidation.  Creditors have until Sept. 30, 2008, to submit
written proofs of claims to:

         LLP Joint Enterprise Kulandy
         Energy Corporation
         Office 307
         Tole bi Str. 295
         Almaty
         Kazakhstan
         Tel: 8 (7272) 44-54-96
              8 (7272) 27-31-15


KURYLYS SERVICE: Creditors Must File Claims by October 8
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Kurylys Service Trading insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Astana
         Room 106
         Manas Str. 2
         Astana
         Kazakhstan
         Tel: 8 (7172) 37-40-09


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


SHYMKENT PIVO: Creditors Must File Claims by September 26
---------------------------------------------------------
LLC Beer Producing Plant Shymkent Pivo KGZ has gone into
liquidation.

Creditors have until Sept. 26, 2008, to submit written proofs of
claim to:

         LLC Shymkent Pivo KGZ
         Sadygaliev Str. 6
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 65-82-48


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


EMAC DE 2005-I: S&P Cuts Rating on Class D Notes to BB-
-------------------------------------------------------
Standard & Poor's Ratings Services has lowered its credit ratings
on the class B, C, and D notes issued by E-MAC DE 2005-I B.V. and
removed the class B notes from CreditWatch with negative
implications.  S&P also affirmed its ratings on the class A and E
notes.  At the same time, it has lowered the ratings on the class
B, C, D, and E notes issued by E-MAC DE 2006-I B.V. and removed
the class B and F notes from CreditWatch negative.  S&P also
affirmed its ratings on the class A and F notes.

The rating actions follow a full credit and cash flow analysis
of the most recent loan-level information, dating from the August
interest payment date.

The latest data showed an increase in arrears levels from the
previous quarter.  Loans in arrears for greater than 90 days have
increased in E-MAC DE 2005-I B.V. to 7.2% from 6.3%, and in E-MAC
DE 2006-I B.V. to 7.6% from 7%.

While actual losses remain minimal to date in both deals, S&P
believes that borrowers with severe delinquencies will find it
increasingly challenging to refinance their loans and that losses
will rise once the current stock of long-term arrears works its
way through the foreclosure process.

E-MAC DE 2005-I's class B notes were placed on CreditWatch
negative on July 24 and E-MAC DE 2006-I's class B and F notes were
placed on CreditWatch negative on Aug. 1.

Some classes in two further deals originated by GMAC-RFC Bank GmbH
(E-MAC DE 2006-II B.V. and E-MAC DE 2007-I B.V.) remain on
CreditWatch negative.  S&P notes that both these transactions
have exhibited similar recent performance information to the above
transactions in the process of concluding its review of them.

Ratings List:

E-MAC DE 2005-I B.V.

  -- EUR301.5 Million Mortgage-Backed Floating-Rate Notes

Rating Lowered And Removed From CreditWatch Negative:

  Class      Rating To      Rating From
  -----      ---------      ------------
    B            A          AA/Watch Neg

Ratings Lowered:

  Class      Rating To      Rating From
  -----      ---------      ------------
    C           BBB             BBB+
    D           BB-              BB

Ratings Affirmed:

A          AAA
E          B


EMAC DE 2006-I: S&P Lowers Rating on Class E Notes to B
-------------------------------------------------------
Standard & Poor's Ratings Services has lowered its credit
ratings on the class B, C, and D notes issued by E-MAC DE 2005-I
B.V. and removed the class B notes from CreditWatch with
negative implications.  S&P also affirmed its ratings on
the class A and E notes.  At the same time, it has lowered the
ratings on the class B, C, D, and E notes issued by E-MAC DE
2006-I B.V. and removed the class B and F notes from CreditWatch
negative.  S&P also affirmed its ratings on the class A and F
notes.

The rating actions follow a full credit and cash flow analysis
of the most recent loan-level information, dating from the
August interest payment date.

The latest data showed an increase in arrears levels from the
previous quarter.  Loans in arrears for greater than 90 days
have increased in E-MAC DE 2005-I B.V. to 7.2% from 6.3%, and in
E-MAC DE 2006-I B.V. to 7.6% from 7%.

While actual losses remain minimal to date in both deals, S&P
believes that borrowers with severe delinquencies will find it
increasingly challenging to refinance their loans and that
losses will rise once the current stock of long-term arrears
works its way through the foreclosure process.

E-MAC DE 2005-I's class B notes were placed on CreditWatch
negative on July 24 and E-MAC DE 2006-I's class B and F notes
were placed on CreditWatch negative on Aug. 1.

Some classes in two further deals originated by GMAC-RFC Bank
GmbH (E-MAC DE 2006-II B.V. and E-MAC DE 2007-I B.V.) remain on
CreditWatch negative.  S&P notes that both these transactions
have exhibited similar recent performance information to the
above transactions in the process of concluding its review of
them.

Ratings List:

E-MAC DE 2006-I B.V.

  -- EUR502.5 Million Mortgage-Backed Floating-Rate Notes

Rating Lowered And Removed From CreditWatch Negative:

  Class      Rating To      Rating From
  -----      ---------      ------------
    B            A          AA/Watch Neg

Ratings Lowered:

  Class      Rating To      Rating From
  -----      ---------      ------------
    C           BBB              A-
    D           BB-              BB
    E            B               BB+

Rating Removed From CreditWatch Negative And Affirmed:

  Class      Rating To      Rating From
  -----      ---------      ------------
    F           BB          BB/Watch Neg

Rating Affirmed:

A          AAA


MARYLEBONE ROAD: Fitch Cuts EUR29.75MM Cl. A-3 Notes Rating to CCC
------------------------------------------------------------------
Fitch Ratings has downgraded Marylebone Road CBO III notes, due
2013, and removed them from Rating Watch Negative where they were
placed on 28 August 2008.

  -- EUR38.25 million Class A-1 (XS0137285184): Downgraded to 'A+'
     from 'AA+', removed from RWN

  -- EUR21.25 million Class A-2 (XS0137285267): Downgraded to 'BB'
     from 'AA', removed from RWN

  -- EUR29.75 million Class A-3 (XS0137285697): Downgraded to
     'CCC' from 'BB', removed from 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 on 30 April 2008.

Key drivers of this transaction's credit risk include an increase
of the portfolio's credit risk, with 39% of assets now rated sub-
investment grade, including 4 assets rated 'CCC+' and below.  In
addition, portfolio migration risk has increased, with 9% of the
portfolio on RWN and 46% on Negative Outlook.  Fitch also notes
that 28% of the portfolio is concentrated in the two largest
industry sectors, with 17% in banking and finance, and 11% in
retail.

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

Marylebone Road CBO III is a securitization of mainly European and
US CDS referencing senior unsecured bonds.  The reference
portfolio factored down to currently EUR489 million from initially
EUR850 million.

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


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


GLOBAL TRANS: Creditor Must File Claims by October 1
----------------------------------------------------
Creditors of LLC Global Trans(TIN 2538083819) have until Oct. 1,
2008 to submit proofs of claim to:

         Yu. Lizenko
         Insolvency Manager
         Post User Box 202
         690014 Vladivostok
         Russia

The Arbitration Court Of Primorskiy kray commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No.A51-6933/2008 45-83B.

The Debtor can be reached at:

         LLC Global Trans
         Borodinskaya Str. 14
         Vladivostok
         Russia


PRODSERVIS LLC: Court Names Zh. Denisova as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Samara appointed Zh. Denisova as
Insolvency Manager for LLC Prodservis.  He can be reached at:

         Zh. Denisova
         Rakhamaninova Str.1
         Penza
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A55-3450/2008.

The Court is located at:

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


SEVERSTROY CONSTRUCTION: Creditors Must File Claims by October 1
----------------------------------------------------------------
Creditors of LLC Severstroy Construction and Repairs Company have
until Oct. 1, 2008 to submit proofs of claim to:

         S. Petrov
         Temporary Insolvency Manager
         Office 56
         Building 1
         K. Marksa Str. 31
         163000 Arkhangelsk
         Russia

The Arbitration Court of Arkhangelsk will convene at 3:00 p.m. on
Dec. 26, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A5-5800/2008.

