TCREUR_Public/080912.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Friday, September 12, 2008, Vol. 9, No. 182

                            Headlines

A U S T R I A

CUGALJ LLC: Claims Registration Period Ends October 1
IMES & TONI: Claims Registration Period Ends October 1
KUENSTLERAGENTUR LIEBSCHER: Claims Registration Ends October 1
PELZ LLC: Claims Registration Period Ends October 1
STERA LLC: Claims Registration Period Ends October 2

WOODY RESORT: Claims Registration Period Ends October 1


B E L G I U M

MYLAN INC: S&P Rates US$400MM Senior Unsec. Notes 'B+'
TRUVO SUBSIDIARY: Moody's Reviews Ratings for Possible Downgrade


C R O A T I A

* S&P Ranks Croatian Banking Industry in Group 6 on BICRA


F R A N C E

SPCM SA: S&P Keeps BB- Corp. Credit Rating, Shifts Outlook to Neg.


G E R M A N Y

4 SPA GMBH: Claims Registration Period Ends September 19
AF DRUCK: Claims Registration Period Ends September 22
CH S. TRANSPORTE: Claims Registration Period Ends September 19
CALL AND FLY: Claims Registration Period Ends September 22
CIVAN GMBH: Claims Registration Period Ends September 22

DAHMEN PLANUNGS: Claims Registration Period Ends September 19
DELPHIN 2000: Claims Registration Period Ends September 19
DIE SONNE: Claims Registration Period Ends September 18
DOBERSCHUETZER BAU: Claims Registration Period Ends Sept. 22
FRONTZEK GMBH: Claims Registration Period Ends September 21

FUCHS AUTOMATISIERUNGSTECHNIK: Creditors' Meeting Set Sept. 19
HERTIE GMBH: To Open New Store in Bavaria; Wont' Be Broken Up
KLUNG & PARTNER: Creditors' Meeting Slated for September 22
MEDIA-N MEDIA: Claims Registration Period Ends September 22
MERXPOINT VERTRIEBS: Claims Registration Period Ends Sept. 22

MIP FAHRZEUGBAU: Claims Registration Period Ends September 20
NWV HAUS: Claims Registration Period Ends September 22
VAC HOLDING: S&P Puts B Corporate Credit Ratings on Watch Negative
WEKAL STAHLBAU-REGALTECHNIK: Claims Registration Ends Sept. 20


H U N G A R Y

CADENCE INNOVATION: H.S. Die Slams Proposed US$50 Million Loan


I R E L A N D

CROSBY ASSET: In Talks to Sell or Liquidate Six Irish Funds


I T A L Y

ALITALIA SPA: Commissioner Warns of Lay Off if Unions Deter Plan


K A Z A K H S T A N

MONTAGE INVEST: Claims Deadline Slated for October 7
ORS-NOD-1 OJSC: Claims Filing Period Ends October 12
STROY DOM: Creditors' Claims Due on October 8
TORG STROY: Claims Registration Ends October 3


K Y R G Y Z S T A N

ASIA PLUS: Creditors Must File Claims by September 30


P O L A N D

STREAM COMMS: CDN$3,107,320 Net Loss Casts Going Concern Doubt


R U S S I A

DAGESTAN WINES: Creditors Must File Claims by October 2
EVRO-LIDER LLC: Creditors Must File Claims by October 2
FERRO K: Creditors Must File Claims by October 2
MUROMETS LLC: Creditors Must File Claims by November 2
PRIVOLYE AGRICULTURAL: Creditors Must File Claims by October 2

RASSVET LLC: Creditors Must File Claims by October 2
SITRONICS JSC: Sets Up Joint Venture with ZTE Corp. in China

* S&P Says Russian Banks Improving But Still Vulnerable to Shocks


S P A I N

FTA UCI 16: S&P Places BB-Rated Class D Notes on Negative Watch
FTA UCI 17: S&P Affirms Junk Rating on Class D Floating-Rate Notes


S W I T Z E R L A N D

FRISCHBETON DARLIGEN: Creditors' Proofs of Claim Due by Oct. 15
INSOLTEL SCHWEIZ: Creditors Have Until Oct. 3 to File Claims
KALIN ARCHBAU: Oct. 17 Set as Deadline to File Proofs of Claim
LEDER AEGERTE: Creditors Must File Proofs of Claim by Oct. 14
LUTZ AESCHLIMANN: Deadline to File Proofs of Claim Set Oct. 15

WEDAG WERBE-DRUCK: Proofs of Claim Filing Deadline is Oct. 15


T U R K E Y

TURKIYE IS: Moody's Changes D+ BFS Outlook to Positive
YAPI VE: Moody's Changes D+ BFSR Outlook to Positive


U K R A I N E

GARANT LLC: Creditors Must File Claims by September 20
KOPACHEVKA AGRICULTURAL: Creditors Must File Claims by Sept. 20
MAS-TRADE LLC: Creditors Must File Claims by Sept. 20
PETROLEUM CHEMISTRY: Creditors Must File Claims by Sept. 20
PRODUCTION-TECHNOLOGICAL CONNECTION: Claims Due Sept. 20

SOTSIUM-TRADE LLC: Creditors Must File Claims by Sept. 20
SPORT-TRADE LLC: Creditors Must File Claims by Sept. 20
STEK-2005 LLC: Creditors Must File Claims by September 20
UKRAINIAN TRANSPORT: Creditors Must File Claims by Sept. 20


U N I T E D   K I N G D O M

A.T. PERFORMANCE: Brings in Liquidators from Moore Stephens
AUSTIN WHITE: Appoints Begbies Traynor as Administrators
BALLY TECHNOLOGIES: Moody's Assigns Ba3 Corporate Family Rating
BAXALL HOLDINGS: Calls in Liquidators from KPMG
BARBERS PROPERTY: Sold to Mike Arthan; 30 Jobs Rescued

C J P BUILDERS: Appoints Liquidators from Vantis
LEHMAN BROTHERS: To Sell 55% Interest, Spin-Off Real Estate Assets
SCOTIA LINEN: Administrators Focus on Finding Buyers
TRUMAC GROUP: Goes Into Administration; Seeks Buyer

* EUROPE: Pharmaceutical Firms Face Key Challenges, Moody's Says

* BOOK REVIEW: Getting It to the Bottom Line


                         *********


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


CUGALJ LLC: Claims Registration Period Ends October 1
-----------------------------------------------------
Creditors owed money by LLC Cugalj have until Oct. 1, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Norbert Schopf
         Esteplatz 5/5
         1030 Vienna
         Austria
         Tel: 534 90-0
         Fax: 534 90-50
         E-Mail: office@schopf-zens.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Oct. 15, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 13, 2008, (Bankr. Case No. 2 S 100/08f).


IMES & TONI: Claims Registration Period Ends October 1
------------------------------------------------------
Creditors owed money by LLC Imes & Toni have until Oct. 1, 2008,
to file written proofs of claim to the court-appointed estate
administrator:

         Dr. Christiane Pirker
         Hasenhutgasse 9 Haus 3
         1120 Vienna
         Austria
         Tel: 817 57 57
         Fax: 817 57 55 17
         E-mail: Dr.Christiane.Pirker@chello.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Oct. 15, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 13, 2008, (Bankr. Case No. 2 S 98/08m).


KUENSTLERAGENTUR LIEBSCHER: Claims Registration Ends October 1
--------------------------------------------------------------
Creditors owed money by KEG Kuenstleragentur Liebscher & Lugitsch
have until Oct. 1, 2008, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Helmut Fetz
         Hauptplatz 11
         8700 Leoben
         Austria
         Tel: 03842-42751
         Fax: 03842-42751-40
         E-mail: office@fetz-fetz.at

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

         The Land Court of Leoben
         Hall IV
         First Floor
         Leoben
         Austria

Headquartered in Bruck an der Mur, Austria, the Debtor declared
bankruptcy on Aug. 14, 2008, (Bankr. Case No. 17 S 42/08g).


PELZ LLC: Claims Registration Period Ends October 1
---------------------------------------------------
Creditors owed money by LLC Pelz have until Oct. 1, 2008, to file
written proofs of claim to the court-appointed estate
administrator:

         Dr. Helmut Fetz
         Hauptplatz 11
         8700 Leoben
         Austria
         Tel: 03842-42751
         Fax: 03842-42751-140
         E-mail: office@fetz-fetz.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:15 p.m. on Oct. 15, 2008, for the
examination of claims at:

         The Land Court of Leoben
         Hall IV
         1st Floor
         Leoben
         Austria

Headquartered in Kindberg, Austria, the Debtor declared bankruptcy
on Aug. 14, 2008, (Bankr. Case No. 18 S 46/08b).


STERA LLC: Claims Registration Period Ends October 2
----------------------------------------------------
Creditors owed money by LLC Stera have until Oct. 2, 2008, to file
written proofs of claim to the court-appointed estate
administrator:

         Dr. Herbert Hochegger
         Brucknerstraße 4/5
         1040 Vienna
         Austria
         Tel: 505 78 61
         Fax: 505 78 619
         E-mail: office@hoch.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Oct. 16, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 5, 2008, (Bankr. Case No. 5 S 80/08m).


WOODY RESORT: Claims Registration Period Ends October 1
-------------------------------------------------------
Creditors owed money by LLC Woody Resort have until Oct. 1, 2008,
to file written proofs of claim to the court-appointed estate
administrator:

         Dr. Erich Moser
         Schwarzenbergsiedlung 114
         8850 Murau
         Austria
         Tel: 03532-3686
         Fax: 03532-36866
         E-mail: office@dr-erich-moser.at

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

         The Land Court of Leoben
         Hall IV
         1st Floor
         Leoben
         Austria

Headquartered in St. Georgen ob Murau, Austria, the Debtor
declared bankruptcy on Aug. 12, 2008, (Bankr. Case No. 17 S
14/08i).


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


MYLAN INC: S&P Rates US$400MM Senior Unsec. Notes 'B+'
----------------------------------------------------
Standard &Poor's Ratings Services assigned its 'B+' senior
unsecured debt rating to generic drug maker Mylan Inc.'s US$400
million senior unsecured convertible notes due 2015 (one notch
lower than the corporate credit rating on the company).  The
issue was assigned a '5' recovery rating indicating the
expectation for modest (10%-30%) recovery in the event of a
payment default.

At the same time, Standard & Poor's affirmed all of its other
ratings on Mylan.  The outlook remains stable.

"The ratings on Canonsburg, Pa.-based Mylan Inc. reflect the
company's highly leveraged financial risk profile and management's
challenges in integrating and running a much larger,
internationally diverse company after its acquisition of Merck
KGaA's generics business," said Standard & Poor's credit analyst
Arthur Wong.  "These factors are offset partly by Mylan's size
in the generics market, the positive fundamentals of the generic
drug industry, and Standard & Poor's belief that debt will
steadily decline, given management's history of financial
conservatism."

Mylan is the third-largest generic drug company in the world in
sales, following the approximately US$6.9 billion acquisition of
the generics business of Merck KGaA in October 2007.  The
acquisition gave Mylan much-needed size and scale, to better
leverage its manufacturing infrastructure and lower manufacturing
costs, which is critical in the highly competitive generic drug
industry.  It also deepened Mylan's product pipeline and expanded
its product offering to more than 570 products and dosages in a
wide range of therapeutic areas, making the company a more
attractive supplier to the large U.S.-based drug wholesalers and
pharmacy chains, which want to deal with fewer suppliers.  The
acquisition also gave Mylan an entry into the large European and
Asian generic drug markets, where generic drug use is much lower
but is expected to grow faster over the longer term.  The generic
share of prescriptions is in the middle- to low-teens area in
several major European markets, compared with more than 60% in the
U.S.

