TCREUR_Public/080915.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Monday, September 15, 2008, Vol. 9, No. 183

                            Headlines

A U S T R I A

FRIERSS LLC: Claims Registration Period Ends September 23
GASTHOF SCHITTL: Claims Registration Period Ends September 26
INTERMONT LAGER-UND: Claims Registration Period Ends Sept. 24
KAMENSCHAK RESCH: Claims Registration Period Ends September 26
SIMPERL LLC: Claims Registration Period Ends September 23


B E L G I U M

MYLAN INC: Moody's Lifts Senior Secured Bank Ratings to Ba3


B O S N I A   &   H E R Z E G O V I N A

PCB BOSNIA: Fitch Affirms Individual Rating at 'D/E'


F R A N C E

ALCATEL-LUCENT SA: Extends Tender Offer for Motive Inc. to Oct. 6


G E R M A N Y

AQUIS ZWEITE: Claims Registration Period Ends September 24
CAMPA SUED GMBH: Creditors' Meeting Slated for September 23
DUERR AG: Signs EUR440 Million Refinancing Deal
E & V FACHKRANKENHAUSER: Claims Registration Ends Sept. 24
NAW BAU GMBH: Claims Registration Period Ends September 23

PARABELL GMBH: Claims Registration Period Ends September 23
PHILOSOPHY CLOTHES: Claims Registration Period Ends September 23
POSTADO DEUTSCHLAND: Creditors' Meeting Slated for September 23
T & T WOLTERS: Claims Registration Period Ends September 23
TAXENRUF-WITTIG GMBH: Claims Registration Period Ends Sept. 23

VCM MEGA: Creditors' Meeting Slated for September 23
Z P F I GMBH: Claims Registration Period Ends September 23
ZEITGEIST EVENT: Claims Registration Period Ends Sept. 23


I R E L A N D

CARNEROS III: Fitch Slashes US$20MM Unfunded Notes Rating to BB+
OMEGA CAPITAL: Fitch Chips Rating on EUR10MM Cl. D-1E Notes to BB+


I T A L Y

ALITALIA SPA: Rome and Milan Airports Reviewing Debt Protection
INT'L RECTIFIER: Vishay Increases Offer to US$23 Per Share
TISCALI SPA: Management&Capitali Converts EUR60 Million Bonds


K A Z A K H S T A N

AKTUBINSKY ZAVOD: Creditors Must File Claims by October 14
AMEX CJSC: Claims Deadline Slated for October 8
ASTANA STROY: Claims Filing Period Ends October 8
BAIKAL ENERGO: Creditors' Claims Due on October 1
INVESTITSIONNYE RESURSY: Claims Registration Ends October 8

KEN OJSC: Creditors Must File Claims by October 8
MUNAI SERVICE: Claims Deadline Slated for October 14
TRANS EXPO: Claims Filing Period Ends October 3
YRYS AVTO: Creditors' Claims Due on October 3


K Y R G Y Z S T A N

CENTER GLOBAL: Creditors Must File Claims by October 1


R U S S I A

REGION-STORY LLC: Creditors Must File Claims by October 2
SPITS LLC: Creditors Must File Claims by October 2
TNK-BP INT'L: Viktor Vekselberg Says IPO Not Before 2010
UDOMLYA LARGE-PANEL: Creditors Must File Claims by October 2
URAL-ENERGO-STORY: Creditors Must File Claims by October 2

VYUMPEL GROUP: Creditors Must File Claim by November 2

* Public Funds Use May Hurt Russian Sovereign Rating, S&P Reports
* S&P: Investment Needs & Tight Liquidity to Hit Russian Food Biz


S P A I N

FORD MOTOR: To Lay Off 1,300 Workers in Spain
GENERAL MOTORS: To Lay Off 600 Workers in Spain


S W E D E N

FORD MOTOR: To Cut 500 Jobs at Ontario Crossover Plant


T U R K E Y

VESTEL ELEKTRONIK: Fitch Cuts Issuer Default Ratings to 'B'


U K R A I N E

PCB UKRAINE: Fitch Affirms Individual Rating at 'D'


U N I T E D   K I N G D O M

DAWNAY DAY: DDQ Re-brands After Management Buyout
DEARLE & HENDERSON: Brings in Liquidators from Ernst & Young
ELITE COLLEGE: Appoints Duncan R. Beat as Liquidator
EUROMASTR 2007-IV: S&P Puts BB-Rated Class E Notes on Neg. Watch
HERONSGATE LTD: Creditors Set to Vote on CVA on Sept. 18

HIGH CLASS: Calls in Liquidators from Moore Stephens
ILVA: Fails to Pay Rent; Credit Suisse Loan to Default
INNOVATE: Fails to Pay Rent; Credit Suisse Loan to Default
NATURA BUILDING: Taps Liquidators from Tenon Recovery
RSG REALISATIONS: Calls in Liquidators from KPMG

SIMPLY WATER: Appoints Liquidators from Tenon Recovery
VEDANTA RESOURCES: Unveils Corporate Structure Restructuring
VEDANTA: To Increase Aluminium Smelting Capacity to 2.6 mtpa
VEDANTA RESOURCES: Fitch Holds 'BB+' Rating on Sr. Unsec. Bonds
XL LEISURE: Goes Into Administration; Grounds Flights

* BOND PRICING: For the Week Sept. 8 to Sept. 12, 2008


                         *********


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


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

         Dr. Raoul Wagner
         Rathausstrasse 15/4
         1010 Vienna
         Austria
         Tel: 405 33 82
         Fax: 408 84 67
         E-mail: office@hopmeier.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Oct. 7, 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. 8, 2008, (Bankr. Case No. 4 S 117/08w).


GASTHOF SCHITTL: Claims Registration Period Ends September 26
-------------------------------------------------------------
Creditors owed money by KG Gasthof Schittl have until Sept. 26,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Friedrich Filzmaier
         Herrengasse 22/2
         8010 Graz
         Austria
         Tel: 0316/820202
         Fax: 0316/820202-20
         E-mail: filzmaier@mekf.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 3:00 p.m. on Oct. 9, 2008, for the
examination of claims at:

         The Graz Land Court by civil cases
         Room 230
         Second Floor
         Hall L
         Graz
         Austria

Headquartered in Burgau, Austria, the Debtor declared bankruptcy
on Aug. 8, 2008, (Bankr. Case No. 25 S 65/08h).


INTERMONT LAGER-UND: Claims Registration Period Ends Sept. 24
-------------------------------------------------------------
Creditors owed money by LLC Intermont Lager-und Betriebsmontage
have until Sept. 24, 2008, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Michael Zsizsik
         Schinitzgasse 7
         8605 Kapfenberg
         Austria
         Tel: 03862-22161
         Fax: 03862-22161-10
         E-mail: info@zsizsik.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on Oct. 8, 2008, for the
examination of claims at:

         The Land Court of Leoben
         Hall IV
         First Floor
         Leoben
         Austria

Headquartered in Hafendorf, Austria, the Debtor declared
bankruptcy on Aug. 8, 2008 (Bankr. Case No. 17 S 40/08p).


KAMENSCHAK RESCH: Claims Registration Period Ends September 26
--------------------------------------------------------------
Creditors owed money by LLC Kamenschak, Resch & Partner have until
Sept. 26, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Heimo Hofstatter
         Marburgerkai 47
         8010 Graz
         Austria
         Tel: 0316/815454
         Fax: 0316/815454-22
         E-mail: advokat@hofstaetter.co.at

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

         The Graz Land Court by civil cases
         Room 222
         Second Floor
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy on
Aug. 5, 2008, (Bankr. Case No. 26 S 93/08h).


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

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:10 p.m. on Oct. 14, 2008, for the
examination of claims at:

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

Headquartered in Spital/Michelhausen, Austria, the Debtor declared
bankruptcy on Aug. 18, 2008, (Bankr. Case No. 14 S 126/08g).


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


MYLAN INC: Moody's Lifts Senior Secured Bank Ratings to Ba3
-----------------------------------------------------------
Moody's Investors Service affirmed the B1 Corporate Family Rating
of Mylan Inc.  At the same time, Moody's upgraded Mylan's senior
secured bank ratings to Ba3 from B1.  Following these rating
actions, the rating outlook remains stable.

Moody's last previous rating action on Mylan was a downgrade in
the Corporate Family Rating to B1 from Ba1 on Nov. 15, 2007,
concurrent with the assignment of B1 ratings to Mylan's new senior
secured credit facilities.

The rating actions follow two announcements by Mylan that Moody's
believes have both negative and positive implications for Mylan's
credit profile.  First, Mylan announced that it does not expect to
sell its Dey Pharmaceuticals division, following a review of
strategic alternatives for Dey announced in February 2008.
Moody's views this decision negatively, since proceeds from a sale
of Dey could have been used for immediate debt repayment.  Moody's
believes that Mylan may be challenged in improving the long term
prospects for Dey, which remains reliant on substantially growing
the Perforomist franchise.

Second, Mylan announced that it is issuing new senior unsecured
convertible debt of approximately US$400 million and that net
proceeds will be used to repay senior secured bank debt.  A
reduction in senior secured debt will improve the cushion under
Mylan's financial covenants.  In addition, the combination of
lower secured debt and additional loss absorption provided by the
new convertibles results in lower expected loss for the remaining
secured creditors.  Based on Moody's Loss Given Default
methodology, this change in Mylan's capital structure results in
an upgrade of the senior secured credit facilities to Ba3 (LGD3,
38%) from B1 (LGD3, 41%).

Mylan's B1 ratings reflects: (1) its size and scale in the global
generics business; (2) its position in European generics, which
continues to exhibit good growth; and (3) our view that the
rationale for Mylan's acquisitions of Merck Generics and API
supplier Matrix Laboratories in 2007 remains strategically sound.

The rating outlook is stable, reflecting Moody's expectations that
Mylan will improve its CFO/Debt and FCF/Debt ratios to levels more
reflective of Moody's "B" range for pharmaceutical companies, i.e.
CFO/Debt of 5% to 15%, and FCF/Debt of 0% to 10%.  Upward rating
pressure is currently unlikely because Mylan's cash flow since the
acquisition of Merck Generics have lagged Moody's initial
expectations due to higher expenses necessary to achieve
synergies, pricing pressure in Mylan's U.S. generics business, and
significant working capital usage.  Downward rating pressure could
occur if Mylan encounters any further operating challenges that
hinder cash flow improvement.

Ratings affirmed:

  -- Corporate Family Rating at B1

  -- Probability of Default Rating at B1

  -- Speculative Grade Liquidity Rating at SGL-2

Ratings upgraded:

  -- Senior secured revolving credit facility of US$750 million
     due 2013 to Ba3 (LGD3, 38%) from B1 (LGD3, 43%)

  -- Senior secured U.S. Term Loan A due 2013 to Ba3 (LGD3, 38%)
     from B1 (LGD3, 43%)

  -- Senior secured U.S. Term Loan B due 2014 to Ba3 (LGD3, 38%)
     from B1 (LGD3, 43%)

  -- Senior secured Euro Term Loan B due 2014 to Ba3 (LGD3, 38%)
     from B1 (LGD3, 43%)

Rating assigned:

  -- Senior secured Euro Term Loan A due 2013 at Ba3 (LGD3, 38%)

A rating is being assigned to the Euro Term Loan A, a tranche of
the Mylan's credit agreement that became effective with the
amendment of Mylan's credit facilities on December 20, 2007
subsequent to Moody's initially assignment of ratings to the
credit facility on November 15, 2007.

Moody's does not rate Mylan's convertible notes of US$600 million
due 2012, Mylan's mandatory convertible preferred stock due 2010,
or the new convertible notes due 2015.

Headquartered in Canonsburg, Pennsylvania, Mylan Inc. is a
specialty pharmaceutical company. For the six-months ended
June 30, 2008 Mylan reported total revenue of approximately
US$2.3 billion.