The Court is located at:

         The Arbitration Court of Arkhangelsk
         Office 302
         Loginova Str. 17
         Arkhangelsk
         Russia

The Debtor can be reached at:

         LLC Severstroy Construction and Repairs Company
         Stroiteley Str.23
         Novodvinsk
         164901 Arkhangelsk
         Russia


SITRONICS JSC: Posts US$20.1 Million Net Loss for First Half 2008
-----------------------------------------------------------------
JSC Sitronics released its unaudited consolidated US GAAP
financial results for the second quarter and six months period
ended June 30, 2008..

The company reported US$12 million in net losses on US$481 million
in consolidated revenues for the second quarter of 2008, compared
with US$51.9 million in net losses on US$328.3 million in
consolidated revenues for the same period in 2007 .

Sitronics also posted US$20.1 million in net losses on
US$926.8 million in consolidated revenues for the first six
months of 2008, compared to US$79.8 million in net losses on
US$638.3 million in consolidated revenues for the same period in
2007.

Total assets increased 28% year on year to US$2.2 billion for the
first half of 2008.

                             Outlook

Given the development of the market and the Group's performance,
Sitronics is upgrading its outlook for full year 2008 revenue
growth from -- in excess of the forecast market growth of 15% --
to US$2 billion, which would be equivalent to over 23% year on
year growth.

The Group is also reiterating its outlook for a full year 2008
OIBDA margin of at least 5%.  The Sitronics Information
Technologies and Microelectronic Solutions segments are expected
to continue to perform strongly during the second half of the
year, with the Telecommunication Solutions businesses expected to
show continued operating performance improvements moving forward.

Sergey Aslanian, president of Sitronics, commented: "These results
mark the third consecutive quarter of improved operating
performance and profitability.  We have delivered substantial
revenue and OIBDA growth, and have continued to enhance our
product portfolio and operating efficiency levels in line with our
strategic plan."

                     About JSC Sitronics

Headquartered in Moscow, Russia, JSC Sitronics (LSE: SITR) --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.

                          *     *     *

JSC Sitronics still carries a 'B-' long-term issuer default rating
from Fitch with a stable outlook.


STEKLO LLC: Creditors Must File Claims by October 1
---------------------------------------------------
Creditors of LLC Steklo have until Oct. 1, 2008 to submit proofs
of claim to:

         V. Ivanov
         Insolvency Manager
         Kavkazskiy poselok 1a
         Novoselitskoe
         356350 Stavroplskiy kray
         Russia

The Arbitration Court of Kabardino-Balkaria commenced bankruptcy
proceedings against the company after finding it insolvent as
absent debtor.  The case is docketed under Case No. A20-2711/
2007.

The Debtor can be reached at:

         LLC Steklo
         Stepnaya Str. 12
         Nartkala
         Kabardino-Balkaria
         Russia


VOLGA CEMENT: Creditors Must File Claims by October 1
-----------------------------------------------------
Creditors of LLC Volga Cement Service have until Oct. 1, 2008 to
submit proofs of claim to:

         Ye. Glenkov
         Temporary Insolvency Manager
         Rakhmaninova Str. 1
         440066 Penza
         Russia

The Arbitration Court of Ulyanovsk commenced bankruptcy
supervision procedure on LLC Volga Cement Service.  The case is
docketed under Case No. A72-2273/08-20/26-b.

The Court is located at:

         The Arbitration Court of Ulyanovsk
         Zheleznodorozhnaya Str. 14
         432063 Ulyanovsk
         Russia

The Debtor can be reached at:

         LLC Volga Cement Service
         Komsomolskiy Pereulok 3
         Ulyanovsk
         Russia


ZERNOGRAD-GIDROAGREGAT: Bankruptcy Hearing Set October 14
---------------------------------------------------------
The Arbitration Court of Rostovskya region will convene at 2:10
p.m. on Oct. 14, 2008, to hear external management bankruptcy
procedure on OJSC Zernograd-Gidroagregat (TIN 6111007034).  The
case is docketed under Case No. A53–3486/2008-S1–33.

Creditors must file proofs of claims in the course of
external management to:

         I. Ananyev
         External Insolvency Manager
         Lenina Str. 16
         Zernograd
         347740 Rostovskaya
         Russia

The Court is located at:

         The Arbitration Court of Rostovskya
         Office 104
         Stanislavskogo Str.8a
         Rostov-on-Don
         Russia

The Debtor can be reached at:

         OJSC Zernograd-Gidroagregat
         Lenina Str. 16
         Zernograd
         347740 Rostovskaya
         Russia



* Russian Power Companies Face More Debt & Regulation, S&P Says
---------------------------------------------------------------
Now that the restructuring of the Russian power distribution
sector is nearly complete, Standard & Poor's Ratings Services
expects that the 12 new electricity distribution companies (MRSKs)
will tap capital markets to raise financing for their ambitious
investment programs, according to a report titled, "Restructured
Russian Electricity Distributors Face Increased Debt And A New
Regulatory Regime."  This article is part of a special report
titled "Ten Years After Default, New Risks Emerge For A Resurgent
Russia" in the Sept. 17 issue of CreditWeek, S&P's weekly magazine
on credit risk.

"Because operating assets are obsolete, the sector needs large
investment to accommodate demand growth and connect new customers
to the grid," said S&P's credit analyst Eugene Korovin.

S&P expects that distributors will actively seek significant debt
financing in the capital markets, given that their large
investment programs of RUR859 billion substantially exceed cash
flow from distribution operations, current debt levels are low,
and MRSKs have no plans for equity issuance, which was an
important funding source for Russian power generation companies in
2007-2008.  Hence, the debt leverage of MRSKs is likely to
increase in the next several years.

Although higher debt levels would increase the risk for existing
creditors, this might not necessarily weaken the sector's
creditworthiness.  Improvements in debt structure, more
sophisticated financial risk management, and most importantly,
improved business risk profiles could mitigate the rise in
financial risk resulting from increased leverage.

Tariff regulation, which is a very important business risk factor
for distributors, is undergoing significant changes.  The new
approach based on regulated return on invested capital, known as
regulated asset base (RAB), will begin by the end of 2008 with
pilot projects before it is rolled out to other grid companies in
2009-2010.  It introduces a longer regulatory period, easier cost
pass-through, and an allowed rate of return on invested capital,
all of which could significantly reduce the regulatory risk.


* S&P Sees Increase in PPP Popularity in Russian Federation
-----------------------------------------------------------
In recent years, the concept of public private partnerships (PPPs)
has become increasingly popular in The Russian Federation (foreign
currency BBB+/Positive/A-2; local currency A-/Positive/A-2).
According to a new Standard & Poor's Ratings Services' report
published titled, "Helping To Fill Russia's Infrastructure Gap:
The Role Of Public Private Partnerships," PPPs are now gaining the
public and political support necessary for projects to be
implemented.  Indeed, last summer, the Russian government
announced plans to invest a huge US$1 trillion in upgrading its
dilapidated infrastructure by 2020.  Up to 80% of this funding is
expected to come from private capital, and a significant part may
come through PPP schemes.

"While public investment in infrastructure in the form of budget
capital expenditure and investments of government-controlled
infrastructure companies is set to rise substantially in the
medium term, demand for infrastructure investments significantly
exceeds the public sector's capacity," S&P's credit analyst Eugene
Korovin said.  "This makes private and foreign investment in
infrastructure politically acceptable to some degree, despite the
government's general willingness to retain control of
infrastructure as a strategic asset and economic policy tool in
the Russian economy.  Moreover, the government is keen to support
private and foreign investments by improving sector regulation and
providing financial support."

With demand for new infrastructure continuing to escalate,
alongside a growing recognition of the shortcomings of traditional
delivery of infrastructure assets, PPPs are emerging as a
procurement method capable of delivering value for public
infrastructure expenditure -- sometimes better than the financing
options already in place.

"We continue to identify and analyze the key risks and mitigants
for pilot PPP projects in Russia arising from the existing
regulatory and institutional environment, as well as the terms of
concession tenders underway," Mr. Korovin said.  "The latter have
already shaped to some extent the risk allocation between the
government and the concessionaire, and the project-level risk to
be shared among project sponsors and lenders and other
participants."

