/raid1/www/Hosts/bankrupt/TCREUR_Public/080827.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, August 27, 2008, Vol. 9, No. 170

                            Headlines


A U S T R I A

APERTE LLC: Claims Registration Period Ends September 15
APPART-BAU LLC: Claims Registration Period Ends September 17
MANDARIN SYSTEM: Claims Registration Period Ends September 15


D E N M A R K

ROSKILDE BANK: Inks Takeover Deal with Danmarks Nationalbank
ROSKILDE BANK: Moody's Cuts Financial Strength Rating to E


G E R M A N Y

BILDUNG PRO: Claims Registration Period Ends September 16
EVR EISBAREN: Claims Registration Period Ends September 22
FRESENIUS SE: Completes EUR289 Million Capital Increase
FRESENIUS SE: Completes Acquisition of Dabur Pharma
HAKAP SANIERUNGS: Creditors' Meeting Slated for September 26

HURLER GMBH: Claims Registration Period Ends September 22
MBE MODULHAUS: Claims Registration Period Ends September 2
MITRON BETEILIGUNGS: Claims Registration Period Ends Sept. 16
NORDBAU HOLDING: Claims Registration Period Ends September 20
PA.MA GMBH: Claims Registration Period Ends September 16

SIGO - NATURSTEIN: Claims Registration Period Ends September 18
VENDERE FINANZSERVICE: Claims Registration Period Ends Sept. 19
WORLD TRADE: Claims Registration Period Ends September 16


H U N G A R Y

PROPEX INC: Court Extends Plan-Filing Period to Oct. 20
PROPEX INC: May Employ Richard Franks as Sales and Marketing VP


I R E L A N D

BLUEGRASS ABS: Fitch Cuts and Removes from RWN 7 Note Classes
DORSET STREET: Fitch Withdraws Ratings on Nine Classes of Notes
INDEPENDENCE IV: Fitch Junks Ratings on Three Classes
INDEPENDENCE IV: Fitch Lowers Class A-1 Notes to BB from A+
NEWCOURT STREET: Fitch Resolves RWN Status, Cuts Rating on Notes

PRIMORIS SPC: Fitch Cuts Ratings on Series of Notes


I T A L Y

DANA CORP: Reports US$140MM 2Q Loss; To Cut 3,000 Jobs


K Y R G Y Z S T A N

ERBOL PLUS: Creditors Must File Claims by September 25


N E T H E R L A N D S

CHEMTURA CORP: S&P Affirms 'BB' Ratings Affirmed; Off Watch


R U S S I A

ALBA TRADE: Moscow Bankruptcy Hearing Set December 2
ENERGETIK OJSC: Creditors Must File Claims by September 19
GELIANTUS CJSC: Rostov Bankruptcy Hearing Set September 10
GLAV-TRANSPORT: Court Starts Bankruptcy Supervision Procedure
KRASNYE GORKI LLC: Creditors Must File Claims by September 19

MAGNITOGORSK IRON: Net Income Up 19% to US$1.03BB in 1H2008
NOVATEK OAO: Commences GDR Repurchase Program
RUSSIAN BANK: Moody's Affirms E+ Bank Financial Strength Rating
SEVERSTAL OAO: Fitch Affirms Long Term IDR at BB, Outlook Stable
TATNEFT OAO: Output Pegged at 13.8 Mln Tons in First Half 2008


S W E D E N

FORD MOTOR: Big Three Auto Makers Seeking US$50BB in Lifeline


S W I T Z E R L A N D

GENERAL MOTORS: US Auto Makers Seeking Up to US$50BB in Lifeline
PEROWID JSC: Creditors' Proofs of Claim Due by September 16
SEEFELD INVESTA: Proofs of Claim Filing Deadline is September 20
TOTAL IMPORT: Deadline to File Proofs of Claim Set September 30


U N I T E D   K I N G D O M

ANDREW MURPHY: Appoints Liquidators from Tenon Recovery
BAKER STREET: Fitch Withdraws Ratings on 20 Note Classes
BARBERS PROPERTY: Goes Into Administration; Closes Four Offices
CALDER COLOURS: Brings in Joint Administrators from Vantis
CARA PLANT: Taps Vantis to Administer Assets

CHRYSLER LLC: Auto Makers Seeking Up to US$50BB in Lifeline
DELIVERALL DIRECT: Calls in Joint Administrators from Kroll
ELIZABETH FRENCH: Appoints Joint Administrators from Vantis
LEVEL ONE: Taps Joint Administrators from Kroll
PRINT 4 ESSEX: Calls in Liquidators from Tenon Recovery

QUEBECOR WORLD: Posts US$77.7 Million Loss in Second Qtr 2008
QUEBECOR WORLD: Judge Peck Approves Watson Wyatt Retention
QUEBECOR WORLD: Panel May Retain Lowenstein as Conflicts Counsel
STONEHEATH RE: A.M. Best Affirms BB Rtng on US$350MM Securities
STONESCENE BATHROOMS: Taps Liquidators from Tenon Recovery

TGC 2008: Joint Liquidators Take Over Operations
UNITED FREIGHT: Creditors to Receive a Dividend of 17 Pence

* S&P Rates 102 European Collateralized Debt Obligation Tranches


                            *********


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


APERTE LLC: Claims Registration Period Ends September 15
--------------------------------------------------------
Creditors owed money by LLC Aperte have until Sept. 15, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr.Wolfgang Reinisch
         LLC Reinisch + Wisiak Rechtsanwalte
         Hauptplatz 28
         8430 Leibnitz
         Austria
         Tel: 03452/83296
         Fax: 03452/83296-20
         E-mail: leibnitz@reinisch-wisiak.at

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

         The Land Court of Graz
         Hall K
         2nd floor
         Room 205
         Graz
         Austria

Headquartered in Leibnitz, Austria, the Debtor declared
bankruptcy on July 23, 2008, (Bankr. Case No. 40 S 39/08w).


APPART-BAU LLC: Claims Registration Period Ends September 17
------------------------------------------------------------
Creditors owed money by LLC Appart-Bau have until Sept. 17,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Bernhard Eder
         Brucknerstrasse 4
         1040 Vienna
         Austria
         Tel: 505 78 61
         Fax: 505 78 61 9
         E-mail: eder@rechtsanwaelte.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Oct. 1, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 23, 2008, (Bankr. Case No. 2 S 89/08p).


MANDARIN SYSTEM: Claims Registration Period Ends September 15
-------------------------------------------------------------
Creditors owed money by LLC Mandarin System have until Sept. 15,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Guenther Eybl
         Schlagenstrasse 17
         4810 Gmunden
         Austria
         Tel: 07612/77011-0
         Fax: 07612/77011-77
         E-mail: kanzlei-eybl@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:20 a.m. on Sept. 25, 2008, for the
examination of claims at:

         The Land Court of Wels
         Hall 101
         1st floor
         Maria Theresia Str.12
         Wels
         Austria

Headquartered in Gmunden, Austria, the Debtor declared
bankruptcy on LLC Mandarin System (Bankr. Case No. 20 S 89/08a).


=============
D E N M A R K
=============


ROSKILDE BANK: Inks Takeover Deal with Danmarks Nationalbank
------------------------------------------------------------
Danmarks Nationalbank and the financial sector in Denmark have
entered into an agreement with the board of directors of
Roskilde Bank A/S, via a new bank, on buying all assets and take
over all debt and other liabilities, except from hybrid core
capital and subordinated loan capital in Roskilde Bank.

The takeover includes all employees of Roskilde Bank, all
depositors and other unsecured creditors.

The financial sector is represented by a private association set
up by the Danish Bankers' Association ("Det Private Beredskab
til Afvikling af Nodlidende Banker, Sparekasser og
Andelskasser") who has received funds from its members and from
Nykredit.

The takeover of Roskilde Bank follows the fact that no offers
domestic or foreign were received after a thorough sales process
on either all or parts of Roskilde Bank.

Furthermore, the auditing of Roskilde Bank's interim report has
revealed additional losses in the bank to the extent that
Roskilde Bank does not meet solvency requirements.

Danmarks Nationalbank sees the Roskilde Bank situation as very
serious.  It is expected that the takeover of Roskilde Bank will
contribute to limiting the negative effect on the Danish
financial system.

The operations of Roskilde Bank will continue in a new bank
under the same name.  Danmarks Nationalbank and "Det Private
Beredskab" will contribute approximately DKK4.5 billion in
capital base.  The purpose of the new bank is to continue
banking business in order to ensure the best possible proceeds
from the discontinuation of the company that is being taken over
from Roskilde Bank.

Any loss in this relation will firstly be covered by the
DKK750 million in capital contributed by "Det Private
Beredskab".  The government has confirmed that it supports the
arrangement and that it will submit a new document to the
Finance Committee of the Folketing concerning a government
guarantee to cover any losses Danmarks Nationalbank may suffer
in connection with the takeover and the discontinuation of
Roskilde Bank.

It has been agreed that any surplus capital after payment of
return on the invested capital base after the termination of
Roskilde Bank will be allotted to owners of subordinated loan
capital, hybrid core capital and shareholders of the original
Roskilde Bank.

Headquartered in Roskilde, Denmark, Roskilde Bank reported
consolidated assets of DKK43 billion (EUR5.8 billion) at end-
March 2008.


ROSKILDE BANK: Moody's Cuts Financial Strength Rating to E
----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
Bank Financial Strength Rating of Roskilde Bank A/S to E from D.
The bank's subordinated debt and non-cumulative perpetual
floating rate capital securities were downgraded to C.  The
long-term bank deposit and senior debt ratings were affirmed at
A3 and the short-term ratings were affirmed at Prime-1.  The
outlook for the long- and short-term deposit ratings is now
developing, while the outlook for the BFSR and the subordinated
debt and preferred stock ratings is stable.

Moody's rating action follows the announcement by the Danish
Central Bank which states that, through a newly created bank,
the Danish Central Bank together with the Danish financial
sector (the Private Contingency Association) will acquire all
the assets and all the debt and other liabilities of Roskilde
Bank except subordinated debt and hybrid core capital.

The E BFSR (mapping to a C baseline credit assessment) reflects
the fact that after the sale of its assets and the
aforementioned liabilities to the new bank Roskilde Bank will
suspend payments on the remaining subordinated debt and hybrid
core capital, and will show significant negative equity.
Consequently, Roskilde Bank will hand in its banking license and
will not carry on any operations.

The affirmation of the deposit and senior debt ratings is
underpinned by the decision of the Danish Central Bank to
support Roskilde Bank.  The rating agency said that the key
considerations include a) the fact that the government ownership
will be temporary and the final intent is to privatize or sell
the bank and b) that very high national government support is
expected throughout the restructuring process.  Under the
proposed acquisition of Roskilde Bank's assets and liabilities,
creditors will have the option of either having their claims
transferred to the new unrated bank or of having these repaid.
Moody's notes that the deposit ratings and the BFSR of Roskilde
Bank will be withdrawn once Roskilde Bank hands in its banking
license.  The developing outlook on A3 and P-1 ratings reflect
the uncertainties in the longer term related to the eventual
privatization or sale of the bank.

The downgrade of Roskilde Bank's subordinated debt and preferred
stock ratings to C from Ba1 and Ba2 respectively follows the
decision of the Central Bank not to transfer these liabilities
to the new bank.  After the restructuring of the new bank and
given a successful privatization or a sale of the bank to a
third party the subordinated debt and preferred stock holders
may receive some compensation but only after the Central Bank
and the Private Contingency Association have received their
interest on the capital base.  Therefore, in Moody's view it is
highly likely that the holders of subordinated debt and
preferred stock will experience a substantial loss.

The following ratings were downgraded and the outlook is stable:

Roskilde Bank A/S:

- Bank Financial Strength Rating: to E from D

- Subordinated Debt: to C from Ba1

- Preferred Stock: to C from Ba2

The following ratings were affirmed but the outlook is
developing:

Roskilde Bank A/S:

- Long Term Bank Deposits: A3

- Senior Unsecured Debt: A3

- Short Term Bank Deposits: Prime-1

- Commercial Paper: Prime-1

- Other Short Term: Prime-1

Headquartered in Roskilde, Denmark, Roskilde Bank reported
consolidated assets of DKK43 billion (EUR5.8 billion) as of end-
March 2008.


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


BILDUNG PRO: Claims Registration Period Ends September 16
---------------------------------------------------------
Creditors of Bildung pro Gesundheit GmbH & Co. KG have until
Sept. 16, 2008, to register their claims with court-appointed
insolvency manager Dr. Staufenbiel.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Muehlhausen
         Hall 35
         Untermarkt 17
         Muehlhausen
         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. Staufenbiel
         Untermarkt 12
         99974 Muehlhausen
         Germany

The District Court of Muehlhausen opened bankruptcy proceedings
against Bildung pro Gesundheit GmbH & Co. KG on July 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bildung pro Gesundheit GmbH & Co. KG
         Attn: Nils Kindervater, Manager
         Ober-muehlenweg 15
         99974 Muehlhausen
         Germany


EVR EISBAREN: Claims Registration Period Ends September 22
----------------------------------------------------------
Creditors of EVR Eisbaren Betriebs GmbH have until Sept. 22,
2008, to register their claims with court-appointed insolvency
manager Prof. Dr. Josef Scherer.

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

The meeting of creditors will be held at:

         The District Court of Regensburg
         Hall 105
         Augustenstr. 5
         Regensburg
         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:

         Prof. Dr. Josef Scherer
         Ladehofstr. 26
         93049 Regensburg
         Germany
         Tel: 0941/297994-47
         Fax: 0941/297994-48

The District Court of Regensburg opened bankruptcy proceedings
against EVR Eisbaren Betriebs GmbH on July 17, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         EVR Eisbaren Betriebs GmbH
         Donaustaufer Str. 120
         93059 Regensburg
         Germany


FRESENIUS SE: Completes EUR289 Million Capital Increase
-------------------------------------------------------
In connection with Fresenius SE's capital increase, 2,748,057
new ordinary shares were issued at a price of EUR52.00 and
2,748,057 preference shares were issued at a price of EUR53.00.

The transaction has generated gross proceeds of EUR289 million,
fully in line with Fresenius' financing plan.

The new shares are expected to be included in the quotation of
the existing shares of Fresenius SE in the regulated market at
the Frankfurt, Munich and Düsseldorf stock exchanges.  They have
full dividend entitlement for the fiscal year 2008.

Dr. Ulf Mark Schneider, Chairman of the Management Board of
Fresenius SE commented: "The capital increase is a further
component of the acquisition financing for APP Pharmaceuticals.
This acquisition provides attractive growth opportunities for
Fresenius Kabi's existing product portfolio in North America.
At the same time, Fresenius Kabi achieves a leading position in
the global I.V. generics market.  The successful placement of
the new shares reflects the confidence of the capital markets in
our strategy. With this placement, the entire equity financing
of the APP Pharmaceuticals acquisition has been completed within
a few weeks."

Deutsche Bank and Commerzbank acted as Joint Lead Managers and
Joint Bookrunners and WestLB as Joint Lead Manager for the
offering.

                         About Fresenius

Headquartered in Bad Homburg v.d.H., Germany, Fresenius SE --
http://www.fresenius.se/-- provides products and services for
dialysis, hospital and outpatient medical care.  The Fresenius
Group had 116,203 employees worldwide.

Fresenius Kabi is the business of infusion therapy and clinical
nutrition in Europe and in its most important countries of Latin
America and Asia Pacific.