=======================================
B O S N I A   &   H E R Z E G O V I N A
=======================================


PCB BOSNIA: Fitch Affirms Individual Rating at 'D/E'
----------------------------------------------------
Fitch Ratings has affirmed the ratings of the ProCredit Banks in
Bosnia & Herzegovina and Ukraine, as:

  * ProCredit Bank (Bosnia & Herzegovina): Long-term foreign
    currency Issuer Default 'B'; Long-term local currency IDR
    'B+'; Short-term foreign and local currency IDR 'B';
    Individual rating 'D/E' and Support rating '4'.  The Outlooks
    on the Long-term IDRs are Stable.

  * ProCredit Bank (Ukraine): Long-term foreign currency IDR
    'BB-'; Long-term local currency IDR 'BB'; Short-term foreign
    and local currency IDR 'B'; Individual rating 'D' and Support
    rating '3'.  The Outlooks on the Long-term IDRs are Stable.
    The National Long-term rating is affirmed at 'AAA(ukr)' with
    Stable Outlook.

The IDRs and Support Ratings reflect Fitch's view of the strong
potential support available from the banks' owners, in particular
ProCredit Holding AG (PCH; 'BBB-'/Outlook Stable), in case of
need.  PCH is the largest shareholder in both banks (PCBiH: 92%
and PCU: 60%).  However, the potential support and, hence, the
ratings of PCU are constrained by the 'BB-' Country Ceiling of
Ukraine.  Any movement in the Country Ceiling for Ukraine would
have implications for PCU's IDRs and Support ratings.  The ratings
of PCBiH reflect the country risk and the challenges of the
operating environment.

The Individual ratings reflect their small size in absolute terms,
and challenging local operating environments.  They also reflect
the credit and operational risks associated with the banks' rapid
growth, and their only-adequate capitalization.  The one-off high
impairment charges which impacted profitability at PCBiH highlight
the operational risks that these banks are exposed to.  In
addition, profitability is only modest and in the case of PCU has
been declining steadily.  However, the Individual ratings also
take into account the banks' growing customer funding bases, good
asset quality to date and high degree of integration within the
ProCredit group.  Fitch also notes PCBiH's comfortable liquidity.
However, PCU's liquidity is only moderate, and has been
tightening.

PCH was set up as an equity investment company in 1998 by
Frankfurt-based Internationale Projekt Consult GmbH to invest in
the global network of ProCredit banks.  The group consists of 22
banks in central and eastern Europe, Latin America and Africa.  At
end-H108, the group's total assets were around EUR4.5 billion.
PCH is responsible for group administration, strategy, risk
management controls and supervision.


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


ALCATEL-LUCENT SA: Extends Tender Offer for Motive Inc. to Oct. 6
-----------------------------------------------------------------
Alcatel-Lucent S.A.'s wholly owned subsidiary, Lucent Technologies
Inc., has extended its previously announced tender offer for all
of the issued and outstanding shares of common stock of Motive,
Inc. until 5:00 p.m., New York City time, Monday, October 6, 2008.

The tender offer was previously set to expire at 12:00 midnight,
New York City time, at the end of Wednesday, September 10, 2008.

As of 12:00 midnight, New York City time, at the end of Wednesday,
September 10, 2008, approximately 28.6 million shares had been
tendered into the tender offer and not withdrawn.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.

                           *     *     *

As appeared in the TCR-Europe on Aug. 4, 2008, Standard & Poor's
Ratings Services has revised to negative from stable its outlook
on France-based telecommunications equipment supplier Alcatel
Lucent.  At the same time, the 'BB-/B' long- and short-term
corporate credit ratings on Alcatel Lucent, the 'BB-/B-1' long
and short-term corporate credit ratings on subsidiary Lucent
Technologies Inc., and all issue ratings on both companies were
affirmed.

Alcatel-Lucent continues to carry Ba3 Corporate Family and
Senior Debt ratings, Not-Prime for short term debt, as well as
B2 ratings for subordinated debt with negative outlook from
Moody's Investors Service.  The ratings were affirmed in
April 2008.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt still carry Standard & Poor's Ratings Services'
BB rating.  Its Short-Term Corporate Credit rating stands at B.


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


AQUIS ZWEITE: Claims Registration Period Ends September 24
----------------------------------------------------------
The court-appointed insolvency manager for AQUIS Zweite
Verwaltungsgesellschaft mbH & Co. Britzer Strasse KG, Christian
Kφhler-Ma will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 11:35 a.m. on
Sept. 24, 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 11:40 a.m. on Jan. 7, 2009, 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:

         Christian Koehler-Ma
         Kurfuerstendamm 26 a
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against AQUIS Zweite Verwaltungsgesellschaft mbH & Co. Britzer
Strasse KG on Aug. 5, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.


The Debtor can be reached at:

         AQUIS Zweite Verwaltungsgesellschaft mbH & Co.
         Britzer Strasse KG
         Culemeyerstrasse 2
         12277 Berlin
         Germany


CAMPA SUED GMBH: Creditors' Meeting Slated for September 23
-----------------------------------------------------------
The court-appointed insolvency manager for Campa Sued GmbH & Co.
KG, Bruno Fraas will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:00 a.m. on
Sept. 23, 2008.

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

         The District Court of Wuerzburg
         Meeting Hall 2
         Second Stock
         Virchowstr. 14
         Wuerzburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Oct. 21, 2008, at the same venue.

Creditors have until Sept. 30, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Bruno Fraas
         Heinestr. 7b
         97070 Wuerzburg
         Germany
         Tel: 0931/359800

The District Court of Wuerzburg opened bankruptcy proceedings
against Campa Sued GmbH & Co. KG on Aug. 14, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Campa Sued GmbH & Co. KG
         Europaring 23
         94315 Straubing
         Germany


DUERR AG: Signs EUR440 Million Refinancing Deal
-----------------------------------------------
Duerr AG concluded an agreement with a banking consortium for a
new syndicated loan in the amount of EUR440 million.  The lead
banks are Baden-Wuerttembergische Bank, Commerzbank,
HypoVereinsbank and Deutsche Bank; the syndicate comprises a total
of seven banks.  At the same time Duerr announces the redemption
of a tranche of EUR100 million of its high-yield bond.

The syndicated multi-currency credit facility concluded for a term
of three years comprises a revolving credit line of EUR200 million
and a guarantee facility of EUR240 million.  This provides Duerr
with much greater financing scope than before.  The syndicated
credit facility it replaces, which would have expired in mid-2009,
consisted of a credit line of EUR100 million and a guarantee
facility of EUR171 million.  At the mid-year mark 2008 Duerr also
had EUR116 million of cash and cash equivalents at its disposal;
in July the company booked a further EUR44 million of cash
proceeds from a capital increase.

The credit line can be drawn upon flexibly over the term of the
loan in order to meet financing requirements during the year.  The
charges for the syndicated loan are spread over the three-year
term.  Duerr can draw on the guarantee facility of EUR240 million
to provide surety bonds for prepayments received from customers
and other obligations.

As a next step, Duerr will be redeeming the high-yield bond issued
in 2004 as announced.  The first tranche of EUR100 million will be
redeemed at mid-October 2008 at a price of 105.250%.  It is
planned to redeem the other half in the third quarter of 2009 at a
price of 102.625%.  As a result of the bond redemption Duerr
expects a significant reduction in interest expense already in
2009.

"We are pleased that the banks are supporting Duerr's strategic
orientation despite the financial market crisis," CFO Ralph
Heuwing said.  Together with our cash resources, the syndicated
loan comfortably covers our financing requirements, especially as
we also expect a good cash flow from operating activities again
for 2008.  The package of measures comprising the capital increase
placed in June, the syndicated loan and the bond redemption
strengthens our equity ratio, makes us more flexible and
significantly improves our interest result."

                          About Duerr

Headquartered in Stuttgard, Germany, The Duerr Group
-- http://www.durr.com/en/-- supplies products, systems, and
services for automobile manufacturing.  Duerr designs and builds
paint shops and final assembly plants.

The Duerr Group also operates in Czech Republic, France, U.K.,
Italy, Netherlands, Poland, Russia, Slovakia, Spain, Turkey,
Australia, Brazil, China, India, Japan, Mexico, South Africa,
South Korea and the U.S.A.

                          *     *     *

Duerr AG still carries B long-term corporate credit rating with
positive outlook from Standard & Poor's Ratings Services.

Duerr AG also carries B2 Corporate Family, B2 Probability of
Default and Caa1 Senior Subordinate ratings from Moody's
Investor Service, which said the outlook is stable.


E & V FACHKRANKENHAUSER: Claims Registration Ends Sept. 24
----------------------------------------------------------
The court-appointed insolvency manager for E & V Fachkrankenhauser
GmbH, Dr. Christoph Schulte-Kaubruegger will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:30 a.m. on Sept. 24, 2008.

The meeting of creditors and other interested parties 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 at 2:00 p.m. on Oct. 29, 2008 at the same venue.

Creditors have until Oct. 1, 2008, to register their claims with
the court-appointed 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 E & V Fachkrankenhauser GmbH on Aug. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         E & V Fachkrankenhauser GmbH
         Markische Str. 100
         44141 Dortmund
         Germany

         Attn: Ewald Gutberlet, Manager
         Knappenberg 86
         44139 Dortmund
         Germany


NAW BAU GMBH: Claims Registration Period Ends September 23
----------------------------------------------------------
Creditors of NAW Bau GmbH have until Sept. 23, 2008, to register
their claims with court-appointed insolvency manager Marc
Odebrecht.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Tostedt
         Meeting Hall I
         Linden 23
         21255 Tostedt
         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:

         Marc Odebrecht
         Sechslingpforte 2
         22087 Hamburg
         Germany
         Tel: 040/22 66 77
         Fax: 040/22 66 7888

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

The Debtor can be reached at:

         NAW Bau GmbH
         Eibenweg 52
         21614 Buxtehude
         Germany


PARABELL GMBH: Claims Registration Period Ends September 23
-----------------------------------------------------------
Creditors of ParaBell GmbH have until Sept. 23, 2008, to register
their claims with court-appointed insolvency manager Susanne
Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         Germany

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

The insolvency manager can be reached at:

         Susanne Mueller
         Vietmannsdorfer Strasse 23
         17268 Templin
         Germany

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

The Debtor can be reached at:

         ParaBell GmbH
         Waldstrasse 1
         16798 Fuerstenberg/Havel
         Germany


PHILOSOPHY CLOTHES: Claims Registration Period Ends September 23
----------------------------------------------------------------
Creditors of Philosophy Clothes & Lifestyle GmbH have until Sept.
23, 2008, to register their claims with court-appointed insolvency
manager Andreas Fischer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 4, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Baden-Baden
         Hall 009a
         Ground Floor
         Gutenbergstr. 17
         76532 Baden-Baden
         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:

         Andreas Fischer
         Erbprinzenstr. 27
         76133 Karlsruhe
         Germany

The District Court of Baden-Baden opened bankruptcy proceedings
against Philosophy Clothes & Lifestyle GmbH on Aug. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Philosophy Clothes & Lifestyle GmbH
         Petra Sattele Martin-Luther-Str. 9
         77815 Buehl
         Germany


POSTADO DEUTSCHLAND: Creditors' Meeting Slated for September 23
---------------------------------------------------------------
The court-appointed insolvency manager for Postado Deutschland
GmbH, Hartwig Albers will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
9:10 a.m. on Sept. 23, 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 9:35 a.m. on Dec. 9, 2008, at the same venue.

Creditors have until Oct. 9, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Hartwig Albers
         Luetzowstr. 100
         10785 Berlin
         Germany

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

The Debtor can be reached at:

         Postado Deutschland GmbH
         Schwedenstr. 9
         13359 Berlin
         Germany


T & T WOLTERS: Claims Registration Period Ends September 23
-----------------------------------------------------------
Creditors of T & T Wolters GmbH have until Sept. 23, 2008, to
register their claims with court-appointed insolvency manager
Veit Schwierholz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Tostedt
         Meeting Hall 1
         Room CE.02
         Linden 23
         21255 Tostedt
         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:

         Veit Schwierholz
         Heuberg 1
         20354 Hamburg
         Germany
         Tel: 040/350 169-0
         Fax: 040/350 169-15

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

The Debtor can be reached at:

         T & T Wolters GmbH
         Gildestr. 3
         21244 Buchholz
         Germany

         Attn: Steffan Stapelfeldt, Manager
         Bendestorfer Str. 30
         21244 Buchholz
         Germany


TAXENRUF-WITTIG GMBH: Claims Registration Period Ends Sept. 23
--------------------------------------------------------------
Creditors of "TAXENRUF-WITTIG GmbH" have until Sept. 23, 2008, to
register their claims with court-appointed insolvency manager
Veit Schwierholz.