This article is part of a special report titled "Ten Years After
Default, New Risks Emerge For A Resurgent Russia," in the Sept. 17
issue of CreditWeek, S&P's weekly magazine on credit risk.


=============================
S L O V A K   R E P U B L I C
=============================


VSEOBECNA UVEROVA: Fitch Affirms Individual Rating at 'C'
---------------------------------------------------------
Fitch Ratings has affirmed Intesa Sanpaolo's ratings at Long-term
Issuer Default 'AA-' with a Stable Outlook, Short-term IDR 'F1+',
Individual 'B', Support '1' and Support Rating Floor 'A-'.  The
Long-term ratings on IntesaSP's subordinated debt and hybrid
securities (Tier 1 and Upper Tier 2 instruments) were affirmed at
'A+'.

The agency has also affirmed all ratings of Banca IMI and Banca
Infrastrutture Innovazione e Sviluppo, two fully-owned Italian
subsidiaries of IntesaSP, at Long-term IDR 'AA-' with Stable
Outlook, Short-term IDR 'F1+' and Support '1'.  The ratings of
Cassa di Risparmio di Firenze, in which IntesaSP holds
approximately a 90% stake, are also affirmed at Long-term IDR 'A+'
with Positive Outlook, Short-term IDR 'F1', Individual 'C' and
Support '1'.  The ratings of IntesaSP's foreign subsidiaries are
also affirmed and listed below.

The ratings affirmation reflects IntesaSP's role as one of the two
biggest Italian banks with a strong franchise in retail and
corporate lending, as well as in asset management and
bancassurance.  The ratings are also based on the group's sound
operating performance, conservative risk appetite and adequate
capitalization.

Fitch believes IntesaSP remains well-placed to operate in a more
challenging operating environment, where loan impairment charges
might increase as a result of a slower-growing domestic economy.
While loan volume growth will be more challenging in a weaker
economic environment, cost and revenue benefits from synergies
through the integration of the bank's distribution network and its
product companies should help sustain operating profit.

Despite a 9% fall in IntesaSP's operating profit in H108 to
EUR3.1 billion, mainly caused by lower trading income in the
difficult market environment, underlying performance remains sound
with an average operating return on equity of 12.1% in H108,
reflecting the resilience of its income-generating capacity.
Excluding trading income, significant non-recurrent items arising
and the impact of the sale and acquisitions of subsidiaries since
its merger in January 2007, IntesaSP's H108 net income would have
been 22.4% higher than in H107.

Gross impaired loans increased 6.7% during H108, but the bank's
asset quality remains adequate with net impaired loans equal to
about 16% of eligible capital at end-June 2008.  Its
capitalization during 2007 and H108 was volatile because of
several large transactions, including the acquisition of
Carifirenze and the sale of subsidiaries and branches.  Fitch
notes IntesaSP's eligible capital ratio of 8.31% at end-June 2008
was higher than its regulatory Tier 1 ratio of 6.6%, mainly
because investments in insurance subsidiaries are not deducted
from eligible capital.

The ratio is in line with domestic and international peers', and
Fitch considers it adequate for a large bank with sound revenue
generation, which is mainly active in retail and commercial
banking.  The bank's core Tier 1 ratio at end-June 2008 was 5.7%,
falling below the group's 6% target, but the bank expects to reach
its target ratio in the short-term.

The ratings of IntesaSP's foreign subsidiaries are affirmed as:

Slovakia:
  -- Vseobecna Uverova Banka: affirmed at Long-term IDR 'A+'
     Stable Outlook, Short-term IDR 'F1', Individual 'C', and
     Support '1'.

Slovenia:
  -- Banka Koper: affirmed at Long-term IDR 'A+' Stable Outlook,
     Short-term IDR 'F1', Individual 'C', and Support '1'.

Hungary:
  -- CIB Bank: affirmed at Long-term IDR 'A+' Stable Outlook,
     Short-term IDR 'F1', Individual 'C/D', and Support '1'.

Croatia:
  -- Privredna Banka Zagreb: affirmed at Support '2'

Ukraine:
  -- Pravex Bank: affirmed at Long-term foreign currency IDR 'BB-'
     Stable Outlook, Short-term foreign currency IDR 'B', Long-
     term local currency IDR 'BB', Individual 'D/E', and Support
     '3'


===============
S L O V E N I A
===============


BANKA KOPER: Fitch Holds 'C' Individual Rating
----------------------------------------------
Fitch Ratings has affirmed Intesa Sanpaolo's ratings at Long-term
Issuer Default 'AA-' with a Stable Outlook, Short-term IDR 'F1+',
Individual 'B', Support '1' and Support Rating Floor 'A-'.  The
Long-term ratings on IntesaSP's subordinated debt and hybrid
securities (Tier 1 and Upper Tier 2 instruments) were affirmed at
'A+'.

The agency has also affirmed all ratings of Banca IMI and Banca
Infrastrutture Innovazione e Sviluppo, two fully-owned Italian
subsidiaries of IntesaSP, at Long-term IDR 'AA-' with Stable
Outlook, Short-term IDR 'F1+' and Support '1'.  The ratings of
Cassa di Risparmio di Firenze, in which IntesaSP holds
approximately a 90% stake, are also affirmed at Long-term IDR 'A+'
with Positive Outlook, Short-term IDR 'F1', Individual 'C' and
Support '1'.  The ratings of IntesaSP's foreign subsidiaries are
also affirmed and listed below.

The ratings affirmation reflects IntesaSP's role as one of the two
biggest Italian banks with a strong franchise in retail and
corporate lending, as well as in asset management and
bancassurance.  The ratings are also based on the group's sound
operating performance, conservative risk appetite and adequate
capitalization.

Fitch believes IntesaSP remains well-placed to operate in a more
challenging operating environment, where loan impairment charges
might increase as a result of a slower-growing domestic economy.
While loan volume growth will be more challenging in a weaker
economic environment, cost and revenue benefits from synergies
through the integration of the bank's distribution network and its
product companies should help sustain operating profit.

Despite a 9% fall in IntesaSP's operating profit in H108 to
EUR3.1 billion, mainly caused by lower trading income in the
difficult market environment, underlying performance remains sound
with an average operating return on equity of 12.1% in H108,
reflecting the resilience of its income-generating capacity.
Excluding trading income, significant non-recurrent items arising
and the impact of the sale and acquisitions of subsidiaries since
its merger in January 2007, IntesaSP's H108 net income would have
been 22.4% higher than in H107.

Gross impaired loans increased 6.7% during H108, but the bank's
asset quality remains adequate with net impaired loans equal to
about 16% of eligible capital at end-June 2008.  Its
capitalization during 2007 and H108 was volatile because of
several large transactions, including the acquisition of
Carifirenze and the sale of subsidiaries and branches.  Fitch
notes IntesaSP's eligible capital ratio of 8.31% at end-June 2008
was higher than its regulatory Tier 1 ratio of 6.6%, mainly
because investments in insurance subsidiaries are not deducted
from eligible capital.

The ratio is in line with domestic and international peers', and
Fitch considers it adequate for a large bank with sound revenue
generation, which is mainly active in retail and commercial
banking.  The bank's core Tier 1 ratio at end-June 2008 was 5.7%,
falling below the group's 6% target, but the bank expects to reach
its target ratio in the short-term.

The ratings of IntesaSP's foreign subsidiaries are affirmed as:

Slovakia:
  -- Vseobecna Uverova Banka: affirmed at Long-term IDR 'A+'
     Stable Outlook, Short-term IDR 'F1', Individual 'C', and
     Support '1'.

Slovenia:
  -- Banka Koper: affirmed at Long-term IDR 'A+' Stable Outlook,
     Short-term IDR 'F1', Individual 'C', and Support '1'.

Hungary:
  -- CIB Bank: affirmed at Long-term IDR 'A+' Stable Outlook,
     Short-term IDR 'F1', Individual 'C/D', and Support '1'.

Croatia:
  -- Privredna Banka Zagreb: affirmed at Support '2'

Ukraine:
  -- Pravex Bank: affirmed at Long-term foreign currency IDR 'BB-'
     Stable Outlook, Short-term foreign currency IDR 'B', Long-
     term local currency IDR 'BB', Individual 'D/E', and Support
     '3'


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


FUTURA INT'L: Soaring Fuel Prices Prompt Bankruptcy Protection
--------------------------------------------------------------
Spain-based charter carrier Futura International Airways has filed
for creditor protection with a court in Palma de Majorca after
being hit by soaring fuel prices, Monsters and Critics reports.

