TCREUR_Public/070531.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Thursday, May 31, 2007, Vol. 8, No. 107

                            Headlines


A U S T R I A

GERO LLC: Claims Registration Period Ends June 19
ILC LLC: Claims Registration Period Ends June 18
MAXINCAKOVA KG: Claims Registration Ends June 18
SKALS INNENAUSBAU: Vienna Court Orders Business Shutdown
STANO LLC: Vienna Court Orders Business Shutdown


C Z E C H   R E P U B L I C

CZECH AIRLINES: Posts CZK396.9 Million Loss in Full-Year 2006
CZECH AIRLINES: Carries Over 1.5 Million Passengers in Q1 2007


F R A N C E

EUROTUNNEL GROUP: British & French Markets Restart Trading


G E R M A N Y

ADVANCED MEDICAL: Moody’s May Cut Low-B Ratings After Review
AS CATERING: Claims Registration Period Ends June 26
COMTRADE AG: Revokes Stock Listing at Frankfurt Stock Exchange
CONCORDIA BAU: Claims Registration Period Ends July 15
D + K FUSSBALLCENTER: Claims Registration Period Ends July 5

DAIMLERCHRYSLER AG: Chrysler Reshuffles Design Offices’ VPs
DEB DEUTSCHE: Creditors’ Meeting Slated for June 28
DIAL-IT TOSKOV: Claims Registration Ends June 12
E-MAC DE: Moody’s Affirms Low-B Ratings on Two Note Classes
EILERS & GOLDENSTEIN: Claims Registration Ends July 21

EMSER STRASSE: Claims Registration Period Ends July 13
ERNST WILLNER: Claims Registration Period Ends June 25
GISO WOHNBAU: Claims Registration Ends June 18
GRAND CAFE: Claims Registration Ends July 25
GT BAUTRAGERGESELLSCHAFT: Claims Registration Ends June 26

GUENTER HOPFF: Claims Registration Ends July 2
IHR REIFENLAND: Claims Registration Ends June 27
IMAGE SYSTEM: Claims Registration Ends July 11
ITALO AUTOCENTER: Claims Registration Ends July 11
NEU-HOLZ TISCHLERARBEITEN: Creditors' Meeting Slated for July 9
POELERSERVICE MIKAT: Creditors Must Register Claims by July 11

PM PARAMOBIL: Creditors' Meeting Slated for July 6
RAECK KUNDENDIENST: Creditors Must Register Claims by July 16


I R E L A N D

PULS CDO: Moody’s Rates EUR7.2 Million Class E Notes at Ba2


I T A L Y

ALITALIA SPA: Bidders Start Examining Books


K A Z A K H S T A N

ALATAU JSC: Proof of Claim Deadline Slated for July 6
ENERGY LLP: Creditors Must File Claims July 6
GREEN LLP: Claims Filing Period Ends July 6
KYZYLORDARISMASH JSC: Claims Registration Ends July 4
LIGA+ LLP: Creditors' Claims Due July 6

MERKUR LLP: Proof of Claim Deadline Slated for July 6
SEMEY-AGROVNESHTORG LLP: Creditors Must File Claims July 6


K Y R G Y Z S T A N

JAAN LLC: Bankruptcy Department Appoints Insolvency Manager


R U S S I A

ALMUKHAMETOVSKIY ELEVATOR: Creditors Must File Claims by July 12
BENAY-BREAD CJSC: Creditors Must File Claims by June 12
BUILDER LLC: Creditors Must File Claims by June 12
BUSINESS CLUB: Creditors Must File Claims by July 5
DEZ CJSC: Nizhniy Novgorod Bankruptcy Hearing Slated for Aug. 28

ENGINEER LLC: Court Starts Bankruptcy Supervision Procedure
EMPIRE CJSC: Creditors Must File Claims by June 5
GEORGIEVSKOYE OJSC: Court Names S. Kurochkin Insolvency Manager
KHOMYAKOVSKIY COLD: Creditors Must File Claims by June 5
KIREEVO OJSC: Creditors Must File Claims by June 12

MAGNITOGORSK STEEL: CJSC RFZ Reorganizes Through Merger Deal
MAGNITOGORSK IRON: Pays Interim Dividends for 9 Months 2006
MAGNITOGORSK IRON: To Launch Metal Works Project in Turkey
RZHAKSKIY ELEVATOR: Bankruptcy Hearing Slated for Sept. 13
TETKINO-ALCOHOL OJSC: Creditors Must File Claims by July 12

TIMBUS CJSC: Creditors Must File Claims by July 12
TNK-BP HOLDING: Lawsuit Defeat May Spell Kovykta License Loss
UNIVERSAL OJSC: Court Starts Bankruptcy Supervision Procedure


S W I T Z E R L A N D

IMMOBILIENGESELLSCHAFT ZUM: Liquidation Claims Due June 20
LUFTUNGSMONTAGE A+F: Creditors' Liquidation Claims Due June 11
MESSERSCHMID GERUSTBAU: Aargau Court Starts Bankruptcy Process
SANDY DELIVERY: Bern Court Starts Bankruptcy Proceedings
TUREL JSC: Creditors' Liquidation Claims Due June 11


U K R A I N E

ENAKIEVO BY-PRODUCT: Claims Filing Deadline Set June 6
INTERTOP CJSC: Claims Filing Deadline Set June 3
IVAN SIRKO: Claims Filing Deadline Set June 3
PRAVEX-BANK: Moody’s Lifts Currency Deposit Ratings to B2
SHARGOROD PROVISIONS: Creditors Must File Claims by June 6

SNIEZHNOE ATP 11412: Claims Filing Deadline Set June 6
TEXTILE-M LLC: Creditors Must File Claims by June 6
VIRA LLC: Claims Filing Deadline Set June 3
YAMAL IMPEX: Claims Filing Deadline Set June 3
ZHYTKO LLC: Creditors Must File Claims by June 6


U N I T E D   K I N G D O M

BETONSPORTS PLC: Pleads Guilty to Federal Racketeering Charges
CACI INTERNATIONAL: Moody’s Places Ba2 Rating on Bond Issuance
GOODYEAR TIRE: Fitch Hikes IDR to B+ with Positive Outlook
ISOFT GROUP: CSC Slams Recommended All-Share Offer Under Scheme
WATERFORD WEDGWOOD: Funding Dilemma Cues Fitch’s Junk Ratings

                            *********

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


GERO LLC: Claims Registration Period Ends June 19
-------------------------------------------------
Creditors owed money by LLC Gero (FN 71435b) have until June 19 to file
written proofs of claim to court-appointed estate administrator Dr. Ilse
Korenjak at:

         Dr. Ilse Korenjak
         Gusshausstrasse 6
         1040 Vienna
         Austria
         Tel: 512 21 02
         Fax: 512 21 02-20
         E-mail: office@buresch-korenjak.at

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

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 3
(Bankr. Case No. 4 S 47/07z).


ILC LLC: Claims Registration Period Ends June 18
------------------------------------------------
Creditors owed money by LLC ILC (FN 182105b) have until June 18 to file
written proofs of claim to court-appointed estate administrator Klaus
Doernhoefer at:

         Dr. Klaus Doernhoefer
         Franz Liszt-Gasse 1
         7000 Eisenstadt
         Austria
         Tel: 02682/62468
         Fax: 02682/66214
         E-mail: office@wirhabenrecht.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 11:15 a.m. on July 2 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Eisenstadt, Austria, the Debtor declared bankruptcy on
May 3 (Bankr. Case No. 26 S 62/07f).


MAXINCAKOVA KG: Claims Registration Ends June 18
------------------------------------------------
Creditors owed money by KG Maxincakova (FN 276071m) have until June 18 to
file written proofs of claim to court-appointed estate administrator
Reinhold Zeinhofer at:

         Dr. Reinhold Zeinhofer
         Hofgasse 9
         4020 Linz
         Austria
         Tel: 0732/778898
         Fax: 0732/77889899
         E-mail: zs@anwaltskanzlei.co.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 11:00 a.m. on July 2 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 522
         Fifth Floor
         Linz
         Austria

Headquartered in Walding, Austria, the Debtor declared bankruptcy on May 3
(Bankr. Case No. 12 S 43/07x).


SKALS INNENAUSBAU: Vienna Court Orders Business Shutdown
--------------------------------------------------------
The Trade Court of Vienna entered May 4 an order shutting down the
business of LLC Skals Innenausbau (FN 248806t).

Court-appointed estate administrator Clemens Richter recommended the
business shutdown after determining that the continuing operations would
reduce the value of the estate.

The estate administrator can be reached at:

         Mag. Clemens Richter
         c/o Mag. Daniel Lampersberger
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: kanzlei@engelhart.at

Headquartered in Vienna , Austria, the Debtor declared bankruptcy on April
23 (Bankr. Case No 6 S 49/07h).  Daniel Lampersberger represents Mag.
Richter in the bankruptcy proceedings.


STANO LLC: Vienna Court Orders Business Shutdown
------------------------------------------------
The Trade Court of Vienna entered May 3 an order shutting down the
business of LLC Stano (FN 269715s).

Court-appointed estate administrator Katharina Widhalm-Budak recommended
the business shutdown after determining that the continuing operations
would reduce the value of the estate.

The estate administrator can be reached at:

         Dr. Katharina Widhalm-Budak
         c/o Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 10 37
         Fax: 513 10 37 22
         E-mail: widhalm-budak@anwaltsteim.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April
25 (Bankr. Case No 5 S 54/07m).  Guenther Hoedl represents Dr.
Widhalm-Budak in the bankruptcy proceedings.


===========================
C Z E C H   R E P U B L I C
===========================


CZECH AIRLINES: Posts CZK396.9 Million Loss in Full-Year 2006
-------------------------------------------------------------
Czech Airlines (CSA) came out of 2006 with an after-tax loss of CZK396.9
million.  This puts CSA's results CZK100 million ahead of where it was in
2005, despite the fact that the company had to face significantly greater
financial obligations last year.

The audited results have therefore confirmed the originally announced
figures and shown that the company has so far been able to meet the
objectives of its OK 2006-2008 Strategy plan that was approved by the
company's general meeting in 2006. Based on international standards, CSA
reported a pre-tax loss of USD 1.5 million for 2006.

"In 2006, we had to generate an additional 700 million crowns in revenues,
compared to 2005. These were additional costs related to aircraft
financing and increased salaries. This year, we have to do even better by
at least another 700 million crowns, which we will once again need to
cover similar unavoidable expenses," stated CSA's President, Radomir
Lasak.

                      Earnings Up, Costs Down

In 2006, CSA generated operating revenues of nearly 23.56 billion Czech
crowns, representing a year-to-year increase of 6.3%. The greatest share
of the airline's revenues (64%) came from regular ticket sales. The
strongest growth (30%) was seen in revenues generated by the charter
segment of the business. At the same time, the company's operating
expenses increased (by 3.5%) to a total of 23.6 billion crowns. The
airline was able to successfully control its rising expenses, despite the
fact that the company's payroll expenses increased by CZK 400 million in
2006 under the current collective bargaining agreements and its aircraft
lease costs added an additional expense of CZK 200 million.

In 2006, CSA's management started to introduce a series of standardized
management tools to support and monitor sales. These the company had
previously been lacking. Other changes were in line with its current
marketing strategies. Here CSA has introduced a series of motivational
programs for its sales associates and an incentive system for ticket
agencies. The first positive results started to be seen towards the later
part of 2006. While in the first half of 2006, the company's revenues
coming from regular ticket sales – the airline's main source of revenues –
came in five percent under plan, the results for the second half of the
year came in one percent ahead of plan. Ticket sales are continuing to
move up with the trend clearly evident in the results for the first few
months of 2007.

CSA's goals are to generate more revenue and to continue to provide better
passenger service. An example of this ever improving quality of CSA's
services is evident in the fact that the company was rated the second most
on-time airline, according to data for the first quarter of 2007. The
competition for this rating was made up of the 26 major airlines that are
members of the Association of European Airlines (AEA). Even better, in
March, CSA was at the top of the AEA on-time list. Additionally, for the
fourth time, CSA was voted the "Best Airline Based in Central / Eastern
Europe" – an award voted on by industry professionals and organized by the
London-based, Official Airline Guide industry publication.