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 Tostedt
         Meeting Hall I
         Room CE.02
         Linden 23
         21255 Tostedt
         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:

         Veit Schwierholz
         Heuberg 1
         20354 Hamburg
         Germany
         Tel: 040/350 169-0
         Fax: 040/350 169-15

The District Court of Tostedt opened bankruptcy proceedings
against "TAXENRUF-WITTIG GmbH" on Aug. 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         "TAXENRUF-WITTIG GmbH"
         Gildestr. 3
         21244 Buchholz
         Germany


VCM MEGA: Creditors' Meeting Slated for September 23
----------------------------------------------------
The court-appointed insolvency manager for VCM Mega Discount GmbH,
Joachim Voigt-Salus will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:05 a.m. on
Sept. 23, 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 9:40 a.m. on Jan. 6, 2009, at the same venue.

Creditors have until Nov. 11, 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 VCM Mega Discount GmbH on Aug. 11, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         VCM Mega Discount GmbH
         Bismarckstrasse 62
         10627 Berlin
         Germany


Z P F I GMBH: Claims Registration Period Ends September 23
----------------------------------------------------------
Creditors of Z P F I GmbH have until Sept. 23, 2008, to register
their claims with court-appointed insolvency manager Tim Stoll.

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 Aurich
         Hall 115
         Schlossplatz 2
         26603 Aurich
         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:

         Tim Stoll
         Heiligengeiststrasse 29
         26121 Oldenburg
         Germany
         Tel: 0441/21891-0
         Fax: 0441/21891-39

The District Court of Aurich opened bankruptcy proceedings against
Z P F I GmbH on July 25, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Z P F I GmbH
         Erfurter Strasse 18
         26427 Esens
         Germany

         Attn: Uwe Rahmann, Manager
         Kurze Strasse 1
         26629 Grossefehn
         Germany


ZEITGEIST EVENT: Claims Registration Period Ends Sept. 23
---------------------------------------------------------
Creditors of ZEITGEIST Event Consulting GmbH have until
Sept. 23, 2008, to register their claims with court-appointed
insolvency manager Dr. Stefanie Kuche.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on Oct. 21, 2008, at which time the
insolvency manager will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Stefanie Kuche
         Arthur-Menge-Ufer 5
         30169 Hannover
         Germany
         Tel: 0511 626287-0
         Fax: 0511 626287-10

The District Court of Hannover opened bankruptcy proceedings
against ZEITGEIST Event Consulting GmbH on July 31, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ZEITGEIST Event Consulting GmbH
         Attn: Marcel Schoell, Manager
         Lister Strasse 17 A
         30163 Hannover
         Germany


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


CARNEROS III: Fitch Slashes US$20MM Unfunded Notes Rating to BB+
----------------------------------------------------------------
Fitch Ratings has downgraded Carneros III Plc Series A, B, C, E
and unfunded notes and removed them from Rating Watch Negative.

The rating action reflects Fitch's view on the credit risk of the
rated notes following the release of its new Corporate CDO rating
criteria on April 30, 2008.

  -- EUR146 million Series A notes: downgraded to 'BBB-' from
     'AAA'; removed from RWN

  -- JPY300 million Series A notes: downgraded to 'BBB-' from
     'AAA'; removed from RWN

  -- EUR5.5 million Series B notes: downgraded to 'BB+' from 'AA';
     removed from RWN

  -- JPY2,100 million Series C notes: downgraded to 'BB+' from
     'AA-'; removed from RWN

  -- EUR25 million Series E notes: downgraded to 'BBB-' from
     'AAA'; removed from RWN

  -- US$20 million unfunded notes: downgraded to 'BB+' from 'AA';
     removed from RWN.

In the rating watch review in May 2008, Fitch had stated that the
all of the above series of notes would be downgraded to the 'BBB'
category.  However, further credit deterioration in the portfolio
has occurred since then, causing Fitch's ratings to drop further
than expected.  Key drivers of this transaction's credit risk
include an increase in portfolio credit risk, with 10 names in the
portfolio rated below investment grade, and one asset rated
'CCC+', compared with five and zero respectively, at the time of
the last rating action in February 2007.  There is also an
increase in portfolio migration risk, with 5.4% of the portfolio
on RWN and 19.9% on Negative Outlook.  In addition, Fitch notes
the high industry concentration of 43.47% in the banking and
finance sector.  Credit events on both Fannie Mae and Freddie Mac
are expected to be called.

Given Fitch's view of concentration and the current credit quality
of the portfolio, the credit enhancement levels are not sufficient
to justify the previous rating of these notes.

At closing, Carneros III, a special purpose vehicle incorporated
under the laws of Ireland, entered into a credit default swap with
Deutsche Bank AG (rated 'AA-'/'F1+'/Outlook Stable), under which
it provides notional protection on a reference portfolio of
corporate reference entities.  The portfolio is managed by
Barclays Global Investors N.A., rated CDO Asset Manager 'CAM2'.

Fitch released its updated criteria on April 30, 2008 for
Corporate CDOs and, at that time, noted it would be reviewing its
ratings accordingly to establish consistency for existing and new
transactions.  As part of this review, Fitch makes standard
adjustments for any names on RWN or Negative Outlook, reducing
such ratings for default analysis purposes by two notches and one
notch, respectively.  Fitch has previously noted that its review
will be focused first on ratings most exposed to risks it has
highlighted in its updated criteria.  As such, the transaction was
placed on RWN on 22 May 2008.  As previously indicated, resolution
of the Rating Watch status depends on any plans managers/arrangers
may choose to modify either the structure or the portfolio.
Although substitutions have been made to the portfolio, the
changes made were not significant enough to offset the further
portfolio migration.


OMEGA CAPITAL: Fitch Chips Rating on EUR10MM Cl. D-1E Notes to BB+
------------------------------------------------------------------
Fitch Ratings has downgraded Omega Capital Investment Plc's
Waypoint CDO Series 43 secured floating- and fixed-rate notes with
a legal final and scheduled maturity of June 2016 and June 2015,
respectively, and removed them from Rating Watch Negative.  The
rating actions reflect Fitch's view on the credit risk of the
rated notes following the release of its new Corporate CDO rating
criteria on April 30, 2008.

  -- EUR46 million Class A-1E secured floating-rate notes
     (XS0290721595): downgraded to 'BBB+' from 'AAA'; removed from
     RWN;

  -- US$10 million Class A-1U secured floating-rate notes
     (XS0290726123): downgraded to 'BBB+' from 'AAA'; removed from
     RWN;

  -- JPY1 billion Class A-1J secured floating-rate notes
     (XS0290722486): downgraded to 'BBB+' from 'AAA'; removed from
     RWN;

  -- EUR100 million Class B-1E secured floating-rate notes
     (XS0290723377): downgraded to 'BBB' from 'AA'; removed from
     RWN;

  -- US$30 million Class B-1U secured floating-rate notes
     (XS0290726636): downgraded to 'BBB' from 'AA'; removed from
     RWN;

  -- JPY3.6 billion Class B-1J secured floating-rate notes
     (XS0291448776): downgraded to 'BBB' from 'AA'; removed from
     RWN;

  -- JPY300 million Class B-2J secured fixed-rate notes
     (XS0290726552): downgraded to 'BBB' from 'AA'; removed from
     RWN;

  -- EUR31 million Class C-1E secured floating-rate notes
     (XS0290724185): downgraded to 'BBB-' from 'A'; removed from
     RWN

  -- US$15 million Class C-1U secured floating-rate notes
     (XS0290726800): downgraded to 'BBB-' from 'A'; removed from
     RWN

  -- EUR10 million Class D-1E secured floating-rate notes
     (XS0291233145): downgraded to 'BB+' from 'BBB'; removed from
     RWN

  -- US$10 million Class D-1U secured floating-rate notes
     (XS0291239266): downgraded to 'BB+' from 'BBB'; removed from
     RWN

Since Fitch placed the notes on RWN on June 3, 2008, 13
substitutions have been made and there was no adjustment to the
subordination levels of each note.  The portfolio's weighted
average rating has remained broadly unchanged at 'BBB+' although
there has been some negative migration in the portfolio with the
percentage of the portfolio rated sub-investment grade increasing
to 6.5% from 3.6% at the time of placing the notes on RWN.  Other
key-drivers of this transaction's credit risk include portfolio
migration risk with 6.5% of the portfolio on RWN and 15.2% on
Negative Outlook.  Fitch also notes the industry concentration of
34.8% in the banking & finance sector and geographical
concentration of 45% in the United States.  Credit events on
Fannie Mae and Freddie Mac are also expected to be called.

Given Fitch's view of concentration and the current credit quality
of the portfolio, the credit enhancement levels of 4.82% for the
Class A notes, 4.32% for the Class B notes, 3.92% for the Class C
notes and 3.21% for the Class D notes are not sufficient to
justify the 'AAA' rating of the Class A notes, 'AA' rating of the
Class B notes, 'A' rating of the Class C notes and 'BBB' rating of
the Class D notes, respectively.

The transaction represents a partially funded synthetic
securitization of credit default swaps.  Omega entered into a
series of CDS agreements, each referencing a diversified portfolio
comprising 136 investment grade, one non-investment grade and
three sovereign assets at closing.  Omega issued the notes listed
above to fund its obligations under each CDS and used the notes
proceeds to acquire eligible collateral securities under a series
of repurchase agreements to collateralize its obligations under
the notes.  The issuer entered into a series of currency swaps to
hedge its payment obligations in respect of non-euro-denominated
notes.  The transaction is managed by Solent Capital (Guernsey)
Limited.

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

As such, the transaction was placed on RWN on June 3, 2008 and, as
previously indicated, resolution of the Rating Watch Status
depends on any plans managers or arrangers may choose to modify
either the structure or the portfolio.  In this case, Fitch used
the latest portfolio confirmed by the portfolio manager, as the
basis for its rating action.


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


ALITALIA SPA: Rome and Milan Airports Reviewing Debt Protection
---------------------------------------------------------------
Aeroporti di Roma and Aeroporti di Milano are reviewing a possible
joint strategy to protect debts owed by Alitalia S.p.A., Reuters
reports.

Alitalia filed for commencement of extraordinary administration
procedure at the Tribunal of Rome, pursuant to Law no. 39 dated
Feb. 18, 2004, modified by Decree no. 134 dated Aug. 28 2008.
Alitalia's board of directors has declared the company insolvent.

Italian Prime Minister Silvio Berlusconi appointed Augusto
Fantozzi as extraordinary commissioner for Alitalia.

Mr. Fantozzi has warned that the national carrier may only have
around EUR30 million to EUR50 million in cash-on-hand at Sept. 30,
2008, from EUR195 million to EUR200 million as of Aug. 31, 2008.

                          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
appointed Augusto Fantozzi as extraordinary commissioner.


INT'L RECTIFIER: Vishay Increases Offer to US$23 Per Share
----------------------------------------------------------
Vishay Intertechnology, Inc. has increased the price of its
all-cash proposal to acquire all of the outstanding shares of
International Rectifier Corporation common stock to US$23.00 per
share.  The increased proposal represents a premium of 22% to
International Rectifier's closing stock price on Aug. 14, 2008,
the last trading day prior to public disclosure of Vishay's
original acquisition proposal, and a 30% premium over
International Rectifier's average closing price for the 30 trading
days preceding that announcement.  The transaction has a value of
approximately US$1.7 billion in the aggregate.

Vishay intends to commence shortly a tender offer to purchase all
of the outstanding shares of International Rectifier common stock
for US$23.00 per share in cash.

"We firmly believe there are significant and compelling benefits
to a combination of Vishay and International Rectifier.  We are
committed to bringing our two companies together to create a
global leader in the manufacturing of power integrated circuits,
discrete semiconductors and passive electronic components," said
Dr. Felix Zandman, Vishay's Founder and Executive Chairman of the
Board.