Mylan is well positioned to benefit from the growing generic drug
market, which we expect will continue to grow over the longer
term, given the increasing focus on health care cost control, the
implementation of Medicare Part D, and the still-large number of
branded products losing patent protection between 2010 and 2012.
Mylan has one of the larger product pipelines in the industry and
the company is increasingly focusing on harder-to-manufacture
generic drugs, such as oral dose-controlled release and
transdermal patch technologies that offer some barriers to entry.

Mylan recently entered into an agreement with Famy Care to
potentially launch 22 generic oral contraceptives, a relatively
high margin segment of the generic drug industry.  Mylan also
recently announced that it is keeping its specialty pharmaceutical
business, Dey, acquired as part of the Merck KGaA generics
transaction.  While the division has the potential to generate
high margins, the restructuring of the underperforming business is
still ongoing.

Integration risk remains a concern, as the acquisition of Merck
KGaA's generic business more than doubled Mylan's size and
represents the company's first significant foray into the overseas
generic drug market.  Mylan now has operations in more than 90
countries. Our concerns partly are mitigated by Mylan's past solid
operational performance, successful recent integration of
India-based generic drug maker Matrix Laboratories, and the
retention of key managers from Merck KGaA's generic drug business.

However, debt leverage, at an estimated 6x, is high, and cash flow
measures, with funds from operations (FFO) to debt in the low
teens, are relatively weak for the ratings. Operating margins at
20% are also low for a leading generic drug company, which
typically has margins in the 30% area.

Merck KGaA's generic business generated a lower margin than
Mylan's because of its heavy exposure to the lower-margin European
generics market.  "We expect margins will increase steadily over
time, as synergies are realized and Mylan increasingly leverages
its vertically integrated manufacturing infrastructure
over a much larger sales base," S&P said.

Mylan's liquidity is adequate. As of June 30, 2008, the company
had nearly US$480 million of cash and investments, and US$450
million available under its US$750 million revolving credit
facility maturing in 2013.  Proceeds from the proposed convertible
offering will be used to refinance existing senior secured debt,
including outstanding amounts under its revolving credit facility.

The outlook is stable.  Mylan's credit metrics are somewhat weak
for the ratings, but the ratings are supported by management's
solid operating track record, Mylan's satisfactory position in the
growing worldwide generic drug industry, and our belief that Mylan
will aggressively repay debt with its solid free cash flow.  "We
would begin to consider a positive outlook and a higher rating
when debt consistently remains at less than 4.2x and the company
has effectively integrated its acquired operations," S&P said.
"However, we would consider a negative outlook and a lower rating
if the company experiences unforeseen operational setbacks and
debt climbs to significantly more than 6x," S&P noted.

                       About Mylan Inc.

Mylan Inc., formerly known as Mylan Laboratories Inc. (NYSE:
MYL), -- http://www.mylan.com/-- is a global pharmaceutical
company with market leading positions in generic
pharmaceuticals, transdermal technology and unit dose packaged
products.  Mylan operates through three principal subsidiaries:
Mylan Pharmaceuticals, a world leader in generic pharmaceuticals;
Mylan Technologies, the largest producer of generic and branded
transdermal patches for the U.S. market; and UDL Laboratories, the
top U.S.-supplier of unit dose pharmaceuticals.

Mylan also owns a controlling interest in Matrix Laboratories,
one of the world's premier suppliers of active pharmaceutical
ingredients.  Mylan also has a European platform through
Docpharma, a Matrix subsidiary, which is a marketer of branded
generics in Europe.  The company also has a production facility
in Puerto Rico.


TRUVO SUBSIDIARY: Moody's Reviews Ratings for Possible Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed the ratings of Truvo
Subsidiary Corp on review for possible downgrade following the
group's announcement of its results for the first half of 2008,
which reflect a deterioration in its operating performance.

Ratings placed on review are:

   -- B2 corporate family rating;

   -- B2 Probability of Default Rating;

   -- Caa1 rating of the EUR395 million senior notes due
      2014 issued by Truvo Subsidiary Corp; and

   -- Caa1 rating of the US$200 million senior notes due
      2014 issued by Truvo Subsidiary Corp.

Moody's notes that the weakening in the group's operating
performance has been accelerating largely driven by a decline in
its print directory sales -- particularly in Belgium -- given the
worsening macroeconomic conditions in its markets, coupled with
faster than expected migration to online from print.

Although Moody's acknowledges that management's estimate of online
growth for the current year is at circa 20% (after stripping out
the timing differences), the group's still developing online
positioning in the new cycle in Moody's view implies a degree of
execution risk in the current environment.

In this challenging economic and business context, Truvo's
management has said that it expects total net operating revenues
for full year 2008 to be down between 4.5% and 6% and EBITDA to be
down between 6% and 8% year on year.  In Moody's view, such full-
year results will likely negatively impact the group's free cash
flow generation while putting further pressure on its already weak
deleveraging prospects in the near term.

Moody's thus regards the downward pressure on the group's ratings
as having increased further since the outlook was changed to
negative in June 2008, and notes the high probability of a one
notch downgrade.  The rating review will nevertheless focus in
particular on Truvo's operational and market outlook for the
remainder of 2008 and into 2009 and the impact on the group's
credit metrics (i.e. Debt/EBITDA) and liquidity profile as well as
the impact of its recent transition to IFRS from Dutch GAAP
together with the disposal of its Dutch business in conjunction
with resetting our guidance and establishment the rating outlook.
Moody's aims to conclude the review promptly.

With regard to the group's disposal of its Dutch activities at an
enterprise value of approximately EUR290 million, Moody's notes
that Truvo obtained antitrust approval on Aug. 28 , 2008, and that
the transaction is expected to be completed by the end of
September 2008.

Although there remains some uncertainty over the group's potential
use of the proceeds, Moody's understands that Truvo shall use a
maximum of around EUR200 million of the proceeds for debt
reduction, after taking into account tax to be paid on the taxable
proceeds of the deal and the deferred component of the deal.
Although its impact on the group's credit metrics (i.e.
Debt/EBITDA) is likely to be neutral, any potential deleveraging
in absolute terms would have positive credit implications.

Based on the group's management accounts presented under IFRS,
Moody's notes that Truvo recorded consolidated net operating
revenues of EUR130 million (excluding the operations in the
Netherlands) in H1 2008 (down 2% year-on-year), 76% of which was
generated from the operations in Belgium, where print revenues and
total revenues contracted by 10% and 5.7%, respectively.

Management estimates low-to-mid single-digit revenue declines in
Belgium, Ireland and Portugal for the full year 2008.  EBITDA fell
to EUR39.8 million in H1 2008 (down 14% year-on-year), reflecting
the high operational gearing of the business together with its
sensitivity to revenue declines as well as the investments in
online activities.

Truvo Intermediate Corp., the parent of Truvo Subsidiary Corp.,
is, through its subsidiaries, the leading directory publisher in
Belgium, Ireland and Romania, and one of the two major players in
the Netherlands.  Through its joint venture with Portugal Telecom,
the company is the leading directory publisher in Portugal and,
through its minority interests, holds leading positions in the
directory markets in South Africa and Puerto Rico.  In 2007, the
group generated consolidated revenues of EUR346 million and EBITDA
of EUR168.4 million under IFRS.


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C R O A T I A
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* S&P Ranks Croatian Banking Industry in Group 6 on BICRA
---------------------------------------------------------
The Croatian banking sector continues to carry an above-average
risk profile according to Standard & Poor's Ratings Services in a
report "Bank Industry Risk Analysis: High Foreign Ownership
Continues To Bolster Croatian Banks, Offsetting Brisk Loan
Growth," published on RatingsDirect.

"Croatian banks benefit from support from foreign strategic
shareholders," said S&P's credit analyst Francesca Sacchi.  "The
industry also boasts well-developed retail banking, given
Croatia's rising wealth and healthy economic development,
alongside strengthened bank regulation and supervision."

S&P's Banking Industry Country Risk Assessment ranks the Croatian
banking system -- among the most advanced in the Balkans -- in
BICRA Group 6 (out of 10, with one the strongest).  Similarly
ranked banking systems are Bulgaria, Hungary, Poland, Lithuania,
Peru, India, and Thailand.

Benefits from foreign shareholders include the transfer of
know-how, introduction of new products and services, strengthening
of risk management, and contributions to funding and capital.

"We expect highly rated foreign strategic shareholders to support
their Croatian subsidiaries in case of temporary liquidity and
operational problems," said Ms. Sacchi.

Rapid loan growth over the past few years on the back of
borrowings of local subsidiaries of foreign banks from their
parents has, however, undermined the system's creditworthiness.
Although the average growth rate of about 20% per year over the
past four years is lower than in some other Central and Eastern
Europe banking systems due to Croatian National Bank restrictions,
the repayment ability of corporations and households has not been
tested through a full economic cycle.

"A high share of lending in foreign currencies further aggravates
the banking sector's credit quality," added Ms. Sacchi.  "In the
medium term, asset quality remains vulnerable to macroeconomic
deterioration, a slump in tourism, adverse currency swings, and/or
changes in foreign interest rates."

The development of the Croatian banking system is underpinned by
good medium-term growth prospects in the Republic of Croatia
(foreign currency, BBB/Stable/A-3; local currency, BBB+/Stable/A-
2), a diversifying economy, growing foreign direct investment, and
economic and political reforms preceding EU accession, expected by
the end of the decade.  Croatia is also taking steps to harmonize
its banking regulation with EU policies, which should tighten
prudential supervision, advance risk management, improve
transparency, and ultimately increase banking sector stability.


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


SPCM SA: S&P Keeps BB- Corp. Credit Rating, Shifts Outlook to Neg.
------------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
France-based specialty chemical producer SPCM S.A. to negative
from stable, reflecting SPCM's aggressive growth and weakening
leverage ratios and liquidity.

At the same time, S&P affirmed the 'BB-' long-term corporate
credit rating on the company.

"The negative outlook reflects potential covenant tightness at
year end and our concerns regarding the adequacy of funding for
the fast and aggressive volume-growth strategy, which pressures
credit metrics, liquidity, and profitability," said S&P's credit
analyst Lucas Sevenin.

Combined with adverse raw material prices, second-quarter results
showed materially weakened credit metrics and profitability.

S&P expects funds from operations to adjusted debt to improve to
about 20%, to come in line with the current rating.  If market
conditions soften, S&P expects SPCM would reduce capital
expenditure and increase selling prices to protect cash flows.

"The ratings could be lowered if covenant issues materialize or if
the company is unable to improve EBITDA, liquidity, and credit
metrics by year end," said Mr. Sevenin.

S&P will revise the outlook to stable if the company clearly
achieves better and sustainable metrics, free cash flow
generation, and improved liquidity.  This can be accomplished
through a sustainable growth strategy, only modestly negative free
operating cash flow at worst, robust pricing, and improved EBITDA
per ton.