Futura, the report relates, suspended flights for 24 hours on
Monday, Sept. 8, 2008 to seek bankruptcy protection.

Citing Futura chairman Roman Pane, the report says the airline
will cut half of its nearly 1, 200 staff.  The carrier will also
reduce the size of its high-season fleet from 22 to about 12
aircraft.

Meanwhile, the Spanish Infrastructure Ministry asked Futura to
present financial and safety guarantees plan this week in an
effort to protect the airline's passengers, the report discloses.
The ministry, the report adds, wants to know whether the airline
could retain its operating license.

However, Futura Gael, the airline's Irish unit, had ceased
operating as a result of financial difficulties.  It suspended all
flights for an undetermined period, the report notes.

Based in Palma de Mallorca, Spain, Futura International Airways --
http://www.futura.aero/-- was founded in 1989.   The airline has
a fleet of 38 B-737 jets.


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


DAILY BUSINESS: Creditors Have Until Sept. 30 to File Claims
------------------------------------------------------------
Creditors owed money by LLC DBS Daily Business Service are
requested to file their proofs of claim by Sept. 30, 2008, to:

         Bernhard Graber
         Kirchbuhlweg 36
         3007 Bern
         Switzerland

The company is currently undergoing liquidation in Bern.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 13, 2008.


INTERNATIONAL BULK: Sept. 30 Set as Deadline to File Claims
-----------------------------------------------------------
Creditors owed money by JSC IBT International Bulk Trading are
requested to file their proofs of claim by Sept. 30, 2008, to:

         JSC Allied Finance Trust
         Bahnhofstrasse 14
         8001 Zurich
         Switzerland

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


OSIO JSC: Creditors Must File Proofs of Claim by Sept. 30
---------------------------------------------------------
Creditors owed money by JSC Osio are requested to file their
proofs of claim by Sept. 30, 2008, to:

         Am Wasser 121
         8049 Zurich
         Switzerland

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


PLATTLIHUS SAFENWIL: Deadline to File Proofs of Claim Set Oct. 1
----------------------------------------------------------------
Creditors owed money by LLC Plattlihus Safenwil are requested to
file their proofs of claim by Oct. 1, 2008, to:

         Rita Jauner
         Schafrain 13
         5037 Muhen
         Switzerland

The company is currently undergoing liquidation in Safenwil.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 9, 2008.


RINOS AUTOMOBILE: Proofs of Claim Filing Deadline is Oct. 1
-----------------------------------------------------------
Creditors owed money by LLC Rinos Automobile are requested to file
their proofs of claim by Oct. 1, 2008, to:

         LLC DW Finanz
         Bolli 8
         8259 Kaltenbach
         Switzerland

The company is currently undergoing liquidation in Gachnang.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 12, 2008.


STUDIO PETER: Creditors' Proofs of Claim Due by September 30
------------------------------------------------------------
Creditors owed money by JSC Studio Peter Forster are requested to
file their proofs of claim by Sept. 30, 2008, to:

         Peter Forster
         Schaflerweg 2
         8280 Kreuzlingen
         Switzerland

The company is currently undergoing liquidation in Kreuzlingen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 18, 2007.


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


ANTA-LTD LLC: Creditors Must File Claims by Sept. 19
----------------------------------------------------
Creditors of LLC Anta-Ltd. (code EDRPOU 22954220) have until
Sept. 19, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 23/229-b.

The Debtor can be reached at:

         LLC Anta-Ltd.
         Apartment 66
         Tupolev Str. 4-A
         Kiev
         Ukraine


AVIAT LLC: Creditors Must File Claims by Sept. 19
-------------------------------------------------
Creditors of LLC Aviat (code EDRPOU 31282176) have until
Sept. 19, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 23/58-b.

The Debtor can be reached at:

         LLC Aviat
         Zlatoustovskaya Str. 2/4
         01135 Kiev
         Ukraine


BENA TECH: Creditors Must File Claims by September 19
-----------------------------------------------------
Creditors of LLC Bena Tech (code EDRPOU 34947839) have until
Sept. 19, 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.  1, 2008.
The case is docketed as 16/187/08.

The Debtor can be reached at:

         LLC Bena Tech
         Kulturnaya Str. 51
         69027 Zaporozhje
         Ukraine


EXCLUSIVE-K: Creditors Must File Claims by September 19
-------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 30, 2008.
The case is docketed as 24/207-b.

Creditors of LLC Exclusive-K (code EDRPOU 32776712) have until
Sept. 19, 2008, to submit proofs of claim to:

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

The Debtor can be reached at:

         LLC Exclusive-K
         Baggovutovskaya Str. 8/10
         04107 Kiev
         Ukraine


PRAVEX BANK: Fitch Affirms Individual Rating at 'D/E'
-----------------------------------------------------
Fitch Ratings has affirmed Intesa Sanpaolo's ratings at Long-term
Issuer Default 'AA-' with a Stable Outlook, Short-term IDR 'F1+',
Individual 'B', Support '1' and Support Rating Floor 'A-'.  The
Long-term ratings on IntesaSP's subordinated debt and hybrid
securities (Tier 1 and Upper Tier 2 instruments) were affirmed at
'A+'.

The agency has also affirmed all ratings of Banca IMI and Banca
Infrastrutture Innovazione e Sviluppo, two fully-owned Italian
subsidiaries of IntesaSP, at Long-term IDR 'AA-' with Stable
Outlook, Short-term IDR 'F1+' and Support '1'.  The ratings of
Cassa di Risparmio di Firenze, in which IntesaSP holds
approximately a 90% stake, are also affirmed at Long-term IDR 'A+'
with Positive Outlook, Short-term IDR 'F1', Individual 'C' and
Support '1'.  The ratings of IntesaSP's foreign subsidiaries are
also affirmed and listed below.

The ratings affirmation reflects IntesaSP's role as one of the two
biggest Italian banks with a strong franchise in retail and
corporate lending, as well as in asset management and
bancassurance.  The ratings are also based on the group's sound
operating performance, conservative risk appetite and adequate
capitalization.

Fitch believes IntesaSP remains well-placed to operate in a more
challenging operating environment, where loan impairment charges
might increase as a result of a slower-growing domestic economy.
While loan volume growth will be more challenging in a weaker
economic environment, cost and revenue benefits from synergies
through the integration of the bank's distribution network and its
product companies should help sustain operating profit.

Despite a 9% fall in IntesaSP's operating profit in H108 to
EUR3.1 billion, mainly caused by lower trading income in the
difficult market environment, underlying performance remains sound
with an average operating return on equity of 12.1% in H108,
reflecting the resilience of its income-generating capacity.
Excluding trading income, significant non-recurrent items arising
and the impact of the sale and acquisitions of subsidiaries since
its merger in January 2007, IntesaSP's H108 net income would have
been 22.4% higher than in H107.

Gross impaired loans increased 6.7% during H108, but the bank's
asset quality remains adequate with net impaired loans equal to
about 16% of eligible capital at end-June 2008.  Its
capitalization during 2007 and H108 was volatile because of
several large transactions, including the acquisition of
Carifirenze and the sale of subsidiaries and branches.  Fitch
notes IntesaSP's eligible capital ratio of 8.31% at end-June 2008
was higher than its regulatory Tier 1 ratio of 6.6%, mainly
because investments in insurance subsidiaries are not deducted
from eligible capital.

The ratio is in line with domestic and international peers', and
Fitch considers it adequate for a large bank with sound revenue
generation, which is mainly active in retail and commercial
banking.  The bank's core Tier 1 ratio at end-June 2008 was 5.7%,
falling below the group's 6% target, but the bank expects to reach
its target ratio in the short-term.

The ratings of IntesaSP's foreign subsidiaries are affirmed as:

Slovakia:
  -- Vseobecna Uverova Banka: affirmed at Long-term IDR 'A+'
     Stable Outlook, Short-term IDR 'F1', Individual 'C', and
     Support '1'.