"Our increased all-cash proposal provides International
Rectifier's stockholders with an opportunity to realize
significant premium value for their investment in International
Rectifier.  Furthermore, we believe that a combined Vishay-
International Rectifier would provide customers a broader and more
fully integrated product and technology portfolio that will enable
us to better address their needs," Dr. Zandman continued.

"From the outset, it has been our strong preference to work
together with International Rectifier and its Board of Directors
to negotiate a mutually beneficial transaction for our respective
stockholders, employees, customers, partners and other
stakeholders," said Dr. Gerald Paul, Vishay's President and Chief
Executive Officer.  "Despite our best efforts, International
Rectifier has flatly refused to discuss a business combination
with us and to explore the benefits of such a combination.  Their
Board has set a very tight timeframe for the Company's
stockholders to have any say over the matters to be considered at
a stockholders meeting which is being delayed by almost eleven
months.  As a result, we have been left with no alternative but to
present our increased proposal directly to International
Rectifier's stockholders.  We are confident that the stockholders,
deciding for themselves, will find our increased all-cash proposal
to be compelling," Mr. Paul related.

Vishay has provided notice in accordance with International
Rectifier's bylaws of Vishay's intention to nominate three
independent candidates for election to the International Rectifier
Board of Directors at the 2007 Annual Meeting of Stockholders.

International Rectifier has delayed this Annual Meeting
since 2007 and it is now scheduled to be held on Oct. 10, 2008.
International Rectifier stockholders of record as of Sept. 19,
2008 are entitled to vote at the 2007 Annual Meeting.  Vishay
intends to file in the near future with the Securities and
Exchange Commission proxy solicitation materials in connection
with International Rectifier's delayed 2007 Annual Meeting.

Vishay has notified International Rectifier that it intends to
nominate the following candidates for election as International
Rectifier's three Class I directors:

-- Ronald M. Ruzic: Prior to retiring in 2003, Mr. Ruzic was
    Executive Vice President of BorgWarner Inc. since 1992 and
    Group President BorgWarner Automotive Inc. since 1989.  He
    also held positions with BorgWarner as President and General
    Manager of Morse TEC Inc., Vice President -- Operations
    of Morse Automotive, Vice President -- International of Morse
    Automotive, and various other positions with entities within
    the BorgWarner family of companies.  After joining BorgWarner
    in 1968 as a senior manufacturing engineer for its subsidiary
    Morse Chain, Mr. Ruzic progressed through engineering and
    management positions and managed various BorgWarner
    operations in Italy, Mexico, Germany and the United States.

-- William T. Vinson: Mr. Vinson is currently a Director and the
    Chairman of Siemens Government Services, Inc., a company that
    provides products and services to the United States
    government to improve national security.  He is also a
    Director and the Chairman of SAP Government Support and
    Services, Inc., a company that supplies information
    technology products, services and maintenance products.  He
    serves on the Government Security, Audit and Compensation
    committees of each of these companies.

    Prior to his retirement in 1998, Mr. Vinson served as Vice
    President and Chief Counsel of Lockheed Martin Corporation, a
    major defense contractor and advanced technology company.
    From 1992 to 1995, he served as Vice President and General
    Counsel of Lockheed Corporation and from 1990 to 1992, he was
    Lockheed's Vice President-Secretary and Assistant General
    Counsel.

-- Yoram Wind: Prof. Wind is the Lauder Professor, Professor of
    Marketing and Director of SEI Center for Advanced Studies in
    Management at The Wharton School, the business school of the
    University of Pennsylvania.  He is also the founding academic
    director of The Wharton Fellows Program, an executive
    education program, and was the founding editor of Wharton
    School Publishing.  Prof. Wind's research and teaching areas
    include global marketing and business strategy, new product,
    market and business development and creativity and growth
    strategies.

    In addition, Prof. Wind founded Wind Associates, a consulting
    firm that advises on both overall global corporate and
    business strategy and transformation as well as marketing
    strategy and development of new businesses.  Prof. Wind is
    also an advisor to the Chief Executive Officer and members of
    the executive committee of SEI Investments, a financial
    services firm.

Vishay has also notified International Rectifier that it intends
to seek stockholder approval at the delayed 2007 Annual Meeting of
certain amendments to International Rectifier's bylaws.  One such
amendment would require International Rectifier to hold its 2008
Annual Meeting of Stockholders to elect Class II directors by
Dece. 21, 2008.  Class II directors were previously elected by the
stockholders in November 2005 and International Rectifier recently
announced its intention that the election of Class II directors
would not be held until "early 2009".

"International Rectifier's stockholders deserve to be represented
by directors who will not deprive them of an opportunity to
receive a significant cash premium for their shares," continued
Dr. Zandman.  "All of our nominees have proven track records in
their areas of expertise and have committed that, if elected, they
will exercise their independent judgment as directors in
accordance with their fiduciary duties.  Vishay is confident they
would seek to work with the existing members of the Board to
determine the best course of action for International Rectifier's
stockholders."

Vishay has commenced litigation in the Delaware Chancery Court
regarding the timing of International Rectifier's delayed 2007 and
2008 Annual Meetings and its proposed bylaw amendments.

Wachtell, Lipton, Rosen & Katz is acting as legal counsel to
Vishay, and Banc of America Securities LLC is acting as financial
advisor.  Vishay is working with Banc of America Securities to
expeditiously secure committed financing for the acquisition.
Innisfree M&A Incorporated has been retained by Vishay as
Information Agent and proxy solicitor.

                About International Rectifier

Based in El Segundo, California, International Rectifier
Corporation (NYSE:IRF) -- http://www.irf.com/-- is a designer,
manufacturer and marketer of power management product devices,
which use power semiconductors.  The company's products are used
in a variety of end applications, including computers,
communications networking, consumer electronics, energy-
efficient appliances, lighting, satellites, launch vehicles,
aircraft and automotive diesel injection.  Its products consist
of Power Management Integrated Circuits (Power Management ICs),
Power Components and Power Systems.  It summarizes its segments
in two groups: Focus Products and Non-Focus Products.  The
company has manufacturing facilities in the U.S., Mexico, United
Kingdom, Germany and Italy; and has subsidiaries in Japan and
Singapore.

                         *     *     *


As reported in the Troubled Company Reporter on Sept. 3, 2008,
Standard & Poor's Ratings Services said that its 'BB' corporate
credit rating on El Segundo, Calif.-based International Rectifier
Corp. (IR) would remain on CreditWatch with negative implications,
where it was placed on April 9, 2007, because of an accounting
investigation that prevented the company from filing financial
statements.


TISCALI SPA: Management&Capitali Converts EUR60 Million Bonds
-------------------------------------------------------------
The EUR60 million convertible bonds underwritten by Management &
Capitali (M&C) on Dec. 27, 2008, will be fully and automatically
converted, including the interest capitalized, in ca 42.3 million
ordinary shares of Tiscali S.p.A., representing ca 6.9 % of
Company capital after the new issue.

The terms and conditions of the bonds provided that the mandatory
automatic conversion could be triggered in case the moving average
(20 days) official stock exchange prices was, for five consecutive
days, equal or lower to the value for the Tiscali shares
calculated by dividing the nominal value of the bonds plus
interest capitalized by the maximum number of shares authorized by
the capital increase resolution with waiver of pre-emptive rights
approved by the extraordinary shareholders' meeting of Tiscali on
Dec. 27, 2007.

"We are pleased that an important investment company like M&C
enters the capital of Tiscali with a significant stake" said Mario
Rosso, Chairman and CEO of Tiscali.  "In addition, the conversion
further improves the capital structure of Tiscali, reducing its
financial leverage.  Considering the capital increase executed in
February for about EUR150 million, in fact, Tiscali has collected
EUR210 million of new capital in the current year."

                          About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.

Tiscali posted consecutive net losses for the past years: EUR5.5
million in 1999, EUR101 million in 2000, EUR1.66 billion in
2001, EUR593.1 million in 2002, EUR242.4 million in 2003,
EUR131.8 million in 2004, EUR12.9 million in 2005, and EUR103.6
million in 2006.  It posted EUR3.88 million in net losses on
EUR614.33 million in net revenues for the nine months ended
Sept. 30, 2007.

                          *     *     *

As reported in the Troubled Company Reporter Europe on
Aug. 13, 2008, Standard & Poor's Ratings Services has placed its
'B+' long-term corporate credit rating on Tiscali SpA, an
alternative provider of Internet, telephony, and TV services in
Italy and the U.K., on CreditWatch with negative implications.


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


AKTUBINSKY ZAVOD: Creditors Must File Claims by October 14
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Aktubinsky Zavod Silikatnyh Stenovyh Materialov
(Aktube Plant of Silicate Wall Meterials) declared insolvent.

Creditors have until Oct. 14, 2008, to submit written proofs of
claims to:


         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan


AMEX CJSC: Claims Deadline Slated for October 8
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared CJSC Amex insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (7162) 25-79-32


ASTANA STROY: Claims Filing Period Ends October 8
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Construction Company Astana Stroy Project 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


BAIKAL ENERGO: Creditors' Claims Due on October 1
-------------------------------------------------
LLP Baikal Energo Market has declared liquidation.  Creditors have
until Oct. 1, 2008, to submit written proofs of claims to:

         LLP Baikal Energo Market
         Office 124
         Molodejnaya Str. 2a
         Almaty
         Kazakhstan


INVESTITSIONNYE RESURSY: Claims Registration Ends October 8
-----------------------------------------------------------
JSC Management Company Investitsionnye Resursy (Investment
Resources) has declared liquidation.  Creditors have until
Oct. 8, 2008, to submit written proofs of claims to:


         JSC Management Company Investitsionnye Resursy
         Molodejnaya Str. 2a
         Almaty
         Kazakhstan
         Tel: 8 (7272) 50-32-12
              8 (7272) 95-21-07
              8 (7272) 95-21-08


KEN OJSC: Creditors Must File Claims by October 8
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared OJSC Ken insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (7162) 25-79-32


MUNAI SERVICE: Claims Deadline Slated for October 14
----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Munai Service insolvent.

Creditors have until Oct. 14, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Office 105
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 57-83-69


TRANS EXPO: Claims Filing Period Ends October 3
-----------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Trans Expo Service insolvent.

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

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


YRYS AVTO: Creditors' Claims Due on October 3
---------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Yrys Avto Rem Zavod (Yrys Auto Repairing Plant)
insolvent.

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

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


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


CENTER GLOBAL: Creditors Must File Claims by October 1
------------------------------------------------------
LLC Center Global Asia Co. Ltd. has gone into liquidation.
Creditors have until Oct. 1, 2008, to submit written proofs of
claim to:

         LLC Center Global Asia Co. Ltd.
         Molodaya Gvardiya Ave. 2/1
         Bishkek
         Kyrgyzstan

Inquiries can be addressed to(+996 312) 65-11-65, (0-555) 75-91-
65.


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


REGION-STORY LLC: Creditors Must File Claims by October 2
---------------------------------------------------------
Creditors of LLC Region-Story 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. A64-6979/07-10.

The Court is located at:

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


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

         V. Kozhukhar
         Temporary Insolvency Manager
         Apt. 18
         Radichsheva Str. 87/7
         305004 Kursk
         Russia
         Tel/fax: (4712)58-63-23

The Arbitration court of Moscow will convene at 11:30 a.m.m on
Dec. 12, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A40-36471/
08-44-101B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Spits
         Apt.1
         Volokolamskiy proezd 4
         123424 Moscow
         Russia


TNK-BP INT'L: Viktor Vekselberg Says IPO Not Before 2010
--------------------------------------------------------
TNK-BP will hold an initial public offering of its shares but not
before 2010, Reuters reports, citing Viktor Vekselberg, one of the
major shareholders of the company.

"Our subsidiary TNK-BP Holding will do the placement... Not before
2010.  We need to make preparations, and we do not even have a
CEO," Mr. Vekselberg was quoted by Reuters as saying.

Reuters notes that according to a member of the Alfa-Access-Renova
consortium, which owns 50% of TNK-BP, the IPO is only one of the
options.

Meanwhile, Mr. Vekselberg insists TNK-BP is still worth US$60
billion despite plunging Russian asset prices, Reuters
discloses.

