TCREUR_Public/080916.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

          Tuesday, September 16, 2008, Vol. 9, No. 184

                            Headlines

A U S T R I A

F & G HUTTER: Claims Registration Period Ends September 22
HITECH LLC: Claims Registration Period Ends October 7
KRAUS U. PARTNER: Claims Registration Period Ends October 6
R & P LLC: Claims Registration Period Ends September 22
TRES LLC: Claims Registration Period Ends September 26


B E L G I U M

PORTOLA PACKAGING: Receives First Day Orders from Court


E S T O N I A

TR MAJAD: Faces Bankruptcy Petition; Owes SEB EEK156 Million


G E R M A N Y

AGRAR GMBH: Claims Registration Period Ends September 23
AREXERA INFORMATION: Creditors' Meeting Slated for September 23
DINTEC PROJEKT: Claims Registration Period Ends September 23
EFFEKTIVBAU GMBH: Creditors' Meeting Slated for Sept. 25
H K S INGENIEURGESELLSCHAFT: Claims Registration Ends Sept. 23

HALLEN- UND BAUSYSTEME: Claims Registration Period Ends Sept. 23
KALLWEIT GMBH: Claims Registration Period Ends September 22
MOBS GASTRONOMIE: Claims Registration Period Ends September 22
ORTHOPADISCHE WERKSTATTEN: Creditors' Meeting Set September 24
PEGASUS BUEROREINIGUNG: Claims Registration Period Ends Sept. 24

SBS TROCKENBAU: Claims Registration Period Ends September 24
SCHOMA KAPITALANLAGE: Claims Registration Period Ends Sept. 24
SPEZIALISTEN EXKLUSIVER: Claims Registration Period Sept. 24
SUCCESS GMBH: Claims Registration Period Ends September 22
UNAT GESELLSCHAFT: Creditors' Meeting Slated for September 24

WILD HEISTER: Claims Registration Period Ends Sept. 24


K A Z A K H S T A N

ASIA-ELECTROLUX LLP: Creditors Must File Claims by Nov. 4
BUSINESS-UNIVERSAL LLP: Claims Deadline Slated for Nov. 3
CASPIAN REGION: Claims Filing Period Ends Nov. 4
CASPY STROY: Creditors' Claims Due on Nov. 4
COMEK TRANSIT: Claims Registration Ends Nov. 4

EMTA ADANA: Creditors Must File Claims by Nov. 3
RINAR-PAVLODAR LLP: Claims Deadline Slated for Oct. 29
STROITELNO-MONTAJNOYE UPRAVLENIYE: Claims Period Ends Nov. 3
STROY COMPLECT-N: Creditors' Claims Due on Nov. 3
TRANSMERIDIAN EXPLORATION: Exchange Offer Due Further Extended


K Y R G Y Z S T A N

CENTER INTERNATIONAL: Creditors Must File Claims by Oct. 1


L U X E M B O U R G

EVRAZ GROUP: Violates Anti-Monopoly Rules, Officials Say
EVRAZ GROUP: Completes Acquisition of Palmrose Limited
EVRAZ GROUP: Completes Disposal of Vanadium Assets


N E T H E R L A N D S

NXP BV: Unveils Redesign Program; Eyes US$550 Million Savings
NXP BV: S&P Cuts Long-Term Corporate Credit Rating to B-

* NautaDutilh Launches Benelux Restructuring and Insolvency Team


P O L A N D

GDANSK SHIPYARD: Polish Government Inks Prelim Sale Pact
STOCZNIA GDYNIA: Polish Government Inks Prelim Sale Pact
SZCZECIN SHIPYARD: Polish Government Inks Prelim Sale Pact


R U S S I A

AVRORA OJSC: Moscow Bankruptcy Hearing Set November 23
EVRAZ GROUP: Violates Anti-Monopoly Rules, Officials Says
INGREM LLC: Creditors Must File Claims by October 3
LES-S LLC: Creditors Must File Claims by October 3
LIGA VETRA: Creditors Must File Claims by October 3

MIM LLC: Creditors Must File Claims by October 3
PROM-TECH-ALYANS: Creditors Must File Claims by October 3
SIBIR LLC: Creditors Must File Claims by October 3
SISTEMA-HALS: Reports US$8.66 Million Net Income for 1H 2008
STALLION LLC: Creditors Must File Claims by October 3

STROY-INVEST LLC: Creditors Must File Claims by November 3
TRADE MARK 555: Creditors Must File Claims by October 3
VOLGOVOD-STROY-KOMPLEKT: Creditors Must File Claims by October 3

* RUSSIA: US$45 Billion Debt Backlog Awaits Refinancing


S P A I N

MADRID RMBS IV: S&P Puts BB-Rated Class E Notes on Negative Watch


S W I T Z E R L A N D

ATO INVESTMENT: Creditors Have Until Sept. 29 to File Claims
FIGOUR INFORMATION: Sept. 29 Set as Deadline to File Claims
GEN. MOTORS: To Give Add'l US$4.6 Bil. for Delphi's Transformation
MEDCONSULT INTERVENTIONAL: Creditors' Claims Due by Sept. 30
SYSCONET LLC: Deadline to File Proofs of Claim Set Sept. 28

UNIVEST FONDS-SERVICE: Claims Filing Deadline is Sept. 30
V.P.S. HOLDING: Creditors' Proofs of Claim Due by Sept. 30


T U R K E Y

MERINOS HALI: Fitch Affirms Issuer Default Ratings at 'B'


U N I T E D   K I N G D O M

ACORN FOUNDATION: Appoints Joint Administrators from Baker Tilly
BRISTOL & DISTRICT: Taps Deloitte & Touche to Administer Assets
C&M GROUP: Incurs More Than GBP33 Million of Debts
FAITH FOOTWEAR: Files for Administration; Sold to Kinnaird
FRENCH CONNECTION: First Half Loss Widens to GBP3.5 Million

GENERAL OFFSHORE: Calls in Administrators from Grant Thornton
GRANGE KITCHENS: Goes Into Administration
HANWORTH PROPERTIES: Brings in Joint Administrators from PwC
HIFLEX POWERBEND: Appoints Joint Administrators from PwC
ITV PLC: Faces Eviction from FTSE 100 Index

LEHMAN BROTHERS: Liquidation Near After Sale Talks End, WSJ Says
LELL0 LTD: Calls in Joint Administrators from PKF
POWER PROTECTION: Hires Joint Administrators from Baker Tilly
PREMIER ESTATES: Taps Joint Administrators from PwC
QUEBECOR WORLD: Wants Until Jan. 2009 to File Reorganization Plan

RAPID PACKAGING: Brings in Joint Administrators from Vantis
VEDANTA RESOURCES: S&P Shifts Outlook to Stable, Holds BB Ratings
VIVITAR FRANCE: Calls in Joint Administrators from PKF
WELDON-HOMES LTD: Appoints Joint Administrators from KPMG

* S&P Places Various European Synthetic CDOs on Negative Watch

* Large Companies with Insolvent Balance Sheet


                         *********


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


F & G HUTTER: Claims Registration Period Ends September 22
----------------------------------------------------------
Creditors owed money by F & G Hutter Limited have until Sept. 22,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Romi Andrea Panner
         Angerweg Nr. 6
         7571 Rudersdorf
         Austria
         Tel: 03382/73117, 72217
         Fax: 03383/73117
         E-Mail: romi.panner@wellcom.at

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

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Stegersbach, Austria, the Debtor declared
bankruptcy on Aug. 27, 2008, (Bankr. Case No. 26 S 77/08p).


HITECH LLC: Claims Registration Period Ends October 7
-----------------------------------------------------
Creditors owed money by LLC Hitech have until Oct. 7, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Andreas Wippel
         Triester Str. 15
         2620 Neunkirchen
         Austria
         Tel: 02635/62860
         Fax: 02635/6286114
         E-mail: kanzlei@dr-wippel.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Oct. 21, 2008, for the
examination of claims at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Ternitz, Austria, the Debtor declared bankruptcy
on Aug. 4, 2008, (Bankr. Case No. 11 S 91/08f).


KRAUS U. PARTNER: Claims Registration Period Ends October 6
-----------------------------------------------------------
Creditors owed money by LLC Kraus u. Partner have until Oct. 6,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Johannes Leon
         Reichsratsstrasse 5
         1010 Vienna
         Austria
         Tel: 402 15 54
         Fax: 402 15 54-54
         E-mail: office@leonlaw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Oct. 20, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 5, 2008, (Bankr. Case No. 3 S 88/08y).


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

         Wilhelm Lackner
         Esterhazyplatz 6a
         7000 Eisenstadt
         Austria
         Tel: 02682/64044
         Fax: 02682/64044 30
         E-mail: ra.schreiner@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:15 a.m. on Oct. 6, 2008, for the
examination of claims at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Ritzing, Austria, the Debtor declared bankruptcy
on Aug. 28, 2008, (Bankr. Case No. 26 S 78/08k).


TRES LLC: Claims Registration Period Ends September 26
------------------------------------------------------
Creditors owed money by LLC Tres have until Sept. 26, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Robert Igali-Igalffy
         Stojanstr. 43
         2344 Maria Enzersdorf am Gebirge
         Austria
         Tel: 02236/25138-20
         Fax: 02236/25138-15
         E-mail: igali-igalffy@aon-at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Oct. 9, 2008, for the
examination of claims at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Brunn am Gebirge, Austria, the Debtor declared
bankruptcy on Aug. 25, 2008, (Bankr. Case No. 10 S 92/08w).


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


PORTOLA PACKAGING: Receives First Day Orders from Court
-------------------------------------------------------
Portola Packaging, Inc. received a variety of first day orders
from the U.S. Bankruptcy Court for the District of Delaware that
will allow it to continue managing operations in the ordinary
course.

It has received Court orders authorizing the company to pay
prepetition claims of unsecured creditors in the ordinary course
of business.  In addition, the company received authorization to
utilize the existing cash management system and continue to
support all customer programs.  As a result, under the
restructuring plan, all obligations owed to trade creditors,
suppliers, customers and employees in the ordinary course of
business will be unimpaired and unaffected by the restructuring.

The company secured additional interim financing.  The
restructuring plan provides for payments to providers of goods and
services delivered post-petition in the ordinary course of
business.

John LaBahn, senior vice president and chief financial officer
stated,  "We are pleased to have received these orders that will
allow us to proceed with our consensual restructuring plan.  We
are ahead of schedule and hope to move through the re-structuring
process quickly and expect to exit before mid-October".

                   About Portola Packaging

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

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


=============
E S T O N I A
=============


TR MAJAD: Faces Bankruptcy Petition; Owes SEB EEK156 Million
------------------------------------------------------------
SEB plans to file a bankruptcy petition against Toomas Ruutman's
holding company TR Majad, Baltic Business News reports.

According to the report, TR Majad owed SEB over EEK156 million.

TR Majad, the report relates, issued bonds and raise EEK156
million, which Mr. Ruutman used to buy back Estonian Peugeot
dealer Kommest Auto from Finns.

However, Mr. Ruutman's plan to re-sell Kommest Auto and cover the
debt from the sales proceeds failed to materialize, the report
discloses.

SEB, the report adds, also wants to declare Mr. Ruutman bankrupt
as he guaranteed the bond issue personally.  The bank asked the
court to seize some of his personal assets, the report notes.


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


AGRAR GMBH: Claims Registration Period Ends September 23
--------------------------------------------------------
Creditors of Agrar GmbH Boossen have until Sept. 23, 2008, to
register their claims with court-appointed insolvency manager
Dr. Karsten Foerster.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Oct. 28, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Karsten Foerster
         Herbert-Jensch-Str. 111
         15234 Frankfurt (Oder)
         Germany

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

The Debtor can be reached at:

         Agrar GmbH Boossen
         Berliner Str. 36b
         15234 Frankfurt(Oder)
         Germany


AREXERA INFORMATION: Creditors' Meeting Slated for September 23
---------------------------------------------------------------
The court-appointed insolvency manager for Arexera Information
Technologies GmbH, Dr. Christian Gerloff will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:45 a.m. on Sept. 23, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:15 a.m. on Oct. 30, 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:

         Dr. Christian Gerloff
         Nymphenburger Str. 139
         80636 Munich
         Germany
         Tel: 089/120260
         Fax: 089/12026127

The District Court of Munich opened bankruptcy proceedings against
Arexera Information Technologies GmbH on Aug. 28, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Arexera Information Technologies GmbH
         Fraunhoferstr. 17
         82152 Martinsried
         Germany


DINTEC PROJEKT: Claims Registration Period Ends September 23
------------------------------------------------------------
Creditors of dintec Projekt Management GmbH have until
Sept. 23, 2008, to register their claims with court-appointed
insolvency manager Andrew Seidl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 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 Dresden
         Hall D132
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Andrew Seidl
         Heideparkstrasse 14
         01099 Dresden
         Germany
         E-mail: www.ra-andrew-seidl.de

The District Court of Dresden opened bankruptcy proceedings
against dintec Projekt Management GmbH on Aug. 13, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         dintec Projekt Management GmbH
         Winterbergstr. 70
         01237 Dresden
         Germany

         Attn: Tom Hertel, Manager
         geboren 1982
         Helbigsdorfer Weg 10
         01169 Dresden
         Germany


EFFEKTIVBAU GMBH: Creditors' Meeting Slated for Sept. 25
--------------------------------------------------------
The court-appointed insolvency manager for Effektivbau GmbH, Anika
Leffler will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 10:25 a.m. on Sept. 25,
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 10:10 a.m. on Jan. 8, 2009, at the same venue.