Slovenia:
  -- Banka Koper: affirmed at Long-term IDR 'A+' Stable Outlook,
     Short-term IDR 'F1', Individual 'C', and Support '1'.

Hungary:
  -- CIB Bank: affirmed at Long-term IDR 'A+' Stable Outlook,
     Short-term IDR 'F1', Individual 'C/D', and Support '1'.

Croatia:
  -- Privredna Banka Zagreb: affirmed at Support '2'

Ukraine:
  -- Pravex Bank: affirmed at Long-term foreign currency IDR 'BB-'
     Stable Outlook, Short-term foreign currency IDR 'B', Long-
     term local currency IDR 'BB', Individual 'D/E', and Support
     '3'


SIVERSPECIALSET LLC: Creditors Must File Claims by Sept. 19
-----------------------------------------------------------
Creditors of LLC Siverspecialset (code EDRPOU 34880015) have until
Sept. 19, 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. 18, 2008.
The case is docketed as 44/202-b.

The Debtor can be reached at:

         LLC Siverspecialset
         Kikvidze Str. 11
         01103 Kiev
         Ukraine


SOLARA LLC: Creditors Must File Claims by September 19
------------------------------------------------------
Creditors of LLC Solara (code EDRPOU 20289445) 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.
4, 2008.  The case is docketed as B 29/156-08.

The Debtor can be reached at:

         LLC Solara
         Beregovaya Str. 204/A
         49000 Dnipropetrovsk
         Ukraine


SOYUZLIGHT LLC: Creditors Must File Claims by Sept. 19
------------------------------------------------------
Creditors of LLC Soyuzlight (code EDRPOU 30114915) have until
Sept. 19, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 23, 2008.
The case is docketed as 50/106.

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

The Debtor can be reached at:

         LLC Soyuzlight
         Degtiarevskaya Str. 19
         04119 Kiev
         Ukraine


TECHNOLOGIES OF REASONABLE: Creditors' Claim Due by Sept. 19
------------------------------------------------------------
Creditors of LLC Technologies of Reasonable Development (code
EDRPOU 33739226) have until Sept. 19, 2008, to submit proofs of
claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on June 17, 2008.
The case is docketed as 23/189-b.

The Debtor can be reached at:

         LLC Technologies of Reasonable Development
         Bratislavskaya Str. 8
         Kiev
         Ukraine


ULIANOVA MILK: Proofs of Claim Filing Deadline Set Sept. 19
-----------------------------------------------------------
Creditors of CJSC Ulianova Milk Plant (code EDRPOU 00471490) have
until Sept. 19, 2008to submit proofs of claim to:

         The Economic Court of Kirovograd
         Lunacharski Str. 29
         25006 Kirovograd
         Ukraine

The Economic Court of Kiev commenced bankruptcy supervision
procedure on the company on Aug. 1, 2008.  The case is docketed as
10/42.

The Debtor can be reached at:

         CJSC Ulianova Milk Plant
         50 Years of Soviet Authority Str. 12
         Ulianova
         26400 Kirovograd
         Ukraine


VLADAR-KIEV LLC: Creditors Must File Claims by Sept. 19
-------------------------------------------------------
Creditors of LLC Vladar-Kiev (code EDRPOU 31283101) have until
Sept. 19, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 30, 2008.
The case is docketed as 24/207-b.

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

The Debtor can be reached at:

         LLC Vladar-Kiev
         Apartment 37
         B. Hmelnitskiy Str. 66
         01030 Kiev
         Ukraine


* Ukraine Banking Biz Vulnerable to Macroeconomic Risks, S&P Says
-----------------------------------------------------------------
Standard & Poor's Ratings Services continues to view the Ukrainian
banking system as high risk according to a report "Bank Industry
Risk Analysis: Ukrainian Banks Operating With High Risks And
Vulnerability To Tough Macroeconomic Landscape," published on
RatingsDirect.

"Ukrainian banks remain highly vulnerable to potential shocks due
to rapid, untested loan growth in recent years, amid macroeconomic
and political uncertainty," said S&P's credit analyst Ekaterina
Trofimova.  "Also burdening the sector are still-substantial
single-name and industry concentrations, significant dollarization
of operations, questions on enforcement of credit rights,
insufficiently robust underwriting practices and risk management,
as well as regulatory and supervisory responses lagging behind
market developments."

In a global context, S&P considers the banking sector in Ukraine
(foreign currency B+/Stable/B, local currency BB-/Stable/B,
Ukraine national scale uaAA/--/--) to be high risk.  S&P places
the system in Group 10, the weakest in its Banking Industry
Country Risk Assessment (BICRA) rankings, which reflect the
strengths and weaknesses of a country's banking system relative to
those of other countries.  Similarly ranked banking systems
include Venezuela, Jamaica, and Bolivia.

"Despite political turbulence and inflationary pressures, strong
macroeconomic growth so far has supported the banking sector's
development and credit standing while partly mitigating still-high
business and credit risks for domestic banks," said Ms. Trofimova.
"The gradual strengthening and increasing transparency of domestic
companies, alongside growing personal wealth and banks' ongoing
business diversification, has fueled the system's positive
expansion."

"The system's rapid loan growth and sharply increasing debt
leverage in a still unstable credit environment with questionable
risk management practices could be piling up problems for the
future and make the system vulnerable to a potentially severe
market correction, especially in real estate and construction,"
said Ms. Trofimova.

Deposit growth has risen briskly in the past few years but has not
kept pace with credit growth; banks are consequently increasingly
refinancing themselves abroad.  Although fragmented, foreign
capital and debt have continued flowing in, benefiting from
increased foreign bank ownership (43% of banking sector assets at
midyear 2008 compared with less than 20% in the early 2000s).

"Strategic foreign investors cannot fully eliminate still-high
credit risks and potential market downturns, but they are expected
to take the lead in avoiding a hard landing," added Ms. Trofimova.
Their growing role is particularly important in the context of a
still fragile regulatory framework in Ukraine.

In terms of potential extraordinary state support to private-
sector banks, S&P classifies Ukraine as "supportive", providing no
rating uplift for private-sector banks.  In a time of crisis, the
authorities are likely to increase supervision and regulation of
troubled entities, but in S&P's opinion they would provide only
limited financial support for domestically owned banks -- even
those with large market shares -- and only as a last resort.


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


ACCELERON CENTRAL: Duncan R. Beat Leads Liquidation Procedure
-------------------------------------------------------------
Duncan R. Beat of Tenon Recovery was appointed Aug. 26, 2008,
liquidator of:

   -- Acceleron Central Services Ltd.,
   -- Access Support Group Ltd.,
   -- PDQ Field Marketing Ltd.,
   -- FDS Promotions Ltd., and
   -- FDS Direct Sales Ltd.

The companies can be reached at:

         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England


ALLERTON CONSTRUCTION: Taps Administrators from Armstrong Watson
----------------------------------------------------------------
Allerton directors has put the company in voluntary receivership
and called in administrators Armstrong Watson, Nick Whitten of
cnplus reports.

Mr. Mike Kienlen, head of corporate recovery at Armstrong Watson,
said: "I have issued letters to all known creditors convening a
meeting of creditors to be held in Leeds on Sept. 22."

Headquartered in Horsforth, Leeds, Allerton Construction --
http://www.allerton-dale.co.uk-- is a building contractor that
covers all of Yorkshire and much of Lancashire and the Midlands.
Their projects include commercial and industrial developments, and
community building.  Clients vary from individuals, small
companies, large corporations, local authorities to health service
trusts.


APHEX CAPITAL: Fitch Cuts Rating on Two Classes of Notes to 'BB-'
-----------------------------------------------------------------
Fitch Ratings has downgraded three series of Aphex Capital plc's
secured portfolio credit-linked floating rate notes due 2014
listed below and removed them from Rating Watch Negative.  The
action reflects Fitch's view on the credit risk of the rated notes
following the release of its new corporate CDO rating criteria.