As reported in the TCR-Europe on Sept. 9, 2008, an overhaul of the
governance structure of TNK-BP has been agreed in principle by the
two main owners, BP and Alfa Access-Renova.  The aim is to better
align their respective interests and improve the transparency of
TNK-BP's equity.

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

                          About TNK-BP

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

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

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

                          *     *     *

As reported in the TCR-Europe on Sept. 9, 2008, Standard & Poor's
Ratings Services has revised its outlook on Russia-based oil and
gas company TNK-BP International Ltd. to stable from negative,
after its shareholders agreed in principle on new governance
structures.  The 'BB' long-term and 'B' short-
term corporate credit ratings on the company were affirmed.


UDOMLYA LARGE-PANEL: Creditors Must File Claims by October 2
------------------------------------------------------------
Creditors of LLC Udomlya Large-Panel Construction (TIN 6916011604)
have until Oct.2, 2008 to submit proofs of claims to:

         S. Kiselev
         Temporary Insolvency Manager
         Post User Box 333
         Postal Telegraph Office 100
         170100 Tver
         Russia

The Arbitration Court of Tverskaya will convene at 11:00 a.m. on
Nov. 25, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A66-3907/2008.


The Court is located at:

         The Arbitration Court of Tverskaya
         Office 34
         Sovetskaya 23b
         Tver
         Russia

The Debtor can be reached at:

         LLC Udomlya Large-Panel Construction
         Avtodorozhnyuy 2
         Udomlya
         171842 Tverskaya
         Russia


URAL-ENERGO-STORY: Creditors Must File Claims by October 2
----------------------------------------------------------
Creditors of LLC Ural-Energo-Story Trust Trade House (TIN
6670038699) have until Oct. 2, 2008 to submit proofs of claim to:

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

The Arbitration Court of Chelyabinskaya commenced bankruptcy
proceeding against the company after finding it insolvent as an
absent debtor for a term of three months.  The case is docketed
under Case No. A76-8561/2008-52-106.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ural-Energo-Story Trust Trade House
         Gagarina Str. 35-4
         455026 Magnitogorsk
         Chelyabinskaya
         Russia


VYUMPEL GROUP: Creditors Must File Claim by November 2
------------------------------------------------------
Creditors of LLC Vyumpel Group of Companies have until Nov. 2,
2008 to submit proofs of claims to:

         A. Tsekh
         Insolvency Manager
         Kalinina Str. 116/3A
         Blagovechshensk
         Russia

The Arbitration Court of Amurskaya commenced bankruptcy
proceedings on the company.  The case is docketed under Case No.
A04-1188/08-11/140B.

The Debtor can be reached at:

         LLC Vyumpel Group of Companies
         50 let Oktyabrya Str. 24
         Blagovechshensk
         Russia


* Public Funds Use May Hurt Russian Sovereign Rating, S&P Reports
-----------------------------------------------------------------
Comments attributed to the Finance Minister of The Russian
Federation (foreign currency BBB+/Positive/A-2; local currency
A-/Positive/A-2) contradict the sovereign's longstanding
commitment to save and not spend its terms-of-trade gains.

If, as Standard & Poor's Ratings Services suspects, these comments
amount to verbal intervention in an attempt to stabilize market
levels, then they have no implication for the 'BBB+' foreign
currency sovereign rating on Russia.  However, any use of public
funds -- including the National Wealth Fund, which was originally
established to shore up Russia's inadequately capitalized pension
system -- to prop up asset values in financial markets would carry
negative implications for Russia's sovereign rating.

Russia's very substantial fiscal and monetary reserve buffers are
a key ratings strength, and are more important then ever given the
potential need to re-capitalize the weaker parts of the financial
system.

Recent moves by authorities to selectively launch investigations
against private sector corporations, coupled with the conflict in
the Caucasus, helped to trigger the loss of market confidence,
leading to capital outflows of 1% of GDP in August 2008.

Subsequent events highlight the possibility that Russian
enforcement of shareholder and property rights is becoming
increasingly unpredictable, lowering Russia's attractiveness as a
destination for direct investment.

Further evidence of a marked deterioration in the investment
environment could destabilize financial inflows and fan capital
outflows on a larger scale, a development which would lead S&P to
revise the outlook on the sovereign ratings to stable.


* S&P: Investment Needs & Tight Liquidity to Hit Russian Food Biz
-----------------------------------------------------------------
Russia's food retail sector is booming, but the need for
significant investment in infrastructure, high debt burdens, and
tight liquidity threaten to dampen this stellar performance,
according to a new Standard & Poor's Ratings Services' report
titled "Significant Investment Needs And Tight Liquidity May Dim
Russian Food Retailers' Bright Future."

The retail food market grew more than 15% net of inflation in
2007, while retail spending per capita in Russia is still between
one-half and one-third that of developed markets, indicating the
potential for future growth.

However, underdeveloped logistics, such as a lack of
transportation and warehouse facilities as well as the limited
availability of commercial real estate will require heavy
investment from retailers operating in Russia.

"This deficiency translates into a long-standing need for external
capital from sources varying from equity to debt, from bilateral
bank loans and private equity placements to public bond issues and
IPOs on local and international stock exchanges," said S&P's
credit analyst Anton Geyze.

The retail sector has amassed a high debt burden as aggressive
sector growth continues and companies require equity injections on
a regular basis to keep financial policies manageable.
Consequently, companies with strong parental support in the form
of either large multinational food retailers or local investment
holdings enjoy better financial flexibility.  However, S&P does
not always factor parental support to a full extent into the
ratings, because in some cases this is difficult to quantify and
far from certain.

Despite generally bright industry prospects, a downturn in the
retailers' operating performances or financial market disruption
may undermine support from investors and prevent companies from
rolling over significant short-term debt.

The report points to a series of recent defaults by Russian
midsize food retailers, which serve as a vivid reminder of the
risks that exist in the sector, and concludes that liquidity
management practices are becoming a key factor for companies'
credit quality.

Overall, the credit quality of Russia's largest food retailers if
viewed on a stand-alone basis falls mostly in the 'B' rating
category, a level at which S&P expects companies to remain in the
short to medium term unless their liquidity positions deteriorate.

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


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


FORD MOTOR: To Lay Off 1,300 Workers in Spain
---------------------------------------------
Ford Motor Co. has planned to cut jobs at its plants in Spain due
to slowing demand for cars, EFE news agency reports citing
workers' representatives.

According to the report, Ford will cut 1,300 workers out of 7,000
at its Almussafes plants in the Valencia region.

In August, Spanish new car sales dropped by 41% compared to the
same month last year as the slowdown bit, the report relates.

A Ford spokesman was not available for comment.

                         About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin-American regions, including Argentina and Brazil.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 5, 2008,
Fitch Ratings has downgraded the issuer default rating of Ford
Motor Company and Ford Motor Credit Company LLC to 'B-' from 'B'.
The Rating Outlook remains Negative.  The downgrade reflects: the
further deterioration in Ford's U.S. sales as a result of economic
conditions, an adverse product mix and the most recent jump in gas
prices; portfolio deterioration at Ford Credit and heightened
concern regarding economic access to capital to support financing
requirements; and escalating commodity costs that will remain a
significant offset to cost reduction efforts.


GENERAL MOTORS: To Lay Off 600 Workers in Spain
-----------------------------------------------
General Motors Corp. has planned to cut jobs at its plants in
Spain due to slowing demand for cars, EFE news agency reports
citing workers' representatives.

According to the report, General Motors will cut 600 workers at
its Figueruelas plant in Zaragoza.

In August, Spanish new car sales dropped by 41% compared to the
same month last year as the slowdown bit, the report relates.

General Motors spokesman was not available for comment.

                    About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

At March 31, 2008, GM's balance sheet showed total assets of
US$145,741,000,000 and total debts of US$186,784,000,000,
resulting in a stockholders' deficit of US$41,043,000,000.
Deficit, at Dec. 31, 2007, and March 31, 2007, was
US$37,094,000,000 and US$4,558,000,000, respectively.


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


FORD MOTOR: To Cut 500 Jobs at Ontario Crossover Plant
------------------------------------------------------
Dan Strumpf of the Associated Press reports that Ford Motor Co.
will lay off 500 employees at its crossover assembly plant in
Oakville, Ontario, as sales of vehicles continue to decline.

According to AP, the company will phase out the third shift in
the plant's body and paint work areas over the next several
weeks.  "It's due to...an overall softening of vehicles sales in
the United States," AP quoted Ford of Canada spokeswoman Lauren
More, as stating.

The company, AP relates, is offering to eligible workers at the
plant, an retirement incentive package, which includes a US$7,500
retirement allowance and a US$3,500 voucher to purchase a Ford
vehicle.  The Oakville plant has at least 650 employees eligible
for the package, the report notes.

U.S. crossover sales fell 12% in August 2007, AP says.

                     About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom.  The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 5, 2008,
Fitch Ratings has downgraded the issuer default rating of Ford
Motor Company and Ford Motor Credit Company LLC to 'B-' from 'B'.
The Rating Outlook remains Negative.  The downgrade reflects: the
further deterioration in Ford's U.S. sales as a result of economic
conditions, an adverse product mix and the most recent jump in gas
prices; portfolio deterioration at Ford Credit and heightened
concern regarding economic access to capital to support financing
requirements; and escalating commodity costs that will remain a
significant offset to cost reduction efforts.


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


VESTEL ELEKTRONIK: Fitch Cuts Issuer Default Ratings to 'B'
-----------------------------------------------------------
Fitch Ratings has downgraded Turkey-based Vestel Elektronik Sanayi
ve Ticaret A.S.'s Long-term foreign and local currency Issuer
Default Ratings to 'B' from 'BB-'.  The Outlook on both IDRs is
Stable.  Fitch has also downgraded the senior unsecured rating of
Vestel Electronics Finance Ltd.'s guaranteed issue of US$225
million 8.75% 2012 maturity notes to 'B'/'RR4' from 'BB-'.

The downgrades reflect Fitch's concerns about the depressed
profitability in Vestel's television business, which is putting
pressure on consolidated operating margins and cash flow
generation capacity.  The on-going technological transition from
conventional televisions to flat panel displays had an impact on
Vestel's margins in the TV business in FY07.  While the TV
operations continue to command a sizable presence in domestic and
European TV markets with around 11% and 40% market share in unit
volumes in Europe and Turkey respectively, they face pricing and
margin pressure in both the conventional and flat panel display
segments due to falling product prices.  Vestel also has continued
capital expenditures and working capital requirements to fund
where Vestel spends around TRY120 million on recurring capex
annually.

Vestel reported a 1.4% EBITDA margin for FY07, down from 7.2% in
FY06.  While it reported a 9.4% EBITDA margin in its H108 interim
results, the company suffered a TRY73 million bottom line loss due
to TRY177 million of consolidated non-operating financial
expenses, driven by exchange rate volatility.  At end H108, the
company had TRY696 million gross debt and TRY113 million net debt
compared to TRY662 million gross and TRY196 million net debt at
end FY07.  Fitch notes that while net debt reduced in 2007,
Vestels's very weak profitability caused net debt/EBITDA leverage
to deteriorate to 2.4x in FY07 from 0.9x in FY06.

Vestel is a net exporter (exports constitute 72% of FY07 sales),
providing foreign currency cash flows to service its largely
foreign currency denominated debt.  The company is also a large
scale component importer.  Vestel's operating results reflect high
exchange rate volatility.  Vestel's non-operating results are also
sensitive to exchange rate movements due to its US$550 million
short foreign exchange position end H108.  Vestel White makes use
of some hedging instruments to manage its fx exposure.

Vestel is also active in the relatively higher margin white goods
segment both in Turkey and Russia, through its 72.6% stake in
Vestel White (Vestel Beyaz Esya Sanayi ve Ticaret A.S., not
rated).  Vestel White reported 5.6% EBITDA and 6.3% net profit
margin in FY07 followed by 13% EBITDA and 5.4% net profit margin
for the H108 reporting period.  Vestel is currently negotiating
with Whirlpool Corp. (Whirlpool, rated BBB/Stable) for a potential
sale of half of its 72.6% stake in Vestel White.  Vestel's long
term financing is mainly provided by a US$225 million bond
maturing in 2012.  Its financial covenants stipulate that Vestel
must remain under 4x consolidated gross debt/EBITDA and over 2.25x
fixed charge coverage.  Vestel was in compliance with these
covenants as of end-1H08, although Fitch notes the limited
headroom under both covenants.