In 2006, Czech Airlines carried 5.5 million passengers, which represented
a year-on-year growth rate of 4.8%.

Results Based on International Accounting Standards
Based on international accounting standards, which are used by the
majority of airlines for the reporting of financial results, CSA reported
a pre-tax loss of USD 1.5 million in 2006. The company generated earnings
from operations of USD 13.752 million. Revenues from passenger traffic
were up by 16% year-on-year, increasing to a total of USD 1.08 billion.

Maintaining 50 Aircraft and 5,000 Employees
"2006 was a year for recovery and the settlement of past obligations. It
was a year in which CSA was able to live up to the commitments it had made
to its employees, clients and shareholders. 2007 is to be a year for
stabilization and the making of major decisions – decisions regarding the
strategy for our fleet, and specifically our long haul aircraft, and the
decisions regarding the completion of our divestitures," said CSA
President Lašák.

The company's plan for 2007 is built around realistic assumptions that
should allow the company to return to profitability after a number of
years with red ink. The business plan, which has been approved for this
year, anticipates a profit of 42 million Czech crowns this year. However,
the company's liabilities from previous years will add an additional 700
million to this year's expenses. The existing collective bargaining
agreements, which were signed by the previous management, and the new
Labor Code will result in an additional cost of at least CZK 300 million
and aircraft lease payments will cost the company another CZK 400 million.
The projected results also anticipate the completion of the currently
ongoing restructuring of the company, which includes the sale of two
subsidiaries – Air Cargo Terminal and Air Czech Catering.

The company's current strategic plan envisions maintaining the current
size of the company – i.e. 50 aircraft and roughly 5,000 employees. For
2007, the company has adequate financial reserves and the airline has also
been able to obtain guarantees for the financing of the five new Airbus
A320/319 aircraft that it is adding to its fleet in 2007.

                      About Czech Airlines

Headquartered in Prague, Czech Republic, Czech Airlines, a.k.a. Ceske
Aerolinie AS -- http://www.csa.cz/-- is the largest national carrier of
the new EU member countries according to the number of passengers carried.

In 2005, the airline carried a record of more than 5 million passengers.
Since 2001, it has been a member of SkyTeam, one of the leading global
airline alliances.  CSA currently offers connections to 120 destinations
in 45 countries worldwide.  The fleet contains 50 aircraft - ATR
42's/72's, Boeing 737's, and Airbus A310/A320/A321's.

CSA reported an unaudited loss of CZK397 million (EUR14 million) against
an expected loss of CZK493 million (EUR18 million) in 2006.  The company
posted a CZK496 million (EUR18 million) net loss in 2005.  Revenues of
CZK14.5 billion (EUR517 million) from regular flights accounted for the
bulk of the airline's total revenues, which increased by CZK1.3 billion
(EUR46 million) to almost CZK23.5 billion (EUR837 million) in 2006.


CZECH AIRLINES: Carries Over 1.5 Million Passengers in Q1 2007
--------------------------------------------------------------
Czech Airlines carried more than 1.5 million passengers in the first four
months of the year, which is an increase of 3.4 percent compared to the
same period last year.  By the end of April 2007, the airline operated
more than 12,190 flights.  In the first four months of 2007, Czech
Airlines also carried over 7,000 tons of goods and mail.

Nearly 1.35 million passengers traveled on CSA’s regular routes in the
first four months of the year, which is 3.6 percent more than in the same
period of 2006.  Hence, regular carriage accounted for the vast majority –
90 percent - of the overall carriage results.

The most sought-after destinations on CSA’s regular routes are Paris,
Moscow, Amsterdam, Madrid, London, Dublin, Rome, Sofia, Bucharest and
Kosice.

More than 150,000 passengers travelled on Czech Airlines’ charter flights
by the end of April 2007, primarily headed for exotic destinations.  The
most remote destinations were the tourist centres on La Isla Margarita
(Venezuela), Varadero (Cuba), La Romana (Dominican Republic) and also Las
Palmas and Tenerife, in the Canary Islands.  There was also great demand
for flights to Egyptian holiday resorts.

CSA continues to improve its passenger services.  In the first quarter of
2007, the Airline took second place in flight punctuality among 26 leading
European airlines.  CSA is also gradually replacing its mid-haul aircraft
fleet: twelve modern Airbus A320/319 aircraft are now flying on European
routes, of which three were manufactured last year, and five this year.

In 2006, Czech Airlines carried 5.5 million passengers.  Year-on-year,
their number increased by 4.8 percent.  In 2005, CSA carried 5.2 million
passengers, and 4.3 million the year before.  This year, CSA plans to
increase the number of passengers carried to 5.8 million.

                      About Czech Airlines

Headquartered in Prague, Czech Republic, Czech Airlines, a.k.a. Ceske
Aerolinie AS -- http://www.csa.cz/-- is the largest national carrier of
the new EU member countries according to the number of passengers carried.

In 2005, the airline carried a record of more than 5 million passengers.
Since 2001, it has been a member of SkyTeam, one of the leading global
airline alliances.  CSA currently offers connections to 120 destinations
in 45 countries worldwide.  The fleet contains 50 aircraft - ATR
42's/72's, Boeing 737's, and Airbus A310/A320/A321's.

CSA reported an unaudited loss of CZK397 million (EUR14 million) against
an expected loss of CZK493 million (EUR18 million) in 2006.  The company
posted a CZK496 million (EUR18 million) net loss in 2005.  Revenues of
CZK14.5 billion (EUR517 million) from regular flights accounted for the
bulk of the airline's total revenues, which increased by CZK1.3 billion
(EUR46 million) to almost CZK23.5 billion (EUR837 million) in 2006.


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


EUROTUNNEL GROUP: British & French Markets Restart Trading
----------------------------------------------------------
The Financial Services Authority Britain and the Authorite des marches
financiers of France have decided that trading of units for Group
Eurotunnel SA recommenced on May 29, 2007.

This follows the publication of the provisional results of the exchange
tender offer initiated by Groupe Eurotunnel SA (aka Group Eurotunnel) for
the units composed of one share in Eurotunnel SA and one share in
Eurotunnel PLC.

Unit holders who have not yet tendered their units to the offer are
reminded that, given the scale of the success of the offer they will, at
the completion of the offer be only a small minority in ESA and EPLC.

Furthermore, as outlined in the Prospectus validated by the AMF,
operations to recapitalize these companies will be launched very shortly
at the completion of which the percentage of capital in Eurotunnel SA and
Eurotunnel PLC held by the Unit holders who have not tendered their units
to the offer will be below 5%.

It is likely that, upon completion of the reorganization, the market for
the units will no longer comply with the demands of liquidity necessary
for the Eurolist by Euronext market or for the Official list of the United
Kingdom Listing Authority.  The units could therefore, in accordance with
regulations applicable in the country concerned, be removed from trading.

Shareholders who did not tender their units to the offer during the
Initial acceptance period will have the opportunity to do so during the
reopening of the period, the date of which will be decided and made public
in the near future by the AMF.

At the same time, it should be noted that shares tendered to the Offer can
no longer be exchanged.  The new shares in Groupe Eurotunnel SA together
with the warrants for shares issued as part of the Offer will be the
object, after the completion of the formalities relating to the
implementation of the Safeguard Plan, of a settlement dated
June 28, 2007.  They will be admitted to trading on Eurolist by Euronext
in Paris and on the London Stock Exchange immediately.

It is likely that the share price of Eurotunnel Units and GET
SA shares will not be the same after this settlement date and that the
Evolution of the share price of Eurotunnel Units from the introduction to
trading of GET SA shares will in all likelihood not correlate with that of
the shares in GET SA.

The terms of the Offer and of the reorganization of Eurotunnel are set out
in the Offer Document approved by the AMF on
April 4, 2007, under number 2007-112 and in the Prospectus.

                       About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a fleet of 25
shuttle trains, which carry cars, coaches and trucks.  It manages the
infrastructure of the Channel Tunnel and receives toll revenues from train
operating companies whose trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a concession to
operate the Channel Tunnel until 2086.

Eurotunnel Group files reports in the U.S. Securities and
Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK) and
Eurotunnel S.A. (ETTFF.PK).

At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25 billion in
total assets, GBP6.56 billion in total liabilities and GBP1.32 billion in
shareholders' deficit.

                     Safeguard Protection

Eurotunnel obtained Aug. 2, 2006, an order placing the channel operator
under the protection of the Court pursuant to the new safeguard
legislation (Procedure de sauvegarde).  At the end of 2006, the group's
creditors and bondholders approved a plan to decrease its GBP6.2 billion
debt to GBP2.84 billion.

On Jan. 15, 2007, the Court approved Eurotunnel's safeguard plan, backed
by the court-appointed representatives to the company and to the
creditors.


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


ADVANCED MEDICAL: Moody’s May Cut Low-B Ratings After Review
------------------------------------------------------------
Moody's Investors Service placed the ratings of Advanced Medical Optics,
Inc. on review for possible downgrade following AMO's announcement that it
voluntarily withdrew its Complete MoisturePlus contact lens solution based
on information received from the U.S. Centers for Disease Control and
Prevention regarding Acanthamoeba keratitis infections from Acanthamoeba
microorganism.

Acanthamoeba is a microorganism commonly found in water, soil, sewage
systems, cooling towers, and heating/ventilation/air conditioning systems.
AK is a rare, but serious, infection of the cornea.  For the fiscal year
ended Dec. 31, 2006, the Complete MoisturePlus contact lens solution
accounted for approximately $105.7 million, or 10%, of consolidated sales.

Recently, AMO announced its intention to enter the "go shop" process for
Bausch & Lomb Incorporated.  The company has announced only the intention
and has not officially entered a bid for BOL.

Sidney Matti, Analyst, stated that, "The review for possible downgrade
will focus primarily on the financial effects, both revenue and cost,
associated with the recall of the Complete MoisturePlus product and the
possible consequences for the company's financial flexibility."

These ratings were placed on review for possible downgrade:

   -- B1 Corporate Family Rating;

   -- B1 Probability of Default rating;

   -- Ba1 (LGD2/14%) rating on $300 million senior secured
      revolver due 2013;

   -- Ba1 (LGD2/14%) rating on $450 million senior secured term
      loan B due 2014;

   -- B1 (LGD4/50%) rating on $250 million senior subordinated
      notes due 2017; and

-- B3 (LGD5/81%) rating on $251 million convertible senior
   subordinated notes due 2024.

Headquartered in Santa Ana, California, Advanced Medical Optics
-- http://www.amo-inc.com/-- develops, manufactures and markets
ophthalmic surgical and contact lens care products.  Sales for the 12
months ended June 24, 2005 were approximately US$921 million.  For the
fiscal year ended December 31, 2006, AMO generated slightly under US$1
billion in revenues.

The company has operations in Germany, Japan, Ireland, Puerto Rico and
Brazil.


AS CATERING: Claims Registration Period Ends June 26
----------------------------------------------------
Creditors of AS Catering GmbH have until June 26 to register their claims
with court-appointed insolvency manager Horst Piepenburg.

Creditors and other interested parties are encouraged to attend the
meeting at 8:40 a.m. on July 17, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Horst Piepenburg
         Heinrich-Heine-Allee 20
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings against AS
Catering GmbH on May 15.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         AS Catering GmbH
         Bodinusstr. 8
         40239 Duesseldorf
         Germany


COMTRADE AG: Revokes Stock Listing at Frankfurt Stock Exchange
--------------------------------------------------------------
Comtrade AG applied May 29, 2007, for the revocation of the listing of its
shares in the sub segment of the regulated market with further obligations
following application for Prime Standard at the application office of the
Frankfurt stock exchange.

The company filed an insolvency application due to illiquidity on May 7,
2007.  The company will preliminary be listed in the stock exchange
segment general standard in order to fully concentrate at finding a
solution to its situation.

Comtrade and its preliminary insolvency administrator, Jens-Soeren
Shroeder, is currently in negotiation with various potential investors.
Interested parties came from the company’s competitors and financial
investors.

Headquartered in Hamburg, Germany, Comtrade AG --
http://www.comtrade.de/-- provides financing for IT systems and to bring
together the supply and demand for the procurement and marketing of IT
systems on a single trading platform.  The company also distributes and
develops hardware and software products.  The company is currently valued
at EUR2 million.