The ratings reflect the group's aggressive leverage, exposure to
raw material prices, somewhat limited product diversification, and
industry competition.  These negative factors are partially offset
by world market leadership in specialty and intermediate water
treatment polymers, strong growth, and continued good demand
prospects.


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


4 SPA GMBH: Claims Registration Period Ends September 19
--------------------------------------------------------
Creditors of 4 Spa GmbH have until Sept. 19, 2008, to register
their claims with court-appointed insolvency manager Dr. Margit
Watzinger.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 22, 2008, at which time the
insolvency manager will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Traunstein
         Meeting Hall C 001
         Herzog-Otto-Road 1
         83278 Traunstein
         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. Margit Watzinger
         Stollstr. 5
         83022 Rosenheim
         Germany
         Tel: 08031 /380960
         Fax: 08031 / 13892

The District Court of Traunstein opened bankruptcy proceedings
against 4 Spa GmbH on July 31, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         4 Spa GmbH
         Kurfuerstenstr. 6
         83435 Bad Reichenhall
         Germany


AF DRUCK: Claims Registration Period Ends September 22
------------------------------------------------------
Creditors of AF Druck GmbH have until Sept. 22, 2008, to register
their claims with court-appointed insolvency manager Herbert
Feigl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Halle (Saale)
         Hall 1.043
         Justizzentrum
         Thueringer Strasse 16
         06112 Halle (Saale)
         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:

         Herbert Feigl
         Hansering 1, D
         06108 Halle
         Germany
         Tel: 0345/212220
         Fax: 0345/2122222

The District Court of Halle (Saale) opened bankruptcy proceedings
against AF Druck GmbH on July 21, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         AF Druck GmbH
         Ernst-Thalmann-Str. 137B
         06179 Teutschenthal/OT Holleben
         Germany


CH S. TRANSPORTE: Claims Registration Period Ends September 19
--------------------------------------------------------------
Creditors of CH S. Transporte GmbH have until Sept. 19, 2008, to
register their claims with court-appointed insolvency manager
Thomas Linse.

Creditors and other interested parties are encouraged to attend
the meeting at 2:45 p.m. on Oct. 30, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Fuerth
         Room 3
         EG Building
         Baumenstrasse 32
         Fuerth
         Germany

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

The insolvency manager can be reached at:

         Thomas Linse
         Aussere Sulzbacher Str. 29
         90491 Nuernberg
         Germany
         Tel: 0911/598704
         Fax: 0911/5987379

The District Court of Fuerth opened bankruptcy proceedings against
CH S. Transporte GmbH on Aug. 12, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         CH S. Transporte GmbH
         Sudetenstr. 2
         91456 Diespeck
         Germany


CALL AND FLY: Claims Registration Period Ends September 22
----------------------------------------------------------
Creditors of CALL AND FLY Reisebuero GmbH have until Sept. 22,
2008, to register their claims with court-appointed insolvency
manager Dr. Paul Fink.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 13, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 388
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Dr. Paul Fink
         Koenigsallee 33
         40212 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against  CALL AND FLY Reisebuero GmbH on Aug. 19, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         CALL AND FLY Reisebuero GmbH
         Hansaallee 30
         40547 Duesseldorf
         Germany

         Attn: Michael Martin Christian Schuetz, Manager
         Neckarstrasse 1
         40219 Duesseldorf
         Germany


CIVAN GMBH: Claims Registration Period Ends September 22
--------------------------------------------------------
Creditors of Civan GmbH have until Sept. 22, 2008, to register
their claims with court-appointed insolvency manager Mechthild
Bruche.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on Nov. 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 Fuerth
         Hall 3
         Ground Floor
         Baumenstrasse 32
         Fuerth
         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:

         Mechthild Bruche
         Stahlstr. 17
         90411 Nuremberg
         Germany
         Tel: 0911/9512850
         Fax: 0911/95128510

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

The Debtor can be reached at:

         Civan GmbH
         Talstr. 1
         90522 Oberasbach
         Germany


DAHMEN PLANUNGS: Claims Registration Period Ends September 19
-------------------------------------------------------------
Creditors of Dahmen Planungs- und Massivbau GmbH have until
Sept. 19, 2008, to register their claims with court-appointed
insolvency manager Wolfgang Matussek.

Creditors and other interested parties are encouraged to attend
the meeting at 12:30 p.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 Neubrandenburg
         Hall 1
         Fr.-Engels-Ring 15-18
         Neubrandenburg
         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 Matussek
         Goethestrasse 6
         17033 Neubrandenburg
         Germany

The District Court of Neubrandenburg opened bankruptcy proceedings
against Dahmen Planungs- und Massivbau GmbH on Aug. 3, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Dahmen Planungs- und Massivbau GmbH
         Am Schlangenberg 15
         17192 Sembzin
         Germany


DELPHIN 2000: Claims Registration Period Ends September 19
----------------------------------------------------------
Creditors of DELPHIN 2000 GmbH have until Sept. 19, 2008, to
register their claims with court-appointed insolvency manager
Frank Bayer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 Hanau
         Area E09
         Engelhardstrasse 21
         63450 Hanau
         Germany

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

The insolvency manager can be reached at:

         Frank Bayer
         Kuhgasse 3
         63571 Gelnhausen
         Germany
         Tel: 06051/ 92020
         Fax: 06051/ 920 220

The District Court of Hanau opened bankruptcy proceedings against
DELPHIN 2000 GmbH on Aug. 6, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         DELPHIN 2000 GmbH
         Attn: Silvia Kompa, Manager
         Bahnhofstr. 1 F
         63571 Gelnhausen-Hailer
         Germany


DIE SONNE: Claims Registration Period Ends September 18
-------------------------------------------------------
Creditors of Die Sonne GmbH have until Sept. 18, 2008, to register
their claims with court-appointed insolvency manager Axel Pelzer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 9, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Axel Pelzer
         Am Klingenberg 7
         23552 Luebeck
         Germany

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

The Debtor can be reached at:

         Die Sonne GmbH
         Attn: Frau Ingrid Dittmann, Manager
         Bei der Lohmuehle 7
         23556 Luebeck
         Germany


DOBERSCHUETZER BAU: Claims Registration Period Ends Sept. 22
------------------------------------------------------------
Creditors of Doberschuetzer Baugesellschaft mbH have until
Sept. 22, 2008, to register their claims with court-appointed
insolvency manager Heiko Kratz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 22, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         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:

         Heiko Kratz
         Fregestrasse 29
         04105 Leipzig
         Germany
         Tel: 0341/462220
         Fax: 0341/4622279
         E-mail: ra.heikokratz@kanzlei-kratz.com

The District Court of Leipzig opened bankruptcy proceedings
against Doberschuetzer Baugesellschaft mbH on July 31, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Doberschuetzer Baugesellschaft mbH
         Attn: Gerhard Poetzsch, Manager
         Martha-Brautzsch-Strasse 42
         04838 Doberschuetz
         Germany


FRONTZEK GMBH: Claims Registration Period Ends September 21
-----------------------------------------------------------
Creditors of Frontzek GmbH have until Sept. 21, 2008, to register
their claims with court-appointed insolvency manager Carsten
Cervera.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 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 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:

         Carsten Cervera
         Schützenstrasse 6a
         10117 Berlin
         Germany

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

The Debtor can be reached at:

         Frontzek GmbH
         Breitenau Nr. 15b
         03249 Sonnewalde OT Breitenau
         Germany


FUCHS AUTOMATISIERUNGSTECHNIK: Creditors' Meeting Set Sept. 19
--------------------------------------------------------------
The court-appointed insolvency manager for Fuchs
Automatisierungstechnik GmbH & Co. KG, Joachim Voigt-Salus, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 8:45 a.m. on Sept. 19, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:20 a.m. on Dec. 19, 2008, at the same venue.

Creditors have until Oct. 31, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against Fuchs Automatisierungstechnik GmbH & Co. KG on Aug. 4,
2008. Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Fuchs Automatisierungstechnik GmbH & Co. KG
         Fregestrasse 26
         12161 Berlin
         Germany


HERTIE GMBH: To Open New Store in Bavaria; Wont' Be Broken Up
-------------------------------------------------------------
Hertie GmbH will open a new store in the city of Straubing in
Bavaria, Stefanie Haxel of Bloomberg News reports, citing
Handelsblatt.

The new store, the report relates, is expected to open on
Nov. 27, 2008 "at the latest".

Meanwhile, insolvency administrator Biner Baehr noted Hertie,
which has annual sales of about EUR500 million (US$715 million),
wont' be broken up, the report adds.

As reported in the TCR-Europe, Hertie GmbH filed for commencement
of insolvency proceedings at the District Court of Essen on July
31, 2008.

Hertie filed for insolvency after its debt-restructuring talks
failed.

Based in Essen, Germany, Hertie GmbH -- http://www.hertie.de/--
operates 73 department stores and employs 4,100 people.  Hertie
posted EUR30 million in losses on EUR540 million in sales for
financial year 2007.


KLUNG & PARTNER: Creditors' Meeting Slated for September 22
-----------------------------------------------------------
The court-appointed insolvency manager for Klung & Partner GmbH,
Dr. Detlef Ruediger Beckmann will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:25
a.m. on Sept. 22, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:05 a.m. on Dec. 12, 2008, at the same venue.

Creditors have until Oct. 23, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Detlef Ruediger Beckmann
         Lindenallee 33
         14050 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against Klung & Partner GmbH on Aug. 8, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Klung & Partner GmbH
         Potsdamer Str. 105
         10785 Berlin
         Germany


MEDIA-N MEDIA: Claims Registration Period Ends September 22
-----------------------------------------------------------
Creditors of Media-N Media Neubrandenburg Gesellschaft fuer
Internet- und Intranetdienstleistungen mbH have until Sept. 22,
2008, to register their claims with court-appointed insolvency
manager Berthold Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:15 p.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 Neubrandenburg
         Hall 1
         Fr.-Engels-Ring 15-18
         Neubrandenburg
         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:

         Berthold Brinkmann
         Freiligrath Strasse 1
         18055 Rostock
         Germany

The District Court of Neubrandenburg opened bankruptcy proceedings
against  Media-N Media Neubrandenburg Gesellschaft fuer Internet-
und Intranetdienstleistungen mbH on July 31, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Media-N Media Neubrandenburg Gesellschaft fuer
         Internet- und Intranetdienstleistungen mbH
         Attn: Herr Michael Noetzel, Manager
         Turmstr. 25
         17033 Neubrandenburg
         Germany


MERXPOINT VERTRIEBS: Claims Registration Period Ends Sept. 22
-------------------------------------------------------------
Creditors of Merxpoint Vertriebs- und Dienstleistungs gesellschaft
mbH have until Sept. 22, 2008, to register their claims with
court-appointed insolvency manager Dr. Christoph Schulte-
Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Dortmund
         Meeting Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Koenigswall 21
         44137 Dortmund
         Germany

The District Court of  Dortmund opened bankruptcy proceedings
against Merxpoint Vertriebs- und Dienstleistungsgesellschaft mbH
on July 24, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Merxpoint Vertriebs- und Dienstleistungs
         gesellschaft mbH
         Gewerbepark 8-10
         44532 Luenen
         Germany

         Attn: Engelbert Lehmkemper, Manager
         Ahse 5
         59069 Hamm
         Germany


MIP FAHRZEUGBAU: Claims Registration Period Ends September 20
-------------------------------------------------------------
Creditors of MIP Fahrzeugbau und Dienstleistungen GmbH have until
Sept. 20, 2008, to register their claims with court-appointed
insolvency manager Dr. Robert Schiebe.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 23, 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 Mainz
         Hall 174
         Building B
         Ernst-Ludwig Strasse 7
         55116 Mainz
         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. Robert Schiebe
         Hindenburgstrasse 32
         55118 Mainz
         Germany
         Tel: 06131/61923-0
         Fax: 06131/61923-11

The District Court of Mainz opened bankruptcy proceedings against
MIP Fahrzeugbau und Dienstleistungen GmbH on July 28, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MIP Fahrzeugbau und Dienstleistungen GmbH
         Gross-Gerauer-Str. 25
         55130 Mainz
         Germany


NWV HAUS: Claims Registration Period Ends September 22
------------------------------------------------------
Creditors of NWV Haus und Grund GmbH have until Sept. 22, 2008, to
register their claims with court-appointed insolvency manager
Wolfgang Lorisch.