  -- EUR25 million Series 2006-36 (XS0291045069): downgraded to
     'BB+' from 'AAA'; removed from RWN

  -- EUR60 million Series 2006-35 (XS0291045572): downgraded to
     'BB-' from 'AA'; removed from RWN

  -- EUR15 million Series 2006-34 (XS0291045499): downgraded to
     'BB-' from 'AA-'; removed from RWN

Since the transaction was placed on RWN in June 2008 the portfolio
credit risk has further deteriorated.  Key drivers of this
transaction's credit risk come from the corporate entities
referenced in the inner CDOs.  Six of the entities referenced in
the inner CDOs are now treated as 'CCC' category on an adjusted
basis.

Given the current credit quality of the portfolio, the credit
enhancement levels of 45.83%, 33.33% and 30.21% for Series 36, 35
and 34, respectively, are not sufficient to justify the current
ratings of the notes.

This synthetic transaction is a collateralized debt obligation
squared structure that benefits from cross subordination among the
underlying CDO tranches.  Specifically, Nomura International plc
bought protection on a portfolio comprising eight CDO tranche
reference obligations, each 12.5% of the master portfolio.  Each
underlying CDO tranche obligation has a thickness of 4% and
subordination of 4 %.

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

As such, the transaction was placed on RWN on June 11, 2008 and,
as previously indicated, resolution of the Rating Watch status
depends on any plans managers or arrangers may choose to modify
either the structure or the portfolio.  In this case there have
been no changes made to the transaction.


APHEX CAPITAL: Fitch Lowers Rating on EUR70MM Notes to BB from AA
-----------------------------------------------------------------
Fitch Ratings has downgraded three series of Aphex Capital plc's
secured portfolio credit-linked floating rate notes due 2012
listed below and removed them from Rating Watch Negative.  The
action reflects Fitch's view on the credit risk of the rated notes
following the release of its new corporate CDO rating criteria.

  -- EUR30 million Series 2006-33 (XS0280587642): downgraded to
     'BBB-' from 'AAA'; removed from RWN

  -- EUR55 million Series 2006-32 (XS0280587212): downgraded to
     'BB' from 'AA'; removed from RWN

  -- EUR15 million Series 2006-31 (XS0280586750): downgraded to
     'BB' from 'AA'; removed from RWN

Since the transaction was placed on RWN in June 2008 the portfolio
credit risk has further deteriorated.  Key drivers of this
transaction's credit risk come from the corporate entities
referenced in the inner CDOs.  Seven of the entities referenced in
the inner CDOs are now treated as 'CCC' category on an adjusted
basis.

Given the current credit quality of the portfolio, the credit
enhancement levels of 43.75%, 32.29% and 29.17% for Series 33, 32
and 31, respectively, are not sufficient to justify the current
ratings of the notes.

This synthetic transaction is a collateralized debt obligation
squared structure that benefits from cross subordination among the
underlying CDO tranches.  Specifically, Nomura International plc
bought protection on a portfolio comprising eight CDO tranche
reference obligations, each 12.5% of the master portfolio.  Each
underlying CDO tranche obligation has a thickness of 4% and
subordination of 3 %.

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

As such, the transaction was placed on RWN on June 12, 2008 and,
as previously indicated, resolution of the Rating Watch status
depends on any plans managers or arrangers may choose to modify
either the structure or the portfolio.  In this case there have
been no changes made to the transaction.


APHEX CAPITAL: Fitch Chips Ratings on Two Notes Classes to 'BB+'
----------------------------------------------------------------
Fitch Ratings has downgraded four series of Aphex Capital plc's
secured portfolio credit-linked floating rate notes due 2011
listed below and removed them from Rating Watch Negative.  The
action reflects Fitch's view on the credit risk of the rated notes
following the release of its new corporate CDO rating criteria.

  -- EUR20 million Series 2006-19 (XS0243135570): downgraded to
     'BBB' from 'AAA'; removed from RWN

  -- EUR28 million Series 2006-20 (XS0243135901): downgraded to
     'BBB' from 'AA+'; removed from RWN

  -- EUR42 million Series 2006-21 (XS0243136545): downgraded to
     'BB+' from 'AA'; removed from RWN

  -- EUR10 million Series 2006-22 (XS0243136388): downgraded to
     'BB+' from 'AA-'; removed from RWN

Since the transaction was placed on RWN in June 2008 the portfolio
credit risk has further deteriorated.  Key drivers of this
transaction's credit risk come from the corporate entities
referenced in the inner CDOs.  Eleven of the entities referenced
in the inner CDOs are now treated as 'CCC' category on an adjusted
basis.

Given the current credit quality of the portfolio, the credit
enhancement levels of 37.08%, 31.25%, 22.5% and 20.42% for Series
19, 20, 21 and 22, respectively, are not sufficient to justify the
current ratings of the notes.

This synthetic transaction is a collateralized debt obligation
squared structure that benefits from cross subordination among the
underlying CDO tranches.  Specifically, Nomura International plc
bought protection on a portfolio comprising eight CDO tranche
reference obligations, each 12.5% of the master portfolio.  Each
underlying CDO tranche obligation has a thickness of 4% and
subordination of 3.5%.

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

As such, the transaction was placed on RWN on June 12, 2008 and,
as previously indicated, resolution of the Rating Watch status
depends on any plans managers or arrangers may choose to modify
either the structure or the portfolio.  In this case there have
been no changes made to the transaction.


BRITISH ENERGY: Shareholders Want GBP1.5 Bln Sweetener from EDF
---------------------------------------------------------------
Invesco Ltd. and M&G Investments would approve Electricite de
France S.A.'s takeover of British Energy Ltd. if the French
utility increase its offer by GBP1.5 billion, the Guardian
reports.

According to the Guardian, Invesco and M&G will reiterate their
position for an increased offer when EDF resumes talks with them
this week.

Shareholders wants EDF's offer to to be structured in a way that
would allow them to take up to GBP1 of the offer in convertible
stock.  The Guardian says this would allow investors to exploit
any rise in the EDF share price if its U.K. nuclear program proves
more profitable than forecast.

EDF offered 765p-a-share in cash for British Energy, valuing the
company at GBP12 billion.  An improved offer would value British
Energy at GBP13.5 billion.

The British government favors EDF acquiring British Energy, while
Invesco and M&G prefer a merger between the company and Centrica
Plc.

                      About British Energy

Headquartered in Livingston, Scotland, British Energy Limited
-- http://www.british-energy.com/-- is the U.K.'s largest
producer of electricity.  With a workforce of about 6,000, it
produces around one-sixth of the nation's electricity.

                           *     *     *

British Energy Ltd. continues to carry a Ba2 long-term corporate
family rating from Moody's with a stable outlook.

Standard & Poor's affirmed its BB long-term corporate credit
ratings on U.K.-based nuclear generator British Energy Group PLC
and its subsidiary British Energy Holdings PLC, with negative
outlook.

The company still carries a BB+ long-term issuer default rating
from Fitch with a stable outlook.


COMPASS COTTAGE: Brings in Liquidators from Vantis
--------------------------------------------------
Paul Atkinson and Glyn Mummery of Vantis Business Recovery
Services were appointed joint liquidators of Compass Cottage Ltd.
on Aug. 27, 2008, for the creditor's voluntary winding-up
proceeding.

The company can be reached at:

         Compass Cottage Ltd.
         90 Abbs Cross Lane
         Hornchurch
         Essex
         RM12 4XW
         England


D M CONSTRUCTION: Appoints Andrew Appleyard as Liquidator
---------------------------------------------------------
Andrew Appleyard of Tenon Recovery was appointed liquidator of
D M Construction Ltd. on Aug. 29, 2008, for the creditor's
voluntary winding-up procedure.