CONCORDIA BAU: Claims Registration Period Ends July 15
------------------------------------------------------
Creditors of Concordia Bau und Boden AG & Co. Gewerbepark KG have until
July 15 to register their claims with court-appointed insolvency manager
Christoph Niering.

Creditors and other interested parties are encouraged to attend the
meeting at 9:40 a.m. on Aug. 22, 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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Christoph Niering
         Brabanter Str. 2
         50508 Cologne
         Germany
         Tel: 99 22 30-0
         Fax: +4922199223035

The District Court of Cologne opened bankruptcy proceedings against
Concordia Bau und Boden AG & Co. Gewerbepark KG on May 24.  Consequently,
all pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Concordia Bau und Boden AG & Co.
         Gewerbepark KG
         50447 Cologne
         Germany

         Attn: Rainer C. Kahrmann, Manager
         London
         Great Britain


D + K FUSSBALLCENTER: Claims Registration Period Ends July 5
------------------------------------------------------------
Creditors of D + K Fussballcenter Langen GmbH have until July 5 to
register their claims with court-appointed insolvency manager Hans-Ulrich
Arndt.

Creditors and other interested parties are encouraged to attend the
meeting at 9:00 a.m. on Aug. 2, 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 Cuxhaven
         Hall 112
         Old Building
         Deichstr. 12 A
         27472 Cuxhaven
         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:

         Hans-Ulrich Arndt
         An der Beeke 22
         28844 Weyhe-Leeste
         Germany
         Tel: 0421-806666
         Fax: 0421-8066611
         E-mail: kanzlei@sanderundsander.de

The District Court of Cuxhaven opened bankruptcy proceedings against D + K
Fussballcenter Langen GmbH on May 15.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         D + K Fussballcenter Langen GmbH
         Attn: Dirk Mielcarek, Manager
         Narben 14
         27607 Langen
         Germany


DAIMLERCHRYSLER AG: Chrysler Reshuffles Design Offices’ VPs
-----------------------------------------------------------
In the wake of the recent acquisition of a majority stake in the Chrysler
Group by Cerberus Capital Management LP, the DaimlerChrysler AG unit has
reshuffled officers at its North American design offices in Auburn Hills,
appointing Joseph Dehner and Brandon Faurote to take over the vice
president positions previously held by Thomas Tremont and David McKinnon,
BusinessWeek reports.

According to the report, Mr. Dehner will be replacing David McKinnon as
vice president for Small, Premium and Family Vehicle Design on June 1,
2007, moving up from his position as Director of Truck Exterior and
Interior Design.

Mr. Dehner had been responsible for several Chrysler Group concept and
production vehicles, including the interior and exterior designs of the
2007 Chrysler Sebring sedan and convertible, the exterior of the 2001
Sebring and Stratus, and the 1999 Dodge Charger and 2000 Chrysler 300 Hemi
C concept vehicles, BusinessWeek relates.

Mr. Faurote will take over as vice president of Advance Exterior and
Interior Design, beginning July 1, 2007, from Thomas Tremont.  He will be
responsible for the concept, design and refinement of Chrysler Group
Premium, Small and Family Vehicle designs, BusinessWeek states.

Mr. Faurote's most recent position was Director of Exterior and Interior
Design Studio #2.  He has worked to design the 2001 Chrysler and Dodge
minivans, and all Jeep models, particularly the 1999 Jeep Grand Cherokee.
He also led the team that completed the Chrysler Firepower concept vehicle
that debuted at the North American International Auto Show, BusinessWeek
notes.

                      About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX) (FRA:DCX) --
http://www.daimlerchrysler.com/-- develops, manufactures, distributes,
and sells various automotive products, primarily passenger cars, light
trucks, and commercial vehicles worldwide.  It primarily operates in four
segments: Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The company's worldwide operations are located in: Canada, Mexico, United
States, Argentina, Brazil, Venezuela, China, India, Indonesia, Japan,
Thailand, Vietnam, and Australia.

The Chrysler Group segment offers cars and minivans, pick-up trucks, sport
utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand
names.  It also sells parts and accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in the United
States with excess inventory, non-competitive legacy costs for employees
and retirees, continuing high fuel prices and a stronger shift in demand
toward smaller vehicles.  At the same time, key competitors have further
increased margin and volume pressures -- particularly on light trucks --
by making significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group as
quickly and comprehensively, measures to increase sales and cut costs in
the short term are being examined at all stages of the value chain, in
addition to structural changes being reviewed as well.


DEB DEUTSCHE: Creditors’ Meeting Slated for June 28
---------------------------------------------------
The court-appointed insolvency manager for DEB Deutsche Erdbau GmbH i.G.,
Joachim Heitsch will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 10:05 a.m. on June 28.

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 10:00 a.m. on Oct. 4 at the same venue.

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

The insolvency manager can be reached at:

         Dr. Joachim Heitsch
         Berliner Str. 117
         10713 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings against
DEB Deutsche Erdbau GmbH i.G. on May 14.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         DEB Deutsche Erdbau GmbH i.G.
         Luebarser Str. 13
         13435 Berlin
         Germany


DIAL-IT TOSKOV: Claims Registration Ends June 12
------------------------------------------------
Creditors of Dial-IT Toskov GmbH & Co KG have until June 12 to register
their claims with court-appointed insolvency manager Rainer Beck.

Creditors and other interested parties are encouraged to attend the
meeting at 10:45 a.m. on July 3, 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 Kleve
         Meeting Hall C 58
         Ground Floor
         Schlossberg 1
         47533 Kleve
         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:

         Rainer Beck
         Rheinstrasse 75
         47623 Kevelaer
         Germany
         Tel: 02832/97720
         Fax: 02832/799875

The District Court of Kleve opened bankruptcy proceedings against Dial-IT
Toskov GmbH & Co KG on May 19.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Dial-IT Toskov GmbH & Co KG
         Issumer Strasse 65
         47608 Geldern
         Germany


E-MAC DE: Moody’s Affirms Low-B Ratings on Two Note Classes
-----------------------------------------------------------
Moody's Investors Service affirms these ratings of Notes issued by E-MAC
DE 2005-I B.V. and E-MAC DE 2006-I B.V.:


* E-MAC DE 2005-I B.V:

   -- EUR252,622,937 (current balance) Class A notes, Aaa
      affirmed;

   -- EUR18,600,000 (current balance) Class B notes, Aa2
      affirmed;

   -- EUR9,900,000 (current balance) Class C notes, A1 affirmed;

   -- EUR9,300,000 (current balance) Class D notes, Baa2
      affirmed; and

   -- EUR3,000,000 (current balance) Class E notes, Ba1
      affirmed.


* E-MAC DE 2006-I B.V:

   -- EUR434,187,544 (current balance) Class A notes, Aaa
      affirmed;

   -- EUR27,000,000 (current balance) Class B notes, Aa2
      affirmed;

   -- EUR17,500,000 (current balance) Class C notes, A1
      affirmed;

   -- EUR11,500,000 (current balance) Class D notes, A3
      affirmed;

   -- EUR7,000,000 (current balance) Class E notes, Baa2
      affirmed; and

   -- EUR2,500,000 (current balance) Class F notes, Ba3
      affirmed.

During the most recent reporting period, both transactions have breached
their delinquency triggers, which resulted in an increase of the Reserve
Account Target Levels from 1% to 1.8% (of initial balance) for E-MAC DE
2005-I and from 1.2% to 1.9% for E-MAC DE 2006-I. As further detailed in
Moody's Performance Overviews for these transactions, delinquencies
greater than 90 days increased to 3.21% for E-MAC DE 2005-I and to 2.17%
for E-MAC DE 2006-I versus a trigger limit of 2%.

Affirmations of the various notes' ratings for E-MAC DE 2005-I B.V. and
E-MAC DE 2006-I B.V. are based on:

   -- Despite the increase of delinquencies since closing,
      especially during the last quarter, the levels are still
      relatively low, so that sufficient excess spread is
      available to build up the reserve accounts to the now
      increased target levels; and

   -- The increase in the Reserve Account Target Levels will add
      to the overall credit enhancement available to both
      transactions.

Moody's considers the increase of the Reserve Account Target Levels to be
beneficial for the credit risk of the notes at this stage, since
sufficient excess spread is currently available to build up the Reserve
Accounts during the next reporting periods. Nevertheless Moody's cautions
that so far no defaulted loans have gone through the work-out process so
that there is no data available regarding the loss severity on defaulted
loans.  Due to high LTVs in the underlying pools, Moody's expects loss
severity to be above market average.

E-MAC DE 2005-I B.V. and E-MAC DE 2006-I B.V. were closed in June 2005 and
June 2006 respectively.  The ratings address the expected loss posed to
investors by the legal final maturity. In Moody's opinion, the structure
allows for timely payment of interest and ultimate payment of principal
with respect to the Notes by the legal final maturity of both
transactions.

Moody's provides individual performance reports for all German RMBS
transactions it rates.  In addition, Moody's publishes quarterly
performance reports in order to provide comparisons between transactions.


EILERS & GOLDENSTEIN: Claims Registration Ends July 21
------------------------------------------------------
Creditors of Eilers & Goldenstein Heizung-, Sanitar-, Solar- GmbH have
until July 21 to register their claims with court-appointed insolvency
manager Dr. Heiner Buss.

Creditors and other interested parties are encouraged to attend the
meeting at 10:15 a.m. on Aug. 21, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aurich
         Hall 018
         Schlossplatz 2
         26603 Aurich
         Germany

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

The insolvency manager can be reached at:

         Dr. Heiner Buss
         Hauptstrasse 169
         D 26639 Wiesmoor
         Germany
         Tel: 0 49 44/10 33
         Fax: 0 49 44/91 20 35

The District Court of Aurich opened bankruptcy proceedings against Eilers
& Goldenstein Heizung-, Sanitar-, Solar- GmbH on May 16.  Consequently,
all pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Eilers & Goldenstein Heizung-, Sanitar-, Solar- GmbH
         Richelweg 28
         26624 Sudbrookmerland
         Germany


EMSER STRASSE: Claims Registration Period Ends July 13
------------------------------------------------------
Creditors of Emser Strasse 24 EMS Beteiligungs GmbH & Co.KG have until
July 13 to register their claims with court-appointed insolvency manager
Ulrich Bastian.

Creditors and other interested parties are encouraged to attend the
meeting at 9:00 a.m. on Aug. 14, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Ulrich Bastian
         Sendlinger Str. 46
         80331 Munich
         Germany
         Tel: 089/2603966
         Fax: 089/2609204

The District Court of Munich opened bankruptcy proceedings against Emser
Strasse 24 EMS Beteiligungs GmbH & Co.KG on
May 15.  Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Emser Strasse 24 EMS Beteiligungs GmbH & Co.KG
         Menzinger Str. 96
         80997 Munich
         Germany


ERNST WILLNER: Claims Registration Period Ends June 25
------------------------------------------------------
Creditors of Ernst Willner GmbH & Co. KG have until June 25 to register
their claims with court-appointed insolvency manager Hans-Peter Lehner.

Creditors and other interested parties are encouraged to attend the
meeting at 10:00 a.m. on July 5, 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 Ingolstadt
         Meeting Hall 28
         First Floor
         Schrannenstr. 3
         85049 Ingolstadt
         Germany

The Court will also verify the claims set out in the insolvency manager's
report at 10:30 a.m. on Aug. 16, at the same venue.

The insolvency manager can be reached at:

         Dr. Hans-Peter Lehner
         Goldknopfgasse 2
         85049 Ingolstadt
         Germany
         Tel: 0841/14 28 99-0
         Fax: 0841/14 28 99-10

The District Court of Ingolstadt opened bankruptcy proceedings against
Ernst Willner GmbH & Co. KG on May 16.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Ernst Willner GmbH & Co. KG
         Horst Willner, Manager
         Muenchener Strasse 160
         85051 Ingolstadt
         Germany


GISO WOHNBAU: Claims Registration Ends June 18
----------------------------------------------
Creditors of GiSo Wohnbau GmbH have until June 18 to register their claims
with court-appointed insolvency manager Dr. Carlos Mack.  Creditors and
other interested parties are encouraged to attend the meeting at 11:00
a.m. on June 27, 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 Neu-Ulm
         Hall 211/II
         Heiner-Metzger-Platz 1
         89231 Neu-Ulm
         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. Carlos Mack
         Brienner Str. 21
         80333 Munich
         Germany
         Tel: 089/548888-0
         Fax: 089/548888-99

The District Court of Neu-Ulm opened bankruptcy proceedings against GiSo
Wohnbau GmbH on May 9.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         GiSo Wohnbau GmbH
         Drechslerberg 6
         89362 Offingen
         Germany


GRAND CAFE: Claims Registration Ends July 25
--------------------------------------------
Creditors of Grand Cafe Muenster GmbH have until July 25 to register their
claims with court-appointed insolvency manager Dr. Stephan Thiemann.

Creditors and other interested parties are encouraged to attend the
meeting at 8:45 a.m. on Aug. 15, 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 Muenster
         Meeting Hall 13 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Dr. Stephan Thiemann
         Lublinring 12
         48147 Muenster
         Germany
         Tel: 0251/16283-0
         Fax: +492511628311

The District Court of Muenster opened bankruptcy proceedings against Grand
Cafe Muenster GmbH on May 18.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Grand Cafe Muenster GmbH
         Hoersterstrasse 51
         48143 Muenster
         Germany


GT BAUTRAGERGESELLSCHAFT: Claims Registration Ends June 26
----------------------------------------------------------
Creditors of GT Bautragergesellschaft mbH have until June 26 to register
their claims with court-appointed insolvency manager Dr. Christine
Berg-Gruenenwald.

Creditors and other interested parties are encouraged to attend the
meeting at 9:50 a.m. on July 26, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Christine Berg-Gruenenwald
         Leo-­poldstr. 139
         80804 Munich
         Germany
         Tel: 361930-0
         Fax: 361930-499

The District Court of Munich opened bankruptcy proceedings against GT
Bautragergesellschaft mbH on May 16.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         GT Bautragergesellschaft mbH
         Wallbergstr. 5
         82024 Taufkirchen
         Germany


GUENTER HOPFF: Claims Registration Ends July 2
----------------------------------------------
Creditors of Guenter Hopff & Sohn GmbH have until July 2 to register their
claims with court-appointed insolvency manager Axel Schwentker.

Creditors and other interested parties are encouraged to attend the
meeting at 9:00 a.m. on July 23, 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 Duisburg
         Meeting Hall C407
         Fourth Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Axel Schwentker
         Lindnerstrasse 165
         46149 Oberhausen
         Germany

The District Court of Duisburg opened bankruptcy proceedings against
Guenter Hopff & Sohn GmbH on May 15.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Guenter Hopff & Sohn GmbH
         Attn: Mirko Hopff, Manager
         Essener Str. 305
         46047 Oberhausen
         Germany


IHR REIFENLAND: Claims Registration Ends June 27
------------------------------------------------
Creditors of Ihr Reifenland GmbH & Co. KG have until June 27 to register
their claims with court-appointed insolvency manager Rolf Otto Neukirchen.

Creditors and other interested parties are encouraged to attend the
meeting at 1:00 p.m. on July 11, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:


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

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

The insolvency manager can be reached at:

         Rolf Otto Neukirchen
         Zweigertstr. 28-30
         45130 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings against Ihr
Reifenland GmbH & Co. KG on May 16.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Ihr Reifenland GmbH & Co. KG
         Attn: Frank Salder, Manager
         Moellerstrasse 24 b
         45964 Gladbeck
         Germany


IMAGE SYSTEM: Claims Registration Ends July 11
----------------------------------------------
Creditors of Image System Technology GmbH have until July 11 to register
their claims with court-appointed insolvency manager Friedemann U. Schade.

Creditors and other interested parties are encouraged to attend the
meeting at 10:15 a.m. on Aug. 8, 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 Gifhorn
         Hall 118
         Schlossgarten 4
         38518 Gifhorn
         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:

         Friedemann U. Schade
         Seelhorststrasse 64
         30175 Hannover
         Germany
         Tel: 0511/515122-0
         Fax: 0511/515122-19
         Web: www.kuebler-gbr.de

The District Court of Gifhorn opened bankruptcy proceedings against Image
System Technology GmbH on May 16.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Image System Technology GmbH
         Attn: Huelya Klingenberg
         Frehenberg Strasse 21
         31241 Ilsede
         Germany


ITALO AUTOCENTER: Claims Registration Ends July 11
--------------------------------------------------
Creditors of ITALO Autocenter Bollhoefer GmbH & Co KG have until July 11
to register their claims with court-appointed insolvency manager
Hans-Achim Ernst.

Creditors and other interested parties are encouraged to attend the
meeting at 9:30 a.m. on Aug. 1, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Hans-Achim Ernst
         Bunsenstr. 3
         32052 Herford
         Germany

The District Court of Bielefeld opened bankruptcy proceedings against
ITALO Autocenter Bollhoefer GmbH & Co KG on May 10.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         ITALO Autocenter Bollhoefer GmbH & Co KG
         Attn: Holger Stehr, Manager
         Werrestrasse 96-98
         32049 Herford
         Germany


NEU-HOLZ TISCHLERARBEITEN: Creditors' Meeting Slated for July 9
---------------------------------------------------------------
The court-appointed insolvency manager for NEU-HOLZ Tischlerarbeiten GmbH,
Joachim Heitsch, will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 11:45 a.m. on July 9.

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

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

The Court will also verify the claims set out in the insolvency manager's
report at 11:30 a.m. on Oct. 8 at the same venue.

Creditors have until Aug. 10 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Joachim Heitsch
         Berliner Str. 117
         10713 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings against
NEU-HOLZ Tischlerarbeiten GmbH on May 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         NEU-HOLZ Tischlerarbeiten GmbH
         Muehlenstrasse 62-65
         13187 Berlin
         Germany


POELERSERVICE MIKAT: Creditors Must Register Claims by July 11
--------------------------------------------------------------
Creditors of Poelerservice Mikat GmbH have until July 11 to register their
claims with court-appointed insolvency manager Kaufmann Joachim Schmitz.

Creditors and other interested parties are encouraged to attend the
meeting at 8:30 a.m. on Aug. 8, 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 Braunschweig
         Hall E 01
         Martinikirche 8
         38100 Braunschweig
         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:

         Kaufmann Joachim Schmitz
         Immengarten 2
         D 38104 Braunschweig
         Tel: (05 31) 23 64 60
         Fax: (05 31) 2 36 46 99
         Germany

The District Court of Braunschweig opened bankruptcy proceedings against
Poelerservice Mikat GmbH on May 9.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Poelerservice Mikat GmbH
         Timmerlahstrasse 10
         38120 Braunschweig
         Germany

         Attn: Michael Mikat, Manager
         Oststrasse 14 G
         38122 Braunschweig
         Germany


PM PARAMOBIL: Creditors' Meeting Slated for July 6
--------------------------------------------------
The court-appointed insolvency manager for PM Paramobil Berlin GmbH, Dr.
Christoph Schulte-Kaubruegger, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:30 a.m. on
July 6.

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

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

The Court will also verify the claims set out in the insolvency manager's
report at 9:30 a.m. on Oct. 5 at the same venue.

Creditors have until Aug. 10 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Vera Mai
         Kurfuerstendamm 66
         10707 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings against
PM Paramobil Berlin GmbH on May 8.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         PM Paramobil Berlin GmbH
         Duererstr. 44
         12203 Berlin
         Germany


RAECK KUNDENDIENST: Creditors Must Register Claims by July 16
-------------------------------------------------------------
Creditors of Raeck Kundendienst GmbH have until July 16 to register their
claims with court-appointed insolvency manager Nermin Sahin.

Creditors and other interested parties are encouraged to attend the
meeting at 9:30 a.m. on Aug. 6, 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 Gifhorn
         Hall 114
         Schlossgarten 4
         38518 Gifhorn
         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:

         Nermin Sahin
         Theaterstrasse 6
         30159 Hannover
         Germany
         Tel: 0511/35771030
         Fax: 0511/35771059
         E-mail: ansahin@t-online.de

The District Court of Gifhorn opened bankruptcy proceedings against Raeck
Kundendienst GmbH on May 8.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Raeck Kundendienst GmbH
         Attn: Sven Raeck, Manager
         Froebelstr. 42 a
         31228 Peine
         Germany


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


PULS CDO: Moody’s Rates EUR7.2 Million Class E Notes at Ba2
-----------------------------------------------------------
Moody's Investors Service assigned the definitive ratings in respect of
the notes issued by Puls CDO 2007-1 LIMITED:

   -- Aaa to the EUR40,000,000 Class A-1 Senior Floating Rate
      Notes due 2016;

   -- Aaa to the EUR123,500,000 Class A-2A Senior Floating Rate
      Notes due 2016;

   -- Aa1 to the EUR30,900,000 Class A-2B Senior Floating Rate
      Notes due 2016;

   -- Aa2 to the EUR22,200,000 Class B Senior Floating Rate
      Notes due 2016;

   -- A2 to the EUR28,500,000 Class C Senior Floating Rate
      Notes due 2016;

   -- Baa2 to the EUR16,800,000 Class D Senior Floating Rate
      Notes due 2016; and

   -- Ba2 to the EUR7,200,000 Class E Subordinated Deferrable
      Floating Rate Notes due 2016.

The ratings address the expected loss posed to investors by the legal
final maturity in July 2016.

The Class A-2A and A-2B Notes taken together will rank pari passu to the
Class A-1 Notes.  However, among themselves, the Class A-2A Notes will
rank senior to the Class A-2B Notes.

This is a securitisation of senior unsecured and subordinated bonds
arranged by Merrill Lynch International.  The borrowers under such
instruments are Austrian, German and Swiss small to medium sized
companies.

PULS, the issuer, incorporated in Ireland, has issued seven classes of
rated Notes: Class A-1, Class A-2A, Class A-2B, Class B, Class C, Class D
and Class E Notes.  The Notes have quarterly interest payment dates and
will pay a margin over three months EURIBOR.  The interest rate mismatch
between fixed rate portfolio assets and floating rate liabilities will be
hedged using interest rate swaps.  Up to 4% of the portfolio may be
invested into CHF denominated bonds. The potential foreign exchange risk
with respect to the Euro denominated Notes is almost completely mitigated
by the implementation of a FX Macro Hedge structure.  All classes are
expected to mature on the date falling approximately seven years after the
issue date (which is in July 2014).  In case not all Notes are redeemed in
full on the expected maturity, the maturity of the Notes will extend until
the legal maturity in July 2016.

The portfolio will be ramped-up over the 360-day period following the
Closing Date. Afterwards, the portfolio remains static.  The issuer is
anticipated to make advances to approximately 50 companies in a total
amount of EUR300 million.

It is noteworthy that the subordinated bonds are deeply subordinated in a
potential insolvency proceeding.  Furthermore, none of bonds is secured
with any kind of collateral.  Hence substantially lower expected recovery
rate than applicable to typical SME loans should occur.

Contrary to more conventional SME loan securitizations, this transaction
does not involve a third party originator.  The companies were
pre-selected by Capital Securities Group AG, acting as Portfolio Manager,
based on estimated default frequencies provided by the German Moody's KMV
RiskCalc model and on-site due diligences.


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


ALITALIA SPA: Bidders Start Examining Books
-------------------------------------------
Bidders for the Italian government’s 49.9% stake in Alitalia S.p.A. have
commenced reviewing the ailing national carrier’s accounts, Bloomberg News
reports.

The government has listed OAO Aeroflot and Unicredit Italiano S.p.A.;
AirOne S.p.A. and Intesa-San Paolo S.p.A.; and TPG Capital,
MatlinPatterson Global Advisers and Mediobanca, as final bidders for its
stake.

Bloomberg News suggests that the Air One consortium remains the favorite
to acquire the stake since Italy is keen on keeping Alitalia in Italian
hands.  Italy had opposed a merger between Autostrade S.p.A. and Spanish
firm Abertis Infraestructuras S.A. as well as efforts by U.S. and Mexican
bidders to control Telecom Italia S.p.A.

“Air One would guarantee Italian ownership and have a credible interest in
turning around Alitalia by keeping control in the medium term,” Davide
Manenti of Nuovi Investimenti Sim S.p.A. told Bloomberg News.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/
-- provides air travel services for passengers and air transport of cargo
on national, international and inter-continental routes.  In Europe, the
company reaches 45 airports, with 1,238 flights per week.  In the rest of
the world, the Alitalia Group's aircrafts operate out of 32 airports with
255 flights per week.  The Alitalia Group network is centered on two main
airports, Rome Fiumicino and Milan Malpensa, and includes, as of Sept. 30,
2006, an operating fleet of 182 aircrafts.  The Italian government owns
49.9% of
Alitalia.

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


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


ALATAU JSC: Proof of Claim Deadline Slated for July 6
-----------------------------------------------------
JSC Alatau has declared insolvency.  Creditors have until July 6 to submit
written proofs of claim to:

         JSC Alatau
         Molokov Str. 106-112
         Karaganda
         Kazakhstan


ENERGY LLP: Creditors Must File Claims July 6
---------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan has
declared LLP Energy insolvent.

Creditors have until July 6 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Frunze Str. 52-52
         Zyryanovsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (235) 4-01-07
              8 (235) 6-03-83


GREEN LLP: Claims Filing Period Ends July 6
-------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan has
declared LLP Green insolvent.

Creditors have until July 6 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Sholohov Str. 2/4
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (3112) 53-84-66


KYZYLORDARISMASH JSC: Claims Registration Ends July 4
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has declared
JSC Kyzylordarismash insolvent.

Creditors have until July 4 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Kyzylorda
         Kazakshtan



LIGA+ LLP: Creditors' Claims Due July 6
---------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has declared LLP
Liga+ insolvent.

Creditors have until July 6 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Abai ave. 21-27
         Kostanai
         Kazakhstan


MERKUR LLP: Proof of Claim Deadline Slated for July 6
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has declared LLP
Merkur insolvent.

Creditors have until July 6 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Abai ave. 21-27
         Kostanai
         Kazakhstan


SEMEY-AGROVNESHTORG LLP: Creditors Must File Claims July 6
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan has
declared LLP Semey-Agrovneshtorg insolvent.

Creditors have until July 6 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Frunze Str. 52-52
         Zyryanovsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (235) 4-01-07
              8 (235) 6-03-83


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


JAAN LLC: Bankruptcy Department Appoints Insolvency Manager
-----------------------------------------------------------
The Bankruptcy Department under the State Property Committee of the Kyrgyz
Republic has appointed Almazbek Orokbaev as temporary insolvency manager
of the LLC Jaan on April 25.

The temporary insolvency manager can be reached at (0-543)
86-79-42.


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


ALMUKHAMETOVSKIY ELEVATOR: Creditors Must File Claims by July 12
----------------------------------------------------------------
Creditors of OJSC Almukhametovskiy Elevator (TIN 0201007694) have until
July 12 to submit proofs of claim to:

         P. Ozerov
         Insolvency Manager
         Post User Box 1139
         Ufa
         400005 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A07-3309/06-G-FLE.

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Almukhametovskiy Elevator
         Elevatornaya Str. 22
         Almukhametovo
         Abzelilovskiy
         453605 Bashkortostan
         Russia


BENAY-BREAD CJSC: Creditors Must File Claims by June 12
-------------------------------------------------------
Creditors of CJSC Benay-Bread (TIN 4824014030) have until
June 12 to submit proofs of claim to:

         Y. Serdyukov
         Insolvency Manager
         Office 302
         Sovetskaya Str. 66
         398001 Lipetsk
         Russia

The Arbitration Court of Lipetsk commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A36-560-B/1-02.

The Court is located at:

         The Arbitration Court of Lipetsk
         Skorokhodova Str. 2
         398019 Lipetsk Region
         Russia

The Debtor can be reached at:

         CJSC Benay-Bread
         Potalova Str. 12 a
         398600 Lipetsk
         Russia


BUILDER LLC: Creditors Must File Claims by June 12
--------------------------------------------------
Creditors of declared LLC Builder have until June 12 to submit proofs of
claim to:

         N. Sasin
         Insolvency Manager
         Floor 6
         Entrance 1
         Lenina Str. 219
         355017 Stavropol
         Russia

The Arbitration Court of Stavropol commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A63-219/07-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         LLC Builder
         45th Parallel, 5/4
         Stavropol
         Russia


BUSINESS CLUB: Creditors Must File Claims by July 5
---------------------------------------------------
Creditors of CJSC Business Club have until July 5 to submit proofs of
claim to:

         G. Polenka
         Insolvency Manager
         Post User Box 36
         693020 Yuzhno-Sakhalinsk
         Russia

The Arbitration Court of Sakhalin commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A59-2646/06-S4.

The Debtor can be reached at:

         CJSC Business Club
         Amurskaya Str. 137
         Yuzhno-Sakhalinsk
         Russia


DEZ CJSC: Nizhniy Novgorod Bankruptcy Hearing Slated for Aug. 28
----------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod will convene on
Aug. 28 to hear the bankruptcy supervision procedure on CJSC DEZ.  The
case is docketed under Case No. A43-3489/2007 27-93.

The Temporary Insolvency Manager is:

         V. Talanov
         Revoyutsii Square 7 a
         603002 Nizhniy Novgorod
         Russia

The Court is located at:

         The Arbitration Court of Nizhniy Novgorod
         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         CJSC DEZ
         Sovetskaya Str. 15
         603002 Nizhniy Novgorod
         Russia


ENGINEER LLC: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Samara commenced bankruptcy supervision procedure
on LLC Engineer.  The case is docketed under Case No. A55-19880/06-36.

The Insolvency Manager is:

         N. Deryabina
         Molodvardeyskaya Str. 88 Sh
         Samara
         Russia

The Debtor can be reached at:

         LLC Engineer
         Sovetskaya Str. 32
         Syzran
         Russia


EMPIRE CJSC: Creditors Must File Claims by June 5
-------------------------------------------------
Creditors of CJSC Empire have until June 5 to submit proofs of claim to:

         I. Gorn
         Insolvency Manager
         Post User Box 183
         127018 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A41-k2-25920/06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Empire
         Kolomenskaya Str. 6a
         Kolomna
         Moscow
         Russia


GEORGIEVSKOYE OJSC: Court Names S. Kurochkin Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Stavropol appointed S. Kurochkin as Insolvency
Manager for OJSC Transport Enterprise Georgievskoye (TIN 2625001837).  He
can be reached at:

         S. Kurochkin
         Kholzunova Str. 19-9
         400123 Volgograd
         Russia

The Court commenced bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No.
A63-11070/06-S5.

The Court is located at:

         The Arbitration Court of Stavropol:
         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         OJSC Transport Enterprise Georgievskoye
         Oktyabrskaya Str. 155
         Georgievsk
         Stavropol
         Russia


KHOMYAKOVSKIY COLD: Creditors Must File Claims by June 5
--------------------------------------------------------
Creditors of OJSC Khomyakovskiy Cold Store Facility (TIN 7103004024, OGRN
1027100515870) have until June 5 to submit proofs of claim to:

         D. Zubanov
         Insolvency Manager
         Office 1
         Frunze Str. 7
         300041 Tula
         Russia

The Arbitration Court of Tula commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
A68-1518/07-61/B.

The Court is located at:

         The Arbitration Court of Tula
         Hall 35
         Sovetskaya Str. 112
         Tula Region
         Russia

The Debtor can be reached at:

         OJSC Khomyakovskiy Cold Store Facility
         Khomyakovskaya Str. 16A
         300908 Tula
         Russia


KIREEVO OJSC: Creditors Must File Claims by June 12
---------------------------------------------------
Creditors of OJSC Kireevo have until June 12 to submit proofs of claim to:

         A. Zadunayskiy
         Insolvency Manager
         Proletarskaya Str. 73 V
         Olkhovka
         Olkhovskiy
         403650 Volgograd
         Russia

The Arbitration Court of Volgograd commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A12-13653/06-s57.

The Debtor can be reached at:

         OJSC Kireevo
         Kireevo
         Olkhovskiy
         Volgograd
         Russia


MAGNITOGORSK STEEL: CJSC RFZ Reorganizes Through Merger Deal
------------------------------------------------------------
OJSC Magnitogorsk Iron and Steel Works disclosed the reorganization of
CJSC RFZ in the form of a merger of CJSC RFZ into OJSC Magnitogorsk Iron
and Steel Works.

The authorized capital of OJSC MMK, and the quantity and par value of its
shares have not been affected by the reorganization.

                     About Magnitogorsk Iron

Headquartered in Magnitogorsk, Russia, OJSC 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.

                          *     *     *

In a TCR-Europe report on April 27, 2007, Moody's Investor's Service
upgraded to Ba2 from Ba3 the corporate family rating for
Magnitogorsk Iron and Steel Works as well as the rating on the
company's guaranteed medium term notes issued by MMK Finance
S.A.

Moody's said the outlook for both ratings is stable.

As a result of the implementation of the Loss Given Default and
Probability of Default rating methodology in April 2007, Moody's
has assigned a PDR of Ba2 to MMK.  The Ba2 Corporate Family
Rating, which is at the same level as the PDR, reflects the
assumption of a family-wide LGD rate of 50%.

The US$300 million guaranteed senior unsecured medium term
notes, issued by MMK Finance SA, are also rated at Ba2 (Loss
Given Default Assessment LGD4, 50%), at the same level as the
Corporate Family Rating, reflecting the benefit of a senior
guarantee from the operating company MMK which positions the
notes at the same level as the approx. US$600 million bank loans
and US$572 million trade claims of MMK, based on nine months
2006 results.

Magnitogorsk Iron carries BB Issuer Default and senior unsecured
ratings from Fitch Ratings.  The Outlook on the Issuer Default
rating is Stable.

The company also carries a BB Issuer Rating from Standard and
Poor's.


MAGNITOGORSK IRON: Pays Interim Dividends for 9 Months 2006
-----------------------------------------------------------
OJSC Magnitogorsk Iron & Steel Works paid dividends on ordinary registered
shares to its shareholders for 9 months of 2006 in the amount of
RUR9,672,310,357.71, which corresponds to US$373,445,392.61. The list of
persons entitled to receive dividends was made as of Oct. 13, 2006.

                     About Magnitogorsk Iron

Headquartered in Magnitogorsk, Russia, OJSC 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.

                          *     *     *

In a TCR-Europe report on April 27, 2007, Moody's Investor's Service
upgraded to Ba2 from Ba3 the corporate family rating for
Magnitogorsk Iron and Steel Works as well as the rating on the
company's guaranteed medium term notes issued by MMK Finance
S.A.

Moody's said the outlook for both ratings is stable.

As a result of the implementation of the Loss Given Default and
Probability of Default rating methodology in April 2007, Moody's
has assigned a PDR of Ba2 to MMK.  The Ba2 Corporate Family
Rating, which is at the same level as the PDR, reflects the
assumption of a family-wide LGD rate of 50%.

The US$300 million guaranteed senior unsecured medium term
notes, issued by MMK Finance SA, are also rated at Ba2 (Loss
Given Default Assessment LGD4, 50%), at the same level as the
Corporate Family Rating, reflecting the benefit of a senior
guarantee from the operating company MMK which positions the
notes at the same level as the approx. US$600 million bank loans
and US$572 million trade claims of MMK, based on nine months
2006 results.

Magnitogorsk Iron carries BB Issuer Default and senior unsecured
ratings from Fitch Ratings.  The Outlook on the Issuer Default
rating is Stable.

The company also carries a BB Issuer Rating from Standard and
Poor's.


MAGNITOGORSK IRON: To Launch Metal Works Project in Turkey
----------------------------------------------------------
OJSC Magnitogorsk Iron and Steel Works together with Atakas Group are
planning to build a metal works in the Republic of Turkey with a capacity
of 2.6 million tons of metal products per year.

The new works will specialize in the production and processing of hot and
cold-rolled sheet as well as galvanized and color-coated rolled steel
products.

The project site is in the industrial areas of Iskenderun and Istanbul.
The project is expected to take more than three years to realize and has
the approximate cost of US$1.1 billion.

“The dynamic and rapidly growing market of Turkey is not fully sufficient
in metal production capacities and is thereby attractive to steel
producers.  The implementation of this project is fully in line with the
strategy of MMK, which includes expansion in growing markets. The project
will contribute to increasing the strength of MMK’s position on the
global steel market,” ,” Viktor Rashnikov, Chairman of the Board of
Magnitogorsk Iron and Steel Works, said.

“We are pleased with the opportunity to implement a joint project with a
leading global steel producer such as MMK.  I am certain that the dynamic
development of the Turkish economy, MMK’s long-standing expertise in steel
production together with the strong position of Atakas Group on the
Turkish market will ensure the success of the project,” Rejep Atakas, CEO
of Atakas Group, said.

                        About Magnitogorsk Iron

Headquartered in Magnitogorsk, Russia, OJSC 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.

                          *     *     *

In a TCR-Europe report on April 27, 2007, Moody's Investor's Service
upgraded to Ba2 from Ba3 the corporate family rating for
Magnitogorsk Iron and Steel Works as well as the rating on the
company's guaranteed medium term notes issued by MMK Finance
S.A.

Moody's said the outlook for both ratings is stable.  The
Moody's Interfax Rating Agency has upgraded the national scale
rating for MMK to Aa2.ru from Aa3.ru.

As a result of the implementation of the Loss Given Default and
Probability of Default rating methodology in April 2007, Moody's
has assigned a PDR of Ba2 to MMK.  The Ba2 Corporate Family
Rating, which is at the same level as the PDR, reflects the
assumption of a family-wide LGD rate of 50%.

The US$300 million guaranteed senior unsecured medium term
notes, issued by MMK Finance SA, are also rated at Ba2 (Loss
Given Default Assessment LGD4, 50%), at the same level as the
Corporate Family Rating, reflecting the benefit of a senior
guarantee from the operating company MMK which positions the
notes at the same level as the approx. US$600 million bank loans
and US$572 million trade claims of MMK, based on nine months
2006 results.

Magnitogorsk Iron carries BB Issuer Default and senior unsecured
ratings from Fitch Ratings.  The Outlook on the Issuer Default
rating is Stable.

The company also carries a BB Issuer Rating from Standard and
Poor's.


RZHAKSKIY ELEVATOR: Bankruptcy Hearing Slated for Sept. 13
----------------------------------------------------------
The Arbitration Court of Tambov will convene at 10:15 a.m. on Sept. 13 to
hear the bankruptcy supervision procedure on OJSC Rzhakskiy Elevator.  The
case is docketed under Case No.
A64-1336/07-18.

The Temporary Insolvency Manager is:

         D. Blagonravov
         Srednemoskovskaya Str. 6A
         Voronezh
         Russia

The Debtor can be reached at:

         OJSC Rzhakskiy Elevator
         Sovetskaya Str. 27
         Rzhaksa
         Tambov
         Russia


TETKINO-ALCOHOL OJSC: Creditors Must File Claims by July 12
-----------------------------------------------------------
Creditors of OJSC Tetkino-Alcohol (TIN 4603002196) have until July 12 to
submit proofs of claim to:

         A. Solovtsov
         Insolvency Manager
         Bocharnikova Str. 39
         Tetkino
         Glushkovskiy
         307490 Kursk
         Russia

The Arbitration Court of Kursk Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The case is
docketed under Case No. A 35-641/05.

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         OJSC Tetkino-Alcohol
         Tetkino
         Glushkovskiy
         Kursk
         Russia


TIMBUS CJSC: Creditors Must File Claims by July 12
--------------------------------------------------
Creditors of CJSC Timbus have until July 12 to submit proofs of claim to:

         O. Alekseenko
         Insolvency Manager
         Office 90
         Lermontova Str. 83
         344010 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A53-18295/06-S1-8.

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 Timbus
         Office 20
         Voroshilovskiy Pr. 18/18
         Rostov-na-Donu
         Russia


TNK-BP HOLDING: Lawsuit Defeat May Spell Kovykta License Loss
-------------------------------------------------------------
TNK-BP Holding Ltd. may lose its operating license for the Kovytka natural
gas field as early as Friday after it lost a court case that would have
prevented the revocation, various reports say.

Oleg Mitvol, chief of the Federal Natural Resource Oversight Agency
(Rosprirodnadzor), recommended the cancellation of
TNK-BP’s license with the Russian Subsoil Use Agency (Rosnedra), claiming
that the oil company failed to meet the terms of the license contract,
Kommersant reports.

"None of the violations identified previously have been corrected, so the
license is bound to be withdrawn at the June 1 session," Mr. Mitvol told
RIA Novosti, adding that it might be put up for auction or competitive
bidding.

Under the terms of its license, TNK-BP, through its OAO Rusia Petroleum
unit, has to produce 9 billion cubic meters of natural gas annually from
the field, the TCR-Europe reported on May 22.  The company didn’t achieve
the targeted production output as it only produced 1.5 billion cubic
meters of natural gas from the field in 2006.

To prevent the revocation, TNK-BP filed a case against Rosprirodnadzor at
an arbitration court in Irkutsk, Kommersant relates.  The court, however,
ruled that the case was beyond its jurisdiction.

The court also dismissed demands to clarify how much gas TNK-BP had to
provide to the region, Bloomberg News reports.

TNK-BP may lose the license as early as Friday if does not appeal the
case, Kommersant reports.

                          About TNK-BP

Headquartered Moscow, Russia, TNK-BP Holding Ltd. operates six
refineries in Russia and Ukraine, and markets products through
2,100 retail service stations operating under TNK and BP brand.
BP Plc and Alfa Access/Renova jointly own the group.

TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for approximately 18% of Russia's total crude oil
production.

                            *   *   *

Standard & Poor's assigned BB+/Stable foreign currency local
currency ratings to TNK-BP on June 30, 2006.

Moody's assigned a Ba2/Positive foreign currency rating to the
company on Jan. 24, 2006.

Fitch assigned a BB+/Positive foreign currency rating to TNK-BP
on Feb. 13, 2006, and BB+/Positive local currency rating on
Aug. 24, 2005.


UNIVERSAL OJSC: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Ulyanovsk commenced bankruptcy supervision
procedure on OJSC Universal (TIN 7303006950).
The case is docketed under Case No. A55-19880/06-36.

The Insolvency Manager is:

         N. Lazareva
         Moskovskoye Shosse 36a
         432042 Ulyanovsk
         Russia

The Debtor can be reached at:

         LLC Engineer
         Energetikov Pr. 4
         432035 Ulyanovsk
         Russia


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


IMMOBILIENGESELLSCHAFT ZUM: Liquidation Claims Due June 20
----------------------------------------------------------
Creditors of JSC Immobiliengesellschaft zum Oekolampad have until June 20
to submit their claims to:

         Andreas Miescher
         Liquidator
         Aeschenvorstadt 71
         P.O. Box 330
         4010 Basel BS
         Switzerland

The Debtor can be reached at:

         JSC Immobiliengesellschaft zum Oekolampad
         Basel BS
         Switzerland


LUFTUNGSMONTAGE A+F: Creditors' Liquidation Claims Due June 11
--------------------------------------------------------------
Creditors of LLC Luftungsmontage A+F have until June 11 to submit their
claims to:

         Gaby Schaffhauser
         Liquidator
         Schaffhauser Treuhand
         Im Staubeweidli 13
         8820 Wadenswil
         Horgen ZH
         Switzerland

The Debtor can be reached at:

         LLC Luftungsmontage A+F
         Birmensdorf
         Dietikon ZH
         Switzerland


MESSERSCHMID GERUSTBAU: Aargau Court Starts Bankruptcy Process
--------------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings against
JSC Messerschmid Gerustbau on April 16.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Brugg
         5201 Brugg AG
         Switzerland

The Debtor can be reached at:

         JSC Messerschmid Gerustbau
         Aeschengasse 13
         4313 Mohlin
         Rheinfelden AG
         Switzerland


SANDY DELIVERY: Bern Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of Bern commenced bankruptcy proceedings against LLC
Sandy Delivery on April 23.

The Bankruptcy Service of Bern can be reached at:

         Bankruptcy Service of Bern
         Office Seeland
         2501 Biel/Bienne BE
         Switzerland

The Debtor can be reached at:

         LLC Sandy Delivery
         Hauptstrasse 32
         2576 Luscherz
         Erlach BE
         Switzerland


TUREL JSC: Creditors' Liquidation Claims Due June 11
----------------------------------------------------
Creditors of JSC Turel have until June 11 to submit their claims to:

         Dr. Maurus Birchler
         Liquidator
         Freyastrasse 19
         8004 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Turel
         Weggis LU
         Switzerland


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


ENAKIEVO BY-PRODUCT: Claims Filing Deadline Set June 6
------------------------------------------------------
Creditors of OJSC Enakievo By-Product Coke Plant (code EDRPOU 00191098)
have until June 6 to submit their proofs of claim to:

         Alexander Diachenko
         Liquidator
         Naberezhnaya Str. 117a/19
         83100 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
33/151B.

The Court is located at:

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Debtor can be reached at:

         OJSC Enakievo By-Product Coke Plant
         Marat Str. 1
         Enakievo
         86406 Donetsk
         Ukraine


INTERTOP CJSC: Claims Filing Deadline Set June 3
------------------------------------------------
Creditors of CJSC Intertop (code EDRPOU 24592241) have until June 3 to
submit their proofs of claim to:

         O. Scherban
         Liquidator
         P.O. Box 157
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
15/173-b.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Intertop
         Novozabarskaya Str. 2/6
         04074 Kiev
         Ukraine


IVAN SIRKO: Claims Filing Deadline Set June 3
---------------------------------------------
Creditors of LLC Ivan Sirko Vinnica Sotnia (code EDRPOU 24897590) have
until June 3 to submit their proofs of claim to:

         State Tax Inspection in Vinnica
         Liquidator
         30 Years of Victory Str. 21
         Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
10/42-07.

The Court is located at:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Debtor can be reached at:

         LLC Ivan Sirko Vinnica Sotnia
         Vishenka Lane 6
         Vinnica
         Ukraine


PRAVEX-BANK: Moody’s Lifts Currency Deposit Ratings to B2
---------------------------------------------------------
Moody's Investors Service, Inc. affirmed Pravex-Bank Joint-Stock
Commercial Bank's E+ BFSR and upgraded to B2 from B3 the bank's global
local currency and foreign currency deposit ratings, as well as the local
currency senior unsecured obligation rating.  The rating agency has also
upgraded Pravex-Bank's NSR to A3.ua from Baa2.ua.

The ratings upgrades are driven by Pravex-Bank's strengthened financial
performance and results for 2006 and by its enhanced position in Ukraine's
high-margin retail lending market.  In 2006, Pravex-Bank increased its net
income by more than four times and reported ROE of 24.25% (2005: 9.7%),
ROAA of 1.87% (2005: 0.7%) and Net Interest Margin of 10% (2005: 6.5%).

The bank's ratings are also positively affected by the capital injection
of US$10 million in first quarter 2007 and by the shareholder's commitment
to invest an additional US$30 million in Pravex-Bank's equity by
end-second quarter 2007.  If supported by adequate growth in capital,
Pravex-Bank may become one of the important players in Ukraine's consumer
lending market in the medium term.

However, the rating is at the same time constrained by the bank's
significant level of liquidity risk and borrower concentration, as well as
its currently still modest capital adequacy. Corporate governance in
Pravex-Bank is fairly weak and is characterised by the bank's family
ownership, complex organisation structure and inefficient
business-processes. On the other hand, unlike many Ukrainian banks,
Pravex-Bank does not have significant related-party lending.

With its head office in Kiev, Ukraine, Pravex-Bank reported total
consolidated assets of US$678 million, total equity of US$57.7 million and
net profit of US$10 million under IFRS at YE2006.


SHARGOROD PROVISIONS: Creditors Must File Claims by June 6
----------------------------------------------------------
Creditors of OJSC Shargorod Provisions Plant (code EDRPOU 00375705) have
until June 6 to submit their proofs of claim to:

         Anatoly Leschenko
         Temporary Insolvency Manager
         Pivdenny Bug Hotel
         October Square 2
         Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy supervision procedure
on the company on March 12.  The case is docketed under Case No. 10/77-07.

The Court is located at:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Debtor can be reached at:

         OJSC Shargorod Provisions Plant
         Shargorod, Lenin Str. 292
         23500 Vinnica
         Ukraine


SNIEZHNOE ATP 11412: Claims Filing Deadline Set June 6
------------------------------------------------------
Creditors of OJSC Snezhnoe ATP 11412 (code EDRPOU 03113696) have until
June 6 to submit their proofs of claim to:

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
42/148B.

The Debtor can be reached at:

         OJSC Snezhnoe ATP 11412
         Shaumian Str. 43
         Sniezhnoe
         86510 Donetsk
         Ukraine


TEXTILE-M LLC: Creditors Must File Claims by June 6
---------------------------------------------------
Creditors of LLC Textile-M (code EDRPOU 33352098) have until June 6 to
submit their proofs of claim to:

         Alexander Mamrukov
         Temporary Insolvency Manager
         Tcheliuskintsy Str. 143a/76
         Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy supervision procedure
on the company on March 23.  The case is docketed under Case No. 22/26b.

The Court is located at:

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Debtor can be reached at:

         LLC Textile-M
         Ostraya Mogila b. 10
         91004 Lugansk
         Ukraine


VIRA LLC: Claims Filing Deadline Set June 3
-------------------------------------------
Creditors of Agricultural LLC Vira (code EDRPOU 322632176) have until June
3 to submit their proofs of claim to:

         The Department of Pension Fund of Ukraine in Letin
         Liquidator
         Lenin Str. 29
         Letin
         22300 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
5/61-07.

The Court is located at:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Vira
         Diakovtsy
         Letin District
         Vinnica
         Ukraine


YAMAL IMPEX: Claims Filing Deadline Set June 3
----------------------------------------------
Creditors of CJSC Common Enterprise Ukraine - Yamal Impex (code EDRPOU
24250842) have until June 3 to submit their proofs of claim to:

         O. Scherban
         Liquidator
         P.O. Box 157
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
43/152.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Common Enterprise Ukraine - Yamal Impex
         Apartment 130
         Druzhba Narodov Square 3
         04210 Kiev
         Ukraine


ZHYTKO LLC: Creditors Must File Claims by June 6
------------------------------------------------
Creditors of LLC Zhytko (code EDRPOU 33850482) have until June 6 to submit
their proofs of claim to:

         Rodion Kravtchenko
         Temporary Insolvency Manager
         P.O. Box 442
         Energodar
         71504 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No. 19/83/07.

The Court is located at:

         The Economic Court of Zaporozhje
         Shaumiana Str. 4
         69001 Zaporozhje
         Ukraine

The Debtor can be reached at:

         LLC Zhytko
         Apartment 130
         Central Str. 4
         Energodar
         71503 Zaporozhje
         Ukraine


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


BETONSPORTS PLC: Pleads Guilty to Federal Racketeering Charges
--------------------------------------------------------------
BetonSports PLC admitted to its involvement in a racketeering conspiracy.

As part of the plea agreement, the U.S. Attorney for the Eastern District
of Missouri agreed that as long as the company lives up to its obligations
under the plea agreement, including supplying witnesses and evidence in
the pending cases against co-defendants, no further criminal prosecution
will be brought in this District relative to its participation in the
Kaplan Gambling Enterprise between July 2004 and the present date.

"This plea, combined with the terms of the civil junction should put an
end to the BetonSports illegal gambling empire," U.S. Attorney Catherine
L. Hanaway said.  "BetonSports, PLC is presently the corporate parent,
based in the United Kingdom, of the companies comprising the vast illegal
internet gambling operations described in the indictment.  BetonSports,
PLC had been failing to appear and answer the criminal charges in the
indictment and Judge Jackson had imposed sanctions against the company.
This plea constitutes a submission by the company to the U.S. justice
system."

By pleading guilty to the racketeering conspiracy charge, BetonSports
admits that it conducted an enterprise through a pattern of racketeering
acts, including repeated mail and wire fraud, operated an illegal gambling
business, laundered money, and admitted to multiple state gambling felony
charges.  As the corporation admitted in federal court, the Gambling
Enterprise began as an illegal sports betting business in New York City in
the early 1990s.  After its founder's arrest on New York State gambling
charges in May of 1993, the founder relocated his illegal gambling
operation to Florida, continuing to take sports wagers from bettors in New
York by telephone.  In 1995, the Enterprise moved to Aruba, in the West
Indies.  To facilitate its U.S. operations, the enterprise established and
controlled toll-free telephone services to accept sports wagers from
gamblers in the United States.  It also started to accept sports wagers
through the Internet.  In 1997, the Enterprise relocated to Antigua, and
then to Costa Rica.

Among the Enterprise's first computer-based sports book was one called the
North American Sports Association International, which evolved into
betonsports.com, advertised as the largest online wagering service in the
world.  This Web site gave gamblers in the United States the opportunity
to illegally wager on professional and college football and basketball, as
well as many other professional and amateur sporting events and contests.
Members of the enterprise formed a corporation, BetonSports PLC, in 2004,
which subsequently solicited and accepted wagers from individuals in
Missouri and elsewhere throughout the United States.  Entities and
individuals associated with BetonSports PLC also caused fraudulent
promotional materials to be available to prospective and actual bettors
and used interstate facilities to further wagering activity in, to and
from Missouri, as well as throughout the United States, in violation of
federal law.

The company faces a fine of up to US$500,000 or more, in that the maximum
fine can be double the financial gain from or loss caused by the
enterprise.  It also faces possible forfeitures and the company is subject
to a permanent injunction which requires it to repay money received from
U.S. gamblers held by the company as of June 1, 2006.  As noted in the
plea agreement, at the present time there is no intention to charge any
past or present individual BetonSports PLC director, other than those
already charged.  Sentencing has been set for Oct. 19, 2007.

This case is being prosecuted by the U.S. Attorney's Office for the
Eastern District of Missouri and the Criminal Division's Organized Crime
and Racketeering Section, and is a result of a joint investigation by
Internal Revenue Service Criminal Investigation and the FBI.  Assistance
has also been received from several state and local police departments,
including Chesterfield Police Department and departments in Florida and
Washington.

No trial date has been set for the remaining co-defendants.

In a TCR-Europe report on May 29, 2007, GamingNews.com relates that
BetOnSports is in the process of paying off clients, creditors and works,
with the help of the Financial Services Regulatory Committee in Antigua.

Earlier this month, BetOnSports founder Gary Stephen Kaplan pleaded not
guilty to racketeering and other charges, according to Ms. Hanaway's
statement.

The trial against Mr. Kaplan and BetOnSports Chief Executive David
Carruthers continues, the Associated Press says.

The AP relates that the prosecutors argued Mr. Kaplan's release, saying
that the BetOnSports founder had planned to escape to a country that would
not extradite him.

The prosecutors told the AP that Mr. Kaplan had these items when he was
arrested in March:

          -- a handcuff key,
          -- five passports, and
          -- cash from four nations.

Mr. Kaplan was arrested in the Dominican Republic.  His passports had his
picture, different names, places of birth or other information, the AP
says, citing Mike Fagan, the lead prosecutor.

Emily Swoboda at GamingNews.com emphasizes that Mr. Fagan said the
passports included:

          -- one from Israel in a name other than Mr. Kaplan's,

          -- a US passport acquired in Costa Rica for which he
             failed to provide his real social security number;

          -- two Peruvian passports with fake names, with one
             that belonged to a woman; and

          -- one Dominican Republic passport.

Mr. Kaplan has had others securing lodging for him in names other than his
own, GamingNews.com's Ms. Swoboda notes, citing Mr. Fagan.

Referring to an FBI affidavit, Mr. Fagan said that the large sums of cash
came "from countries where extradition is difficult or impossible."  Mr.
Kaplan's plan to win diplomatic protection and asylum in Nicaragua was
detailed in a spiral notebook.  Mr. Kaplan has US$107 million in assets in
other countries and has multiple bank accounts, the AP relates.

GamingNews.com's Ms. Swoboda underscores that Mr. Kaplan has traveled to
Israel, Venezuela and Argentina on his US passport.  He admitted to
bribing authorities.

Warren Hoeffner, Mr. Kaplan's father-in-law told the AP that the
BetOnSports founder thought he could legally operate a gambling business
outside the US.  Mr. Kaplan wouldn't flee or do anything that might hurt
his relatives.  Mr. Kaplan's wife is purchasing a house in St. Louis and
is will be moving there with their two children.  Mr. Hoeffner said that
he could put up houses that total about US$6.6 million to ensure Mr.
Kaplan's appearance in court.

Mr. Kaplan's legal representatives requested U.S. Magistrate Judge Mary
Ann Medler for more time to answer the accusations, the AP notes.

Meanwhile, GamingNews.com says that Mr. Carruthers remains on house arrest
in St. Louis.  He was arrested in Dallas while changing planes on his way
to Costa Rica.  He pled not guilty on May 14.

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2007, BetonSports was ordered last year by a U.S.
federal court to stop operating in Antigua and Costa Rica --
from where it accepted bets from thousands of American
customers.  The federal court ruling said that deposits paid by
American bettors should be returned.  In December 2006, the
Eastern Caribbean Supreme Court ruled that the online gambling
company couldn't sell its Antiguan operations.  Instead, the
company was asked to provide the regulatory commission an
account of all its assets.

BetonSports is an online gaming company publicly trading on the
London Stock Exchange, but has no operations in the United
Kingdom.  Around 80% of the company's business operates in the
United States, where sports betting is illegal except in the
State of Nevada.  The group also has operations in China,
Argentina, and Mexico.  BetOnSports was ordered last year by a
U.S. federal court to stop operating in Antigua and Costa Rica
-- from where it accepted bets from thousands of American
customers.


CACI INTERNATIONAL: Moody’s Places Ba2 Rating on Bond Issuance
--------------------------------------------------------------
Moody's Investors Service affirmed the Ba2 Corporate Family Rating of CACI
International, Inc. following the May 9, 2007 announcement that it intends
to offer US$300 million of convertible senior subordinated notes due 2014.

Proceeds from the offering are expected to be used for acquisitions, share
buybacks and convertible note hedge transactions.  The Probability of
Default Rating was raised to Ba2 to reflect the new capital structure.


Moody's took these rating actions:

   -- Affirmed Ba1, LGD2, 27% US$200 million senior secured first
      lien revolver due 2009;

   -- Affirmed Ba1, LGD2, 27% US$340 million senior secured
      first lien term B due 2011;

   -- Affirmed Corporate Family Rating Ba2;

   -- Upgraded Probability of Default Rating Ba2;

   -- Affirmed Speculative Grade Liquidity Rating SGL-1.

The outlook remains stable.

The affirmation of the Corporate Family Rating despite the deterioration
in credit metrics is predicated upon CACI using the funds for accretive
acquisitions that will improve credit metrics.  The company was strongly
positioned within the rating category and had some flexibility.  However,
CACI has now moved to the cusp of the rating category and does not have
additional flexibility for further deterioration in credit metrics or
negative variance in operating performance.  Additionally, the new capital
structure lowers the expected family recovery rate in a default scenario.
CACI's operating profit margins have historically been weak for the rating
category at around 9.5%, but all other key metrics were strongly
positioned for the rating.  Moody's expects leverage, interest coverage
and cash flow metrics to deteriorate at the close of this transaction but
to remain in-line with the Ba2 rating category.

The size of the company's revenue base supports the rating with last
twelve months revenue ended March 31, 2007 of approximately US$1.9
billion.  The company derives about 94% of its revenues from government
business and there are concerns about reduced funding for federal IT
initiatives.  Organic growth has slowed from elevated levels in the
mid-teens in fiscal 2004 and 2005 to the low single digits.  Moody's
believes CACI will remain highly acquisitive as the company becomes more
reliant on acquisitions to meet growth expectations.  Additionally, the
anticipated use of debt to repurchase shares to offset the potential
dilution stemming from the convertible bond offering is viewed as a
negative from a credit standpoint.

The company is heavily exposed to spending from the Department of Defense,
which comprises just over 70% of CACI's revenue.  The company lowered
their fiscal 2007 guidance twice this year due to the slowing of spending
by the Pentagon and delays on some contracts.  Revenue for fiscal 2007 is
now expected to range between US$1.885 billion and US$1.913 billion
compared to the original guidance of US$2.0 billion and US$2.1 billion.
This is still an increase from US$1.75 billion in revenue during fiscal
2006, with unadjusted EBITDA expected to remain relatively flat compared
to 2006.  The company's backlog is also at historic highs, with a funded
backlog sufficient to cover seven to eight months of revenue.

Moody's expects that CACI will retain their strong liquidity profile.
Moody's believes the majority of cash reserves will be utilized for
acquisitions but that the company will continue to be a solid cash flow
generator, with a current run rate of about US$125 million in adjusted
free cash flow . As of March 31, 2007, CACI had full availability under
its US$200 million revolver, which is expected to remain undrawn over the
near term, unless the company undertakes a large acquisition.  The company
is also expected to maintain considerable cushion under its amended bank
covenants over the next four quarters.

Moody's will closely monitor leverage as adjusted debt/EBITDA pro forma
for the transaction is expected to increase to just below 3.0 times.
Additionally, management has publicly stated their willingness to
increased debt.  A ratings downgrade will likely take place if adjusted
debt/EBITDA rises above 3.4 times. A negative variance in operating
performance or material contract delays could also cause a downgrade in
ratings or outlook as the company is no longer strongly positioned in the
rating category.

CACI International Inc. (NYSE: CAI) -- http://www.caci.com/--
provides the IT and network solutions for defense, intelligence,
and e-government.  CACI, a member of the Russell 1000 and S&P
SmallCap 600 indices, provides dynamic careers for approximately
9,500 employees working in over 100 offices in the U.S. and
Europe.  In Europe, CACI Limited is headquartered in London,
United Kingdom.  Reported revenue for the 12 month period ended Dec. 31,
2006 was approximately US$1.857 billion.


GOODYEAR TIRE: Fitch Hikes IDR to B+ with Positive Outlook
----------------------------------------------------------
Fitch Ratings has upgraded the Issuer Default Rating for The Goodyear Tire
& Rubber Company to 'B+' from 'B'.  In addition, the following debt
ratings have been upgraded:

The Goodyear Tire & Rubber Company

   -- Issuer Default Rating (IDR) to 'B+' from 'B';

   -- US$1.5 billion first lien credit facility to 'BB+/RR1'
      from 'BB/RR1';

   -- US$1.2 billion second lien term loan to 'BB+/RR1' from
      'BB/RR1';

   -- US$300 million third lien term loan to 'BB-/RR3' from
      'B/RR4';

   -- US$650 million third lien senior secured notes to
      'BB-/RR3' from 'B/RR4';

   -- Senior unsecured debt to 'B-/RR6' from 'CCC+/RR6'.

Goodyear Dunlop Tires Europe B.V.

   -- EUR505 million European secured credit facilities to
      'BB+/RR1' from 'BB/RR1'.

The Rating Outlook is Positive.  GT had approximately US$5.8 billion of
debt outstanding at March 31, 2007.

The rating upgrades reflect the positive impact on GT's balance sheet of
the recent sale of common stock for approximately US$834 million in net
proceeds.  GT used proceeds from the sale to redeem US$175 million of
outstanding 8.625% notes due in 2011 and US$140 million of 9% notes due in
2015.  The ratings and Outlook also incorporate GT's pending sale of its
Engineered Products business for nearly US$1.5 billion, which was
announced in March 2007.  The proceeds from both transactions strengthen
GT's liquidity as it recovers from the labor strike in 2006, continues
with its multi-year program to reduce its cost structure, and further
implements its strategy to exit certain segments of the private label tire
business and expand its higher-margin premium tire business.

GT has made meaningful progress toward its goals but significant
challenges remain with respect to high material costs, achieving capacity
reductions including the closing of the Tyler Texas plant in 2008, and a
highly competitive global tire market.  In addition, GT faces substantial
cash requirements including its agreement to fund a VEBA trust for US$1
billion, rebuild inventory, and fund capital expenditures and pension
contributions.  The company expects pension contributions to decline after
2007, and GT would realize annual cash savings from the transfer of OPEB
liabilities to the VEBA trust assuming it is approved.

As a result of ongoing restructuring and other special items such as the
VEBA trust, GT's free cash flow in 2007 is likely to remain weak.
However, the Positive Outlook incorporates Fitch's view that GT will
attain its targeted cost savings that would support stronger cash flow in
2008 and additional debt reduction consistent with the company's goals.
The settlement of the labor strike at the end of 2006 reinforced GT's
ability to address its high-cost structure in North America. Partly as a
result of its new labor agreement, GT expanded its cost reduction program
to at least US$1.8 billion over a four year period through 2009.  The
company's ratings and/or Outlook will be contingent on realizing stronger
margins in North America, generating higher levels of free cash flow, and
maintaining a competitive position in the global tire market.

In April 2007, GT restated and extended its bank facilities that provide
more flexible terms, although the facilities remain secured.  The amounts
of the facilities were generally unchanged; however, GT's third-lien bank
term loan was not amended and the term loan portion of GDTE's EUR505
million first-lien credit facilities was converted into a revolver.
Fitch's recovery ratings for GT's debt remain unchanged with the exception
of the third lien debt.  The improvement in the recovery rating to 'RR3'
reflects expectations for stronger operating results as GT makes further
progress in reducing costs and paying down debt.


ISOFT GROUP: CSC Slams Recommended All-Share Offer Under Scheme
--------------------------------------------------------------- CSC
Computer Sciences Corporation advised iSOFT Group plc that it will not
provide its consent to the change of control in iSOFT, which would result
from the completion of the Recommended All Share Offer to be effected by a
Scheme of Arrangement under which a wholly owned subsidiary of IBA Health
Limited will acquire the entire issued and to be issued share capital of
iSOFT.

CSC has not provided any reasons regarding this position and both iSOFT
and IBA are now seeking clarification from CSC regarding this matter.

Both iSOFT and IBA are considering their respective positions and a
further announcement will be made before trading in IBA shares resumes.

As previously reported in the TCR-Europe on May 21, 2007, CSC has
indicated that, for its consent to be forthcoming at completion of the
Offer, CSC will need to be satisfied that the acquisition by IBA will
enhance the ability of iSOFT to deliver under NPfIT.  These discussions
are continuing.  CSC will also require CfH to provide an equivalent
consent and IBA to provide a parent company guarantee in the form of the
existing guarantee from iSOFT (which IBA has agreed to provide).  If the
CSC consent is not obtained, IBA will seek the permission of the Panel to
invoke the condition and lapse the Offer.

                       Terms of the Offer

Under the terms of the Offer, iSOFT Shareholders will be
entitled to receive 1.1 IBA Consideration Shares for each iSOFT
Share held.  IBA is listed on the Australian Securities Exchange
with a market capitalization of AUS$$434 million (GBP183
million).

The Offer values each iSOFT Share at 58.1 pence and the entire
issued and to be issued share capital of iSOFT at approximately
GBP140 million, based on the price of an IBA Share of AUS$1.255,
being the closing mid-market price on the ASX on May 4, 2007
(being the last day prior to the date on which IBA was granted a
trading halt for its shares by the ASX).  IBA is raising new
equity (as described below) and adjusted for the impact of this
equity issue, the Offer values each iSOFT share at 54.7 pence
and the entire issued and to be issued share capital of iSOFT at
approximately GBP132 million.

                          About iSOFT

Headquartered in Manchester, United Kingdom, iSOFT Group plc
-- http://www.isoftplc.com/-- supplies advanced medical
software applications for the healthcare sector.  Its products
are used by more than 8,000 organizations in 27 countries for
managing patient information and driving improvements in
healthcare services.  In international markets, the group has a
strong presence in the Asia-Pacific, including Singapore and
India.

                          *     *     *

In June 2006, the Group disclosed a change in accounting policy,
as a consequence of which it became necessary to review revenue
recognition in prior years, in order to re-state some prior year
revenues.  Arising out of that review, a number of possible
accounting irregularities came to light in which it
appears that some revenues reported in 2003/04 and 2004/05 may
have been recognized earlier than they should have been.

On July 20, 2006, the Group engaged its auditors, Deloitte &
Touche LLP, to conduct a formal initial investigation into these
possible irregularities.  In August 2006, it was confirmed that
there were indeed matters that needed further investigation and
the company handed over relevant documents to the Financial
Services Authority, which is now conducting further
investigations.

The Group is working closely and co-operatively with the FSA in
order to complete these investigations as quickly as possible.
At the current time it would be inappropriate to comment on the
likely outcome.

On Oct. 25, 2006, the Accountancy Investigation and Discipline
Board (AIDB) disclosed that it would conduct its own
investigation.  The AIDB investigation is a review of the
conduct of those members of accountancy bodies that are
regulated by the AIDB who were executive or non-executive
directors of iSOFT during the relevant periods, and RSM Robson
Rhodes LLP, iSOFT's auditor for the financial years ended
April 30 2003, 2004 and 2005.

All current executive directors of iSOFT who are members of
those accountancy bodies were appointed after the dates under
investigation, as was the non-executive director who is
currently chairman of the audit committee.  The initial
investigation into possible accounting irregularities --
conducted by the Group's current auditors, Deloitte & Touche
LLP, in July and August 2006 -- did not uncover evidence that
any of the current non-executive directors had any knowledge of
the irregularities.

On the basis of information that has come to light so far, the
Group does not believe that these matters will have any impact
on the current or future financial position of iSOFT.

                      Going Concern Doubt

At Oct. 31, 2006, the company's board of directors recognized
that there are material uncertainties that may cast significant
doubt on the Group's ability to continue as a going concern.


WATERFORD WEDGWOOD: Funding Dilemma Cues Fitch’s Junk Ratings
-------------------------------------------------------------
Fitch Ratings says the recent approval granted by the shareholders of
Waterford Wedgwood plc for the new
EUR100 million rights issue highlights the group's large funding
requirements, which cannot be met by tapping the loan or debt capital
markets.

"The recent stabilization in operating results alongside fresh funding are
deemed positive factors in the short term, although concerns remain over
the longer term," says Pablo Mazzini, Director in Fitch's Leveraged
Finance team.  "The company remains free cash flow negative and therefore
is reliant on ongoing support from shareholders."

Waterford Wedgwood appears to have tackled the revenue decline to a large
degree, while the restructuring initiated in 2005 seems to have helped the
group to break-even at EBITDA level in the fiscal year ended in March
2007, following losses of EUR31 million (before exceptional costs) in
FY06.  The modernization of the group's brands is crucial to achieving
sustainable long-term growth although any revenue uplift could be hampered
by increased revenue volatility (as a result of increasing reliance on
fashion-oriented designers), exposure to consumer spending trends and the
structural weakness of the US$.  Additional restructuring is therefore
required to restore long-term profitability.

Any additional funding requirements from restructuring costs, potential
further acquisitions as well as working capital resulting from the
roll-out of more contemporary product ranges could only come from raising
share capital.  This would have to come especially from the two main
shareholders - Sir Anthony O'Reilly and Peter Goulandris - who together
would have an estimated 70% stake if they were to convert the newly issued
preference shares into ordinary shares.  Fitch believes that any
additional bank financing is likely to be solely asset-based and hence
would be inextricably linked to the group's ability to generate sales,
thereby presenting seemingly lower refinancing risk. The focus of
attention will, however, remain on the refinancing of the mezzanine notes
that are due in 2010.

Based on Fitch's analysis, the group would need to generate at least EUR60
million EBITDA to be free cash flow neutral.  This would translate into
net leverage above 7x, therefore implying high refinancing risk for the
mezzanine notes.  Furthermore, Fitch's analysis assumes a potential
maximum mid-to-high single digit EBITDA margin for Waterford Wedgwood
which would be deemed low compared to the average 20% and above for a
typical consumer luxury goods manufacturer.

Fitch aims to perform a review of the group's operations, including the
future strategy and details of the new restructuring plans, after
publication of its FY07 results. Fitch rates Waterford Wedgwood at Issuer
Default 'CCC' with Negative Outlook.  The mezzanine notes are rated
'CC'/'RR6'.

                           *********

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.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa Paderog,
Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A. Godinez, and Pius
Xerxes Tovilla, Editors.

Copyright 2007.  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 * * *