Creditors and other interested parties are encouraged to attend
the meeting at 1:20 p.m. on Oct. 9, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany

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

The insolvency manager can be reached at:

         Wolfgang Lorisch
         Kurt-Schumacher-Str. 48
         45699 Herten
         Germany

The District Court of Essen opened bankruptcy proceedings against
NWV Haus und Grund GmbH on July 25, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         NWV Haus und Grund GmbH
         Hans-Sachs-Str. 4
         45879 Gelsenkirchen
         Germany

         Attn: Frank Caspari, Manager
         Helenenstr. 20
         45701 Herten
         Germany


VAC HOLDING: S&P Puts B Corporate Credit Ratings on Watch Negative
------------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'B' long-term
and 'B' short-term corporate credit ratings on Germany-based
magnetic materials manufacturer VAC Holding GmbH on CreditWatch
with negative implications.

"This reflects our concern that the company's headroom to meet its
covenants is weakening and there is a risk that it may breach
them," said S&P's credit analyst Anna Stegert.  "Furthermore,
VAC's performance is currently below expectations, and
improvements may not materialize in the medium term."

During the first half of 2008, the company's operating performance
deteriorated, reflecting a slowdown in demand in several of its
nine end markets -- most severely in the electronic article
surveillance segment -- the cyclical downturn of the semiconductor
industry, and the continuing phase-out of products for the
communications segment.  This was only partly balanced by
continuous growth in other end markets.  Overall organic revenue
growth was negative 4%.

VAC's liquidity is fair given the available liquidity sources to
meet its upcoming debt maturities.  However, tightening covenant
headroom is a cause for concern, and puts the company under
pressure to achieve moderate EBITDA growth in the near to medium
term, which S&P currently views as challenging.  S&P therefore
expects headroom under its senior credit facilities to further
tighten over the coming quarters, potentially to below 5% for
certain ratios.  This heightens its short- to medium-term
liquidity exposure to adverse developments in the currently
difficult credit market conditions.  If not waived, a breach of
the covenants could cause early redemption and cross-default on
virtually all the company's financial debt (of about EUR260
million).

"The company could be downgraded by one notch in the next three to
six months should it fail to manage the covenant situation
proactively," said Ms. Stegert.  "The ratings could also be
lowered if VAC's actual performance and prospects for 2009 reduce
further and if its free operating cash flow generation was to turn
negative over the coming months."


WEKAL STAHLBAU-REGALTECHNIK: Claims Registration Ends Sept. 20
--------------------------------------------------------------
Creditors of Wekal Stahlbau-Regaltechnik GmbH have until Sept. 20,
2008, to register their claims with court-appointed insolvency
manager Sandra Mitter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel
         Germany

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

The insolvency manager can be reached at:

         Sandra Mitter
         Wilhelmshoeher Allee 270
         34131 Kassel
         Germany
         Tel: 0561/3166-311
         Fax: 0561/3166-312
         E-mail: kassel@leonhardt-westhelle.eu

The District Court of Kassel opened bankruptcy proceedings against
Wekal Stahlbau-Regaltechnik GmbH on July 31, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Wekal Stahlbau-Regaltechnik GmbH
         Bahnhofstrasse 43
         34311 Naumburg
         Germany


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


CADENCE INNOVATION: H.S. Die Slams Proposed US$50 Million Loan
------------------------------------------------------------
H.S. Die & Engineering Inc., slammed Cadence Innovation LLC, and
New Venture Real Estate Holdings LLC's proposed borrowing of
US$50,000,000, saying it would give Bank of America Corporation
"superpriority priming liens" on the Debtors' assets.

In a statement filed with the U.S. Bankruptcy Court for the
District of Delaware, H.S. Die said that it holds priority liens
on some assets including machinery and trump, that should not be
primed by BofA's liens without giving the company adequate
protection.

"The Debtors proposed adequate protection only for the lenders,"
said Carl Kunz III, Esq., at Morris James LLP, in Wilmington,
Delaware.  "H.S. Die disputes that the Debtors can adequately
protect the lenders whose claims are inferior to H.S. Die's
claims, yet not provide adequate protection to the [company]."

According to Mr. Kunz, the Debtors did not propose to pay H.S.
Die's claims in cash or assure the company that they would make
periodic cash payments.  He pointed out that the Debtors do not
have unencumbered assets on which H.S. Die may have an additional
or replacement lien.

H.S. Die allegedly holds a secured claim for US$654,670 for the
tools it supplied to the Debtors before their bankruptcy filing.
The Debtors have also contracted the company to manufacture
certain tools for a purchase price of US$2,753,710, which have not
yet been delivered to date.

H.S. Die says it obtained and perfected its first priority liens
in the unpaid tooling under applicable Michigan Law.  It also
properly filed and timely filed Uniform Commercial Code financing
statements with the Delaware Secretary of State listing the
tooling as collateral.

The Debtors received temporary authority to borrow under the DIP
financing provided by BofA, which serves as agent for lenders
under the amended and restated credit agreement.  The Debtors
intend to use the bankruptcy loan to pay their debt to their pre-
bankruptcy lenders and pay the cost of administering their
bankruptcy cases.  The loan will also be used for working capital
and general corporate purposes.

In return for the financing, the Debtors will grant
"superpriority claim status" to BofA, on behalf of the lenders.
The Debtors will also grant the lenders first priority security
interests and liens on their properties, including cash, accounts
receivable, inventories, equipment, real property and 100% of
their capital stock.  The collateral, however, does not include
the capital stock and other equity of foreign subsidiaries, among
others.

The hearing to consider final approval of the proposed DIP
financing is set on Sept. 18, 2008.  Creditors and other
concerned parties have until Sept. 11, 2008, to file their
objections.

                    About Cadence Innovation

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


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


CROSBY ASSET: In Talks to Sell or Liquidate Six Irish Funds
-----------------------------------------------------------
Crosby Asset Management is in discussions with third-parties to
sell or liquidate six Dublin-based funds from its Forsyth range
following substantial redemptions from investors, Reuters reports.
Forsyth Partners, whose assets were bought by Crosby, went into
administration in September 2007 after it lost its license to
operate in a financial center in Dubai.

The six Dublin-based funds for sale or liquidation are Forsyth
Global Balanced, Global Thematic, Global Bond, Global Emerging
Markets, Greater Europe and North America funds, the report
discloses.

"We are in discussions with third parties about all sorts of
things ... Some parties we were in discussion with we're no longer
in discussion with. (But) not all parties have pulled (out)," COO
Steve Fletcher was quoted by Reuters as saying.  "At certain
levels assets under management become uneconomic."

According to the report, a client pulled out around 30% of the
Dublin-based funds' assets, which stood at nearly US$230 million.

Mr. Fletcher, however, indicated redemptions "had been larger than
that," the report relates.

He added a sale could make buying the funds less attractive as the
fund's board has the power to terminate a management contract, the
report notes.

Crosby Asset Management -- http://www.crosby.com/-- is a global
asset management group.  It has offices located in London, Hong
Kong and Singapore, and is quoted on the London Stock Exchange's
AIM.


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


ALITALIA SPA: Commissioner Warns of Lay Off if Unions Deter Plan
----------------------------------------------------------------
Alitalia S.p.A. extraordinary commissioner Augusto Fantozzi
threatened to lay off employees if trade unions continue to
disagree on the new terms of the proposed rescue plan for the
bankrupt carrier, the Wall Street Journal reports, citing sources
privy with the unions.

As reported in the TCR-Europe on Sept. 10, 2008, Alitalia's unions
rejected the employment contract proposed by Compagnia Aerea
Italiana s.r.l.

Under CAI's proposal:

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

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

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

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

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

Unions described the proposals as "worst, unfeasible, and not
viable," following a meeting with the Italian government, Alitalia
and CAI.

According to Agenzia Giornalistica Italia, the government has
given unions until today, Sept. 12, 2008, to agree with the terms
of the rescue plan.

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

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

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

                          About Alitalia

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

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

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


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


MONTAGE INVEST: Claims Deadline Slated for October 7
----------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory liquidation
of LLP Stroy Montage Invest (RNN 092300210762).

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

         The Tax Committee of Almaty
         Room 208
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 24-19-77


ORS-NOD-1 OJSC: Claims Filing Period Ends October 12
----------------------------------------------------
OJSC Ors-Nod-1 has gone into liquidation.  Creditors have until
Oct. 12, 2008, to submit written proofs of claims to:

         OJSC Ors-Nod-1
         Lokomotivnaya Str. 5
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (7163) 66-45-94


STROY DOM: Creditors' Claims Due on October 8
---------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Construction Company Stroy Dom 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


TORG STROY: Claims Registration Ends October 3
----------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Torg Stroy Invest insolvent.

Creditors have until Oct. 3, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Podstepnoye
         Chapaev Str. 2
         Terektinsky
         West Kazakhstan
         Kazakhstan
         Tel: 8 711 323 64-72


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


ASIA PLUS: Creditors Must File Claims by September 30
-----------------------------------------------------
Branch of Company Asia Plus KG has gone into liquidation.
Creditors have until Sept. 30, 2008, to submit written proofs of
claim.

Inquiries can be addressed to (0-772) 55-19-33.


===========
P O L A N D
===========


STREAM COMMS: CDN$3,107,320 Net Loss Casts Going Concern Doubt
--------------------------------------------------------------
The management of Stream Communications Network & Media, Inc.,
believes its current condition casts substantial doubt about its
ability to continue as a going concern.  The company has recurring
operating losses, an accumulated deficit and negative working
capital at Dec. 31, 2007.  The continuing operations of the
company are dependent upon its ability to commence profitable
operations in the future.

The company posted a net loss of CDN$3,107,320 on total revenues
of CDN$7,376,978 for the year ended Dec. 31, 2007, as compared
with a net loss of CDN$4,485,893 on total revenues of
CDN$6,472,905 in the prior year.

The company has not been profitable in the past.  The aggregate of
its net losses or its accumulated deficit of CDN$49,994,299 at
Dec. 31, 2007, has been financed by debt, private placements of
equity securities, equity issued on settlement of debt and the
exercise of stock options and warrants.

The company is actively pursuing additional funding to continue
its current projects.  The availability of those funding may be on
terms that require a significant reduction in scope of operations
or disposal of assets.  Management continues its efforts to
develop the company's operating capabilities in order to improve
cash flow from operations.