The Stable Outlook reflects Fitch's assessment that Vestel should
be able to maintain its leverage and coverage metrics at their
respective FY07 levels based on Fitch's forecast operating
profitability and leverage levels in the intermediate term.

Vestel is a manufacturer of television sets with US$3.6 billion
consolidated sales and US$50 million EBITDA, including US$906
million sales and US$49 million EBITDA in the white goods
manufacturing business in FY07.


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


PCB UKRAINE: Fitch Affirms Individual Rating at 'D'
---------------------------------------------------
Fitch Ratings has affirmed the ratings of the ProCredit Banks in
Bosnia & Herzegovina and Ukraine, as:

  * ProCredit Bank (Bosnia & Herzegovina): Long-term foreign
    currency Issuer Default 'B'; Long-term local currency IDR
    'B+'; Short-term foreign and local currency IDR 'B';
    Individual rating 'D/E' and Support rating '4'.  The Outlooks
    on the Long-term IDRs are Stable.

  * ProCredit Bank (Ukraine): Long-term foreign currency IDR
    'BB-'; Long-term local currency IDR 'BB'; Short-term foreign
    and local currency IDR 'B'; Individual rating 'D' and Support
    rating '3'.  The Outlooks on the Long-term IDRs are Stable.
    The National Long-term rating is affirmed at 'AAA(ukr)' with
    Stable Outlook.

The IDRs and Support Ratings reflect Fitch's view of the strong
potential support available from the banks' owners, in particular
ProCredit Holding AG (PCH; 'BBB-'/Outlook Stable), in case of
need.  PCH is the largest shareholder in both banks (PCBiH: 92%
and PCU: 60%).  However, the potential support and, hence, the
ratings of PCU are constrained by the 'BB-' Country Ceiling of
Ukraine.  Any movement in the Country Ceiling for Ukraine would
have implications for PCU's IDRs and Support ratings.  The ratings
of PCBiH reflect the country risk and the challenges of the
operating environment.

The Individual ratings reflect their small size in absolute terms,
and challenging local operating environments.  They also reflect
the credit and operational risks associated with the banks' rapid
growth, and their only-adequate capitalization.  The one-off high
impairment charges which impacted profitability at PCBiH highlight
the operational risks that these banks are exposed to.  In
addition, profitability is only modest and in the case of PCU has
been declining steadily.  However, the Individual ratings also
take into account the banks' growing customer funding bases, good
asset quality to date and high degree of integration within the
ProCredit group.  Fitch also notes PCBiH's comfortable liquidity.
However, PCU's liquidity is only moderate, and has been
tightening.

PCH was set up as an equity investment company in 1998 by
Frankfurt-based Internationale Projekt Consult GmbH to invest in
the global network of ProCredit banks.  The group consists of 22
banks in central and eastern Europe, Latin America and Africa.  At
end-H108, the group's total assets were around EUR4.5 billion.
PCH is responsible for group administration, strategy, risk
management controls and supervision.


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


DAWNAY DAY: DDQ Re-brands After Management Buyout
-------------------------------------------------
Structured Products reports that Dawnay Day Quantum has
re-branded itself Quantum Asset Management following a management
buyout of the company's entire stake from Dawnay Day
International.

As reported in the TCR-Europe on Sept. 24, 2008, the management
buyout was conducted through DDI's administrators from BDO Stoy
Hayward.  The board and employees of DDQ became the firm's new
owner.

"We have been operating as a stand alone business, independently
regulated by the FSA, for some years now and we will continue to
focus on investment returns, risk management and our clients," DDQ
CEO Mark Mathias said.

DDI was put under BDO Stoy Hayward's control in August 2008.

Dawnay Day Quantum specializes in structured investments and is
authorized and regulated by the Financial Services Authority.  It
was part of the Dawnay Day Group, a property investment and
financial services group.

Headquartered in London, Dawnay Day is a diversified
international financial and property group.  Since 2004 Dawnay
Day has four property funds, Puma (U.K. commercial property),
Dawnay Shore Hotels (U.K. hotels), Dawnay Day Carpathian
(Eastern Europe) and Dawnay Day Treveria (German) .  According
to the Times, the group has interests in more than 250
companies, through hundreds of subsidiaries and holding
companies, and owns and manages more than US$10 billion (GBP5
billion) worth of assets.


DEARLE & HENDERSON: Brings in Liquidators from Ernst & Young
------------------------------------------------------------
Elizabeth Anne Bingham and Patrick Joseph Brazzill of Ernst &
Young LLP were appointed joint liquidators of Dearle & Henderson
Ltd. (formerly Gamabuild Ltd.) on Aug. 30, 2008, for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Dearle & Henderson Ltd.
         c/o Ernst & Young LLP
         1 More London Place
         London
         SE1 2AF
         England


ELITE COLLEGE: Appoints Duncan R. Beat as Liquidator
----------------------------------------------------
Duncan R. Beat of Tenon Recovery was appointed liquidator of Elite
College Ltd. on Aug. 29, 2008, for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Elite College Ltd.
         c/o Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England


EUROMASTR 2007-IV: S&P Puts BB-Rated Class E Notes on Neg. Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch with
negative implications its credit ratings on the class C, D, and E
notes series 2007-1V issued by EuroMASTR PLC.  All the other notes
in this transaction are unaffected by these CreditWatch
placements.

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

This analysis showed that the likelihood of negative rating
actions has increased for the class C, D, and E notes.  This is
partly due to the current and continuing decline in U.K. house
prices, leading to an expectation of higher losses on average for
those loans that ultimately default.  As U.K. house prices are
likely to continue falling, S&P expects the more recently
originated U.K. residential mortgage-backed securities (RMBS)
transactions to be particularly susceptible to this pressure.

As of the June 2008 investor report, there have been no losses so
far in this deal and the reserve fund is at its required amount.
However, total delinquencies (including repossessions) were
31.24%, of which 9.72 percentage points were more than 120 days in
arrears.

S&P will continue to monitor the performance of this transaction
using the most recent loan-level data for its full credit and cash
flow analyses.  S&P will communicate the results of these
analyses, together with any effects on the ratings on any of the
notes, in due course.

The notes, issued in June 2007, are backed by a portfolio of
first-ranking nonconforming residential mortgages secured over
owner-occupied and buy-to-let properties in England and Wales.

EuroMASTR PLC:

  -- GBP200.75 Million Mortgage-Backed Floating-Rate Notes Series
     2007-1V

Ratings Placed On CreditWatch Negative:

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


HERONSGATE LTD: Creditors Set to Vote on CVA on Sept. 18
--------------------------------------------------------
Basildon-based printing firm Heronsgate Ltd. has presented a
company voluntary arrangement proposal to creditors in an effort
to save the business from closure, Adam Hooker of printweek.com
reports.

Creditors will vote on the CVA on Thursday, Sept. 18, 2008, the
report discloses.

Under the CVA, creditors, including trade printers, trade
finishers and mailing houses, will receive 38.54 pence in the
pound over the next five years, the report says.

According to the report, Heronsgate, which had been working on the
CVA since April, is facing total debts of GBP783,661.

Heronsgate, the report relates, ran into financial difficulties
after incurring GBP3 million losses in a year between 2001 and
2002.  The company also blamed its financial woes on the onset of
print management and a bad debt incurred at the beginning of the
year.

In 2007, the company recorded a turnover of GBP7.2 million, down
from GBP8.3 million the previous year, the report adds.

The company, the report notes, reduced its staff numbers from 68
to 51 as part of its cost-cutting measures.

Heronsgate Ltd. -- http://www.heronsgateprint.com/-- was founded
in 1992.


HIGH CLASS: Calls in Liquidators from Moore Stephens
----------------------------------------------------
Nigel Price and Colin Prescott of Moore Stephens LLP were
appointed joint liquidators of High Class Decorating Ltd. on
Aug. 27, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         High Class Decorating Ltd.
         c/o Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham
         B3 1PB
         England


ILVA: Fails to Pay Rent; Credit Suisse Loan to Default
------------------------------------------------------
PropertyWeek.com reports that a GBP53 million Credit Suisse
property loan is set to go into default after Ilva Furniture Ltd.
and Innovate Logistics Ltd. went into administration in July,
leaving investors at risk of losing their money.

Both companies are tenants at two of the properties that back the
loan, which was part of a larger GBP739 million CMBS issue called
Titan Europe 2007-3, the report discloses.

Credit Suisse, the report notes, might have to write down the
value of the loan.

According to the report, Ilva, which was the tenant of a retail
warehouse in Gateshead, and Innovate Logistics, which was the
tenant of an industrial site in Chesterfield, failed to meet
rental payments, forcing servicers to step in to ensure interest
has been paid.

Capmark is the servicer in Gateshead, while Hatfield Phillips is
the servicer in Chesterfield, the report relates.

As reported in the TCR-Europe, Peter Saville, Simon Appell and
Anne O'Keefe, partners at Kroll's Corporate Advisory and
Restructuring Group, were appointed joint administrators of Ilva
on June 25, 2008.

Ilva, which is owned by Iceland-based Lagerinn, called in
administrators after suffering from poor trading conditions.

Accounts filed at Companies House showed a GBP62 million loss on
GBP26 million of sales in the year to April 2007.

Ilva Furniture Ltd. -- http://www.ilva.co.uk/--  is
headquartered in Reading, England.


INNOVATE: Fails to Pay Rent; Credit Suisse Loan to Default
----------------------------------------------------------
PropertyWeek.com reports that a GBP53 million Credit Suisse
property loan is set to go into default after Innovate Logistics
Ltd. and Ilva Furniture Ltd. went into administration in July,
leaving investors at risk of losing their money.

Both companies are tenants at two of the properties that back the
loan, which was part of a larger GBP739 million CMBS issue called
Titan Europe 2007-3, the report discloses.

Credit Suisse, the report notes, might have to write down the
value of the loan.

According to the report, Ilva, which was the tenant of a retail
warehouse in Gateshead, and Innovate Logistics, which was the
tenant of an industrial site in Chesterfield, failed to meet
rental payments, forcing servicers to step in to ensure interest
has been paid.

Capmark is the servicer in Gateshead, while Hatfield Phillips is
the servicer in Chesterfield, the report relates.

As reported in the TCR-Europe on July 4, 2008, Stobart Group Ltd.
has acquired the chilled and ambient goods operations of Innovate
Logistics from its administrators BDO Stoy Hayward.

Headquartered in Nottingham, England, Innovate Logistics Ltd.
http://www.innovatelogistics.com/-- is a UK reefer logistics
company, operating 25 warehouses in 11 locations in the UK
market.


NATURA BUILDING: Taps Liquidators from Tenon Recovery
-----------------------------------------------------
Stanley Burkett-Coltman and Sandy Kinninmonth of Tenon Recovery
were appointed joint liquidators of The Natura Building Co. Ltd.
on Aug. 28, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         The Natura Building Co. Ltd.
         c/o Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


RSG REALISATIONS: Calls in Liquidators from KPMG
------------------------------------------------
Mark Jeremy Orton and Richard James Philpott of KPMG LLP were
appointed joint liquidators of RSG Realisations Plc (formerly Ray
Smith Group Plc) on Aug. 27, 2008, for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         RSG Realisations Plc
         St. Philips Point
         Temple Row
         B2 5AF
         England


SIMPLY WATER: Appoints Liquidators from Tenon Recovery
-----------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of Simply Water Coolers Ltd. on Aug. 27, 2008,
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Simply Water Coolers Ltd.
         c/o Tenon Recovery
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


VEDANTA RESOURCES: Unveils Corporate Structure Restructuring
------------------------------------------------------------
Vedanta Resources Plc announced a restructuring to simplify
its corporate structure into three commodity focused groups:
Copper and Zinc-Lead; Aluminium and Energy; and Iron Ore.

Consolidation of minorities and simplification of the Group
structure has been a strategic priority since IPO and the proposed
restructuring is an important step in this strategy.  The Board
believes that the corporate restructuring will:

   -- Simplify the corporate structure;
   -- eliminate conflicts of interest, and
   -- increase efficiency.