The company can be reached at:

         D M Construction Ltd.
         c/o Tenon Recovery
         6th Floor
         The White House
         111 New Street
         Birmingham B2 4EU
         England


HARBOURMASTER CLO: Fitch Cuts Rating on EUR8MM Class C Notes to B
-----------------------------------------------------------------
Fitch Ratings has downgraded Harbourmaster CLO 3 Ltd notes due
2014 and removed them from Rating Watch Negative, as:

  -- EUR378.6 million Class A floating-rate notes
    (ISIN XS0152283692): downgraded to 'A' from 'AAA';
     removed from RWN

  -- EUR21 million Class B1 floating-rate notes
    (ISIN XS0152285630): downgraded to 'BB' from 'A';
     removed from RWN

  -- EUR5 million Class B2 fixed-rate notes (ISIN XS0152285804):
     downgraded to 'BB' from 'A'; removed from RWN

  -- EUR8 million Class C floating-rate notes (ISIN XS0152286281):
     downgraded to 'B' from 'BBB'; removed from RWN

Harbourmaster CLO 3 Ltd is a securitization of predominately
European senior secured corporate loans with the total note
issuance of EUR438 million invested in a target portfolio of
EUR430 million.  This transaction differs from other Fitch-rated
Harbourmaster transactions in that the structure allows for up to
20% of the portfolio to be invested in investment-grade ABS.  This
means the transaction is more highly leveraged than other
Harbourmaster CLOs.  The portfolio is actively managed by
Harbourmaster Capital Limited and advised by Harbourmaster Capital
Management Limited (rated 'CAM 1-').

Fitch released two new criteria on April 30, 2008: Global Criteria
for Corporate CDOs and Global Criteria for Cash Flow Analysis in
Corporate CDOs.  At that time, Fitch noted that it would be
reviewing its ratings with these two new criteria to establish
consistency for existing and new ratings.  This transaction was
issued in 2002 and was originally rated using a different
analytical approach.  The elements of the updated criteria having
the greatest impact on the analysis of Harbourmaster CLO 3 Ltd.
include increased default probability assumptions for underlying
assets, as well as stressed correlation assumptions to reflect the
additional risk posed by portfolio concentrations.  Fitch's new
Cashflow criteria also apply updated default timing and interest
rate scenarios.

In analyzing the most junior notes issued by Harbourmaster CLO 3
Ltd, Fitch has modified several elements of its public criteria.
The most significant modification to the cash-flow methodology
relates to a shortening of recovery timing to 12 months from 18
months after default for rating scenarios at 'BBB' and below.
Fitch also used scenario analysis to determine whether the rated
notes are in line with the agency's rating definitions.  The most
important scenario analysis tested how robust the rated notes are
against individual obligor defaults.  The Class C notes can
withstand the default of nine assets on average or five of the
largest risk contributors.

The agency considered this to be insufficient for a 'BBB'-rated
note.  This analysis more accurately reflects Fitch's view of the
credit quality of the portfolio, the transaction structure and the
ability of the manager.  The lower tranches of notes are most
sensitive to scenarios where Euribor rates decrease and where
defaults occur at the end of the transaction's life, when assets
are due to mature and there is limited opportunity for the
structure to capture excess spread to protect the notes.

As of the review date, the portfolio contained loans from 55
corporate obligors and four ABS.  The largest exposures make up
approximately 2% of the outstanding portfolio amount, and the
three largest obligors account for 7% of the outstanding portfolio
amount.  The ABS accounts for 3% of the portfolio and is all
'AAA'-rated.  Fitch makes downward adjustments for any names on
RWN or Negative Outlook for default analysis in its Portfolio
Credit Model.

Although none of the assets are rated in the 'CCC' category on an
unadjusted basis, on an adjusted basis approximately 6% of the
assets are treated as 'CCC+' or below and the weighted average
portfolio quality is 'B+'/'B'.  In the portfolio 6% of the assets
are on RWN and 19% are on Outlook Negative.  The largest single
industry is broadcasting & media with 14% of the portfolio volume.
The primary reinvestment period ended in October 2007 and
Harbourmaster is now only able to reinvest unscheduled principal
proceeds.  As a result, the transaction has started to de-
leverage.  This second reinvestment period ends in October 2011.


LEIGHSTONE STONE: Calls in Liquidators from Tenon Recovery
----------------------------------------------------------
Thomas Dixon and Christopher Benjamin Barrett of Tenon Recovery
were appointed joint liquidators of Leighstone Stone and Building
Restoration Ltd. on Aug. 29, 2008, for the creditor's voluntary
winding-up proceeding.

The company can be reached at:

         Leighstone Stone and Building Restoration Ltd.
         c/o Tenon Recovery
         Clive House
         Clive Street
         Bolton
         Lancashire
         BL1 1ET
         England


MYHOME INTERNATIONAL: Directors and Nominated Advisor Resign
------------------------------------------------------------
Myhome International plc has announced that these directors have
resigned with immediate effect following the appointment of joint
administrators to the company:

   -- Jon Pither
   -- Russell O'Connell
   -- Neal Gossage
   -- Robert Boot
   -- Arif Virani

The company also announced that the company's nominated adviser,
Noble & Company Limited, has resigned with immediate effect.  The
joint administrators do not propose to appoint an alternative
nominated adviser.

In the event that a replacement nominated adviser is not appointed
by Oct. 10, 2008, the listing of the company's shares on AIM will
be canceled.

On Sept. 5, 2008, TCR-Europe reported that The London Stock
Exchange has granted the company's request to suspend the trading
of 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.


NEWGATE FUNDING: Fitch Chips Rating on Class Q Notes to 'B+'
------------------------------------------------------------
Fitch Ratings has downgraded Newgate Funding plc Series 2006-3's
excess spread notes and affirmed the rest of the residential
mortgage-backed notes.  The rating actions are listed at the end
of this announcement.  Newgate 0-3 is comprised of loans
originated by Mortgages PLC.

The downgrades reflect the risk that high LIBOR-Bank of England
base rate spreads and wider loan losses in future might continue
to delay the pay-down of the Class T and Q notes.

The Class T excess spread notes have only paid down 33.23% of the
original principal of the note while the Class Q excess spread
notes have not paid down any principal.  At the last interest
payment date in August 2008 no interest was paid on the Class Q
notes.  The reserve fund of Newgate 2006-3 was drawn by GBP132,931
at the last IPD, reducing the RF to 1.28% of the original note
balance against a target level of 1.3%.  High arrears, losses and
lack of LIBOR-BBR hedge were the primary reasons for the RF draw
on the current IPD.

At the next IPD the transaction will benefit from the higher
reversionary rate on a large number of the mortgages that have
reset from initial "teaser" rates.  However, the transaction will
also not receive any further payments from the discount reserve
and, as loans revert to BBR, the impact of lack of hedging is
expected to increase.

The Newgate 06-3 three-month plus arrears at 13.93% is
significantly higher in comparison with prior Mortgages PLC
transactions at similar seasoning and product mix.  This is also
due to adverse selection in the pool as loans with arrears are not
able to refinance whereas performing loans refinance as they roll
off their fixed rates.  Fitch expects the recent increase in
three-month plus arrears will lead to a rise in repossession and
losses.  The average loss severity at 17.97% is also significantly
higher in comparison with prior Mortgages PLC transactions.  High
loss severity is partly due to significant losses experienced on a
few of the loans repossessed to date.  While the loss severity may
fall in the short term due to these outlier cases, Fitch expects
loss severity levels to rise across all UK non-conforming
transactions as house prices continue to fall.

Newgate 06-3 had no arrangement to hedge the basis risk between
the interest rates of the mortgages and those of the notes.  All
loans in the transactions will ultimately pay a rate linked to
BBR.  In contrast, the notes earn a variable rate of interest,
with margins referenced to three-month LIBOR.  This potential
difference in reference rates exposes the transaction to
additional risks, which, although accounted for in Fitch's initial
analysis, are currently having a larger impact, given the
unprecedented widening in the spread between BBR and three-month
LIBOR.  As part of its analysis of the transaction Fitch has
revised the expected basis rate spread to take account of current
market conditions.

The rating actions are:

Newgate Funding Plc Series 2006-3:
  -- Class A1b (ISIN XS0272625038): affirmed at 'AAA';
     Outlook Stable

  -- Class A1c (ISIN XS0272632752): affirmed at 'AAA';
     Outlook Stable

  -- Class A2 (ISIN XS0272616631): affirmed at 'AAA';
     Outlook Stable

  -- Class A3a (ISIN XS0272617282): affirmed at 'AAA';
     Outlook Stable

  -- Class A3b (ISIN XS0272626788): affirmed at 'AAA';
     Outlook Stable

  -- Class Mb (ISIN XS0272627836): affirmed at 'AAA';
     Outlook Stable

  -- Class Ba (ISIN XS0272619817): affirmed at 'AA';
     Outlook Stable

  -- Class Bb (ISIN XS0272629295): affirmed at 'AA';
     Outlook Stable

  -- Class Cb (ISIN XS0272629881): affirmed at 'A'; Outlook Stable

  -- Class Da (ISIN XS0272621805): affirmed at 'BBB';
     Outlook Negative

  -- Class Db (ISIN XS0272630624): affirmed at 'BBB';
     Outlook Negative

  -- Class E (ISIN XS0272622795): affirmed at 'BB';
     Outlook Negative

  -- Class T (ISIN XS0272623256): downgraded to 'BB+' from 'BBB-';
     Outlook remains Negative

  -- Class Q (ISIN XS0272623843): downgraded to 'B+' from 'BB-';
     Outlook remains Negative

  -- MERCs: affirmed at 'AAA'; Outlook Stable

Fitch has conducted a full loan-by-loan and cash flow analysis of
the transaction based upon updated data received from Mortgages
PLC.

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


NORTHERN ROCK: Treasury Appoints Andrew Caldwell as Valuer
----------------------------------------------------------
The Treasury has appointed Andrew Caldwell, Valuations Partner at
BDO Stoy Hayward, as independent valuer to assess any compensation
that may be payable to those affected by the transfer of Northern
Rock plc to the Treasury.

In its statement, the Treasury said that in due course
Mr. Caldwell would inform former shareholders and others of the
basis on which he is going to operate and how he intends to
proceed.  Former shareholders can update their contact details by
following the instructions on Northern Rock's Web site but
otherwise don't need to take further action at this point.

Mr. Caldwell is a partner and Head of Valuations at BDO Stoy
Hayward LLP.  He is a founding member of the Society of Share and
Business Valuers, and has extensive experience of performing
company valuations.  An expert team from BDO Stoy Hayward and from
outside professional firms will support him.

                        About Northern Rock

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages/-- deals with
mortgages, savings accounts, loans and insurance.  The company
also promotes secured loans to its existing mortgage customers.
The company had more than US$200 billion in assets at the end of
June 2007.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on
July 8, 2008, Fitch Ratings has withdrawn the ratings of
Northern Rock's GBP400 million preference shares.  Fitch has
also affirmed the 'BB-' ratings of NR's other hybrid Tier 1 and
Upper Tier 2 issues and removed the Rating Watch Evolving, where
they were originally placed on Feb. 19.

On July 7, 2008, TCR-Europe reported that Standard & Poor's
Ratings Services lowered its rating on the GBP400 million
6.8509% Tier 1 preference shares to 'D' from 'C'.  The rating on
the GBP400 million notes issued by Saphir Finance PLC and
secured over the Northern Rock preference shares was similarly
lowered to 'D' from 'C'.


REGENCY WINDOWS: Taps Liquidators from Tenon Recovery
-----------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of Regency Windows (North East) Ltd.
on Aug. 29, 2008, for the creditor's voluntary winding-up
proceeding.

The company can be reached at:

         Regency Windows (North East) Ltd.
         c/o Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         SR5 3JN
         England


THREE CROSS: Claims Filing Period Ends October 21
-------------------------------------------------
Creditors of Three Cross Pet Accessories Ltd. have until
Oct. 21, 2008, to send in their names, their addresses and
descriptions, full particulars of their debts and claims, and
names and addresses of their solicitors (if any), to:

         Nigel Ian Fox
         Joint Liquidator
         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England

Nigel Ian Fox and Alexander Kinninmonth of Tenon Recovery were
appointed joint liquidators of the company on Aug. 21, 2008, by
resolutions of members and creditors.


* S&P Says Global Crunch Starts to Affect Euro Structured Finance
-----------------------------------------------------------------
The ongoing global credit crunch is beginning to have a more
widespread negative effect on European structured finance ratings,
according to a transition study published by Standard & Poor's
Ratings Services.

Data for the first half of 2008 shows that there were a
significant number of downgrades and relatively few upgrades,
although nearly 93% of ratings remained the same over the period.

"Fundamental risks are clearly increasing across most classes of
financial assets relevant for structured finance," said S&P's
Managing Director and head of European surveillance, Simon
Collingridge.  "In our view, this deterioration is now in some
cases becoming sufficient to cause negative rating actions."

Mr. Collingridge added that the contraction in credit availability
has also contributed to slowing upgrade rates in some asset
classes.

Key points of the study:

  -- Of the 11,140 ratings outstanding at the start of 2008, 93.8%
     remained stable or were raised in the first half of the year,
     but 6.2% were lowered.  This compares with 97.9% and 2.1%,
     respectively, for the full year 2007.

  -- These figures highlight a surge in downgrades, while the
     upgrade rate also moderated to 1% in the first half of 2008
     compared with 4.2% for the full year 2007.  Indeed, the
     downgrade rate for the first half of the year has already
     exceeded the downgrade rate for any full year since 2002.

  -- Rating transitions during H1 2008 resulted in an average
     decrease in credit quality over all outstanding ratings,
     equivalent to a downgrade of 0.33 notches.

  -- For ratings that were lowered during H1 2008, the average net
     downward move was 5.8 notches, significantly higher than the
     average 3.5 notch downward move over the full year 2007.


* Sonya Van de Graaff Joins Brown Rudnick's London Office
---------------------------------------------------------
Brown Rudnick, a premier international law firm, announced that
Sonya Van de Graaff has joined the firm as a partner in the
Bankruptcy & Corporate Restructuring Group in the London office.
Ms. Van de Graaff has an international practice encompassing a
broad range of finance, distressed and insolvency situations.  She
works with hedge funds, corporations, investment banks and other
financial institutions that are active in the distressed and
restructuring markets.  Prior to joining Brown Rudnick,
Ms. Van de Graaff was Managing Director Principal and Solicitor
with Bear, Stearns International Ltd. in London.

Ms. Van de Graaff's experience spans project, corporate,
acquisition and leveraged financings, as well as corporate debt
restructuring, refinancings and workouts.  She also counsels
clients in matters related to CMBS and RMBS, securitizations,
CLOs, IPOs, and principal commercial real estate investments.

"Sonya is a strategic addition to our European practice.  Her
broad finance experience, particularly in relation to distressed
and insolvent situations, complements the work of our London team
in advising clients on distressed investing matters.  We welcome
Sonya to the firm," Brown Rudnick CEO Joseph F. Ryan commented.

"Brown Rudnick is rapidly gaining momentum in the European market
as a world-leading law firm noted for its deep experience in
Corporate, Finance, Private Equity, and Insolvency & Corporate
Restructuring, among other practice areas," Ms. Van de Graaff
added.  As the firm continues to expand its geographic reach, I am
eager to be part of legal team with such strong roots and a clear
vision for the future."

This year, two other high-profile lawyers joined Brown Rudnick's
London office.  Most recently, Roger Gregory, the former Head of
the Private Equity Team at Nabarro LLP, joined the firm's
Corporate Group.  In January, top insolvency lawyer Louise Verrill
joined Brown Rudnick's Bankruptcy & Corporate Restructuring
Practice in London.  Ms. Verrill is the former President of the
Insolvency Lawyers' Association 2007-2008, and President of one
the U.K. regulators the Insolvency Practitioners Association 2005-
2006.

            About Brown Rudnick Berlack Israels LLP

Brown Rudnick -- http://www.brownrudnick.com/-- is an
international law firm with offices in the United States and
Europe.  The firm represents clients from around the world,
providing business-focused solutions that address today's ever-
changing, ever-demanding competitive marketplace.  With an
entrepreneurial and collaborative mindset, Brown Rudnick offers
a broad slate of capabilities and talents in areas that include:
Bankruptcy & Corporate Restructuring, Complex Litigation,
Corporate & Securities, Energy, Finance, Government Law &
Strategies, Health Law, Intellectual Property and Real Estate.

The Brown Rudnick Center for the Public Interest is a measure of
the firm's strong commitment to the community and serves as an
umbrella entity encompassing the firm's pro bono legal work,
charitable giving, community involvement and public interest
efforts.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                    *      *      *

                  Featured Conferences

Renaissance American Management and Beard Conferences presents

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

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

                    *      *      *

Beard Audio Conferences presents

Bankruptcy and Restructuring Audio Conference CDs

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

                    *      *      *

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


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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