                      Results of Operations

Although the company ended 2007 with a working capital deficit of
CDN$9,871,755 compared with CDN$1,787,498 in 2006, this is not a
reflection of its financial position subsequent to Dec. 31, 2007,
as CDN$6,166,566 of the working capital deficit at Dec. 31, 2007,
is linked directly to the investment of Penta Investments Ltd.,
causing existing long-term debt to become payable upon completion
of the transaction.  Had the company not concluded the transaction
with Penta, the working capital deficit in 2007 would have been
comparable to 2006.

Revenue increased by 14% in 2007 as compared with 2006, as result
of actively promoting Internet services to subscribers for the
network modernized in 2006 as well as focused direct sales efforts
to upgrade existing subscribers to premium service packages.  The
rates for services increased in 2007 by 14% to offset the
increased costs for programming and system lease expenses.

Operating Expenses increased by 13% from Dec. 31, 2006, to
Dec. 31, 2007, as a result of the company engaging professional
advisors to support management at raising funds, and in particular
to provide advisory services to management in the finalization of
the terms on the agreement entered into with Penta on its
investment in Stream Poland.

The company reported a negative Adjusted EBITDA of CDN$1,255,799
for the year ended Dec. 31, 2007, as compared with CDN$502,984 in
2006.  The deterioration of Adjusted EBITDA in 2007 from 2006 is a
result of transactions with advisors engaged by the company to
assist in the completion of the transaction with Penta.

                           Balance Sheet

At Dec. 31, 2007, the company's balance sheet showed
CDN$16,619,743 in total assets, CDN$12,202,928 in total
liabilities, and CDN$3,493,290 in total stockholders' equity.

The company's consolidated balance sheet at Dec. 31, 2007, also
showed strained liquidity with CDN$1,762,585 in total current
assets available to pay CDN$11,619,493 in total current
liabilities.

A full-text copy of the company's annual report on Form 20-F for
the year ended Dec. 31, 2007, is available at no extra charge at
http://ResearchArchives.com/t/s?3192

                         Subsequent Events

In the fourth quarter of 2007, management focused on securing an
investment agreement with Penta.  This delayed the bond offering
and limited the company's possibility to finance its operations
and investments through vendor financing.

The bond offering was executed in November 2007 to manage cash
flow until the investment agreement with Penta was completed.
Stream Poland executed a bond offering, for which the bond was
repaid within two months after issue, at an expense of
CDN$157,120.

Following the preliminary investment agreement with Penta signed
in December 2007 and finalized in February 2008, both Stream
Canada and Stream Poland have repaid all external debt, and
provided the company with sufficient cash to finance its new
venture in Streamline (Greenfield CATV Network in Suwalki,
Poland), and Stream Poland has been recapitalized providing
capital and liquidity to its operations.

                   About Stream Communications

Stream Communications Network and Media, Inc., --
http://www.streamcn.com-- provides broadband communications
services, including cable TV, Internet access, and voice over
Internet protocol telephone service to customers in Poland.  It
operates primarily through wholly owned subsidiary Stream
Communications Sp. z.o.o., which is based in Poland.  Stream
serves the areas of Malopolskie, Podkarpackie, Slaskie, and
Swietokrzyskie, where it has 60,000 cable TV subscribers and about
4,000 subscribers for Internet access.  The company started out
offering only cable TV service, but has since expanded its
offerings through acquisitions and network upgrades.  Stream
Communications is headquartered in Vancouver, British Columbia,
Canada.


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


DAGESTAN WINES: Creditors Must File Claims by October 2
-------------------------------------------------------
Creditors of OJSC Dagestan Wines and Cannery Plant have until
Oct. 2, 2008 to submit proofs of claims to:

         M. Baimurzayev
         Temporary Insolvency Manager
         Gagarina Str. 56/88
         Makhachkala
         Dagestan
         Russia

The Arbitration Court of Dagestan commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A15-570/08.

The Debtor can be reached at:

         OJSC Dagestan Wines and Cannery Plant
         Karabudakhkentskiy district
         Dagestan
         Russia


EVRO-LIDER LLC: Creditors Must File Claims by October 2
-------------------------------------------------------
Creditors of LLC Evro-Lider (TIN 7446030171) have until Oct. 2,
2008 to submit proofs of claim to:

         G. Muzafalov
         Insolvency Manager
         Apt.84
         Shafiyeva Str. 10
         450083 Ufa
         Bashkortostan
         Russia
         Tel/Fax: (347) 248-81-17

The Arbitration Court of Chelyabinskaya commenced bankruptcy
proceeding on the company as an  absent debtor for a term of three
months.  The case is docketed under Case No. A76-8794/
2008-52-101.

The Court is located at:

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

The Debtor can be reached at:

         LLC Evro-Lider
         Prospekt K.Marksa 151
         455038 Magnitogorsk
         Chelyabinskaya
         Russia


FERRO K: Creditors Must File Claims by October 2
------------------------------------------------
Creditors of LLC Ferro K have until Oct. 2, 2008 to submit proofs
of claim to:

         V. Moskayeva
         Insolvency Manager
         Zavodskoe shosse 6
         440039 Penza
         Russia

The Arbitration Court of Mordovia commenced bankruptcy proceeding
against the company after finding it insolvent.  The case is
docketed under Case No. A38-1510/2008-9-72.

The Debtor can be reached at:

         LLC Ferro K
         Vashskaya Str.8
         Yoshkar-Ola


MUROMETS LLC: Creditors Must File Claims by November 2
------------------------------------------------------
Creditors of LLC Muromets have until Nov. 2, 2008 to submit proofs
of claim to:

         A. Shirobokov
         Insolvency Manager
         Post User Box 502
         660022 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceeding against the company after finding it insolvent.  The
case is docketed under Case No. A33-9068/2008.

The Court is located at:

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

The Debtor can be reached at:

         LLC Muromets
         Apt.1
         Building 26
         Micro district 5
         Lesosibirsk
         Russia


PRIVOLYE AGRICULTURAL: Creditors Must File Claims by October 2
--------------------------------------------------------------
Creditors of LLC Privolye Agricultural Company have until
Oct. 2, 2008 to submit proofs of claim to:

         N. Titov
         Temporary Insolvency Manager/Insolvency Manager
         Apt.153
         Zvezdnaya Str. 13/2
         398035 Lipetsk
         Russia
         Tel: 8-960-148-50-79
         Fax: 8-4742-33-7-60

The Arbitration Court of Tambovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A64-762/08-10.

The Court is located at:

         The Arbitration Court of Tambovskaya
         Penzenskaya Str. 67/12
         392020 Tambov
         Russia


RASSVET LLC: Creditors Must File Claims by October 2
----------------------------------------------------
Creditors of LLC Rassvet have until Oct. 2, 2008 to submit proofs
of claim to:

         V. Moskayeva
         Insolvency Manager
         Zavodskoe shosse 6
         440039 Penza
         Russia

The Arbitration Court of Mordovia commenced bankruptcy proceeding
against the company after finding it insolvent.  The case is
docketed under Case No. A39-2101/2008-96/6.

The Debtor can be reached at:

         LLC Rassvet
         Apt.6
         Stroitelnaya Str. 18
         Insar
         Mordovia
         Russia


SITRONICS JSC: Sets Up Joint Venture with ZTE Corp. in China
------------------------------------------------------------
JSC SITRONICS has established the SITRONICS-ZTE Ltd., a joint
venture with ZTE Corporation, which is the largest
telecommunications equipment supplier in the People's Republic of
China.

SITRONICS-ZTE will focus on the development and production of
telecommunications equipment, CDMA terminals and specialized
electronic products.  The joint venture expects to launch a
research and development center.

The joint venture company will be established in the city of
Hangzhou in the East of China.  SITRONICS holds a 51% stake in the
joint venture, with ZTE Corporation owning the remaining 49%.  The
Company's Board of Directors will comprise three representatives
from SITRONICS and two from ZTE Corporation.

Hurem Nihad, a member of SITRONICS' Board of Directors, has been
appointed as Chairman of the joint venture company's Board of
Directors.  ZTE Corporation's representative will be appointed as
CEO, and SITRONICS' representative will be appointed as CFO.

Sergey Aslanian, President and Chief Executive Officer of
SITRONICS, commented: "This joint venture is one of our key
projects and is in line with our strategic development plan.  It
will enable us to migrate our mass manufacturing and production
capacity from Europe to South-East Asia, thereby improving
efficiency levels and reducing costs."

                     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.


* S&P Says Russian Banks Improving But Still Vulnerable to Shocks
-----------------------------------------------------------------
Standard & Poor's Ratings Services foresees gradual reform and
improvement of the Russian banking sector -- and perhaps possible
setbacks -- in an article, "A Decade After The Crisis, Russia's
Banks Are Healthier, But Still Susceptible To Shock."

One of the biggest victims of Russia's 1998 financial crisis was
the banking system.

"To its credit, the sector has recovered strongly in the 10 years
since then, and our prognosis is cautiously good, but with some
reservations," said S&P's credit analyst Ekaterina Trofimova,
author of the report.

The recovery is reflected in the rise over the decade in the
average rating on Russian banks from 'CCC' to 'B+' -- still one of
the lowest in the world.

S&P's Banking Industry Country Risk Assessment (BICRA) for The
Russian Federation (foreign currency BBB+/Positive/A-2; local
currency A-/Positive/A-2) is another healthy sign:  S&P has raised
it twice in the past two years, most recently on Aug. 6, 2008,
when it improved to Group 7 from Group 8 -- joining the ranks of
Latvia, Romania, and Turkey.

The banking system is more resilient, though there are many ifs,
ands, and buts.  Russian banks are still supported more by
favorable extrinsic factors -- like the robust macroeconomic
climate.  However, intrinsic enhancements such as reform of the
sector, improvements to banks' franchises, and development of risk
management, are still uncertain, fragmented, and slow.

"Lending portfolios are relatively new, but as they start
seasoning and the credit environment deteriorates in Russia and
globally, credit risks are a growing concern.  Still, they should
not threaten the ratings, at least in the near future," said Ms.
Trofimova.

Liquidity remains a key issue, and it's caught between opposing
forces.

It's partly benefiting from favorable export prices on natural
resources, government injections, and international borrowings.

"On the downside, we foresee renewed, albeit manageable, liquidity
shortages -- especially as the global credit crunch drags on and
cooler relations with the West exacerbate tight funding conditions
and lead to more volatile market conditions," Ms. Trofimova added.

Loans and deposits will continue to grow, but at a slower pace.
The number of banks is set to decline due to a regulatory cleanup,
but consolidation and mergers and acquisitions will still remain
limited.  Banks that survive will be bigger and more diversified.

"If the patient was on life support in 1998, it's now up and
walking.  But what's not certain is whether it will take a fall on
the path to better health," Ms. Trofimova said.


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


FTA UCI 16: S&P Places BB-Rated Class D Notes on Negative Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch with
negative implications its credit ratings on the class B and C
notes issued by Fondo de Titulizacion de Activos UCI 14, Fondo de
Titulizacion de Activos UCI 15, and Fondo de Titulizacion de
Activos UCI 17, and the class B, C, and D notes issued by Fondo
de Titulizacion de Activos UCI 16.  The other classes of notes in
the transactions were affirmed.

The CreditWatch placements follow a deterioration in the credit
quality of the underlying pool.  The volume of long-term arrears
has grown significantly over the last two quarters.

Based on these factors, the likelihood of defaults and reserve
fund draws has significantly increased.  S&P will now carry out a
full analysis of these deals' underlying portfolios to investigate
whether any change to the ratings assigned to the notes is
warranted.  S&P will report the results of this review and any
rating changes in due course.

The FTA UCI deals are Spanish residential mortgage-backed
securities (RMBS) transactions backed by pools of first-ranking
mortgages secured over owner-occupied residential properties in
Spain, and pools of unsecured personal or second-lien mortgage
loans all associated with the first-ranking mortgages originated
by Union de Creditos Inmobiliarios, Establecimiento Financiero de
Credito S.A.

Ratings Placed On CreditWatch Negative:

Fondo de Titulizacion de Activos UCI 14:

  -- EUR1,450 Million Mortgage-Backed Floating-Rate Notes

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

Fondo de Titulizacion de Activos UCI 15:

  -- EUR1,451.6 Million Mortgage-Backed Floating-Rate Notes

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

Fondo de Titulizacion de Activos UCI 16:

  -- EUR1,819.8 Million Mortgage-Backed Floating-Rate Notes

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

Fondo de Titulizacion de Activos UCI 17:

  -- EUR1,415.4 Million Mortgage-Backed Floating-Rate Notes

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

Ratings Affirmed:

Fondo de Titulizacion de Activos UCI 14:

  -- EUR1,450 Million Mortgage-Backed Floating-Rate Notes

A       AAA

Fondo de Titulizacion de Activos UCI 15:

  -- EUR1,451.6 Million Mortgage-Backed Floating-Rate Notes
A       AAA

Fondo de Titulizacion de Activos UCI 16:

  -- EUR1,819.8 Million Mortgage-Backed Floating-Rate Notes

A1      AAA
A2      AAA
E       CCC-

Fondo de Titulizacion de Activos UCI 17:

  -- EUR1,415.4 Million Mortgage-Backed Floating-Rate Notes

A1      AAA
A2      AAA
D       CCC-


FTA UCI 17: S&P Affirms Junk Rating on Class D Floating-Rate Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch with
negative implications its credit ratings on the class B and C
notes issued by Fondo de Titulizacion de Activos UCI 14, Fondo de
Titulizacion de Activos UCI 15, and Fondo de Titulizacion de
Activos UCI 17, and the class B, C, and D notes issued by Fondo
de Titulizacion de Activos UCI 16.  The other classes of notes in
the transactions were affirmed.

The CreditWatch placements follow a deterioration in the credit
quality of the underlying pool.  The volume of long-term arrears
has grown significantly over the last two quarters.

Based on these factors, the likelihood of defaults and reserve
fund draws has significantly increased.  S&P will now carry out a
full analysis of these deals' underlying portfolios to investigate
whether any change to the ratings assigned to the notes is
warranted.  S&P will report the results of this review and any
rating changes in due course.

The FTA UCI deals are Spanish residential mortgage-backed
securities (RMBS) transactions backed by pools of first-ranking
mortgages secured over owner-occupied residential properties in
Spain, and pools of unsecured personal or second-lien mortgage
loans all associated with the first-ranking mortgages originated
by Union de Creditos Inmobiliarios, Establecimiento Financiero de
Credito S.A.

Ratings Placed On CreditWatch Negative:

Fondo de Titulizacion de Activos UCI 14:

  -- EUR1,450 Million Mortgage-Backed Floating-Rate Notes

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

Fondo de Titulizacion de Activos UCI 15:

  -- EUR1,451.6 Million Mortgage-Backed Floating-Rate Notes

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

Fondo de Titulizacion de Activos UCI 16:

  -- EUR1,819.8 Million Mortgage-Backed Floating-Rate Notes

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

Fondo de Titulizacion de Activos UCI 17:

  -- EUR1,415.4 Million Mortgage-Backed Floating-Rate Notes

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

Ratings Affirmed:

Fondo de Titulizacion de Activos UCI 14:

  -- EUR1,450 Million Mortgage-Backed Floating-Rate Notes

A       AAA

Fondo de Titulizacion de Activos UCI 15:

  -- EUR1,451.6 Million Mortgage-Backed Floating-Rate Notes
A       AAA

Fondo de Titulizacion de Activos UCI 16:

  -- EUR1,819.8 Million Mortgage-Backed Floating-Rate Notes

A1      AAA
A2      AAA
E       CCC-

Fondo de Titulizacion de Activos UCI 17:

  -- EUR1,415.4 Million Mortgage-Backed Floating-Rate Notes

A1      AAA
A2      AAA
D       CCC-


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


FRISCHBETON DARLIGEN: Creditors' Proofs of Claim Due by Oct. 15
---------------------------------------------------------------
Creditors owed money by JSC Frischbeton Darligen are requested to
file their proofs of claim by Oct. 15, 2008, to:

         Hans Jakob Hadorn
         Oberlandstrasse 5
         Mail Box: 133
         3700 Spiez
         Switzerland

The company is currently undergoing liquidation in Darligen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on May 28, 2008.


INSOLTEL SCHWEIZ: Creditors Have Until Oct. 3 to File Claims
------------------------------------------------------------
Creditors owed money by LLC InSolTel Schweiz are requested to file
their proofs of claim by Oct. 3, 2008, to:

         Burgstrasse 16a
         8608 Bubikon
         Switzerland

The company is currently undergoing liquidation in Bubikon.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 10, 2008.


KALIN ARCHBAU: Oct. 17 Set as Deadline to File Proofs of Claim
--------------------------------------------------------------
Creditors owed money by LLC Kalin archbau are requested to file
their proofs of claim by Oct. 17, 2008, to:

         Bruno Kalin
         Neuheimstrasse 36
         8853 Lachen
         Switzerland

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


LEDER AEGERTE: Creditors Must File Proofs of Claim by Oct. 14
-------------------------------------------------------------
Creditors owed money by JSC Leder Aegerte are requested to file
their proofs of claim by Oct. 14, 2008, to:

         Hans Aegerter
         Dohlenweg 3
         3612 Steffisburg
         Switzerland

The company is currently undergoing liquidation in Thun.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 6, 2008.


LUTZ AESCHLIMANN: Deadline to File Proofs of Claim Set Oct. 15
--------------------------------------------------------------
Creditors owed money by LLC Lutz Aeschlimann are requested to file
their proofs of claim by Oct. 15, 2008, to:

         Rosenstrasse 19a
         8360 Eschlikon
         Switzerland

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


WEDAG WERBE-DRUCK: Proofs of Claim Filing Deadline is Oct. 15
-------------------------------------------------------------
Creditors owed money by JSC Wedag Werbe-Druck are requested to
file their proofs of claim by Oct. 15, 2008, to:

         Kurt Clauss
         Baselmattweg 101
         4123 Allschwil
         Switzerland

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


===========
T U R K E Y
===========


TURKIYE IS: Moody's Changes D+ BFS Outlook to Positive
------------------------------------------------------
Moody's Investors Service has changed the outlook on the D+ bank
financial strength rating of Turkiye Is Bankasi A.S. to positive
from stable.  The bank's B1/Not Prime foreign currency deposit
ratings and A3/Prime-2 global local currency deposit ratings are
unaffected by this action and carry stable outlooks.

Moody's decision to change the outlook on Isbank's D+ BFSR (which
maps to a baseline credit assessment of Baa3) to positive is based
on continued progress in the implementation of the bank's
extensive internal restructuring program.  Moody's considers that
this initiative will enhance the bank's competitiveness and will
help it maintain its current franchise strength and financial
performance even as the sector's competitive dynamics become more
challenging.

Moody's adds that Isbank's restructuring program targets both the
bank's sales effectiveness and its cost efficiency.
Implementation is expected to be completed in 2009, with tangible
results likely to materialize at the end of that year.  Evidence
that the bank has improved its competitiveness could lead to a
BFSR upgrade over the medium term; however, any improvement in
financial performance that resulted from an increase in risk
appetite would not be regarded positively from a rating viewpoint.

The outlook change incorporates the possibility of a deterioration
in the Turkish credit environment over coming months should the
weakening macroeconomic conditions in Europe spread to Turkey.
Moody's considers that Isbank's high current profitability
provides it with sufficient provisioning capacity that would
protect the bank's solvency in all but very extreme asset quality
scenarios.

Turkiye Is Bankasi is headquartered in Istanbul (Turkey) and at
the end of June 2008 its consolidated assets totalled YTL99.90
billion (EUR59.91 billion).


YAPI VE: Moody's Changes D+ BFSR Outlook to Positive
----------------------------------------------------
Moody's Investors Service has changed the outlook on the D+ bank
financial strength rating of Yapi ve Kredi Bankasi A.S.  to
positive from stable.  The bank's B1/Not Prime foreign currency
deposit ratings, its A3/Prime-2 global local currency deposit
ratings and its Aaa.tr/TR-1 national scale ratings are unaffected
by this action and carry stable outlooks.

Moody's decision to change the outlook on YKB's D+ BFSR (which
maps to a baseline credit assessment of Baa3) to positive is based
on evidence of a continued recovery in the bank's franchise
strength and financial metrics.  This has been reflected in: (i) a
continuing improvement in the bank's profitability and
capitalization metrics and (ii) evidence of stronger business
growth and commercial effectiveness as the bank's new service
model gains traction.  On several measures of financial strength,
YKB is closing the gap with the strongest performers in the
Turkish banking system, which are currently situated in the C-
BFSR category.

According to Moody's, the immediate trigger for the outlook change
has been the conclusion of a YTL920 million rights issue that
provides the bank with an enhanced loss-absorption capacity and
with sufficient capital resources to support its growth strategy.
Moody's also notes that YKB's financial performance for the first
half of 2008 confirms the bank's improved income-generating
capacity and good control of operating expenses.  The rating
agency also recognises that these profitability improvements have
not been accompanied by any increase in the bank's risk appetite.

Moody's notes that the recovery in YKB's financial performance
began in 2005 when Koc Financial Services (the Unicredito and Koc
joint venture) acquired a majority stake in the bank and merged it
with Kocbank.  The balance sheet cleanup and recapitalization as
well as good progress with merger integration resulted in rating
upgrades in 2006 and 2007.  YKB has followed this up with the
pursuit of a well-conceived strategy that targets specific market
opportunities and addresses those areas where performance still
lags behind that of the best-performing domestic peers.  Such
areas include loan pricing, the profitability of the retail
business and the fine-tuning of credit practices following the
introduction of new standards.

Finally, Moody's adds that the outlook change incorporates the
possibility of a deterioration in the Turkish credit environment
over coming months should the weakening macroeconomic conditions
in Europe spread to Turkey.  Moody's considers that YKB's high
current profitability provides it with sufficient provisioning
capacity that would protect the bank's solvency in all but very
extreme asset quality scenarios.

Yapi ve Kredi Bankasi is headquartered in Istanbul (Turkey) and at
the end of June 2008 its consolidated assets totaled YTL64.63
billion (EUR38.76 billion).


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


GARANT LLC: Creditors Must File Claims by September 20
------------------------------------------------------
Creditors of LLC Agricultural Firm Garant (code EDRPOU 05283356)
have until Sept. 20, 2008, to submit proofs of claim to:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent on May 8, 2007.
The case is docketed as 18/137.

The Debtor can be reached at:

         LLC Agricultural Firm Garant
         V. Perevoz
         Shyshatsky District
         38020 Poltava
         Ukraine


KOPACHEVKA AGRICULTURAL: Creditors Must File Claims by Sept. 20
---------------------------------------------------------------
Creditors of LLC Kopachevka Agricultural Firm (code EDRPOU
03788081) have until Sept. 20, 2008, to submit proofs of claim to:

         The Economic Court of Hmelnitskij
         Nezalezhnosti Square 1
         29000 Hmelnitskij
         Ukraine

The Economic Court of Hmelnitskij commenced bankruptcy proceedings
against the company after finding it insolvent on July 29, 2008.
The case is docketed as 13/85-B.

The Debtor can be reached at:

         LLC Kopachevka Agricultural Firm
         Kopachevka
         Derazhnia District
         Hmelnitskij
         Ukraine


MAS-TRADE LLC: Creditors Must File Claims by Sept. 20
-----------------------------------------------------
Creditors of LLC Mas-Trade (code EDRPOU 34613935) have until
Sept. 20, 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. 7, 2008.
The case is docketed as 24/197-b.

The Debtor can be reached at:

         LLC Mas-Trade
         Novokonstantinovskaya Str. 4-A
         04080 Kiev
         Ukraine


PETROLEUM CHEMISTRY: Creditors Must File Claims by Sept. 20
-----------------------------------------------------------
Creditors of LLC Trading Company Agricultural Petroleum Chemistry
Industry-Plus (code EDRPOU 35253180) have until Sept. 20, 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. 14, 2008.
The case is docketed as 24/260-b.

The Debtor can be reached at:

         LLC Trading Company Agricultural
         Petroleum Chemistry Industry-Plus
         Office 1
         Vladimirskaya Str. 7
         01025 Kiev
         Ukraine


PRODUCTION-TECHNOLOGICAL CONNECTION: Claims Due Sept. 20
--------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 9, 2008.
The case is docketed as 10/68.

Creditors of OJSC Complex of Production-Technological Connection
(code EDRPOU 05427849) have until Sept. 20, 2008, to submit proofs
of claim to:

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

The Debtor can be reached at:

         OJSC Complex of Production-Technological Connection
         Lenin Avenue 48
         Alexandriya
         28000 Kirovograd
         Ukraine


SOTSIUM-TRADE LLC: Creditors Must File Claims by Sept. 20
---------------------------------------------------------
Creditors of LLC Sotsium-Trade (code EDRPOU 35556826) have until
Sept. 20, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 31, 2008.
The case is docketed as 43/555.

The Debtor can be reached at:

         LLC Sotsium-Trade
         Bulgakov Str. 16
         03134 Kiev
         Ukraine


SPORT-TRADE LLC: Creditors Must File Claims by Sept. 20
-------------------------------------------------------
Creditors of LLC Sport-Trade (code EDRPOU 32948935) have until
Sept. 20, 2008, to submit proofs of claim to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 5, 2008.
The case is docketed as B-19/120-08.

The Debtor can be reached at:

         LLC Sport-Trade
         Lenin Avenue 9
         61166 Kharkov
         Ukraine


STEK-2005 LLC: Creditors Must File Claims by September 20
---------------------------------------------------------
Creditors of LLC Stek-2005 (code EDRPOU 33174851) have until Sept.
20, 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 July 30, 2008.
The case is docketed as 21/58/08.

The Debtor can be reached at:

         LLC Stek-2005
         Frunze Str. 3
         Priazovskoye
         72400 Zaporozhje
         Ukraine


UKRAINIAN TRANSPORT: Creditors Must File Claims by Sept. 20
-----------------------------------------------------------
Creditors of LLC Industrial Company Ukrainian Transport Building
(code EDRPOU 34267695) have until Sept. 20, 2008, to submit proofs
of claim to:

         The Economic Court of Zhytomir
         Putiatinskiy Square 3/65
         10014 Zhytomir
         Ukraine

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 5, 2008.
The case is docketed as 7/117-b.

The Debtor can be reached at:

         LLC Industrial Company Ukrainian Transport Building
         Griboyedov Str. 37
         Korostyshev
         Zhytomir
         Ukraine


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


A.T. PERFORMANCE: Brings in Liquidators from Moore Stephens
-----------------------------------------------------------
Nigel Price and Colin Prescott of Moore Stephens were appointed
joint liquidators of A.T. Performance Ltd. on Aug. 21, 2008,  for
the creditor's voluntary winding-up proceeding.

The company can be reached at:

         A.T. Performance Ltd.
         c/o Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham
         B3 1PB
         England


AUSTIN WHITE: Appoints Begbies Traynor as Administrators
--------------------------------------------------------
Austin White has appointed Begbies Traynor as administrators.  The
company also confirmed that most of its workforce have been
declared redundant.

In an interview with DIY Week, Begbies insolvency manager Dean
Watson confirmed that Austin White went into administration on
Sept. 8, 2008.

In the same interview Mr. Watson said, "Joint administrators Gary
Lee and Paul Stanley plan to continue trading the business for a
short period of time until they find a buyer.  The majority of
staff have been made redundant but they have retained a small team
to keep things ticking over."

Aston White -- http://austinwhiteladders.co.uk/-- is a company
specializing on ladders.


BALLY TECHNOLOGIES: Moody's Assigns Ba3 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service assigned a Ba3 Corporate Family rating
and Ba3 Probability of Default rating to Bally Technologies, Inc.
It also assigned a Ba3 rating to both the company's proposed
US$225 million senior secured term loan and US$75 million senior
secured revolving credit facility.  The new facilities will be
used to refinance the company's existing bank facilities.  Moody's
also assigned a Speculative Grade Liquidity rating of SGL-2.  The
ratings are subject to review of final documentation.  The ratings
reflect Bally's small scale, technology and game development
risks, the need for continued spending on research and
development, the risk that player acceptance of Bally's games
could wane, and competition with a larger better capitalized
company.  Ratings are supported by an improved product line-up,
rising returns and margins, low leverage, and strong interest
coverage.  As of June 30, 2008, Debt/EBITDA is modest at 1.2
times, with interest coverage (as measured by EBITDA-
CAPX/interest) solid for the rating at 5.6 times based upon
Moody's standard analytic adjustments.  Bally's operating
performance has improved over the past few years due to the
conversion to a single operating platform, the roll-out of popular
game titles pursuant to profitable lease arrangements, continued
leadership in gaming systems, and operating leverage from a
growing installed base of gaming units.

The Speculative Grade Liquidity rating of SGL-2 reflects Moody's
expectation that Bally can fund all operating and capital
investment needs internally, that the company can maintain a
reasonable level of availability under the revolving credit
facility, and that it will maintain ample head-room under
financial covenants.

Ratings assigned:

Bally Technologies, Inc.

   -- Corporate family rating of Ba3

   -- Probability of default rating of Ba3

   -- US$75 million senior secured revolving credit facility
      at Ba3 (LGD 4, 51%)

   -- US$225 million senior secured term loan at Ba3 (LGD 4, 51%)

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


BAXALL HOLDINGS: Calls in Liquidators from KPMG
-----------------------------------------------
Paul Andrew Flint and Brian Green of KPMG LLP were appointed joint
liquidators of Baxall Holdings Ltd. on Aug. 30, 2008, for the
creditor's voluntary winding-up proceeding.

The company can be reached at:

         Baxall Holdings Ltd.
         c/o KPMG LLP
         8 Princes Parade
         Liverpool
         L3 1QH
         England


BARBERS PROPERTY: Sold to Mike Arthan; 30 Jobs Rescued
------------------------------------------------------
The future of a long-established Shropshire estate agents has been
secured with the sale of the business and assets of Barbers
Property Agents by administrators to one of the formers partners
in the business.

The sale to Mike Arthan, director of the new business, will ensure
continuity of business in the five remaining locations of Market
Drayton, Wellington, Whitchurch, Newport and Shrewsbury and the
rescue of 30 jobs.

John Kelly and John Lowe of business rescue, recovery and
restructuring specialists Begbies Traynor were appointed as joint
administrators of Barbers in August this year and since that time
had been seeking to achieve a sale of the business.

John Kelly, partner at Begbies Traynor's Birmingham office, said:
"I am delighted that we have achieved a rescue of the business
despite the difficult conditions facing the sector."

"Barbers required significant restructuring which we were able to
carry out immediately following our appointment."

"Unfortunately a number of job losses were necessary but the
future is now more certain for those remaining."

"Barbers is well known and respected in the region but was hit
hard by the credit crunch and the harsh conditions in the housing
market."

Mike Arthan, director of the new business, said: "This represents
a great challenge for me and I am looking forward to rebuilding
the Barbers brand."

Founded in 1848, Barbers has 160 years of experience in the
Homes, Rural, and Commercial sectors.  Prior to the economic
slowdown, the business had undertaken a significant growth
program, with nearly 100 staff based across seven locations in
Shropshire and Staffordshire.  Headquartered in Shrewsbury, the
company is well known within the area, and recently received the
2007 Shropshire Business Customer Service Award.


C J P BUILDERS: Appoints Liquidators from Vantis
------------------------------------------------
Paul Atkinson and Martin Weller of Vantis Business Recovery
Services were appointed joint liquidators of C J P Builders Ltd.
(formerly Pengarn Builders Ltd.) on Sept. 2, 2008, for the
creditor's voluntary winding-up proceeding.

The company can be reached at:

         C J P Builders Ltd.
         c/o Vantis Business Recovery Services
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


LEHMAN BROTHERS: To Sell 55% Interest, Spin-Off Real Estate Assets
------------------------------------------------------------------
Lehman Brothers Holdings Inc. said that it intends to sell a
majority stake -- estimated to be approximately 55% -- in a subset
of its Investment Management Division.  The subset of businesses
includes the asset management, private equity and wealth
management businesses but excludes its middle market institutional
distribution business and the Firm's minority stakes in external
hedge fund managers.

The sale of a majority stake in the IMD Business will enhance
the Firm's already strong capital base.  Goodwill related to the
Neuberger Berman business will be eliminated, resulting in
significant improvement in the Firm's Tier 1 ratio and an
estimated increase of more than US$3 billion in tangible book
value.

The Firm also expects to maintain the diversification benefits of
retaining the majority of the pre-tax income of the Investment
Management Division.  It also ensures that the IMD Business has
the most attractive structure to continue to best serve the Firm's
clients and maximize growth opportunities.  The IMD Business will
continue to operate under the Lehman Brothers and Neuberger Berman
brands and clients will continue to be able to access all of the
capabilities of the Firm.

The Firm is in advanced discussions with a number of potential
partners for the IMD Business and expects to announce the details
of the transaction in due course.

Chairman and Chief Executive Officer Richard S. Fuld, Jr. said,
"This is an extraordinary time for our industry, and one of the
toughest periods in the Firm's history.  The strategic initiatives
we have announced today reflect our determination to fundamentally
reposition Lehman Brothers by dramatically reducing balance sheet
risk, reinforcing our focus on our client-facing businesses and
returning the Firm to profitability."

                       Strategic Initiatives

Significant Reduction in Residential Mortgage and Commercial Real
Estate Lehman Brothers took several steps to significantly reduce
its real estate portfolio in the third quarter.  The Firm reduced
its residential mortgage exposure by 31% to US$17.2 billion.
Further, Lehman Brothers is formally engaged with BlackRock
Financial Management, Inc. to sell approximately US$4.0 billion of
the Firm's UK residential mortgage portfolio and expects to
complete the sale within the next few weeks.  Pro forma for this
transaction, the Firm's residential mortgage exposure is expected
to be reduced by 47% to US$13.2 billion.  Lehman Brothers also
reduced its commercial real estate exposure by 18% in the third
quarter from US$39.8 billion to US$32.6 billion.

            Spin-Off of Commercial Real Estate Assets

The Firm intends to spin off to its shareholders US$25 billion to
US$30 billion of its commercial real estate portfolio into a
separate publicly-traded company, Real Estate Investments Global,
in the first quarter of 2009.  The spin-off of REI Global will
strengthen Lehman Brothers' balance sheet while preserving the
value of the commercial real estate portfolio for shareholders.

The concentration of positions in commercial real estate-related
assets has become a significant concern for investors and
creditors.  Therefore, Lehman Brothers believes that it is in the
best interests of all its constituents to separate these assets
from the rest of the Firm.  Transferring the vast majority of the
commercial real estate portfolio to REI Global will achieve the
following objectives:

-- REI Global will be appropriately capitalized to hold the CRE
    assets through the current economic cycle;

-- REI Global will be able to account for its assets on a hold-
    to-maturity basis;

-- REI Global is expected to hold its assets to maximize their
    value for shareholders;

-- REI Global will be able to manage the assets without the
    pressure of mark-to-market volatility; and
-- REI Global will not be forced to sell assets below what REI
    Global believes to be their intrinsic value.

At the time of formation, REI Global will be appropriately
capitalized through the transfer of common equity and provision of
debt financing, which the Firm may syndicate as markets
normalize.  REI Global will own a high quality portfolio of
assets, which is diversified by geography, property and lien type.
REI Global's primary focus will be to maximize shareholder returns
by selling assets or holding them to maturity, whichever provides
the greatest return.

REI Global will not make investments in new assets and any excess
cash flow will be returned to shareholders.

Through the creation of REI Global, Lehman Brothers achieves an
enterprise solution that removes the vast majority of commercial
real estate exposure from the Firm's balance sheet and
realizes a true sale of its commercial real estate assets while
maximizing their value.  Further, it enables shareholders to
benefit from the anticipated financial upside of the portfolio of
assets.

           Overview of Preliminary Third Quarter Results

Lehman Brothers reported a preliminary net loss of approximately
(US$3.9) billion, or (US$5.92) per common share (diluted), for the
third quarter ended August 31, 2008, compared to a net loss of
(US$2.8) billion, or (US$5.14) per common share (diluted), for the
second quarter of fiscal 2008 and net income of US$887 million, or
US$1.54 per common share (diluted), for the third quarter of
fiscal 2007.

The net loss was driven primarily by gross mark-to-market
adjustments stemming from writedowns on commercial and residential
mortgage and real estate assets.

Net revenues (total revenues less interest expense) for the third
quarter of fiscal 2008 are expected to be negative (US$2.9)
billion, compared to negative (US$0.7) billion for the second
quarter of fiscal 2008 and US$4.3 billion for the third quarter of
fiscal 2007.  Net revenues for the third quarter of fiscal 2008
reflect negative mark-to-market adjustments and principal trading
losses, net of gains on certain risk mitigation strategies and
certain debt liabilities.

During the fiscal third quarter, the Firm is expected to incur
negative gross mark-to-market adjustments on assets of (US$7.8)
billion, including gross negative mark-to-market adjustments of
(US$5.3) billion on residential mortgage-related positions,
(US$1.7) billion on commercial real estate positions, (US$600)
million on other asset-backed positions and (US$200) million on
acquisition finance positions.

These mark-to-market adjustments were offset by US$800 million of
hedging gains during the quarter and US$1.4 billion of debt
valuation gains.  The Firm is also expected to record losses on
principal investments of approximately US$760 million.

In order to increase operating efficiency, the Firm has eliminated
approximately 1,500 positions since the beginning of the third
quarter in discretionary corporate areas and businesses that are
in secular decline.

The Firm has decided to reduce its annual common dividend to
US$0.05 per common share from US$0.68 per common share, enabling
the Firm to retain US$450 million annually.

                       About Lehman Brothers

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


SCOTIA LINEN: Administrators Focus on Finding Buyers
-----------------------------------------------------
The joint administrator of Scotia Linen Services, Iain Fraser, has
announced that there had been strong interest in Scotia following
the announcement that the company had been placed in
administration.

Tenon has already dispatched nearly 30 sales packs to interested
parties and is arranging site visits.

Mr. Fraser said, "Business is going well and we are now focusing
on finding a buyer for the company as quickly as possible.  I
would like to thank customers, suppliers and staff for the support
they have given during a difficult period, which has allowed us to
quickly stabilize the company and focus on the sales process.”

Mr. Fraser concluded, "Scotia Linen Services is highly regarded
within the laundry and dry cleaning trade and we think it presents
a good opportunity for an established player wanting to expand
through acquisition, or for an entrepreneur keen to move into the
cleaning sector."

Headquartered in Aberdeen, Scotia Linen Services --
http://www.scotialinenandvalet.com/-- has 14 sites in the North
and East of Scotland.  The company provides industrial scale
laundry facilities for major corporate clients and a network of
retail sites based in residential areas which provide dry cleaning
and related services.


TRUMAC GROUP: Goes Into Administration; Seeks Buyer
---------------------------------------------------
Trumac Group Ltd., a refrigerated bodybuilder, has gone into
administration, resulting to the loss of around 30 jobs,
RoadTransport.com reports.

The administration is being handled by recovery and insolvency
specialist Harrisons, the report discloses.

Trumac, the report relates, called in Harrisons on Sept. 2, 2008,
after breaching overdraft agreements with its bank.

John Law of Harissons told RoadTransport.com Trumac was also hit
by soaring material costs and a price-competitive market, adding
"the business had been trading close to break-even.  It was
insolvent on a balance sheet basis."

According to the report, a buyer is being sought for the business,
which had a turnover of GBP6.7 million in
the year to March 31, 2008.

The management have already received some expressions of interest
for the company, the report notes.

Trumac Group Ltd. -- http://www.trumac.co.uk/-- is based in
Westbury, Wiltshire.


* EUROPE: Pharmaceutical Firms Face Key Challenges, Moody's Says
----------------------------------------------------------------
With significant amounts of revenue exposed to patent expiries
over 2010-2013, European pharmaceutical companies are facing a
challenging period ahead, Moody's Investors Service says in its
new Industry Outlook for the sector.  However, growth
opportunities remain good and balance sheets are generally robust,
creating a cushion to absorb potential negative events.

"Moody's fundamental credit outlook for European pharmaceutical
companies is negative, as patent expiries and generic competition
are converging to challenge the strength of product portfolios
and, in the medium term, their cash flow generation," says Marie
Fischer-Sabatie, a Moody's Assistant Vice-President and author of
the report.  "For a number of companies, today's pipelines appear
insufficient to make up for the expected upcoming revenue loss
and, in addition, the regulatory hurdles for drug approvals,
particularly in the US, seem to have increased recently."

In the report, the rating agency says that faced with an aging
population and soaring healthcare costs, regulatory authorities in
Europe are increasingly becoming more restrictive about which
drugs they choose to reimburse and are putting pressure on prices.

However, the industry remains profitable, with robust cash-flow
generating ability and solid liquidity.  "Prospects for growth
remain good, given remaining unmet medical needs and an aging
population in key markets," Ms. Fischer-Sabatie notes.

Moody's notes that there is a continued degree of event risk in
the sector but a number of large M&A transactions were completed
or announced over the past year.  "Moody's therefore expects M&A
activity to be somewhat more limited in the near term as companies
concentrate on integrating the acquired businesses," she adds.

Also, as share prices of certain companies have underperformed in
line with setbacks in pipelines and non-approvals from the FDA,
there has been growing pressure to enact shareholder-friendly
strategies.  "It is likely that financial policies will continue
to be more shareholder-friendly than they were in the first part
of the decade, although some companies recently moderated their
share buybacks to accommodate large M&A transactions.  Moody's
cannot rule out that acquisition and share buyback activity could
put pressure on some ratings over the next 12-18 months,"
Ms. Fischer-Sabatie concludes.

The negative outlook represents Moody's expectations for the
fundamental credit conditions in the industry over the next 12 to
18 months.


* BOOK REVIEW: Getting It to the Bottom Line
--------------------------------------------
Author:     Richard S. Sloma
Publisher:  Beard Books
Softcover:  196 pages
List Price: US$34.95

Order your personal copy at:
http://www.amazon.com/exec/obidos/ASIN/189312259X/internetbankrupt

In the author's words, "(t)his is a book about how to optimize
operating profit in an ongoing business consistent with and
supportive of the owners' (and/or creditors') demands."  As in his
book "The Turnaround Manager's Handbook," also published by Beard
Books, Richard Sloma's guidance is all-inclusive, straightforward,
and wise.  He is perhaps unique in his ability to use quotes and
maxims liberally without sounding the least bit preachy or trite.

A quote from Francois Voltaire, "perfection is attained by small
degrees," explains the main premise of this book, management by
incremental gains.  It is based on the simple notion that change,
for better or worse and accidentally or on purpose, only occurs
incrementally.  Without a succession of small changes in the same
direction, there can be no progress or growth.  Mr. Sloma defines
management as "getting work done through the efforts of others."
Thus, change in an organization depends on people.  Mr. Sloma
takes a pragmatic (and perhaps somewhat dim!) view of the ability
of people to changes, and maintains that the smaller a change
planned by management, the more likely it is to be successfully
implemented.

Mr. Sloma provides "real-world tested and proven methodology for
working with people in a professional manner to maximize their
individual commitment to goal achievement."  He offers
recommendations based on his more than 30 years of management
experience that "strike(s) the long-sought-after logical balance
of viewing and managing people as if they were competent,
conscientious, and ambitious individuals who genuinely seek
opportunities for professional growth and development."

"Getting It To The Bottom Line" is not only about people skills.
Mr. Sloma introduces financial and operational performance
numbers, and gives details on how income statements and cash flow
statements measure the magnitude and direction of planned changes
in financial operational performance.  His operational framework
is illustrated in the following eight steps: Quantify the do-
nothing scenario; If it works, don't fix it; If it doesn't,
quantify minimal acceptable performance levels; Quantify
components of any financial performance gap; If necessary, cut
your losses, liquidate and reinvest elsewhere; Quantify management
action plans to bridge the performance gap; Define and establish a
reporting and control system; Define and implement an incentive
compensation program.

Mr. Sloma examines each step thoroughly, using recognized
financial analysis methods, as well as some of his own.
Throughout, he consistently emphasizes the importance of achieving
ambitious goals one small step at a time.  He admonishes managers
to "spend no time or effort making 'little" plans.  They have no
magic to stir men's blood - or to make owners as wealthy as they
could be!"

This is a solid and substantive book that targets managers at
every level.  Mr. Sloma presents his concepts in such a way that
anyone charged with leading an organization can learn to do it
better.

Richard s. Sloma is an attorney with more than 30 years of senior
management experience.  He has served as Chief Executive Officer,
Chief Operating Officer, Chairman and Vice Chairman of the Board
of Directors, and Board Member of six international companies.  He
holds degrees in business from Northwestern University and the
University of Chicago, and a law degree from De Paul University.


                            *********

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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