The respective Boards of Directors of Vedanta, Sterlite Industries
(India) Limited, and The Madras Aluminium Company Limited have
unanimously approved a Scheme of Restructuring of the entities and
businesses of the Group.

Under the Scheme which will be effective from April 1, 2009,
Sterlite will demerge its aluminium and energy businesses to MALCO
(to be simultaneously renamed Sterlite Aluminium Limited)
and Vedanta will transfer its 79.4% equity interest in Konkola
Copper Mines plc to Sterlite.  The Scheme will also eliminate
cross holdings between businesses arising out of MALCO's holding
in Sterlite.  The corporate restructuring is expected to be
completed by March 2009.

"We are delighted to announce a significant milestone for the
group in the streamlining of our corporate structure following a
number of years of industry leading growth."  said Anil Agarwal,
Chairman of Vedanta.  "We believe that the resulting structure
will bring material improvements to our organization and will
improve focus and transparency across our businesses."

                     Strategic Rationale

Vedanta has delivered superior returns through both organic growth
and acquisitions.  The acquisitions of MALCO, BALCO, HZL, CMT and
KCM have resulted in a group structure with cross holdings between
group companies and overlapping businesses.
The Board believes that the corporate restructuring will secure
the following benefits for shareholders:

   -- It will simplify the corporate structure into three
      focused commodity businesses with fewer cross-
      shareholdings and overlapping businesses.  It aligns legal
      and management structures and increases transparency,
      further enhancing corporate governance;

   -- It will increase efficiency, streamlining decision making
      and business processes through focused management teams;
      and,

   -- It will eliminate conflicts of interest by providing
      strategic clarity.  Opportunities – either organic growth
      projects or M&A – will be allocated to the relevant
      commodity business.

Furthermore, it provides each business with the strategic
flexibility and scale to pursue their respective growth
opportunities Consolidation of minorities remains a strategic
priority.  The buyout of minorities in both BALCO and HZL will
remain unaffected by the restructuring.  Post completion of the
restructuring, Vedanta will continue to seek opportunities to
further simplify, streamline and collapse the corporate structures
within the new business groups.

                       Share Exchange Ratios

   -- MALCO will issue equity shares to the shareholders of
      Sterlite in the ratio of Seven (7) Equity Shares of Rupees
      Two each of MALCO for every Four (4) Equity Shares
      of Rupees Two each held in Sterlite;

   -- Sterlite will issue One (1) fully paid up equity share of
      Rupees Two each in exchange for One (1) Equity Share of
      US$0.01 each of THL KCM Limited, a wholly owned subsidiary
      of Vedanta; and

   -- Sterlite will issue equity shares to the shareholders of
      MALCO in the ratio of One (1) Equity Share of Rupees Two
      each of Sterlite for every Fifty One (51) Equity Shares of
      Rupees Two each held in MALCO.

To ensure the equitable treatment for all shareholders, the
independent valuation has been conducted by Grant Thornton India.
JM Financial Consultants Private Limited provided a fairness
opinion on the share swap ratio.  This independent exercise
ensures fair treatment for all shareholders in a transparent
manner.

The Scheme is expected to be completed in March 2009 and is
subject to the requisite approvals of the shareholders, creditors,
lenders, Indian Stock Exchanges, Indian and Mauritius Courts and
such other regulatory authorities.

                    Three Large Scale, High Growth
                        and Focused Businesses

The restructuring will consolidate and simplify Vedanta's
corporate structure into three commodity focused groups: Aluminium
and Energy; Copper and Zinc-Lead; and Iron Ore.

Each of these businesses has the scale and potential to continue
to deliver industry leading organic growth:

A) Copper and Zinc-Lead

    – World's largest integrated zinc-lead producer

    – Large scale integrated copper producer; 1.1mtpa post
        Asarco

    – Lowest decile cost zinc producer

    – Lowest cost custom copper smelter in the world

    – World class resource base: Konkola Deep and Rampura
       Agucha mines

B) Aluminium and Energy

   – Top 5 global aluminium producer by 2012 with c2.6mtpa

   – Ideally positioned to develop India's abundant bauxite
     and coal reserves

   – Lowest decile production costs

   – Benchmark costs and timelines of project development

C)Iron Ore

   – Indian's largest private sector iron ore producer-exporter:
     2008 production – 12.4mt

   – Significant growth in capacity to 25 mtpa by CY2010

   – Long life resources

   – Low costs of production

The gross assets and profits that were the subject of this
transaction for the year ended March 31, 2008, are:

     In US$ million        Gross Assets          Profits
     --------------        ------------          -------
     Vedanta              16,036                2,763
     Sterlite              9,400                2,070
     BALCO                 1,182                  211
     HZL                   3,282                1,497
     SEL                     418                  -
     MALCO                   171                   19
     KCM                   1,461                  211
     VAL                   2,154                  (1)
     Sesa Goa                791                  560

JPMorgan Cazenove and Morgan Stanley acted as corporate brokers to
Vedanta.

PricewaterhouseCoopers India acted as tax and regulatory advisors.


                 About Vedanta Resources plc

Vedanta Resources plc – http://www.vedantaresources.com/-- is a
London listed FTSE 100 diversified metals and mining major.  The
group produces aluminium, copper, zinc, lead, iron ore and
commercial energy.  Vedanta has operations in India, Zambia and
Australia and a strong organic growth pipeline of projects.
With an empowered talent pool of 29,000 employees globally,
Vedanta places strong emphasis on partnering with all its
stakeholders based on the core values of entrepreneurship,
excellence, trust, inclusiveness and growth.

                       *     *     *

As reported in the  Troubled Company Reporter-Asia Pacific on
Sept. 12, 2008, Moody's Investors Service has placed the Baa3
corporate family rating and the Ba1 long-term senior unsecured
rating of Vedanta Resources plc (Vedanta) on review for possible
downgrade.


VEDANTA: To Increase Aluminium Smelting Capacity to 2.6 mtpa
------------------------------------------------------------
Vedanta Resources plc announced a US$9.8 billion investment
program to increase its fully integrated aluminium smelting
capacity to nearly 2.6 mtpa by 2012.  Upon completion, Vedanta is
expected to be Asia's largest and among the top 5 integrated
producers of aluminium worldwide.

India is positioned to become one of the world's largest producers
of aluminium, with the 6th largest reserves of bauxite globally of
c2.3 billion tonnes and the 4th largest reserves of coal worldwide
of over 250 billion tonnes.  Of these reserves, over 1.4 billion
tonnes of bauxite and 62 billion tonnes of coal reserves are co-
located in the State of Orissa alone.  Vedanta's existing presence
in the region, together with its excellent track record of
executing projects ahead of time and at low capital costs, make it
ideally placed to lead the development of these abundant bauxite
and coal reserves.

India also has the benefit of a fast growing domestic market with
close proximity to the high growth markets of Asia and the Middle
East.  Demand for aluminium globally is projected to grow strongly
at a compound rate of 5.7% between 2007 and 2020, with India and
China projected to grow at 8.2% and 9.7%, respectively in the same
period.

The next phase of brownfield growth projects comprises a 1,250 kt
aluminium smelter project together with an associated 1,980 MW
captive thermal power plant in Jharsuguda, Orissa (the "Jharsuguda
II Project"), as well as a 325 kt aluminium smelter project
together with an associated 1,200 MW captive thermal power plant
in Korba, Chattisgarh (the "Korba III Project"). Correspondingly,
Vedanta will also increase its alumina production capacity at
Lanjigarh from 1.4 mtpa to 5 mtpa.

The Jharsuguda II Project will comprise four pot lines, each
containing 336 cells.  The first three pot lines with a total
capacity of 937.5kt are scheduled to produce first metal by March
2010 and will be fully commissioned by September 2011.  The fourth
pot line with a capacity of 312.5kt will be fully commissioned by
September 2012.  The associated captive thermal power plant will
comprise three units of 660 MW each.  The commissioning of the
power plant units is being scheduled to meet the power requirement
of the new Jharsuguda smelter.

The Korba III Project will comprise one single pot line containing
336 cells and is expected to produce first metal by October 2010.
It will be fully commissioned by September 2011. The associated
captive thermal power plant will comprise four units of 300 MW
each.  The commissioning of the power plant units is being
scheduled to meet the power requirement of the new Korba smelter.

The increase in alumina production capacity will be achieved by
debottlenecking the capacity of the existing 1.4mtpa alumina
refinery by an additional 0.6 mtpa by March 2010 and building
three new production streams of 1 mtpa each.  The first stream of
1 mtpa is scheduled for commissioning by mid 2010 and all three
streams are expected to be completed by mid 2011.

The experienced in-house project management teams that implemented
our earlier 245 kt brownfield aluminium smelter project at Korba,
the 1.4 mtpa Lanjigarh alumina refinery, and the 500 kt greenfield
aluminium smelter project at Jharsuguda (one year ahead of
schedule), will manage these projects.

The estimated investment in the aluminium smelter projects is
US$5.65 billion for the Jharsuguda II Project and US$2.0 billion
for the Korba III Project, to be phased over four years.  The
total additional investment in Lanjigarh is estimated at US$2.15
billion and is expected to be phased over three years.  This
investment includes the cost of building the aluminium smelters
and the alumina refinery, the associated power facilities and all
necessary infrastructure including railway networks and water
pipelines.  The investment will be funded through a combination of
existing cash, internal cash accruals and external financing.

"Vedanta is on course to becoming one of the world's leading
aluminium companies.  We are applying our proven skills at
developing projects at industry leading low capital costs and
timelines to deliver a step change in the scale of our business.
This further enhances our ability to produce aluminium at costs
that are in the lowest decile of the industry cost curve." said
Anil Agarwal, Executive Chairman, Vedanta Resources plc.  "These
projects harness India's high quality wealth of mineral resources
to meet the burgeoning demand for aluminium."

                  About Vedanta Resources plc

Vedanta Resources plc – http://www.vedantaresources.com/-- is a
London listed FTSE 100 diversified metals and mining major.  The
group produces aluminium, copper, zinc, lead, iron ore and
commercial energy.  Vedanta has operations in India, Zambia and
Australia and a strong organic growth pipeline of projects.
With an empowered talent pool of 29,000 employees globally,
Vedanta places strong emphasis on partnering with all its
stakeholders based on the core values of entrepreneurship,
excellence, trust, inclusiveness and growth.

                       *     *     *

As reported in the  Troubled Company Reporter-Asia Pacific on
Sept. 12, 2008, Moody's Investors Service has placed the Baa3
corporate family rating and the Ba1 long-term senior unsecured
rating of Vedanta Resources plc (Vedanta) on review for possible
downgrade.


VEDANTA RESOURCES: Fitch Holds 'BB+' Rating on Sr. Unsec. Bonds
---------------------------------------------------------------
Fitch Ratings has changed UK-based Vedanta Resources PLC's Outlook
to Negative from Stable.  Its Long-term foreign currency IDR is
affirmed at 'BBB-'.  The rating action follows the company's
announcement of an US$9.8 billion capex program over and above its
ongoing investments.

Fitch has also affirmed the ratings on Vedenta's debt instruments
as:

  -- US$1,250 million senior unsecured unsubordinated bonds issued
     in two tranches (US$500 million due January 2014 and
     US$750 million due July 2018): 'BB+';

  -- US$600 million senior unsecured bonds due 2010: 'BB+'

The Negative Outlook reflects Fitch's concerns with regard to the
company's leverage over the medium term in light of the
substantial increase in capex plans by nearly US$12 billion, over
and above its already substantial expansion plan.  The company has
also recently announced plans to establish a coal-fired
independent power project of 2,000MW at an estimated cost of
around US$2 billion.

When assigning the initial rating, Fitch had factored in Vedanta's
proposed US$4 billion expansion plan over FY09-FY11, the proposed
US$2.6 billion acquisition of the facilities of the US-based
Asarco and the additional investments in consolidating
shareholdings in key subsidiaries.  The fresh capex could result
in deterioration in credit metrics due to the large capex in the
short- to medium-term with no commensurate earnings envisaged
until the facilities become operational.  In addition,
uncertainties remain with regard to the implementation, funding
pattern, and cost benefits from the capex.  Fitch notes that a
material increase in debt-led capex and/or investment or
deterioration in net debt/EBITDA to beyond 2.5x on a sustained
basis could trigger a negative rating action.