                         *      *       *

As reported in TCR-Europe on Aug. 4, 2008, Fitch Ratings said it
does not expect Fresenius SE's planned issuance of US$2.4
billion of secured debt to have any impact on the 'BB' senior
unsecured ratings of both the company and its main rated
subsidiary, Fresenius Medical Care AG Co. KGaA.

In July 22, 2008, Moody's Investors Service assigned a Ba2
rating with LGD5, 74% to Fresenius SE's issue of mandatory
exchangeable bonds.  At assignment the Ba2 rating was placed
under review for possible downgrade in line with the Fresenius'
Ba1 Corporate Family Rating (CFR) and senior debt ratings, which
have been under review since July 7, 2008.

TCR-Europe reported on July 10, 2008, that Standard & Poor's
Ratings Services revised its outlook on Germany-based health-
care companies Fresenius SE and its subsidiary Fresenius Medical
Care AG & Co. KGaA to negative from positive.  At the same time,
all ratings, including the 'BB' long-term corporate ratings,
were affirmed.

In addition, all ratings on APP Pharmaceuticals Inc. were
affirmed, including the 'BB' long-term corporate ratings.  The
outlook on APP is stable.


FRESENIUS SE: Completes Acquisition of Dabur Pharma
---------------------------------------------------
Fresenius SE, through its Fresenius Kabi unit, has successfully
closed the acquisition of Dabur Pharma Ltd.  In April 2008, the
company had announced the acquisition of 73.3 % of the share
capital for a price of INR 76.50 per share in cash.

Fresenius Kabi has now acquired a further 17.6 % shareholding
for a price of INR 76.50 per share in cash through a public
offer.  Closing of the transaction had also been subject to
relevant approvals required under Indian law, which have been
received.

The acquisition significantly expands Fresenus Kabi's i.v. drug
portfolio and secures its supply of high quality APIs for
cytostatics.  Dabur Pharma, headquartered in New Delhi, is one
of the leading suppliers of generic drugs and active
pharmaceutical ingredients (API) to treat cancer.  The company
holds a substantial number of drug registrations in Asia, Europe
and the US.

Dabur Pharma had consolidated revenues of about € 47 million in
fiscal year 2007/2008 (April 1, 2007 to March 31, 2008).

Dabur Pharma will be consolidated as from September 1, 2008 in
the financial statements of Fresenius Group.

                         About Fresenius

Headquartered in Bad Homburg v.d.H., Germany, Fresenius SE --
http://www.fresenius.se/-- provides products and services for
dialysis, hospital and outpatient medical care.  The Fresenius
Group had 116,203 employees worldwide.

Fresenius Kabi is the business of infusion therapy and clinical
nutrition in Europe and in its most important countries of Latin
America and Asia Pacific.

                         *      *       *

As reported in TCR-Europe on Aug. 4, 2008, Fitch Ratings said it
does not expect Fresenius SE's planned issuance of US$2.4
billion of secured debt to have any impact on the 'BB' senior
unsecured ratings of both the company and its main rated
subsidiary, Fresenius Medical Care AG Co. KGaA.

In July 22, 2008, Moody's Investors Service assigned a Ba2
rating with LGD5, 74% to Fresenius SE's issue of mandatory
exchangeable bonds.  At assignment the Ba2 rating was placed
under review for possible downgrade in line with the Fresenius'
Ba1 Corporate Family Rating (CFR) and senior debt ratings, which
have been under review since July 7, 2008.

TCR-Europe reported on July 10, 2008, that Standard & Poor's
Ratings Services revised its outlook on Germany-based health-
care companies Fresenius SE and its subsidiary Fresenius Medical
Care AG & Co. KGaA to negative from positive.  At the same time,
all ratings, including the 'BB' long-term corporate ratings,
were affirmed.

In addition, all ratings on APP Pharmaceuticals Inc. were
affirmed, including the 'BB' long-term corporate ratings.  The
outlook on APP is stable.


HAKAP SANIERUNGS: Creditors' Meeting Slated for September 26
------------------------------------------------------------
The court-appointed insolvency manager for HAKAP Sanierungs- und
Munitionsbergungsgesellschaft mbH, Rolf Nacke will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 11:10 a.m. on Sept. 26, 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 10:30 a.m. on Dec. 19, 2008, at the same
venue.

Creditors have until Oct. 26, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Rolf Nacke
         Gross-Berliner Damm 73 c
         12487 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against HAKAP Sanierungs- und
Munitionsbergungsgesellschaft mbH on July 2, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HAKAP Sanierungs- und Munitionsbergungs
         gesellschaft mbH
         Oranienburger Strasse 33-46
         13437 Berlin
         Germany


HURLER GMBH: Claims Registration Period Ends September 22
---------------------------------------------------------
Creditors of Hurler GmbH have until Sept. 22, 2008, to register
their claims with court-appointed insolvency manager Dr.
Christoph Schulte-Kaubruegger.

The District Court of Charlottenburg will verify the claims set
out in the insolvency manager's report at on at:

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


Creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Hurler GmbH on May 22, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Hurler GmbH
         Toelzer Strasse 9
         83623 Dietramszell
         Germany


MBE MODULHAUS: Claims Registration Period Ends September 2
----------------------------------------------------------
Creditors of MBE MODULHAUS Bau- und Energiesysteme GmbH have
until Sept. 2, 2008, to register their claims with court-
appointed insolvency manager Dr. Heiner Buss.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on Sept. 26, 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 Leer
         Hall 101
         Woerde 5
         26789 Leer
         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. Heiner Buss
         Hauptstr. 169
         26639 Wiesmoor
         Germany
         Tel: 04944/1033
         Fax: 04944/912035

The District Court of Leer opened bankruptcy proceedings against
MBE MODULHAUS Bau- und Energiesysteme GmbH on July 2, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MBE MODULHAUS Bau- und Energiesysteme GmbH
         Attn: Wilfried K. F. Dittrich, Manager
         Schuhmacherstrasse 7
         26817 Rhauderfehn
         Germany


MITRON BETEILIGUNGS: Claims Registration Period Ends Sept. 16
-------------------------------------------------------------
Creditors of Mitron Beteiligungs GmbH have until Sept. 16, 2008,
to register their claims with court-appointed insolvency manager
Christian Graf Brockdorff.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         Germany

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

The insolvency manager can be reached at:

         Christian Graf Brockdorff
         Friedrich-Ebert-Strasse 36
         14469 Potsdam
         Germany

The District Court of Neuruppin opened bankruptcy proceedings
against Mitron Beteiligungs GmbH on July 18, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Mitron Beteiligungs GmbH
         Oranienburger Chaussee 6
         16548 Glienicke
         Germany

         Attn: Jens Rehnisch, Manager
         Margueritenring 42a
         12357 Berlin
         Germany


NORDBAU HOLDING: Claims Registration Period Ends September 20
-------------------------------------------------------------
Creditors of Nordbau Holding GmbH have until Sept. 20, 2008, to
register their claims with court-appointed insolvency manager
Heiko Fialski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Walsrode
         Hall 130
         Lange Strasse 29-33
         29664 Walsrode
         Germany

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

The insolvency manager can be reached at:

         Heiko Fialski
         Johannes-Brahms-Platz 1
         20355 Hamburg
         Germany
         Tel: (0 40) 80 00 48 0
         Fax: (0 40) 80 00 48 111
         E-mail: Heiko.Fialski@jnp.de

The District Court of Walsrode opened bankruptcy proceedings
against  Nordbau Holding GmbH on July 15, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Nordbau Holding GmbH
         Worthstrasse 8
         27374 Visselhoevede
         Germany

         Attn: Hans-Heinrich von Wieding, Manager
         Kleine Fischerstrasse 26
         27283 Verden/Aller
         Germany


PA.MA GMBH: Claims Registration Period Ends September 16
--------------------------------------------------------
Creditors of PA.MA GmbH have until Sept. 16, 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 10:00 a.m. on Oct. 7, 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 Coburg
         Meeting Room K
         I. Stick
         Auxiliary Building
         Coburg
         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 Nuernberg
         Germany
         Tel: 0911/9512850
         Fax: 0911/95128510

The District Court of Coburg opened bankruptcy proceedings
against PA.MA GmbH on July 16, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         PA.MA GmbH
         Turnerweg 6
         96247 Michelau
         Germany


SIGO - NATURSTEIN: Claims Registration Period Ends September 18
---------------------------------------------------------------
Creditors of SIGO - Naturstein GmbH have until Sept. 18, 2008,
to register their claims with court-appointed insolvency manager
Christofer Hecht.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Oct. 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Worms
         Room 320
         Hauptgebaude
         Hardtgasse 6
         67547 Worms
         Germany

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

The insolvency manager can be reached at:

         Christofer Hecht
         Diesterwegstrasse 16
         67549 Worms
         Germany
         Tel: 06241/5065640
         Fax: 06241/5065669

The District Court of Worms opened bankruptcy proceedings
against SIGO - Naturstein GmbH on July 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         SIGO - Naturstein GmbH
         Burgunderstrasse 12
         67598 Gundersheim
         Germany

         Attn: Ferdinand Kroeper, Manager
         C/o Willi and Erna Kroeper
         Pestalozzistrasse 5
         67240 Bobenheim-Roxheim
         Germany


VENDERE FINANZSERVICE: Claims Registration Period Ends Sept. 19
---------------------------------------------------------------
Creditors of Vendere Finanzservice GmbH have until Sept. 19,
2008, to register their claims with court-appointed insolvency
manager Steffen Zerkaulen.

Creditors and other interested parties are encouraged to attend
the meeting at 12:05 p.m. on Oct. 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Meiningen
         Hall A 105
         Lindenallee 15
         98617 Meiningen
         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:

         Steffen Zerkaulen
         Willy Brand Platz 1
         99084 Erfurt
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against  Vendere Finanzservice GmbH on July 8, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Vendere Finanzservice GmbH
         Attn: Maik Dietzel, Manager
         Lutherstrasse 39-43
         99817 Eisenach
         Germany


WORLD TRADE: Claims Registration Period Ends September 16
---------------------------------------------------------
Creditors of World Trade Consulting GmbH have until
Sept. 16, 2008, to register their claims with court-appointed
insolvency manager Udo Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Oct. 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Udo Mueller
         Georgstr. 50
         30159 Hannover
         Germany
         Tel: 0511 36698-0
         Fax: 0511 36698-33

The District Court of Hannover opened bankruptcy proceedings
against World Trade Consulting GmbH on July 15, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         World Trade Consulting GmbH
         Berliner Allee 23
         30175 Hannover
         Germany

         Attn: Bernd-Rainer Kowalski, Manager
         Wuerttembergische Str. 18
         10707 Berlin
         Germany


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


PROPEX INC: Court Extends Plan-Filing Period to Oct. 20
-------------------------------------------------------
The Honorable John C. Cook of the U.S. Bankruptcy Court for the
Eastern District of Tennessee extended the exclusive plan filing
period of Propex Inc. and its debtor-affiliates through October
20, 2008, and their exclusive solicitation period through
December 19, 2008.

The Debtors' exclusive period to file a plan of reorganization
will expire on Aug. 21, 2008.

Before the Court issued the exclusive period ruling, the
Official Committee of Unsecured Creditors filed an objection to
the Debtors' request.  The Committee saw the request as a move
by the Debtors to prevent it and any other party-in-interest
from filing their own plan of reorganization.

"These tactics are inappropriate and are not permitted under the
Bankruptcy Code and well-established case-law, especially when
the [D]ebtor, as is the situation here, does not need any
additional time to develop and file its own plan of
reorganization," Ira S. Dizengoff, Esq., at Akin Gump Strauss
Hauer & Feld LLP, in New York, said on the Committee's behalf.

Mr. Dizengoff asserted that the Debtors' submission of their
business plan and term sheet for a plan of reorganization
demonstrates that (i) their operations are stabilized and the
basic information necessary to formulate a plan already exists,
(ii) their attempts to gain support from creditors for their
plan proposal have failed; and (iii) the only purpose served by
an extension of exclusivity is to create leverage in the hopes
of forcing creditors to accept the Debtors' preferred plan of
reorganization.

"While the Committee concurs that a number of unresolved
contingencies exist, many of these, including possibly the most
important one – namely, the Putative Foreign Stock Pledge - are
a product of the Debtors' own making," Mr. Dizengoff emphasized.

In its ruling, the Court cited that the extension request is
reasonable and is in the best interest of the Debtors and their
creditors.

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It also produces
primary and secondary carpet backing.  Propex operates in North
America, Europe, and Brazil.

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

As of June 29, 2008, the Debtors' balance sheet showed total
assets of US$562,700,000, and total debts of US$551,700,000.
(Propex Bankruptcy News, Issue No. 15; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


PROPEX INC: May Employ Richard Franks as Sales and Marketing VP
---------------------------------------------------------------
Propex Inc. and its debtor-affiliates sought and obtained
authority from the U.S. Bankruptcy Court for the Eastern
District of Tennessee to employ Richard Franks as their
executive vice president of Sales and Marketing for Flooring/FBA
as of July 1, 2008.  According to the Debtors, Mr. Franks'
employment is vital to their reorganization efforts and is in
the best interest of their creditors and estates.

Henry J. Kaim, Esq., at King & Spalding, LLP, in Houston, Texas,
relates that the Debtors have executed an employment agreement
with Mr. Franks whose contract expires in one year.  The
agreement provides a six-month extension unless terminated by
either party with a 90-day written notice.  Mr. Franks will be
entitled to a US$190,000 annual base salary, and will be
included in the Debtors' Key Employee Incentive Plan.

If terminated, Mr. Franks will be paid half the annual base
salary together with the payment of other benefits not satisfied
up to the date of termination.  A non-compete provision also
prevents Mr. Franks from pursuing similar profession within one
year after his termination.

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It also produces
primary and secondary carpet backing.  Propex operates in North
America, Europe, and Brazil.

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

As of Sept. 30, 2007, the Debtors' balance sheet showed total
assets of US$585,700,000, and total debts of US$527,400,000.
The Debtors' exclusive period to file a plan of reorganization
will expire on Aug. 21, 2008.

(Propex Bankruptcy News, Issue No. 14; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


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


BLUEGRASS ABS: Fitch Cuts and Removes from RWN 7 Note Classes
-------------------------------------------------------------
Fitch downgrades and removes from Rating Watch Negative seven
classes of notes issued by Bluegrass ABS CDO III Ltd.  These
rating actions are effective immediately:

  -- US$162,865,123 class A-1 notes to 'BB' from 'BBB';
  -- US$49,000,000 class A-2 notes to 'CCC' from 'BBB-';
  -- US$27,000,000 class B notes to 'CC' from 'BB+';
  -- US$13,599,816 class C notes to 'C' from 'B';
  -- US$6,871,272 class D-1 notes to 'C' from 'CCC';
  -- US$3,424,007 class D-2 notes to 'C' from 'CCC';
  -- US$4,970,682 combination securities to 'C' from 'CCC'.

Fitch's rating actions reflect the significant collateral
deterioration within the portfolio, specifically subprime
residential mortgage-backed securities and structured finance
collateralized debt obligations with underlying exposure to
subprime RMBS.

Bluegrass III is a cash flow SF CDO that closed on Sept. 15,
2004 and is managed by Invesco Institutional N.A. Inc.
Presently, 22.8% of the portfolio is comprised of 2005, 2006 and
2007 vintage U.S. subprime RMBS, and 7.9% consists of 2005, 2006
and 2007 vintage U.S. SF CDOs.

Since Nov. 21, 2007, approximately 45.0% of the portfolio has
been downgraded with 11.7% of the portfolio currently on Rating
Watch Negative.  Additionally, 41.0% of the portfolio is now
rated below investment grade, of which 23.9% of the portfolio is
rated 'CCC+' and below.  Overall, 30.6% of the assets in the
portfolio now carry a rating below the rating assumed in Fitch's
November 2007 review.

The collateral deterioration has caused each of the
overcollateralization ratios to fall below 100% and fail their
respective tests.  As of the trustee report dated June 30, 2008,
the class A/B OC ratio was 86.1%, relative to its trigger of
107.9%.  The class C, D-1 and D-2 notes have been paying in
kind, whereby the principal balance of the notes are written up
by the amount of missed interest, since December 2007.  Based on
the projected performance of the portfolio, Fitch does not
expect the C, D-1, D-2 and combination notes to receive any
interest or principal proceeds going forward.

The ratings of the class A-1, A-2 and B notes address the timely
receipt of scheduled interest payments and the ultimate receipt
of principal as per the transaction's governing documents.  The
ratings of the class C, D-1, and D-2 notes address the ultimate
receipt of interest payments and ultimate receipt of principal
as per the transaction's governing documents.  The rating of the
combination securities addresses the likelihood that investors
will receive the combination security notional balance, well as
ultimate payments resulting in a 2% coupon.

Fitch is reviewing its SF CDO approach and will comment
separately on any changes and potential rating impact at a later
date.  Fitch will continue to monitor and review this
transaction for future rating adjustments.


DORSET STREET: Fitch Withdraws Ratings on Nine Classes of Notes
---------------------------------------------------------------
Fitch Ratings has withdrawn these ratings for Dorset Street
Finance Limited, effective immediately:

  -- EUR45,000,000 class A1 notes 'A-';
  -- EUR75,000,000 class A2 notes 'BBB';
  -- EUR98,250,000 class B notes 'BBB-';
  -- EUR91,500,000 class C notes 'BB-';
  -- EUR75,000,000 class D notes 'CCC';
  -- EUR60,000,000 class E notes 'CC';
  -- EUR37,500,000 class F notes 'CC';
  -- EUR33,750,000 class G notes 'CC';
  -- EUR30,000,000 class H notes 'CC'.

The issuer disclosed noteholder approval of an amendment
removing Fitch as a rating agency from certain documents of the
transaction.  As a result of this amendment, Fitch does not
expect to receive future reporting for this transaction.

Fitch's policy on withdrawing ratings is to take into
consideration whether it has access to sufficient information in
assessing the credit quality of the notes.  If Fitch decides to
cease providing ratings, it will withdraw the ratings using the
most current methodology and opinion on the credit risk of the
notes.  In this case, Fitch has decided to withdraw its ratings
on these notes.

Fitch released its updated criteria for corporate CDOs on
April 30, 2008.


INDEPENDENCE IV: Fitch Junks Ratings on Three Classes
-----------------------------------------------------
Fitch Ratings downgrades and removes from Rating Watch Negative
six classes of notes issued by Independence IV CDO, Ltd./Inc.
(Independence IV).  These rating actions are effective
immediately:

--US$62,551,746 class A-1 (Series 1) notes to 'BB' from 'A+';
--US$57,366,022 class A-1 (Series 2) notes to 'BB' from 'A+';
--US$29,235,208 class A-2 notes to 'B' from 'A-';
--US$27,773,448 class A-3 notes to 'CCC' from 'BBB';
--US$29,235,208 class B notes to 'CC' from 'BB+';
--US$26,032,604 class C notes to 'C' from 'CCC'.

Fitch's rating actions reflect the significant collateral
deterioration within the portfolio, specifically from U.S.
subprime residential mortgage-backed securities (RMBS) and U.S.
Alternative-A (Alt-A) RMBS.

Independence IV is a cash flow structured finance (SF)
collateralized debt obligation (CDO) that closed on June 26,
2003 and is managed by Declaration Management & Research LLC.
Currently, 41.2% of the portfolio is comprised of 2005 and 2006
vintage subprime RMBS, and 9.5% consists of 2005 and 2006
vintage Alt-A RMBS.  The portfolio also contains various other
structured finance assets.

Since Fitch's last review on Nov. 21, 2007, approximately 49.3%
of the portfolio has been downgraded, with 11.2% of the
portfolio currently on Rating Watch Negative. Additionally,
52.5% of the portfolio is now rated below investment grade,
including 40.1% of the portfolio rated 'CCC+' or lower.  As of
the latest trustee report dated July 8, 2008, the portfolio's
Weighted Average Rating Factor was approximately 'BB', down from
approximately 'BBB-' at Fitch's last review and breaching the
transaction's covenant of 'BBB/BBB-'.

The collateral deterioration has caused each of the
overcollateralization (OC) ratios to fall below 100% and fail
their respective tests.  As of the latest trustee report, the
class A/B OC ratio was 84.4% and the class C OC ratio was 75.3%.
The class A/B interest coverage ratio was measured at 83.3%,
below its covenant of 110%.  As a result of the coverage test
failures, the transaction is currently not paying interest to
the class C notes.  Additionally, there were insufficient
interest proceeds at the last payment date in July 2008 to fully
satisfy the interest payment due on the class B notes.  This
interest shortfall required over US$300,000 of principal
proceeds to be used to fulfill the class B note interest
payment.  Fitch expects this trend of using principal proceeds
to compensate for interest shortfalls to continue in the future,
further reducing the coverage available to the senior notes.

The ratings of the classes A-1 (Series 1), A-1 (Series 2), A-2,
A-3, and B notes address the timely receipt of scheduled
interest payments and the ultimate receipt of principal as per
the transaction's governing documents.  The rating of the class
C notes addresses the ultimate receipt of interest payments and
ultimate receipt of principal as per the transaction's governing
documents.

Fitch is reviewing its SF CDO approach and will comment
separately on any changes and potential rating impact at a later
date.  Fitch will continue to monitor and review this
transaction for future rating adjustments.


INDEPENDENCE IV: Fitch Lowers Class A-1 Notes to BB from A+
-----------------------------------------------------------
Fitch Ratings has downgraded the rating of the collateralized
callable notes issued by CCN (Independence IV) LLC from 'F1', to
'F3' and removed it from Rating Watch Negative.  The proceeds of
the CCNs were used to purchase the Independence IV CDO Ltd and
Independence IV CDO Inc. class a-1 (series 1) and class a-1
(series 2) notes.  The action taken on the CCNs is the result of
the underlying class A-1 notes being downgraded from 'A+' to
'BB'.  The 'F3' rating represents the capacity for adequate
timely payment of financial commitments.  CCN (Independence IV)
LLC benefits from a put agreement with AIG Financial Products
(AIG-FP) whose payment obligations are absolutely and
unconditionally guaranteed by American International Group
(rated 'AA-/F1+', with a Negative Outlook by Fitch).  The
availability of this put agreement is contingent upon, among
other things, the continued fulfillment of interest payments and
the ultimate payment of principal to the class A-1 notes.


NEWCOURT STREET: Fitch Resolves RWN Status, Cuts Rating on Notes
----------------------------------------------------------------
Fitch Ratings has withdrawn these ratings without resolving the
Rating Watch Negative status for Newcourt Street Finance
Limited, effective immediately:

  -- EUR35,000,000 class A-1 notes 'AAA';
  -- EUR45,000,000 class A-2 notes 'AAA';
  -- EUR45,000,000 class B notes 'AA+';
  -- EUR39,000,000 class C notes 'AA';
  -- EUR33,000,000 class D notes 'AA-';
  -- EUR30,000,000 class E notes 'A';
  -- EUR15,000,000 class F notes 'A-';
  -- EUR15,000,000 class G notes 'BBB';
  -- EUR12,600,000 class H notes 'BB+'.

The issuer disclosed noteholder approval removing Fitch as a
rating agency from certain documents of the transaction.  As a
result of this amendment, Fitch does not expect to receive
future reporting for this transaction.

Fitch is unable to resolve the Rating Watch Negative that was
placed on the notes on June 27, 2008 before withdrawal.  This is
because the manager, KBC Financial Products, is no longer
willing to provide updated information on Newcourt Street
Finance to Fitch.  Fitch lacks sufficient information to give a
fully informed opinion and thus resolve the current Rating Watch
Negative status of the ratings.

Fitch's policy on withdrawing ratings is to take into
consideration whether it has access to sufficient information in
assessing the credit quality of the notes.  If Fitch decides to
cease providing ratings, it will withdraw the ratings using the
most current methodology and opinion on the credit risk of the
notes.  In this case, Fitch has decided to withdraw its ratings
on these notes without resolving the Rating Watch Negative
status.

Fitch released its updated criteria for corporate CDOs on
April 30, 2008.


PRIMORIS SPC: Fitch Cuts Ratings on Series of Notes
---------------------------------------------------
Fitch Ratings has downgraded these series of notes issued by
Primoris SPC Ltd. and removed all classes from Rating Watch
Negative.  The rating actions reflect Fitch's view on the credit
risk of the rated notes following the release of its new
Corporate CDO rating Criteria.

  -- US$160,000,000 series A1-7 floating rate credit linked
     secured notes due 2014, to 'B' from 'AAA';

  -- US$30,000,000 series A1-7-2 floating rate credit linked
     secured notes due 2014, to 'B' from 'AAA';

  -- US$50,000,000 series AS1-7-2 floating rate credit linked
     secured notes due 2014, to 'B' from 'AAA';

  -- EUR17,500,000 series A2-7 floating rate credit linked
     secured notes due 2014, to 'B' from 'AAA';

  -- JPY2,000,000,000 series A3-7 floating rate credit linked
     secured notes due 2014, to 'B' from 'AAA';

  -- CHF10,000,000 series A5-7 floating rate credit linked
     secured notes due 2014, to 'B' from 'AAA';

  -- GBP10,000,000 series A6-7 floating rate credit linked
     secured notes due 2014, to 'B' from 'AAA';

  -- US$5,000,000 series B1-7 floating rate credit linked
     secured notes due 2014, to 'B-' from 'AA';

  -- US$10,000,000 series B1-7-2 floating rate credit linked
     secured notes due 2014, to 'B-' from 'AA';

  -- EUR300,000 series B2-7 floating rate credit linked secured
     notes due 2014, to 'B-' from 'AA';

  -- JPY4,100,000,000 series B3-7 floating rate credit linked
     secured notes due 2014, to 'B-' from 'AA';

  -- JPY500,000,000 series C3-7 floating rate credit linked
     secured notes due 2014, to 'CCC' from 'AA-';

  -- US$10,000,000 series D1-7-2 floating rate credit linked
     secured notes due 2014, to 'CCC' from 'A';

  -- JPY 1,000,000,000 series E3-7 floating rate credit linked
     secured notes due 2014, to 'CC' from 'A-';

  -- EUR20,000,000 series B2-10-2 floating rate credit linked
     secured notes due 2017, to 'B-' from 'AA';

  -- US$10,000,000 series D1-10 floating rate credit linked
     secured notes due 2017, to 'CCC' from 'A';

  -- JPY1,000,000,000 series D3-10 floating rate credit linked
     secured notes due 2017, to 'CCC' from 'A';

  -- US$30,000,000 series F1-10 floating rate credit linked
     secured notes due 2017, to 'CC' from 'BBB'.

Additionally, the JPY500,000,000 series A3-10-2 class has been
paid-in-full since the last rating action.

Key drivers of this transaction's credit risk with respect to
the long portfolio include:

  -- Loss of credit enhancement since closing. As of the latest
     trustee report, credit enhancement for each series of notes
     had declined by approximately 2.0% on a net basis (usually
     representing at least a 40% relative reduction in credit
     enhancement for each series of notes).  When the notes were
     placed on Rating Watch in May 2008, credit enhancement for
     the notes had declined by at least 1.1% on a net basis
     (usually representing at least a 20% relative reduction in
     credit enhancement for each series of notes).

  -- Portfolio credit risk with an average portfolio quality of
     'BBB+/BBB', with 9.6% of the long portfolio rated below
     investment grade.

  -- Portfolio migration risk with 10.3% of the long portfolio
     on Rating Watch Negative and 22.5% of the long portfolio
     with a Negative Outlook.

  -- Significant industry concentration in the long portfolio of
     46.4% in the underperforming sector of Banking and Finance.

  -- Emerging market concentration of 9.1%.

Given Fitch's view of concentration risk and the current credit
quality of the portfolio, the current credit enhancement levels
are not sufficient to justify the current ratings of these
notes.  Current credit enhancement levels for the notes range
from 1.2% to 2.8%.

Primoris is a synthetic securitization that consists of a long
portfolio (long component), which initially referenced mostly
investment-grade corporates, and a short portfolio (short
component), which initially referenced mostly senior-secured
bank loans at 10% of the notional amount of the long component.
Currently the short portfolio consists of a 9.2% bucket of
senior unsecured investment grade bonds.  At closing, the issuer
entered into a portfolio credit default swap with Deutsche
Bank AG, the swap counterparty, (rated 'F1+/AA-' by Fitch),
which bought protection from the issuer on the long component of
the reference portfolio and sold protection to the issuer on the
short component in exchange for a net periodic premium.  Under
the swap agreement, losses from defaults in the long portfolio
and losses from trading activity reduce the credit enhancement
of the tranches, while losses from defaults in the short
portfolio and gains from trading activity increase the credit
enhancement of the tranches.  If aggregate losses exceed the
related class subordination amount, the affected tranche will be
written down and loss payments will be due from the issuer to
the swap counterparty.  The portfolio is currently managed by
Deutsche Asset Management (rated 'CAM1-' by Fitch).  While the
portfolio was originally managed by State Street Global
Advisors, recent amendments have instated DeAM as the
replacement manager.

Fitch released updated criteria on April 30, 2008 for Corporate
CDOs and, at that time, noted it would be reviewing its ratings
accordingly to establish consistency for existing and new
transactions.  As part of this review, Fitch makes standard
adjustments for any names on Rating Watch Negative or Outlook
Negative, reducing such ratings for default analysis purposes by
two notches and one notch, respectively.  Fitch has noted its
review will be focused first on ratings most exposed to risks
it has highlighted in its updated criteria.  Consequently, the
notes were placed on Rating Watch Negative on May 22, 2008.  As
previously indicated, resolution of the Negative Watch status
depends on any plans managers/arrangers may choose to modify
either the structure or the portfolio.  In this case, the
original manager was replaced by Deutsche Asset Management and
nearly 17% of the portfolio was traded.


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


DANA CORP: Reports US$140MM 2Q Loss; To Cut 3,000 Jobs
----------------------------------------------------
Dana Holding Corporation (NYSE: DAN) has announced its second-
quarter 2008 results.

     Second-quarter highlights include:

   -- Sales of US$2,333 million, a 2-percent increase compared
      to 2007, primarily because of currency effects;

   -- Net loss of US$140 million, including an US$82 million
      non-cash impairment charge.  This compares to a net loss
      of US$133 million in the second quarter of 2007;

   -- Earnings before interest, taxes, depreciation,
      amortization, and restructuring (EBITDA) of US$128
      million, compared with US$143 million in 2007;

   -- Strong cash balance of US$1.2 billion and total liquidity
      of US$1.6 billion at June 30, 2008; and

   -- Free cash flow of US$38 million.

            Dana Making Progress in Turnaround

We are making progress in our turnaround despite unprecedented
headwinds in North America," said Executive Chairman John
Devine.  "The combination of much lower production volumes and
higher steel costs has put considerable pressure on our 2008
operating results."

"But we are working to offset these challenges through pricing,
additional restructuring, and cost reductions," he added.  "And
we remain focused on our game plan to turn around Dana by
rebuilding the management team, improving operations, tightening
our strategic direction, and employing a strong balance sheet."

Added Chief Executive Officer Gary Convis, "For the near term,
we continue to scale our North American operations -- through
facility consolidations and workforce reductions -- to reflect a
market that's very different than what was expected just six
months ago.  This will necessitate the reduction of
approximately 3,000 positions over the course of 2008, including
the planned reduction of 500 salaried positions announced last
week.  At the same time, we are experiencing modest employment
growth in the markets where our business is performing better.

"Longer term, we're picking up speed with introducing what is
essentially a new way of managing our business, manufacturing
products, and measuring our performance worldwide," he added.
"The new Dana Operating System is already enabling our people to
drive improved product quality, customer satisfaction, and
financial performance."

                     Business Highlights

Total EBITDA of US$128 million in the second quarter was US$15
million below 2007 results for the same period.  This primarily
reflected higher steel costs of US$25 million (net of recovery
actions), lower North American production of US$22 million,
unfavorable currency effects of US$26 million, and reduced non-
steel pricing of US$6 million.  These negative developments were
partially offset by cost savings of US$64 million.

At June 30, 2008, cash balances remained strong at US$1.2
billion, with available global liquidity of US$1.6 billion.
Free cash flow was US$38 million for the second quarter, which
was largely achieved through reduced working capital of US$69
million during the period.

                         Six-Month Results

Sales for the six months ended June 30, 2008 were US$4,645
million which compares to US$4,434 million for the same period
in 2007.  For the first six months of 2008, the company reported
net income of US$545 million compared to a net loss of US$225
million for the same period in 2007.  The six-month 2008 results
include a net gain of US$754 million recognized in connection
with the company's emergence from bankruptcy and application of
fresh start accounting in January.

EBITDA of US$275 for the first six months of 2008 improved from
the US$247 million for the same period in 2007, as cost
reduction actions initiated during the first half of 2008,
combined with previously achieved annual cost savings and
pricing improvements more than offset the earnings reduction
attributable to lower North American production levels and
higher steel costs.

A copy of Dana's second-quarter 2008 results is available for
free at http://ResearchArchives.com/t/s?3140

                       About DANA

Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies.  Dana
employs 46,000 people in 28 countries.  Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60
million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
June 30, 2008, the Debtors listed US$7,482,000,000 in total
debts, resulting in US$2,979,000,000 in total shareholders'
deficit.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, served as the Debtors' financial
advisor and investment banker.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represens the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP served as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC served as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.
Judge Burton Lifland of the U.S. Bankruptcy Court for the
Southern District of New York entered an order confirming the
Third Amended Joint Plan of Reorganization of the Debtors on
Dec. 26, 2007.

The Debtors' Third Amended Joint Plan of Reorganization was
deemed effective as of Jan. 31, 2008.  Dana Corp., starting on
the Plan Effective Date, operated as Dana Holding Corporation.


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


ERBOL PLUS: Creditors Must File Claims by September 25
------------------------------------------------------
LLC Erbol Plus has declared insolvency.  Creditors have until
Sept. 25, 2008, to submit written proofs of claim.


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


CHEMTURA CORP: S&P Affirms 'BB' Ratings Affirmed; Off Watch
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit and senior unsecured debt ratings on Chemtura Corp. and
removed the ratings from CreditWatch with negative implications,
where they were placed on July 8, 2008.

The company's US$500 million 6.75% notes due 2016, US$400
million 7% notes due 2009 (issued by Great Lakes Chemical Corp.,
a subsidiary of Chemtura), and US$150 million 6.875% debentures
due 2026 (issued by Witco Corp., a subsidiary of Chemtura) are
rated 'BB' (the same as the corporate credit rating).  S&P
assigned a recovery rating of '4' to all three debt issues.
These ratings indicate S&P's expectation for average (30% to
50%) recovery in the event of a payment default.

"The rating actions incorporate the company's improved earnings
performance for the second quarter of 2008 compared to the
similar period of the prior year and our expectation that credit
measures should maintain an improving trend," said Standard &
Poor's credit analyst Liley Mehta.

Chemtura's earnings for the quarter ended June 30, 2008, reflect
improved performance in the performance specialties and crop
protection segments offset by higher raw material and energy
costs and weaker earnings in the consumer products segment due
to a wet, cold start to the U.S. pool season.

The outlook is negative. Credit quality is supported by an
improved focus on price/volume strategy, and the benefits of
cost-cutting initiatives and the portfolio review completed in
the past few years. Any meaningful disappointment in financial
results for the next several quarters, coupled with reduced
discretionary cash flows, would not bode well for the expected
strengthening of the key funds from operations to adjusted debt
ratio and could result in a lower rating. On this point,
deterioration to the 15% level would result in a review for
downgrade.

"We expect the company to take timely steps to address
refinancing risks related to the US$400 million notes maturing
in 2009 and the revolving credit facility due in 2010, in light
of difficult credit market conditions. Acquisitions that
meaningfully diminish the company's liquidity and slow the
strengthening of financial measures would also weaken support
for the current ratings.  Similarly, any proceeds from asset
sales are expected to be used in a manner that preserves an
appropriate capital structure.  To reduce the risk of a
downgrade, we would expect Chemtura to expand the leverage ratio
covenant cushion, further strengthen the funds from operations
to total debt ratio, and successfully extend near-term debt
maturities," S&P says.

The ratings on Chemtura incorporate some vulnerability of its
operating results to competitive pricing pressures, raw material
costs, and cyclical markets. They also reflect weak cash flow
protection measures as a result of poor profitability in certain
businesses. These factors are tempered by a diversified
portfolio of specialty and industrial chemical businesses
(generating annual revenues of roughly US$3.7 billion).


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


ALBA TRADE: Moscow Bankruptcy Hearing Set December 2
----------------------------------------------------
The Arbitration Court of Moscow will convene at 10.00 a.m. on
Dec. 2, 2008, to hear the bankruptcy supervision procedure on
LLC Alba Trade (TIN 7718570828). The case is docketed under Case
No. A40-13976/08-103-46B.

The Temporary Insolvency Manager is:

         V. Churyumov
         Post User Box 115
         603000 N.Novgorod
         Russia

The Court is located at:

         The Arbitration Court of Moscow
         Novaya Basmannaya Str. 10
         107996 Moscow
         Russia

The Debtor can be reached at:

         LLC Alba Trade
         Room 1
         Matrosskaya Tishina Str. 23
         107076 Moscow
         Russia


ENERGETIK OJSC: Creditors Must File Claims by September 19
----------------------------------------------------------
Creditors of OJSC Energetik have until Sept. 19, 2008, to submit
proofs of claim to:

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

The Arbitration Court of Primorye commenced bankruptcy
proceedings against the company.  The case is docketed under
Case No. A51-1440/2008 21-30b.

The Debtor can be reached at:

         OJSC Energetik
         Naberezhnaya Str. 1
         Vostok
         Primorye
         Russia


GELIANTUS CJSC: Rostov Bankruptcy Hearing Set September 10
----------------------------------------------------------
The Arbitration Court of Rostov will convene at 3.50 p.m. on
Sept. 10, 2008, to hear the bankruptcy supervision procedure on
CJSC Company Geliantus.  The case is docketed under Case No.
A53-3449/2008-S1-52.

         S. Fedorenko
         Insolvency Manager
         Teatralnyj Pr. 63
         344010 Rostov-na-Donu
         Russia

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         CJSC Company Geliantus
         Zholoba Str. 38
         Razvilnoe
         Peschanokopskiy
         347560 Rostov
         Russia


GLAV-TRANSPORT: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Primorye commenced bankruptcy
supervision procedure on LLC Glav-Transport.  The case is
docketed under Case No. A51-13972/2007 11-259/1.

The Temporary Insolvency Manager is:

         M. Vozzhin
         Office 201
         Promyshlennaya Str. 20
         680009 Khabarovsk
         Russia

The Court is located at:

         Arbitration Court of Primorye
         Room 313
         Svetlanovskaya Str. 54
         Vladivostok

The Debtor can be reached at:

         LLC Glav-Transport
         Berezovaya Str. 25
         690012 Vladivostok
         Russia


KRASNYE GORKI LLC: Creditors Must File Claims by September 19
-------------------------------------------------------------
Creditors of LLC Agricultural Company Krasnye Gorki have until
Sept. 19, 2008, to submit proofs of claim to:

         K. Baluev
         Insolvency Manager
         Stara-Zagora Str. 25
         443090 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. A55-6799/08.

The Court is located at:

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

The Debtor can be reached at:

         Agricultural Company Krasnye Gorki
         Sovetskaya Str. 1
         Piskaly
         Samara
         Russia


MAGNITOGORSK IRON: Net Income Up 19% to US$1.03BB in 1H2008
-----------------------------------------------------------
Magnitogorsk Iron and Steel Works OAO has published its
consolidated financial results for the six months ending June
30, 2008, prepared according to U.S. GAAP.

Financial Highlights

    * Revenue up by 41% to US$5.653 billion, driven by pricing
      and incremental volume increases;

    * EBITDA for the period up by 25% to US$1.511 billion;

    * H1 EBITDA margin at 27%, supported by Q2 EBITDA margin at
      30%; and

    * Net income up by 19% to US$1.031 billion.

Operational Highlights

    * Increase in steel output to 7015 th tons from 6476
      thousand tons year-on-year;

    * Increase in finished steel products to 6434 th tons from
      5951 thousand tons;

    * Continued growth in share of domestic market sales, ending
      the period at 69%;

    * Price increases of over 45% achieved from 1st Quarter

    * Effective cost containment, supported by equipment
      modernization, high labor productivity and electric power
      self-sufficiency

Victor Rashnikov, Chairman of MMK's Board of Directors, said:
"We have delivered another strong set of results in the face of
industry cost pressures.  Increased volumes, ongoing operational
improvements and our commitment to low cost production have
combined with an increasingly strong pricing environment to
deliver sustainable top and bottom growth.  As we look forward,
strong demand for our high quality products and the continued
development of our self-sufficiency in raw materials present us
with significant opportunities to create shareholder value."

                    About Magnitogorsk Iron

Headquartered in Magnitogorsk, Russia, OAO Magnitogorsk Iron and
Steel Works -- http://www.mmk.ru/-- manufactures steel and
accounts for about 20% of all steel products sold on the
domestic market.  MMK is a major fully integrated steel making
complex encompassing all the required processes, from
preparation of iron ore materials to high added value processing
of steel.  About half of the Company's output is exported
worldwide.

                         *     *     *

Magnitogorsk Iron and Steel Works carries 'BB' Long-term Issuer
Default and senior unsecured ratings from Fitch.  Fitch affirmed
the ratings in April 2008.  The Long-term IDR's outlook is
stable.


NOVATEK OAO: Commences GDR Repurchase Program
---------------------------------------------
OAO Novatek has started the GDR buyback program, which was
approved by the Company's Board of Directors on Feb. 11, 2008.

The buyback program shall be executed in accordance with best
practices of transparency and corporate governance as well as
compliance with FSA rules and regulations.  In order to ensure
the transparency of the process the Company has selected an
independent brokerage house to execute the share repurchase
program.

The brokerage house, acting on the basis of the mandate
stipulating the repurchase criteria, shall purchase the
Company's GDR's exclusively through the London Stock Exchange.

                          About Novatek

Headquartered in Tarko-Sale, Russia, OAO Novatek --
http://www.novatek.ru/-- engages in the exploration,
production and processing of natural gas and liquid
hydrocarbons.  The company's upstream activities are
concentrated in the prolific Yamal-Nenets Region in Western
Siberia.

                         *     *     *

As reported in the TCR-Europe on July 16, 2008, Standard &
Poor's Ratings Services raised its long-term corporate
credit rating on OAO Novatek, Russia's largest independent
natural gas producer, to 'BB+' from 'BB'.  The outlook is
stable.

OAO Novatek currently carries Ba2 Corporate Family rating from
Moody's Investors Service, which said the outlook is stable.


RUSSIAN BANK: Moody's Affirms E+ Bank Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has today placed the Baa2 long-term
foreign currency deposit rating of Russian Bank for Development
(RBD) on review for possible upgrade.  The Prime-2 short-term
foreign currency deposit rating and E+ bank financial strength
rating (BFSR) were affirmed with a stable outlook.
Concurrently, Moody's Interfax Rating Agency affirmed RBD's
Aaa.ru national scale rating for deposits.  Moscow-based Moody's
Interfax is majority-owned by Moody's, a leading global rating
agency.

The rating action follows the recent announcement that the
government's 100% stake in RBD has been transferred to the Bank
for Development and Foreign Economic Affairs (Vnesheconombank or
VEB (rated A3/Baa1/P-2/E+)).

Moody's rating review reflects its expectation that the share
transfer will ultimately denote an increased probability of
support from the state (either directly or through the parent,
VEB, which is 100% controlled by the state) as the bank will
became a part of the VEB group, a strategically important
vehicle in the realisation of government projects.

Moody's adds that it has opted for a review, rather than an
immediate upgrade of the ratings, because of the lack of clarity
as to the future role of RBD and the mechanisms for possible
support, should this be required.  The rating review will focus
on clarifying these points, which, Moody's cautions, may take
longer than usual to articulate, given that this involves
coordination between VEB and the state.  As a result, it is
possible that the rating review process may need to be extended
in order to accommodate receiving all the required information.

According to Moody's the transaction is not material for VEB,
given RBD's small relative size in relation to the parent, and
there is therefore no impact on VEB's ratings from these
transactions.

Headquartered in Moscow, Russian Federation, RBD reported total
assets of RUB26.8 billion and equity of RUB7.1 billion under
IFRS as of Dec. 31, 2007.  VEB (headquartered in Moscow) is a
state corporation for development created in 2007 on the basis
of Vnesheconombank to be a government tool for investment
activity.  It reported total assets of RUB533 billion and equity
of RUB216 billion at end-2007.


SEVERSTAL OAO: Fitch Affirms Long Term IDR at BB, Outlook Stable
----------------------------------------------------------------
Fitch Ratings affirmed OAO Severstal's ratings at long term
Issuer Default 'BB', Short-term IDR 'B', and National 'AA-
(rus)'.  This follows its agreement to acquire the business of
PBS Coals Corporation by way of an acquisition of Penfold
Capital Acquisition Corporation, after a business combination of
PBS and Penfold for US$1.3 billion.  The Outlooks on the Long-
term IDR and National Long-term rating are Stable.

The planned acquisition is in line with Severstal's strategy to
acquire companies in the US to secure the supply of primary raw
materials.  Fitch notes that this acquisition will improve self-
sufficiency and performance of Severstal's North American
operations.  The PBS deal will allow Severstal to source 40% to
50% of its U.S. metallurgical coal needs from its own
facilities. Increase in self-sufficiency will help to secure the
required volume of coal supply and limit exposure to price
volatility.  Fitch forecasts Severstal's gross debt/EBITDA and
net debt/EBITDA ratio at 1.4x and 1.1x respectively at year-end
2008.  Management is committed to maintain net debt/EBITDA below
or equal 2x while external financial covenants set consolidated
leverage ratio at 3.5:1.  Fitch expects that over the cycle
Severstal will maintain net leverage at 1.5x or below.

The transaction is conditional upon Penfold agreeing to acquire
PBS.  The resulting public company will be known as PBS Coals
Limited.  The deal is subject to regulatory approvals and is
expected to close in Q408.

PBS is a private Pennsylvania-based company engaged in the
mining, processing and sale of metallurgical and thermal coal.
In the fiscal year ended March 31 2008, PBS produced 2.4 million
clean tonnes of coal, including 1.5 million clean tonnes of
coking coal. PBS has 133.5 million tonnes of in-place coal
reserves and 228.3 million tonnes of in-place coal resources.

Severstal is the largest Russia-based vertically integrated
steel producer by volume (including production at its
international facilities) with crude steel production of 17.5
million tonnes in 2007.  At FYE07 the company generated revenues
of US$15.2 billion, EBITDAR of US$3.7 billion and had an
adjusted net leverage (adj. net debt/EBITDAR) of 0.3x.

Severstal's Long-term IDR and senior unsecured ratings were
upgraded to 'BB' from 'BB-' on June 20, 2008.


TATNEFT OAO: Output Pegged at 13.8 Mln Tons in First Half 2008
--------------------------------------------------------------
A meeting of the Board of Directors of OAO Tatneft chaired by
Rustam Minnihanov, the Prime Minister of the Republic of
Tatarstan, was held in Kazan on Aug. 27, 2008.

The Board of Directors reviewed the results of the company's
budget implementation for seven months of the current year, and
it approved the budget for September 2008.

Tatneft Company produced over 13.8 million tons of crude for the
first six months of 2008 that is 0.7% up compared to the similar
period in 2007.  Approximately 45% of the total crude volume was
produced through the application of advanced EOR methods.  The
production of associated petroleum gas made up over 377 billion
sq. m. that increases the level of the previous year by 1.6%.
160 new producers were put into operation.

The third pair of horizontal wells has been drilled at the
Ashalchi super viscous oil field.  During the first half-year,
the company produced 6.6 thousand tons of super viscous oil; in
aggregate over 15 thousand tons of super viscous oil have been
produced from the commencement of development operations at the
pilot area.

Around 140,000 tons of crude were produced from the license
areas located beyond the Republic of Tatarstan that is 1.9 times
up versus the first half-year period of 2007.

By the results of the business and economic activity the
company's earnings (before tax) equal to some RUR39 billion.
According to the approved investment program, Tatneft Company
invested RUR7 billion during the reported period that is 19%
higher versus the level of 2007.

The company's financial indices correspond to the standard
value.  As of 01.07.2008, OAO Tatneft has got no debts in the
budgets of all levels.

The Board of Directors heard and discussed the results of
activity of Tatneft Company for 2007 in line with the
international financial accounting, and predicted business and
economic activity for the year 2009.

The Board of Directors also discussed a number of other issues
regarding the activity of Tatneft Company.

                         About Tatneft

Headquartered in Tatarstan, Russia, OAO Tatneft --
http://www.tatneft.ru/eng/-- explores, produces, refines
and markets crude oil.  The company operates a chain of retain
gasoline filling stations and exports some of its petrochemical
products to former Soviet Union countries and Europe.

                          *     *     *

As reported in the TCR-Europe on Aug. 11, 2008, Moody's
Investors Service assigned a Ba2 corporate family rating
(CFR), to JSC Tatneft.  In conjunction with the CFR rating, a
Probability of Default Rating of Ba2 was also assigned.  The
outlook is stable.

OAO Tatneft continues to carry Fitch Ratings' B+ Issuer Default
rating.  Its Short-Term rating stands at B.  Fitch said the
outlook is positive.


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


FORD MOTOR: Big Three Auto Makers Seeking US$50BB in Lifeline
-------------------------------------------------------------
Sharon Terlep and Josh Mitchell of the Wall Street Journal
report that The Big Three auto makers and their suppliers are
now seeking significantly more help from the federal government.

The Detroit Free Press reported earlier in August that top
executives at Ford Motor Co., General Motors Corp., and Chrysler
LLC had a meeting and decided to ask for financial aid from the
feds.  There is no consensus as to how much do auto executives
want, people familiar with the talks say, according to the
report.  But reports say it could be between US$40 billion and
US$50 billion.  The auto makers would like to have a funded plan
in place by the end of 2008.

The companies have already been authorized to receive US$25
billion government-backed loans approved as part of an energy
bill last year.  The loans have yet to be funded.

David Cole, president of the Center of Automotive Research in
Ann Arbor, Mich., denied the funding is a bailout in its
entirety, according to WSJ.

"This is actually more like the government acting like a banker
as it begins to look at the major consequences of a major
failure in the auto industry," he said.  The current funding is
reportedly aimed at making the Big Three more competitive.

Despite reassurance from the company, rumors that Chrysler is on
the verge of bankruptcy persist.

According to various reports, JPMorgan auto analyst Himanshut
Patel has indicated that Chrysler is the weakest player among
the U.S. automakers and is at the most risk of bankruptcy.
Chrysler, the JPMorgan analyst has said, is hit by the triple
force of high pump prices, an economic slowdown and an expected
decline in sales of trucks.  Mr. Patel has suggested that
Chrysler sell its Jeep and Dodge Ram brands by early 2009.

The reports note that Mr. Patel believes Chrysler's position is
riskier because it has lesser assets to raise money and relies
heavily on the truck and U.S. markets for income.

Mark Warnsman, an analyst from Calyon Securities, however, has
said concerns of Chrysler's possible bankruptcy are overblown,
Andrew Striber of Motor Trend reports.  Instead of worrying
whether Auburn Hills will go under, competitors should be more
concerned about the company's recent actions will hurt the
overall auto market, he said.

Chrysler has dropped leasing and switched to retail-only sales.
It also announced an additional 1,500 job cuts, the elimination
of four models, and discussions of a partnership with Nissan to
outsource future midsize sedans.

Mr. Warnsman says Chrysler's "potential for sharp changes" poses
a new threat to competitors, and with no shareholders to report
to its secrecy will bring "more uncertainty for the industry."
This could scare off investors and push the value of publicly-
traded rivals Ford and GM down even further, according to him.

                     About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.


                     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 Switzerland.

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

                      About Ford Motor Co

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

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

                           *     *     *

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


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


GENERAL MOTORS: US Auto Makers Seeking Up to US$50BB in Lifeline
----------------------------------------------------------------
Sharon Terlep and Josh Mitchell of the Wall Street Journal
report that The Big Three auto makers and their suppliers are
now seeking significantly more help from the federal government.

The Detroit Free Press reported earlier in August that top
executives at Ford Motor Co., General Motors Corp., and Chrysler
LLC had a meeting and decided to ask for financial aid from the
feds.  There is no consensus as to how much do auto executives
want, people familiar with the talks say, according to the
report.  But reports say it could be between US$40 billion and
US$50 billion.  The auto makers would like to have a funded plan
in place by the end of 2008.

The companies have already been authorized to receive US$25
billion government-backed loans approved as part of an energy
bill last year.  The loans have yet to be funded.

David Cole, president of the Center of Automotive Research in
Ann Arbor, Mich., denied the funding is a bailout in its
entirety, according to WSJ.

"This is actually more like the government acting like a banker
as it begins to look at the major consequences of a major
failure in the auto industry," he said.  The current funding is
reportedly aimed at making the Big Three more competitive.

Despite reassurance from the company, rumors that Chrysler is on
the verge of bankruptcy persist.

According to various reports, JPMorgan auto analyst Himanshut
Patel has indicated that Chrysler is the weakest player among
the U.S. automakers and is at the most risk of bankruptcy.
Chrysler, the JPMorgan analyst has said, is hit by the triple
force of high pump prices, an economic slowdown and an expected
decline in sales of trucks.  Mr. Patel has suggested that
Chrysler sell its Jeep and Dodge Ram brands by early 2009.

The reports note that Mr. Patel believes Chrysler's position is
riskier because it has lesser assets to raise money and relies
heavily on the truck and U.S. markets for income.

Mark Warnsman, an analyst from Calyon Securities, however, has
said concerns of Chrysler's possible bankruptcy are overblown,
Andrew Striber of Motor Trend reports.  Instead of worrying
whether Auburn Hills will go under, competitors should be more
concerned about the company's recent actions will hurt the
overall auto market, he said.

Chrysler has dropped leasing and switched to retail-only sales.
It also announced an additional 1,500 job cuts, the elimination
of four models, and discussions of a partnership with Nissan to
outsource future midsize sedans.

Mr. Warnsman says Chrysler's "potential for sharp changes" poses
a new threat to competitors, and with no shareholders to report
to its secrecy will bring "more uncertainty for the industry."
This could scare off investors and push the value of publicly-
traded rivals Ford and GM down even further, according to him.

                     About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                      About Ford Motor Co

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

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

                           *     *     *

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

                    About General Motors

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

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


PEROWID JSC: Creditors' Proofs of Claim Due by September 16
-----------------------------------------------------------
Creditors owed money by JSC Perowid are requested to file their
proofs of claim by Sept. 16, 2008, to:

         Dr. Bruno Widmann
         5001 Aarau
         Switzerland

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


SEEFELD INVESTA: Proofs of Claim Filing Deadline is September 20
----------------------------------------------------------------
Creditors owed money by JSC Seefeld Investa are requested to
file their proofs of claim by Sept. 20, 2008, to:

         JSC Allied Finance
         Bahnhofstasse 14
         8022 Zurich
         Switzerland

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


TOTAL IMPORT: Deadline to File Proofs of Claim Set September 30
---------------------------------------------------------------
Creditors owed money by  LLC TOTAL Import are requested to file
their proofs of claim by Sept. 30, 2008, to:

         arko Andrijanic
         Gerliswilstrasse 28
         6020 Emmenbrucke
         Switzerland

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


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


ANDREW MURPHY: Appoints Liquidators from Tenon Recovery
-------------------------------------------------------
I. Cadlock and A. J. Pear of Tenon Recovery were appointed joint
liquidators of Andrew Murphy Ltd. on Aug. 13, 2008, for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Andrew Murphy Ltd.
         c/o Tenon Recovery
         Third Floor
         Lyndean House
         43/46 Queens Road
         Brighton
         East Sussex
         BN1 3XB
         England


BAKER STREET: Fitch Withdraws Ratings on 20 Note Classes
--------------------------------------------------------
Fitch Ratings has withdrawn the ratings on these classes of
Baker Street Finance Limited, effective immediately:

  -- EUR137,500,000 class A-1a 'A';
  -- EUR110,000,000 class A-1b 'BBB';
  -- EUR92,400,000 class A-1c 'BB';
  -- EUR90,200,000 class A2 'B';
  -- EUR89,100,000 class B 'CCC';
  -- EUR68,750,000 class C 'CC';
  -- EUR55,000,000 class D 'CC';
  -- EUR39,600,000 class E 'CC';
  -- EUR24,200,000 class F 'CC';
  -- EUR22,000,000 class G 'CC';
  -- EUR19,250,000 class H 'CC';
  -- US$8,400,000 class A1 'BB';
  -- US$8,200,000 class A2 'B';
  -- US$8,100,000 class B 'CCC';
  -- US$6,250,000 class C 'CC';
  -- US$5,000,000 class D 'CC';
  -- US$3,600,000 class E 'CC';
  -- US$2,200,000 class F 'CC';
  -- US$2,000,000 class G 'CC';
  -- US$1,750,000 class H 'CC'.

The issuer disclosed noteholder approval of an amendment
removing Fitch as a rating agency from certain documents of the
transaction.  As a result of this amendment, Fitch does not
expect to receive future reporting for this transaction.

Fitch's policy on withdrawing ratings is to take into
consideration whether it has access to sufficient information in
assessing the credit quality of the notes.  If Fitch decides to
cease providing ratings, it will withdraw the ratings using the
most current methodology and opinion on the credit risk of the
notes.  In this case, Fitch has decided to withdraw its ratings
on these notes.

Fitch released its updated criteria for corporate CDOs on
April 30, 2008.


BARBERS PROPERTY: Goes Into Administration; Closes Four Offices
---------------------------------------------------------------
John Kelly and John Lowe of business rescue, recovery and
restructuring specialists Begbies Traynor have been appointed as
joint administrators of Barbers Property Agents LLP, one of the
largest firms of independent chartered surveyors and estate
agents covering Shropshire, Staffordshire and the Cheshire
Borders.  The firm of Barbers Auctions LLP, which runs the
Market Drayton Livestock market, is a separate legal entity and
is not affected by the appointment.

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

John Kelly, Partner at Begbies Traynor's Birmingham office,
commented "Barbers is a long established business which has been
affected by the worst financial conditions facing the property
sector in over 20 years.  Due to the economic difficulties it
has been necessary to make 60 redundancies and close the offices
in Newport, Stafford and Telford town center, but it will be
business as usual at the remaining locations at Market Drayton,
Wellington, Whitchurch and the head office in Shrewsbury while a
buyer is found.  The company operates a variety of services so,
despite the current economic outlook, we are seeking to achieve
a sale of the business as soon as possible.  In particular,
Barbers has a significant lettings business which is in high
demand as all agents seek ways of providing regular income in
this post credit crunch environment."

The practice operates an independent client account so all
rental income and deposits are held independently and will not
be affected by the appointment.

Those immediately affected by the administration of Barbers
Property Agents LLP, or any parties in a similar situation who
may require financial guidance, should contact John Kelly or
John Lowe of Begbies Traynor on 0121 210 8150.


CALDER COLOURS: Brings in Joint Administrators from Vantis
----------------------------------------------------------
Beverley Jayne Marsh and Geoffrey Paul Rowley of Vantis were
appointed joint administrators of Calder Colours (Ashby) Ltd.
(Company Number 00216763) on Aug. 12, 2008.

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.

The company can be reached at:

         Calder Colours (Ashby) Ltd.
         The Colour Factory
         2 Dents Road
         Ashby de la Zouch
         Leicestershire
         LE65 1JS
         England


CARA PLANT: Taps Vantis to Administer Assets
--------------------------------- ----------
Peter Hollis and Peter Wastell of Vantis were appointed joint
administrators of Cara Plant Ltd. (Company Number 04521557) on
Aug. 18, 2008.

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.


CHRYSLER LLC: Auto Makers Seeking Up to US$50BB in Lifeline
---------------------------------------------------------
Sharon Terlep and Josh Mitchell of the Wall Street Journal
report that The Big Three auto makers and their suppliers are
now seeking significantly more help from the federal government.

The Detroit Free Press reported earlier in August that top
executives at Ford Motor Co., General Motors Corp., and Chrysler
LLC had a meeting and decided to ask for financial aid from the
feds.  There is no consensus as to how much do auto executives
want, people familiar with the talks say, according to the
report.  But reports say it could be between US$40 billion and
US$50 billion.  The auto makers would like to have a funded plan
in place by the end of 2008.

The companies have already been authorized to receive US$25
billion government-backed loans approved as part of an energy
bill last year.  The loans have yet to be funded.

David Cole, president of the Center of Automotive Research in
Ann Arbor, Mich., denied the funding is a bailout in its
entirety, according to WSJ.

"This is actually more like the government acting like a banker
as it begins to look at the major consequences of a major
failure in the auto industry," he said.  The current funding is
reportedly aimed at making the Big Three more competitive.

Despite reassurance from the company, rumors that Chrysler is on
the verge of bankruptcy persist.

According to various reports, JPMorgan auto analyst Himanshut
Patel has indicated that Chrysler is the weakest player among
the U.S. automakers and is at the most risk of bankruptcy.
Chrysler, the JPMorgan analyst has said, is hit by the triple
force of high pump prices, an economic slowdown and an expected
decline in sales of trucks.  Mr. Patel has suggested that
Chrysler sell its Jeep and Dodge Ram brands by early 2009.

The reports note that Mr. Patel believes Chrysler's position is
riskier because it has lesser assets to raise money and relies
heavily on the truck and U.S. markets for income.

Mark Warnsman, an analyst from Calyon Securities, however, has
said concerns of Chrysler's possible bankruptcy are overblown,
Andrew Striber of Motor Trend reports.  Instead of worrying
whether Auburn Hills will go under, competitors should be more
concerned about the company's recent actions will hurt the
overall auto market, he said.

Chrysler has dropped leasing and switched to retail-only sales.
It also announced an additional 1,500 job cuts, the elimination
of four models, and discussions of a partnership with Nissan to
outsource future midsize sedans.

Mr. Warnsman says Chrysler's "potential for sharp changes" poses
a new threat to competitors, and with no shareholders to report
to its secrecy will bring "more uncertainty for the industry."
This could scare off investors and push the value of publicly-
traded rivals Ford and GM down even further, according to him.

                     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 Switzerland.

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

                      About Ford Motor Co

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

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

                           *     *     *

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

                    About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 11, 2008,
Standard & Poor's Ratings Services said lowered its ratings on
Chrysler LLC, including the corporate credit rating, to 'CCC+'
from 'B-'.

On July 31, 2008, TCR said that Fitch Ratings has downgraded the
Issuer Default Rating of Chrysler LLC to 'CCC' from 'B-'.  The
Rating Outlook is Negative.  The downgrade reflects Chrysler's
restricted access to economic retail financing for its vehicles,
which is expected to result in a further step-down in retail
volumes.  Lack of competitive financing is also expected to
result in more costly subvention payments and other forms of
sales incentives.  Fitch is also concerned with the state of the
securitization market and the ability of the automakers to
access this market on an economic basis over the near term,
given the steep drop in residual values, higher default rates,
higher loss severity being experienced and jittery capital
market.


DELIVERALL DIRECT: Calls in Joint Administrators from Kroll
-----------------------------------------------------------
Scott I. Gaillie, Anne Clare O'Keefe and Simon Wilson of Kroll
Ltd. were appointed joint administrators of Deliverall Direct
Ltd. (Company Number 04424199) on Aug. 19, 2008.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

The company can be reached at:

         Deliverall Direct Ltd.
         168A Barton Road
         Stretford
         Manchester
         M32 8DP
         England


ELIZABETH FRENCH: Appoints Joint Administrators from Vantis
-----------------------------------------------------------
Michael Young and Peter Wastell of Vantis were appointed joint
administrators of Elizabeth French Ltd. (Company Number
06055710) on Aug. 18, 2008.

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.


LEVEL ONE: Taps Joint Administrators from Kroll
-----------------------------------------------
Alastair Paul Beveridge and Anne Clare O'Keefe and Simon
Jonathan Appell of Kroll were appointed joint administrators of
Level One Residential (Jersey) Ltd. (Company Number 94225) on
Aug. 18, 2008.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

The company can be reached at:

         Level One Residential (Jersey) Ltd.
         Channel House
         7 Esplanade
         St. Helier
         Jersey
         JE4 5UW
         Channel Islands


PRINT 4 ESSEX: Calls in Liquidators from Tenon Recovery
-------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of Print 4 Essex Ltd. on Aug. 7, 2008, for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Print 4 Essex Ltd.
         c/o Tenon Recovery
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


QUEBECOR WORLD: Posts US$77.7 Million Loss in Second Qtr 2008
-------------------------------------------------------------
In the second quarter of 2008, Quebecor World Inc. reported a
net loss of US$77.7 million or (US$0.44) per share compared to a
net income of US$10.8 million or US$0.05 per share in the second
quarter of last year. Second quarter results included IAROC net
of income taxes of US$7.5 million or US$0.04 per share, compared
to US$19.1 million or US$0.14 per share in the same period in
2007.  Excluding IAROC, the adjusted operating income was
US$27.8 million in the second quarter of 2008 compared to
adjusted operating income of US$48.0 million for the second
quarter of last year.

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.

For the first six months of 2008, Quebecor World reported a
net loss from continuing operations of US$226.3 million or
(US$1.41) per share, compared to a net income from continuing
operations of US$20.5 million or US$0.06 per share for the same
period in 2007.

The results for the first six months of 2008 incorporate IAROC
net of taxes of US$42.7 million or US$0.26 per share compared to
US$30.5 million or US$0.24 per share in 2007.  Excluding IAROC,
adjusted diluted loss per share from continuing operations was
US$1.15 for the first six months of 2008 compared to adjusted
diluted earnings per share of US$0.30 in the same period of
2007.

On the same basis, adjusted operating income in the first six
months of 2008 was US$37.0 million compared to US$86.5 million
in 2007.  Consolidated revenues for the first half of 2008 were
US$2.0 billion compared to US$2.3 billion in the same period of
2007.

The lower revenue is due to the lower paper sales, decreased
volume and continued price pressures.  In addition, the
Company's quarterly and year-to-date financial results have been
impacted by significantly higher professional fees and higher
financial expenses related to the DIP financing and the creditor
protection process.

In the second quarter of 2008, Quebecor World Inc. said it made
steady progress in its efforts to exit creditor protection in
the United States and Canada as a strong player in its industry.
The company continued to renew existing customer contracts and
secure new business across all its business groups.  In the
quarter, Quebecor World completed the sale of its European
operations to a Netherlands based investment group.  The net
cash proceeds were used by the company to repay a portion of the
Debtor-In-Possession financing.  In the second quarter, Quebecor
World announced a customer-focused streamlining of its U.S.
operations to better serve its customer base, improve efficiency
and reduce costs.  Also in the quarter, the Company presented
its business plan to the creditors' committees.  The plan
reflects the company's expectation of future operating
performance both during and after the CCAA and Chapter 11
processes and is an important part of developing an eventual
plan of arrangement to exit creditor protection.

Since the initial filing on Jan. 21, 2008, the company received
the final order for its US$1 billion DIP financing from
the U.S. and Canadian courts.  The company has received several
extensions to the stay of proceedings, the most recent of which
is to Sept. 30, 2008 under CCAA in Canada and through to July
of 2009 under Chapter 11 in the U.S.  As stated in the Monitor's
report of July 14, 2008, the company had an unrestricted cash
balance of US$140 million at July 6, 2008 and continues to have
access to the Revolving Loan Facility of up to US$400M.

Quebecor World's results in the second quarter 2008 are based on
continuing operations.  In the second quarter, the company
generated consolidated revenues from continuing operations of
US$976 million compared to US$1.1 billion in 2007.  Operating
income before impairment of assets, restructuring, and other
charges (IAROC) in the second quarter was US$27.8 million
compared to operating income of US$48.0 million in the second
quarter of 2007. Adjusted EBITDA was US$92.7 million in the
second quarter of 2008 compared to US$113.2 million in the
second quarter of 2007.  The lower adjusted EBITDA in 2008 is
due to decreased volumes and continued price pressures as well
as significant costs associated with the reorganization and
restructuring.  The sale of the European operations generated
cash proceeds of US$82 million of which US$75 million was
applied to partial repayment of the DIP loan and a loss on
disposal of US$653 million.

The company's adjusted EBITDA results in the second quarter and
year-to-date continue to be in line with management's
expectations and slightly ahead of projections for the DIP
financing.

"We have made important progress in the last six months to
preserve the long-term sustainable profitability of our company
while working through a process to ensure fair and equitable
consideration for all stakeholders.  The sale of our European
operations was one such step which will allow us to focus on our
core business in the Americas," said Jacques Mallette President
and CEO Quebecor World Inc.  "Since January we successfully
signed new agreements with many of our customers whose work was
due to be renewed despite a challenging economic environment and
the unfavorable perception created by our filing.  We have
restructured our U.S. operations towards a more customer-focused
approach and we continue to introduce new products to enhance
our full-service offerings to help our customers better reach or
serve their customers".

Since its filing for creditor protection Quebecor World has
renewed business with major publishers and retailers.  This
includes recently announced long-term agreements with Reader's
Digest, Local Insight Media, Dex Media and Canada Wide
Publishing.

A full-text copy of the Second Quarter Results is available for
free at http://ResearchArchives.com/t/s?30d3

                       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.

The Debtors have until Sept. 30, 2008, to file a plan of
reorganization in the chapter 11 case.  The Debtors' CCAA stay
has been extended to Sept. 30, 2008.  (Quebecor World Bankruptcy
News, Issue No. 24; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


QUEBECOR WORLD: Judge Peck Approves Watson Wyatt Retention
----------------------------------------------------------
Judge James M. Peck of the U.S. Bankruptcy Court for the
Southern District of New York ordered that in no event will
Quebecor World Inc. and its debtor-affiliates indemnify Watson
Wyatt & Company if the Debtors or a representative of their
estates assert a claim for, and a court determines by final
order that the claim arose out of, Watson Wyatt's bad-faith,
self-dealing, breach of fiduciary duty, gross negligence or
willful misconduct.

Judge Peck, however, approved the Debtors' application to retain
Watson Wyatt.

The Troubled Company Reporter said on Aug. 15, 2008, that the
Debtors sought the authority of the Court to employ Watson
Wyatt, nunc pro tunc to Aug. 1, 2008, to provide actuarial and
other consulting services for their pension and health and
welfare plans, and human resources consulting services.

Before the bankruptcy filing, Watson Wyatt, through its
affiliate Watson Wyatt Canada, ULC, was engaged by the Debtors.
Watson Wyatt has continued to provide postpetition services to
the Debtors as an ordinary course professional.  Recently,
Watson Wyatt has exceeded the USUS$50,000 OCP Limit, and
anticipates that it will also exceed the OCP Limit for July
2008.  Watson Wyatt further expects that it will exceed the
aggregate OCP Limit of US$500,000 over the course of the
Debtors' Chapter 11 cases.

Accordingly, the Debtors sought to employ Watson & Wyatt as a
retained professional in their Chapter 11 Cases pursuant to
Sections 327(a) and 328(a) of the Bankruptcy Code.

                       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 have until Sept. 30, 2008, to file a plan of
reorganization in the chapter 11 case.  The Debtors' CCAA stay
has been extended to Sept. 30, 2008.  (Quebecor World Bankruptcy
News, Issue No. 24; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


QUEBECOR WORLD: Panel May Retain Lowenstein as Conflicts Counsel
----------------------------------------------------------------
The Official Committee of Unsecured Creditors in the case of
Quebecor World Inc. and its debtor-affiliates sought the
permission of the U.S. Bankruptcy Court for the Southern
District of New York to retain Lowenstein Sandler PC as its
conflicts counsel.

As reported by the Troubled Company Reporter on Aug. 4, 2008,
Webb Stanley, director of risk management at Abitibi-
Consolidated Sales Corp., and co-chairman of the Creditors'
Committee, related that the Committee's lead counsel, Akin Gump
Strauss Hauer & Feld, LLP, has advised the Committee that
certain entities who may be defendants in avoidance actions to
be filed by the Debtors are or were the firm's clients, thus
giving rise to potential or actual conflicts.

The Committee told the Court that it needs to retain Lowenstein
Sandler to prosecute the Avoidance Actions against those
defendants that Akin Gump represents, as well as with future
matters where Akin Gump may have a conflict.

As the Committee's conflicts counsel,  Lowenstein Sandler will:

    (a) provide legal advice as necessary with respect to the
        Committee's powers and duties;

    (b) assist the Committee in investigating potential claims
        in connection with the Debtors' Chapter 11 cases
        including claims related to the Avoidance Actions;

    (c) prepare on behalf of the Committee, as necessary,
        applications, motions, complaints, answers, orders,
        agreements and other legal papers in connection with
        the Chapter 11 cases;

    (d) appear in Court and other courts on behalf of the
        Committee to prosecute necessary motions, applications,
        complaints and other pleadings, and otherwise to protect
        the interests of the Debtors' unsecured creditors in
        instances where Akin Gump has a conflict; and

    (e) perform other legal services as may be required by the
        Committee.

With respect to the Avoidance Actions, Akin Gump and Lowenstein
Sandler will be working to jointly represent the Committee,
Mr. Stanley said.  Akin Gump and Lowenstein Sandler have advised
the Committee that they will coordinate their activities to
avoid any duplication of effort between the two law firms.

Lowenstein Sandler's customary hourly rates are:

     Professional                     Hourly Rates
     ------------                     ------------
     Principals                       US$400 - US$765
     Senior Counsel                   US$310 - US$520
     Counsel                          US$335 - US$405
     Associates                       US$220 - US$340
     Paralegals and Assistants        US$120 - US$195

Lowenstein Sandler will also seek reimbursement of actual and
necessary expenses it will incur during its servicing.

Kenneth A. Rosen, a member at Lowenstein Sandler, maintained
that his firm is a "disinterested person" as the term is defined
in Section 101(14) of the Bankruptcy Code, and that it does not
represent any interest adverse to the Debtors or their estates.

The U.S. Trustee has notified the Court that it does not have
any objection to the retention application.

                       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 have until Sept. 30, 2008, to file a plan of
reorganization in the chapter 11 case.  The Debtors' CCAA stay
has been extended to Sept. 30, 2008.  (Quebecor World Bankruptcy
News, Issue No. 24; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


STONEHEATH RE: A.M. Best Affirms BB Rtng on US$350MM Securities
--------------------------------------------------------------
A.M. Best Co. removed from under review with negative
implications and affirmed the debt rating of "bb+" on US$350
million non-cumulative perpetual preferred securities (preferred
securities) issued by Stoneheath Re (issuer), a Cayman Islands
exempted company.  The assigned rating outlook is stable.

Stoneheath Re is licensed as a restricted Class B reinsurer
under the laws of the Cayman Islands and was formed to provide
multi-year reinsurance capacity to certain insurance and
reinsurance subsidiaries (ceding insurers) of XL Capital Ltd
(Cayman Islands).

The terms of the reinsurance agreement between Stoneheath Re and
XL Capital provide that upon a payment by the issuer to the
ceding insurers, triggered by a catastrophic event, XL Capital
will issue and deliver to Stoneheath Re Series D preference
ordinary shares of XL Capital (XL preferred securities) in an
amount equal to the payment made by Stoneheath Re.  Cash from
the issuance of preferred securities by Stoneheath Re, which had
been deposited into a trust account and subsequently disbursed
as claim payments, will be replaced by the XL preferred
securities.

The removal of the under review status is to align the rating of
Stoneheath Re's preferred securities with the rating of XL
Capital's existing preferred stock issuances.

The removal of the under review status follows XL Capital's
successful recapitalization plan, which followed the completion
of an agreement with Security Capital Assurance Ltd. to pay
US$1.775 billion in cash, issue eight million Class A ordinary
shares and transfer all of XL Capital's shares in SCA to a
trust, all in exchange for the commutation of certain
reinsurance arrangements, thereby eliminating any XL Capital
payment obligations to SCA.  To offset the payment to SCA and
related charges, XL Capital issued ordinary shares and equity
security units totaling approximately US$2.875 billion.


STONESCENE BATHROOMS: Taps Liquidators from Tenon Recovery
----------------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of Stonescene Bathrooms & Cabinets
Ltd. on Aug. 5, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Stonescene Bathrooms & Cabinets Ltd.
         c/o Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


TGC 2008: Joint Liquidators Take Over Operations
------------------------------------------------
Nigel Millar and Stanley Burkett-Coltman of Tenon were appointed
joint liquidators of TBC 2008 Ltd. (formerly The Grating Company
Ltd.) on Aug. 4, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         TBC 2008 Ltd.
         Abbotsgate House
         Hollow Road
         Bury St. Edmunds
         IP32 7FA
         England


UNITED FREIGHT: Creditors to Receive a Dividend of 17 Pence
-----------------------------------------------------------
Creditors owed money by United Freight Distribution will get a
dividend of 17 pence in the pound, roadtransport.com reports.
UFD went into administration in July 2007 after running into
financial difficulties.

The report relates that administrators at Deloitte & Touche say
the figure "represents a significant increase" compared with a
previous estimate of 15 pence in the pound.

"We have spent considerable time and effort in the adjudication
of creditors' claims, as a result of which our estimate of the
final claims has dropped from GBP8.4 million to GBP6.3 million,
increasing the dividend from 14.9 pence to 17 pence," John Reid
was quoted by the report as saying.  "We anticipate that an
interim dividend will be paid to creditors in the next few
months."

Deloitte & Touche will be paid GBP1 million for services
rendered, the report discloses.

Headquartered in Scotland, United Freight Distribution is a
transport and distribution company.


* S&P Rates 102 European Collateralized Debt Obligation Tranches
----------------------------------------------------------------
Standard & Poor's Ratings Services has taken credit rating
actions on 102 European synthetic collateralized debt obligation
(CDO) tranches.

Specifically, the ratings on:

  -— 74 tranches were lowered and removed from CreditWatch with
     negative implications;

  -— One tranche was lowered and remains on CreditWatch
     negative; and

  -- 27 tranches were raised and removed from CreditWatch
     positive.

Of the 75 tranches lowered:

  -- 61 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; and

  —- 14 have experienced corporate downgrades in their
     portfolios.

Rating Action Summary:

          Downgrades   Upgrades          Key corporate
          (no. of      (no. of            downgrades
          tranches)    tranches)
-------------------------------------------------------------
Jan-08      57           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      90           9        GMAC LLC
                                  (BB+/Negative to B+/Negative)
                                   Feb. 22, 2008
                                   Residential Capital, LLC
                                   (BB+/Negative to B/Negative)
                                   Feb. 22, 2008
Mar-08      79           2        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     118           9       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     152           1     Countrywide Home Loans, Inc.
                               (BBB+/Watch Pos to BB+/Watch Dev)
                                May 2, 2008
                               Residential Capital, LLC
                               (CCC+/Watch Neg to CC/Watch Neg)
                               May 2, 2008
Jun-08     109          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      44         41     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      75         27     Residential Capital, LLC
                               (SD to CCC+/Negative)
                               July 15, 2008
                               Louisiana-Pacific Corp.
                               (BBB-/Negative to BB+/Watch Neg)
                               July 29, 2008

Those corporate names that have experienced a significant notch
downgrade as well as being highly referenced within European
synthetic CDOs.

For those transactions that have been on CreditWatch negative
for longer than 90 days, where S&P has either not received
material levels of information or relative portfolio credit
quality has not improved since the CreditWatch placement to a
level sufficient to affirm the rating, it has modeled recovery
rates in accordance with S&P's criteria and assessed portfolio
quality based on its credit quality.

These rating actions and the CreditWatch updates follow two
reviews.  The first review was of the CreditWatch placements
made on Aug. 12, 2008 ("S&PCORRECT: Synthetic CDOs On
CreditWatch After Running July 2008 Month-End SROC Figures").
The second review was of the ratings on tranches that have been
on CreditWatch negative for more than 90 days.

Where SROC (synthetic rated overcollateralization) is less than
100%, S&P runs scenarios that project the current portfolio 90
days into the future, assuming no asset rating migration.  Where
this projection indicates that the SROC would return to a level
above 100% at that time, the rating is maintained, but the
rating agency places it on CreditWatch negative. If, on the
other hand, the projection indicates that the SROC would remain
below 100%, S&P immediately lowers the rating.

Ratings List:

Class (where applicable)
To               From              Rating     SROC   Projected
                                   scenario   today   90 day+
                                                (%)   SROC(%)

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

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

C
A-               A/Watch Neg       A        99.9261    99.9651
                                   A-      100.0587   100.0850

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

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

D
BB+              BBB/Watch Neg     BBB      99.7519    99.7681
                                   BBB-     99.9214    99.9305
                                   BB+     100.1251   100.1338

Aldersgate Finance Ltd.:

EUR249.5 million floating-rate credit-linked notes

E
BB               BB+/Watch Neg     BB+      99.7848    99.8981
                                   BB      100.2973   100.3982

Alexandria Capital PLC:

GBP8.538 million secured fixed-rate credit-linked notes series
2003-3 (Dawnay Day Quantum Bond 2008)

A
AAA              AA-/Watch Pos     AAA     100.7099
                                   AA+     100.8924
                                   AA      101.7615
                                   AA-     101.8317

Angel Court CDO PLC:

US$25 million Tranche A secured floating-rate notes series
2006-11

AA               AA-/Watch Pos     AA      100.0184
                                   AA-     100.1140

Argon Capital PLC:

US$10 million Gansevoort CDO limited recourse secured
floating-rate credit-linked class B notes series 36

B
BBB+             A-/Watch Neg      A-       99.7185    99.7185
                                   BBB+    100.0386   100.0386

Argon Capital PLC:

US$10 million Gansevoort CDO limited recourse secured
floating-rate credit-linked class A notes series 37

A
AA-              AA+/Watch Neg     AA+      99.3612    99.4400
                                   AA       99.8817    99.9153
                                   AA-     100.0302   100.1129

Argon Capital PLC:

US$51 million limited-recourse secured credit-linked
floating-rate notes series 60

CCC              B/Watch Neg       B        96.3097    96.3097
                                   B-       97.6107    97.6107
                                   CCC+     99.6528    99.6528
                                   CCC     100.6343   100.6343

Argon Capital PLC:

EUR20 million limited recourse secured variable-rate
credit-linked notes series 87

A+               BBB/Watch Pos     A+      100.4364
                                   A       100.6402
                                   A-      100.9423
                                   BBB+    102.1667
                                   BBB     102.5131

Baker Street Finance Ltd.:

EUR519.2 million floating-rate credit-linked notes

A-2
AA/Watch Neg     AA+/Watch Neg     AA+      98.5104    98.7715
                                   AA       99.9890   100.1877
                                   AA-     100.6609   100.8418

Baker Street Finance Ltd.:

EUR519.2 million floating-rate credit-linked notes

B
BBB+             A/Watch Neg       A        98.4246    98.5916
                                   BBB+    100.0929   100.2344

Bassi Co. Ltd.:

EUR15 million floating-rate secured portfolio callable
credit-linked notes series 3

A
AAA              AA/Watch Pos      AAA     115.2297
                                   AA+     121.8007
                                   AA      150.7137

Betsen CDO Ltd.:

EUR80 million secured floating-rate notes series 2004-2

B
AAA              AA/Watch Pos      AAA     123.4568
                                   AA+     123.4568
                                   AA      123.4568

Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.:

EUR225 million floating- and fixed-rate notes

A1
AA               AA+/Watch Neg     AA+      99.4429    99.4798
                                   AA      100.6460   100.6687

Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.:

EUR225 million floating- and fixed-rate notes

A2
A-               A+/Watch Neg      A+       99.2954    99.3318
                                   A        99.6956    99.7316
                                   A-      100.1375   100.1688

Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.:

EUR225 million floating- and fixed-rate notes

A3
BBB-             BBB/Watch Neg     BBB      99.5138    99.5291
                                   BBB-    100.1664   100.1859

Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.:

EUR225 million floating- and fixed-rate notes

A4
B+               BB/Watch Neg      BB       99.3890    99.4039
                                   BB-      99.6144    99.6337
                                   B+      100.0678   100.0829

Brooklands Euro Referenced Linked Notes 2005-1 Ltd.:

EUR200 million fixed- and floating-rate notes

C
BBB+             A-/Watch Neg      A-       99.7951    99.9580
                                   BBB+    100.5047   100.6628

Brooklands Euro Referenced Linked Notes 2005-1 Ltd.:

EUR200 million fixed- and floating-rate notes

D2
BB+              BBB-/Watch Neg    BBB-     99.8656   100.0089
                                   BB+     100.2795   100.4135

Cairngorm Ltd.:

GBP87 million asset-backed floating-rate notes

B
AAA              A/Watch Pos       AAA     116.1023
                                   AA+     125.2871
                                   AA      135.5804
                                   AA-     140.2488
                                   A+      144.9421
                                   A       149.5810

Cairngorm Ltd.:

GBP87 million asset-backed floating-rate notes

C
AA               BBB/Watch Pos     AA      102.9456
                                   AA-     106.4903
                                   A+      110.0539
                                   A       113.5762
                                   A-      117.0182
                                   BBB+    121.7145
                                   BBB     126.2346

Cairngorm Ltd.:

GBP87 million asset-backed floating-rate notes

D
BBB              BB/Watch Pos      BBB     102.7939
                                   BBB-    108.3247
                                   BB+     115.9238
                                   BB      119.6371

Carneros III PLC:

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

AA+              AAA/Watch Neg     AAA      99.8543    99.9401
                                   AA+     100.1240   100.1994

Chiswell Street Finance Ltd.:

EUR135.5 million floating-rate credit-linked notes

A Senior
AA               AA-/Watch Pos     AA      100.4951
                                   AA-     100.9988

Chiswell Street Finance Ltd.:

EUR135.5 million floating-rate credit-linked notes

A
A                A-/Watch Pos      A       100.0136
                                   A-      100.4581

Chiswell Street Finance Ltd.:

EUR135.5 million floating-rate credit-linked notes

B
BBB              BBB-/Watch Pos    BBB     100.0557
                                   BBB-    100.8511

Chrome Funding Ltd.:

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

I
CCC              CCC+/Watch Neg    CCC+     97.0741    97.0741
                                   CCC     107.5945   107.5945

Chrome Funding Ltd.:

US$28.5 million floating-rate variable spread credit-linked
floating-rate notes (Green Bay CDO I) series 24

II
CCC-             CCC/Watch Neg     CCC      98.3581    98.3581
                                   CCC-    105.5711   105.5711

Claris IV Ltd.:

EUR40 million Carmel Valley 2006-3 synthetic CDO of RMBS
variable-rate notes series 5

CCC+             BB-/Watch Neg     BB-      96.3001    96.9091
                                   B+       97.1274    97.3457
                                   B        98.1730    98.1845
                                   B-       99.4370    99.4370
                                   CCC+    102.3670   102.3670

Claris IV Ltd.:

EUR5 million Carmel Valley 2006-3 synthetic CDO of RMBS
variable-rate notes series 6

CCC+             B/Watch Neg       B        98.0780    98.2145
                                   B-       99.2494    99.2494
                                   CCC+    101.3192   101.3192

Claris IV Ltd.:

US$17.5 million Carmel Valley synthetic CDO of RMBS
variable-rate notes series 7

CCC+             B/Watch Neg       B        98.0780    98.2145
                                   B-       99.2494    99.2494
                                   CCC+    101.3192   101.3192

Claris IV Ltd.:

US$49 million Leibnitz 2006-1 synthetic CDO of RMBS
variable-rate notes series 9/2006

CCC-             CCC/Watch Neg     CCC      98.7507    98.8366
                                   CCC-     99.9408    99.9408

Cloverie PLC:

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

B
B                B+/Watch Neg      B+       99.6286    99.6286
                                   B       100.3881   100.3881

Coriolanus Ltd.:

EUR14.956 million floating-rate secured notes series 14

A
A+               BBB+/Watch Pos    A+      100.0615
                                   A       100.2193
                                   A-      100.4935
                                   BBB+    101.0573

Coriolanus Ltd.:

US$25 million variable-rate secured notes series 44

A2
CCC-             CCC+/Watch Neg    CCC+     96.6471    96.6827
                                   CCC      98.2608    98.3186
                                   CCC-     99.6817    99.7458

Coriolanus Ltd.:

US$5 million class B secured floating-rate notes series 69

B
B-               BB+/Watch Neg     BB+      89.1458    89.1559
                                   BB       91.2977    91.2877
                                   BB-      93.6724    93.6410
                                   B+       95.8666    95.8194
                                   B        98.7255    98.6758
                                   B-      102.6246   102.6090

Corsair Finance (Ireland) No. 6 Ltd.:

EUR25 million floating-rate secured portfolio credit-linked
notes series 3

A
AA               AA-/Watch Pos     AA      100.5585
                                   AA-     100.7367

Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC:

EUR45 million limited-recourse secured credit-linked
variable-rate notes series 31 (Aramis)

BB-              BBB/Watch Neg     BBB      96.0216    96.0216
                                   BBB-     97.3701    97.3701
                                   BB+      98.1896    98.1837
                                   BB       99.3144    99.3144
                                   BB-     100.6630   100.6630

Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC:

EUR20 million limited-recourse secured credit-linked
variable-rate notes series 33 (Aramis)

B+               BB+/Watch Neg     BB+      96.5303    96.5245
                                   BB       97.6360    97.6360
                                   BB-      98.9618    98.9618
                                   B+      100.5644   100.5585

Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC:

US$50 million limited-recourse secured credit-linked
variable-rate notes series 37 (Aramis)

CCC              CCC+/Watch Neg    CCC+     99.5282    99.5235
                                   CCC     101.0999   101.0999

Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC:

US$25 million limited-recourse secured credit-linked
variable-rate notes series 38 (Aramis)

B+               BBB-/Watch Neg    BBB-     96.0606    96.0606
                                   BB+      96.8690    96.8632
                                   BB       97.9787    97.9787
                                   BB-      99.3091    99.3091
                                   B+      100.9174   100.9115

Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC

EUR20 million limited-recourse secured credit-linked
variable-rate notes series 39 (Aramis)

BB-              BBB/Watch Neg     BBB      96.5942    96.5942
                                   BBB-     97.9508    97.9508
                                   BB+      98.7752    98.7693
                                   BB       99.9067    99.9067
                                   BB-     101.2633   101.2633

Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC:

AU$5 million limited-recourse secured credit-linked
variable-rate notes series 40 (Aramis)

CCC+             B/Watch Neg       B        97.1091    97.1020
                                   B-       99.2783    99.2686
                                   CCC+    103.4524   103.4496

Curzon Funding Ltd.:

EUR60 million (equivalent) variable-coupon notes series 2006-1

D
BB-              BBB/Watch Neg     BBB      99.1990    99.2514
                                   BBB-     99.5677    99.5677
                                   BB+      99.7596    99.8072
                                   BB       99.8556    99.8556
                                   BB-     100.1369   100.1818

Curzon Funding Ltd.:

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

D
BB               BBB/Watch Neg     BBB      99.6495    99.6538
                                   BBB-     99.8869    99.8869
                                   BB+      99.9879    99.9879
                                   BB      100.1242   100.1424

Delta CDO PLC:

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

K-1
BBB-             BBB+/Watch Neg    BBB+     99.5312    99.6794
                                   BBB      99.8317    99.9346
                                   BBB-    100.4194   100.4984

Deutsche Bank AG and Deutsche Securities Inc.:

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

A-2
B+               BBB-/Watch Neg    BBB-     96.9917    97.0119
                                   BB+      97.6820    97.6996
                                   BB       98.4507    98.4646
                                   BB-      99.1821    99.1938
                                   B+      100.0951   100.1053

Eirles Four Ltd.:

US$9.6 million variable rate secured notes, Series 61

B-               BB+/Watch Neg     BB+      95.7903    95.8346
                                   BB       96.8962    96.9738
                                   BB-      97.5983    97.6817
                                   B+       98.4620    98.5597
                                   B        99.3472    99.4639
                                   B-      100.0762   100.1753

Eirles Two Ltd.:

US$37.2 million variable rate secured notes series 143

BB-              BB+/Watch Neg     BB+      99.1202    99.1249
                                   BB       99.6735    99.6735
                                   BB-     100.0019   100.0090

Eirles Two Ltd.:

US$35.7 million variable rate secured notes series 144

CCC-             CCC/Watch Neg     CCC      99.6728    99.6772
                                   CCC-    100.3591   100.3591

Eirles Two Ltd.:

EUR21 million variable-rate secured notes series 160

BBB-             BBB+/Watch Neg    BBB+     99.0044    99.0510
                                   BBB      99.6233    99.6404
                                   BBB-    100.4108   100.4281

Eirles Two Ltd.:

EUR50 million floating-rate credit-linked secured notes series
222

B
B+               BBB/Watch Neg     BBB      76.1459    76.1459
                                   BBB-     80.9381    80.9381
                                   BB+      89.8709    89.8709
                                   BB       93.6603    93.6603
                                   BB-      96.0064    96.0064
                                   B+      102.4476   102.4476

Eirles Two Ltd.:

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

BB+              BBB/Watch Neg     BBB      98.9698    98.9882
                                   BBB-     99.9695    99.9873
                                   BB+     100.6370   100.6556

Eirles Two Ltd.:

EUR27.5 million variable-rate secured notes series 223

CCC+             BB/Watch Neg      BB       97.6285    97.6245
                                   BB-      98.1781    98.1741
                                   B+       98.7930    98.7861
                                   B        99.3073    99.2997
                                   B-       99.9517    99.9517
                                   CCC+    101.1979   101.2157

Eirles Two Ltd.:

EUR42.75 million variable-rate secured notes series 224

CCC              B+/Watch Neg      B+       97.4546    97.4479
                                   B        97.9583    97.9534
                                   B-       98.5957    98.5959
                                   CCC+     99.8249    99.8421
                                   CCC     100.4570   100.5063

Eirles Two Ltd.:

EUR26.125 million variable-rate secured notes series 225

CCC-             B-/Watch Neg      B-       97.3526    97.3527
                                   CCC+     98.5667    98.5862
                                   CCC      99.1935    99.2401
                                   CCC-     99.9863   100.0388

Eirles Two Ltd.:

EUR26.125 million variable-rate secured notes series 226

CCC-             CCC+/Watch Neg    CCC+     97.8742    97.8911
                                   CCC      98.4940    98.5423
                                   CCC-     99.2798    99.3312

Eirles Two Ltd.:

US$20 million secured floating-rate portfolio credit-linked
notes series 236

B-               BBB/Watch Neg     BBB      67.2527  68.0819
                                   BBB-     72.0080    72.7273
                                   BB+      77.3327    77.5125
                                   BB       80.3596    80.9191
                                   BB-      83.9461    84.4655
                                   B+       91.6284    91.9880
                                   B        94.9750    95.4645
                                   B-      100.0400   100.1998

Eirles Two Ltd.:

US$55 million floating-rate portfolio credit-linked secured
notes series 273

CCC+             BB-/Watch Neg     BB-      81.4116    81.7569
                                   B+       86.3858    86.5637
                                   B        89.2075    89.3855
                                   B-       92.8582    93.0788
                                   CCC+    101.3995   101.6459

Eirles Two Ltd.:

US$25 million floating-rate portfolio credit-linked secured
notes series 274

CCC-             B/Watch Neg       B        83.9445    83.9445
                                   B-       87.5502    87.5502
                                   CCC+     95.6165    95.6165
                                   CCC      98.7133    98.7133
                                   CCC-    101.8465   101.8465

Eirles Two Ltd.
US$24 million class B variable-rate secured notes series 292
B
CCC-             CCC/Watch Neg     CCC      98.1973    98.3194
                                   CCC-     99.2407    99.3162

Eirles Two Ltd.:

EUR14.1 million class B variable-rate secured notes series 297

CCC-             CCC+/Watch Neg    CCC+     97.5851    97.6243
                                   CCC      98.6879    98.7376
                                   CCC-     99.9486    99.9873

Eirles Two Ltd.:

US$150 million floating-rate portfolio credit-linked notes
series 300

CCC-             CCC/Watch Neg     CCC      87.9617    88.2750
                                   CCC-     92.2583    92.5417

Eirles Two Ltd.:

US$17 million variable-rate secured notes series 306

A-3
B-               B+/Watch Neg      B+       99.2192    99.2419
                                   B        99.9268    99.9501
                                   B-      100.7266   100.7594

Eirles Two Ltd.:

US$17 million variable-rate secured notes series 307

A-4
CCC-             CCC+/Watch Neg    CCC+     98.7893    98.8304
                                   CCC      99.4258    99.4258
                                   CCC-    100.9144   100.9222

Eirles Two Ltd.:

JPY3.7 billion variable-rate secured notes series 317

A-4
CCC-             CCC+/Watch Neg    CCC+     98.7893    98.8304
                                   CCC      99.4258    99.4258
                                   CCC-    100.9144   100.9222

Eirles Two Ltd.:

US$66 million floating-rate leveraged super senior secured
credit-linked notes series 331

BB+              A+/Watch Neg      A+       81.7778    81.7778
                                   A        83.5556    83.5556
                                   A-       85.3333    85.3333
                                   BBB+     90.3611    90.3611
                                   BBB      93.6667    93.6667
                                   BBB-     96.9722    96.9722
                                   BB+     101.2500   101.2500

Eirles Two Ltd.:

EUR25 million floating-rate leveraged super senior secured
credit-linked notes series 332

BB+              A+/Watch Neg      A+       80.4267    80.4267
                                   A        82.1333    82.1333
                                   A-       83.8400    83.8400
                                   BBB+     88.9067    88.9067
                                   BBB      92.0800    92.0800
                                   BBB-     96.8400    96.8400
                                   BB+     101.0667   101.0667

Eirles Two Ltd.:

EUR50 million floating-rate leveraged super senior secured
credit-linked notes series 333

BB+              A+/Watch Neg      A+       80.4267    80.4267
                                   A        82.1333    82.1333
                                   A-       83.8400    83.8400
                                   BBB+     88.9067    88.9067
                                   BBB      92.0800    92.0800
                                   BBB-     96.8400    96.8400
                                   BB+     101.0667   101.0667

Eirles Two Ltd.:

EUR75 million floating-rate leveraged super senior secured
credit-linked notes series 334

BB+              A+/Watch Neg      A+       80.4267    80.4267
                                   A        82.1333    82.1333
                                   A-       83.8400    83.8400
                                   BBB+     88.9067    88.9067
                                   BBB      92.0800    92.0800
                                   BBB-     96.8400    96.8400
                                   BB+     101.0667   101.0667

Elva Funding PLC:

EUR100 million and JPY1.1 billion secured credit-linked
floating-rate notes series 2007-3 (Euclid CDO)

B
AAA              AA/Watch Pos      AAA     100.8560
                                   AA+     101.0373
                                   AA      101.3337

Elva Funding PLC:

EUR100 million and JPY1.1 billion secured credit-linked
floating-rate notes series 2007-3 (Euclid CDO)

B3
AAA              AA/Watch Pos      AAA     100.8560
                                   AA+     101.0373
                                   AA      101.3337

Elva Funding PLC:

EUR100 million and JPY1.1 billion secured credit-linked
floating-rate notes series 2007- 3 (Euclid CDO)

D
AAA              BBB/Watch Pos     AAA     100.7766
                                   AA+     100.9578
                                   AA      101.2539
                                   AA-     101.3787
                                   A+      101.5075
                                   A       101.6062
                                   A-      101.7868
                                   BBB+    102.0323
                                   BBB     102.3095

Elva Funding PLC:

EUR10 million, US$30 million, and JPY1.0 billion secured
floating-rate credit-linked notes series 2007-7

B
AAA              AA/Watch Pos      AAA     100.8560
                                   AA+     101.0373
                                   AA      101.3337

Elva Funding PLC:

US$62.5 million secured credit-linked floating- and
variable-rate notes series 2007-10

C1
AA               A+/Watch Pos      AA      100.9525
                                   AA-     101.2501
                                   A+      101.4300

Elva Funding PLC:

US$62.5 million secured credit-linked floating- and
variable-rate notes series 2007-10

C2
AA               A+/Watch Pos      AA      100.9525
                                   AA-     101.2501
                                   A+      101.4300

Herald Ltd.:

US$19.2 million floating-rate credit-linked secured notes (Logan
CDO) series 26

A-2
CCC-             B/Watch Neg       B        98.1403    98.1438
                                   B-       98.5575    98.5651
                                   CCC+     99.0670    99.0723
                                   CCC      99.4804    99.4937
                                   CCC-    100.3356   100.3511

Ionia Capital PLC:

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

Ae1
A                A+/Watch Neg      A+       99.8219    99.9827
                                   A       100.0238   100.1826

Ionia Capital PLC:

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

Ae2
A                A+/Watch Neg      A+       99.8219    99.9827
                                   A       100.0238   100.1826

Ionia Capital PLC:

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

Ae3
A                A+/Watch Neg      A+       99.8219    99.9827
                                   A       100.0238   100.1826

Khamsin Credit Products (Netherlands) II BV:

EUR21 million class C1 long-short floating-rate managed
credit-linked notes series 4 (Silver Lake 2006-2)

C1
A-               BBB+/Watch Pos    A-      100.2084
                                   BBB+    100.5658

Khamsin Credit Products (Netherlands) II BV:

EUR11 million class C2 long-short fixed-rate managed
credit-linked notes series 5 (Silver Lake 2006-3)

C2
A-               BBB+/Watch Pos    A-      100.2084
                                   BBB+    100.5658

Khamsin Credit Products (Netherlands) II BV:

EUR3.5 million class B long-short fixed-rate managed
credit-linked notes series 6 (Silver Lake 2006-4)

B
AA               A/Watch Pos       AA      100.0587
                                   AA-     100.1953
                                   A+      100.3493
                                   A       100.4802

Khamsin Credit Products (Netherlands) II BV:

AU$10 million Silver Bell Long-Short floating-rate credit-linked
notes series 7

AA-              A-/Watch Pos      AA-     100.2121
                                   A+      100.3966
                                   A       100.5608
                                   A-      100.8314

Linker Finance PLC:

US$28.5 million class C floating-rate secured notes series 2
(Tsar 16)

CCC              B/Watch Neg       B        97.3379    97.3499
                                   B-       98.0153    98.0345
                                   CCC+     99.3124    99.3551
                                   CCC     100.2511   100.3082

Linker Finance PLC:

US$28.5 million class C floating-rate secured notes series 3
(Tsar 16)

C
CCC-             CCC/Watch Neg     CCC      97.7683    97.8068
                                   CCC-     98.7440    98.7723

Linker Finance PLC:

US$18 million class D floating-rate secured notes series 4 (Tsar
16)

D
CCC-             CCC/Watch Neg     CCC      97.0718    97.1255
                                   CCC-     98.1227    98.1620

Lunar Funding V PLC:

US$30 million limited recourse secured floating-rate
credit-linked notes series 2006-27

CCC-             CCC+/Watch Neg    CCC+     84.8045    84.8045
                                   CCC      89.2482    89.2482
                                   CCC-     92.9482    92.9482

Lunar Funding V PLC:

US$50 million limited recourse secured floating-rate
credit-linked notes series 2007-36

BBB+             AAA/Watch Neg     AAA      96.4513    96.4513
                                   AA+      97.2618    97.2618
                                   AA       97.6006    97.6006
                                   AA-      97.7957    97.7957
                                   A+       98.9980    98.9980
                                   A        99.1661    99.1661
                                   A-       99.4756    99.4756
                                   BBB+    100.8658   100.8658

Lunar Funding V PLC:

US$100 million limited recourse secured floating-rate
credit-linked notes series 2007-37

BB-              A/Watch Neg       A        93.3328    93.3328
                                   A-       93.6241    93.6241
                                   BBB+     94.9325    94.9325
                                   BBB      95.5574    95.5574
                                   BBB-     96.9078    96.9078
                                   BB+      98.1567    98.1567
                                   BB       99.4122    99.4122
                                   BB-     100.9151   100.9151

Lunar Funding V PLC:

US$200 million limited recourse secured floating-rate
credit-linked notes series 2007-39

CCC+             B+/Watch Neg      B+       74.0725    74.0725
                                   B        82.0043    82.0043
                                   B-       92.2388    92.2388
                                   CCC+    111.1940   111.1940

Menton CDO IV Ltd.:

US$250 million secured floating-rate notes

A-1
BBB+             A+/Watch Neg      A+       99.4287    99.4287
                                   A        99.4287    99.4287
                                   A-       99.4287    99.4287
                                   BBB+    100.5765   100.6103

Omega Capital Investments PLC:

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

H
AA-              AA/Watch Neg      AA       99.9447    99.9758
                                   AA-     100.0872   100.9180

Omega Capital Investments PLC:

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

I
AA-              AA/Watch Neg      AA       99.9447    99.9758
                                   AA-     100.0872   100.9180

Omega Capital Investments PLC:

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

J
AA-              AA/Watch Neg      AA       99.9447    99.9758
                                   AA-     100.0872   100.9180

Quartz CDO (Ireland) PLC:

US$150 million floating-rate secured substitutable managed
portfolio credit-linked notes series 6 C-1

A+               A/Watch Pos       A+      106.1311
                                   A       106.7297

Saphir Finance PLC:

EUR15 million inflation and credit-linked synthetic variable
coupon notes series 2007-9

AA               AA+/Watch Neg     AA+      99.8704    99.9627
                                   AA      100.1958   100.3002

Sceptre Capital BV:

EUR3 million secured credit-linked variable-rate notes series
2004-9

A
AA-              A+/Watch Pos      AA-     102.9286
                                   A+      103.0492

STARTS (Ireland) PLC
US$15 million credit-linked floating-rate notes series 2006-23
AA               AAA/Watch Neg     AAA      99.1992    99.2222
                                   AA+      99.5524    99.5693
                                   AA      100.0511   100.0906

WhiteBlue No. 1 GmbH:

EUR200 million floating-rate notes

A
AAA              AA+/Watch Pos     AAA     100.2343
                                   AA+     100.4392

WhiteBlue No. 1 GmbH:

EUR200 million floating-rate notes

B
AA               AA-/Watch Pos     AA      100.2246
                                   AA-     100.3546

Xelo PLC:

EUR140 million secured limited recourse credit-linked notes
series
2007 (Ferras CDO)

A-               A+/Watch Neg      A+       99.7724    99.7029
                                   A        99.9672    99.8952
                                   A-      100.2742   100.1978


                            *********

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

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

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

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

                            *********


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

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