Creditors have until Nov. 6, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Anika Leffler
         Gross-Berliner Damm 73c
         12487 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against Effektivbau GmbH on Aug. 19, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Effektivbau GmbH
         Manteuffelstrasse 57
         12103 Berlin
         Germany


H K S INGENIEURGESELLSCHAFT: Claims Registration Ends Sept. 23
--------------------------------------------------------------
Creditors of H K S Ingenieurgesellschaft mbH have until
Sept. 23, 2008, to register their claims with court-appointed
insolvency manager Dr. Volkhard Frenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.m. on Oct. 14, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dessau-Rosslau
         Hall 123
         Willy-Lohmann-Str. 33
         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. Volkhard Frenzel
         Magdeburger Strasse 23
         06112 Halle
         Germany
         Tel: 0345/2311111
         Fax: 0345/2311199

The District Court of Dessau-Rosslau opened bankruptcy proceedings
against H K S Ingenieurgesellschaft mbH on
July 21, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         H K S Ingenieurgesellschaft mbH
         Dessauer Str. 79
         06862 Dessau-Rosslau
         Germany

         Attn: Ulrich Kruskop, Manager
         Tulpenweg 38
         06862 Dessau-Rosslau
         Germany


HALLEN- UND BAUSYSTEME: Claims Registration Period Ends Sept. 23
----------------------------------------------------------------
Creditors of HBL Hallen- und Bausysteme Luthe GmbH have until
Sept. 23, 2008, to register their claims with court-appointed
insolvency manager Torsten Gutmann.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Oct. 21, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Torsten Gutmann
         Kriegerstrasse 44
         30161 Hannover
         Germany
         Tel: 0511 2206268-0
         Fax: 0511 2206268-9

The District Court of Hannover opened bankruptcy proceedings
against HBL Hallen- und Bausysteme Luthe GmbH on July 29, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HBL Hallen- und Bausysteme Luthe GmbH
         Attn: Manfred Lippold, Manager
         Tilsiter Strasse 8
         31515 Wunstorf
         Germany


KALLWEIT GMBH: Claims Registration Period Ends September 22
-----------------------------------------------------------
Creditors of Kallweit GmbH & Co. KG have until Sept. 22, 2008, to
register their claims with court-appointed insolvency manager
Jochen Draenkow.

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

The meeting of creditors will be held at:

         The District Court of Hagen
         Hall 259
         Second Floor
         Heinitzstrasse 42/44
         58097 Hagen
         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:

         Jochen Draenkow
         Friedrichstr. 10
         58507 Luedenscheid
         Germany

The District Court of Hagen opened bankruptcy proceedings against
Kallweit GmbH & Co. KG on Sept. 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Kallweit GmbH & Co. KG
         Industriestr. 2
         58840 Plettenberg
         Germany


MOBS GASTRONOMIE: Claims Registration Period Ends September 22
--------------------------------------------------------------
Creditors of MOBS Gastronomie GmbH have until Sept. 22, 2008, to
register their claims with court-appointed insolvency manager Dr.
Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 31, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Stephan Thiemann
         Schorlemmerstrasse 2
         04155 Leipzig
         Germany
         Tel: 0341/4903650
         Fax: 0341/4903699
         E-mail: leipzig@pluta.net

The District Court of Leipzig opened bankruptcy proceedings
against MOBS Gastronomie GmbH on Sept. 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         MOBS Gastronomie GmbH
         Peterssteinweg 10
         04107 Leipzig
         Germany


ORTHOPADISCHE WERKSTATTEN: Creditors' Meeting Set September 24
--------------------------------------------------------------
The court-appointed insolvency manager for Orthopadische
Werkstatten Mauritiuskirchstrasse GmbH, Sebastian Laboga will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 11:45 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 11:35 a.m. on Jan. 14, 2009, at the same
venue.

Creditors have until Nov. 5, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Sebastian Laboga
         Einemstr. 24
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against Orthopadische Werkstatten Mauritiuskirchstrasse GmbH on
Aug. 7, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Orthopadische Werkstatten Mauritiuskirchstrasse GmbH
         Mauritiuskirchstr. 3
         10365 Berlin
         Germany


PEGASUS BUEROREINIGUNG: Claims Registration Period Ends Sept. 24
----------------------------------------------------------------
Creditors of Pegasus Bueroreinigungs-Service GmbH have until Sept.
24, 2008, to register their claims with court-appointed insolvency
manager Dr. Bruno Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Oct. 20, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Dr. Bruno Kuebler
          Konrad-Zuse-Platz 1
          81829 Munich
          Germany
          Tel: 99299-0
          Fax: 99299-299

The District Court of Munich opened bankruptcy proceedings against
Pegasus Bueroreinigungs-Service GmbH on Aug. 13, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Pegasus Bueroreinigungs-Service GmbH
         Idastr. 4
         81479 Munich
         Germany


SBS TROCKENBAU: Claims Registration Period Ends September 24
------------------------------------------------------------
Creditors of SBS Trockenbau GmbH & Co. KG have until Sept. 24,
2008, to register their claims with court-appointed insolvency
manager Dr. Siegfried Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Oct. 30, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Fuerth
         Hall 216/II
         Baumenstr. 28
         Fuerth
         Germany

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

The insolvency manager can be reached at:

         Dr. Siegfried Beck
         Stahlstr. 17
         90411 Nuremberg
         Germany
         Tel: 0911/9512850
         Fax: 0911/95128510

The District Court of Fuerth opened bankruptcy proceedings against
SBS Trockenbau GmbH & Co. KG on Aug. 13, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         SBS Trockenbau GmbH & Co. KG
         Schafacker 2
         91334 Hemhofen
         Germany


SCHOMA KAPITALANLAGE: Claims Registration Period Ends Sept. 24
--------------------------------------------------------------
Creditors of Schoma Kapitalanlage-, Vermoegens- u.
Wertpapierverwaltungsgesellschaft mbH have until Sept. 24, 2008,
to register their claims with court-appointed insolvency manager
Andreas Fischer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Schoma Kapitalanlage-, Vermoegens- u.
Wertpapierverwaltungsgesellschaft mbH on Aug. 11, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Schoma Kapitalanlage-, Vermoegens- u.
         Wertpapierverwaltungsgesellschaft mbH
         Attn: Marino Amicone, Manager
         Eichwaldstr. 9
         77830 Buehlertal
         Germany


SPEZIALISTEN EXKLUSIVER: Claims Registration Period Sept. 24
------------------------------------------------------------
Creditors of SPEZIALISTEN EXKLUSIVER AUTOMOBILE
Gesellschaft mit beschrankter Haftung have until Sept. 24, 2008,
to register their claims with court-appointed insolvency manager
Thomas Hofheinz.

Creditors and other interested parties are encouraged to attend
the meeting at 8:10 a.m. on Oct. 29, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Thomas Hofheinz
         Markte 13
         30159 Hannover
         Germany
         Tel: 0511 357721-0
         Fax: 0511 357721-40

The District Court of Hannover opened bankruptcy proceedings
against SPEZIALISTEN EXKLUSIVER AUTOMOBILE
Gesellschaft mit beschrankter Haftung on Aug. 6, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         SPEZIALISTEN EXKLUSIVER AUTOMOBILE
         Gesellschaft mit beschrankter Haftung
         Varrelheidering 2
         30659 Hannover
         Germany

         Attn: Ute Biehlmann-Sprung, Manager
         Zeisigstrasse 18
         30855 Langenhagen
         Germany


SUCCESS GMBH: Claims Registration Period Ends September 22
----------------------------------------------------------
Creditors of Success GmbH have until Sept. 22, 2008, to register
their claims with court-appointed insolvency manager Michael
Bremen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Oct. 13, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Michael Bremen
         Sternstr. 58
         40479 DuesseldorfForderungen
         Germany

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

The Debtor can be reached at:

         Success GmbH
         Attn: Annetta Becker, Manager
         Suitbertusstrasse 178
         40223 Duesseldorf
         Germany


UNAT GESELLSCHAFT: Creditors' Meeting Slated for September 24
-------------------------------------------------------------
The court-appointed insolvency manager for UNAT Gesellschaft fuer
regenerative Energien mbH, Joachim Voigt-Salus will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 10:35 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 10:15 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:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin
         Germany

The District Court of Charlottenburg  opened bankruptcy
proceedings against UNAT Gesellschaft fuer regenerative Energien
mbH on Aug. 8, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         UNAT Gesellschaft fuer regenerative Energien mbH
         Bismarckstr. 17 b
         12169 Berlin
         Germany


WILD HEISTER: Claims Registration Period Ends Sept. 24
------------------------------------------------------
Creditors of Wild Heister GmbH have until Sept. 24, 2008, to
register their claims with court-appointed insolvency manager Dr.
Gideon Boehm .

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 5, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Pinneberg
         Hall 3
         First Floor
         Bahnhofstrasse 17
         25421 Pinneberg
         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. Gideon Boehm
          Bachstrasse 85 a
          22083 Hamburg
          Germany

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

The Debtor can be reached at:

         Wild Heister GmbH
         Attn: Carsten Schneider and Wilfried Wulf, Managers
         Breeser Weg
         29451 Dannenberg
         Germany


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


ASIA-ELECTROLUX LLP: Creditors Must File Claims by Nov. 4
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Asia-Electrolux insolvent.

Creditors have until Nov. 4, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan
         Tel: 8 (7252) 53-48-34
              8 (7252) 54-02-36


BUSINESS-UNIVERSAL LLP: Claims Deadline Slated for Nov. 3
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Business-Universal insolvent.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tokayev Str. 17
         Shymkent
         South Kazakhstan
         Kazakhstan
         Tel: 8 701 433 30-01


CASPIAN REGION: Claims Filing Period Ends Nov. 4
------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Caspian Region Energy Services insolvent.

Creditors have until Nov. 4, 2008, to submit written proofs of
claims to:

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


CASPY STROY: Creditors' Claims Due on Nov. 4
--------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Caspy Stroy Techno insolvent.

Creditors have until Nov. 4, 2008, to submit written proofs of
claims to:

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


COMEK TRANSIT: Claims Registration Ends Nov. 4
----------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Comek Transit insolvent.

Creditors have until Nov. 4, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan
         Tel: 8 (7252) 53-48-34
              8 (7252) 54-02-36


EMTA ADANA: Creditors Must File Claims by Nov. 3
------------------------------------------------
Branch of JSC Emta Adana Energy Sanayi ve Tidjaret Anonim Shirketi
has declared liquidation.  Creditors have until
Nov. 3, 2008, to submit written proofs of claims to:

         Branch of JSC Emta Adana Energy
         Sanayi ve Tidjaret Anonim Shirketi
         Office 724
         Dostyk ave. 105
         Almaty
         Kazakhstan


RINAR-PAVLODAR LLP: Claims Deadline Slated for Oct. 29
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Rinar-Pavlodar insolvent.

Creditors have until Oct. 29, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Gagarin Str. 18-49
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 47-11-85
              8 (7182) 32-86-70


STROITELNO-MONTAJNOYE UPRAVLENIYE: Claims Period Ends Nov. 3
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Stroitelno-Montajnoye Upravleniye Novyh Technology
Stroitelstva (Construction-Montage Management of New Building
Technologies) insolvent on Aug. 11, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 26, 35-14
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (7292) 41-58-26
              8 701 537 15 -59


STROY COMPLECT-N: Creditors' Claims Due on Nov. 3
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Stroy Complect-N insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Tolstoy Str. 74
         Kostanai
         Kazakhstan


TRANSMERIDIAN EXPLORATION: Exchange Offer Due Further Extended
--------------------------------------------------------------
Transmeridian Exploration Incorporated and its wholly owned
subsidiary Transmeridian Exploration Inc. have extended the
consent payment deadline and expiration time with respect to their
exchange offer and concurrent solicitation of consents to amend
the indenture governing TMEI's 12% Senior Secured Notes due 2010
and related security documents.

The expiration time for the exchange offer, which was 12:00
midnight, New York City time, on September 15, 2008, will be
extended to 12:00 midnight, New York City time, on September 22,
2008, unless further extended.

The consent payment deadline, which was 5:00 p.m., New York City
time, on August 29, 2008, was extended to 5:00 p.m., New York City
time, on September 5, 2008.

All other material terms of the consent solicitation and the
related exchange offer remain unchanged.  Holders who have already
properly tendered their Existing Notes and delivered their
consents do not need to retender or deliver new consents.
Consents may only be revoked in the manner described in the
Offering Memorandum and Consent Solicitation Statement, dated
July 23, 2008.

Transmeridian and TMEI also announced that as of 5:00 p.m.,
August 29, 2008, holders of an aggregate US$30,146,000 principal
amount of the Existing Notes have tendered their Existing Notes
and delivered their consents to the proposed amendments to the
indenture governing the Existing Notes and related security
documents.

               About Transmeridian Exploration

Based in Houston, Transmeridian Exploration Inc. (AMEX: TMY) --
http://www.tmei.com/-- is an independent energy company
established to acquire and develop oil reserves in the Caspian Sea
region of the former Soviet Union.  The company's primary oil and
gas property is the South Alibek Field in the Republic of
Kazakhstan covered by License 1557 and the related exploration and
production contracts with the government of Kazakhstan.

Transmeridian Exploration's consolidated balance sheet at
March 31, 2008, showed US$402.2 million in total assets,
US$341.2 million in total liabilities, and US$92.5 million in
redeemable convertible preferred stock, resulting in a
US$31.5 million total stockholders' deficit.

                      Going Concern Doubt

UHY LLP in Houston raised substantial doubt on Transmeridian's
ability to continue as a going concern after auditing the
company's consolidated financial statements for the years ended
Dec. 31, 2007, and 2006.  The auditing firm pointed to the
company's negative working capital, stockholders' deficit, and
operating losses since its inception.

The company had a net working capital deficit of approximately
US$56.2 million and a stockholders' deficit of approximately
US$31.5 million at March 31, 2008.  Approximately 89.0% of the
company's accounts payable at March 31, 2008, have been
outstanding more than 120 days.


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


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

         LLC Center International 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.


===================
L U X E M B O U R G
===================


EVRAZ GROUP: Violates Anti-Monopoly Rules, Officials Say
--------------------------------------------------------
Evraz Holding is overcharging customers for coking coal and has
breached anti-monopoly rules according to Russia's antitrust body,
International Herald Tribune reports.

A parallel investigation is being conducted by the Federal Anti-
monopoly Service in July 2008 when prices of coking coal climbed
sharply in December 2007.

A fine is yet to be decided by FAS but it said that it will not me
over 2% of Evraz' annual revenue.

Evraz affiliate, Raspadskaya Coal, has also been charged with
manipulating prices.

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

Evraz Group S.A. continues to carry Ba2 corporate family rating,
Ba2 rating for Senior Notes due 2009 and Ba3 rating for Senior
Notes due 2015 from Moody's Investors Service, which placed
them on review in March 2008 for possible downgrade.

The company also carries BB- long-term corporate credit and
senior unsecured debt ratings from Standard & Poor's Ratings
Services, with positive outlook.  The ratings were affirmed in
March 2008.


EVRAZ GROUP: Completes Acquisition of Palmrose Limited
------------------------------------------------------
Evraz Group S.A. has completed the second stage of the acquisition
of select production assets in Ukraine.

As a second stage, 4,195,150 shares in Evraz have been issued in
favor of Lanebrook Limited in exchange for 48.6% of Palmrose
Limited, the owner of these Ukrainian assets:

   -- a 99.25% share holding in the Sukha Balka iron ore mining
      and processing complex;

   -- a 95.57% share holding in the Dnepropetrovsk Iron and
      Steel Works; and

   -- share holdings in three coking plants (94.37% of Bagley
      Coke, 98.65% of Dnepropetrovsk Coke and 93.86% of shares
      outstanding of Dneprodzerzhinsk Coke).

The issuance of the New Shares and the resulting share capital
increase have been approved by Evraz's Board of Directors and, in
a separate vote, by the Board's Non-Executive Directors Committee
who took into account the independent valuation and fairness
opinion prepared by Renaissance Capital.  The valuation methods
and procedures performed on the valuation of the contribution in
kind were confirmed in a Contribution in Kind report issued by an
independent auditor, PricewaterhouseCoopers S.a r.l., as required
by the Luxembourg legislation.

Evraz now owns 100% of Palmrose Limited though it has effectively
controlled the latter since April 14, 2008, when it completed the
acquisition of the first 51.4% of Palmrose for cash consideration.

                         About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

Evraz Group S.A. continues to carry a Ba2 corporate family rating,
a Ba2 rating for Senior Notes due 2009 and a Ba3 rating for Senior
Notes due 2015 from Moody's Investors Service, which placed
them on review in March 2008 for possible downgrade.

The company also carries BB- long-term corporate credit and
senior unsecured debt ratings from Standard & Poor's Ratings
Services, with positive outlook.  The ratings were affirmed in
March 2008.

Evraz carries BB long-term Issuer Default and senior unsecured
ratings and B Short-term Issuer Default rating from Fitch
Ratings, with stable outlook.  The ratings were affirmed in
March 2008.


EVRAZ GROUP: Completes Disposal of Vanadium Assets
--------------------------------------------------
Evraz Group S.A. has announced that it has successfully completed
the disposal of certain vanadium assets in South Africa.

In 2007, Evraz committed to procure the disposal as a condition to
the approval by the European Commission and South African
competition authorities of its acquisition of a majority interest
in Highveld.

Under the agreements, Evraz sold Highveld's Vanchem operations,
its 50% shareholding in South Africa Japan Vanadium (Proprietary)
Limited, as well as a non-dividend bearing equity interest in
Highveld's Mapochs Mine (Proprietary) Limited.

The disposal was implemented effective Aug. 29, 2008.

The transfer of the assets of the Mapochs Mine from Highveld into
Mapochs Mine (Proprietary) Limited remains subject to the
conversion of the old order mining rights which Highveld holds in
relation to the mine, and the consent of the Minister of Minerals
and Energy for the transfer thereof.

                         About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

Evraz Group S.A. continues to carry a Ba2 corporate family rating,
a Ba2 rating for Senior Notes due 2009 and a Ba3 rating for Senior
Notes due 2015 from Moody's Investors Service, which placed
them on review in March 2008 for possible downgrade.

The company also carries BB- long-term corporate credit and
senior unsecured debt ratings from Standard & Poor's Ratings
Services, with positive outlook.  The ratings were affirmed in
March 2008.

Evraz still carries BB long-term Issuer Default and senior
unsecured ratings and B Short-term Issuer Default rating from
Fitch Ratings, with stable outlook.  The ratings were affirmed in
March 2008.


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


NXP BV: Unveils Redesign Program; Eyes US$550 Million Savings
-------------------------------------------------------------
NXP Semiconductors (formerly Philips Semiconductors) unveiled a
redesign program that will bring NXP to a healthy financial
situation and position the company for future growth.  The changes
come in response to a challenging economic environment, a weak US
dollar, and the reduction in size of the company after moving its
wireless business into a joint venture with STMicroelectronics.
The redesign program includes major reduction of NXP's
manufacturing base, its central R&D, and support functions.  This
program is expected to affect approximately 4,500 people globally
and will result in annualized savings of US$550 million.  The
restructuring cost will result in an estimated cash out of US$800
million.

Moving forward, NXP will focus on its Automotive, Identification,
Home, and MultiMarket businesses where it has a high share of
innovative products and market leadership positions.  The redesign
measures will establish NXP with a strong base to achieve its mid-
term targets to deliver profitable growth with 15% EBITA and
positive cash flow.

Commenting on the redesign plans NXP Chief Executive Officer Frans
van Houten said, "This restructuring is a tough measure and it is
regrettable that we need to let people go.  However, the changes
will make NXP a strong, profitable and growing company, with a
positive cash flow.  NXP is transforming into a globally
competitive semiconductor company with scale and leadership in its
core businesses.  Measures include increasing the competitiveness
of our manufacturing base and reduction in our work force,
resulting in a leaner, customer focused company, well positioned
for growth in our core businesses."

Changes to the manufacturing operations reflect NXP's long term
asset-light strategy, the need for a balanced geographical cost
base and commitment to ongoing customer programs.  The program
entails the migration to more advanced production processes,
reduction of excess capacity in older technologies, together
ensuring a much more competitive operation, while maintaining a
strong manufacturing presence in Europe.  NXP plans to consolidate
the majority of its production to two higher capability European
fabs: Nijmegen and Hamburg, and to SSMC in Singapore.

As a result four factories are planned to be sold or closed. The
fab in Fishkill, New York, USA will be closed ultimately in 2009.
Additionally, two other factories are planned to be closed by
2010: the "ICN5" part of the NXP facility in Nijmegen,
Netherlands, and part of the "ICH" fab of the Hamburg facility,
Germany.  NXP's fab in Caen, France will be put on the market for
sale.  The company is open to offers for this facility from
prospective buyers, however, in the event that a buyer is not
found the facility could be closed as well during 2009.  This plan
targets to increase the loading in the remaining fabs to over 90
percent, as well as result in expected savings of US$300 million
on a run rate basis by the end of 2010.  Details will be confirmed
in discussions with NXP customers as the company plans for the
seamless transition of the production and are subject to
consultations with unions and employee representatives.

The redesign program of NXP's R&D and support functions reflects
the ambition to have a more balanced global cost base and reduced
and more focused central R&D.  NXP has matched the requirements of
its core businesses to its R&D and support resources and as a
result can effectively serve its customer needs at much lower
operating expense levels.  These planned changes are expected to
affect employees primarily in the Netherlands, France and Germany.
After the restructuring NXP will invest 16 to 17% of sales in R&D,
which is in line with leading semiconductors companies.

The changes will lead to a reduction in annual operating expenses
of US$250 million and are expected to be implemented mostly during
2009.  Further details will be communicated on a local country
basis as part of the consultation process with employee
representatives and unions.

NXP will do its utmost to redeploy affected employees into
different positions, but sees redundancies as inevitable.  The
company has initiated consultations with unions and employee
representatives with regard to the implications and implementation
of the proposed measures.  NXP plans to implement these measures
between now and 2010.

Headquartered in Eindhoven, Netherlands, NXP B.V. --
http://www.nxp.com/-- creates semiconductors, system solutions
and software that deliver better sensory experiences in TVs,
set-top boxes, identification applications, mobile phones, cars
and a wide range of other electronic devices.  The company has
31,000 employees working in more than 20 countries and posted
sales of US$6.3 billion (including the Mobile & Personal
business) in 2007.

                       *     *     *

As reported in the TCR-Europe on Sept. 2, 2008, Moody's Investors
Service downgraded NXP Semiconductors' corporate family rating to
B3 from B2, its senior secured notes to B3 from B2 and senior
unsecured notes to Caa2 from Caa1 upon conclusion of its rating
review initiated on July 23, 2008.  The outlook for the ratings is
stable.


NXP BV: S&P Cuts Long-Term Corporate Credit Rating to B-
--------------------------------------------------------
Standard & Poor's Ratings Services has lowered to 'B-' its long-
term corporate credit rating on Dutch semiconductor company NXP
B.V.  All issue ratings of NXP and guaranteed subsidiary NXP
Funding LLC were also lowered by two notches.  All ratings remain
on CreditWatch with negative implications, where they were placed
on July 25, 2008, after the company released its second-quarter
2008 results.  On June 30, 2008, NXP had US$6.7 billion of gross
debt on its balance sheet.

"The downgrade reflects our assessment that NXP's liquidity
position is further and significantly impaired, after today's
announcement of a very large restructuring program aiming at
saving US$550 million annually by 2010, which follows very weak
profits and cash flow generation in first-half 2008," said S&P's
credit analyst Patrice Cochelin.

The program will cost NXP US$800 million, which will absorb a
large part of the proceeds from the recent disposal of its
wireless operation to STMicroeletronics N.V. (A-/Negative/A-2).
S&P now views it as unlikely that the company will conduct
significant acquisitions in the near future, which means that it
will have to use a large part of the wireless net proceeds for
debt repayment in line with its bond indenture.  In view of NXP's
liquidity position, S&P believes that these debt repayments will
be challenging.

"We aim to resolve the CreditWatch status in the coming weeks,
after a thorough review of NXP's liquidity position, which will
now become the main rating driver," said Mr. Cochelin.

S&P will notably focus on the amount of debt that NXP will be
required to repay under its bond indenture, which NXP at this
point has not disclosed.

Factors which could put pressure on NXP's rating include its
negative cash flow generation and very high leverage, which is
only partly offset by the likely improvement of its near-term
liquidity position from the upcoming wireless transaction and the
lower cost base that its restructuring should, over time, support.


* NautaDutilh Launches Benelux Restructuring and Insolvency Team
----------------------------------------------------------------
Leading Benelux law firm NautaDutilh has launched its Benelux
Restructuring & Insolvency Team.  The team will be led by Robert
van Galen, practice group manager of the firm's corporate
department and a leading international insolvency and
restructuring specialist.

NautaDutilh is the first Dutch law firm to announce the formation
of a dedicated Benelux restructuring and insolvency capability in
response to the anticipated effects of the credit crunch, to
enable the firm to assist clients facing complex and unexpected
situations.

The team, consisting of more than 20 lawyers, will combine
NautaDutilh core strengths in banking & finance, insolvency and
litigation alongside their significant expertise in major
international financing transactions as well as complex
bankruptcies cases.

NautaDutilh has an excellent track record in this field and has,
over the past 25 years, been involved in almost all complex
international bankruptcy cases and many major refinancing
transactions, including Laurus, AveBe, GTS, De Koop-Groep, UPC, as
well as bankruptcy cases such as Ceteco, KPNQwest, Fokker, Van der
Hoop Bankiers and Yukos Group?s preservation of its international
assets from seizure by the Russian trustee.

"In difficult times it is important to identify problems and take
well prepared measures in a timely manner.  Restructurings and
bankruptcies ask for sound legal expertise and where necessary
unconventional, creative solutions.  We offer just that with the
unique combination of authoritative specialists from our banking &
finance, insolvency and litigation groups," lead partner Robert
van Galen commented on the launch of the Benelux Restructuring &
Insolvency team.

NautaDutilh is a leading European law firm consisting of nearly
450 attorneys, civil law notaries and tax advisers who provide a
wide range of legal services in the fields of national (Dutch,
Belgian, Luxembourgisch) and European law.  The partnership
consists of a total of 118 partners.

NautaDutilh's main offices are located in the Netherlands, in
Amsterdam and Rotterdam and Brussels and Luxembourg.  There are
representative offices in London and New York.  The firm, the
origins of which can be traced back to 1724, participates in
various networks of American, European and Southeast Asian law
offices.


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


GDANSK SHIPYARD: Polish Government Inks Prelim Sale Pact
--------------------------------------------------------
The Polish government reached an initial deal selling three of its
state-owned shipyards, Gdynia, Gdansk and Szczecin, a week prior
to an expiration of a European Union deadline, Marta Waldoch and
Katya Andrusz writes for Bloomberg News, citing Treasury Minister
Aleksander Grad as saying.

Mr. Grad said that the government will sell Gdansk and Gdynia for
PLN835 million, or US$357 million, as part of a restructuring plan
for the shipyards, the report relates.  Szczecin will be sold for
PLN400 million, Mr. Grad added, according to Bloomberg.

Based on the report, under the sale agreement, an investor will
raise the capital for Gdansk and Gdynia to a total amount of
EUR520 million, or US$753.3 million, and by PLN242 million for
Szczecin.

Bloomberg notes that the government in July 2008 convinced the
European Commission, the regulatory arm in Brussels, to postpone
decision on whether or not a more than EUR1 billion, or
US$1.45 billion, in state aid to the shipyards was illegal.  The
government asserted that it required more time to complete its
restructuring plans.

As reported by the Troubled Company Reporter-Europe on June 4,
2008, the government had asked the Commission for more time to
privatize Stocznia Gdynia S.A. and Stocznia Szczecinska
Nowa Sp. z o.o.  Commission spokesman Jonathan Todd has warned
that the European Union executive may issue negative decision over
the state aid availed to the shipyards if the Polish government
fails to present a viable restructuring plan.

The Commission may demand that Stocznia Gdynia and Stocznia
Szczecinska repay hundred of millions of Euros in state aid, which
could lead to the shipyards' bankruptcy.  The shipyards needs
urgent capital injection -- with Stocznia Gdynia requiring around
US$250 million -- to avert bankruptcy and finance its operations.
Minister Grad had assured the Commission that investors have
expressed interest in acquiring the shipyards.

According to Bloomberg, Mr. Todd said the Commission won't comment
on the matter until the government sends in information.

                          About Gdansk

Headquartered in Gdansk, Poland, Gdansk Shipyard --
http://www.stocznia.gda.pl/En-- is one of the biggest shipyards
in Poland.  It was previously known as Lenin Shipyard during the
times of the People's Republic of Poland.  The site was the
birthplace of the country's Solidarity movement in September
1980.


STOCZNIA GDYNIA: Polish Government Inks Prelim Sale Pact
--------------------------------------------------------
The Polish government reached an initial deal selling three of its
state-owned shipyards, Gdynia, Gdansk and Szczecin, a week prior
to an expiration of a European Union deadline, Marta Waldoch and
Katya Andrusz writes for Bloomberg News, citing Treasury Minister
Aleksander Grad as saying.

Mr. Grad said the government will sell Gdansk and Gdynia for
PLN835 million, or US$357 million, as part of a restructuring plan
for the shipyards, the report relates.  Szczecin will be sold for
PLN400 million, Mr. Grad added, according to Bloomberg.

Based on the report, under the sale agreement, an investor will
raise the capital for Gdansk and Gdynia to a total amount of
EUR520 million, or US$753.3 million, and by PLN242 million for
Szczecin.

Bloomberg notes that the government in July 2008 convinced the
European Commission, the regulatory arm in Brussels, to postpone
decision on whether or not more than EUR1 billion, or
US$1.45 billion, in state aid to the shipyards was illegal.  The
government asserted that it required more time to complete its
restructuring plans.

As reported by the Troubled Company Reporter-Europe on June 4,
2008, the government had asked the Commission for more time to
privatize Stocznia Gdynia S.A. and Stocznia Szczecinska
Nowa Sp. z o.o.  Commission spokesman Jonathan Todd has warned
that the European Union executive may issue negative decision over
the state aid availed to the shipyards if the Polish government
fails to present a viable restructuring plan.

The Commission may demand that Stocznia Gdynia and Stocznia
Szczecinska repay hundred of millions of Euros in state aid, which
could lead to the shipyards' bankruptcy.  The shipyards needs
urgent capital injection -- with Stocznia Gdynia requiring around
US$250 million -- to avert bankruptcy and finance its operations.
Minister Grad had assured the Commission that investors have
expressed interest in acquiring the shipyards.

According to Bloomberg, Mr. Todd said the Commission won't comment
on the matter until the government sends in information.

                      About Stocznia Gdynia

Located in Port of Gdynia, Poland, Stocznia Gdynia S.A. --
http://www.stocznia.gdynia.pl/-- engages in the construction of
ships, partly equipped hulls, ship's sections, superstructures,
and steel constructions.  The company also engages in the
production and distribution of technical gases, hot water, and
steam, as well as research and development works in technical
studies.



SZCZECIN SHIPYARD: Polish Government Inks Prelim Sale Pact
----------------------------------------------------------
The Polish government reached an initial deal selling three of its
state-owned shipyards, Gdynia, Gdansk and Szczecin, a week prior
to an expiration of a European Union deadline, Marta Waldoch and
Katya Andrusz writes for Bloomberg News, citing Treasury Minister
Aleksander Grad as saying.

Mr. Grad said that the government will sell Gdansk and Gdynia for
PLN835 million, or US$357 million, as part of a restructuring plan
for the shipyards, the report relates.  Szczecin will be sold for
PLN400 million, Mr. Grad added, according to Bloomberg.

Based on the report, under the sale agreement, an investor will
raise the capital for Gdansk and Gdynia to a total amount of
EUR520 million, or US$753.3 million, and by PLN242 million for
Szczecin.

Bloomberg notes that the government in July 2008 convinced the
European Commission, the regulatory arm in Brussels, to postpone
decision on whether or not a more than EUR1 billion, or
US$1.45 billion, in state aid to the shipyards was illegal.  The
government asserted that it required more time to complete its
restructuring plans.

As reported by the Troubled Company Reporter-Europe on June 4,
2008, the government had asked the Commission for more time to
privatize Stocznia Gdynia S.A. and Stocznia Szczecinska
Nowa Sp. z o.o.  Commission spokesman Jonathan Todd has warned
that the European Union executive may issue negative decision over
the state aid availed to the shipyards if the Polish government
fails to present a viable restructuring plan.

The Commission may demand that Stocznia Gdynia and Stocznia
Szczecinska repay hundred of millions of Euros in state aid, which
could lead to the shipyards' bankruptcy.  The shipyards needs
urgent capital injection -- with Stocznia Gdynia requiring around
US$250 million -- to avert bankruptcy and finance its operations.
Minister Grad had assured the Commission that investors have
expressed interest in acquiring the shipyards.

According to Bloomberg, Mr. Todd said the Commission won't comment
on the matter until the government sends in information.

                       About Stocznia Szczecinska

Headquartered in Szczecin, Poland, Stocznia Szczecinska Nowa
Sp. z o.o. -- http://www.ssn.pl/-- specialized in the
construction of container, chemicals transport, multi-purpose
and Con-Ro ships.  The company has been in insolvency after
experiencing substantial reduction of new ship orders, sharp
price decline, and several years of high exchange rate
between the Polish zloty and U.S. dollar.


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


AVRORA OJSC: Moscow Bankruptcy Hearing Set November 23
------------------------------------------------------
The Arbitration Court of Moscow will convene at 10.00 a.m. on
Nov. 23, 2008, to hear bankruptcy supervision procedure on OJSC
Avrora (TIN 5049003467).  The case is docketed under Case No.
A41-2588/08.

The Temporary Insolvency Manager is:

         A. Kondrashkin
         Office 61
         Potapovskiy pereulok 9/11
         101000 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Moscow
         Building 1
         Novaya Basmannaya Str.13/2
         107078 Moscow
         Russia

The Debtor can be reached at:

         OJSC Avrora
         Poselok Pustosha
         Shaturskiy district
         140742 Moscow
         Russia


EVRAZ GROUP: Violates Anti-Monopoly Rules, Officials Says
---------------------------------------------------------
Evraz Holding is overcharging customers for coking coal and has
breached anti-monopoly rules according to Russia's antitrust body,
International Herald Tribune reports.

A parallel investigation is being conducted by the Federal Anti-
monopoly Service in July 2008 when prices of coking coal climbed
sharply in December 2007.

A fine is yet to be decided by FAS but it said that it will not me
over 2% of Evraz' annual revenue.

Evraz affiliate, Raspadskaya Coal, has also been charged with
manipulating prices.

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

Evraz Group S.A. continues to carry Ba2 corporate family rating,
Ba2 rating for Senior Notes due 2009 and Ba3 rating for Senior
Notes due 2015 from Moody's Investors Service, which placed
them on review in March 2008 for possible downgrade.

The company also carries BB- long-term corporate credit and
senior unsecured debt ratings from Standard & Poor's Ratings
Services, with positive outlook.  The ratings were affirmed in
March 2008.


INGREM LLC: Creditors Must File Claims by October 3
---------------------------------------------------
Creditors of LLC Ingrem have until Oct. 3, 2008 to submit proofs
of claim to:

         D. Pakhomov
         Insolvency Manager
         Office 1
         Vernadskogo Str. 5
         456318 Miass
         Russia
         Tel/fax: (3513)52-70-27

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent as an
absent debtor. The case is docketed under Case No. A76-8602/ 2008-
48-105.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ingrem
         Makeyeva Str. 22
         456320 Miass
         Chelyabinsk
         Russia


LES-S LLC: Creditors Must File Claims by October 3
--------------------------------------------------
Creditors of LLC Les-S have until Oct. 3, 2008, to submit proofs
of claim to:

         Ye. Yemelin
         Temporary Insolvency Manager
         Office 313
         Suvorova Str. 111a
         440000 Penza
         Russia

The Arbitration Court of Kirov will convene on Dec. 18, 2008, to
hear the company's bankruptcy supervision procedure. The case is
docketed under Case No. A28-5933//2008-140/10.

The Court is located at:

         The Arbitration Court of Kirov
         K-Libknekhta Str. 102
         610017 Kirov
         Russia

The Debtor can be reached at:

         LLC Les-S
         Bazovaya Str. 9
         Kirov
         Russia


LIGA VETRA: Creditors Must File Claims by October 3
---------------------------------------------------
Creditors of LLC Liga Vetrat have until Oct.3, 2008, to submit
proofs of claim to:

         A. Kubasov
         Temporary Insolvency Manager
         Apt.63
         Khodyunskiy bulvar 17
         Moscow
         Russia

The Arbitration Court of Moscow will convene on Dec. 16, 2008, to
hear the company's bankruptcy supervision procedure.  The case is
docketed under Case No. A40-34520/08-73-98B.

The Court is located at:

         The Arbitration Court of Moscow
         Building 1
         Novaya Basmannaya Str.13/2
         107078 Moscow
         Russia

The Debtor can be reached at:

         LLC Liga Vetra
         Kashirskoe shosse 48/1
         Moscow
         Russia


MIM LLC: Creditors Must File Claims by October 3
------------------------------------------------
Creditors of LLC MIM have until Oct. 3, 2008, to submit proofs of
claim to:

         V. Moskayeva
         Insolvency Manager
         Zavodskoe shosse 6
         440039 Penza
         Russia

The Arbitration Court of Mordovia commenced bankruptcy proceedings
against company after finding it insolvent. The case is docketed
under Case No. A39-2182/2008-92/7

The Court is located at:

         The Arbitration Court of Mordovia
         Kommunisticheskaya Str. 33
         Saransk
         Mordovia
         Russia

The Debtor can be reached at :

         LLC MIM
         Rabochaya Str. 185
         Saransk
         Mordovia
         Russia


PROM-TECH-ALYANS: Creditors Must File Claims by October 3
---------------------------------------------------------
Creditors of LLC Prom-Tech-Alyans (TIN 4029034955) have until
Oct. 3, 2008, to submit proofs of claim to:

         A.Lukin
         Temporary Insolvency Manager
         Post User Box 12
         248000 Kaluga
         Russia

The Arbitration Court of Kaluga commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A23-1911/08B-7-91.

The Court is located at:

         The Arbitration Court of Kaluga
         Staryj Torg Square 4
         Kaluga
         Russia

The Debtor can be reached at:

         LLC Prom-Tech-Alyans
         Grabtsevskoe shosse 33
         Kaluga
         Russia


SIBIR LLC: Creditors Must File Claims by October 3
--------------------------------------------------
Creditors of LLC Sibir (TIN 2302036021) have until Oct. 3, 2008 to
submit proofs of claim to:

         A. Pukhov
         Temporary Insolvency Manager
         1st floor
         Rashpilevskaya Str. 321
         350051 Krasnodar
         Russia

The Arbitration Court of Krasnodar will convene on Nov. 11, 2008,
to hear the company's bankruptcy supervision procedure. The case
is docketed under Case No. A-32-2152/2008-2/59-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia


SISTEMA-HALS: Reports US$8.66 Million Net Income for 1H 2008
------------------------------------------------------------
Sistema-Hals has announced its unaudited consolidated financial
results for the first half of 2008 in accordance with US GAAP.

The company reported a net income of US$8.66 million for the first
half of 2008 compared to a net loss of US$99.57 million in the
same period of 2007.

In the six months to June 30, 2008, Sistema-Hals' consolidated
revenues increased by 75% to US$227.1 million, up from
US$129.8 million in the first half of 2007.

Consolidated OIBDA for the first six months of 2008 increased to
US$27.8 million, compared to a negative amount of OIBDA of US$85.8
million in the same period last year.

Sergey Shmakov, CEO of Sistema-Hals, said, "Sistema-Hals has had
an excellent first half of 2008 with strong growth across the
businesses resulting in a significant increase in revenues during
the period.  During 2008, the Company has continued to focus its
efforts on rebalancing the portfolio with the aim of increasing
the share of premium projects, boosting project sizes, improving
portfolio management efficiency and increasing future rental
income.  Today's results provide a strong endorsement of this
strategy."

Mr. Shmakov added, "As part of the on-going rebalancing of the
portfolio we have made a number of important project acquisitions,
but at the same time we have also sold some non-core assets and as
a result, the uplift in the valuation of the portfolio has been
less than in previous periods.  Going forward, however, this
process will leave the portfolio well positioned to generate
significant value in an increasingly competitive marketplace."

                      About Sistema-Hals

Based in Moscow, JSC Sistema-Hals -- http://www.sistema-hals.ru/
-- is property developers in Moscow and the Moscow region,
with operations in the six regions in Russia, as well as Yalta
and Kiev, Ukraine.  The company is involved in a number of
large-scale governmental infrastructural projects in the
capacity of project manager.  Sistema-Hals is a 71.1% subsidiary
of Sistema JSFC.

                          *     *     *

JSC Sistema-Hals continues to carry B1 long-term corporate
family and probability-of-default ratings from Moody's
Investor Service.  The outlook according to Moody's is stable.

Sistema-Hals also carries B+ issuer default rating from Fitch,
which said the outlook is negative.


STALLION LLC: Creditors Must File Claims by October 3
-----------------------------------------------------
Creditors of LLC Stallion have until Oct. 3, 2008, to submit
proofs of claim to:

         K. Kozhevnikov
         Temporary Insolvency Manager
         Apt.29
         Udaltsova Str. 39
         119415 Moscow
         Russia

The Arbitration Court of Moscow will convene on Jan. 13, 2009, to
hear the company's bankruptcy supervision procedure.  The case is
docketed under Case No. A40-39940/08-95-100B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Stallion
         Building 2
         Degtyarnyuy pereulok 5
         103050 Moscow
         Russia


STROY-INVEST LLC: Creditors Must File Claims by November 3
----------------------------------------------------------
Creditors of LLC Stroy-Invest have until Nov. 3, 2008, to submit
proofs of claim to:

         V. Pristupa
         Insolvency Manager
         125222 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against company after finding it insolvent.  The case is docketed
under Case No. A40-23657/08-71-55B.

The Court is located at:

         The Arbitration Court of Moscow
         Building 1
         Novaya Basmannaya Str.13/2
         107078 Moscow
         Russia

The Debtor can be reached at:

         LLC Stroy-Invest
         Gagarinskiy pereulok 29
         119034 Moscow
         Russia


TRADE MARK 555: Creditors Must File Claims by October 3
-------------------------------------------------------
Creditors of Trade Mark 555 Trade Finacial Company have until
Oct. 3, 2008 to submit proofs of claim to:

         M. Petrovskaya
         Insolvency Manager
         Gogolya Str. 54
         185035 Petrozavodsk
         Karelia
         Russia

The Arbitration Court Karelia commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A26-3688/2008.

The Debtor can be reached at:

         CJSC Trade Mark 555 Trade Financial Company
         Gertsena Str. 1
         185000 Petrozavodsk
         Karelia
         Russia


VOLGOVOD-STROY-KOMPLEKT: Creditors Must File Claims by October 3
----------------------------------------------------------------
Creditors of OJSC Volgovod-Stroy-Komplekyhave (TIN 3444015413)
until Oct. 3, 2008, to submit proofs of claim to:

         A. Rednyakov
         Insolvency Manager
         Post User Box 1963
         400050 Volgograd
         Russia

The Arbitration Court of Volgogradsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A12-12184/08-s49.

The Debtor can be reached at:

         OJSC Volgovod-Stroy-Komplekt
         Chapayeva Str. 1
         Volgograd
         Russia


* RUSSIA: US$45 Billion Debt Backlog Awaits Refinancing
-------------------------------------------------------
Russian companies and banks needs to refinance a backlog of US$45
billion in foreign debt by the end of 2008 amid increasingly
difficult conditions as western investors reprice the risk of
doing business in the country, The Financial Times reports.

The Times says, citing rating agency Standard and Poor's, that
many Russian companies avoided raising debt this summer hoping
that borrowing rates would decrease.  However, there is now a
backlog of US$45 billion in debt.

The debt market has already shut to third-tier borrowers and
Russia's borrowing rates has surged 2% to 3% even for blue-chip
names, the Times reports, citing Kingsmill Bond, strategist at
Troika Dialog as saying.

Bankers and analysts, according to the report, said political risk
has added to borrowing costs.  The bruising battle for control of
the TNK-BP joint venture, Russia's invasion of Georgia and a
growing fear of government interference in business have left
western investors wondering whether debt payment could be used as
a political lever, bankers and analysts added, the Times says.

The report notes that smaller highly leveraged banks and companies
in particular will face problems refinancing debt, with some
facing potential defaults on bonds and loans.


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


MADRID RMBS IV: S&P Puts BB-Rated Class E Notes on Negative Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch with
negative implications its credit ratings on the class C, D, and E
notes issued by MADRID RMBS IV, Fondo de Titulizacion de Activos.
The ratings on all other classes in this transaction remain
unaffected.

The CreditWatch placements are based on the deterioration in the
collateral performance.  As in most Spanish securitizations, this
transaction has deferral of interest triggers.  These triggers
prevent interest being paid to the junior and mezzanine notes when
loan default rates exceed the levels the notes were initially
assessed to withstand in a commensurate stress scenario.

The deferral of interest trigger for the class E notes is set at
8.19%.  This means that when gross cumulative defaults, defined as
arrears greater than 12 months, reach that level, the interest on
this class will be paid after amortization of the senior classes.
Currently, the level of severe delinquencies in the pool
represents about 5% of the outstanding collateral balance.

The notes, issued in December 2007, were backed at closing by a
EUR2.4 billion portfolio comprising residential mortgage-backed
loans secured over residential properties in Spain.  Caja de
Ahorros y Monte de Piedad de Madrid originated and services the
loans.

MADRID RMBS IV, Fondo de Titulizacion de Activos:

  -- EUR2.4 Billion Asset-Backed Floating-Rate Notes

Ratings Placed On CreditWatch Negative:

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


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


ATO INVESTMENT: Creditors Have Until Sept. 29 to File Claims
------------------------------------------------------------
Creditors owed money by JSC ATO Investment are requested to file
their proofs of claim by Sept. 29, 2008, to:

         Dr. David Brunner
         Hinterlauben 12
         9001 St.Gallen
         Switzerland

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


FIGOUR INFORMATION: Sept. 29 Set as Deadline to File Claims
-----------------------------------------------------------
Creditors owed money by LLC Figour Information Technology are
requested to file their proofs of claim by Sept. 29, 2008, to:

         Helga Inniger
         Unterholz
         3253 Schnottwil
         Switzerland

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


GEN. MOTORS: To Give Add'l US$4.6 Bil. for Delphi's Transformation
------------------------------------------------------------------
Delphi Corp. is taking steps it believes are necessary to complete
the successful restructuring of its U.S. operations,
transformation of the company on a global basis, and emergence
from chapter 11 as soon as practicable.  These steps include:

  * reaching agreement with General Motors Corp. on amended
    settlement and restructuring agreements.  Per the agreements,
    Delphi will receive support from GM that Delphi estimates to
    be valued at approximately US$10.6 billion for its
    transformation (increased from approximately US$6.0 billion in
    the January 2008 settlement).  The agreement will modify the
    mechanics and expand the amount of Delphi's net hourly
    pension liability transfer to GM pursuant to section 414(l)
    of the Internal Revenue Code from US$1.5 billion under the
    original GSA to approximately US$3.4 billion;

  * taking action to preserve and fund Delphi's hourly and
    salaried pension plans;

  * completing the reaffirmation process for the company's 2008-
    2011 business plan in the Revised Plan of Reorganization, a
    summary of which is included in filings with the U.S.
    Bankruptcy Court for the Southern District of New York;

  * reporting on material additional progress with respect to
    Delphi's transformation plan announced in March 2006; and

  * establishing its intent to enter the capital markets with its
    reaffirmed business plan, and to file in the Bankruptcy Court
    proposed modifications to its previously confirmed First
    Amended Joint Plan of Reorganization.

The company filed several expedited motions on Friday with the
Bankruptcy Court that will be considered by the Court on Sept. 23,
2008, including:

  * A motion to implement an amended and restated Global
    Settlement Agreement (Amended GSA) and Master Restructuring
    Agreement (Amended MRA) with GM.  The original GSA and MRA
    were previously approved by the Bankruptcy Court on Jan. 25,
    2008.  The terms of the proposed amendments would authorize
    the GSA and MRA to become effective independent of and in
    advance of the effective date of the company's POR.  The
    filing states that the Amended GSA and Amended MRA reflect
    GM's continuing and immediate support for Delphi's
    reorganization efforts -- including the transfer of certain
    hourly pension obligations -- and will enable Delphi to take
    the next steps in its transformation, including the actions
    that should allow it to emerge from chapter 11 as soon as
    practicable.

  * A motion to freeze its hourly and salaried defined benefit
    pension plans and provide, as applicable, replacement cash
    balance or defined contribution pension benefits, a salaried
    retirement and equalization savings program, and a
    supplemental executive retirement plan.

       Considerations in the Amended GSA and Amended MRA

Implementation of the Amended GSA and Amended MRA at this time is
necessary to preserve the substantial progress the Company has
made, and to position Delphi to emerge from chapter 11 as soon as
practicable.  Unlike the original GSA and MRA, in which GM
required that its performance under those agreements be tied to
Delphi's emergence from chapter 11, the Amended GSA and Amended
MRA accelerate substantially all of GM's obligations in the
original agreements (estimated by Delphi to be approximately
US$6.0 billion in value to Delphi's transformation), which will be
implemented immediately upon the effective date of the Amended GSA
and Amended MRA.

In addition, a substantial portion of GM's incremental net support
(estimated by Delphi to be approximately US$4.6 billion in value
to Delphi's transformation) also will become immediately and
unconditionally effective. In exchange for GM's willingness to
undertake these obligations, Delphi has agreed to treatment of
GM's claims in the chapter 11 cases, and to release GM from
certain claims and causes of action upon the effectiveness of the
Amended GSA and the Amended MRA.

Under the Amended GSA, GM would assume responsibility for the
pensions of certain of Delphi's hourly retirement plan
participants.  The liabilities would be transferred in two steps,
pursuant to section 414(l) of the Internal Revenue Code, and would
be increased from US$1.5 billion to approximately US$3.4 billion.
The liability transfers are subject to GM and Delphi receiving
consent from a sufficient number of unions to complete the first
step of the transfer.

Through the implementation of the Amended GSA and Amended MRA,
GM's financial support of Delphi -- which previously was to be
received upon Delphi's emergence from chapter 11 -- is being
pulled forward to the effectiveness of the amendments.  As a
result, GM will make payments to Delphi of US$1.2 billion in
connection with the effectiveness of the Amended GSA and Amended
MRA, and through the remainder of 2008.  The payments by GM
combined with the Company's existing cash on hand -- which totaled
in excess of US$1 billion at June 30, 2008, and amounts available
under the company's DIP revolving credit facility, provide ample
liquidity over the course of 2008.

By immediately implementing the Amended MRA, Delphi will be in a
position to pursue exit financing in the capital markets,
including through an equity-based rights offering, to support what
it believes to be a viable, reaffirmed emergence business plan
that incorporates current market conditions and increased GM
support.

Delphi's Chief Restructuring Officer John Sheehan said that it is
in the best interests of the company to seek approval to implement
the Amended GSA and Amended MRA independent of and in advance of
the effectiveness of the POR.  He said the company has been
advised by the Creditors' Committee that it may no longer support
a settlement with GM and related transactions, if these
transactions are approved in advance of the filing and approval of
potential modifications to Delphi's POR which are acceptable to
the committee.  Absent consensual resolution of the Creditors'
Committee concerns, the Committee may file objections to one or
more of the motions and seek other relief from the Bankruptcy
Court.  Mr. Sheehan said Delphi will continue working toward a
consensus among its principal stakeholders, including the
committees, but that the likelihood of achieving consensus is
speculative and not assured.

                     Pension Plan Modifications

The motion to modify the pension plans would authorize a freeze of
the Delphi hourly pension plan following union consent and a
freeze of the U.S. salaried plans.  If approved by the Court,
Delphi would then provide, subject to the union agreement,
replacement cash balance or defined contribution pension benefits
to its hourly employees; and for eligible salaried employees,
Delphi would provide defined contribution pension benefits, a
salaried retirement and equalization savings program, and a
supplemental executive retirement plan.

"We have remained committed to fully funding our pension plans and
to being well-planned, well organized, and well-financed from the
beginning of our chapter 11 cases," said Mr. Sheehan.  "If
approved by the Court, these actions and the additional operating
support provided in the Amended GSA and Amended MRA are
significant milestones in completing the final phases of the
reorganization of our U.S. operations and positioning us to
complete the financing required for our emergence from chapter 11
as soon as practicable."

           Transformed Delphi Poised to Complete Plans

Delphi CEO and President Rodney O'Neal said the company has
achieved remarkable progress in its overall transformation, and
several elements of the transformation are outlined in the motions
being filed today with the Court.

"Despite recent challenges -- including difficult credit markets,
the downturn in the U.S. auto industry, and other cost pressures
-- our operating performance has improved significantly," Mr.
O'Neal said.  "Our team has accomplished this global
transformation in the face of a complete restructuring of a
significant portion of our operations."

Mr. O'Neal said Delphi is on track to complete its transformation
plan by the end of this year.  The key tenets of that plan were to
modify U.S. labor agreements to create a competitive arena in
which to conduct business; conclude Delphi's negotiations with GM
to finalize GM's financial support for Delphi's legacy and labor
costs and confirm GM's business commitment to the company;
streamline Delphi's global product portfolio to capitalize on its
technology and market strengths, and align its manufacturing and
engineering footprint and capabilities with this new focus;
transform Delphi's salaried workforce to ensure that the company's
organizational and cost structure is competitive and aligned with
its product portfolio and manufacturing footprint; and devise a
workable solution to Delphi's U.S. pension situation.

In addition to working to achieve the key tenets of the
transformation plan, Mr. O'Neal said that Delphi has diversified
its customer base by growing its business in Europe, Asia and
South America.

When the closing on Delphi's POR was suspended on April 4, 2008,
following Delphi's plan investors refusal to close on their
Investment Agreement, Delphi undertook a reaffirmation process
with respect to the business plan in the POR as part of Delphi's
consideration of potential modifications to the POR in order to
emerge from chapter 11 as soon as practicable.  The RPOR includes
revised actual and expected volumes for the North American
automotive market; significant increases in certain commodity
costs; changes in the under-funded status of its pension plans as
a result of negative plan asset returns; and substantial
incremental financial support from GM committed to as part of the
modified settlement.

Assuming that the Bankruptcy Court approves Delphi's modified
settlement with GM and the pension plan modification motion at a
hearing scheduled to begin on Sept. 23, 2008, Delphi expects to
enter the capital markets later this year with the RPOR and
anticipates filing a motion seeking approval of modifications to
the POR.

"Our progress throughout this transformation has been tremendous
and could not have been achieved without the diligence and
commitment of our employees, suppliers and customers," Mr. O'Neal
said. "We have maintained uninterrupted supply to our customers,
and have booked record business with many of them.  The approval
of these amended agreements will help us continue our solid march
toward becoming a completely transformed and more competitive
company."

                       About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.

(Delphi Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                   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.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in
Miramar, Florida.

At June 30, 2008, the company's balance sheet showed total assets
of US$136.0 billion, total liabilities of US$191.6 billion, and
total stockholders' deficit of US$56.9 billion.  For the quarter
ended June 30, 2008, the company reported a net loss of US$15.4
billion over net sales and revenue of US$38.1 billion, compared to
a net income of US$891.0 million over net sales and revenue of
US$46.6 billion for the same period last year.


MEDCONSULT INTERVENTIONAL: Creditors' Claims Due by Sept. 30
------------------------------------------------------------
Creditors owed money by JSC MCI MedConsult Interventional
Cardiology are requested to file their proofs of claim by Sept.
30, 2008, to:

         Helen Krucker
         Berstrasse 294
         9014 St. Gallen
         Switzerland

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


SYSCONET LLC: Deadline to File Proofs of Claim Set Sept. 28
-----------------------------------------------------------
Creditors owed money by LLC sysconet are requested to file their
proofs of claim by Sept. 28, 2008, to:

         Kurt Stauffer
         Pfrundweg 14
         5000 Aarau
         Switzerland

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


UNIVEST FONDS-SERVICE: Claims Filing Deadline is Sept. 30
---------------------------------------------------------
Creditors owed money by JSC Univest Fonds-Service are requested to
file their proofs of claim by Sept. 30, 2008, to:

         Trust Company Finanz-Treuhand
         Dufourstrasse 90
         8008 Zurich
         Switzerland

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


V.P.S. HOLDING: Creditors' Proofs of Claim Due by Sept. 30
----------------------------------------------------------
Creditors owed money by JSC V.P.S. Holding are requested to file
their proofs of claim by Sept. 30, 2008, to:

         Trust Company Finanz-Treuhand
         Dufourstrasse 90
         8008 Zurich
         Switzerland

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


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


MERINOS HALI: Fitch Affirms Issuer Default Ratings at 'B'
---------------------------------------------------------
Fitch Ratings has affirmed Turkey-based Merinos Hali Sanayi ve
Ticaret A.S.'s Long-term local and foreign currency Issuer Default
ratings at 'B', with Stable Outlooks.  Its National Long-term
rating is also affirmed at 'BBB+(tur)' with a Stable Outlook.

The affirmations reflect Merinos' FY07 and H108 interim results
which show healthy operating margins (FY07 EBITDAR margin at 21%)
and an improved debt maturity structure with about 25% short term
and 75% long term maturity structure at end FY07.  The company has
also benefited from increasing economies of scale with near 100%
capacity utilization rates, and is supported by a larger share of
revenues now being generated from exports contributing about 30%
of total FY07 sales.  Fitch views this more diversified revenue
base, combined with Merinos' expansive sales and distribution
network which accounts for approximately 35% of the local market,
as further positive rating factors.

The ratings also factor in volatility of Turkish lira exchange
rates over the last two and a half years, mild competitive
pressures from global competitors, and the impact of acquisitions
and equity injections by Merinos' shareholders to fund expansion
into the furniture segment and capex increases respectively.

After spending a total of TRY214 million to expand the business
during 2003-2006, Merinos has reduced its capex spending to
maintenance capex of TRY15 million in 2007.  As a result of the
fall in working capital requirements and expansion capex related
to cash outflows in 2007, Merinos was able to reduce its negative
free cash flow to TRY28 million in H108 from TRY36 million in
H107.

However, the limited scale of the business at TRY260 million
revenues, TRY54 million EBITDAR, TRY197 million net debt and
TRY523 million total assets at end FY07, is a constraining factor
on the ratings.  While Merino has a sound operating profitability
track record, its ability to raise additional debt funding or to
service higher levels of debt will remain a function of its scale
and therefore impact its financial flexibility.  In 2007, the
company issued a EUR60 million Credit Linked Note with a 5 year
maturity, easing Fitch's concerns over refinancing risk and
improving the company's debt maturity profile in the interim.

Merinos is one of the top three machine made carpet manufacturers
in the world in terms of installed capacity, commanding around 35%
of the fragmented Turkish market.  The company also produces
polypropylene yarn.  Merinos is 60% owned by Erdemoglu Holding,
with the rest held by Erdemoglu Family members, where the Holding
and the family also have interests in another carpet manufacturer
Dinarsu and a household furniture company within the Erdemoglu
group of companies.


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


ACORN FOUNDATION: Appoints Joint Administrators from Baker Tilly
----------------------------------------------------------------
Adrian David Allen and Lindsey Jane Cooper of Baker Tilly
Restructuring and Recovery LLP were appointed joint administrators
of Acorn Foundation Engineering Ltd.
(Company Number 03852660) on Aug. 29, 2008.

The company can be reached at:

         Acorn Foundation Engineering Ltd.
         Alexandra House
         Green Fold Way
         Leigh
         Lancashire
         WN7 3XJ
         England


BRISTOL & DISTRICT: Taps Deloitte & Touche to Administer Assets
---------------------------------------------------------------
Robin David Allen and Richard Michael Hawes of Deloitte & Touche
LLP were appointed joint administrators of Bristol & District
Estates Ltd. (Company Number 4413821) on Aug. 27, 2008.

The company can be reached at:

         Bristol & District Estates Ltd.
         Gordon Wood Scott & Partners
         Dean House
         94 Whiteladies Road
         Bristol
         BS8 2QX
         England


C&M GROUP: Incurs More Than GBP33 Million of Debts
--------------------------------------------------
Ian Forsyth of The Press and Journal reports that according to a
statement of affairs recently filed at Companies House, C&M Group
Ltd. racked up debts of more than GBP33 million when it collapsed
into administration.

The report notes that more than GBP30 million of the debts are
related to the C&M Marine Services operation.

Alisdair Harrison, a former director of C&M, however questioned
how the debt figure was calculated.  Mr. Harrison, the report
relates, was suspended and dismissed last year following a probe
into the management of the business, although he denied any
wrongdoing.

Meanwhile, a spokeswoman for administrator Deloitte indicated
there would be no return for unsecured creditors, the report adds.

As reported in the TCR-Europe, C&M went into administration on
July 28, 2008.  Nick Dargan and Patrick Lannagan of Deloitte &
Touche LLP were appointed joint administrators of the company.

C&M had been hit by delays and overspending on a ship conversion
in the US potentially running into millions of pounds.  The
administrators are yet to give reasons for the cash-flow
difficulties at the company.


FAITH FOOTWEAR: Files for Administration; Sold to Kinnaird
----------------------------------------------------------
Faith Footwear filed for court-supervised administration on or
about Sept. 10, 2008, and sold under a pre-packaged deal to former
Dolcis owner John Kinnaird and investment firm Agilo, Drapers
Online reports.  The purchase amount was not disclosed.

Agilo recently formed Faith Shoe Group at Companies House to back
up the acquisition, Drapers notes.

Barclays, which is owed around GBP25 million, had put up Faith for
sale in August 2008, according to Drapers.  Drapers notes that in
2004, Bridgepoint Capital bought Faith for GBP64 million.

Drapers recalls that early this month, Barclays hired FTI
Consulting to market Faith following its rejection of a debt-for-
equity swap plus an GBP8 million added capital from Bridgepoint.
Drapers adds that Bridgepoint was previously forced to refinance
GBP15 million to boost declining sales.  Faith incurred GBP12.5
million in losses over 2006 and 2007.

Faith chairman Steve Cotter and managing director Steve Swaby were
in talks early this month with four private equity firms on the
sale of the ailing company, Drapers reports.

According to Drapers' sources, the administration would enable
Mr.  Kinnaird to close down non-performing stores and eliminate a
large amount of debt before acquiring the ailing retailer.  Based
on the report, Mr. Kinnaird plans to cut head office costs.
Business operations will continue, however, and some 2,000 workers
will retain their jobs.

Mr. Kinnaird plans to combine Faith operations with Envy, a
company that offers menswear and also owned by Mr. Kinnaird, and
Chilli Pepper, a teenage fashion company owned by Agilo.
Mr. Kinnaird is also believed to reposition Faith to allow it to
compete with Barratts, which focuses on cheaper volume sales,
Drapers relates.

Drapers continues that Mr. Kinnaird signed an agreement under
which he will own certain stock as part of Faith's financial
rescue.  However, a number of suppliers have allegedly retained
rights and title over certain inventory, Drapers adds.

London-based Faith Footwear -- http://www.faith.co.uk/-- was
founded in 1964 and has been manufacturing and selling handbags,
belts and a beautiful jewellery collection.  Faith has also
introduced a directional Men's collection.  Faith has over 80
retail branches throughout the United Kingdom and over 100
concessions within Topshop, Debenhams and other independent
retailers.


FRENCH CONNECTION: First Half Loss Widens to GBP3.5 Million
-----------------------------------------------------------
French Connection Group PLC's net loss (before tax) for the six
months ended July 31, 2008, increased to GBP3.5 million from
GBP2.5 million in the same period in 2007.  The loss before tax
includes GBP1.9 million gain on disposal of leased property

Turnover for the current half year meanwhile increased to GBP112.4
million from GBP109.4 million in the same period last year.

Commenting on the results, Stephen Marks, Chairman, said: "Against
the background of a significant downturn in our major markets, the
performance of our retail business has continued to be
encouraging, with a resilient overall sales and continued growth
in our ladies' wear division.  In total, however, turnover has
remained broadly flat, which when combined with increasing
pressures on our margins and cost base, means our financial
results for the first six months remain disappointing."

"Looking forward, our main aim is to build on the strong momentum
within our French Connection ladies’ wear business and to mirror
this success within our men’s wear business.  It would appear that
the economic environment is unlikely to improve in the short-term
and that therefore any gains we make will have to be achieved
through significant out-performance by our ranges.  Encouragingly,
however, recent retail trading in UK/Europe has shown growth over
last year, although North America has been softer.”

"In this difficult retail environment, we will continue to manage
all elements of the business very closely to reduce costs where
possible and to maximize every opportunity available to improve
our performance."

French Connection's balance sheet as of July 31, 2008, showed
total assets of of GBP166.2 million, total liabilities of GBP54.6
million and total equity of GBP111.6 million.

Headquartered in London, England, French Connection Group PLC --
http://www.frenchconnection.com/-- is engaged in the
international retailing and wholesaling of branded fashion
clothing and accessories.  The Company designs, produces and
distributes branded fashion clothing for men and women to more
than 30 countries around the world from its offices in London, New
York, Hong Kong and Toronto.  On July 10, 2008, RENOWN
INCORPORATED announced that it has decided to divest its 50% stake
in its joint venture with French Connection Group PLC in the
United Kingdom, to French Connection.


GENERAL OFFSHORE: Calls in Administrators from Grant Thornton
-------------------------------------------------------------
Malcolm Shierson and Andrew Hosking of Grant Thornton U.K. LLP
were appointed joint administrators of General Offshore Ltd.
(Company Number 05329906) on Sept. 2, 2008.

The company can be reached at:

         General Offshore Ltd.
         HQS South Wellington
         Temple Stairs
         Victoria Embankment
         London
         WC2R 2PN
         England


GRANGE KITCHENS: Goes Into Administration
-----------------------------------------
Grange Kitchens Ltd. has gone into administration after trading
for 35 years, Karen Dent of The Journal reports.

Andrew Haslam of Begbies Traynor has been appointed as
administrator of the company, the report relates.

According to the report, the business, which employed around 50
people, was hit by the economic downturn.

Grange Kitchens Ltd. -- http://www.grangekitchens.co.uk/-- is a
kitchen company based on the Tyne Tunnel trading estate.


HANWORTH PROPERTIES: Brings in Joint Administrators from PwC
------------------------------------------------------------
Stephen Mark Oldfield and Robert William Birchall of
PricewaterhouseCoopers LLP were appointed joint administrators of
Hanworth Properties Ltd. (Company Number 4724965) on Sept. 2,
2008.

The company can be reached at:

         Hanworth Properties Ltd.
         c/o PricewaterhouseCoopers LLP
         Hill House
         Richmond Hill
         Bournemouth
         BH2 6HR
         England


HIFLEX POWERBEND: Appoints Joint Administrators from PwC
--------------------------------------------------------
David James Bennett, Colin Michael Trevethyn Haig and Zelf Hussain
of PricewaterhouseCoopers LLP were appointed joint administrators
of Hiflex Powerbend Ltd. (Company Number 03471689) and Hiflex
Fluidtechnik Ltd. (Company Number 03472773) on Aug. 29, 2008.


ITV PLC: Faces Eviction from FTSE 100 Index
-------------------------------------------
ITV plc will be evicted from the FTSE 100 Index after worsening
economic conditions hit advertising revenue, breakingnews.ie
reports.

According to the report, ITV, which has been a FTSE 100 member
since 2004, will be demoted to the FTSE 250 with effect from the
end of trading on Friday, Sept. 19, 2008.

The group, the report discloses, expects market revenues to be 8%
down during the second half of 2008 compared to 2007.

                         About ITV plc

Headquartered in London, ITV plc --
http://www.itvplc.com/-- is a U.K. media company, owning all of
the regional Channel 3 licenses in England and Wales.  The
company wholly owns three leading free-to-air digital channels:
ITV2, ITV3 and ITV4.  It owns the market leading cinema screen
advertising businesses in the U.K. and Republic of Ireland and
has similar joint ventures in continental Europe and the United
States.

                         *     *     *

As reported in the TCR-Europe on Aug. 8, 2008, Standard & Poor's
Ratings Services has lowered its long-term corporate credit and
senior unsecured debt ratings on U.K. private broadcaster ITV PLC
to 'BB+' from 'BBB-'.  At the same time, the short-term corporate
credit rating was lowered to 'B' from 'A-3'.  The outlook is
stable.


LEHMAN BROTHERS: Liquidation Near After Sale Talks End, WSJ Says
----------------------------------------------------------------
Lehman Brothers Holdings Inc. faces the prospect of liquidation,
The Wall Street Journal's Carrick Mollenkamp, Susanne Craig and
Serena Ng report.

The U.S. government has refused to provide financial support that
would have eased out a sale of Lehman.  As a result, Barclays PLC
and Bank of America Corp. decided to back out of a potential deal
on Sunday.

"Lehman was working on a possible bankruptcy filing," WSJ reports
today.  It hired the New York law firm Weil Gotshal & Manges LLP
as adviser on a potential bankruptcy filing, the Wall Street
Journal reported, without saying where it got the information.

When Barclays and BofA dropped sale talks on Sunday, brokerage
firms, hedge funds and other traders immediately made calls to cut
unwind outstanding contracts with Lehman and to gauge their
overall exposure, according to the report.  Traders moved to get
out of over-the-counter contracts with Lehman and the New York
Stock Exchange prepared contingency plans over the weekend to
reassign the approximately 200 blue-chip stocks that Lehman's
specialist unit trades, according to WSJ, citing people familiar
with the matter.

WSJ quotes Carlos Mendez, senior managing director of ICP Capital,
a boutique investment firm in New York, saying: "Monday will be a
day of reckoning for the financial markets."

Many Wall Street firms are expecting an orderly wind down of
Lehman's assets, which means a quick sale of Lehman's real estate,
securities and other investments, WSJ reports.

The uncertainty at Lehman puts the future of about 25,000
employees at the company in jeopardy.

Developments at Lehman have sent Merrill Lynch & Co. and American
International Group Inc. to make efforts to reassure the market of
their financial positions.  Separate reports about Merrill Lynch
and AIG are in today's Troubled Company Reporter.

Lehman recently unveiled preliminary results, reporting a worst
quarterly net loss of approximately US$3.9 billion as devalued
real estate assets led to US$5.6 billion of writedowns in the
third quarter.  It also announced it is selling a majority stake
-- estimated to be approximately 55% -- in a subset of its
Investment Management Division and spinning off to its
shareholders US$25 billion to US$30 billion of its commercial real
estate portfolio into a separate publicly-traded company, Real
Estate Investments Global, in the first quarter of 2009.

                      About Lehman Brothers

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

Lehman's most recent preliminary and unaudited financial results
showed that it has total assets of US$600.00 billion, and total
stockholders' equity of US$28.44 billion as of Aug. 31, 2008.
Total assets as of May 31, 2008 was US$639.43 billion, total
stockholders' equity was US$26.27 billion, and total liabilities
was US$613.15 billion.


LELL0 LTD: Calls in Joint Administrators from PKF
-------------------------------------------------
Edward T. Kerr and Brian J. Hamblin of PKF (U.K.) LLP were
appointed joint administrators of Lell0 Ltd. (Company Number
03624628) on Aug. 29, 2008.

The company can be reached at:

         Lell0 Ltd.
         c/o PKF (U.K.) LLP
         Pannell House
         159 Charles Street
         Leicester
         England


POWER PROTECTION: Hires Joint Administrators from Baker Tilly
-------------------------------------------------------------
Philip Edward Pierce and Adrian Allen of Baker Tilly Restructuring
and Recovery LLP were appointed joint administrators of Power
Protection Engineering Ltd.
(Company Number 03891315) on Aug. 28, 2008.

The company can be reached at:

         Power Protection Engineering Ltd.
         2 Millenium Court
         Ellerbeck Way
         Stokesley
         North Yorkshire
         TS9 5JZ
         England


PREMIER ESTATES: Taps Joint Administrators from PwC
---------------------------------------------------
Paul William Harding and Ian David Green of PricewaterhouseCoopers
LLP were appointed joint administrators of Premier Estates (South
West) Ltd. (Company Number 06045512) on Sept. 2, 2008.

The company can be reached at:

         Premier Estates (South West) Ltd.
         c/o PricewaterhouseCoopers LLP
         Benson House
         33 Wellington Street
         Leeds
         LS1 4JP
         England


QUEBECOR WORLD: Wants Until Jan. 2009 to File Reorganization Plan
-----------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates requested from the
U.S. Bankruptcy Court for the Southern District of New York
(Manhattan) a second extension to their exclusive period to file a
reorganization plan, William Rochelle of Bloomberg News says.  The
Debtors want to file a reorganization plan until the end of
January 2009.

The Debtors explained that they need more time to file a plan due
to the complexity of their financial structure, Mr. Rochelle
relates.

The Court, according to Mr. Rochelle, will hear the Debtors'
request on Sept. 18, 2008.

                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.

The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of June 30, 2008, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$3,412,100,000, total
liabilities of US$4,326,500,000, preferred shares of
US$62,000,000, and total shareholders' deficit of US$976,400,000.

The Debtors' CCAA stay has been extended to Sept. 30, 2008.


RAPID PACKAGING: Brings in Joint Administrators from Vantis
-----------------------------------------------------------
Beverley Jayne Marsh and Jonathan Mark Birch of Vantis Business
Recovery Services were appointed joint administrators of Rapid
Packaging Supplies Ltd. (Company Number 03384337) on Sept. 3,
2008.

The company can be reached at:

         Rapid Packaging Supplies Ltd.
         c/o Vantis
         104/106 Colmore Row
         Birmingham
         England


VEDANTA RESOURCES: S&P Shifts Outlook to Stable, Holds BB Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Vedanta Resources PLC to stable from positive and affirmed its
'BB' long-term foreign currency corporate credit rating.  At the
same, the 'BB' rating on Vedanta's senior unsecured debt has also
been affirmed.

This outlook revision stems from the significant increase in
Vedanta's capital commitments and the potentially softening price
and demand environment for base metals.  This would necessitate
substantial additional borrowing and may erode the improvements in
the credit metrics in 2005-2008.  While the expanded and fully
integrated aluminum capacity is expected to reinforce cost-based
efficiencies, its cash flow contribution would materialize after
three to four years.

On Sept. 9, 2008, Vedanta announced a US$9.8 billion investment to
increase its aluminum smelting capacities.  In addition, Vedanta's
other commitments include the ongoing US$4 billion capital
expenditure plans, the US$2.4 billion earmarked for consolidating
its holdings in its operating entities (Hindustan Zinc and Bharat
Aluminium Co. Ltd.), and the US$2.6 billion all-cash bid made for
acquisition of Asarco LLC.

"The Asarco bid is still pending final approvals," said S&P's
credit analyst Anshukant Taneja.  "These commitments total nearly
US$18 billion, which is well outside our expectations for the
earlier positive outlook assigned on the rating."

This clearly takes away the positive momentum in the rating.
There is now some likelihood that lower-than-anticipated base
metal prices, higher-than-budgeted capital outlays, and delays in
commissioning and stabilization of the new production facilities
may cause Vedanta's credit profile to decline.

Nonetheless, the near-term pressure on the ratings is limited,
given the staggered timing of these investments (scheduled over
four years), adequate liquidity, favorable debt-maturity profile,
and expectations of Vedanta sustaining its access to financial
resources, even under relatively challenging capital market
conditions.

"Vedanta has also announced a corporate restructuring plan," Mr.
Taneja said.  "We understand from the company that this does not
involve any re-allocation of assets or liabilities and is
cash-neutral.  This, by itself, does not have any impact on the
ratings."


VIVITAR FRANCE: Calls in Joint Administrators from PKF
------------------------------------------------------
Edward T. Kerr and Brian J. Hamblin of PKF (U.K.) LLP were
appointed joint administrators of Vivitar France S.A.
(Company Number FC027697) on Aug. 29, 2008.

The company can be reached at:

         Vivitar France S.A.
         c/o PKF (U.K.) LLP
         Pannell House
         159 Charles Street
         Leicester
         LE1 1LD
         England


WELDON-HOMES LTD: Appoints Joint Administrators from KPMG
---------------------------------------------------------
Brian Green and David Costley-Wood of KPMG LLP were appointed
joint administrators of Weldon-Homes Ltd. (Company Number 3530406)
on Aug. 26, 2008.

The company can be reached at:

         Weldon-Homes Ltd.
         c/o KPMG LLP
         St. James' Square
         Manchester M2 6DS
         England


* S&P Places Various European Synthetic CDOs on Negative Watch
--------------------------------------------------------------
After running its month-end SROC (synthetic rated
overcollateralization) figures, Standard & Poor's Ratings
Services has taken CreditWatch actions on 116 European synthetic
collateralized debt obligation (CDO) tranches.

Specifically, ratings on:

  -- 109 tranches were placed on CreditWatch with negative
     implications.

  -- Two tranches were placed on CreditWatch negative following
     their removal from CreditWatch positive.

  -- Five tranches were removed from CreditWatch negative and
     affirmed.

Of the 111 tranches placed on CreditWatch negative:

  -— 46 reference U.S. residential mortgage-backed securities
     (RMBS) and U.S. CDOs that are exposed to U.S. RMBS, which
     have experienced recent negative rating actions.

  -— 65 have experienced corporate downgrades in their portfolios.

These table provides a summary of the CreditWatch actions S&P has
taken on European synthetic CDO tranches in 2008.

CreditWatch Summary

          Watch Neg  Watch Pos  Key corporate
          (no. of    (no. of    downgrades*
          tranches)  tranches)

Jan-08    47          8         United Parcel Service Inc.
                                (AAA/Watch Neg to AA-/Stable)
                                Jan. 9, 2008
                                Quebecor World Inc.
                                (CCC/Watch Neg to D)
                                Jan. 16, 2008
Feb-08    39         11         GMAC LLC
                                (BB+/Negative to B+/Negative)
                                Feb. 22, 2008
                                Residential Capital, LLC
                                (BB+/Negative to B/Negative)
                                Feb. 22, 2008
Mar-08    89          3         FGIC Corp.
                                (BBB/Watch Neg to B/Negative)
                                March 28, 2008
                                FGIC UK Ltd.
                                (A/Watch Neg to BB/Negative)
                                March 28, 2008
Apr-08    89          2         Royal Caribbean Cruises Ltd.
                                (BBB-/Negative to BB+/Stable)
                                April 3, 2008
                                Residential Capital, LLC
                                (B/Negative to CCC+/Watch Neg)
                                April 24, 2008
May—08   131          0         Ryland Group Inc. (The)
                                (BBB-/Negative to BB+/Negative)
                                May 1, 2008
                                Countrywide Home Loans, Inc.
                                (BBB+/Watch Pos to BB+/Watch Dev)
                                May 2, 2008
Jun—08   139          0         Ambac Assurance Corp.
                                (AAA/Negative to AA/Watch Neg)
                                June 5, 2008
                                MBIA Inc.
                                (AA-/Negative to A-/Watch Neg)
                                June 5, 2008
Jul—08    59         27         Radian Asset Assurance Inc.
                                (AA/Watch Neg to A/Watch Neg)
                                June 16, 2008
                                Countrywide Home Loans, Inc.
                                (BB+/Watch Dev to AA/Negative)
                                July 1, 2008
Aug—08    72         27         Residential Capital, LLC
                                (SD to CCC+/Negative)
                                July 15, 2008
                                Louisiana-Pacific Corp.
                                (BBB-/Negative to BB+/Watch Neg)
                                July 29, 2008
Sep-08   111          0         Radian Group Inc.
                                (BBB/Watch Neg to BB+)
                                Aug. 26, 2008
                                PMI Group Inc.
                                (BBB+ to BBB-/Watch Neg)
                                Aug. 26, 2008

*Those corporate names that have experienced a significant notch
downgrade or upgrade as well as being widely referenced within
European Synthetic CDOs.

The SROC levels for the ratings placed on CreditWatch negative
fell below 100% during the August month-end run.  These SROC
figures will be published in the SROC report covering August 2008,
which is imminent. The Global SROC Report provides SROC and other
performance metrics on over 3,500 individual CDO tranches.

Following publication of the latest SROC report, a full review of
the affected tranches will take place, and the appropriate actions
will be published in S&P's September rating action media release.
All other tranches in the transactions listed are unaffected by
these rating actions.

Ratings List:

Class         To                  From                SROC (%)

ABN AMRO Bank N.V.

EUR50 million Rente Plus notes 6

              BBB+/Watch Neg      BBB+                99.8735

AIG Financial Products Corp. and  Bayerische Hypo-und Vereinsbank
AG

US$33 million unfunded managed portfolio credit default swap
(Horizon V)

B             AA/Watch Neg        AA                  99.2134
C             A-/Watch Neg        A-                  99.3090
D             BB+/Watch Neg       BB+                 99.4751

Aldersgate Finance Ltd.

EUR249.5 million floating-rate credit-linked notes

A             AA/Watch Neg        AA                  99.3559
C             BBB-/Watch Neg      BBB-                99.3119
D             BB+/Watch Neg       BB+                 99.7064
E             BB/Watch Neg        BB                  99.5908

Angel Court CDO PLC

EUR60 million Tranche B secured floating-rate notes series 2006-1
B             BBB+/Watch Neg      BBB+                99.9758

Angel Court CDO PLC

US$2 million Tranche B secured fixed-rate notes series 2006-2
B             BBB+/Watch Neg      BBB+                99.9758

Angel Court CDO PLC

EUR15 million Tranche B secured floating-rate notes series 2006-3
              A-/Watch Neg        A-                  99.9668

Angel Court CDO PLC

US$10 million Tranche B secured floating-rate notes series 2006-4
              A-/Watch Neg        A-                  99.9668

Angel Court CDO PLC

US$30 million secured Tranche B floating-rate notes series 2006-5
              BBB+/Watch Neg      BBB+                99.9758

Angel Court CDO PLC

EUR20 million Tranche A secured floating-rate notes series 2006-6
A             A+/Watch Neg        A+                  99.9301

Angel Court CDO PLC

US$10 million Tranche B secured floating-rate notes series 2006-7
              BBB+/Watch Neg      BBB+                99.9758

Angel Court CDO PLC

US$25 million Tranche A secured floating-rate notes series 2006-11
              AA/Watch Neg        AA                  99.7038

ARLO Ltd.

EUR50 million secured limited-recourse extendible credit-linked
notes series 2006 (Madrid CSO)

              BBB/Watch Neg       BBB                 99.9335

ARLO Ltd.

EUR50 million secured limited-recourse extendible credit-linked
notes series 2006 (Valencia CSO)

              BBB/Watch Neg       BBB                 99.9305

ARLO Ltd.

EUR50 million secured limited-recourse extendible credit-linked
notes series 2006 (Seville CSO)

              BBB/Watch Neg       BBB                 99.9698

ARLO VI Ltd.

EUR50 million secured limited-recourse floating-rate credit-linked
notes series 2006 (Gumbel CDO-B)

              AA/Watch Neg        AA                  99.9461

Barclays and NRW (CDS)

EUR100 million credit default swap between (Barclays Bank PLC and
NRW.Bank and Frechet)

              AAsrp/Watch Neg     AAsrp               99.9666

Bassi Co. Ltd.

EUR135.5 million floating-rate credit-linked notes

A             AA                  AA/Watch Neg       108.7823

BNP Paribas and Calyon (Dragonfly)

EUR40 million credit default swap between BNP Paribas and Calyon

              BB+/Watch Neg       BB+                 57.4078

Brooklands Euro Referenced Linked Notes 2005-1 Ltd.

EUR200 million fixed- and floating-rate notes

B             AA/Watch Neg        AA                  99.9612

Carneros III PLC

US$10 million JPY2,400 million and EUR176.5 million floating-rate
credit-linked secured notes

A EUR           AA+/Watch Neg       AA+                 99.8190

Carneros III PLC

US$10 million JPY2,400 million and EUR176.5 million floating-rate
credit-linked secured notes

E             AA+/Watch Neg       AA+                 99.8191

Chiswell Street Finance Ltd.

EUR135.5 million floating-rate credit-linked notes

A             A/Watch Neg         A                   99.5927
B             BBB/Watch Neg       BBB                 99.6105
C             BB+/Watch Neg       BB+                 99.7671
D             BB/Watch Neg        BB                  99.5481
E             B+/Watch Neg        B+/Watch Pos        99.6546
F             B/Watch Neg         B/Watch Pos         99.7242

Chrome Funding Ltd.

US$33 million floating-rate variable spread credit-linked
floating-rate notes (Green Bay CDO I) series 23

I             CCC/Watch Neg       CCC                 97.3220

Claris IV Ltd.

US$39 million Leibnitz 2006-1 synthetic CDO of RMBS variable-rate
notes series 8/2006

             CCC+/Watch Neg      CCC+                99.4194

Cloverie PLC

US$80 million class B secured portfolio-linked floating-rate notes
series 2007-32

B             B/Watch Neg         B                   99.5087

Cloverie PLC

US$20 million class C secured portfolio-linked floating-rate notes
series 2007-33

C             B-/Watch Neg        B-                  98.8172

Coriolanus Ltd.

EUR44.604 million floating-rate secured notes series 29
              AA-/Watch Neg       AA-                 99.9822

Coriolanus Ltd.

EUR25 million floating-rate secured notes series 62
              A+/Watch Neg        A+                  99.8335

Coriolanus Ltd.

US$50 million class B secured floating-rate notes series 63

B             CCC+/Watch Neg      CCC+                90.9046

Corsair Finance (Ireland) No. 4 Ltd.

EUR25 million floating-rate secured portfolio credit-linked notes
series 7

              A+                  A+/Watch Neg       100.5558

C.L.E.A.R. PLC

US$25 million limited-recourse secured credit-linked variable-rate
notes series 43

              AA-/Watch Neg       AA-                 99.9110

Curzon Funding Ltd.

EUR60 million equivalent variable-coupon notes series 2006-1

B             AA/Watch Neg        AA                  98.8785
C             A/Watch Neg         A                   98.2845
D             BB-/Watch Neg       BB-                 99.1202

Curzon Funding Ltd.

US$60 million floating-rate note series 2006-3 (Horizon CDO VIII)

C             A/Watch Neg         A                   99.9792
D             BB/Watch Neg        BB                  99.9293

Delta CDO PLC

US$83.5 million floating-rate credit-linked secured notes series
2005-1

B-1           BBB+/Watch Neg      BBB+                99.7493
C-1           BB+/Watch Neg       BB+                 99.6799
D-1           B/Watch Neg         B                   99.9051

Delta CDO PLC

US$142.5 million floating-rate credit-linked secured notes series
2005-2

B-1           AAA/Watch Neg       AAA                 99.8289
C-1           A-/Watch Neg        A-                  98.9157
E-1           BB+/Watch Neg       BB+                 99.5005

Deutsche Bank AG and Deutsche Securities Inc.

US$150 million floating-rate unfunded credit default swap (Tsar 16
portfolio)

A-2           B+/Watch Neg        B+                  97.9932

Dorset Street Finance Ltd.

EUR309.75 million floating-rate credit-linked notes

C             AA/Watch Neg        AA                  99.1418

Eirles Four Ltd.

US$9.6 million variable rate secured notes, Series 61

              B-/Watch Neg        B-                  99.5772

Eirles Two Ltd.

US$37.2 million variable rate secured notes series 143

              BB-/Watch Neg       BB-                 98.1380

Eirles Two Ltd.

EUR50 million floating-rate portfolio credit-linked secured notes
series 152

              BB+/Watch Neg       BB+                 97.2974

Eirles Two Ltd.

EUR21 million variable-rate secured notes series 160

              BBB-/Watch Neg      BBB-                98.5231

Eirles Two Ltd.

US$10 million floating-rate credit-linked secured notes series 168

              BBB/Watch Neg       BBB                 98.5968

Eirles Two Ltd.

US$50 million variable-rate secured notes (Builder CDO 2004-1)
series 218

              BB+/Watch Neg       BB+                 98.7579

Eirles Two Ltd.

EUR42.75 million variable-rate secured notes series 224

              CCC/Watch Neg       CCC                 99.4496

Eirles Two Ltd.

US$15 million floating-rate portfolio credit-linked secured notes
series 260

              BBB+/Watch Neg      BBB+                99.9550

Eirles Two Ltd.

US$16 million variable-rate secured notes series 305

A-2           BBB-/Watch Neg      BBB-                99.3896

Eirles Two Ltd.

US$17 million variable-rate secured notes series 306

A-3           B-/Watch Neg        B-                  99.8703

Empyrean Finance (Ireland) PLC

US$5 million class A-1U7h secured portfolio credit-linked
floating-rate notes series 18

A-1U7h        AAA                 AAA/Watch Neg      100.0334

Empyrean Finance (Ireland) PLC

US$5 million class B-1U7h secured portfolio credit-linked
floating-rate notes series 19

B-1U7h        AA                  AA/Watch Neg       100.0201

Empyrean Finance (Ireland) PLC

US$10 million class D-1U7h secured portfolio credit-linked
floating-rate notes series 21

D-1U7h        BBB                 BBB/Watch Neg      100.0059

Etude Finance B.V.

EUR15 million schuldschein synthetic CDO variable rate loan series
2007-1

              AA/Watch Neg        AA                  99.9251

Far East Funding I SPC Ltd.

US$10 million deferrable notes series 2007-03

              A/Watch Neg         A                   99.9584

Far East Funding I SPC Ltd.

US$10 million deferrable notes series 2007-07

              A/Watch Neg         A                   99.9584

Far East Funding I SPC Ltd.

JPY500 million deferrable note series 2007-11

              A/Watch Neg         A                   99.8390

Far East Funding I SPC Ltd.

JPY1.5 billion deferrable notes series 2007-13

              A/Watch Neg         A                   99.8390

Far East Funding I SPC Ltd.

JPY1.5 billion deferrable notes series 2007-14

              BBB+/Watch Neg      BBB+                99.9216

Far East Funding I SPC Ltd.

AU$32 million deferrable notes series 2007-18

              A/Watch Neg         A                   99.8700

Far East Funding I SPC Ltd.

EUR10 million deferrable notes series 2007-28

              A-/Watch Neg        A-                  99.8635

GSAM Credit CDO Ltd.

US$30 million variable-rate notes series 2006-01 (Melody I)

A             AA/Watch Neg        AA                  99.8261

GSAM Credit CDO Ltd.

US$20 million variable-rate notes series 2006-04 (Melody I)

              AA/Watch Neg        AA                  99.8261

GSAM Credit CDO Ltd.

US$20 million variable-rate notes series 2006-06 (Melody I)

              AA/Watch Neg        AA                  99.8261

Heartland Funding PLC

EUR20 million tranche A secured floating-rate notes series 2007-4
(PICCADDILLY II)

A             A/Watch Neg         A                   99.9568

Herald Ltd.

US$121.4 million floating-rate credit-linked secured notes (Logan
CDO) series 25

A-1           B/Watch Neg         B                   96.6229

Horizon Ltd.

US$72.5 million secured floating-rate credit-linked notes

C             A/Watch Neg         A                   99.9149

Ionia Capital PLC

EUR47.5 million fixed- and floating-rate credit-linked notes
series 2006-2

B e2          BBB/Watch Neg       BBB                 99.9850

Ionia Capital PLC

EUR26 million secured fixed- and floating-rate credit-linked notes
series 2006-5

Ae1           A/Watch Neg         A                   99.8628
Ae2           A/Watch Neg         A                   99.8628
Ae3           A/Watch Neg         A                   99.8628
Be2           BBB+/Watch Neg      BBB+                99.9821
Ce2           BBB/Watch Neg       BBB                 99.8608

IXIS Corporate & Investment Bank

EUR15 million hypothetical credit default transaction

              AAAsrp/Watch Neg    AAAsrp              99.9651

Jupiter Finance Ltd.

EUR100 million floating-rate portfolio credit-linked notes series
2007-001

              AAA/Watch Neg       AAA                 99.9476

Linker Finance PLC

US$86.5 million class B floating-rate secured notes series 2 (Tsar
16)

B             CCC/Watch Neg       CCC                 98.8304

Menton CDO II PLC

US$104.5 million secured floating-rate credit-linked notes

A-2           AA-/Watch Neg       AA-                 99.7081

Menton CDO IV Ltd.

US$250 million secured floating-rate notes

A-1           BBB+/Watch Neg      BBB+                98.6322
A-2           CCC/Watch Neg       CCC                 98.6891

Omega Capital Europe PLC

US$20 million secured notes series 41 (Sycamore Series I)

A-Bis         BBB-/Watch Neg      BBB-                99.5281

Omega Capital Investments PLC

CHF21 million, EUR26 million, and US$16 million secured
floating-rate notes series 36

A             AA/Watch Neg        AA                  99.7904
B             AA/Watch Neg        AA                  99.7904
D             AA/Watch Neg        AA                  99.7904
E             AA/Watch Neg        AA                  99.4326
F             AA/Watch Neg        AA                  99.4326
G             AA/Watch Neg        AA                  99.4326
H             AA-/Watch Neg       AA-                 99.7284
I             AA-/Watch Neg       AA-                 99.7284
J             AA-/Watch Neg       AA-                 99.7284

Rheinwest Credit Management

EUR15 million credit-linked floating-rate notes series 16

              BBB+/Watch Neg      BBB+                99.9468

Salisbury International Investments Ltd.

US$15 million floating-rate portfolio credit-linked notes series
2005-9

              A-/Watch Neg        A-                  99.9698

Saphir Finance PLC

EUR25 million Spring Sand 10 years non-call 5 years step-up CMS
credit-linked synthetic portfolio notes series 2006-6

              AA/Watch Neg        AA                  99.9675

Saphir Finance PLC

EUR50 million credit-linked synthetic portfolio notes series
2007-1

              A+/Watch Neg        A+                  99.9486

Sceptre Capital B.V.

EUR60 million synthetic CDO floating-rate notes series 2007-3

              AA/Watch Neg        AA                  99.9251

SGA Societe Generale Acceptance N.V.

EUR5 million Eden portfolio forward credit-linked notes series
10754/06-2

              BBB-/Watch Neg      BBB-                99.9519

Signum Finance II PLC

EUR135 million secured medium-term credit-linked notes series
2007-5

              A/Watch Neg         A                   99.9057

Societe Generale

EUR40 million floating-rate credit-linked Schuldschein

              AA-/Watch Neg       AA-                 99.9666

Starling Finance PLC

EUR4 million floating-rate portfolio credit-linked notes series
2006-6

              AA-/Watch Neg       AA-                 99.8791

Starling Finance PLC

JPY500 million class C floating-rate Jinkoki portfolio
credit-linked notes series 2007-04

C             BBB+/Watch Neg      BBB+                99.8657

STARTS (Ireland) PLC

US$15 million credit-linked floating-rate notes series 2006-23

              AA/Watch Neg        AA                  99.7827

Xelo PLC

EUR40 million secured limited recourse credit-linked notes series
2006 (Spinnaker III Europe series 1)

              AA/Watch Neg        AA                  99.9738

Xelo PLC
EUR10 million secured limited resource credit-linked notes series
2006
(Spinnaker III Europe TRED 1 Series 1)
              AA/Watch Neg        AA                  99.9738


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

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


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


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


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

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


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

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

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

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

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


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


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


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


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


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


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


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


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


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


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


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


                            *********

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

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

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

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

                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Zora Jayda Zerrudo Sala, Pius Xerxes Tovilla, Joy
Agravante, Melanie Pador, 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 * * *