TCREUR_Public/070605.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, June 5, 2007, Vol. 8, No. 110

                            Headlines


A U S T R I A

ARTHOFER LLC: St. Poelten Court Orders Business Shutdown
BAURISS LLC: Vienna Court Orders Business Shutdown
DR. PRIKLOPIL: Eisenstadt Court Orders Business Shutdown
H & S LLC: Claims Registration Period Ends June 15
HEINISCH TEXTILVEREDELUNG: Linz Court Orders Business Shutdown

VRCHOVSKY LLC: Claims Registration Period Ends June 19
WEB AND NET: Claims Registration Period Ends June 19
WW BETRIEB: Claims Registration Period Ends June 20


B E L G I U M

GENERAL MOTORS: To Invest US$44 Million in Bedford Foundry
GENERAL MOTORS: Retail Sales Up by 8.5% to 279,731 in May 2007
GOODYEAR TIRE: Equity Offering Completion Cues S&P to Up Ratings
SOLUTIA INC: Completes Sale of Dequest Business to Thermphos


C Z E C H   R E P U B L I C

ON SEMICONDUCTOR: Ridge Property Ends Sale Pact with SCI LLC


F R A N C E

CNH GLOBAL: S&P Lifts Corporate Credit Rating to BB+
EUROTUNNEL GROUP: Aims to Become an Attractive Investment


G E R M A N Y

DETEL DEUTSCHE: Claims Registration Period Ends July 5
ESTEP GMBH: Claims Registration Period Ends June 21
ELEKTRO-BARTH: Claims Registration Period Ends July 5
HARALD THIELE: Claims Registration Ends July 2
HAYES LEMMERZ: Completes Three Recapitalization Transactions

HEINRICH EISINGER: Claims Registration Ends June 25
HOLZ GROSSHANDEL: Claims Registration Ends Sept. 4
HOTEL MONDO: Claims Registration Ends July 25
HOTEL STADT: Claims Registration Ends July 17


G R E E C E

KNOLL INC: Adopts SEC Rule 10b5-1 on US$50 Mln Share Repurchase


I T A L Y

ALITALIA SPA: OAO Aeroflot Denies Stake Bid Pullout
ALITALIA SPA: 2006 Results Approval Hinges on Carrier's Future
FIAT SPA: S&P Lifts Corporate Credit Rating to BB+
SEALY CORPORATION: Feb. 25 Balance Upside-Down by US$153.8 Mln
WORLD OF FOOTBALL: Claims Registration Period Ends July 5


K A Z A K H S T A N

ABYROY JER: Proof of Claim Deadline Slated for July 6
AKTAUSKY MASHINOSTROITELNY: Claims Registration Ends July 6
E-2 LLP: Creditors' Claims Due July 4
IZAR-TORG LLP: Claims Registration Ends July 6
KOITAS LLP: Claims Filing Period Ends July 6

SIRIUS LLP: Claims Filing Period Ends July 6
START LLP: Creditors Must File Claims July 6
VAN-SHAN LLP: Proof of Claim Deadline Slated for July 4
WINTERLUX LLP: Creditors Must File Claims July 6


K Y R G Y Z S T A N

CHUIBATYSHKURULUSH OJSC: Creditors Must File Claims by July 18


L U X E M B O U R G

EVRAZ GROUP: Acquiring Highveld Steel's Entire Share Capital


N E T H E R L A N D S

FOOT LOCKER: Halts Plans to Acquire Genesco’s Stock
FOOT LOCKER: S&P Keeps Negative Watch After Rejected Genesco Bid


N O R W A Y

GEOKINETICS: Completes Amended Credit Agreement with PNC Bank


R U S S I A

ALEKSEEVSKOYE LLC: Creditors Must File Claims by June 12
AUTOMOBILE OPERATING: Creditors Must File Claims by July 12
BREWER LLC: Volgograd Bankruptcy Hearing Slated for July 30
CHERLAKSKIY OJSC: Creditors Must File Claims by June 12
EVRAZ GROUP: Acquiring Highveld Steel's Entire Share Capital

EXPERT-INVEST CJSC: Creditors Must File Claims by July 12
FIRST CJSC: Creditors Must File Claims by June 12
KPD-1 CJSC: Court Names A. Chernik as Insolvency Manager
MERCURY OJSC: Orel Bankruptcy Hearing Slated for Sept. 5
NORTH-OIL-PRODUCT: Creditors Must File Claims by July 12

NOVATEK OAO: Earns RUR4.34 Billion for First Quarter 2007
SEL-KHOZ-TEKHNIKA ISILKULSKAYA: Claims Deadline Set July 12
SIBIRSKIY GRAIN: Creditors Must File Claims by June 12
SIMBIRSK-FLOUR OJSC: Creditors Must File Claims by July 12
UZHUR-AGRO-SNAB: Creditors Must File Claims by July 12

VNESHTORGBANK JSC: Promstroybank Takeover Slated for Yearend
WINE TRADE: Creditors Must File Claims by July 12


S P A I N

SUNNY DELIGHT: Improved Performance Cues S&P’s Upgrade to CCC+


S W I T Z E R L A N D

ALOIS HEULE: Creditors' Liquidation Claims Due July 15
CDT CREATIVE: Zug Court Starts Bankruptcy Proceedings
ISOCAST JSC: Creditors' Liquidation Claims Due June 22
LONELY MOUNTAIN: Creditors' Liquidation Claims Due June 15
MASI LLC: Aargau Court Starts Bankruptcy Proceedings

MUNOT OPTIK: Creditors' Liquidation Claims Due June 15
P & S IMMOBILIENGESELLSCHAFT: Liquidation Claims Due June 18
PARTNERBAU JSC: Creditors' Liquidation Claims Due June 15
PPR – GARAGE MEIER: Aargau Court Starts Bankruptcy Proceedings
TRUBLI-BAR LLC: Creditors' Liquidation Claims Due June 15


U K R A I N E

CHEMISTRY OJSC: Creditors Must File Claims by June 9
CHERNORUDKA AGRICULTURAL: Creditors Must File Claims by June 13
PERSHOTRAVENSK MINE 4: Creditors Must File Claims by June 10 
POBEDA: Creditors Must File Claims by June 10
QUARTA-WEST LLC: Creditors Must File Claims by June 9

RAYKOVTSY AGRICULTURAL: Claims Filing Deadline Set June 13
REAL-TRADE COMPANY: Creditors Must File Claims by June 9
YABLUNETS BREADRECEIVING: Creditors Must File Claims by June 10
ZHYTOMIR BREAD: Creditors Must File Claims by June 9


U N I T E D   K I N G D O M

ABC SKIP: Eileen T. F. Sale Leads Liquidation Procedure
ALLIANCE ATLANTIS: Fairness Hearing on Plan Slated for June 28
BRITISH ENERGY: DTI Selling 25% Stake for GBP2 Billion
ENRON CORP: Settles Equity Transactions Suit with Credit Suisse
EUROTUNNEL GROUP: Aims to Become an Attractive Investment

GRESHAM CAPITAL: S&P Rates EUR10.780MM Class E Notes at BB
ISOFT GROUP: Takes Legal Action Against CSC Over IBA Offer
MEDQUAKE LTD: S&P Rates US$50 Million Class A Notes at BB-
MORTGAGES NO. 6: S&P Puts Notes' Ratings on Positive Watch
TOWER RECORDS: Files Joint Disclosure Statement in Delaware

WOOD STREET: S&P Rates EUR20 Million Class E Notes at BB

* Deloitte Names David Cruickshank as U.K. Board Chairman

* Ernst & Young Hires 10 to New Regulatory & Management Team

                            *********

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


ARTHOFER LLC: St. Poelten Court Orders Business Shutdown
--------------------------------------------------------
The Land Court of St. Poelten entered May 10 an order shutting down the
business of LLC Arthofer (FN 230726d).

Court-appointed estate administrator Wolfgang Strasser 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. Wolfgang Strasser
         Hauptplatz 11
         4300 St. Valentin
         Austria
         Tel: 07435/52 4 37
         Fax: 07435/52 4 37-21
         E-mail: st-valentin@advocat24.at

Headquartered in Behamberg, Austria, the Debtor declared bankruptcy on May
9 (Bankr. Case No 14 S 95/07x).


BAURISS LLC: Vienna Court Orders Business Shutdown
--------------------------------------------------
The Trade Court of Vienna entered May 8 an order shutting down the
business of LLC Bauriss (FN 205671h).

Court-appointed estate administrator Nikolaus Vogt 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. Nikolaus Vogt
          c/o  Dr. Eva Riess
          Zeltgasse 3/13
          1080 Vienna
          Tel: 402 57 01 33
          Fax: 402 57 01 57
          E-mail: nikolaus.vogt@riess.co.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April
23 (Bankr. Case No 2 S 58/07b).  Eva Riess represents Mag. Vogt in the
bankruptcy proceedings.


DR. PRIKLOPIL: Eisenstadt Court Orders Business Shutdown
--------------------------------------------------------
The Land Court of Eisenstadt entered May 8 an order shutting down the
business of LLC Dr. Priklopil Gastronomiebetriebe (FN 109922a).

Court-appointed estate administrator Michael Kaintz 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. Michael Kaintz
         Gartenweg 108
         7100 Neusiedl am See
         Austria
         Tel: 02167/8296-0
         Fax: 02167/8296-20
         E-mail: ra_kaintz@aon.at

Headquartered in Frauenkirchen, Austria, the Debtor declared bankruptcy on
April 24 (Bankr. Case No 26 S 50/07s).


H & S LLC: Claims Registration Period Ends June 15
--------------------------------------------------
Creditors owed money by LLC H & S (FN 273043i) have until
June 15 to file written proofs of claim to court-appointed estate
administrator Paul Wuntschek at:

         Dr. Paul Wuntschek
         c/o LLC Klein, Wuntschek & Partner
         Kaiser-Franz-Josef-Kai 70
         8010 Graz
         Austria
         Tel: 0316/813862
         Fax: 0316/813862-2
         E-mail:  office@klein-wuntschek-partner.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 10:10 a.m. on June 28 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 222
         Second Floor
         Graz
         Austria

Headquartered in Graz - Puntigam, Austria, the Debtor declared bankruptcy
on May 8 (Bankr. Case No. 26 S 33/07h).


HEINISCH TEXTILVEREDELUNG: Linz Court Orders Business Shutdown
--------------------------------------------------------------
The Land Court of Linz entered May 8 an order shutting down the business
of LLC Heinisch Textilveredelung & Co KG (FN 149955y).

Court-appointed estate administrator Erhard Hackl 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. Erhard Hackl
         c/o  Mag. Markus Weixlbaumer
         Hofgasse 7
         4020 Linz
         Austria
         Tel:  0732/776234
         Fax:  0732/77623422
         E-mail:  hackl.hatak@aon.at

Headquartered in Hoersching, Austria, the Debtor declared bankruptcy on
April 2 (Bankr. Case No 38 S 23/07x).   Markus Weixlbaumer represents Dr.
Hackl in the bankruptcy proceedings.


VRCHOVSKY LLC: Claims Registration Period Ends June 19
------------------------------------------------------
Creditors owed money by LLC Vrchovsky (FN 280323s) have until June 19 to
file written proofs of claim to court-appointed estate administrator
Volker Leitner at:

         Mag. Volker Leitner
         Wiener Strasse 3
         3100 St. Poelten
         Austria
         Tel: 02742/35 43 55
         Fax: 02742/35 14 35
         E-mail: office@gpls.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 10:50 a.m. on July 10 for the examination of claims.

The meeting of creditors will be held at:

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

Headquartered in St. Poelten, Austria, the Debtor declared bankruptcy on
May 10 (Bankr. Case No. 14 S 96/07v).


WEB AND NET: Claims Registration Period Ends June 19
----------------------------------------------------
Creditors owed money by LLC Web and Net Play (FN 195997g) have until June
19 to file written proofs of claim to court-appointed estate administrator
Walter Anzboeck at:

         Dr. Walter Anzboeck
         Stiegengasse 8
         3430 Tulln
         Austria
         Tel: 02272/61 600
         Fax: 02272/61 600-20
         E-mail: anwalt@anzboeck.at

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

The meeting of creditors will be held at:

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

Headquartered in Tulln, Austria, the Debtor declared bankruptcy on May 10
(Bankr. Case No. 14 S 97/07s).


WW BETRIEB: Claims Registration Period Ends June 20
---------------------------------------------------
Creditors owed money by LLC WW Betrieb und Verwaltung (FN 262927h)have
until June 20 to file written proofs of claim to court-appointed estate
administrator Peter Wilhelm at:

         Dr. Peter Wilhelm
         Ringstrasse 9
         3500 Krems
         Austria
         Tel: 02732/82265
         Fax: 02732/82265-6
         E-mail: rechtsanwalt@ra-wilhelm.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 10:45 a.m. on July 4 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Krems an der Donau
         Hall A
         Second Floor
         Krems an der Donau
         Austria

Headquartered in Zwettl, Austria, the Debtor declared bankruptcy on May 10
(Bankr. Case No. 9 S 25/07k).


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


GENERAL MOTORS: To Invest US$44 Million in Bedford Foundry
----------------------------------------------------------
General Motors Corp. will invest US$44 million in its Bedford Foundry to
produce transmission cases and converter housings for GM's growing family
of fuel-efficient, six-speed transmissions.  The project will retain about
100 production jobs at the facility.

The investment includes plant renovation and installation of new die
casting machines with an automated (robotic) casting processing cell for
each machine.  Construction and equipment orders will begin immediately,
with machine installation beginning in June 2008.  Full production
targeted for December 2009.

The US$44 million investment disclosed brings GM's total investments in
the past year for the Bedford facility to US$114 million.

"These investments would not be possible without the involvement of
employees at this facility, who have dedicated themselves to improving the
quality of our products and the efficiency of the operations here at the
Bedford Foundry," Arvin Jones, GM Powertrain manufacturing manager for
castings and components, said.  "Their efforts have contributed to GM's
competitiveness and our transformation in North America."

The GM Powertrain Bedford plant management, UAW Local 440 and IBEW Local
16 leadership successfully negotiated competitive operating agreements
that improve operational effectiveness.  The agreements also address
processes and methods to improve safety of the operations and production
quality.

Mr. Jones thanked members of UAW Local 440 and IBEW Local 16 as well as
Indiana's leaders on the state and local levels -- working together they
were able to build a competitive business case to support this investment
in Indiana.

"GM continues to make a significant commitment to Indiana,” Indiana Lt.
Governor Skillman said.  “I commend them for choosing to invest in our
state.  This is good news for Hoosier workers and a testament to the great
value of our highly skilled workforce and competitive business climate."

High pressure die casting is the most economical process for casting
high-volume powertrain components.  The process works by injecting molten
aluminum into a water-cooled steel die with high pressure exerted by a
metal plunger during solidification.

"The investment marks an exciting new chapter in this plant's 64-year
history of producing high quality castings and components for GM engines
and transmissions," John Lancaster, Bedford plant manager, said.  "The
credit goes to our employees who've established a culture of continuous
improvement that helps secure our future in today's competitive global
market."

GM's Powertrain Bedford Foundry is an aluminum melting, die casting and
permanent mold facility that has been a proud part of the Bedford
community since 1943.  The plant currently employs 544 hourly and 115
salaried workers and has an annual payroll of approximately $58 million.
Castings produced at the plant include: transmission cases and converter
housings for GM's four-speed and six-speed transmissions; pistons for the
Vortec 4.8-liter and 5.3-liter V-8 engines that power GM's full-size SUVs
and pickups marketed under the Chevrolet Tahoe and Silverado and GMC Yukon
and Sierra brands; and engine blocks for GM's Northstar 4.6-liter V-8
engines that power the Cadillac DTS, XLR and STS luxury cars.  On a daily
average, the plant manufactures 10,000 transmission cases and converter
housings, 34,000 pistons and 350 engine blocks.

Headquartered in Detroit, GM General Motors Corp. (NYSE: GM) --
http://www.gm.com/-- was founded in 1908, GM employs about
280,000 people around the world.  With global manufactures its
cars and trucks in 33 countries.  In 2006, nearly 9.1 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac,
Saab, Saturn and Vauxhall.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

General Motors has Asia-Pacific operations in India, China, Indonesia,
Japan, the Philippines, among others. I t has locations in European
countries including Belgium, Austria, and France.  In Latin-America, the
company maintains locations in Argentina, Brazil, Chile, Colombia,
Ecuador, Venezuela, Paraguay and Uruguay.

                          *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
Standard & Poor's Ratings Services placed General Motors Corp.'s
corporate credit rating at B/Negative/B-3.

At the same time, Moody's Investors Service affirmed GM's B3
Corporate Family Rating and B3 Probability of Default Rating, and
maintained its SGL-3 Speculative Grade Liquidity Rating.  The rating
outlook remains negative.


GENERAL MOTORS: Retail Sales Up by 8.5% to 279,731 in May 2007
--------------------------------------------------------------
General Motors Corporation dealers in the United States delivered 375,682
vehicles in May 2007, up 4.7 percent compared with year-ago monthly sales.
On an unadjusted basis, sales were up 8.8 percent.  GM's May retail sales
of 279,731 were up 8.5 percent.  On an unadjusted basis, retail sales were
up 12.8 percent compared with a year ago.

May sales reflected the continuing strength of GM's new product portfolio.
Increased sales of Chevrolet Impala and Saturn AURA as well as the new
industry leading mid-size crossovers GMC Acadia, Saturn OUTLOOK and Buick
Enclave demonstrate GM's strong positioning in the marketplace for
fuel-efficient and alternative fuel (E-85) vehicles.  The Chevrolet
Silverado and GMC Sierra full-size pickup trucks -- fuel efficiency
leaders in their class - - pushed GM's large pickup segment sales up 10
percent in total and 14 percent retail compared with May 2006.

Divisions with retail sales increases for the month included Saturn (up 59
percent), GMC (up 18 percent) and Pontiac (up 8 percent).  Additionally,
Chevrolet was again the sales leader in the industry (up 5 percent).

"Our May results were extremely positive as we saw strong total and retail
sales increases.  Our significant market share gains in full-size trucks
and crossovers validates the decision we made to invest in
industry-leading fuel economy in these important segments," said Mark
LaNeve, vice president, GM North American Sales, Service and Marketing.

"We are particularly pleased with the Chevrolet Silverado and GMC Sierra
pickups, which pushed our full-size truck sales up more than 10 percent
for the month.  As with many of our vehicles, these great all-new trucks
offer what the customer is looking for -- best-in-class fuel economy,
terrific performance and tremendous value.  And our newest entry to the
crossover segment, the Buick Enclave, is performing ahead of our
expectations.  Dealers are selling them as soon as they arrive from the
plant.  Our mid-size crossover segment performance, including the GMC
Acadia and Saturn OUTLOOK, continues to grow at a blistering pace," Mr.
LaNeve said.

The product renaissance at Saturn continued to accelerate with total sales
increasing almost 69 percent compared with a year ago, highlighting the
tremendous public acceptance of the new lineup of Saturn vehicles
including SKY, AURA and AURA Hybrid, OUTLOOK, VUE and VUE Hybrid.
Saturn's ION small car is soon to be replaced with the popular ASTRA.
Saturn is the fastest growing brand in the industry this year.

Chevrolet Aveo, Cobalt, Malibu, Impala, HHR, Silverado, Suburban, and
Avalanche; Pontiac G6 and Solstice; Saturn SKY and VUE; Saab 9-3, GMC
Sierra and Yukon XL; Buick Lucerne; Cadillac SRX, Escalade ESV and
Escalade EXT; and HUMMER H3 all had May retail sales increases compared
with a year ago.  Pontiac G5, Saturn AURA and OUTLOOK, GMC Acadia and the
Buick Enclave are newly offered products and continue to contribute retail
sales momentum.

The GMC Acadia, Saturn OUTLOOK and Buick Enclave had retail sales of more
than 12,800 vehicles, pushing a significant retail increase in GM's
mid-crossover segment.  GM's total sales of more than 16,600 vehicles in
this segment pushed monthly performance up more than 211 percent, compared
with the same month last year.

"We're seeing positive results, including increased residual values for
our products, as a result of staying aligned and disciplined to our North
American turnaround and market growth plans.  For customers, this means
providing industry-leading products in terms of design, segment fuel
economy, warranty coverage and performance," Mr. LaNeve added.  "This
translates to a beneficial cost of ownership experience.  With new
products such as the Cadillac CTS and Chevrolet Malibu coming to dealer
showrooms later this year, we expect to build on this customer
enthusiasm."

Certified Used Vehicles

May 2007 sales for all certified GM brands, including GM Certified Used
Vehicles, Cadillac Certified Pre-Owned Vehicles, Saturn Certified
Pre-Owned Vehicles, Saab Certified Pre-Owned Vehicles, and HUMMER
Certified Pre-Owned Vehicles, were 45,892 units, up 3 percent from last
May.  Total year-to-date certified GM sales are 227,365 units, up 3
percent from the same period last year.

GM Certified Used Vehicles, the industry's top-selling
manufacturer-certified used brand, posted 40,306 sales, up nearly 5
percent from last May.  Year-to-date sales for GM Certified Used Vehicles
are 199,715 units, up 4 percent from the same period in 2006.

Cadillac Certified Pre-Owned Vehicles posted May sales of 3,102 units,
down 6 percent from last May.  Saturn Certified Pre-Owned Vehicles sold
1,603 units in May, down 13 percent.  Saab Certified Pre-Owned Vehicles
sold 797 units, comparable to last May, and HUMMER Certified Pre-Owned
Vehicles sold 84 units, down 6 percent.

"GM Certified Used Vehicles, the industry's top-selling certified brand,
had another category-leading performance with sales of 40,306 units, up
nearly 5 percent," said Mr. LaNeve.  "GM Certified also set a new all-time
high with year-to-date sales through May of 199,715 units, up 4 percent
from its 2006 segment record performance for the same period."

2Q Production Forecast

In May, GM North America produced 401,000 vehicles (139,000 cars and
262,000 trucks).  This is down 25,000 units or 6 percent compared to May
2006 when the region produced 425,000 vehicles (158,000 cars and 267,000
trucks).

The region's 2007 second-quarter production forecast is unchanged at 1.145
million vehicles (403,000 cars and 742,000 trucks).  Additionally, the
region's initial 2007 third-quarter production forecast is set at 1.075
million vehicles (377,000 cars and 698,000 trucks), up 2 percent from
third-quarter 2006 actuals.

GM also announced revised 2007 second-quarter and initial 2007
third-quarter production forecast for its international regions.

For GM Europe, the region's 2007 second-quarter production forecast is
revised at 468,000 vehicles, down 5,000 units from last month's guidance.
In the second-quarter of 2006 the region built 495,000 vehicles.  The
region's initial 2007 third-quarter production forecast is set at 389,000
vehicles.  In the third-quarter of 2006 the region built 374,000 vehicles.

GM Asia Pacific's 2007 second-quarter production forecast remains
unchanged at 568,000 vehicles.  In the second-quarter of 2006 the region
built 482,000 vehicles.  The region's initial 2007 third-quarter
production forecast is set at 524,000 vehicles.  In the third-quarter of
2006 the region built 433,000 vehicles.

For GM Latin America, Africa and the Middle East, the region's 2007
second-quarter production forecast is unchanged at 233,000 vehicles.  In
the second-quarter of 2006 the region built 206,000 vehicles.  The
region's initial 2007 third-quarter production forecast is set at 258,000
vehicles.  In the third-quarter of 2006 the region built 215,000 vehicles.

                  About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the world's
largest automaker and has been the global industry sales leader for 76
years.  GM currently employs about 280,000 people around the world.  GM
manufactures its cars and trucks in 33 countries.  General Motors has
Asia-Pacific operations in India, China, Indonesia, Japan, the
Philippines, among others. It has locations in European countries
including Belgium, Austria, and France.  In Latin-America, the company
maintains locations in Argentina, Brazil, Chile, Colombia, Ecuador,
Venezuela, Paraguay and Uruguay.

In 2006, nearly 9.1 million GM cars and trucks were sold globally under
these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER,
Opel, Pontiac, Saab, Saturn and Vauxhall.

As of March 31, 2007, GM's balance sheet showed a stockholders' deficit of
US$4,347,000,000, compared to a positive equity of US$15,779,000,000 at
March 31, 2006.

                         *     *     *

In May 2007, Fitch Ratings has downgraded General Motors Corporation's
senior unsecured debt rating to 'B-/RR5' from 'B/RR4'.  GM's Issuer
Default Rating remains at 'B' and is still on Rating Watch Negative (along
with the other outstanding ratings) by Fitch following the company's
announcement that it will be raising US$4.1 billion in secured financing
and US$1.1 billion in senior unsecured convertible securities.

The US$4.1 billion 364-day facility, to be secured by GM's common equity
holdings in GMAC, will be assigned a rating of 'BB/RR1', while the senior
unsecured convertible securities will be rated 'B-/RR5'.


GOODYEAR TIRE: Equity Offering Completion Cues S&P to Up Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Goodyear Tire &
Rubber Co., including its corporate credit rating to 'BB-' from 'B+'.  In
addition, the ratings were removed from CreditWatch where they were placed
with positive implications on May 10, 2007.  Recovery ratings were not on
CreditWatch.

The upgrades reflect the company's completion of its equity offering with
net proceeds of approximately US$834 million.  Proceeds will be used to
repay approximately US$175 million of its 8.625% notes due in 2011 and
approximately US$140 million of its 9% notes due in 2015.  S&P expect some
of the remaining
proceeds would be used to repay other debt.

The benefits of the reduction in debt and debt-like obligations as a
result of the equity sale, pending asset sales, and the United
Steelworkers contract are significant.  Combined with sustained improved
performance in North American tire operations, an additional upgrade is
possible during the next two years.  The outlook could be revised back to
stable or to negative if earnings and cash flow weaken because of soft
demand, or if operating improvements in North America reverse,
notwithstanding recent progress on balance sheet improvement.

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.

Goodyear maintains Asia-Pacific facilities in Australia, China
and Korea. Its European bases are located in Austria, Belgium,
France, Germany, Italy, Russia, Spain, and the United Kingdom.
Goodyear's Latin American operations are located in Argentina,
Brazil, Chile, Colombia, Jamaica, Mexico, and Peru.


SOLUTIA INC: Completes Sale of Dequest Business to Thermphos
------------------------------------------------------------
Solutia Inc. on Friday completed the sale of Dequest(r), its water
treatment phosphonates business.

Under the terms of the agreement, Thermphos Trading GmbH has purchased the
assets and assumed certain of the liabilities of the Dequest business for
$67 million in cash, subject to a working capital adjustment.  The parties
have also entered into a lease and operating agreement under which Solutia
will continue to operate the Dequest production facility for Thermphos at
Solutia's plant in Newport, Wales, U.K.

                    About Thermphos International

Thermphos International -- http://www.thermphos.com/-- produces and sells
phosphorus, phosphoric acid, phosphorus derivates and phosphates.
Thermphos employs approximately 1,150 people world-wide with locations in
the Netherlands, Germany, Switzerland, France, England Argentina and
China.

                           About Dequest

Dequest -- http://www.dequest.com/-- produces phosphonates, which are
used as additives in water processing across a broad spectrum of markets,
including industrial water treatment, household and industrial detergents,
industrial cleaners, enhanced oil recovery operations, and various
industrial processes such as desalination and pulp production.  In 2006,
sales for the Dequest business accounted for less than 4% of the total
sales of Solutia Inc.

                       About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia, Inc. (OTCBB:SOLUQ) --
http://www.solutia.com/-- with its subsidiaries, make and sell a variety
of high-performance chemical-based materials used in a broad range of
consumer and industrial applications.  Solutia has operations in Malaysia,
China, Singapore, Belgium, and Colombia.

Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the
Debtors filed for protection from their creditors, they listed
$2,854,000,000 in assets and $3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at Dinsmore & Shohl,
LLP and Conor D. Reilly, Esq., at Gibson, Dunn & Crutcher, LLP.  Trumbull
Group LLC is the Debtor's claims and
noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq.,
and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.  The Debtors'
exclusive period to file a plan expires on July 30, 2007.


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


ON SEMICONDUCTOR: Ridge Property Ends Sale Pact with SCI LLC
------------------------------------------------------------Ridge Property
Services II LLC, during the due diligence period, terminated a Sale
Agreement it entered with Semiconductor Components Industries LLC.  Ridge
determined that the Sale Agreement was not feasible as originally
contemplated and by written notice to SCI LLC dated May 15, 2007.

SCI LLC, ON Semiconductor’s wholly owned subsidiary and primary operating
company, entered into an Agreement for Sale and Purchase dated March 30,
2007, with Ridge.  The Sale Agreement provided for a due diligence period
for the purpose of determining the feasibility of Ridge acquiring the
Property.

As initially agreed between the parties, SCI LLC agreed to sell to Ridge
about 20 acres of surface rights and certain improvements owned by SCI LLC
for a purchase price of about $11.5 million, subject to adjustment.  The
property located at 52nd Street in Phoenix, Arizona is adjacent to ON
Semiconductor’s corporate headquarters.

As a result of the termination, ON Semiconductor no longer expects to
close on the Property sale transaction under the previous terms and
conditions of the Sale Agreement, which would have triggered an estimated
gain of about $10 million.

                      About ON Semiconductor

ON Semiconductor -- http://www.onsemi.com/-- supplies power
solutions to engineers, purchasing professionals, distributors and
contract manufacturers in the computer, cell phone, portable
devices, automotive and industrial markets.  The company has operations in
Japan and the Czech Republic.

                          *     *     *

As reported in the Troubled Company Reporter on May 4, 2007,
Standard & Poor's Ratings Services raised its corporate credit rating on
Phoenix, Arizona-based ON Semiconductor Corp. to 'BB-'from 'B+'.  The
outlook is stable.  At the same time, Standard & Poor's assigned its 'BB'
rating to the company's amended and restated credit agreement, with a
recovery rating of '1', indicating the expectation of full (100%) recovery
of principal in the event of a payment default.


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


CNH GLOBAL: S&P Lifts Corporate Credit Rating to BB+
----------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit rating on
CNH Global N.V. and related entities to 'BB+' from 'BB' following the same
rating action taken by Standard & Poor's on CNH's parent company,
Italy-based Fiat SpA.  The outlook is positive.

The corporate credit rating and outlook on publicly traded CNH are the
same as those on auto and truck manufacturer Fiat due to the close ties
between the two entities.  Fiat views CNH as a core business and continues
to provide strong liquidity support to CNH by way of intercompany loans
and bank loan guarantees.  Fiat has an approximate 90% equity ownership
stake in CNH.  The company has a satisfactory business position as the
world's second-largest agricultural equipment maker and as a major
manufacturer of construction equipment.  It also has an aggressive, but
improving, financial profile.

CNH Global N.V. -- http://www.cnh.com/-- (NYSE: CNH) manufactures
agricultural and construction equipment businesses.  CNH Global is a
majority-owned subsidiary of Fiat S.p.A. (MILAN: FIA) (NYSE: FIA).  Aside
from the U.S. and Canada, the company also has manufacturing facilities in
Austria, Belgium, France, Italy, Poland, United Kingdom, China, India,
Brazil, and Mexico, among others.


EUROTUNNEL GROUP: Aims to Become an Attractive Investment
---------------------------------------------------------
Eurotunnel Group CEO Jacques Gounon said that the company has placed its
financial problems behind and is set to become an attractive investment
for shareholders, The Associated Press reports.

"We're turning the page on a chaotic past, and we're starting a new
company with a real future," Mr. Gounon was quoted by the AP as saying.

"This is a new Eurotunnel," Mr. Gounon stated. "Everyone who wants to
rediscover the spirit of the initial share placement, and all long-term
investors who want guaranteed results should come to the new Eurotunnel."

As reported in the TCR-Europe on May 28, 2007, the Autorite des marches
financiers indicated that around 87% of the share capital of Eurotunnel
S.A./Eurotunnel PLC have been tendered to the offer.

The debt to equity swap is part of the restructuring designed to save the
channel tunnel operator from bankruptcy.

The deal will see the creation of a new company, Groupe Eurotunnel S.A.,
in which existing shareholders' stake will fall to 13%.

According to AP, Mr. Gounon disclosed that the company's operating results
would easily cover its debt payments after the restructuring.

The Business reports that Mr. Gounon's aim is to make Groupe Eurotunnel
begin issuing shares that would be traded on the London Stock Exchange and
France's Euronext on June 28, 2007.

The Business relates that Eurotunnel will no longer be an Anglo/French
company as Groupe Eurotunnel will officially be French.  This will mark
the end of an agreement made on
Nov. 30, 1984 between the British and French governments to form a joint
company to solicit private sector proposals to build a channel tunnel.

                       About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group (aka Groupe Eurotunnel S.A.) --
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
=============


DETEL DEUTSCHE: Claims Registration Period Ends July 5
------------------------------------------------------
Creditors of DeTel Deutsche Teledialog GmbH have until July 5 to register
their claims with court-appointed insolvency manager Johannes Franke.

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 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:

          Johannes Franke
          Verdener Platz 1
          30419 Hannover
          Germany
          Tel: 0511/794573
          Fax: 0511/794576

The District Court of Gifhorn opened bankruptcy proceedings against DeTel
Deutsche Teledialog GmbH on May 21.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         DeTel Deutsche Teledialog GmbH
         Duderstadter Weg 30-32
         31303 Burgdorf
         Germany

         Attn:  Bernd Brandenburg, Manager
         Ringstr. 58
         24103 Kiel
         Germany


ESTEP GMBH: Claims Registration Period Ends June 21
---------------------------------------------------
Creditors of EsTep GmbH have until June 21 to register their claims with
court-appointed insolvency manager Horst Piepenburg.

Creditors and other interested parties are encouraged to attend the
meeting at 9:45 a.m. on July 9, 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:

         Horst Piepenburg
         Heinrich-Heine-Allee 20
         40213 Duesseldorf
         Germany
         Tel: 0211/492240
         Fax: 0211/4922487

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

The Debtor can be reached at:

         EsTep GmbH
         Benzstr. 7
         47574 Goch
         Germany

         Attn: Roberto Borgmann, Manager
         Adelholmstr. 10
         47652 Weeze
         Germany


ELEKTRO-BARTH: Claims Registration Period Ends July 5
-----------------------------------------------------
Creditors of Elektro-Barth GmbH have until July 5 to register their claims
with court-appointed insolvency manager Rainer M. Bahr.

Creditors and other interested parties are encouraged to attend the
meeting at 10:00 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 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:

         Rainer M. Bahr
         Prinzenstr. 14
         30159 Hannover
         Germany
         Tel: 0511/85030580
         Fax: 0511/85030588
         E-mail: Baehr@Hermann-Law.com

The District Court of Gifhornopened bankruptcy proceedings against
Elektro-Barth GmbH on May 22.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Elektro-Barth GmbH
         Attn: Regine Barth and Horst Heim, Managers
         Gruener Weg 6
         38527 Meine
         Germany


HARALD THIELE: Claims Registration Ends July 2
----------------------------------------------
Creditors of Harald Thiele und Michael Queder Geruestbau GmbH have until
July 2 to register their claims with court-appointed insolvency manager
Thorsten Klepper.

Creditors and other interested parties are encouraged to attend the
meeting at 9:00 a.m. on July 31, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

          Thorsten Klepper
          Kleppingstrasse 20
          44135 Dortmund
          Germany

The District Court of Dortmund opened bankruptcy proceedings against
Harald Thiele und Michael Queder Geruestbau GmbH on May 18.  Consequently,
all pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Harald Thiele und Michael Queder Geruestbau GmbH
          Kreuzstr. 69
          44575 Castrop-Rauxel
          Germany


HAYES LEMMERZ: Completes Three Recapitalization Transactions
------------------------------------------------------------
Hayes Lemmerz International Inc. has closed on these recapitalization
transactions:

   -- equity rights offering of US$180 million and direct
      investment by Deutsche Bank Securities Inc. of US$13.1
      million;

   -- senior secured credit facilities of approximately US$495
      million, issued by a European subsidiary; and

   -- 8-1/4% senior notes due 2015 of EUR130 million, issued by
      a European subsidiary.

The proceeds from these transactions were used:

    * to repay the 10-1/2% senior notes due 2010 of HLI
      Operating Company Inc., a subsidiary of the company;

    * to repay the company's obligations under its Amended and
      Restated Credit Agreement dated April 11, 2005;

    * to pay related transaction costs, fees and expenses;

    * to provide working capital; and

    * for other general corporate purposes.

"The company is pleased with the show of support from the company’s
shareholders and its lenders,” James Yost, vice president, finance and
chief financial officer said.  “The rights offering was over-subscribed
and there was strong interest from both U.S. and European investors for
its debt.  By raising new equity capital and retiring high-cost debt, the
company has reduced its leverage, strengthened its balance sheet and
significantly improved its free cash flow."

                 About Hayes Lemmerz International

Headquartered in Northville, Michigan, Hayes Lemmerz International Inc.
(Nasdaq: HAYZ) -- http://www.hayes-lemmerz.com/-- global supplier of
automotive and commercial highway wheels, brakes and powertrain
components.  The company has 30 facilities and approximately 8,500
employees worldwide.

The company has operations in India, Brazil and Germany, among others.

                          *    *    *

As reported in the Troubled Company Reporter on May 4, 2007,
Moody's Investors Service raised to B3 from Caa1 the corporate
family and probability of default ratings of HLI Operating
Company, Inc., a wholly-owned subsidiary of Hayes Lemmerz
International, and changed the rating outlook to stable from
negative.

Moody's also assigned a B2 (LGD3, 33%) to new senior secured bank
facilities to be issued by HLI Operating Company, a B2 (LGD3, 33%) to a
secured term loan and synthetic letter of credit facility to be issued by
HLI Luxembourg S.a.r.l. and a Caa2 (LDG5, 87%) to new senior unsecured
notes also to be issued by HLI Luxembourg.


HEINRICH EISINGER: Claims Registration Ends June 25
---------------------------------------------------
Creditors of Heinrich Eisinger GmbH have until June 25 to register their
claims with court-appointed insolvency manager Thorsten Konrad.

Creditors and other interested parties are encouraged to attend the
meeting at 10:15 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 Mannheim
         Hall 232
         Second Floor
         Schloss
         68149 Mannheim
         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:

          Thorsten Konrad
          Saarburger Ring 10-12
          68229 Mannheim
          Germany
          Tel: 0621/483240

The District Court of Mannheim opened bankruptcy proceedings against
Heinrich Eisinger GmbH on May 23.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

          Heinrich Eisinger GmbH
          Max-Born-Str. 5A
          68169 Mannheim
          Germany


HOLZ GROSSHANDEL: Claims Registration Ends Sept. 4
--------------------------------------------------
Creditors of Holz Grosshandel- und Verarbeitung Faulstich & Co.
GmbH have until Sept. 4 to register their claims with court-appointed
insolvency manager Rolf Rombach.

Creditors and other interested parties are encouraged to attend the
meeting at 9:30 a.m. on Sept. 18, 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 Erfurt
         Hall 15
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         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 Rombach
         Magdeburger Allee 159
         99086 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings against Holz
Grosshandel- und Verarbeitung Faulstich & Co. GmbH on May 22.
Consequently, all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Holz Grosshandel- und Verarbeitung Faulstich & Co.
         GmbH
         GF Peter Faul-stich
         Levinestrasse 9
         99334 Ichtershausen
         Germany


HOTEL MONDO: Claims Registration Ends July 25
---------------------------------------------
Creditors of Hotel Mondo GmbH have until July 25 to register their claims
with court-appointed insolvency manager Johannes Klefisch.

Creditors and other interested parties are encouraged to attend the
meeting at 10:30 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 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:

          Johannes Klefisch
          Rotter Bruch 6
          52068 Aachen
          Germany

The District Court of Cologne opened bankruptcy proceedings against Hotel
Mondo GmbH on May 9.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          Hotel Mondo GmbH
          Ostring 49
          50129 Bergheim
          Germany


HOTEL STADT: Claims Registration Ends July 17
---------------------------------------------
Creditors of Hotel Stadt Hamburg Betriebs GmbH have until
July 17 to register their claims with court-appointed insolvency manager
Hans-Peter Rechel.

Creditors and other interested parties are encouraged to attend the
meeting at 11:30 a.m. on Aug. 16, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Hans-Peter Rechel
         Lehmweg 17
         20251 Hamburg
         Germany

The District Court of Neuruppin opened bankruptcy proceedings against
Hotel Stadt Hamburg Betriebs GmbH on May 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          Hotel Stadt Hamburg Betriebs GmbH
          Roebeler Str. 25
          16909 Wittstock
          Germany


===========
G R E E C E
===========


KNOLL INC: Adopts SEC Rule 10b5-1 on US$50 Mln Share Repurchase
---------------------------------------------------------------Knoll Inc.
has adopted a written trading plan under Rule 10b5-1 of the Securities
Exchange Act of 1934 to facilitate repurchases between June 1, 2007, and
July 20, 2007, under its US$50 million share repurchase plan disclosed in
February 2006.

Under the company 10b5-1 plan, Bank of America Securities LLC will have
the authority to repurchase up to an aggregate of approximately US$8.5
million worth of Knoll common stock on behalf of the company during the
period.

The company 10b5-1 plan does not require that any shares be purchased, and
there can be no assurance that any shares will be purchased. Purchases may
be made under the company 10b5-1 plan beginning June 1, 2007.  The Share
Repurchase Plan will continue to be in effect following the expiration of
the company 10b5-1 plan, which expires on the earlier of July 20, 2007, or
the date on which purchases are completed.

A 10b5-1 plan allows the company to repurchase shares at times when it
would ordinarily not be in the market because of the company's trading
policies or the possession of material non-public information.

                         About Knoll Inc.

Headquartered in East Greenville, Pennsylvania, Knoll Inc. (NYSE: KNL) --
http://www.knoll.com/-- designs and manufactures
branded office furniture products and textiles, serves clients
worldwide.  It distributes its products through a network of more than 300
dealerships and 100 showrooms and regional offices.  The company has
locations in Argentina, Australia, Bahamas, Cayman Islands, China,
Colombia, Denmark, Finland, Greece, Hong Kong, India, Indonesia, Japan,
Korea, Malaysia, Philippines, Poland, Portugal and Singapore, among
others.

                          *     *     *

Knoll Inc. carries Moody's Investors Service's B1 Corporate Family Rating
and the company's $200 million senior secured revolver and $250 million
senior secured term loan carry Moody's Ba2.   Moody's assigned an LGD2
rating to both loans, suggesting note holders will experience a 27% loss
in the event of a default.


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


ALITALIA SPA: OAO Aeroflot Denies Stake Bid Pullout
---------------------------------------------------
OAO Aeroflot denied reports that it will withdraw its bid for the Italian
government's 39.9% stake in Alitalia S.p.A., Itar-Tass reports.

The Russian carrier, however, said it plans no heavy spending in acquiring
Alitalia, Itar-Tass relates.

As reported in the TCR-Europe on May 30, 2007, Mikhail Poluboyarinov,
Aeroflot deputy chief executive officer for finance and planning, said
Aeroflot will offer less than the market price for Italy's stake in
Alitalia, Bloomberg News reports.

"We want to invest in the company itself and not in the Italian
government," Mr. Poluboyarinov was quoted by Bloomberg News as saying.

An Aeroflot pullout would have left the consortium of AirOne S.p.A. and
Intesa-San Paolo S.p.A. as sole bidder for Alitalia.

TCR-Europe reported on June 1, 2007, that the consortium of TPG Capital,
MatlinPatterson Global Advisers LLC and Mediobanca S.p.A. has withdrawn
its bid for the stake, saying it was not "in a position to comply with all
of the requirements," which it described as "too complex and cryptic."  

Remaining bidders for Alitalia are partners OAO Aeroflot and
Unicredit Italiano S.p.A.; and the consortium of AirOne S.p.A.
and Intesa-San Paolo S.p.A..

Italy, which is selling a minimum of 39.9% stake in Alitalia,
gave the bidders until 5:00 p.m. on July 2 to present their
binding offers.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.com/
-- 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.


ALITALIA SPA: 2006 Results Approval Hinges on Carrier's Future
--------------------------------------------------------------
Deloitte & Touche may not approve Alitalia S.p.A.'s accounts for 2006
pending assurance of the carrier's future, Thomson Financial reports
citing daily Finanza & Mercati.

As reported in the TCR-Europe on May 29, 2007, Italian infrastructure
minister Antonio Di Pietro said Alitalia may succumb to bankruptcy if
bidders do not submit adequate offers to relaunch the ailing carrier.

The TCR-Europe reported on May 28, 2007, that Alitalia reported EUR625.6
million in net loss on EUR4.72 billion in operating revenues for the year
ended Dec. 31, 2006, compared with EUR176.6 million in net loss on EUR4.8
billion in operating revenues for the year ended Dec. 31, 2005.

The company attributed its net loss mainly to a EUR197.3 million write off
of its aging fleet.  Alitalia also attributed its poor
results on higher fuel costs, stiff competition from low-cost carriers,
strikes and difficulties in achieving cost-cutting objectives.  Around
EUR100 million in losses were caused by strikes.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.com/
-- 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.


FIAT SPA: S&P Lifts Corporate Credit Rating to BB+
--------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate credit
rating on Italian industrial group Fiat SpA to 'BB+' from 'BB'.  At the
same time, the 'B' short-term corporate credit rating was affirmed.  The
outlook remains positive.

"The upgrade and maintenance of a positive outlook reflect Fiat's
continued improvements in profitability and cash flow generation over the
past several quarters, with an uninterrupted decline in debt," said
Standard & Poor's credit analyst Barbara Castellano.

Fiat has demonstrated consistent earnings growth and operational
improvements.  These have been achieved through an increase in sales,
sustained by the success of new products.  In the first quarter of 2007,
the group reported an operating margin of 4.4%, up from 2.6% in the same
quarter of 2006.  The auto and truck divisions showed the most remarkable
improvements, with operating margins of 3.3% (versus 0.8%) and 6%
(versus.3.4%), respectively.

The debt reduction trend was confirmed in the first quarter, with reported
net industrial debt of EUR 1.3 billion at
March 31, 2007, versus EUR 1.8 billion at year-end 2006.  Funds from
operations to adjusted debt was about 30% at year-end 2006.

"We look positively on Fiat's ability to widen and improve its product
offer in its main businesses, as a larger array of successful products can
increase the stability of results," said Ms. Castellano.

In 2007, Fiat continued to enlarge its market share in the auto segment in
Europe as a whole and in Italy.  In Italy, the new Fiat Bravo, launched at
the end of January, was already among the top 10 cars sold in April.

The ratings continue to reflect, however, Fiat's strong reliance on the
Italian market -- Italy represents about 40% of volume sales in the auto
segment -- and limited presence in other Western European countries.
Standard & Poor's expects Fiat to achieve further improvements in trading
profits and cash generation in the medium term, with an increasing cash
contribution from the auto segment.

S&P believe that Fiat will continue to show steady improvements in the
auto sector and to consolidate its position in the European market.  S&P
expect the group to confirm its ability to generate free operating cash
flow and to maintain a conservative financial policy focused on debt
reduction.  The current ratings acknowledge continuing robust performance
at CNH Global N.V. (BB+/Positive/--) and Iveco, which still have some
margin improvement potential.  The ratings do not, however, factor in any
significant acquisitions or divestitures by the group.

"To secure an upgrade within the next two years, Fiat needs to
demonstrate its capacity to sustain the success achieved with new models
in a tough competitive environment," said Ms. Castellano.  "The full-year
2007 results should provide the first indication of whether the expected
improvements in operating performance and cash generation have been
achieved."

Conversely, the outlook could be revised to stable if the automotive
activities were to face an unexpected setback or if financial results
demonstrated a deterioration with respect to their current levels.


SEALY CORPORATION: Feb. 25 Balance Upside-Down by US$153.8 Mln
--------------------------------------------------------------
Sealy Corporation’s balance sheet as of Feb. 25, 2007, showed total assets
of $1 billion, total liabilities of $1.2 billion, and total stockholders’
deficit of $153.8 million.

Net sales for the fiscal quarter ended Feb. 25, 2007, increased 4.3% to
$412.6 million from $395.7 million for the comparable period a year
earlier on unit volume growth of 12.2%.  Partially offsetting this
increase was a 7.1% decrease in average unit selling price.  International
net sales increased $14.7 million or 18.1% to $95.9 million.  This
translates to a 14.8% increase excluding the effects of currency
fluctuation. The increase internationally represents a 33.2% increase in
unit volume, partially offset by a decrease in AUSP primarily due to
strategic pricing actions in Canada and increased sales of lower priced
OEM products in Europe.

Net income for the first quarter increased 7.2% to $24.6 million, versus
$23 million for the comparable period a year ago.

As of Feb. 25, 2007, Sealy’s cash and cash equivalent balance was $31.8
million versus $13.8 million as of Feb. 26, 2006.  The company’s debt net
of cash was $803 million at Feb. 25, 2007, compared to net debt of $958.2
million at the same time in the prior year.

The company has incurred substantial debt, including senior credit
facilities consisting of a $125 million senior secured revolving credit
facility maturing in 2010 and senior secured term loan facilities maturing
in August 2011 and August 2012 with an outstanding balance of $415 million
at Feb. 25, 2007.  The company also has an outstanding principal balance
of $342 million at Feb. 25, 2007, on the 2014 Notes.

Capital expenditures totaled $12.9 million for the three months ended Feb.
25, 2007.  The company expects total 2007 capital expenditures to be about
$40 million.  However, the company believes it has sufficient liquidity to
absorb such expenditures related to new products and that these expenses
will not have a significant adverse impact on its operating cash flow.

“As we anticipated and communicated over the past few quarters, the
momentum in domestic volume that has been building continued during the
first quarter as unit growth turned positive, due primarily to strength in
our promotional and specialty product lines,” said David J. McIlquham,
Sealy’s chairman and chief executive officer.  “We are also pleased with
the ongoing superior performance in our international markets as we build
demand for our brands around the world.  We are enthusiastic about the
arrival onto our customers’ floors, beginning this quarter, of the
innovative products which we introduced in January at the Las Vegas
Furniture Market.  This, combined with the start-up of our new domestic
latex facility, the further integration of the new North American
management team, and the expansion of our “lean” manufacturing program,
should allow Sealy to continue to grow its market share and cash flow.”

                           About Sealy

Sealy Corporation (NYSE: ZZ) -- http://www.sealy.com/-- manufactures and
markets a line of bedding products in the United States and
internationally, including Brazil, Italy and Thailand.  It offers
mattresses and mattress foundations.  The company’s innerspring bedding
products are sold under Sealy, Sealy Posturepedic, Stearns & Foster, and
Bassett brand names.  Sealy also manufactures and markets visco-elastic
and latex bedding products under the TrueForm, SpringFree, Stearns &
Foster, Reflexions, Carrington Chase, MirrorForm, and Pirelli brands.

                          *      *      *

As reported in the Troubled Company Reporter on Feb. 7, 2007, Moody's
Investors Service affirmed the Ba3 corporate family rating and B2
subordinated notes rating of Sealy Mattress Company and rated the amended
senior secured credit facility Ba1.  The outlook remains stable.


WORLD OF FOOTBALL: Claims Registration Period Ends July 5
---------------------------------------------------------
Creditors of world of football GmbH have until July 5 to register their
claims with court-appointed insolvency manager Rudolf Nirschl.

Creditors and other interested parties are encouraged to attend the
meeting at 8:30 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 Landshut
         Meeting Hall 8/I
         Maximilianstrasse 22-24
         Landshut
         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:

         Rudolf Nirschl
         Porschestr. 21
         84030 Landshut
         Germany
         Tel: 0871/96607-0
         Fax: 0871/67418

The District Court of Landshut opened bankruptcy proceedings against world
of football GmbH on May 23.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         world of football GmbH
         Watzmannstr. 69
         84034 Landshut
         Germany


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


ABYROY JER: Proof of Claim Deadline Slated for July 6
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has declared LLP
Abyroy Jer insolvent.

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

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


AKTAUSKY MASHINOSTROITELNY: Claims Registration Ends July 6
-----------------------------------------------------------
LLP Aktau Engineering Plant Aktausky Mashinostroitelny Zavod has declared
insolvency.  Creditors have until July 6 to submit written proofs of
claims to:

         LLP Aktau Engineering Plant
         Aktausky Mashinostroitelny Zavod
         Baza ARTS
         Promzona
         Aktau
         Mangistau
         Kazakhstan


E-2 LLP: Creditors' Claims Due July 4
-------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has declared LLP
E-2 insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Sayin Str. 8-94
         Almaty
         Kazakhstan
         Tel: 8 (3272) 56-75-46
              8 777 293 23-15


IZAR-TORG LLP: Claims Registration Ends July 6
----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has declared LLP
Izar-Torg (RNN 092200220491).

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Room 208
         Jangusurov Str. 113A
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (32822) 24-19-77


KOITAS LLP: Claims Filing Period Ends July 6
--------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has declared LLP
Koitas insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Suleymenov Str. 17 (11a)
         Taraz
         Jambyl
         Kazakhstan


SIRIUS LLP: Claims Filing Period Ends July 6
--------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has LLP Sirius
insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Post Office Box 72
         Main Post Office
         Almaty 050000
         Kazakhstan
         Tel: 8 333 241 79-98


START LLP: Creditors Must File Claims July 6
--------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has declared LLP
Start insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Suleymenov Str. 17 (11a)
         Taraz
         Jambyl
         Kazakhstan


VAN-SHAN LLP: Proof of Claim Deadline Slated for July 4
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has declared LLP
Firm Van-Shan insolvent.
Creditors have until July 4 to submit written proofs of claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Sayin Str. 8-94
         Almaty
         Kazakhstan
         Tel: 8 (3272) 56-75-46
              8 777 293 23-15


WINTERLUX LLP: Creditors Must File Claims July 6
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has declared LLP
Winterlux” insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Post Office Box 72
         Main Post Office
         Almaty 050000
         Kazakhstan
         Tel: 8 333 241 79-98


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


CHUIBATYSHKURULUSH OJSC: Creditors Must File Claims by July 18
--------------------------------------------------------------
OJSC Chuibatyshkurulush has declared insolvency.  Creditors have until
July 18 to submit written proofs of claim to:

         OJSC Chuibatyshkurulush
         Depovskaya Str. 94
         Novo-Pavlovka
         Chui
         Kyrgyzstan


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


EVRAZ GROUP: Acquiring Highveld Steel's Entire Share Capital
------------------------------------------------------------
Evraz Group S.A. made an offer to acquire the entire issued share capital
of Highveld Steel and Vanadium Corporation , other than those shares
already held by Evraz, for a consideration of US$11.40 per Highveld share.

The consideration of US$11.40 per offer share will be converted to and
payable in cash in ZAR on the basis of the conversion rate, which will be
published by Evraz on the closing date.

At present Evraz owns approximately 54.1% of all outstanding shares in
Highveld.  Under South African law, Evraz is required to make a mandatory
general offer to all shareholders of Highveld after its ownership position
has exceeded 35%.  The offer is valid until 5:00 p.m. South African time
on July 4, 2007 unless extended by Evraz in accordance with applicable
laws and regulations.  Evraz has obtained all necessary regulatory
approvals and therefore the offer is not subject to any
conditions.

Additionally, Evraz still has an option to buy the Credit Suisse
shareholding of 24.9% in Highveld.

“We believe the price we are offering to be fair and attractive. It
reflects the growth of Highveld business and is approximately 31% higher
than the price paid by Evraz to Anglo American - then equivalent to R62.36
- for a majority shareholding in the company.  We believe that this price
reflects the full value of the business of Highveld,” Evraz Chairman and
CEO Alexander Frolov said.

                         About Evraz

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

                          *     *     *

Moody's Investors Service confirmed its Ba3 Corporate Family Rating for
Evraz Group S.A. and assigned a Ba3 Probability-of-Default Rating to the
company.

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

                                                     Projected
                          Old Debt New Debt LGD      Loss-Given
   Debt Issue             Rating   Rating   Rating   Default
   ----------             -------  -------  ------   -------

   8.25% Senior Unsecured
   Regular Bond/
   Debenture Due 2015      B2        B2      LGD5     88%

* Issuer: Evraz Securities S.A.

                          Old Debt New Debt LGD      Loss Given
   Debt Issue             Rating   Rating   Rating   Default
   ----------             -------  -------  ------   -------

   10.875% Senior Unsecured
   Regular Bond/
   Debenture Due 2009      B1       Ba3      LGD3     47%

In November 2006, Fitch Ratings affirmed Luxembourg-based Evraz Group
S.A.'s Issuer Default and senior unsecured ratings at BB and its
Short-term rating at B.

At the same time, Fitch has affirmed the ratings of Mastercroft Ltd.,
Evraz's core subsidiary with most of its assets concentrated in Russia- at
Issuer Default BB and Short-term B.  Evraz Securities SA's senior
unsecured rating is affirmed at BB.  Fitch said the Outlooks on the Issuer
Default ratings are Stable.

Standard & Poor's rated Evraz Group's 8-1/4% notes due November 2015 at B+.


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


FOOT LOCKER: Halts Plans to Acquire Genesco’s Stock
---------------------------------------------------
In light of Genesco Inc.'s rejection of its acquisition proposal, Foot
Locker Inc. disclosed that it was no longer pursuing its proposal.

The company confirmed that it had made a proposal to Genesco Inc. last
Thursday to acquire all of the outstanding common stock of Genesco for
US$51 per share.

In consultation with its financial advisor, Goldman Sachs & Co., the Board
of Directors of Genesco considered the proposal and, following a thorough
review, unanimously rejected the proposal having concluded that it was not
in the best interests of Genesco's shareholders.

The Board of Directors of Genesco invited Foot Locker to participate in
the company's process on the same terms as other interested parties to
date, but Foot Locker has declined to do so.

                         About Genesco Inc.

Headquartered in Nashville, Tennessee, Genesco Inc. (NYSE:GCO)
-- http://www.genesco.com/-- retails branded footwear, licensed and
branded headwear, and wholesaler of branded footwear.  Its
business segments include Journeys, Underground Station Group, Hat World,
Johnston & Murphy, and Licensed Brands.  The Journeys
segment consists of the Journeys and Journeys Kidz retail footwear chains.
The Underground Station Group segment includes the Underground Station
and Jarman retail footwear chains.  The Hat World segment includes the Hat
World, Lids, Hat Zone, Cap
Connection and Head Quarters retail headwear chains.  The Johnston &
Murphy segment includes Johnston & Murphy retail operations, and wholesale
distribution.  The Licensed Brands segment is engaged in the wholesale
distribution of footwear manufactured under the Dockers and Perry Ellis
brands, under licenses from Levi Strauss & Company and PEI, Inc.  As of
June 9, 2006, it operated a total of 1,773 stores: 1,755 stores throughout
the United States and Puerto Rico, and 18 stores in Canada.

                        About Foot Locker

Headquartered in New York City, Foot Locker, Inc. (NYSE: FL) --
http://www.footlocker-inc.com/-- retails athletic footwear and
apparel.  The company operates approximately 3,900 athletic retail stores
in 17 countries in North America, The Netherlands and Australia under the
brand names Foot Locker, Footaction, Lady Foot Locker, Kids Foot Locker,
and Champs Sports.

The Company, through its subsidiaries, operates in two segments:
Athletic Stores and Direct-to-Customers.  The Athletic Stores
segment is an athletic footwear and apparel retailer, whose
formats include Foot Locker, Lady Foot Locker, Kids Foot Locker,
Champs Sports and Footaction.  The Direct-to-Customers segment
reflects Footlocker.com, Inc., which sells, through its
affiliates, including Eastbay, Inc., to customers through catalogs and
Internet Websites.  The Foot Locker brand is the Company's principal
brand.  In March of 2006, Foot Locker, Inc. entered into a 10-year area
development agreement with the Alshaya Trading Co. W.L.L., in which the
Company agreed to enter into separate license agreements for the operation
of a minimum of 75-foot Locker stores.


FOOT LOCKER: S&P Keeps Negative Watch After Rejected Genesco Bid
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on New York
City-based Foot Locker Inc., including its 'BB+' corporate credit rating,
remain on CreditWatch with negative implications following the company's
announcement that it launched a bid to acquire Genesco Inc. (BB-/Watch
Dev/--) for approximately
$1.3 billion in cash.  Genesco has rejected the $51.00 per share proposal
having concluded that it was not in the best interests of its
shareholders.

"Because Standard & Poor's expects that a significant portion of any
revised acquisition bid could be funded with debt, this would result in
deterioration in Foot Locker's credit metrics and a likely downgrade,"
said Standard & Poor's credit analyst David Kuntz.

At the same time, ratings for Genesco remain on CreditWatch with
developing implications, suggesting that a downgrade for Foot Locker may
be limited to two notches.  If a transaction is subsequently completed,
Genesco's rating would be the same as Foot Locker's.  S&P will continue to
monitor the ratings as additional information becomes available.

Headquartered in New York City, Foot Locker, Inc. (NYSE: FL) --
http://www.footlocker-inc.com/-- retails athletic footwear and
apparel.  The company operates approximately 3,900 athletic retail stores
in 17 countries in North America, The Netherlands and Australia under the
brand names Foot Locker, Footaction, Lady Foot Locker, Kids Foot Locker,
and Champs Sports.


===========
N O R W A Y
===========


GEOKINETICS: Completes Amended Credit Agreement with PNC Bank
-------------------------------------------------------------
Geokinetics Inc. had completed an Amended and Restated Credit Agreement
with PNC Bank, National Association.

The company said that the new credit agreement increases its existing
US$24,000,000 credit facility to a US$60,000,000 revolving line of credit,
which may be increased to US$70,000,000 at the request of the company.

The company said that it plans to use the proceeds from the increased
credit facility for capital expenditures and general corporate purposes.

Geokinetics Inc., based in Houston, Texas, is a leading global leader of
seismic acquisition and high-end seismic data processing and
interpretation services to the oil and gas industry. Geokinetics provides
seismic data acquisition services in North America, Indonesia, Norway and
Brazil. Geokinetics operates in some of the most challenging locations in
the world from the Arctic to mountainous jungles to the transition zone
environments.

                           *    *    *

As reported in Troubled Company Reporter on Dec. 22, 2006,
Standard & Poor's Ratings Services affirmed its 'CCC+' issue
rating and '3' recovery rating on Geokinetics Inc.'s second
priority floating rate notes due in 2012, after the disclosure
that the offering will be increased to US$110 million from
US$100 million.


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


ALEKSEEVSKOYE LLC: Creditors Must File Claims by June 12
--------------------------------------------------------
Creditors of LLC Alekseevskoye have until June 12 to submit proofs of
claim to:

         A. Vaysberg
         Insolvency Manager
         Sibirskaya Str. 47
         664082 Omsk
         Russia

The Arbitration Court of Omsk will convene at 2:00 p.m. on Oct. 10 to hear
the company's bankruptcy supervision procedure.  The case is docketed
under Case No. A46-2759/2007.

The Debtor can be reached at:

         LLC Alekseevskoye
         Transportnaya Str. 1
         Moskalenki
         646070 Omsk
         Russia


AUTOMOBILE OPERATING: Creditors Must File Claims by July 12
-----------------------------------------------------------
Creditors of OJSC Automobile Operating Company have until
July 12 to submit proofs of claim to:

         I. Sabirov
         Insolvency Manager
         Post User Box 57
         Chernyshevskogo Str. 43/2
         Kazan
         420202 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A65-23326/2006-SG4-27.

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         OJSC Automobile Operating Company
         Kazan
         Tatarstan
         Russia


BREWER LLC: Volgograd Bankruptcy Hearing Slated for July 30
-----------------------------------------------------------
The Arbitration Court of Volgograd will convene on July 30 to hear the
bankruptcy supervision procedure on LLC Brewer.  The case is docketed
under Case No. A12-1877/07-s50.

The Temporary Insolvency Manager is:

         T. Kleshnina
         Post User Box 244
         400005 Volgograd
         Russia

The Debtor can be reached at:

         LLC Brewer
         Lenina Pr. 67
         Volgograd
         Russia


CHERLAKSKIY OJSC: Creditors Must File Claims by June 12
-------------------------------------------------------
Creditors of OJSC Butter Making Plant Cherlakskiy have until June 12 to
submit proofs of claim to:

         A. Chingaev
         Insolvency Manager
         18th km
         Moskovskoye Shosse
         Samara
         Russia

The Arbitration Court of Omsk will convene at 2:00 p.m. on
Sept. 25 to hear the company's bankruptcy supervision procedure.   The
case is docketed under Case No. A46-2277/2007.

The Debtor can be reached at:

         OJSC Butter Making Plant Cherlakskiy
         Molkombinatskaya Str. 23
         Bolshoj Atamas
         Cherlakskiy
         646273 Omsk
         Russia


EVRAZ GROUP: Acquiring Highveld Steel's Entire Share Capital
------------------------------------------------------------
Evraz Group S.A. made an offer to acquire the entire issued share capital
of Highveld Steel and Vanadium Corporation , other than those shares
already held by Evraz, for a consideration of US$11.40 per Highveld share.

The consideration of US$11.40 per offer share will be converted to and
payable in cash in ZAR on the basis of the conversion rate, which will be
published by Evraz on the closing date.

At present Evraz owns approximately 54.1% of all outstanding shares in
Highveld.  Under South African law, Evraz is required to make a mandatory
general offer to all shareholders of Highveld after its ownership position
has exceeded 35%.  The offer is valid until 5:00 p.m. South African time
on July 4, 2007 unless extended by Evraz in accordance with applicable
laws and regulations.  Evraz has obtained all necessary regulatory
approvals and therefore the offer is not subject to any
conditions.

Additionally, Evraz still has an option to buy the Credit Suisse
shareholding of 24.9% in Highveld.

“We believe the price we are offering to be fair and attractive. It
reflects the growth of Highveld business and is approximately 31% higher
than the price paid by Evraz to Anglo American - then equivalent to R62.36
- for a majority shareholding in the company.  We believe that this price
reflects the full value of the business of Highveld,” Evraz Chairman and
CEO Alexander Frolov said.

                         About Evraz

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

                          *     *     *

Moody's Investors Service confirmed its Ba3 Corporate Family Rating for
Evraz Group S.A. and assigned a Ba3 Probability-of-Default Rating to the
company.

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

                                                     Projected
                          Old Debt New Debt LGD      Loss-Given
   Debt Issue             Rating   Rating   Rating   Default
   ----------             -------  -------  ------   -------

   8.25% Senior Unsecured
   Regular Bond/
   Debenture Due 2015      B2        B2      LGD5     88%

* Issuer: Evraz Securities S.A.

                          Old Debt New Debt LGD      Loss Given
   Debt Issue             Rating   Rating   Rating   Default
   ----------             -------  -------  ------   -------

   10.875% Senior Unsecured
   Regular Bond/
   Debenture Due 2009      B1       Ba3      LGD3     47%

In November 2006, Fitch Ratings affirmed Luxembourg-based Evraz Group
S.A.'s Issuer Default and senior unsecured ratings at BB and its
Short-term rating at B.

At the same time, Fitch has affirmed the ratings of Mastercroft Ltd.,
Evraz's core subsidiary with most of its assets concentrated in Russia- at
Issuer Default BB and Short-term B.  Evraz Securities SA's senior
unsecured rating is affirmed at BB.  Fitch said the Outlooks on the Issuer
Default ratings are Stable.

Standard & Poor's rated Evraz Group's 8-1/4% notes due November 2015 at B+.


EXPERT-INVEST CJSC: Creditors Must File Claims by July 12
---------------------------------------------------------
Creditors of CJSC Expert-Invest (TIN 7718503211) have until
July 12 to submit proofs of claim to:

         N. Biryukova
         Insolvency Manager
         To be called for Ms. N. Biryukova
         Chulkovo
         Ramenskiy
         140125 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A40-10479/07-101-17B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Expert-Invest
         Building 2
         Otkytoe Shosse 48A
         Moscow
         Russia


FIRST CJSC: Creditors Must File Claims by June 12
-------------------------------------------------
Creditors of CJSC New Investment Company First have until
June 12 to submit proofs of claim to:

         E. Ovcharenko
         Insolvency Manager
         Puskina Str. 47/1
         350063 Krasnodar
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A-32-224/2007-60/43-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         CJSC New Investment Company First
         Krasnodar
         Russia


KPD-1 CJSC: Court Names A. Chernik as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Ulyanovsk appointed A. Chernik as Insolvency
Manager for CJSC Factory KPD-1 (TIN 7327004334).  He can be reached at:

         A. Chernik
         Post User Box 90
         603155 Nizhniy Novgorod
         Russia

The Court commenced bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No.
A72-2654/05-21/11-B.

The Debtor can be reached at:

CJSC Factory KPD-1
Moskovskoye Shosse 26
432026 Ulyanovsk
Russia


MERCURY OJSC: Orel Bankruptcy Hearing Slated for Sept. 5
--------------------------------------------------------
The Arbitration Court of Orel will convene at 9:50 a.m. on
Sept. 5 to hear the bankruptcy supervision procedure on OJSC Mercury.  The
case is docketed under Case No. A48-1356/07-17b.

The Temporary Insolvency Manager is:

         V. Stavtsev
         Office 49
         Gorkogo Str. 45
         302040 Orel
         Russia

The Court is located at:

         The Arbitration Court of Orel
         Gorkogo Str. 42
         302000 Orel
         Russia

The Debtor can be reached at:

         OJSC Mercury
         Moskovskaya Str. 17
         302030 Orel
         Russia


NORTH-OIL-PRODUCT: Creditors Must File Claims by July 12
--------------------------------------------------------
Creditors of LLC North-Oil-Product have until July 12 to submit proofs of
claim to:

         A. Kozhematov
         Insolvency Manager
         Post User Box 20647
         660017 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A33-3926/2007.

The Court is located at:

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

The Debtor can be reached at:

         LLC North-Oil-Product
         Privokzalnaya Str. 1-21
         Lesosibirsk
         Krasnoyarsk
         Russia


NOVATEK OAO: Earns RUR4.34 Billion for First Quarter 2007
---------------------------------------------------------
OAO Novatek posted RUR4.34 billion in net income on
RUR14.87 billion in net revenues for the first quarter ended March 31,
2007, compared with RUR3.7 billion in net income on RUR11.38 billion in
net revenues for the first quarter ended March 31, 2006.

The figures were prepared according to International Financial Accounting
Standards.

As of March 31, 2007, 182,000 tons of stable gas condensate was recorded
as "goods in transit" compared to 141,000 tons as at March 31, 2006.

Novatek also recorded 107 million cubic meters of natural gas as inventory
and held in underground storage facilities maintained by OAO Gazprom.
Natural gas volumes injected into underground storage facilities fluctuate
period-to-period depending on market conditions, storage capacity, and
field development plans.

As March 31, 2007, Novatek had RUR89.96 billion in total assets, RUR16.9
billion in total liabilities and RUR73.06 billion in shareholders' equity.

                          About Novatek

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

                            *   *   *

Moody's Investors Service's confirmed its Ba2 Corporate Family
Rating and assigned a Ba2 probability of default rating to OAO
Novatek.

Standard & Poor's rates Novatek's long-term foreign and local
issuer credit at BB- with a stable outlook.


ROSNEFT OIL: Defers Sinopec Supply Deal Despite Lower Tariff
------------------------------------------------------------
OAO Rosneft Oil Co. will not sign an oil transport contract with China
Petroleum & Chemical Corp. despite a cut in railway tariffs, Interfax News
reports citing Rosneft President
Sergei Bogdanchikov.

Rosneft and Unipec, Sinopec's trading unit, had planned to sign a US$1
billion deal to supply up to three million tons of oil via the Naushki
border at the Russian-Mongolian boundary, Interfax relates.

Mr. Bogdanchikov said that the economic conditions are not favorable
enough to sign a contract, despite a 22% discount imposed by the Federal
Tariffs Service on oil shipped by rail to China.

In 2006, Russian Railways -- mainly via the Zabaikalsk border --
transported to China around 10 million tons of oil, of which 8.8 million
tons were from Rosneft, RIA Novosti notes.

                           About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://rosneft.com/-- produces and markets petroleum
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus, and the Arctic regions of
Russia.

                             *   *   *

In a TCR-Europe report on Mar. 23, 2007, Fitch Ratings notes
that Rosneft's plans to borrow US$22 billion from a group of
eight banks in two credit arrangements of US$13 billion maturing
in 12 months and US$9 billion maturing in 18 months is currently
incorporated into the company's local and foreign currency
Issuer Default ratings of 'BB+' Rating Watch Positive.

In a TCR-Europe report on Jan. 16, 2007, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Russian OJSC Oil Company Rosneft to 'BB+' from 'BB' and removed
it from CreditWatch, where it had been placed with positive
implications on Nov. 15, 2006.  S&P said the outlook is
developing.


SEL-KHOZ-TEKHNIKA ISILKULSKAYA: Claims Deadline Set July 12
-----------------------------------------------------------
Creditors of Agricultural Machinery Ojsc Sel-Khoz-Tekhnika Isilkulskaya
(TIN 5514002171) have until July 12 to submit proofs of claim to:

         S. Lepeshonkov
         Insolvency Manager
         Room 27
         Internatsionalnaya Str. 14
         644099 Omsk
         Russia

The Arbitration Court of Omsk commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
A46-18349/2006.

The Debtor can be reached at:

         Agricultural Machinery OJSC Sel-Khoz-Tekhnika
         Isilkulskaya
         Omsk
         Russia


SIBIRSKIY GRAIN: Creditors Must File Claims by June 12
------------------------------------------------------
Creditors of CJSC Sibirskiy Grain Alliance (TIN 5507056112) have until
June 12 to submit proofs of claim to:

         V. Ratkovskiy
         Temporary Insolvency Manager
         13th floor
         K. Libknekhta Str. 35
         644043 Omsk
         Russia

The Arbitration Court of Omsk will convene at 10:40 a.m. on
Aug. 14 to hear the company’s bankruptcy supervision procedure.  The case
is docketed under Case No. A40-2958/07-38-5B.

The Debtor can be reached at:

         CJSC Sibirskiy Grain Alliance
         2nd Kazakhstanskaya Str. 23
         644036 Omsk
         Russia


SIMBIRSK-FLOUR OJSC: Creditors Must File Claims by July 12
----------------------------------------------------------
Creditors of OJSC Simbirsk-Flour have until July 12 to submit proofs of
claim to:

         E. Shirokova
         Insolvency Manager
         Post User Box 1068
         432026 Ulyanovsk
         Russia

The Arbitration Court of Ulyanovsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A72-13346/05-19/88-b.

The Debtor can be reached at:

         OJSC Simbirsk-Flour
         Moskovskoye Shosse 52a
         432032 Ulyanovsk
         Russia


UZHUR-AGRO-SNAB: Creditors Must File Claims by July 12
------------------------------------------------------
Creditors of OJSC Uzhur-Agro-Snab have until July 12 to submit proofs of
claim to:

         A. Kozhematov
         Insolvency Manager
         Post User Box 20647
         660017 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A33-3930/2007.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Uzhur-Agro-Snab
         2nd Beregovaya Str. 20
         Uzhur
         Uzhurskiy
         662252 Krasnoyarsk
         Russia


VNESHTORGBANK JSC: Promstroybank Takeover Slated for Yearend
------------------------------------------------------------
JSC Vneshtorgbank will take over Industry & Construction Bank of St.
Petersburg (Promstroybank) by the end of 2007, RIA Novosti reports citing
VTB-24 CEO Mikhail Zadornov.

Mr. Zadornov told RIA Novosti that the takeover will involve a share swap
between VTB and Promstroybank.  He, however, said the banks were still
determining the share-swap ratio.

VTB currently owns 75% plus three shares of Promstroybank.  The company
has increased its operating volumes and profit in the first half of 2006
to its acquisition of Promstroybank.  The regional bank's shareholders has
already approved a takeover by VTB.

As reported in the TCR-Europe on Oct. 27, 2006, once a decision for
takeover is reached, Vneshtorgbank will apply for approval from the
Russian government.

Headquartered in St. Petersburg, Russia, Industry and
Construction Bank -- http://www.icbank.ru/-- engages in  
universal banking with a special franchise in corporate finance
and investment banking.

                       About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

The Group operates a network of 151 branches, including 55
branches of VTB, 42 branches of VTB Retail Services and 54
branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                         *   *   *

JSC Vneshtorgbank carries a C/D Individual rating and 2 Support ratings
from Fitch.


WINE TRADE: Creditors Must File Claims by July 12
-------------------------------------------------
Creditors of LLC Wine Trade Company (TIN 0323121370) have until July 12 to
submit proofs of claim to:

         V. Togmilov
         Insolvency Manager
         Office 7
         Solnechnaya Str. 5
         Ulan-Ude
         670031 Buryatiya
         Russia

The Arbitration Court of Buryatiya commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A-10-5934/06.

The Debtor can be reached at:

         LLC Wine Trade Company
         Solnechnaya Str. 502
         Ulan-Ude
         Buryatiya
         Russia


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


SUNNY DELIGHT: Improved Performance Cues S&P’s Upgrade to CCC+
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit rating on
Cincinnati, Ohio-based Sunny Delight Beverages Co. to 'CCC+' from 'CCC'.
The outlook is developing.

"The upgrade reflects Sunny Delight's increased financial flexibility,
reduced leverage from its recent refinancing, and somewhat improved
operating performance," said Standard & Poor's credit analyst Bea Chiem.

However, S&P remain concerned about the company's ability to stabilize its
sales volumes in North America and certain parts of Europe, to increase
sales volume with new-product launches, to offset rising commodity costs,
and to maintain or improve its operating margins in order to sustain
adequate cushion on its covenants.

Sunny Delight is a global manufacturer and distributor of juice drinks
under the Sunny Delight brand name.  The rating on the company reflects
its soft operating trends, narrow product portfolio, limited size within
the highly competitive and somewhat fragmented global juice industry, and
leveraged financial profile.  The juice drink company is majority owned by
financial sponsor J.W. Childs Associates L.P.

Sunny Delight Beverages Co. -- http://www.sunnyd.com/-- manufactures
juice-based drinks in North America and Western Europe.  The company was
formed from brands acquired from Procter & Gamble in 2004.  Its worldwide
headquarters are in Cincinnati, Ohio.  The company also has operations in
Canada, United Kingdom, Portugal, Spain, and France.


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


ALOIS HEULE: Creditors' Liquidation Claims Due July 15
------------------------------------------------------
Creditors of JSC Alois Heule have until July 15 to submit their claims to:

         Alois Heule-Pfiffner
         Liquidator
         Thomasau 8
         9443 Widnau SG
         Switzerland

The Debtor can be reached at:

         JSC Alois Heule
         Widnau SG
         Switzerland


CDT CREATIVE: Zug Court Starts Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings against LLC
CDT Creative Design Team on April 17.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC CDT Creative Design Team
         JSC AFL
         Gartenstr. 2
         6304 Zug
         Switzerland


ISOCAST JSC: Creditors' Liquidation Claims Due June 22
------------------------------------------------------
Creditors of JSC Isocast have until June 22 to submit their claims to:

         Panyotis Asteris
         Liquidator
         Schubelstrasse 6
         8700 Kusnacht ZH
         Switzerland

The Debtor can be reached at:

         JSC Isocast
         Kusnacht ZH
         Switzerland


LONELY MOUNTAIN: Creditors' Liquidation Claims Due June 15
----------------------------------------------------------
Creditors of LLC Lonely Mountain have until June 15 to submit their claims
to:

         Daniel Zimmermann
         Liquidator
         JSC Wirtschaftsprufung Trevisca
         Zugerstrasse 74
         6340 Baar ZG
         Switzerland

The Debtor can be reached at:

         LLC Lonely Mountain
         Baar ZG
         Switzerland


MASI LLC: Aargau Court Starts Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings against
LLC Masi on April 30.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         LLC Masi
         Roggenhausenstrasse 31
         5035 Unterentfelden
         Aarau AG
         Switzerland


MUNOT OPTIK: Creditors' Liquidation Claims Due June 15
------------------------------------------------------
Creditors of JSC Munot Optik have until June 15 to submit their claims to:

         Roost Martin
         Liquidator
         Bachtelstrasse 23
         8200 Schaffhausen
         Switzerland

The Debtor can be reached at:

         JSC Munot Optik
         Schaffhausen
         Switzerland


P & S IMMOBILIENGESELLSCHAFT: Liquidation Claims Due June 18
------------------------------------------------------------
Creditors of JSC P&S Immobiliengesellschaft have until June 18 to submit
their claims to:

         JSC Mathis
         Liquidator
         Zellerstrasse 58
         8038 Zurich
         Switzerland

The Debtor can be reached at:

         JSC P&S Immobiliengesellschaft
         Zurich
         Switzerland


PARTNERBAU JSC: Creditors' Liquidation Claims Due June 15
---------------------------------------------------------
Creditors of JSC Partnerbau have until June 15 to submit their claims to:

         JSC Romag Treuhand
         Liquidator
         Alleestr. 20
         8590 Romanshorn
         Arbon TG
         Switzerland

The Debtor can be reached at:

         JSC Partnerbau
         Kreuzlingen TG
         Switzerland


PPR – GARAGE MEIER: Aargau Court Starts Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings against
LLC PPR - Garage Meier Amsler on April 30.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         LLC PPR - Garage Meier Amsler
         Tellistrasse 118
         5000 Aarau AG
         Switzerland


TRUBLI-BAR LLC: Creditors' Liquidation Claims Due June 15
---------------------------------------------------------
Creditors of LLC Trubli-Bar have until June 15 to submit their claims to:

         Walter Barandun
         Liquidator
         Widenbuelstr. 2
         8103 Unterengstringen
         Dietikon ZH
         Switzerland

The Debtor can be reached at:

         LLC Trubli-Bar
         Zurich
         Switzerland


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


BARANOVKA MILK: Claims Filing Deadline Set June 13
--------------------------------------------------
Creditors of OJSC Zhytomir Milk Subsidiary Company Baranovka Milk Plant
(code EDRPOU 13553025) have until June 13 to submit their proofs of claim
to:

         Leonid Shyshkin
         Liquidator
         Apartment 19
         Cherniakhovsky Str. 20A
         10014 Zhytomir
         Ukraine

The Economic Court of Zhytomir commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. 7/25-b.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Zhytomir Milk Subsidiary Company
         Baranovka Milk Plant
         Levanevsky Str. 57
         Baranovka
         12700 Zhytomir
         Ukraine


CHEMISTRY OJSC: Creditors Must File Claims by June 9
----------------------------------------------------
Creditors OJSC Agricultural Chemistry (code EDRPOU 05491310) of have until
June 9 to submit their proofs of claim to:

         T. Melnik
         Temporary Insolvency Manager
         Apartment 9
         Pervomayskaya Str. 6
         Derazhnia
         32200 Hmelnitskiy
         Ukraine

The Economic Court of Hmelnitskiy commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No. 4/65-B

The Court is located at:

         The Economic Court of Hmelnitskiy
         Nezalezhnosti Square 1
         29000 Hmelnitskiy
         Ukraine

The Debtor can be reached at:

         OJSC Agricultural Chemistry
         Zheleznodorozhnaya Str. 62
         Derazhnia
         32200 Hmelnitskiy
         Ukraine


CHERNORUDKA AGRICULTURAL: Creditors Must File Claims by June 13
---------------------------------------------------------------
Creditors of State Enterprise Chernorudka Agricultural LLC (code EDRPOU
00729345) have until June 13 to submit their proofs of claim to:

         Liudmila Shvediuk
         Temporary Insolvency Manager
         Shkolny Lane 9 Apartment 44
         Zhytomir
         Ukraine

The Economic Court of Zhytomir commenced bankruptcy supervision procedure
on the company.

The Court is located at:

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

The Debtor can be reached at:

         State Enterprise Chernorudka Agricultural LLC
         Zhovtneve
         Ruzhynsky District
         Zhytomir
         Ukraine


PERSHOTRAVENSK MINE 4: Creditors Must File Claims by June 10 
------------------------------------------------------------
Creditors of OJSC Pershotravensk Mine Building Department 4 have until
June 10 to submit their proofs of claim to:

         Alexander Novikov
         Temporary Insolvency Manager
         P.O. Box 1809
         49027 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy supervision
procedure on the company on March 7.  The case is docketed under Case No.
B 15/37-07.

The Court is located at:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Debtor can be reached at:

         OJSC Pershotravensk Mine Building Department 4
         Komsomolskaya Str. 1-a
         Pershotravensk
         52803 Dnipropetrovsk
         Ukraine


POBEDA: Creditors Must File Claims by June 10
---------------------------------------------
Creditors of Agricultural Production Cooperative Pobeda (code EDRPOU
03734228) have until June 10 to submit their proofs of claim to:

         M. Tomashuk
         Temporary Insolvency Manager
         1st Lesovoy Lane 16
         Maydan-Chapelsky
         Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy supervision procedure
on the company.  case is docketed under Case No. 5/
45-07.

The Court is located at:

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

The Debtor can be reached at:

         Agricultural Production Cooperative Pobeda
         Mikhaylovka
         Gaysin District
         Vinnica
         Ukraine


QUARTA-WEST LLC: Creditors Must File Claims by June 9
-----------------------------------------------------
Creditors of LLC Quarta-West (code EDRPOU 30475549) have until June 9 to
submit their proofs of claim to:

         Roman Senik
         Temporary Insolvency Manager
         P.O. Box 26
         76008 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No. B-16/63.

The Court is located at:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Debtor can be reached at:

         LLC Quarta-West
         Soldiers Internationalists Str. 6
         76019 Ivano-Frankovsk
         Ukraine


RAYKOVTSY AGRICULTURAL: Claims Filing Deadline Set June 13
----------------------------------------------------------
Creditors of Raykovtsy Agricultural LLC (code EDRPOU 05575583) have until
June 13 to submit their proofs of claim to:

         Sergey Shyshkin
         Liquidator
         Apartment 47
         Institution Str. 17/3
         29016 Hmelnitsky
         Ukraine

The Economic Court of Hmelnitskiy commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. 13/186-B.

The Court is located at:

         The Economic Court of Hmelnitskiy
         Nezalezhnosti Square 1
         29000 Hmelnitskiy
         Ukraine

The Debtor can be reached at:

         Raykovtsy Agricultural LLC
         Raykovtsy
         Hmelnitskiy
         Ukraine


REAL-TRADE COMPANY: Creditors Must File Claims by June 9
--------------------------------------------------------
Creditors of LLC Real-Trade Company (code EDRPOU 32244257) have until June
9 to submit their proofs of claim to:

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

The Economic Court of Kiev commenced the bankruptcy supervision procedure
on the company on April 16.  The case is docketed under Case No. 15/179-b.

The Debtor can be reached at:

         LLC Real-Trade Company
         29 Apartment 25
         Chokolovsky Boulevard
         Kiev
         Ukraine


YABLUNETS BREADRECEIVING: Creditors Must File Claims by June 10
---------------------------------------------------------------
Creditors of OJSC Yablunets Breadreceiving Enterprise (code EDRPOU
00954030) have until June 10 to submit their proofs of claim to:

         Vladimir Zavalniuk
         Temporary Insolvency Manager
         Kozitsky Str. 46
         21050 Vinnica
         Ukraine

The Economic Court of Zhytomir commenced bankruptcy supervision procedure
on the company.  The case is docketed under Case No. 4/217-b.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Yablunets Breadreceiving Enterprise
         Lenin Str. 81
         Yablunets
         Emilchinsky District
         11250 Zhytomir
         Ukraine


ZHYTOMIR BREAD: Creditors Must File Claims by June 9
----------------------------------------------------
Creditors of OJSC Zhytomir Bread have until June 9 to submit their proofs
of claim to:

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

The Economic Court of Zhytomir commenced bankruptcy supervision procedure
on the company.  The case is docketed under Case No. 4/41-b.

The Debtor can be reached at:

         OJSC Zhytomir Bread
         Lesia Ukrainka Str. 33
         10001 Zhytomir
         Ukraine


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


ABC SKIP: Eileen T. F. Sale Leads Liquidation Procedure
-------------------------------------------------------
Eileen T. F. Sale of Sale Smith & Co. Ltd. was appointed liquidator of ABC
Skip Hire Ltd. On May 22 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         ABC Skip Hire Ltd.  
         Broad Lane  
         Walsall
         WS3 2TJ
         England
         Tel: 01922 711 277


ALLIANCE ATLANTIS: Fairness Hearing on Plan Slated for June 28
--------------------------------------------------------------
The Ontario Superior Court has extended until June 28, 2007,
Alliance Atlantis Communications Inc.'s fairness hearing in connection
with its Plan of Arrangement, pursuant to which AA Acquisition Corp., a
subsidiary of CanWest MediaWorks Inc., would acquire all of the
outstanding shares of Alliance Atlantis for $53 cash per share.

Alliance Atlantis, AA Acquisition, and GS Capital Partners VI, L.P. have
also agreed with Movie Distribution Income Fund and its subsidiary trust,
Movie Distribution Holding Trust, that the claim by Holding Trust
announced in a media release on April 4, 2007 relating to whether Holding
Trust's consent was required in connection with the Plan would be heard on
the same date.

"Holding Trust, AA Acquisition and GS Capital Partners VI, L.P.,
with assistance from management of MPD and Alliance Atlantis, continue to
engage in discussions," said David Lazzarato, Executive VP and Chief
Financial Officer of Alliance Atlantis.
"As I said previously, delaying the court date permits the discussions to
continue.  As we expect the Arrangement to be
completed in July or early August, we continue to believe there is ample
time for this process to run its course.  We are hopeful that the parties
will reach a satisfactory understanding but, of course, we cannot
currently predict its outcome."

Separately, Alliance Atlantis obtained relief from the Ontario Superior
Court of Justice from the requirement to hold its annual general meeting
by the end of June 2007.  The Court extended the date to Dec. 31, 2007.

                     About Alliance Atlantis

Based in Toronto, Canada, Alliance Atlantis Communications Inc. --
http://www.allianceatlantis.com/-- (TSE: AAC.A and AAC.B) is a specialty
channel broadcaster.  The company co-produces and
distributes the hit CSI franchise and indirectly holds a 51%
limited partnership interest in Motion Picture Distribution LP.
The company has motion picture distribution operations in the
United Kingdom and Spain.

                         *     *     *

As reported in the Troubled Company Reporter on Jan. 15, 2007,
Moody's Investors Service changed the direction of its current
ratings review of Alliance Atlantis to down from up.  The company
currently carry these ratings: Corporate Family Rating at Ba2;
Probability-of- Default rating at Ba3; Senior Secured rating at Ba1; and
Loss-Given-Default rating for Senior Secured debt, LGD2 (26%).

As reported in the Troubled Company Reporter on Jan. 12, 2007,
Standard & Poor's Ratings Services said that the ratings on
Alliance Atlantis, including the 'BB' long-term corporate credit
rating, remain on CreditWatch.


BRITISH ENERGY: DTI Selling 25% Stake for GBP2 Billion
------------------------------------------------------
The U.K. Department of Trade and Industry is selling 25% of its stake in
British Energy Group plc, reducing its holding in the company to 39%,
Christine Buckley and Steve Hawkes write for The Times.

According to the report, the DTI intends to dispose of up to 450 million
shares, which could raise more than GBP2 billion.

Net proceeds from the sale will go to the Nuclear Liabilities Fund to
diversify its assets which will be used to meet the future decommissioning
costs of BE’s eight nuclear power stations.  The NLF was set up at the
time of BE’s privatization in 1996 and currently some 87% of its assets
are linked to the company.

Bill Coley, chief executive of BE, said private equity companies, rival
utilities and electricity suppliers are considering forming joint
ventures, The Times relates.

                          Restructuring

Following a sudden deterioration in its financial situation, the private
sector nuclear electricity generator, BE approached the Government in
early September 2002 seeking immediate financial support and discussions
about longer term restructuring.

The Government provided BE with a short-term credit facility of up to
GBP650 million rescue aid, approved by the European Commission, which has
been fully repaid.

A solvent restructuring plan was put in place and agreed with creditors.
Government played its part by:

    * taking responsibility for BE's historic nuclear
      fuel liabilities managed by BNFL at an average cost
      of GB100-200 million pa for the next 10 years,
      falling thereafter; and

    * underwriting the NLF, a subsidiary of the DTI which
      will meet British Energy's costs of decommissioning
      and other uncontracted nuclear liabilities, in the
      event that its assets fall short of those liabilities.

The restructuring of BE was completed in early 2005.  BE has undertaken to
make certain payments into the NLF.  These include payments which give the
NLF a majority economic interest in BE.  At the direction of the Secretary
of State, the NLF may convert this economic interest, in whole or in part,
into shares in BE.

In July 2006 Alistair Darling, the Secretary of State for Trade &
Industry, said in a written statement to Parliament: "The Chancellor
stated in his Budget 2006 announcement that the Government would be
prepared to consider selling part of their stake in British Energy.  I
confirm that the Government will actively consider a sale of part of their
stake in British Energy via a capital markets transaction."  Consideration
will need to be given to the interests of the taxpayer, the company and
other stakeholders before any transaction is progressed.

The main objectives for the Government have been and continue to be
nuclear safety and security of supply.

                      About the Company

Headquartered in South Lanarkshire, British Energy --
http://www.british-energy.com/-- is U.K.'s largest power
generator, producing 20% of the country's power through eight
nuclear facilities in Scotland and England (total capacity is
9,600 MW).  British Energy also owns the 2,000-MW coal-fired
plant (Eggborough) in England.

The company emerged as British Energy Limited with a new holding
company, British Energy group PLC, after the court approved its
scheme of arrangement in January.  Under the program, existing
creditors received 97.5% of equity in the new group.

                        *     *     *

In December 2006, Standard & Poor's Ratings Services revised its outlook
on U.K.-based nuclear generator British Energy Group PLC, and its
subsidiary, British Energy Holdings PLC, to negative from stable.  At the
same time, the 'BB+' long-term corporate credit ratings on both entities
were affirmed.


DEE-SIGN WINDOWS: Appoints Stephen Franklin as Liquidator
---------------------------------------------------------
Stephen Franklin of Panos Eliades, Franklin & Co. was appointed liquidator
of Dee-Sign Windows & Doors Ltd. on May 22 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Dee-Sign Windows & Doors Ltd.
         Jasmine Road  
         Nottingham
         NG5 1JN
         England
         Tel: 0115 970 8123


DONOVAN CONSTRUCTION: Names Graham Irvine Born Liquidator
---------------------------------------------------------
Graham Irvine Born was appointed liquidator of Donovan Construction &
Development Ltd. on May 10 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Donovan Construction & Development Ltd.  
         Unit 6
         Norfolk House  
         Williamsport Way  
         Lion Barn Industrial Estate  
         Needham Market
         Ipswich  
         IP6 8RW  
         England
         Tel: 01449 723 344
         Fax: 01268 777 866


ENRON CORP: Settles Equity Transactions Suit with Credit Suisse
---------------------------------------------------------------
Enron Creditors Recovery Corp. has reached an agreement with Credit Suisse
International and Credit Suisse Securities (USA) LLC to settle the equity
transactions adversary proceeding that Enron filed against Credit Suisse
in the Enron bankruptcy case.

According to the terms of the agreement, Credit Suisse will pay Enron
US$61.5 million in cash.  Credit Suisse, in entering into the settlement,
denies any liability.  With this settlement, all bankruptcy proceedings
between Enron and Credit Suisse are resolved.

Commenting on the settlement, Enron Board Chairman John J. Ray III said,
"We are pleased with this settlement reached with Credit Suisse and look
forward to successfully resolving the remaining equity transactions
cases."

Equity transactions cases remain pending against UBS AG and Bear, Stearns.
Enron's complaint against Credit Suisse includes claims asserting
preferences, fraudulent transfers and/or conveyances, and recovery of
payments pursuant to other applicable federal and state law.

The Credit Suisse settlement remains subject to the approval of the United
States Bankruptcy Court for the Southern District of New York.

Enron is represented in this matter by Venable LLP and Togut, Segal &
Segal LLP.

                      About Enron Corporation

Headquartered in Houston, Texas, Enron Corporation --
http://www.enron.com/-- filed for chapter 11 protection on December 2,
2001 (Bankr. S.D.N.Y. Case No. 01-16033) following controversy over
accounting procedures, which caused Enron's stock price and credit rating
to drop sharply.  Judge Gonzalez confirmed the Company's Modified Fifth
Amended Plan on July 15, 2004, and numerous appeals followed.  The
Debtors' confirmed chapter 11 Plan took effect on Nov. 17, 2004.  Albert
Togut, Esq., at Togut Segal & Segal LLP, Brian S. Rosen, Esq., Martin
Soslan, Esq., Melanie Gray, Esq., Michael P. Kessler, Esq., Sylvia Ann
Mayer, Esq., at Weil, Gotshal & Manges LLP, Frederick W.H. Carter, Esq.,
Michael Schatzow, Esq., Robert L. Wilkins, Esq., at Venable, Baetjer and
Howard, LLP, and Mark C. Ellenberg, Esq., at Cadwalader, Wickersham &
Taft, LLP represent the Debtor.  Jeffrey K. Milton, Esq., Luc A. Despins,
Esq., Matthew Scott Barr, Esq., and Paul D. Malek, Esq., at Milbank,
Tweed, Hadley & McCloy LLP represents the Official Committee of Unsecured
Creditors.


EUROTUNNEL GROUP: Aims to Become an Attractive Investment
---------------------------------------------------------
Eurotunnel Group CEO Jacques Gounon said that the company has placed its
financial problems behind and is set to become an attractive investment
for shareholders, The Associated Press reports.

"We're turning the page on a chaotic past, and we're starting a new
company with a real future," Mr. Gounon was quoted by the AP as saying.

"This is a new Eurotunnel," Mr. Gounon stated. "Everyone who wants to
rediscover the spirit of the initial share placement, and all long-term
investors who want guaranteed results should come to the new Eurotunnel."

As reported in the TCR-Europe on May 28, 2007, the Autorite des marches
financiers indicated that around 87% of the share capital of Eurotunnel
S.A./Eurotunnel PLC have been tendered to the offer.

The debt to equity swap is part of the restructuring designed to save the
channel tunnel operator from bankruptcy.

The deal will see the creation of a new company, Groupe Eurotunnel S.A.,
in which existing shareholders' stake will fall to 13%.

According to AP, Mr. Gounon disclosed that the company's operating results
would easily cover its debt payments after the restructuring.

The Business reports that Mr. Gounon's aim is to make Groupe Eurotunnel
begin issuing shares that would be traded on the London Stock Exchange and
France's Euronext on June 28, 2007.

The Business relates that Eurotunnel will no longer be an Anglo/French
company as Groupe Eurotunnel will officially be French.  This will mark
the end of an agreement made on
Nov. 30, 1984 between the British and French governments to form a joint
company to solicit private sector proposals to build a channel tunnel.

                       About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group (aka Groupe Eurotunnel S.A.) --
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.


GRESHAM CAPITAL: S&P Rates EUR10.780MM Class E Notes at BB
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary credit ratings
to the EUR235.43 million secured and deferrable floating-rate notes and
EUR75 million (equivalent) variable funding notes to be to be issued by
Gresham Capital CLO IV B.V., a special purpose entity.

At closing, Gresham CLO IV will issue EUR235.43 million of notes, the
proceeds of which, after paying transaction fees and expenses, will be
invested in a portfolio of predominantly senior secured leveraged loans.

The collateral manager will be Investec Principal Finance.  The portfolio
of senior secured and mezzanine loans is expected to be diversified across
several countries and industries.

Reinvestment guidelines will limit a reduction in the par value of the
portfolio, and the quality of the portfolio will be closely monitored
throughout the reinvestment period by overcollateralization and
interest-coverage tests.


                           Ratings List

                   Gresham Capital CLO IV B.V.

             EUR235.43 Million Secured and Deferrable
              Floating-Rate Notes and EUR75 Million
               (Equivalent) Variable Funding Notes

                                Prelim.        Prelim.
              Class             rating         amount
              -----             -------        ------
              A1A dual
               Currency VFN     AAA         EUR75,000,000(1)

              A1B               AAA         EUR75,000,000
              A2                AAA         EUR48,800,000
              B                 AA          EUR24,130,000
              C                 A           EUR21,900,000
              D                 BBB         EUR22,020,000
              E                 BB          EUR10,780,000
              N                 NR          EUR32,800,000


          (1) Euro equivalent.


              NR—Not rated.


ISOFT GROUP: Takes Legal Action Against CSC Over IBA Offer
----------------------------------------------------------
The Board of iSOFT Group plc disclosed that it has no alternative but to
initiate proceedings to ensure that Computer
Sciences Corporation does not unlawfully withhold consent to a transaction
that in the view of the iSOFT Board, inter alia,
places iSOFT in a stronger position to discharge its obligations under NPfIT.

Notwithstanding this development, iSOFT intends to continue to work
constructively with CSC to deliver the NPfIT contract,
which remains an absolute priority for iSOFT.  It also intends separately
to continue the dialogue with CSC on the ongoing
management of the program.

A further announcement will be made in due course.

                           Background

Following detailed discussions over several months involving IBA, iSOFT
and CSC, on April 20, 2007, CSC indicated in writing
to iSOFT that, subject to certain conditions, CSC did not intend to
withhold its consent.  Prior to the announcement of the
IBA offer, CSC indicated issues with regard to IBA, but subsequently
agreed to the explanation of the CSC consent condition set out in IBA’s
formal offer announcement issued on May 15, 2007.

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.

CSC has previously indicated the criteria that it wishes to apply in
considering whether to consent.  These include the
extent to which CSC believes the transaction will improve iSOFT’s ability
to deliver its obligations to CSC under NpfIT.
While this is not a test required by the contract between iSOFT and CSC,
the Board of iSOFT believes that the merged iSOFT/
IBA would be better placed to perform the obligations as CSC’s
subcontractor under NPfIT due to the increased financial
stability and additional development resources that the merged
organization would enjoy.

Separately, there is an ongoing discussion between iSOFT and CSC in
relation to the management of iSOFT’s work on the NPfIT
program.  In summary, CSC has made it clear it wishes to take a greater
role therein and, subject to agreeing an appropriate
commercial framework, iSOFT has indicated that it is prepared to agree to
this.  Shareholders will, however, be aware that
the existing agreement with CSC allows them to “step in” to the management
of the Contract without iSOFT’s consent in certain
circumstances.  While this would be an event of default under iSOFT’s
banking agreements and one that the Board of iSOFT
would regard as an unwelcome act, the ongoing financial impact on iSOFT
would depend, inter alia, on CSC’s conduct of the
program thereafter and there are circumstances in which at best this could
be largely neutral.  In any event, the Board of
iSOFT regards this as a commercial discussion between it and CSC that is
separate from the consent condition although, for
the reasons outlined above, the Board believes that the IBA merger can
only enhance iSOFT’s support for CSC on the Contract.

On May 28, 2007, CSC indicated in writing that it did not intend to
consent.  This came as a surprise to the Board of iSOFT
who had believed that the matter was still under consideration.  iSOFT
immediately announced CSC’s decision to the market and
this was confirmed in an announcement by CSC on May 30, 2007.

The iSOFT board does not believe that CSC has given any satisfactory
explanation as to why its intentions have changed since
its letter of April 20, 2007.  The Contract requires CSC not to
unreasonably withhold or delay its consent.  In these
circumstances, iSOFT has been advised that there is a reasonable basis for
arguing in a Court of law that CSC has
unreasonably withheld and/or delayed its consent.

iSOFT is also concerned that CSC’s wider interests may be influencing its
conduct on this matter.

CCSC has been considering a possible offer for iSOFT since November 2006,
when it was formally given access to a data room
containing information on iSOFT for this purpose.  More recently, iSOFT
understands that CSC has also been considering a
possible offer structure for iSOFT that could involve the Californian
based private equity fund Gores.  No firm offer from
either CSC or Gores has been forthcoming to date. In the week beginning
May 21, 2007, CSC approached iSOFT’s financing banks
to explore whether it could purchase iSOFT’s debt. This approach was made
without the knowledge of iSOFT and CSC has not, in
iSOFT’s view, provided a satisfactory explanation for this approach.

                      CSC Accounting Errors

Meanwhile, CSC has discovered significant errors in its accounting for tax
liabilities in fiscal years 2000 through 2006.  As a result, the Company
was unable to file its Annual Report on Form 10-K for the year ended March
30, 2007 by May 29, 2007 without unreasonable effort or expense.

The Company currently estimates that the correction of these errors, and
other insignificant errors, will result in a
cumulative charge of US$300 million to US$400 million through March 31,
2006.  This amount does not include the cumulative
charge of approximately US$60 million through March 31, 2006 related to
the stock option investigation, which has previously
been disclosed and recorded.

On May 30, 2007, the Board of Directors concluded that the Company's
financial statements included in its previously filed
Annual Report on Form 10-K for the year ended March 31, 2006, along with
the accompanying report of the Company's independent
registered accounting firm, should no longer be relied upon because of
errors in such financial statements.  The Board of
Directors has discussed the matters in this filing with the Company's
independent registered accounting firm.

The Company will restate prior periods in its Form 10-K for the year ended
March 30, 2007, which it currently expects to file
on or prior to June 13, 2007.

                         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.


MEDQUAKE LTD: S&P Rates US$50 Million Class A Notes at BB-
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' senior secured debt
rating to the US$50 million series 1 class A principal at-risk
variable-rate notes and its 'B' senior secured debt rating to the US$50
million series 1 class B principal at-risk variable-rate notes issued
under the newly established shelf program, MedQuake Ltd., sponsored by
Swiss Reinsurance Co.

This is the first series of notes issued under this program.

Through this transaction, Swiss Re, as the counterparty, has bought fully
collateralized retrocession protection against high severity losses
incurred from earthquakes in Greece, Turkey, Cyprus, Israel, and Portugal.
This is the first catastrophe bond rated by Standard & Poor's that covers
earthquake risks in these countries.

The issuer is a special-purpose Cayman Islands-exempted company, whose
ordinary shares are held in a charitable trust.  Under the program, Swiss
Re can issue additional series which may contain various classes of notes.
There is no limit on the amount Swiss Re can issue under the program.
The term of the risk period and the countries covered against earthquake
events may vary between series.  The class A and B notes issued are due on
May 31, 2010.

Standard & Poor's has not assigned ratings to the shelf program and will
not necessarily assign ratings to any further issuance of notes through
the program.

                       Notes' Structure

MedQuake invested the US$100 million issuance proceeds in high-quality
assets, which were placed in a collateral account.  MedQuake swaps the
total return of the assets with Swiss Re Financial Products Corp. in
exchange for quarterly LIBOR-based payments.

Simultaneous to the issuance of the notes, MedQuake entered into an
ISDA-based counterparty contract with Swiss Re, comparable to a
retrocession contract.  This provides Swiss Re with fully collateralized
protection against high severity, per occurrence losses from earthquakes
in the Mediterranean during the period from June 1, 2007 to May 24, 2010.

The periodic payments received from Swiss Re under the counterparty
contract and the proceeds from the total return swaps for each class with
SRFP are used to make the scheduled interest payments to the holders of
the class A and B notes.  The class A and B notes pay an annual coupon of
LIBOR plus 355 bps and 510 bps respectively, quarterly in arrears.
Furthermore, Swiss Re pays the issuer's up-front and ongoing expenses in
connection with the security issuance.

                        Loss Definition

The repayment of principal under the notes is tied to an index calculated
by EQECAT, Inc., derived from earthquake parameters such as magnitude,
location, and fault strike reported by the European-Mediterranean
Seismological Centre following the occurrence of an earthquake in Greece,
Turkey, Cyprus, Israel, and/or Portugal and pre-defined weights for the
calculation locations and additional pre-defined parameters.  The index is
used to determine whether a principal loss to the noteholders has
occurred, and the amount of the loss.

If a loss occurs, assets in the collateral account are sold to fund the
loss payment to Swiss Re, and the principal amount of the notes is
reduced.  Holders of the class A and B notes suffer a scaled loss of
investment if the index value exceeds a pre-agreed trigger level for each
covered region, until it reaches the covered region's pre-agreed
exhaustion point.

Any loss payment to Swiss Re does not necessarily bear any direct or
indirect correlation to actual losses incurred by Swiss Re.

A significant part of the rating analysis took account of an assessment of
the occurrence probabilities of the Mediterranean earthquakes as modeled
by EQECAT.  Furthermore, the ratings on the notes are based upon the
creditworthiness of Swiss Re (AA-/Stable/A-1+) as payer of its obligations
under the counterparty contract and as guarantor of SRFP, the counterparty
for the TRS.

EQECAT's proprietary model WORLDCAT Enterprise v.3.8 was used to determine
the probability of a first-dollar loss for both classes of notes.  The
estimated annualized attachment probabilities for the class A and B notes
are 251 bps and 363 bps, respectively.  Each year, between May 15 and June
1, Swiss Re has the option to change the pre-defined weights and
parameters.  The trigger and exhaustion levels for the class A and B notes
are then reset so that the probability of attachment and the expected loss
are equal to or less than at the date of issuance.  Resets will become
effective on the date EQECAT delivers the reset output.  EQECAT's relevant
model will be held in escrow and used for the annual reset.

                      Extension Events

Swiss Re has the option of extending the maturity of the class A or B
notes by 120 days.  The spread above LIBOR during the extension period is
150 bps for both classes of notes.

Swiss Re Capital Markets Corp. structured and underwrote the notes.


MEGAZONE TECHNOLOGY: Joint Liquidators Take Over Operations
-----------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss were appointed joint
liquidators of Megazone Technology Ltd. on May 23 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Megazone Technology Ltd.
         171 Belgrave Gate
         Leicester
         LE1 3HS  
         England
         Tel: 0116 242 5225
         Fax: 0116 242 5925


MORTGAGES NO. 6: S&P Puts Notes' Ratings on Positive Watch
----------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed on CreditWatch
with positive implications its credit ratings on the class B, C, D, and E
notes issued by Mortgages No. 6 PLC.  The class A2 notes remain unaffected
by the CreditWatch placements.

The CreditWatch placements follow an initial review of the most recent
transaction information received by Standard & Poor's. This analysis
showed that the likelihood of a positive rating action has increased for
the subordinate notes, and levels of credit enhancement available to these
notes have improved.

Standard & Poor's will now conduct a more detailed analysis to investigate
whether any or all of these notes can attain a higher rating.  The results
of this review and any rating changes are expected within three months of
this media release.

This transaction, which closed in December 2004, is backed by a pool of
first-ranking mortgages secured over freehold and leasehold,
owner-occupied, "right-to-buy", and "buy-to-let" properties in the U.K. It
was originated by Mortgages 1 to 7 Ltd. and Bristol & West PLC.


                         Ratings List

                      Mortgages No. 6 PLC
        GBP595.9 Million Mortgage-Backed Floating-Rate Notes

                Ratings Placed on CreditWatch
                  with Positive Implications

                                    Rating
                                    ------
             Class        To                    From
             -----        --                    -----
             B            AA/Watch Pos          AA
             C            A/Watch Pos           A
             D            BBB/Watch Pos         BBB
             E            BB/Watch Pos          BB


TILBURY FREIGHT: Creditors' Meeting Slated for June 15
------------------------------------------------------
Creditors of Tilbury Freight Station Ltd. will meet at 10:30 a.m. on June
15 at:

         Ansers!
         Suite 3
         Warren House
         10-20 Main Road
         Hockley
         Essex SS5 4QS
         England

A. J. D. Bakonyvari of Ansers! will furnish creditors with information
concerning the company's affairs free of charge during the period before
the date of the meeting as they may reasonably require.

Secured creditors who want to vote must submit particulars of their
security before the meeting.


TOWER RECORDS: Files Joint Disclosure Statement in Delaware
-----------------------------------------------------------
MTS Inc. dba Tower Records and its debtor-affiliates filed with the United
States Bankruptcy Court for District of Delaware a Joint Disclosure
Statement explaining their Joint Chapter 11 Plan of Liquidation.

                     Treatment of Claims

Under the Plan, Administrative Claims and Other Priority Claims will be
paid in full, in cash, or other treatment as the Debtors and holders
agreed on in writing.

At the Debtors’ option, holders of Priority Tax Claims will be paid, either:

     a. in cash; or

     b. in full, in cash, over time in equal cash installment
        payments on a quarterly basis with interest during a
        period not to exceed five years after the order of
        relief.

Holders of CIT Claims will receive the treatment as to which the Debtors
and the holders have agreed on in the DIP Financing Order and DIP
Financing Agreement.

Holders of Other Secured and Trade Vendor Claims will received on or a
combination of these:

     a. cash equal to the amount of the claims;

     b. collateral securing the claims; or

     c. other treatment which the Debtors and the holders agreed
        on in writing.

Holders of General Unsecured Claims will receive a pro rata share of the
available assets.

Interest and Securities Subordinated Claims will not receive any
distribution under the Plan.

                       About MTS Incorporated

MTS Incorporated -- http://www.towerrecords.com/-- owns Tower
Records and retails music in the U.S., with nearly 100 company-
owned music, book, and video stores.  The company and its
affiliates filed for chapter 11 protection on Feb. 9, 2004 (Bankr. D. Del.
Lead Case No. 04-10394).

The company has stores in the United Kingdom, the Philippines and Colombia.

The Debtor and its seven debtor-affiliates filed a second Chapter 11
petition on Aug. 20, 2006 (Bankr. D. N.Y. Case Nos. 06-10886 through
06-10893, Lead Case No. 06-10891).  Mark D. Collins, Esq. of Richards
Layton & Finger represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from its creditors, it listed
estimated assets and debts of more than $100 million.


TRICOM GB: Brings In Liquidator from Bond Partners
--------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed liquidator of Tricom (GB)
Ltd. (formerly Itron Services Ltd.) on May 23 for the creditors' voluntary
winding-up proceeding.

Bond Partners LLP -- http://www.bondpartners.co.uk/-- specializes in:
audit and assurance, taxation, corporate recovery, business rescue and
insolvency, bookkeeping services, as well as financial services through
Bond Financial Network.

The company can be reached at:

         Tricom (GB) Ltd.
         Unit 4
         Turner Street  
         Dudley
         DY1 1TX
         England
         Tel: 01384 456 560
         Fax: 01384 456 070


W.B. BRADFORD: Claims Filing Period Ends July 3
-----------------------------------------------
Creditors of W.B. Bradford (Measham) Ltd. have until July 3 to send their
names and addresses and particulars of their debts or claims and the names
and addresses of their solicitors (if any), to:

         J. G. M. Sadler
         Joint Liquidator
         Elwell Watchorn & Saxton LLP  
         109 Swan Street
         Sileby
         Leicestershire  
         LE12 7NN
         England

Joseph Gordon Maurice Sadler and John Michael Munn of Elwell Watchorn &
Saxton LLP were appointed joint liquidators of the company on May 22.

Elwell Watchorn & Saxton -- http://www.ews-insolvency.co.uk/-- provides
insolvency and recovery services.  The firm's partners have considerable
expertise in all formal areas of insolvency, both corporate and personal
and have been offering turnaround advice without the need for formal
insolvency.


WOOD STREET: S&P Rates EUR20 Million Class E Notes at BB
--------------------------------------------------------
Standard & Poor's Ratings Services assigned preliminary credit ratings to
the EUR 454 million senior secured floating-rate notes to be issued by
Wood Street CLO V B.V.  At the same time, Wood Street CLO V will issue EUR
46 million of unrated notes.

At closing, Wood Street CLO V will issue floating-rate notes, the proceeds
of which, after paying transaction fees and expenses, will be invested in
a portfolio of predominantly senior-secured leveraged loans.  The
transaction has a six-year reinvestment period.  The collateral manager
will be Alcentra Ltd.

This will be the 14th European CDO transaction managed by Alcentra.

The ratings reflect:

  -- Commensurate credit enhancement in the form of
     overcollateralization and subordination;

  -- A diversified collateral pool of loans and derivative
     financial instruments;

  -- Currency risk protections;

  -- Strong collateral investment guidelines;

  -- The expected insolvency remoteness of the issuer; and

  -- Various amortization triggers.

                         Ratings List

                     Wood Street CLO V B.V.
       EUR500 Million Senior Secured Floating-Rate Notes


                         Prelim.        Prelim.
          Class          rating         amount
          -----          ------         -------
          A-D            AAA         EUR218,000,000
          A-R            AAA         EUR100,000,000
          A-2            AAA          EUR20,000,000
          B              AA           EUR40,000,000
          C              A            EUR30,000,000
          D              BBB          EUR26,000,000
          E              BB           EUR20,000,000
          Subordinated
           securities    NR           EUR46,000,000

          NR — Not rated.


* Deloitte Names David Cruickshank as U.K. Board Chairman
---------------------------------------------------------
Deloitte & Touche LLP appointed David Cruickshank as chairman of the U.K.
Board of Partners, effective June 1, 2007.  Mr. Cruickshank will succeed
Martin Scicluna, who steps down from the role on May 31, 2007, after
serving 12 years as chairman.

Mr. Cruickshank (48) has spent his entire career with the firm having
joined as a trainee accountant in 1979 in the firm's Edinburgh office
after graduating from the University of Edinburgh. He moved on
qualification to the London office in 1982 and has specialized throughout
his career in advising large corporates on their tax affairs.  He became a
partner in 1988 and from 1998 until 2006 he was leader of the firm's tax
practice nationally in the U.K.

"I'm delighted by David's appointment.  I am looking forward to working
with him in his new capacity as Chairman of the U.K. Board of Partners and
am pleased that alongside his new role David will continue to advise a
number of our most significant clients," John Connolly, chief executive
and senior partner commented.

Mr. Connolly also paid tribute to Mr. Scicluna, who has served as chairman
of the U.K. Board for 12 years, "The partnership is grateful to Martin for
his tremendous contribution to the vitality of the firm and the profession
more widely."

"I'm extremely pleased to have the opportunity to serve our firm in my new
role.  Over the last few years Deloitte has gone from strength to
strength.  We have an outstanding practice of which I am very proud and I
look forward to contributing to the future success of our firm, its
partners, our clients and our people,"
Mr. Cruickshank said.

Deloitte & Touche LLP -- http://www.deloitte.com/-- is the United Kingdom
member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms
are separate and independent legal entities.  It provides audit, tax,
consulting and corporate finance services through more than 9,000 people
in 21 locations. 


* Ernst & Young Hires 10 to New Regulatory & Management Team
------------------------------------------------------------
Ernst & Young LLP appointed ten new hires from manager through to director
level to its recently restructured Regulatory & Risk Management team.

The new appointees have joined Ernst & Young from leading banks, IT
consultancies and accountancy firms, bringing in substantial industry
expertise and strengthening the 150-strong team.

The practice now has seven individual areas of technical expertise:

    -- Conduct of Business;
    -- Enterprise Risk;
    -- Financial Crime;
    -- Infrastructure;
    -- Prudential;
    -- Quantitative Advisory; and
    -- Remediation.

"With a more focused approach to regulatory and risk management issues,
Ernst & Young will be providing clients with an enhanced, sharper and more
effective management approach to their risk and regulatory challenges.
Our ten new joiners come from some of the very best banks, IT
consultancies and competitors and will be instrumental in helping our
clients to cut through the challenges of the regulated financial services
industry," Ernst & Young's head of Regulatory & Risk management Dr.
Stephen Christie commented.

    * Strengthening Conduct of Business, five new appointments
      have been made.  Jenny Clayton joins as a director from
      Lloyds TSB where she was Risk & Compliance Director.  Four
      senior managers have also been appointed: Munib Ali
      rejoins Ernst & Young from Barclays Wealth; Sonia Gayle
      from Barclays where she was Compliance Program Director;
      Mary Hollinshed from the Financial Services Authority; and
      John Neasham from Deloitte where he was MiFID and Basel
      champion;

    * Infrastructure has made a key appointment recruiting Misys
      Almonde’s former Managing Director Frank Weyns as senior
      manager;

    * In Enterprise Risk, two new senior managers have been
      appointed: Roy Choudhury joins from Accenture where he was
      Financial Services Finance & Performance Management
      Manager and Ian Larkin from LogicaCMG where he was Head of
      Risk & Compliance; and

    * Financial Crime has swooped on Barclays to recruit Group
      Financial Crime Director Jon Harvey as director and Head
      of the E-crime Intelligence Team Tom Salmond as manager.

"Increasing client demand is fueling the continued growth and recruitment
in Financial Services Advisory Services.  Our ten new appointees join 600
other professionals within Financial Services Advisory Services and are
sure to make a strong impact within Regulatory & Risk Management," Ernst &
Young's head of Financial Services Advisory Services said.

Further appointments are expected to be announced later in the year.

Ernst & Young -- http://www.ey.com/-- is global organization help
companies in businesses across all industries—from emerging growth
companies to global powerhouses—deal with a broad range of business
issues.  It has 107,000 people in 140 countries around the globe pursue
the highest levels of integrity, quality and professionalism to provide
clients with a broad array of services relating to audit and risk-related
services, tax, and transactions.

                           *********

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.


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