On the other hand, Fitch also acknowledges that Vedanta retains
the flexibility to change its capex plans given their modular
nature, and to raise additional external equity in either the
parent or operating subsidiaries.  Any reduction in the scale,
higher phasing-out of the expansion and/or the raising of material
external equity to finance a part of the capex could result in a
revision of the Outlook back to Stable.  Over the longer term, the
agency believes that the expanded output, making Vedanta one of
the world's top five aluminium producers, and giving it
substantial cost advantages, will enable the company to better
weather cyclical downturns.

Vedanta has also announced a restructuring program for its
operating subsidiaries, although in Fitch's opinion, this is
unlikely to impact the company's economic control over cash flows
at key subsidiaries.  While the restructuring benefits the company
in terms of a better focus on each of its business segments, there
appears to be no major changes in the effective economic interest
in key operating subsidiaries.  As a result, Fitch continues to
maintain the single-notch differential between the ratings of the
bond and the company's IDR.

In September 2008, Vedanta received in-principle approval from the
Supreme Court of India, allowing it to proceed with the
development of a large bauxite mine in Lanjigarh with estimated
reserves of 77 million MT.  With its existing coal mine
allocations, the company has the necessary raw material linkages
to produce aluminium at a competitive rate.  The development of
these linkages will deliver tangible cost benefits to Vedanta's
existing and proposed smelting and refining facilities.  While
execution risks remain, they are mitigated by the company's proven
track record and the modular nature of expansion.

Vedanta is a leading metals and mining company based in London,
and has operations spanning zinc, copper, iron ore and aluminium
in India, Zambia, Australia, and, if the Asarco acquisition is
completed as envisaged, the US as well.  In FY ended March 2008,
the company reported revenues of US$8.2 billion, with EBITDA
margins of 36.3% and a net income of US$879 million.  The
company's financial leverage has seen consistent improvement, with
net debt/EBITDA of negative 0.7x at FYE08, compared to 0.2x at
FYE04.


XL LEISURE: Goes Into Administration; Grounds Flights
-----------------------------------------------------
XL Leisure Group Plc has gone into administration.

XL Airways UK Limited, Excel Aviation Limited, Explorer House
Limited, Aspire Holidays Limited, Freedom Flights Limited, Freedom
Flights (Aviation) Limited, The Really Great Holiday Company plc,
Medlife Hotels Limited, Travel City Flights Limited, and Kosmar
Villa Holidays plc are also in administration.

On Sept. 12, 2008, Alastair Beveridge, Nick Cropper, Simon Appell
and Stuart Mackellar were appointed as joint administrators of the
companies by the Court.

The companies entered into administration having suffered as a
result of volatile fuel prices, the economic downturn, and were
unable to obtain further funding.

The joint administrators cannot continue trading the business and
therefore all flights operated by the companies have been
immediately canceled and the aircraft grounded.  Going forward,
the joint administrators are unlikely to be able to trade the
business or operate the aircraft.

Headquartered in Crawley, XL Leisure Group -- http://www.xl.com/
-- is the third largest tour operating group in the UK.  The
company also has operations in France, Germany, Ireland, Australia
and Cyprus.


* BOND PRICING: For the Week Sept. 8 to Sept. 12, 2008
------------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Immofinanz Immobilien     2.750    01/20/14     EUR      65.77
Kommunal Kredit
  Austria AG              0.500    03/15/19     CAD      66.95
                          0.250    10/14/26     CAD      40.67
Republic of Austria       1.000    06/22/22     EUR      69.57
                          0.000    10/10/25     EUR      62.84
                          5.000    10/24/35     EUR      64.42
BELGIUM
Fortis Bank               8.750    12/07/10     EUR      53.27

FINLAND
-------
M-Real Serla              7.250    04/01/13     EUR      70.85
Muni Finance PLC          1.000    11/21/16     NZD      64.66
                          1.000    10/30/17     AUD      62.6
                          1.000    02/27/18     AUD      61.73
                          0.500    09/24/20     CAD      63.54
                          0.250    06/28/40     CAD      21.37

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      14.99
Altran Technologies S.A.  3.750    01/01/09     EUR      12.74
Calyon                    6.000    06/18/47     EUR      43.55
CAP Gemini S.A.           2.500    01/01/10     EUR      51.65
                          1.000    01/01/12     EUR      43.41
Club Mediterranee S.A.    3.000    11/01/08     EUR      67.62
                          4.380    11/01/10     EUR      45.33
Essilor Intl              1.500    07/02/10     EUR      71.86
Europcar Groupe           8.130    05/15/14     EUR      64.54
                          8.130    05/15/14     EUR      64.42
FCC Rome Alliance
Funding                   2.260    01/08/21     EUR      71.51
Havas S.A.                4.000    01/01/09     EUR      10.92
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR       0.25
Ingenico                  2.750    01/01/12     EUR      15.91
Maurel & Prom             3.500    01/01/10     EUR      21.04
Publicis Group            1.000    01/18/18     EUR      42.01
Rhodia S.A.               0.500    01/01/14     EUR      35.47
Soc Air France            2.750    04/01/20     EUR      22.23
Wavecom S.A.              1.750    01/01/14     EUR      17.96
Wendel Invest S.A.        4.880    05/26/16     EUR      70.96
                          2.000    06/19/09     EUR      40.86
                          4.380    08/09/17     EUR      67.71

GERMANY
-------
Allgemeine HypothekenBank
   Rheinboden             5.080    12/10/14     EUR      66.39
Deutsche Schifbk          4.200    01/23/09     EUR      99.67
IKB Deutsche
   Industriebank AG       5.760    03/31/23     EUR      54.11
                          4.500    07/09/13     EUR      70.11
                          5.670    02/27/23     EUR      53.64
                          5.580    03/31/18     EUR      59.40
KfW Bankengruppe          1.250    05/23/20     EUR      74.96
                          0.500    10/30/13     AUD      73.70
                          1.250    07/21/25     EUR      68.03
                          0.500    12/19/17     EUR      69.71
                          1.250    07/29/20     EUR      72.82
                          5.000    10/17/35     EUR      58.91
                          2.820    08/10/30     EUR      67.05
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      45.73
                          0.250    10/13/37     CAD      25.37
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      63.31

ICELAND
-------
Glitnir Banki HF          6.000    03/05/12     GBP      74.50
Kaupthing Bank            6.500    02/03/45     EUR      41.75
                          7.130    05/19/16     USD      72.25
IRELAND
-------
Allied Irish Bks          5.630    11/29/30     GBP      76.03
Banesto Finance Plc       6.120    11/07/37     EUR       6.12
Depfa ACS Bank            0.500    03/03/25     CDN      50.19
                          0.250    07/08/33     CDN      29.17
Irish Nationwide
  Building Society        5.500    01/10/18     GBP      62.32
Irish Perm Plc            2.500    02/15/35     EUR      50.00
Ono Finance II            8.000    05/16/14     EUR      68.52
UT2 Funding Plc           5.320    06/30/16     EUR      73.60

ITALY
-----
Alitalia Spa              7.500    07/22/10     EUR      66.15
CIR SPA                   5.750    12/16/24     EUR      74.63
IGD                       2.500    06/28/12     EUR      72.69
Risanamento S.p.A.        1.000    05/10/14     EUR      28.88

LUXEMBOURG
----------
Globus Capital Finance SA 8.500    03/05/12     US$      74.17
IT Holding Fin            9.880    11/15/12     EUR      58.18
Kloeckner Fin. Intl       1.500    07/27/12     EUR      69.37
Nell AF S.A.              8.380    08/15/15     EUR      57.08


NETHERLANDS
-----------
ABN Amo Bank B.V.         6.000    03/16/35     EUR      64.87
Air Berlin Finance B.V.   1.500    04/11/27     EUR      28.30
ALB Finance BV            7.880    02/01/12     EUR      65.36
                          9.250    09/25/13     US$      68.28
                          9.750    02/14/11     GBP      76.16
                          8.750    04/20/11     USD      74.71
Biopetrol Finance         4.000    02/21/12     EUR      47.69
BK Ned Gemeenten          0.500    06/27/18     CDN      68.72
                          0.500    02/24/25     CDN      50.24
BLT Finance BV            7.500    05/15/14     US$      66.42
Cirio Del Monte           7.750    03/14/05     EUR      19.94
Elec De Car Fin           8.500    04/10/18     US$      72.44
EM.TV Finance B.V.        5.250    05/08/13     EUR       3.86
Indah Kiat Intl           11.88    06/15/02     US$      53.00
IVG Finance B.V.          1.750    03/29/17     EUR      56.35
Kazkommerts Fin           8.500    06/13/17     US$      71.00
                          8.630    07/27/16     US$      74.67
Kazkommerts Intl          8.000    11/03/15     US$      73.64
                          7.500    11/29/16     US$      69.65
                          6.880    02/13/17     EUR      68.43
KBC Ifima NV              5.880    02/07/25     US$      72.71
Lehman Bros TSY B.V.      2.000    03/16/35     EUR      37.63
                          2.000    03/18/15     EUR      72.96
                          7.000    05/17/35     EUR      39.75
                          3.440    11/26/13     EUR      67.70
                          6.000    02/15/35     EUR      44.75
Natl Invester Bank       25.982    05/07/29     EUR      31.80
Ned Waterschapbk          6.000    06/01/35     EUR      60.81
                          6.500    08/15/35     EUR      54.20
                          6.000    06/30/45     EUR      53.25
NXP BV/NXP FUNDI          8.630    10/15/15     EUR      64.03
                          9.500    10/15/15     US$      66.75
                          8.630    10/15/15     EUR      64.69
Rabobank Groep N.V.       2.500    02/22/35     EUR      58.55
                          6.000    05/09/35     EUR      60.64
                          2.000    03/23/35     EUR      55.75
                          5.000    02/28/35     EUR      61.56
                          0.440    04/08/20     EUR      71.69
Turanalem Fin BV          8.250    01/22/37     US$      69.37

NORWAY
------
Eksportfinans             0.250    07/14/33     CAD      30.87
Norske Skogindustrier ASA 7.000    06/26/17     EUR      64.70

SPAIN
-----
Bancaja                   4.380    02/14/17     EUR      74.66
General de Alqui          2.750    08/20/12     EUR      72.18

SWITZERLAND
-----------
Cytos Biotechnology       2.880    02/20/12     CHF      70.19

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      51.55
Aspire Defence            4.670     03/31/40    GBP      65.13
                          4.670     03/31/40    GBP      65.08
Bank of Scotland          6.000     02/07/35    EUR      46.95
Bradford&Bin BLD          5.750     12/12/22    GBP      59.83
                          6.630     06/16/23    GBP      55.48
                          5.500     01/15/18    GBP      74.04
Brit Insurance            6.630     12/09/30    GBP      77.27
Britannia Building
   Society                5.880     03/28/33    GBP      69.99
                          5.750     12/02/24    GBP      74.28
Enterprise Inns           6.380     09/26/31    GBP      69.41
F&C Asset Management plc  6.750     12/20/26    GBP      72.24
Grainer Plc               3.630     05/17/14    GBP      51.78
Greene King Fin           5.110     03/15/34    GBP      74.34
Hammerson Plc             6.000     02/23/26    GBP      74.82
HBOS Plc                  4.500     03/18/30    EUR      71.15
HSBC Bank Plc             3.750     05/18/15    EUR      94.65
Ineos Group Holdings Plc  7.880     02/15/16    EUR      61.29
                          7.880     02/15/16    EUR      61.08
Marston's Issuer PLC      5.640     07/15/35    GBP      74.48
National Grid Gas Plc     1.750     10/17/36    GBP      42.23
                          1.770     03/30/37    GBP      42.20
Progress Health           5.580     10/02/42    GBP      71.61
Punch Taverns             6.470     04/15/33    GBP      70.63
Royal BK Scotland         9.500     04/04/25    US$      67.94
Unique Pub Fin            6.460     03/30/32    GBP      71.14


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *