TCREUR_Public/070607.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, June 7, 2007, Vol. 8, No. 112

                            Headlines


A U S T R I A

BUEROFORM LLC: Vienna Court Orders Business Shutdown
G. BAU LLC: Claims Registration Period Ends June 15
GARTNEREI HARTL: First Creditors' Meeting Slated for July 3
HERRENAUSSTATTER KIRCHBAUMER: Claims Registration Ends June 18
STIX LLC: Claims Registration Period Ends July 2


B E L G I U M

GENERAL MOTORS: To Invest US$44 Million in Bedford Foundry
GENERAL MOTORS: Chief Boasts of Progress Despite Critics
GENERAL MOTORS: Ups Convertible Securities Offering to US$1.3B
GENERAL MOTORS: Discloses Appointment of New Management
WESTERN UNION: March 31 Balance Sheet Upside-Down by US$172 Mil.


C Y P R U S

COLGRADE LTD: Moody's Rates Proposed Bonds at (P)Ba3
DELANCE LTD: Moody's Assigns Corporate Family Rating at Ba3


F R A N C E

WORLDSPACE INC: March 31 Balance Sheet Shows US$1.6 Bln Deficit


G E R M A N Y

A + O MUENSTER: Claims Registration Period Ends July 2
ARTUCO-D GMBH: Claims Registration Period Ends July 11
CAPILEO VERTRIEBS: Claims Registration Period Ends July 6
DAS BAUNETZWERK: Creditors' Meeting Slated for July 5
DATASCAN MEDIENRECHENZENTRUM: Claims Registration Ends June 22

FENDER MUSICAL: S&P Rates New US$100 Million Term Loan at B+
FULLSERVICE GMBH: Claims Registration Ends June 30
GLASHAUS GMBH: Claims Registration Ends July 2
GRUNDBESITZ GMBH: Claims Registration Ends July 19
GRUNDSTUECKS-ENTWICKLUNGS: Claims Registration Ends June 30

GRUNDSTUECKSGESELLSCHAFT MULTIFUNKTIONS: Claims Deadline June 30
GRUNDSTUECKS-VERWALTUNGSGESELLSCHAFT: Claims Deadline June 30
HARTUNG U. PARTNER: Creditors' Meeting Slated for July 2
HAUSBAU HALLE: Claims Registration Ends July 23
HERMANN MOLL: Claims Registration Ends June 29

HG INDUSTRIE: Claims Registration Ends June 22
HISCHER + BOHR: Claims Registration Ends July 5
JACOBS NUTZFAHRZEUGSERVICE: Claims Registration Ends July 18
NOVELIS INC: Hindalco Acquisition Cues S&P to Remove Watch
SV-SUESSWAREN: Creditors Must Register Claims by July 25

TECHNIQUE MODEVERTRIEBS: Creditors Must File Claims by July 19
UWE FREUDENBERG: Creditors Must Register Claims by July 11
VKW TRA.DE: Creditors Must Register Claims by July 27


I T A L Y

AMF BOWLING: S&P Cuts Rating on Planned US$285MM Facilities to B
PARMALAT SPA: Court Rejects Citigroup Appeal to Dismiss Case
PQ CORP: Carlyle Deal Cues S&P to Put Ratings on Negative Watch


K A Z A K H S T A N

BARS LLP: Proof of Claim Deadline Slated for July 11
BOLO-JIHAZ LLP: Creditors Must File Claims July 6
JARKENT-KOYMA LLP: Claims Filing Period Ends July 6
JORGA 2030: Claims Registration Ends July 11
MARKET LADY: Creditors' Claims Due July 11

MERUERT LLP: Proof of Claim Deadline Slated for July 6
SASHA LLP: Creditors Must File Claims July 3
SEMEY-AUTO LLP: Claims Filing Period Ends July 11
SPETSSTROY LLP: Claims Registration Ends July 11


K Y R G Y Z S T A N

CONTINENTAL SERVICE: Creditors' Claims Due July 13


L U X E M B O U R G

CA INC: Case Dismissal Prompts S&P to Revise Outlook to Stable


N E T H E R L A N D S

CLONDALKIN INDUSTRIES: Moody's Holds B1 Corporate Family Rating
LEVERAGED FINANCE: Moody's Rates EUR7.2 Million Notes at Ba3


P O L A N D

MALMA PASTA: Alpina & North Coast Want Liquidation Proceedings


R U S S I A

AGRICULTURAL INDUSTRIAL: Creditors Must File Claims by June 12
BOLSHEVIK OJSC: Court Names O. Kraskovskaya to Manage Asssets
DRUZHBA CJSC: Court Names A. Boravchenkov as Insolvency Manager
ELLADA IK: Creditors Must File Claims by July 12
ENERGO-MASH CJSC: Creditors Must File Claims by July 19

LUCH OJSC: Creditors Must File Claims by June 12
METALLURGIST CJSC: Creditors Must File Claims by June 12
MIZER CJSC: Creditors Must File Claims by July 12
NEFTEKUMSKIY BREWERY: Bankruptcy Hearing Slated for June 28
PARNAS LLC: Creditors Must File Claims by June 12

ROSNEFT OIL: Overtakes Lukoil as Russia's Largest Energy Firm
SIBIRSKIY AMBAR: Creditors Must File Claims by June 12
SHOPS MONOMAKH: Creditors Must File Claims by July 12
SYEZZHEE LLC: Creditors Must File Claims by June 12
TOPS CJSC: Creditors Must File Claims by June 12

WIMM-BILL-DANN FOODS: Hikes Stake in Obninsk Dairy to 96.45%
YUTON-EAST CJSC: Creditors Must File Claims by July 19


S W I T Z E R L A N D

CCC COMPACTCAMPINGCARS: Liquidation Claims Due June 20
COPECHIM JSC: Creditors' Liquidation Claims Due June 20
ELEMETAL JSC: Bern Court Starts Bankruptcy Proceedings
INVISTA BV: S&P Lifts Rating on US$2.05 Billion Facility to BB+
JOYTEC LLC: Creditors' Liquidation Claims Due June 20

KUHNE & NAGEL: Creditors' Liquidation Claims Due June 18
MAWIL SUPPORT: Creditors' Liquidation Claims Due June 21
PACIFIC RIM: Creditors' Liquidation Claims Due June 18
PARAMOUNT MEDIA: Creditors' Liquidation Claims Due June 21
PINO ALA: Creditors' Liquidation Claims Due June 18

REDSTONE CAPITAL: Creditors' Liquidation Claims Due June 18
SANOTEX LLC: Aargau Court Starts Bankruptcy Proceedings
ST. JOHN KNITS: Creditors' Liquidation Claims Due June 18


U K R A I N E

AMVROSIEVKA LLC: Claims Filing Deadline Set June 14
JURINCOM-2000 LLC: Claims Filing Deadline Set June 14
LOKHVITSA AGRICULTURAL: Claims Filing Deadline Set June 14
ODESSA LLC: Claims Filing Deadline Set June 14
PLAST LLC: Claims Filing Deadline Set June 14

TBD LLC: Claims Filing Deadline Set June 14
UKR-ENERGY-TRADIS LLC: Claims Filing Deadline Set June 14


U N I T E D   K I N G D O M

ACTUANT CORP: S&P Rates Proposed Sr. Unsecured Notes at BB-
ALL AMERICAN: Rock River Wins Auction to Buy Operating Assets
AVAYA INC: Inks Merger with Silver Lake and TPG Capital
BALLY TOTAL: Closes Sale of Canadian Fitness Centers
BETONSPORTS PLC: Placed Into Creditors' Voluntary Liquidation

BRISTOW GROUP: S&P Rates US$250 Million Senior Notes at BB
BRITISH AIRWAYS: Traffic Figures Down 2.1 Percent in May 2007
BRITISH AIRWAYS: Bans Bonuses for Senior Executives
CABLE & WIRELESS: Revises Chairman's Employment Contract
CVO FIRE: Barclays Bank Taps PwC as Receivers

DREAM DIRECT: Appoints Joint Administrators from Deloitte
DURA AUTO: Court Extends Plan-Filing Period to Sept. 30
DURA AUTOMOTIVE: Wants Two Remaining Key Leases Assumed
ISOFT GROUP: In Further Talks with CSC Over IBA Offer Consent
KWIK SAVE: Completes Closure of 79 Stores to Secure Business

MERLIN PACKAGING: Deloitte Sells Company's Four Businesses
SECUNDA INT'L: Moody's Places Low-B Ratings Under Review


                            *********


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


BUEROFORM LLC: Vienna Court Orders Business Shutdown
----------------------------------------------------
The Trade Court of Vienna entered May 14 an order shutting down the
business of LLC Bueroform (FN 122543k).

Court-appointed estate administrator Guenther Hoedl 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. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 16 55
         Fax: 513 16 55 33
         E-mail: Hoedl@anwaltsteam.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 4
(Bankr. Case No 28 S 49/07w).


G. BAU LLC: Claims Registration Period Ends June 15
---------------------------------------------------
Creditors owed money by LLC G. BAU (F69436f) have until June 15 to file
written proofs of claim to court-appointed estate administrator Bernhard
Fink at:

         Dr. Bernhard Fink
         Bahnhofstrasse 5
         9020 Klagenfurt
         Austria
         Tel: 0463/541 46
         Fax: 0463/54146-15
         E-mail: office@fink-bernhart.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 9:00 a.m. on June 25 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Klagenfurt
         Meeting Hall 225
         Second Floor
         Klagenfurt
         Austria

Headquartered in Klagenfurt, Austria, the Debtor declared bankruptcy on
May 14 (Bankr. Case No. 41 S 47/07w).


GARTNEREI HARTL: First Creditors' Meeting Slated for July 3
-----------------------------------------------------------
Creditors owed money by LLC Gartnerei Hartl (FN 242287f) are encouraged to
attend the first creditors' meeting at 9:30 a.m. on July 3.

The creditors' meeting will be held at:

         The Land Court of Linz
         Hall 522
         Fifth Floor
         Linz
         Austria

Creditors have until July 19 to file written proofs of claim to
court-appointed estate administrator Guenther Grassner at:

         Dr. Guenther Grassner
         Suedtirolerstr. 4-6
         4020 Linz
         Austria
         Tel: 0732/70770815
         Fax: 0732/70770816
         E-mail: lawfirm@gltp.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 11
(Case No. 38 S 31/07y).


HERRENAUSSTATTER KIRCHBAUMER: Claims Registration Ends June 18
--------------------------------------------------------------
Creditors owed money by LLC Herrenausstatter Kirchbaumer (FN 99796i) have
until June 18 to file written proofs of claim to court-appointed estate
administrator Gerhard Kucher at:

         Dr. Gerhard Kucher
         St. Veiter Strasse 9
         9020 Klagenfurt
         Austria
         Tel: 0463/507510
         Fax: 0463/507510-11
         E-mail: rechtsanwalt@gerhardkucher.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 9:00 a.m. on June 26 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Klagenfurt
         Meeting Hall 225
         Second Floor
         Klagenfurt
         Austria

Headquartered in Klagenfurt, Austria, the Debtor declared bankruptcy on
May 14  (Bankr. Case No. 40 S 25/07b).


STIX LLC: Claims Registration Period Ends July 2
------------------------------------------------
Creditors owed money by LLC Stix (FN 107328k) have until July 2 to file
written proofs of claim to court-appointed estate administrator Andreas
Rabl at:

         Dr. Andreas Rabl
         Ringstrasse 14
         4600 Wels
         Austria
         Tel: 07242/41824
         Fax: 07242/41824-80
         E-mail: office@rakanzlei.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 10:00 a.m. on July 12 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wels
         Hall 101
         First Floor
         Maria Theresia Str. 12
         Wels
         Austria

Headquartered in Wels, Austria, the Debtor declared bankruptcy on May 10
(Bankr. Case No. 20 S 65/07w).


=============
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 US$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.

                   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'.


GENERAL MOTORS: Chief Boasts of Progress Despite Critics
--------------------------------------------------------
General Motors Corp. CEO Rick Wagoner told investors during the
automaker's annual meeting that its turnaround effort has made "major
progress" but he continued to face criticism from shareholder activists
over the performance of management and directors, published reports say.

The Wall Street Journal relates that a group of shareholders spoke out on
issues facing GM, including the ability of the board to oversee the
creation of a sustainable business model after two years of deep losses
and the company's effectiveness in addressing accounting weaknesses.

Reuters reveals that GM cut structural costs by US$6.8 billion in 2006 and
Mr. Wagoner told shareholders the company is on track to reach its target
of cutting those costs by an additional US$2.2 billion this year.

Mr. Wagoner emphasized the carmaker's push to boost revenue in most of its
markets, WSJ notes.  A revenue bump and stabilization of costs in most
markets would help GM meet its midterm goals, he said.

The CEO disclosed this year's priorities, which includes concluding a deal
to allow former parts subsidiary Delphi Corp. to emerge from bankruptcy
and cutting its own healthcare costs, which he said were "a staggering
US$4.8 billion" in 2006, Reuters states.  Mr. Wagoner is optimistic that a
settlement will occur soon with Delphi and the United Auto Workers union
over labor negotiations that have been ongoing since late 2005.

Concurrently, he confirmed that GM is considering the sale of its Flint,
Michigan, medium-duty-truck unit and said the company is in the process of
selling its Allison Transmission unit, WSJ reports.

GM narrowed its loss to US$2 billion in 2006 after a historic US$10.4
billion shortfall in 2005.  Mr. Wagoner has led cost-cutting that has
resulted in layoffs and an increasing effort to offer more fuel-efficient
vehicles, WSJ observes.

Each of 10 shareholder-initiated proposals aimed at changing
corporate-governance procedures and other facets of the company failed to
win a majority vote from holders.  These proposals include a policy that
would allow investors to multiply the number of shares they own by the
number of board candidates, and cast that greater number of votes for just
one person, as well as another one that would call for management bonuses
to be recouped when financial results are restated downwards.  Meanwhile,
GM's four proposals passed overwhelmingly, including a 93% vote for an
annual incentive plan for executives.

                   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'.


GENERAL MOTORS: Ups Convertible Securities Offering to US$1.3B
--------------------------------------------------------------
General Motors has priced its convertible securities offering.  The size
of the offering was increased to US$1.3 billion from US$1.1 billion due to
a favorable response from the market.

In connection with the offering, GM also has granted the underwriters an
over-allotment option to purchase up to
US$195 million aggregate principal amount of additional notes.

Interest on the notes will be paid semiannually on June 1 and Dec. 1 of
each year at a rate of 1.50% per year.  Upon the occurrence of certain
events, the notes will be convertible by holders based on an initial
conversion rate of approximately 0.68 shares of common stock per US$25
principal amount of notes, which is equivalent to an initial conversion
price of approximately US$36.57 per share.  This initial conversion price
represents a premium of approximately 20% relative to the last reported
sale price on May 24, 2007, of GM's common stock of US$30.47.

In connection with this offering, GM entered into capped call transactions
with affiliates of the underwriters of the offering.  The capped call
transactions are expected to reduce the potential dilution upon conversion
of the notes and effectively increase the conversion premium to 50% higher
than last reported sale price of GM's common stock.  This is equivalent to
an effective conversion price of US$45.71 per share.

The net proceeds to GM from this offering will be approximately US$1.2
billion including the cost of the capped call transaction but excluding
any proceeds attributable to the underwriters' possible exercise of their
over-allotment option.

The notes mature on June 1, 2009, and the offering is expected to close on
May 31, 2007, subject to customary closing conditions.  The joint-book
running managers for the offering are Citi, Deutsche Bank Securities and
Goldman, Sachs & Co.

GM has filed a registration statement, including a prospectus, with the
SEC for the offering.

The prospectus is available by calling Citi at 1-800-831-9146, Deutsche
Bank Securities at 1-800-503-4611or Goldman, Sachs & Co. at
1-866-471-2526.

                   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'.


GENERAL MOTORS: Discloses Appointment of New Management
-------------------------------------------------------
General Motors' chairman and CEO Rick Wagoner disclosed a series of
management appointments affecting GM's global product development
organization and regional leadership.

The new leaders are:

   * Denny Mooney, 50, currently chairman and managing director
     GM Holden Ltd. in Port Melbourne, Australia, has been named
     vice president, global vehicle systems and integration,
     effective Aug. 1, 2007.  Mooney will oversee the
     implementation of best practices for GM's global
     engineering organization and work with regional engineering
     leaders to better leverage the benefits of GM's global
     vehicle development system.  He will report to Jim Queen,
     GM group vice president, global engineering.

   * Chris Gubbey will become chairman and managing director of
     GM Holden Ltd, effective July 1.  Mr. Gubbey, 51, is
     currently executive vice president, Shanghai GM.  In his
     new role, he will report to Nick Reilly, GM group vice
     president and president, GM Asia Pacific.

   * Bob Socia, 53, currently president and managing director,
     GM South Africa, will become executive vice president,
     Shanghai GM, effective July 1.  He will report to Kevin
     Wale, president and managing director, GM China Group.

   * Steve Koch, currently GM Latin America, Africa and Middle
     East vice president and regional director, Africa and
     Middle East Operations, will become GM LAAM vice president,
     African Operations and president and managing director, GM
     South Africa.  Mr. Koch, 55, will report to Maureen
     Kempston Darkes, GM group vice president and president, GM
     Latin America, Africa and Middle East.  The appointment is
     effective July 1.

   * Terry Johnsson, 46, currently regional sales and marketing
     director, Middle East Operations, will become GM LAAM vice
     president, Middle East Operations, effective June 1.
     Johnsson will also report to Maureen Kempston Darkes.

"GM's global product development organization and strong regional
management have contributed to record sales in three of four regions and
to improved performance in North America," said Mr. Wagoner.  "In their
new positions, these leaders will play key roles in continuing the
momentum and helping to meet the specific demands of customers in each
region."

                   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'.


WESTERN UNION: March 31 Balance Sheet Upside-Down by US$172 Mil.
----------------------------------------------------------------
The Western Union Company reported financial results for the first quarter
of 2007.  It had total assets of US$5.3 billion, total liabilities of
US$5.5 billion, and total stockholders’ deficit of US$172.4 million as of
March 31, 2007.

In the first quarter 2007, total revenues were US$1.1 billion, as compared
with US$1 billion in the first quarter 2006.  Revenue growth in the first
quarter was slightly slower than expected as a result of the ongoing
challenges within the U.S. domestic, Mexico and U.S. outbound markets as
well as lower revenue from westernunion.com, the company’s Internet
service, in the U.S., where Western Union and card issuing banks
implemented additional controls to help protect themselves and consumers
from credit and debit card fraud.

First quarter operating income of US$305 million and the 27% operating
income margin included US$15 million of incremental independent public
company expenses compared to the first quarter of 2006.

Net income of US$193 million for the first quarter 2007 included
US$48 million in incremental pre-tax interest expense compared to the
first quarter of 2006.  The effective tax rate for the quarter was about
31.5%.  Net income for the first quarter 2006 was US$219.8 million.

                     Highlights of First Quarter

During the first quarter, Western Union repurchased 5.2 million shares for
US$113 million at an average cost of US$21.70 per share.  Under Western
Union’s stock buyback program, US$867 million is available to repurchase
stock through 2008.  Capital expenditures were US$38 million.

During the first quarter 2007, the company opened its 300,000th agent
location, finished quarter with more than 305,000 agent locations.

                   Capital Resources and Liquidity

At March 31, 2007, and Dec. 31, 2006, US$1,216.7 million and
$942.1 million, respectively, of the company’s cash and cash equivalents
were held by foreign entities.

At March 31, 2007, the company has outstanding borrowings, which were
incurred in connection with the spin-off from First Data, of
$3.3 billion, consisting of US$282.9 million in commercial paper and other
short-term notes payable, US$500 million in unsecured floating rate notes,
and US$2.5 billion in unsecured fixed-rate notes with maturities ranging
from 2011 to 2036.

The company expects 2007 cash flows provided from operating activities to
be about US$900 million, which is lower than 2006 due to significantly
higher interest payments and incremental public company expenses as well
as other anticipated working capital fluctuations, including increased
expected income tax payments in 2007 due to an election to defer the
payment of fourth quarter accrued United States federal income taxes to
2007.  Dividends paid to stockholders in the future are likely to be
significantly less than those previously paid to First Data.

Commenting on the quarter, president and chief executive officer Christina
Gold said, "We are pleased to have delivered solid EPS with strong cash
flow this quarter.  Our international consumer-to-consumer business, which
accounts for more than 60% of total revenue, continued its strong
performance.  Our consumer-to-business segment posted solid 13% revenue
growth, with an operating income margin exceeding 30%.  Also during the
quarter, we added key agents in both send and receive markets, implemented
new pricing and foreign exchange strategies, and we connected with our
consumers through media campaigns, sponsorships, and grassroots marketing
initiatives.”

Ms. Gold noted, “We are confident that we understand the market dynamics
and we believe that we are taking the appropriate steps to improve growth
within these markets.  We have a talented new leadership team in our
Americas businesses, and I am pleased with the direction and decisions
these leaders have taken in the past few weeks.”

                            Outlook

Ms. Gold added, "Western Union is well-positioned for future growth.  We
have an unparalleled distribution network, recognized brands, world-class
talent, and a compelling market opportunity.  With a strong focus on our
consumers and our markets and newly energized leadership in key markets,
we are confident that we are taking the right actions to generate value
for our shareholders.  The investments that we are making are designed to
address the challenges we face in the U.S. and Mexico businesses as well
as the opportunities ahead of us in the consumer-to-consumer and
consumer-to-business international markets.  The strength of our
international business combined with the investments we are making to
improve our U.S. businesses and the easier comparisons beginning in the
second quarter, provide me with confidence in our ability to improve
growth in the second half of this year."

                      About Western Union

The Western Union Company (NYSE: WU) -- http://www.westernunion.com/--
provides a range of money transfer and bill payment services worldwide,
including Belgium, Brazil and the Philippines.  It offers various
consumer-to-consumer money transfer services, primarily through a network
of third-party agents using multi-currency and real-time money transfer
processing systems.


===========
C Y P R U S
===========


COLGRADE LTD: Moody's Rates Proposed Bonds at (P)Ba3
----------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba3 rating to the
proposed bonds of Colgrade Ltd. to be guaranteed by Delance Ltd. and the
major subsidiaries of the Rolf Group.

At the same time Moody's assigned a Corporate Family rating
of Ba3 to Delance Ltd., which is the Holding company of the Rolf Group, an
automotive group with its principal operations in Russia.  The rating
outlook is stable.

The Ba3/Stable Corporate Family Rating reflects:

   (1) Rolf Group's strong track record of profitable growth;

   (2) its leading position in the growing market for import
       cars and related services in Russia;

   (3) the company's growing high-margin spare parts and service
       business;

   (4) its adequate financial profile; and

   (5) the resilience of Rolf's financials should envisaged top-
       line growth not materialize.

The rating, however, also takes into consideration:

   (i) that Rolf's historic success was fueled by a buoyant
       Russian economy and the lack of track record in a more
       challenging environment;

  (ii) the company's exposure to the overall economy and the
       cyclical passenger car market;

(iii) a threat of increasing competition in the attractive
       import car market;

  (iv) renewal risk regarding supply contracts with OEMs; and

   (v) country and regulatory risks.

Rolf Group has posted strong and profitable revenue growth over recent
years.  From 2004-2006 top-line growth was driven by all divisions with
fairly stable profit margins across the group. At the same time the
company invested significantly primarily into new dealer locations and
needed to ramp-up working capital to facilitate growth.  As a result the
company posted overall solid credit metrics (e.g. RCF/Net Debt of 53.5%
and Debt/EBITDA of 1.7x in 2006) but negative Free Cash Flows.

As Moody's expects the company to further grow rapidly, requiring
additional capital expenditures and working capital investments, the
agency believes a positive Free Cash Flow will be generated in 2009 at the
earliest.  Moody's expects Rolf Group to have sufficient access to
liquidity in place to cover this period of cash outflows. Nonetheless,
Moody's expects overall credit metrics to remain in line with the current
rating category in the foreseeable future.

In addition, Moody's believes the company's financials to be fairly
resilient vis-a-vis a slow down or even dip in sales.  While such a
scenario would certainly have negative impact on earnings and profit
margins it should also result in a material release of funds tied up in
working capital effectively reducing Rolf's net indebtedness under such a
scenario.

The stable outlook reflects Moody's opinion that Rolf Group is well
positioned within the Ba3 rating category, underpinned by its strong
competitive position and a generally favorable outlook for the industry as
a whole.

Moody's expects the bond proceeds to be used primarily to repay
existing secured indebtedness so that in future the senior notes and the
company's credit facilities will rank pari passu as senior unsecured debt,
both benefiting from upstream guarantees of key subsidiaries.  As a
result, Moody's has rated the proposed notes on the level of the Corporate
Family rating.

Headquartered in Cyprus, Delance Ltd. is the holding company of Rolf Group
the leading retailer of foreign branded cars in Russia -- operating under
the Rolf brand name. The product offer entails Mitsubishi, Hyundai, Ford,
Audi, Mazda, Mercedes, Peugeot and shortly Toyota and Lexus.  While car
retail and distribution accounts for the majority of revenues, Rolf Group
also offers spare parts and services as well as logistics and financing as
a broker.  In 2006 Rolf Group sold more than 130,000 cars and reported
consolidated revenues of US$ of 2.7 billion.

Colgrate Ltd. is an investment holding company incorporated in Cyprus as a
private limited liability company.


DELANCE LTD: Moody's Assigns Corporate Family Rating at Ba3
-----------------------------------------------------------
Moody's Investors Service assigned a Corporate Family rating
of Ba3 to Delance Ltd., which is the Holding company of the Rolf Group, an
automotive group with its principal operations in Russia.  The rating
outlook is stable.

The Ba3/Stable Corporate Family Rating reflects:

   (1) Rolf Group's strong track record of profitable growth;

   (2) its leading position in the growing market for import
       cars and related services in Russia;

   (3) the company's growing high-margin spare parts and service
       business;

   (4) its adequate financial profile; and

   (5) the resilience of Rolf's financials should envisaged top-
       line growth not materialize.

The rating, however, also takes into consideration:

   (i) that Rolf's historic success was fueled by a buoyant
       Russian economy and the lack of track record in a more
       challenging environment;

  (ii) the company's exposure to the overall economy and the
       cyclical passenger car market;

(iii) a threat of increasing competition in the attractive
       import car market;

  (iv) renewal risk regarding supply contracts with OEMs; and

   (v) country and regulatory risks.

At the same time Moody's assigned a provisional (P)Ba3 rating to the
proposed bonds of Colgrade Ltd. to be guaranteed by Delance Ltd. and the
major subsidiaries of the Rolf Group.

Rolf Group has posted strong and profitable revenue growth over recent
years.  From 2004-2006 top-line growth was driven by all divisions with
fairly stable profit margins across the group. At the same time the
company invested significantly primarily into new dealer locations and
needed to ramp-up working capital to facilitate growth.  As a result the
company posted overall solid credit metrics (e.g. RCF/Net Debt of 53.5%
and Debt/EBITDA of 1.7x in 2006) but negative Free Cash Flows.

As Moody's expects the company to further grow rapidly, requiring
additional capital expenditures and working capital investments, the
agency believes a positive Free Cash Flow will be generated in 2009 at the
earliest.  Moody's expects Rolf Group to have sufficient access to
liquidity in place to cover this period of cash outflows. Nonetheless,
Moody's expects overall credit metrics to remain in line with the current
rating category in the foreseeable future.

In addition, Moody's believes the company's financials to be fairly
resilient vis-a-vis a slow down or even dip in sales.  While such a
scenario would certainly have negative impact on earnings and profit
margins it should also result in a material release of funds tied up in
working capital effectively reducing Rolf's net indebtedness under such a
scenario.

The stable outlook reflects Moody's opinion that Rolf Group is well
positioned within the Ba3 rating category, underpinned by its strong
competitive position and a generally favorable outlook for the industry as
a whole.

Moody's expects the bond proceeds to be used primarily to repay
existing secured indebtedness so that in future the senior notes and the
company's credit facilities will rank pari passu as senior unsecured debt,
both benefiting from upstream guarantees of key subsidiaries.  As a
result, Moody's has rated the proposed notes on the level of the Corporate
Family rating.

Headquartered in Cyprus, Delance Ltd. is the holding company of Rolf Group
the leading retailer of foreign branded cars in Russia -- operating under
the Rolf brand name. The product offer entails Mitsubishi, Hyundai, Ford,
Audi, Mazda, Mercedes, Peugeot and shortly Toyota and Lexus.  While car
retail and distribution accounts for the majority of revenues, Rolf Group
also offers spare parts and services as well as logistics and financing as
a broker.  In 2006 Rolf Group sold more than 130,000 cars and reported
consolidated revenues of US$ of 2.7 billion.

Colgrate Ltd. is an investment holding company incorporated in Cyprus as a
private limited liability company.


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


WORLDSPACE INC: March 31 Balance Sheet Shows US$1.6 Bln Deficit
----------------------------------------------------------------
WorldSpace Inc.'s balance sheet as of March 31, 2007, showed total assets
of US$527.3 million and total liabilities of
US$2.2 billion, resulting in a total stockholders’ deficit of US$1.6 billion.

For the first quarter of 2007, WorldSpace reported revenues of about US$3
million, as compared with about US$3.5 million for the first quarter of
2006.  Subscription revenue was approximately US$1.8 million for the first
quarter of 2007, an increase of 14%, as compared with about US$1.6 million
for the first quarter of 2006.  On a sequential basis, subscription
revenues in the first quarter of 2007 were 7% lower than the US$2 million
recorded in the fourth quarter of 2006.

WorldSpace recorded a net loss for the first quarter of 2007 of
$35.5 million, as compared with a net loss of US$29.2 million for the
first quarter of 2006.

The company ended the first quarter ended March 31, 2007, with 191,646
subscribers worldwide, a loss of 7,459 from the close of the prior
quarter, reflecting low net additions in India and the expiration of its
educational service contract in Kenya, accounting for 13,000 subscribers.
In India, the company added 8,344 net subscribers during the first quarter
of 2007, ending the first quarter of 2007, with 170,354 subscribers in
India, 52% higher than at the end of the first quarter of 2006.

                Liquidity and Capital Resources

As of March 31, 2007, the company had cash and cash equivalents of US$29
million, and marketable securities of US$110 million.  Cash and cash
equivalents and marketable securities decreased US$26.4 million during the
three months ended March 31, 2007.  Based upon the company’s current
plans, it believes that cash, cash equivalents and marketable securities
will be sufficient to cover its estimated funding needs for at least the
remainder 2007.

                 Contingent Royalty Obligation

The company recorded US$1.8 billion contingent royalty obligation as of
March 31, 2007.

Effective Dec. 31, 2004, the company restructured US$1,553 million of
notes payable and advances.  Under the terms of the agreements, the
ongoing obligations of the company to the lender were set forth in a
separate Royalty Arrangement, under which the company is required to pay
the lender 10% of earnings before interest, taxes, depreciation, and
amortization, if any, for each year through 2015 in exchange for the
lender releasing all claims.  The company is subject to certain covenants
regarding the disposition of assets, liquidation of the company,
reporting, and distributions or payments to certain current shareholders.
The Royalty Agreement also requires the company to have a segregated
reserve, to be funded each quarter in any year in which payment under the
Royalty Agreement is projected, at the rate of 25% of the estimated annual
payment.  In addition, 80% of the annual payment is required to be made
within 60 days after year-end, and the remaining portion within 180 days
following year-end.

During the quarter, the company agreed with its convertible note holders
to a refinancing through:

    i. redemption of US$50 million of the US$155 million
       convertible notes for cash;

   ii. US$45 million in senior secured notes paying interest at
       LIBOR plus 6.5% per annum;

  iii. US$60 million in amended and restated secured convertible
       notes paying interest at 8% per annum and convertible
       into shares of Class A Common Stock at US$4.25 per share;

   iv. warrants to acquire an aggregate amount of 2,647,059
       shares of Class A Common Stock at US$4.25 per share; and

    v. signed an agreement with Telecom Italia to design and
       deploy a terrestrial repeater network in Italy.

WorldSpace chairman and chief executive officer Noah Samara stated, "We
are very pleased to have agreed to refinance our convertible notes a few
weeks ago.  The financial flexibility that this step allows is critical to
our continued operational development.  As we stated earlier, we are
simultaneously finalizing a comprehensive review of our strategies and
alternatives to drive growth in our key markets.  It includes the
launching of our mobile service in the Middle East and the build-out of
the Italian business, as well as enhancing the long-term value proposition
of WorldSpace’s global satellite radio business.  We are also in active
strategic alliance discussions that would capitalize on our existing
assets and infrastructure while enabling us to develop meaningful
businesses in the key markets on a more rationalized cost basis."

                      About WorldSpace Inc.

Based in the Washington, DC metropolitan area, WorldSpace Inc. (Nasdaq:
WRSP) -- http://www.worldspace.com/-- is a global media and entertainment
company that offers a satellite radio to consumers in more than 130
countries with five billion people, driving 300 million cars.  It operates
WORLDSPACE Satellite Radio, which delivers the latest tunes, trends and
information from around the world and around the corner.  WORLDSPACE
offers a combination of local programming, original WORLDSPACE content and
content from leading brands around the globe including the BBC, CNN
International, Virgin Radio UK, NDTV and RFI.  WORLDSPACE’s satellites
cover two-thirds of the earth’s population with six beams.

WorldSpace has offices in Australia and France.


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


A + O MUENSTER: Claims Registration Period Ends July 2
------------------------------------------------------
Creditors of A + O Muenster GmbH have until July 2 to register their
claims with court-appointed insolvency manager Ulrich Zerrath.

Creditors and other interested parties are encouraged to attend the
meeting at 9:00 a.m. on July 23, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 119 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Ulrich Zerrath
         Lange Wanne 57
         45665 Recklinghausen
         Germany
         Tel: 02361/4884-0
         Fax: +492361488499

The District Court of Muenster opened bankruptcy proceedings against A + O
Muenster GmbH on May 22.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         A + O Muenster GmbH
         Alter Steinweg 40
         48143 Muenster
         Germany

         Attn: Andreas Otte, Manager
         Voernste Koppel 5
         59387 Ascheberg
         Germany


ARTUCO-D GMBH: Claims Registration Period Ends July 11
------------------------------------------------------
Creditors of ARTUCO-D GmbH have until July 11 to register their claims
with court-appointed insolvency manager Stefan Kahnt.

Creditors and other interested parties are encouraged to attend the
meeting at 10:45 a.m. on Aug. 8, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24
         Fuerstenstrasse 21-23
         09130 Chemnitz
         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:

         Stefan Kahnt
         Leipziger Str. 62
         09113 Chemnitz
         Germany
         Tel: (0371)262010
         Fax: (0371) 2620111
         E-mail: chemnitz@pluta.net

The District Court of Chemnitz opened bankruptcy proceedings against
ARTUCO-D GmbH on May 22.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          ARTUCO-D GmbH
          Reitzenhainer Strasse 31 b
          09496 Marienberg
          Germany


CAPILEO VERTRIEBS: Claims Registration Period Ends July 6
---------------------------------------------------------
Creditors of Capileo Vertriebs GmbH have until July 6 to register their
claims with court-appointed insolvency manager Christian Gerloff.

Creditors and other interested parties are encouraged to attend the
meeting at 9:15 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 Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         Capileo Vertriebs GmbH
         Franz-Joseph-Str. 15-17
         80801 Munich
         Germany


DAS BAUNETZWERK: Creditors' Meeting Slated for July 5
-----------------------------------------------------
The court-appointed insolvency manager for Das Baunetzwerk GmbH, Ruediger
Wienberg will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 10:00 a.m. on July 5.

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

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

The Court will also verify the claims set out in the insolvency manager's
report at 10:00 a.m. on Oct. 11 at the same venue.

Creditors have until Aug. 16 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings against
Das Baunetzwerk GmbH on May 21.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Das Baunetzwerk GmbH
         Teltower Damm 283
         14167 Berlin
         Germany


DATASCAN MEDIENRECHENZENTRUM: Claims Registration Ends June 22
--------------------------------------------------------------
Creditors of Datascan Medienrechenzentrum GmbH have until
June 22 to register their claims with court-appointed insolvency manager
Reinhard Buchholz.

Creditors and other interested parties are encouraged to attend the
meeting at 9:35 a.m. on Aug. 22, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ludwigshafen/Rhein
         Meeting Hall 13
         Wittelsbachstr. 10
         67061 Ludwigshafen/Rhein
         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:

         Reinhard Buchholz
         Herzog-Otto-Str. 104 D
         67105 Schifferstadt
         Germany

The District Court of Ludwigshafen/Rhein opened bankruptcy proceedings
against Datascan Medienrechenzentrum GmbH on May 22.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Datascan Medienrechenzentrum GmbH
         Hinterm Esel 16a
         67346 Speyer
         Germany

         Attn: Andreas Peter, Manager
         Hinterm Esel 16a
         67346 Speyer
         Germany


FENDER MUSICAL: S&P Rates New US$100 Million Term Loan at B+
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its loan and recovery ratings
on Fender Musical Instruments Corp.'s US$200 million proposed senior
secured credit facility, following the announcement that the company will
issue a new US$100 million, 12-month delayed-draw term loan facility, and
revise the term loan's incurrence leverage test to 4.75x from 4.5x
earlier.

The existing first-lien credit facility is rated 'B+', with a recovery
rating of '3', indicating an expectation for meaningful (50%-80%) recovery
of principal in the event of a payment default.

At the same time, S&P assigned the new US$100 million delayed-draw term
loan facility a rating of 'B+' with a recovery rating of '3'.

Although S&P do not expect the company to draw a significant amount of the
delayed-draw facility, Standard & Poor's will assess the impact upon such
a development on the company's corporate credit rating and outlook that
could result in weaker credit protection measures.

Ratings List:

* Fender Musical Instruments Corp.
   Corporate Credit Rating          B+/Stable/--

Ratings Affirmed

* Fender Musical Instruments Corp.
    US$200 Million Senior Secured
    Term Loan B                     B+ (Recovery Rating: 3)

Ratings Assigned

* Fender Musical Instruments Corp.
    US$100 Million Delayed-Draw
    Term Loan                       B+ (Recovery Rating: 3)

Fender Musical Instruments Corp. -- http://www.fender.com/-- is the
world's foremost manufacturer of guitars, basses, amplifiers and related
equipment.  The FMIC family includes several other distinctive musical
instrument brands: Charvel(R), Gretsch(R), Guild(R), Jackson(R),
Olympia(R), Orpheum(R), SWR(R), Squier(R) and Tacoma(R).  FMIC also
manufactures a complete line of professional audio equipment under the
Fender brand, including the Passport(R) portable sound system.  Fender
also offers a complete line of accessories, including strings, authorized
replacement parts, cases, straps and clothing among others.

FMIC's U.S. facilities are located in Arizona, California, Tennessee and
Washington, with international facilities in England, France, Germany,
Japan, Mexico, Spain and Sweden.


FULLSERVICE GMBH: Claims Registration Ends June 30
--------------------------------------------------
Creditors of FullService GmbH Mediale Kommunikation have until June 30 to
register their claims with court-appointed insolvency manager Georg
Kreplin.

Creditors and other interested parties are encouraged to attend the
meeting at 9:15 a.m. on July 11, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 409
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Georg Kreplin
         Breite Strasse 27
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings against
FullService GmbH Mediale Kommunikation on May 24.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         FullService GmbH Mediale Kommunikation
         Kronprinzstrasse 54
         40764 Langenfeld
         Germany


GLASHAUS GMBH: Claims Registration Ends July 2
----------------------------------------------
Creditors of Glashaus GmbH have until July 2 to register their claims with
court-appointed insolvency manager Martin Schoebe.

Creditors and other interested parties are encouraged to attend the
meeting at 9:20 a.m. on July 26, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Martin Schoebe
         Ainmillerstr. 11
         80801 Munich
         Tel: 089/18 9377 0
         Fax: 089/18 9377 50

The District Court of Munich opened bankruptcy proceedings against
Glashaus GmbH on May 14.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Glashaus GmbH
         Feilitzschstr. 21
         80802 Munich
         Germany


GRUNDBESITZ GMBH: Claims Registration Ends July 19
--------------------------------------------------
Creditors of Grundbesitz GmbH have until July 19 to register their claims
with court-appointed insolvency manager
Dr. Gideon Boehm.

Creditors and other interested parties are encouraged to attend the
meeting at 9:00 a.m. on Aug. 17, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Reinbek
         Parkallee 6
         21465 Reinbek
         Germany

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

The insolvency manager can be reached at:

         Dr. Gideon Boehm
         Bachstr. 85 a
         22083 Hamburg
         Germany

The District Court of Reinbek opened bankruptcy proceedings against
Grundbesitz GmbH on May 24.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Grundbesitz GmbH
         Olaf Dietsch
         Hauptstrr. 92 a
         23619 Zarpen
         Germany


GRUNDSTUECKS-ENTWICKLUNGS: Claims Registration Ends June 30
-----------------------------------------------------------
Creditors of Grundstuecks-Entwicklungsgesellschaft have until June 30 to
register their claims with court-appointed insolvency manager Horst
Piepenburg.

Creditors and other interested parties are encouraged to attend the
meeting at 10:15 a.m. on July 11, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 409
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Horst Piepenburg
         Heinrich-Heine-Allee 20
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings against
Grundstuecks-Entwicklungsgesellschaft on May 24.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Grundstuecks-Entwicklungsgesellschaft
         40629 Duesseldorf
         Rennbahnstrasse 1
         Germany


GRUNDSTUECKSGESELLSCHAFT MULTIFUNKTIONS: Claims Deadline June 30
----------------------------------------------------------------
Creditors of Grundstuecksgesellschaft Multifunktions-Immobilie GmbH & Co.
KG have until June 30 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 11, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 409
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Horst Piepenburg
         Heinrich-Heine-Allee 20
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings against
Grundstuecksgesellschaft Multifunktions-Immobilie GmbH & Co. KG on May 24.
Consequently, all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Grundstuecksgesellschaft Multifunktions-Immobilie GmbH
         & Co. KG
         Koenigsallee 48
         40212 Duesseldorf
         Germany


GRUNDSTUECKS-VERWALTUNGSGESELLSCHAFT: Claims Deadline June 30
-------------------------------------------------------------
Creditors of Grundstuecks-Verwaltungsgesellschaft Multifunktions-Immobilie
Duesseldorf mbH have until June 30 to register their claims with
court-appointed insolvency manager Horst Piepenburg.

Creditors and other interested parties are encouraged to attend the
meeting at 10:00 a.m. on July 11, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 409
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Horst Piepenburg
         Heinrich-Heine-Allee 20
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings against
Grundstuecks-Verwaltungsgesellschaft Multifunktions-Immobilie Duesseldorf
mbHon May 24.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Grundstuecks-Verwaltungsgesellschaft Multifunktions-
         Immobilie Duesseldorf mbH
         Koenigsallee 48
         40212 Duesseldorf
         Germany


HARTUNG U. PARTNER: Creditors' Meeting Slated for July 2
--------------------------------------------------------
The court-appointed insolvency manager for Hartung u. Partner GmbH, Dr.
Bjoern Gehde will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 10:55 a.m. on July 2.

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

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

The Court will also verify the claims set out in the insolvency manager's
report at 10:15 a.m. on Sept. 24 at the same venue.

Creditors have until Aug. 2 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Bjoern Gehde
         Goethestr. 85
         10623 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings against
Hartung u. Partner GmbH on May 21.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Hartung u. Partner GmbH
         Cicerostr. 21
         10709 Berlin
         Germany


HAUSBAU HALLE: Claims Registration Ends July 23
-----------------------------------------------
Creditors of Hausbau Halle GmbH have until July 23 to register their
claims with court-appointed insolvency manager
Herbert Feigl.

Creditors and other interested parties are encouraged to attend the
meeting at 11:15 a.m. on Aug. 14, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         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:

         Herbert Feigl
         Hansering 1, D
         06108 Halle
         Germany
         Tel: 0345/212220
         Fax: 0345/2122222

The District Court of Halle-Saalkreis opened bankruptcy proceedings
against Hausbau Halle GmbH on May 16.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Hausbau Halle GmbH
         Imkerweg 20a
         06120 Halle
         Germany

         Attn: Rainer Buro, Manager
         Fechterweg 29
         06128 Halle
         Germany


HERMANN MOLL: Claims Registration Ends June 29
----------------------------------------------
Creditors of Hermann Moll GmbH have until June 29 to register their claims
with court-appointed insolvency manager Wolfgang Hauser.

Creditors and other interested parties are encouraged to attend the
meeting at 8:45 a.m. on July 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 Aalen
         Hall 0.11
         Ground Floor
         Stuttgarter Strasse 7
         73430 Aalen
         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:

         Wolfgang Hauser
         Moehringer Landstr. 5
         70563 Stuttgart
         Germany
         Tel: 0711/90134-20
         Fax: 0711/90134-199
         E-mail: stuttgart@hauser-hawelka.de

The District Court of Aalen opened bankruptcy proceedings against Hermann
Moll GmbH on May 23.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Hermann Moll GmbH
         Attn: Hermann Moll, Manager
         Moerikestr. 2
         71554 Weissach i.Tal
         Germany


HG INDUSTRIE: Claims Registration Ends June 22
----------------------------------------------
Creditors of HG Industrie- & Haustechnik 2000 GmbH have until June 22 to
register their claims with court-appointed insolvency manager Dr. Lucas F.
Floether.

Creditors and other interested parties are encouraged to attend the
meeting at 10:25 a.m. on July 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 Magdeburg
         Breiter Weg 203-206
         39104 Magdeburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Lucas F. Floether
         Halberstadter Str. 55
         39112 Magdeburg
         Germany
         Tel: 0391/5556840
         Fax: 0391/5556849
         E-mail: magdeburg@feigl.biz

The District Court of Magdeburg opened bankruptcy proceedings against HG
Industrie- & Haustechnik 2000 GmbH on May 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         HG Industrie- & Haustechnik 2000 GmbH
         Harslebener Str. 1
         38829 Harsleben
         Germany


HISCHER + BOHR: Claims Registration Ends July 5
-----------------------------------------------
Creditors of Hischer + Bohr GmbH have until July 5 to register their
claims with court-appointed insolvency manager Dr. Dirk Andres.

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

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 185
         First Floor
         Zweigertstr. 52
         45130 Essen
         Germany

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

The insolvency manager can be reached at:

         Dr. Dirk Andres
         Neuer Zollhof 3
         40221 Duesseldorf
         Germany

The District Court of Essen opened bankruptcy proceedings against Hischer
+ Bohr GmbH on May 24.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Hischer + Bohr GmbH
         Attn: Joerg Hischer, Manager
         Grimbergstr. 52
         45307 Essen
         Germany


JACOBS NUTZFAHRZEUGSERVICE: Claims Registration Ends July 18
------------------------------------------------------------
Creditors of Jacobs Nutzfahrzeugservice GmbH have until July 18 to
register their claims with court-appointed insolvency manager Niklas
Luetcke.

Creditors and other interested parties are encouraged to attend the
meeting at 9:00 a.m. on Aug. 1, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Friedberg (Hessen)
         Hall 20a
         Homburger Strasse 18
         61169 Friedberg (Hessen)
         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:

         Niklas Luetcke
         Carl-Theodor-Reiffenstein-Platz 6
         60313 Frankfurt
         Germany
         Tel: 069 4056697-45
         Fax: 069 4056697-12
         E-mail: niklas.luetcke@dithmar-westhelle.de

The District Court of Friedberg (Hessen) opened bankruptcy proceedings
against Jacobs Nutzfahrzeugservice GmbH on May 23.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Jacobs Nutzfahrzeugservice GmbH
         Roter Lohweg 31
         35510 Butzbach
         Germany

         Attn: Gert Lewey, Manager
         Ludwigstrasse 7
         35510 Butzbach
         Germany


NOVELIS INC: Hindalco Acquisition Cues S&P to Remove Watch
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed all of its ratings on Novelis
Inc., including the 'BB-' long-term corporate credit rating, and removed
the ratings from CreditWatch with developing implications, where they were
placed Feb. 12, 2007.

The outlook is negative.

"The ratings were removed from CreditWatch after Standard & Poor's
reviewed the company's acquisition by Hindalco Industries Ltd. and
associated financing arrangements," said Standard & Poor's credit analyst
Donald Marleau.  The risk of any default under its secured bank loans or
unsecured notes -- technical or otherwise -- is effectively eliminated by
the committed credit facilities in place to refinance any maturities due
as a result of change-of-control provisions.  "The negative outlook stems
from the continued financial risk Novelis faces in the next year or two as
it aims to restore its cash flow by improving its risk management systems
and business practices related to commodity metals exposure,"
Mr. Marleau added.

The ratings on Novelis reflect its aggressive financial risk profile,
characterized by a heavy debt burden and low margins that have proven to
be less stable than expected when the company began stand-alone operations
in January 2005, after Alcan Inc. (BBB+/Watch Neg/A-2) spun off
substantially all of its aluminum rolling businesses.  Nevertheless,
Standard & Poor's expects that Novelis' financial performance will improve
steadily in the next four to six quarters, as the company improves its
ability to manage the operating margin and liquidity risks associated with
can sheet price ceilings and higher aluminum prices.

The negative outlook reflects the pressure that will be put on Novelis'
credit quality for several more quarters because of unproven hedging
strategies implemented to shore up its cash flow and reduce debt.  Should
the combination of hedging strategies and changes to its sales contracts
not effectively reduce its exposure to commodity metals prices in the next
12 to 18 months, such that the stability of its cash flow and the pace of
debt reduction do not improve, the ratings will be lowered.  Nevertheless,
Novelis' profitability and cash flow are expected to recover through 2007
and 2008, as the company better matches its internal and external hedges
to its commodity metals exposure.  Should this occur, the outlook will be
revised to stable. Continued debt reduction in the next several years
could put upward pressure on the ratings, as the company's capital
structure better corresponds to its satisfactory business risk.  The risks
associated with the impending refinancing are muted by existing
commitments to fund the takeout of its entire debt, and it appears
unlikely that its unsecured notes will be tendered, considering that these
instruments continue to trade clearly above the change-of-control price of
101.  Nevertheless, higher interest on new credit facilities or more
onerous financial covenants could have a small negative effect on the
company's credit profile.

Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.

Novelis South America operates two rolling plants and primary
production facilities in Brazil in the Latin-American region.

Novelis also has operations in Germany, Switzerland and Korea.


SV-SUESSWAREN: Creditors Must Register Claims by July 25
--------------------------------------------------------
Creditors of SV-Suesswaren- und Spezialitaten Vertriebs GmbH have until
July 25 to register their claims with court-appointed insolvency manager
Holger Leichtle.

Creditors and other interested parties are encouraged to attend the
meeting at 9:00 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 Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Str. 28
         71638 Ludwigsburg
         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:

         Holger Leichtle
         Danneckerstrasse 52
         70182 Stuttgart
         Germany
         Tel: 0711/238890

The District Court of Ludwigsburg opened bankruptcy proceedings against
SV-Suesswaren- und Spezialitaten Vertriebs GmbH on May 22.  Consequently,
all pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         SV-Suesswaren- und Spezialitaten Vertriebs GmbH
         Attn: Ursula Eidelloth, Manager
         Stammheimer Str. 9
         71696 Moeglingen
         Germany


TECHNIQUE MODEVERTRIEBS: Creditors Must File Claims by July 19
--------------------------------------------------------------
Creditors of Technique modevertriebs GmbH have until July 19 to register
their claims with court-appointed insolvency manager Gerhard Th. Walter.

Creditors and other interested parties are encouraged to attend the
meeting at 9:45 a.m. on Aug. 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 Offenbach am Main
         Hall 166N
         First Floor
         Kaiserstrasse 16-18
         63065 Offenbach am Main
         Germany

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

The insolvency manager can be reached at:

         Dr. Gerhard Th. Walter
         Cronstettenstrasse 30
         D 60322 Frankfurt am Main
         Germany
         Tel: 069 / 95 91 10 0
         Fax: 069 / 95 91 10 12

The District Court of Offenbach am Main opened bankruptcy proceedings
against Technique modevertriebs GmbH on May 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Technique modevertriebs GmbH
         Attn: Murat Pala, Manager
         Adam-Opel-Str. 14
         63322 Roedermark
         Germany


UWE FREUDENBERG: Creditors Must Register Claims by July 11
----------------------------------------------------------
Creditors of Uwe Freudenberg Service GmbH have until July 11 to register
their claims with court-appointed insolvency manager Michael Krause.

Creditors and other interested parties are encouraged to attend the
meeting at 8:05 a.m. on Aug. 10, 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:

         Michael Krause
         Putlitzer Strasse 30
         16928 Pritzwalk
         Germany

The District Court of Neuruppin opened bankruptcy proceedings against Uwe
Freudenberg Service GmbH on May 23.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Uwe Freudenberg Service GmbH
         Attn: Uwe Freudenberg, Manager
         Bahnstrasse 45
         19322 Wittenberge
         Germany


VKW TRA.DE: Creditors Must Register Claims by July 27
-----------------------------------------------------
Creditors of VKW Tra.de GmbH & Co. KG have until July 27 to register their
claims with court-appointed insolvency manager Tobias Wahl.

Creditors and other interested parties are encouraged to attend the
meeting at 9:30 a.m. on Aug. 27, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Landau in der Pfalz
         Hall 223
         Marienring 13
         76829 Landau in der Pfalz
         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:

         Tobias Wahl
         L 9, 11
         68161 Mannheim
         Germany
         Tel: 0621-127960

The District Court of Landau in der Pfalz opened bankruptcy proceedings
against VKW Tra.de GmbH & Co. KG on May 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         VKW Tra.de GmbH & Co. KG
         Attn: Juergen Hildenbrand, Manager
         Herrenbergerstr. 14
         76831 Birkweiler
         Germany


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


AMF BOWLING: S&P Cuts Rating on Planned US$285MM Facilities to B
----------------------------------------------------------------
Standard & Poor's Ratings Services changed its bank loan and recovery
ratings on the proposed senior secured financing of Mechanicsville,
Virginia-based AMF Bowling Worldwide Inc. (B/Negative/--), following a
change in the final capital structure since the time of the original
rating.

S&P lowered the rating on the proposed US$285 million first-lien credit
facilities to 'B' from 'B+'.  The recovery rating was revised to '2',
indicating the expectation for substantial recovery in the event of a
payment default, from '1'.  The
first-lien credit facilities consist of a US$40 million revolving credit
facility due 2012 and a US$245 million term loan B due 2013.

The bank loan rating on the company's US$80 million second-lien term loan
due 2013 remains unchanged at 'CCC+', two notches below the corporate
credit rating on AMF.  The '5' recovery rating indicates the expectation
for negligible recovery in the event of a payment default because of the
loan's junior lien position and the substantial amount of first-lien debt.

Ratings List

AMF Bowling Worldwide Inc.

Corporate Credit Rating                   B/Negative/--
US$80 Mil Second-Lien Term Loan           CCC+
   Recovery Rating                         5

Ratings Lowered

AMF Bowling Worldwide Inc.
                                           To          From
                                           --          ----
US$285 Mil First-Lien Credit Facilities   B           B+
   Recovery Rating                         2           1

The company has operations in Italy, Japan, and Mexico.


PARMALAT SPA: Court Rejects Citigroup Appeal to Dismiss Case
------------------------------------------------------------
As widely reported, New York-based Citigroup Inc. lost a bid to have the
Superior Court of New Jersey, Appellate Division, dismiss a
US$10,000,000,000 lawsuit by Parmalat S.p.A.  The lawsuit accused some 50
defendants, including Citigroup, of helping prior management hide debt and
inflate results.

The New Jersey Superior Court has denied, without comment, Citigroup's
appeal of a January ruling by Bergen County Superior Court Judge Jonathan
Harris.  The judge turned aside Citigroup's argument that Parmalat brought
the case in the wrong court, according to Reuters.

Citigroup spokesman Daniel Noonan said the bank was "disappointed with the
latest ruling," but noted that "it does not address the merits of Enrico
Bondi's case, Reuters reported.

Citigroup had argued that "New Jersey was not equipped to deal with the
case, did not have key witnesses and documents, and should not be forced
to interpret Italian law," Reuters added.

"Citigroup has done nothing wrong, and we look forward to being
vindicated," Mr. Noonan said in an e-mailed statement, according to
Bloomberg News.

Parmalat's extraordinary commissioner Enrico Bondi has obtained more than
US$700,000,000 in settlements.  He is also suing Bank of America Corp. and
Grant Thornton International for US$10,000,000,000 each, both in Manhattan
federal court.

Another accountant, Deloitte Touche Tohmatsu, settled a similar lawsuit in
January for about US$149,000,000.

                         About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has about
40 brand product lines, which include yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
or bankruptcy protection, they reported more than US$200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy
on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.

(Parmalat Bankruptcy News, Issue No. 89; Bankruptcy Creditors'
Service, Inc., 215/945-7000, http://bankrupt.com/newsstand/)


PQ CORP: Carlyle Deal Cues S&P to Put Ratings on Negative Watch
---------------------------------------------------------------
Standard & Poor''s Ratings Services placed its ratings on PQ Corp. on
CreditWatch with negative implications.  The corporate credit rating on
the Berwyn, Pennsylvania-based specialty chemical producer is 'B+'.

"The CreditWatch action followed PQ Corp.'s announcement that The Carlyle
Group agreed to acquire the parent company of PQ from existing equity
holder J.P. Morgan Partners LLC.," said Standard & Poor's credit analyst
Paul Kurias.

The estimated value of the transaction is US$1.5 billion, and it is
expected to close in the third quarter of 2007, subject to regulatory
review and customary closing conditions.

"We believe that the transaction may result in a weaker financial profile
for PQ because of the potential for higher levels of debt in the capital
structure," Mr. Kurias said.  "We will resolve the CreditWatch listing
after meeting with management and reviewing the financial policy and plans
for a revised capital structure."

PQ Corp. is a specialty chemical producer with more than
US$700 million in annual sales.

Headquartered in Berwyn, Pennsylvania, PQ Corp. -- http://www.pqcorp.com/
-- manufactures silicate, zeolite, and other performance materials serving
the detergent, pulp and paper, chemical, petroleum, catalyst, water
treatment, construction, and beverage markets.  It is a global enterprise,
operating in 19 countries on five continents, and along with its chemical
businesses, includes Potters Industries, a wholly owned subsidiary, which
is a leading producer of engineered glass materials serving the highway
safety, polymer additive, metal finishing, and conductive particle
markets.  The company has operations in China, Korea, Mexico, and Italy,
among others.


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


BARS LLP: Proof of Claim Deadline Slated for July 11
----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan has
declared LLP Bars insolvent.

Creditors have until July 11 to submit written proofs of claims to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Office 206
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


BOLO-JIHAZ LLP: Creditors Must File Claims July 6
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has declared LLP
Bolo-Jihaz 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
         050000, Almaty
         Kazakhstan
         Tel: 8 333 241 79-98


JARKENT-KOYMA LLP: Claims Filing Period Ends July 6
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has declared LLP
Jarkent-Koyma insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District Samal 15-29
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 25-43-90


JORGA 2030: Claims Registration Ends July 11
--------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan has
declared LLP Jorga 2030 insolvent.

Creditors have until July 11 to submit written proofs of claims to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


MARKET LADY: Creditors' Claims Due July 11
------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan has
declared LLP Market Lady insolvent.

Creditors have until July 11 to submit written proofs of claims to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


MERUERT LLP: Proof of Claim Deadline Slated for July 6
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has declared LLP
Meruert 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
         050000 Almaty
         Kazakhstan
         Tel: 8 333 241 79-98


SASHA LLP: Creditors Must File Claims July 3
---------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan has
declared LLP Sasha insolvent.

Creditors have until July 3 to submit written proofs of claims to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Krylov Str. 92/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 55-22-10


SEMEY-AUTO LLP: Claims Filing Period Ends July 11
-------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan has
declared LLP Semey-Auto insolvent.

Creditors have until July 11 to submit written proofs of claims to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Office 206
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


SPETSSTROY LLP: Claims Registration Ends July 11
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has declared LLP
Construction Company Spetsstroy insolvent.

Creditors have until July 11 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


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


CONTINENTAL SERVICE: Creditors' Claims Due July 13
--------------------------------------------------
LLC Continental Service (INN 00602200110073) has declared insolvency.
Creditors have until July 13 to submit written proofs of claim to:

         LLC Continental Service
         Artykov Str. 36
         Osh
         Kyrgyzstan
         Tel: (+996 3222) 2-00-53


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


CA INC: Case Dismissal Prompts S&P to Revise Outlook to Stable
--------------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'BB' corporate credit and
senior unsecured debt ratings on Islandia, New York-based CA Inc.

At the same time, S&P revised the outlook to stable from negative.

"The outlook revision reflects the dismissal by the U.S. Attorney's Office
for the Eastern District of New York of all pending charges against the
company, and CA's fulfillment of the terms of its deferred prosecution
agreement entered into in September 2004," said Standard & Poor's credit
analyst Philip Schrank.  Additionally, CA has remediated all material
weaknesses identified in its 2006 10-K.

The ratings are supported by a stable revenue base, favorable business
prospects, and strong cash flow generation.  The company's diversified,
high-margin software portfolio is viewed as defensible because of high
switching costs and entrenched customer relationships. Customer spending
priorities continue to favor security software, application server
software, and storage software-–three prominent segments of CA's product
portfolio.  Mainframe products, although mature, should continue to
generate predictable profits and cash flow.  Revenue growth should be
supported by significant investments in R&D and strategic acquisitions.
S&P expect acquisitions to continue, albeit at a more moderate pace.

However, S&P believe CA no longer possesses an investment-grade financial
policy, in light of its board of directors' previously announced
authorization of a US$2 billion share repurchase, to be partly
debt-financed.  In September 2006, CA concluded a
$1 billion tender offer, which was US$750 million debt financed.  If the
remaining US$1 billion of share repurchases was to be entirely financed
with debt, pro forma total debt to EBITDA could rise to above the 4x
range, from about 3x currently.  At the 'BB' rating level, S&P expect CA
will continue to generate strong free cash flow, and manage its debt
levels at about 4x or below over the intermediate term.  Free cash flow in
fiscal 2007 was in the
$800 million range (compared with historical levels above US$1 billion, a
result of cash restructuring charges, and is expected to recover to
historical levels as improvements in the expense structure are realized.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management  software
company that unifies and simplifies the management of enterprise-wide IT.
Founded in 1976, CA serves customers in more than 140 countries. The
company has operations in Brazil, Indonesia, Luxembourg, Philippines and
Thailand.


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


CLONDALKIN INDUSTRIES: Moody's Holds B1 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service affirmed the B1 Corporate Family Rating for
Clondalkin Industries B.V. and the B3 rating for the EUR170 million Senior
Notes while at the same time assigning a (P)Ba3 to the proposed Floating
Rate Notes due 2013 and upgrading the rating to Ba3 from B1 on the senior
secured bank facilities.

The FRN will be issued in a EUR and US$ tranche with an equivalent face
amount of EUR400 million.  Clondalkin intends to refinance its existing
senior bank debt and to finance an acquisition for about EUR81 million.
Consequently, Moody's will withdraw the rating for the senior secured bank
facilities once settled with the proceeds from the FRN.  The outlook for
all ratings is stable.

"Despite some weakening in its operating performance over the past three
years, Clondalkin is well-positioned in the B1 rating category, which is
supported by its size, increasing diversification by region, customer and
substrates in addition to the track record of free cash flow generation,"
said Martin Kohlhase, Moody's European lead analyst for the packaging
industry.  The contemplated acquisition in an industry with
above GDP-growth rates adds about 10% to the group's sales, has a
complementary fit to Clondalkin's existing businesses and is in line with
management's strategy to diversify geographically and increase its
exposure to existing activities.  Moody's expects Clondalkin to complement
its existing portfolio with bolt-on acquisitions as it has done in the
past.

"Although the generation of free cash flow slowed in 2006, we expect to
see an acceleration again from a stabilization of profitability and the
end of a two-year period of high capital investment outlays.  The
company's ability to pass on increasing raw material prices and operating
improvements, like de-bottlenecking of capacities and withdrawals from
under-performing activities, should contribute to a recovery of profit
margins and a strengthening of key credit metrics," expressed Kohlhase
when discussing the stable outlook.

The stable outlook also:

   (i) considers Moody's expectation that Clondalkin will
       smoothly integrate its contemplated acquisition and

  (ii) factors in future acquisitions if these are of bolt-on
       character.

The (P)Ba3 rating for the FRN due December 2013 reflects the ranking of
the notes in the overall debt structure with only the EUR30 million
revolving credit facility (RCF; not rated) ranking ahead of the notes in
case of enforcement of the security.  Both, the RCF and the FRN are
secured with substantially all assets, are guaranteed by nearly all
operating subsidiaries and are issued by Clondalkin Acquisitions B.V.  The
existing EUR170 million Senior Notes due March 2014 have been notched down
twice from the CFR reflecting the security package for the senior debt.

   * Issuer: Clondalkin Acquisition B.V.

     -- EUR400 million (equivalent) FRN, LGD rate 40%, LGD3,
        provisional (P)Ba3 assigned;

     -- EUR282 million senior secured bank facilities, LGD rate
        36%, LGD3, upgraded to Ba3 from B1, to be withdrawn once
        redeemed with the proceeds from the proposed issuance of
        the FRN;

   * Issuer: Clondalkin Industries B.V.

     -- EUR170 million Senior Notes, LGD rate downgraded to
        90%, LGD6, from LGD rate 88%, LGD5, B3 rating unchanged

Clondalkin Industries B.V., which is owned by Warburg Pincus Funds and
management, is domiciled in Amsterdam, The Netherlands.  The broad range
of flexible product applications include lids and seals for dairy product
containers, flower sleeves, agricultural-produce bags, papers and
foil-paper liners for the tobacco industry in addition to specialist
products that range from folding cartons, labels and leaflets to paper
bags and sacks for end customers in the pharmaceutical, cosmetics,
healthcare and consumer-goods industries.  In fiscal year 2006, the
company recorded sales of EUR763 million (pro forma the 2007 acquisitions:
EUR841 million), which were generated in Europe (78%) and the U.S. (22%).


LEVERAGED FINANCE: Moody's Rates EUR7.2 Million Notes at Ba3
------------------------------------------------------------
Moody's Investor Service affirmed the ratings of these notes issued by
Leveraged Finance Europe Capital II B.V following amendments made to the
documentation.

   -- Aaa to the EUR7.1 million Class I-A Senior Floating Rate
      Notes due 2020;

   -- Aaa to the EUR101.8 million Class I-B Senior Floating
      Rate Notes due 2020;

   -- Aa3 to the EUR38.5 million Class II Senior Floating Rate
      Notes due 2020;

   -- Baa2 to the EUR10.7 million Class III Mezzanine Floating
      Rate Notes due 2020;

   -- Ba3 to the EUR7.2 million Class IV Mezzanine Floating
      Rate Notes due 2020;

   -- Baa2 to the EUR2.3 million Class R Combination Notes due
      2020.

On April 24, 2007, amendments were made to the transaction
documentations to extend the reinvestment period, the weighted average
maturity test and the legal maturity of all the Notes by 3.5 years.  The
margin paid on each class was reduced too and the Class I-A notes is now
floating rate notes.  The ratings are not negatively affected by these
amendments.


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


MALMA PASTA: Alpina & North Coast Want Liquidation Proceedings
--------------------------------------------------------------
Alpina Slavia and North Coast S.A. amended their motion with regards to
Malma Pasta's bankruptcy for which the two companies, along with Stex
Janiszewscy and Goldman-Rosenberg Polska, had previously proposed
bankruptcy with settlement.  Alpina Slavia and North Coast now want to
conduct a liquidation proceeding for Malma, which would make it possible
to buy the company at an auction, The Financial Times reports, citing
Polish News Bulletin as its source.

According to the report, creditors appear to have lost patience as they do
not believe in the possibility of having the settlement soon.  Their
decision may have been accelerated by the fact that Malma's property has
been leased out to Malma Pasta, which has resumed operations, FT relates.
The choice of a liquidation proceeding, FT says, will make it possible to
terminate the lease contract.

The TCR-Europe reported on April 11, 2007, that North Coast and Colussi
was seeking to acquire debt-ridden Malma and resume production at the
company's plants.  At the same time, Alpina Savoie still plans to acquire
Malma, despite the rejection of its three takeover bids.

                           About Malma

Headquartered in Malbork, Poland, Malma -- http://www.malma.com/--
produces pasta, stuffed dumplings, potato gnocchi and pizza with its Malma
brand appearing on the market in 1991.  The company sells its products in
Italy, France and Poland, among others.

The company, burdened by a debt of more than PLN150 million (EUR38.9
million), is the subject of three bankruptcy petitions.  North Coast has
promised the court that it will file a bankruptcy suit against Malma
before May 14, hoping that the company's bankruptcy would result in a
settlement with its creditors, Puls Biznesu states.


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


AGRICULTURAL INDUSTRIAL: Creditors Must File Claims by June 12
--------------------------------------------------------------
Creditors of LLC Agricultural Industrial Corporation have until June 12 to
submit proofs of claim to:

         A. Vaysberg
         Insolvency Manager
         Sibirskaya Str. 47
         644082 Omsk
         Russia

The Arbitration Court of Omsk will convene at 2:20 p.m. on Oct. 2 to hear
the company's bankruptcy supervision procedure.  The case is docketed
under Case No. A46-2758/2007.

The Debtor can be reached at:

         LLC Agricultural Industrial Corporation
         Alekseevka
         Moskalenskiy
         646086 Omsk
         Russia


BOLSHEVIK OJSC: Court Names O. Kraskovskaya to Manage Asssets
-------------------------------------------------------------
The Arbitration Court of Moscow appointed O. Kraskovskaya as Insolvency
Manager for OJSC Bolshevik (TIN 5014000225).  She can be reached:

         O. Kraskovskaya
         Post User Box 281
         107078 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No. A41-K2-2780/05.

The Court located at:

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

The Debtor can be reached at:

         OJSC Bolshevik
         Leninskaya Str. 44
         Zaraysk
         140600 Moscow
         Russia


DRUZHBA CJSC: Court Names A. Boravchenkov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad appointed A.
Boravchenkov as Insolvency Manager for CJSC Druzhba.  He can be reached
at:

         A. Boravchenkov
         Post User Box 131
         191119 St. Petersburg
         Russia

The Court commenced bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No. A56-15831/2006.

The Court is located at:

         The Arbitration Court of St. Petersburg and the
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         CJSC Druzhba
         Selivanovo
         Volkhovskiy
         Leningrad
         Russia


ELLADA IK: Creditors Must File Claims by July 12
------------------------------------------------
Creditors of OJSC Trading House Ellada I K (TIN 0274051462) have until
July 12 to submit proofs of claim to:

         A. Fazlyev
         Insolvency Manager
         Post User Box 220
         Ufa
         450080 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A07-27207/06-G-GIA.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Trading House Ellada I K
         Ufa
         Kirovskiy
         Bashkortostan
         Russia


ENERGO-MASH CJSC: Creditors Must File Claims by July 19
-------------------------------------------------------
Creditors of CJSC Energo-Mash have until July 19 to submit proofs of claim
to:

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

The Arbitration Court of Moscow commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A40-44310/06-73-954B.

The Court located at:

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

The Debtor can be reached at:

         CJSC Energo-Mash
         Building 2
         Myasnitskaya Str. 30/1/2
         101000 Moscow
         Russia


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

         Y. Markin
         Temporary Insolvency Manager
         Apartment 6
         Internatsionalnaya Str. 79
         305009 Kursk
         Russia

The Arbitration Court of Kursk will convene at 2:30 p.m. on
July 11 to hear the company's commenced bankruptcy supervision procedure.
The case is docketed under Case No. A35-345/07 g.

The Court is located at:

         The Arbitration Court of Kursk
         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         OJSC Luch
         Staraya Belitsa
         Konyshevskiy
         307602 Kursk
         Russia


METALLURGIST CJSC: Creditors Must File Claims by June 12
--------------------------------------------------------
Creditors of CJSC Metallurgist have until June 12 to submit proofs of
claim to:

         S. Peshkun
         Insolvency Manager
         Office 41
         Zeyskaya Str. 140
         Blagoveshensk
         675000 Amur
         Russia

The Arbitration Court of Amur commenced bankruptcy supervision procedure
on the company.  The case is docketed under Case No. A04-1432/07-12/90 B.

The Debtor can be reached at:

         CJSC Metallurgist
         Lenina Str. 159
         Blagoveshensk
         675000 Amur
         Russia


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

         P. Tarasov
         Insolvency Manager
         Post User Box 19
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced bankruptcy
proceedings against the company after finding it insolvent.  The case is
docketed under Case No. A56-31420/2006.

The Court is located at:

         The Arbitration Court of St. Petersburg and the
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         CJSC Mizer
         Apartment 8
         Kamennostrovskiy Pr. 24
         St. Petersburg
         Russia


NEFTEKUMSKIY BREWERY: Bankruptcy Hearing Slated for June 28
-----------------------------------------------------------
The Arbitration Court of Stavropol will convene at 10:30 a.m. on June 28
to hear the bankruptcy supervision procedure on LLC Neftekumskiy Brewery.
The case is docketed under Case No.
A63-2042/07-S5.

the temporary insolvency manager is:

         N. Zhuravlev
         Office 4
         Lermontova Str. 343
         355029 Stavropol
         Russia

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         LLC Neftekumskiy Brewery
         Neftekumsk
         Stavropol
         Russia


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

         S. Peshkun
         Insolvency Manager
         Office 41
         Zeyskaya Str. 140
         Blagoveshensk
         675000 Amur
         Russia

The Arbitration Court of Amur region commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A04-1432/07-12/90 B.

The Debtor can be reached at:

         LLC Parnas
         Lenina Str. 159
         Blagoveshensk
         675000 Amur
         Russia


ROSNEFT OIL: Overtakes Lukoil as Russia's Largest Energy Firm
-------------------------------------------------------------
OAO Rosneft Oil Co. became Russia's largest fuel company in terms of oil
and gas condensate recovery following its acquisition of OAO Yukos Oil
Co.'s assets, Analytical Information Agency reports.

As of June 3, 2007, Rosneft's recovery rate is at 295,400 tons a day,
while closest rival OAO Lukoil's rate is at 249,800 tons a day, AK&M
relates.  Rosneft's share in the all-Russian oil and gas condensate
recovery has also reached 22.3%.

Rosneft is also Russia's largest oil company in terms of proven reserves,
which exceeds 20 billion barrel of oil equivalent, AK&M cites an audit by
DeGolyer & MacNaughton.  In 2006, Rosneft recovered 582.7 million barrels
and refined 22.66 million tons of oil.  The company also produced 13.58
billion cubic meters of gas.

In a TCR-Europe report on May 17, 2007, Rosneft posted US$3.53 billion in
net profit on RUR33.1 billion in revenues for 2006, compared with US$4.16
billion in net profit on US$23.86 billion in revenues for 2005.

                           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.


SIBIRSKIY AMBAR: Creditors Must File Claims by June 12
------------------------------------------------------
Creditors of CJSC Sibirskiy Ambar (TIN 3808074418) have until June 12 to
submit proofs of claim to:

         P. Zhdanov
         Temporary Insolvency Manager
         Post User Box 16
         Post Office 8
         Udolye-Sibirskoye
         665458 Irkutsk
         Russia

The Arbitration Court of Irkutsk will convene at 2:30 p.m. on July 21 to
hear the company's bankruptcy supervision procedure.  The case is docketed
under Case No. A19-5657/07-8.

The Court is located at:

         The Arbitration Court of Irkutsk
         Room 303
         Gagarina Avenue 70
         664025 Irkutsk
         Russia


The Debtor can be reached at:

         CJSC Sibirskiy Ambar
         Marata Str. 38
         664000 Irkutsk
         Russia


SHOPS MONOMAKH: Creditors Must File Claims by July 12
-----------------------------------------------------
Creditors of CJSC Shops Monomakh have until July 12 to submit proofs of
claim to:

         N. Popov
         Insolvency Manager
         Post User Box 366
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced bankruptcy
proceedings against the company after finding it insolvent.  The case is
docketed under Case No. A56-37449/2006.

The Court is located at:

         The Arbitration Court of St. Petersburg and the
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         CJSC Shops Monomakh
         Nevskiy Pr., 90/92
         St. Petersburg
         Russia


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

         A. Pshenkov
         Insolvency Manager
         Lenina Pr. 79-102
         400078 Volgograd
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A55-1663/2007.

The Debtor can be reached at:

         LLC Syezzhee
         Syezzhee
         Bogatovskiy
         Samara
         Russia


TOPS CJSC: Creditors Must File Claims by June 12
------------------------------------------------
Creditors of CJSC Tops have until June 12 to submit proofs of claim to:

         E. Aleskerov
         Insolvency Manager
         Post User Box 1055
         Gubkina Str. 3
         Novyj Urengoj
         629300 Yamalo-Nenetskiy
         Russia

The Arbitration Court of Yamalo-Nenetskiy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A81-5324/2006.

The Court is located at:

         The Arbitration Court of Yamalo-Nenetskiy
         Chubynina Str. 37A
         Salekhard
         Yamalo-Nenetskiy Autonomous Region
         Russia

The Debtor can be reachedat:

         CJSC Tops
         Post User Box 738
         Evo-Yakha Location
         Novyj Urengoj
         629300 Yamalo-Nenetskiy
         Russia


WIMM-BILL-DANN FOODS: Hikes Stake in Obninsk Dairy to 96.45%
------------------------------------------------------------
Wimm-Bill-Dann Foods OJSC increased its shareholding in Obninsk Dairy
Factory OJSC to 96.45% of its charter capital from the previous level of
66.33%.

The factory is the largest milk-processing enterprise in Russia's Kaluga
region.

The move is in line with Wimm-Bill-Dann's strategy of acquiring
successful, market-leading companies.

                      About Wimm-Bill-Dann

Headquartered in Moscow, Russia, Wimm-Bill-Dann Foods OJSC --
http://www.wbd.com/-- manufacture dairy and juice products.  It
distributes its products through a variety of channels,
including independent distributors and wholesalers, supermarket
chains, small- and medium-sized grocery stores, open-air markets
and restaurants.

                           *   *   *

As reported in the TCR-Europe on May 1, 2007, Standard & Poor's Ratings
Services placed its 'B+' long-term corporate credit rating and 'ruA+'
Russia national scale rating on Russia's largest dairy and leading fruit
juice producer Wimm-Bill-Dann Foods OJSC on CreditWatch with positive
implications.
This follows preliminary analysis of the company's recently
announced 2006 operating and financial results.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its B1 Corporate Family Rating for
Wimm-Bill-Dann Foods OJSC.

Additionally, Moody's revised its ratings to B1 from B2 on the
company's US$150-million 8.5% Senior Unsecured Regular
Bond/Debenture Due 2008.  Moody's assigned those debentures an
LGD4 rating suggesting lenders will experience a 53% loss in the
event of a default.


YUTON-EAST CJSC: Creditors Must File Claims by July 19
------------------------------------------------------
Creditors of CJSC Yuton-East (TIN 7733016188) have until July 19 to submit
proofs of claim to:

         A. Kubasov
         Insolvency Manager
         Office ROSAU
         Krasnokazarmennaya Str. 9
         111250 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A40-36575/06-123-611B.

The Court located at:

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

The Debtor can be reached at:

         CJSC Yuton-East
         Pyatnitskoye Shosse 30
         123627 Moscow
         Russia


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


CCC COMPACTCAMPINGCARS: Liquidation Claims Due June 20
------------------------------------------------------
Creditors of LLC CCC CompactCampingCars have until June 20 to submit their
claims to:

         Hanspeter Kernen
         Liquidator
         Bahnhofstrasse 6
         3601 Thun BE
         Switzerland

The Debtor can be reached at:

         LLC CCC CompactCampingCars
         Heimberg BE
         Switzerland


COPECHIM JSC: Creditors' Liquidation Claims Due June 20
-------------------------------------------------------
Creditors of JSC Copechim have until June 20 to submit their claims to:

         JSC Novisa Treuhand
         Liquidator
         Rigistrasse 10
         Postfach
         6340 Zug
         Switzerland

The Debtor can be reached at:

         JSC Copechim
         Zug
         Switzerland


ELEMETAL JSC: Bern Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Court of Bern commenced bankruptcy proceedings against JSC
Elemetal on March 13.

The Bankruptcy Service of Bern can be reached at:

         Bankruptcy Service of Bern
         Branch Thun
         3602 Thun BE
         Switzerland

The Debtor can be reached at:

         JSC Elemetal
         Moosweg 36
         3645 Gwatt
         Switzerland


INVISTA BV: S&P Lifts Rating on US$2.05 Billion Facility to BB+
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on the
US$2.05 billion senior secured credit facility of INVISTA B.V.
(BB/Stable/-B-1).

The senior secured rating was raised to 'BB+' from 'BB', and the recovery
rating was revised to '1' from '2'.  The facility consists of two US$200
million revolving credit facilities and term loans with a remaining
balance of about US$1.2 billion.  The new ratings indicate S&P’s
expectation that the credit facility lenders would receive full recovery
of principal in a payment default.  The upgrade was prompted by a
re-evaluation of recovery prospects using an enterprise-value as opposed
to discrete asset-value approach.

The corporate credit rating and 'B+' senior unsecured debt ratings on
INVISTA remain unchanged.

"The ratings on INVISTA reflect business risks that include industry
cyclicality, raw material cost volatility, and intense Asian competition
in some product categories.  They also reflect an aggressive financial
profile resulting from a major acquisition--the April 2004 purchase of the
former DuPont Textiles & Interiors business of E.I. DuPont de Nemours &
Co.," said Standard & Poor's credit analyst Cindy Werneth.  "These
negatives are mitigated by INVISTA's satisfactory business profile as a
leading global manufacturer and marketer of fibers and intermediates, with
more than US$9 billion in annual revenues and a diversified product
portfolio."


Ratings List

INVISTA B.V.

Corporate Credit Rating      BB/Stable/B-1

Ratings Revised
                             To             From
                             --             ----
  Sr Scrd Bank Loan          BB+            BB
  Recovery Rating            1              2


Headquartered in Wichita, Kansas, Invista B.V. -- http://invista.com/--
manufactures textile and polymer.  Invista is composed of five business
units -- Apparel, Interiors, Intermediates, Performance and Textile
Fibers, and Polymers and Resins.  Invista owns more than 700 unique
pending or granted U.S. patents, with corresponding patents in almost all
of the countries where it has a business presence.  It has operations in
China, Switzerland and Mexico.


JOYTEC LLC: Creditors' Liquidation Claims Due June 20
-----------------------------------------------------
Creditors of LLC Joytec have until June 20 to submit their claims to:

         Ernst Buchmann
         Liquidator
         Hofwise 5
         8317 Tagelswangen
         Switzerland

The Debtor can be reached at:

         LLC Joytec
         Wangen-Bruttisellen
         Uster ZH
         Switzerland


KUHNE & NAGEL: Creditors' Liquidation Claims Due June 18
--------------------------------------------------------
Creditors of JSC Kuhne & Nagel Immobilien have until June 18 to submit
their claims to:

         Dr. Martin Arzethauser
         Liquidator
         JSC Kuhne + Nagel International
         Dorfstrasse 50
         8834 Schindellegi
         Switzerland

The Debtor can be reached at:

         JSC Kuhne & Nagel Immobilien
         Feusisberg
         Hofe SZ
         Switzerland


MAWIL SUPPORT: Creditors' Liquidation Claims Due June 21
--------------------------------------------------------
Creditors of LLC MAWIL Support have until June 21 to submit their claims to:

         Frau Maya Hani
         Liquidator
         Hauptstrasse 6
         4566 Kriegstetten
         Wasseramt SO
         Switzerland

The Debtor can be reached at:

         LLC MAWIL Support
         Kriegstetten
         Wasseramt SO
         Switzerland


PACIFIC RIM: Creditors' Liquidation Claims Due June 18
------------------------------------------------------
Creditors of JSC Pacific Rim Chemical Investment have until
June 18 to submit their claims to:

         Peter Georg Studer
         Liquidator
         Poststrasse 6
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC Pacific Rim Chemical Investment
         Zug
         Switzerland


PARAMOUNT MEDIA: Creditors' Liquidation Claims Due June 21
----------------------------------------------------------
Creditors of LLC Paramount Media Print have until June 21 to submit their
claims to:

         Roland Beeler
         Liquidator
         JSC R. beeler + partner Treuhand
         Neugasse 1
         P.O. box
         6301 Zug
         Switzerland

The Debtor can be reached at:

         LLC Paramount Media Print
         Zug
         Switzerland


PINO ALA: Creditors' Liquidation Claims Due June 18
---------------------------------------------------
Creditors of JSC Pino Ala & Partner have until June 18 to submit their
claims to:

         Pino Ala
         Liquidator
         Kornhausstrasse 43
         8037 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Pino Ala & Partner
         Zurich
         Switzerland


REDSTONE CAPITAL: Creditors' Liquidation Claims Due June 18
-----------------------------------------------------------
Creditors of JSC Redstone Capital have until June 18 to submit their
claims to:

         JSC Redstone Capital
         Dammstrasse 19
         6300 Zug
         Switzerland


SANOTEX LLC: Aargau Court Starts Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings against
LLC Sanotex on May 8.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Brugg
         5201 Brugg AG
         Switzerland

The Debtor can be reached at:

         LLC Sanotex
         Oberdorfstrasse 1
         5106 Veltheim AG
         Switzerland


ST. JOHN KNITS: Creditors' Liquidation Claims Due June 18
---------------------------------------------------------
Creditors of JSC St. John Knits have until June 18 to submit their claims to:

         Bruno Ritter
         Liquidator
         JSC OBT
         Dornacherhof/Auerstrasse 31
         9435 Heerbrugg
         Switzerland

The Debtor can be reached at:

         JSC St. John Knits
         Wolfhalden AR
         Switzerland


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


AMVROSIEVKA LLC: Claims Filing Deadline Set June 14
---------------------------------------------------
Creditors of Amvrosievka LLC (code EDRPOU 30905528) have until June 14 to
submit their proofs of claim to:

         Konstantine Laskavy
         Liquidator
         Starobeshaevskaya Str. 12-A
         83069 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
42/275-B.

The Court is located at:

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

The Debtor can be reached at:

         Amvrosievka LLC
         Moscow Str. 27
         Lisichye
         Amvrosievka District
         87370 Donetsk
         Ukraine


JURINCOM-2000 LLC: Claims Filing Deadline Set June 14
-----------------------------------------------------
Creditors of LLC Juridical Company Jurincom-2000 (code EDRPOU 33126475)
have until June 14 to submit their proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
15/89-b.

The Debtor can be reached at:

         LLC Juridical Company Jurincom-2000
         Apartment 22
         Mechnikov Str. 8
         01023 Kiev
         Ukraine


LOKHVITSA AGRICULTURAL: Claims Filing Deadline Set June 14
----------------------------------------------------------
Creditors of OJSC Lokhvitsa Agricultural Chemistry have until June 14 to
submit their proofs of claim to:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
10/518.

The Debtor can be reached at:

         OJSC Lokhvitsa Agricultural Chemistry
         Aerodromnaya Str. 1
         Lokhvitsa
         37200 Poltava
         Ukraine


ODESSA LLC: Claims Filing Deadline Set June 14
----------------------------------------------
Creditors of Odessa LLC (code EDRPOU 30480700) have until
June 14 to submit their proofs of claim to:

         Liudmila Ilienok
         Liquidator
         Apartment 509
         Karl Marks Str. 15
         Ilyichevsk
         Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
2/6-06-298.

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         Odessa LLC
         Polevaya Str. 28
         Krasnoselka
         Komintern District
         67560 Odessa
         Ukraine


PLAST LLC: Claims Filing Deadline Set June 14
---------------------------------------------
Creditors of LLC Plast (code EDRPOU 31060777) have until June 14 to submit
their proofs of claims to:

         Vladimir Kupin
         Liquidator
         Danilevsky Str. 38
         61058 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
B-39/48-07.

The Court is located at:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Plast
         Veselaya Str. 12
         Olkhovatka
         Veliky Burluk District
         Kharkov
         Ukraine


TBD LLC: Claims Filing Deadline Set June 14
-------------------------------------------
Creditors of LLC TBD (code EDRPOU 33218914) have until June 14 to submit
their proofs of claim to:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
8/491-06.

The Debtor can be reached at:

         LLC TBD
         Lebedinskaya Str. 15
         40000 Sumy
         Ukraine


UKR-ENERGY-TRADIS LLC: Claims Filing Deadline Set June 14
---------------------------------------------------------
Creditors of LLC Ukr-Energy-Tradis (code EDRPOU 34187458) have until June
14 to submit their proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
23/143-b.

The Debtor can be reached at:

         LLC Ukr-Energy-Tradis
         Apartment 34
         Pobeda Str. 136
         03115 Kiev
         Ukraine


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


ACTUANT CORP: S&P Rates Proposed Sr. Unsecured Notes at BB-
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' rating to Actuant
Corp.'s proposed US$250 million senior unsecured notes due 2017.  The
proceeds from the notes will be principally used to repay a portion of
borrowings under the company's senior credit facility due 2009.

In addition, Standard & Poor's affirmed its 'BB' corporate credit rating
on the Butler, Wisconsin-based company.  The outlook is stable.

The proposed notes are rated one notch below the corporate credit rating
due to the estimated level of priority obligations in the company's
capital structure.  The notes are guaranteed by Actuant's domestic
subsidiaries, but unlike the senior credit facilities, do not have a
pledge over portion of the stock of the company's material foreign
subsidiaries.

The ratings on Actuant reflect the company's aggressive financial risk
profile, characterized by a somewhat high leverage and an acquisitive
growth strategy.  Actuant is a diversified manufacturer of branded
standard and customized products for various niche automotive, industrial,
and retail end markets.  Products range from high-force hydraulic
industrial tools, bolt tensioners, and specialized electrical tools to
automotive convertible top and recreational vehicle leveling systems.

Headquartered in Glendale, Wisconsin, Actuant Corp. (NYSE:ATU)
-- http://www.actuant.com/-- is a diversified industrial company with
operations in more than 30 countries, including Australia, Brazil, China,
Hong Kong, Italy, Japan, Taiwan, United Kingdom and South Korea.  The
Actuant businesses  are market leaders in highly engineered position and
motion  control systems and branded hydraulic and electrical tools and
supplies.  Since its creation through a spin-off in 2000, Actuant has
grown its sales from US$482 million to over US$1 billion and its market
capitalization from US$113 million to over US$1.5 billion.  The company
employs a workforce of approximately 6,000 worldwide.  Actuant Corporation
trades on the NYSE under the symbol ATU.


ALL AMERICAN: Rock River Wins Auction to Buy Operating Assets
-------------------------------------------------------------
A two-party consortium of Rock River Capital LLC and the senior secured
lenders of All American Semiconductor, Inc. emerged as the successful
bidder for the sale of substantially all of the company's operating
assets.

Rock River is expected to continue operating the company as a going
concern business utilizing the company's acquired assets.    The auction
included assets of the company's 33 subsidiaries in the United States,
Canada, Mexico, Europe and Asia.  Rock River did not purchase the
company's commercial tort claims, avoidance actions, accounts receivable
and certain other miscellaneous assets.

Subject to Bankruptcy Court approval, the company's senior secured lenders
were the successful bidders for the company's accounts receivable.  None
of the company's commercial tort claims or avoidance actions was sold.
The aggregate purchase price from the auction is US$15.2 million, which
will be paid to Harris N.A. as agent for the senior secured lenders.

The auction was conducted on May 31, 2007 at the Miami offices of the
company's counsel, Squire, Sanders & Dempsey, LLP.  The closing of the
sale is set to occur no later than June 8, 2007.

                 About All American Semiconductor

Based in Miami, Florida, All American Semiconductor
Inc. (Pink Sheets: SEMI.PK) -- http://www.allamerican.com/--
is a distributor of electronic components manufactured by
others.  The company distributes a full range of semiconductors
including transistors, diodes, memory devices, microprocessors,
microcontrollers, other integrated circuits, active matrix
displays and various board-level products.  All American also
distributes passive components such as capacitors, resistors and
inductors; and electromechanical products such as power supplies, cable,
switches, connectors, filters and sockets.  The company also offers
complete solutions for flat panel display products.

In total, the company offers approximately 40,000 products
produced by approximately 60 manufacturers.  The company has
36 strategic locations throughout North America and Mexico,
as well as operations in China and Western Europe.

The company and its debtor-affiliates filed for Chapter 11
protection on April 25, 2007 (Bankr. S.D. Fla. Lead Case No.
07-12963).  Tina M. Talarchyk, Esq., at Squire Sanders & Dempsey
LLP, in West Palm Beach, Florida, represents the Debtors.  Jerry
M. Markowitz, Esq., at Markowitz, Davis, Ringel & Trusty, P.A.,
and William M. Hawkins, Esq., at Loeb & Loeb LLP, represents the
Committee.  As of Feb. 28, 2007, total assets was US$117,634,000
and total debts was US$106,024,000.


AVAYA INC: Inks Merger with Silver Lake and TPG Capital
---------------------------------------------------------------
Avaya Inc. has entered into a definitive merger agreement with Silver Lake
and TPG Capital for approximately US$8.2 billion or US$17.50 per common
share.

Under the terms of the agreement, Avaya shareholders will receive US$17.50
in cash for each share of Avaya common stock they hold, representing a
premium of approximately 28 percent over Avaya's closing share price of
US$13.67 on May 25, 2007, the last trading day prior to published reports
regarding a potential transaction, and a premium of approximately 33
percent over Avaya's average closing share price of US$13.17 during the 30
trading days ending May 25, 2007.

"After an extensive review of Avaya's strategic alternatives with Avaya
management and our financial advisors, the board of directors of Avaya
determined that this transaction with Silver Lake and TPG provides the
best value for Avaya's shareholders," said Phil Odeen, non-executive
chairman of Avaya's board of directors.

Avaya's board of directors has approved the merger agreement and resolved
to recommend that Avaya shareholders adopt the agreement.

"In addition to delivering compelling value for our shareholders, the
partnership with Silver Lake and TPG also creates clear value for Avaya
employees and customers," said Louis J. D'Ambrosio, president and CEO,
Avaya.  "The investment in our people and technology and the operating
structure will enable us to extend our technology and services leadership
and continue to deliver the "gold standard" of communication solutions in
the industry."

"Our interests are aligned with the long-term interests of Avaya's
customers and employees," said David Roux, a co-founder and managing
director of Silver Lake.  "We have full confidence in Avaya's excellent
management to build on the company's remarkable technology and history,
which spans more than a century, to deploy advanced IP communications
solutions as a source of competitive advantage for customers."

"As one of the earliest private investors in technology and
telecommunications, TPG has come to know and admire Avaya for its roster
of leading customers, history of product innovation and commitment to
customer service," said John Marren, a partner of TPG.  "We look forward
to working with our partners at Silver Lake and the company's excellent
team to continue to build this exciting franchise."

The transaction is expected to be completed in the fall of 2007, subject
to receipt of shareholder approval and customary regulatory approvals, as
well as satisfaction of other customary closing conditions.  There is no
financing condition to the obligations of the private equity group to
consummate the transaction, and equity and debt commitments for the merger
consideration have been received.

The merger agreement provides for Avaya to solicit proposals from third
parties during the next 50 days.  In addition, the company may, at any
time, subject to the terms of the agreement, respond to unsolicited
proposals.  There can be no assurance that the process will result in an
alternative transaction.  Avaya does not intend to disclose developments
with respect to the solicitation process unless and until its board of
directors has made a decision.

Credit Suisse is serving as exclusive financial advisor to Avaya and its
board of directors.

Weil, Gotshal & Manges LLP acted as legal advisor to Avaya in connection
with the transaction. Skadden, Arps, Slate, Meagher & Flom LLP acted as
legal advisor to Avaya's board in connection with the transaction.

Citi and Morgan Stanley acted as financial advisors to Silver Lake and TPG
and have committed, together with JPMorgan, to provide debt financing for
the transaction.

Ropes & Gray is acting as legal advisor to Silver Lake and TPG.

                        About Silver Lake

Silver Lake -- http://www.silverlake.com/--is an investment firm focused
on large scale investments in technology, technology-enabled, and related
growth industries.

                        About TPG Capital

TPG Capital -- http://www.tpg.com/-- is a global buyout group of TPG, a
private investment firm founded in 1992, with more than US$30 billion of
assets under management and offices in San Francisco, London, Hong Kong,
New York, Minneapolis, Fort Worth, Melbourne, Menlo Park, Moscow, Mumbai,
Shanghai, Singapore and Tokyo.

                          About Avaya

Headquartered in Basking Ridge, New Jersey, Avaya, Inc.
(NYSE:AV) -- http://www.avaya.com/-- designs, builds and
manages communications networks for more than one million
businesses worldwide, including more than 90% of the FORTUNE
500(R).  Avaya is a world leader in secure and reliable Internet
Protocol telephony systems and communications software
applications and services.

Avaya has locations in Malaysia, Argentina and the United Kingdom.

                            *   *   *

In January 2005, Moody's Investors Service upgraded the senior
implied rating of Avaya Inc. to Ba3 from B1.  Moody's said the
ratings outlook is positive.


BALLY TOTAL: Closes Sale of Canadian Fitness Centers
----------------------------------------------------
Bally Total Fitness has closed on the sale of its Toronto, Canada
facilities to Extreme Fitness, Inc. and GoodLife Fitness Centres Inc.,
realizing net cash proceeds of approximately
US$18 million.

"The strategic sale of our Canadian operations will better enable us to
focus on our U.S. operations and leveraging our industry-leading fitness
brand," Don R. Kornstein, interim Chairman and Chief Restructuring Officer
of Bally Total Fitness, said.  "This is a significant step in reshaping
the operational footprint for Bally Total Fitness as we continue to focus
on this important element of our restructuring.

"The proceeds from the transaction will be reinvested into our business
and increase our liquidity at June 1, 2007, to approximately US$60
million."

"The addition of the Bally clubs is a springboard to propelling GoodLife
toward our goal of 100 clubs in Toronto," David Patchell-Evans, CEO and
founder of GoodLife Fitness, said.  "GoodLife is a 'Made in Canada'
solution to fitness: 28 years of experience in the business and an award
recipient of Canada's 50 Best Managed Company award 2003-2006 and the
Consumer Choice Award for GTA 2001-2007.  Our intent is to bring that same
high quality of expertise in the fitness and wellness field to servicing
these new clubs and our new members."

"We are buying these great locations based on the fact that they match the
quality and prestige of our current six Extreme Fitness clubs,” Jim
Solomon, Chief Executive Officer of Extreme Fitness, added.  “Once the
US$20 million renovation is complete, Extreme Fitness will have the 12
nicest health clubs in the city."

                    About Bally Total Fitness

Bally Total Fitness Holding Corp. -- http://www.ballyfitness.com/-- is
the largest and only United States-wide commercial operator of fitness
centers, with over 400 facilities located in 29 states, in Canada, the
United Kingdom, the Carribbean, Mexico and China. Bally offers a unique
platform for distribution of a wide range of products and services
targeted to active, fitness-conscious adult consumers.

                            *   *   *

As reported in the Troubled Company Reporter on June 4, 2007,
Bally Total Fitness reached an agreement in principle on the
proposed terms of a consensual restructuring with certain holders of over
80% in amount of its 9-7/8% Senior Subordinated Notes due 2007.  The
company plans to implement the proposed restructuring through a
pre-packaged Chapter 11 bankruptcy filing of the parent company, Bally
Total Fitness Holding Corporation, and certain of its subsidiaries.


BETONSPORTS PLC: Placed Into Creditors' Voluntary Liquidation
-------------------------------------------------------------
Vantis Business Recovery Services, a division of Vantis plc, has placed
BETonSPORTS plc into creditors’ voluntary liquidation on May 16, 2007.

Peter Wastell and Nigel Hamilton-Smith of Vantis were appointed joint
liquidators for the purposes of winding-up the company. Neither the joint
liquidators, nor Vantis, have had any prior professional relationship with
BETonSPORTS, or any of its directors.

BETonSPORTS ceased trading as a result of an Indictment and Permanent
Injunction issued by the Department of Justice in the United States of
America against the company and certain of its subsidiaries.  The
suspension of trading in shares in the company on the London Stock
Exchange was confirmed on July 19, 2006, with de-listing taking effect on
Jan. 19, 2007.

                      Racketeering Charges

As reported in the TCR-Europe on May 31, 2007, BETonSPORTS plc admitted to
its involvement in a racketeering conspiracy.

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

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

Among the Enterprise's first computer-based sports book was one called the
North American Sports Association International, which evolved into
BETonSPORTS.com, advertised as the largest online wagering service in the
world.  This Web site gave gamblers in the United States the opportunity
to illegally wager on professional and college football and basketball, as
well as many other professional and amateur sporting events and contests.

Members of the enterprise formed a corporation, BETonSPORTS plc, in 2004,
which subsequently solicited and accepted wagers from individuals in
Missouri and elsewhere throughout the United States.  Entities and
individuals associated with BETonSPORTS plc also caused fraudulent
promotional materials to be available to prospective and actual bettors
and used interstate facilities to further wagering activity in, to and
from Missouri, as well as throughout the United States, in violation of
federal law.

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

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

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

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


BRISTOW GROUP: S&P Rates US$250 Million Senior Notes at BB
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' rating to helicopter
service company Bristow Group Inc.'s US$250 million senior notes due 2017.

At the same time, Standard & Poor's affirmed the 'BB' corporate credit
rating and all other ratings on the company.

The outlook is negative.

Pro forma for the offering, Houston, Texas-based Bristow will have
approximately US$640 million of debt, adjusted for operating leases and
postretirement benefit obligations.

"Ratings reflect the company's exposure to the highly cyclical and
volatile oil and gas industry, exposure to weather and seasonal
fluctuations that might limit flight hours, an expanding capital spending
program, and aggressive financial leverage," said Standard & Poor's credit
analyst Aniki Saha-Yannopoulos.  "These weaknesses are partially mitigated
by Bristow's significant market share and geographic diversity."

Bristow's high debt leverage, expanded capital expenditure program, and
lack of free cash flow in the near term are primary factors for the
negative outlook.

Should either the SEC or Department of Justice investigation negatively
affect Bristow, or if Bristow's operational performance or financial
measures deteriorate, then lower ratings would result.  Conversely,
improved operating performance and financial measures would result in an
outlook revision to stable.

Headquartered in Houston, Texas, Bristow Group Inc. --
http://www.bristowgroup.com/-- provides helicopter transportation
services to the offshore oil and gas industry worldwide.  Its services
include helicopter transportation, maintenance, search, and rescue and
aviation support, as well as oil and gas production management services.
The company operates under the brand names of Air Logistics and Bristow
Helicopters for its helicopter services, and Grasso Production Management
for its production management services.  As of March 31, 2006, the company
operated 331 aircrafts and its unconsolidated affiliates operated an
additional 146 aircrafts.

The company has offices in Australia, China, India, the Netherlands,
Singapore, Trinidad and Tobago, United Kingdom, and the United States,
among others.


BRITISH AIRWAYS: Traffic Figures Down 2.1 Percent in May 2007
-------------------------------------------------------------
British Airways plc reported traffic and capacity statistics for May 2007.

In May 2007, passenger capacity, measured in Available-Seat-Kilometers,
was 0.1% below May 2006.  Traffic, measured in
Revenue-Passenger-Kilometers, was lower by 2.1%.  This resulted in a
passenger load factor down 1.5 points versus last year, to 73.3%.  The
decrease in traffic comprised a 2.1% decrease in premium traffic and a
2.1% decrease in non-premium traffic.

May 2006 was a particularly strong month with premium up 13.9% and
non-premium up 5.7% leading to soft year on year performance.  The unusual
timing of bank holidays in the U.K. and continental Europe, continuing
carry-on baggage restrictions at Heathrow and the weak U.S. dollar also
impacted volumes in May 2007.  Premium growth in the first half of the
year is unlikely due to high comparative seat factors.

Cargo, measured in Cargo-Ton-Kilometers, fell by 2.0%.  Overall load
factor rose 0.6 points to 69.2%.

                        Market Conditions

Some weakness in non-premium, particularly on the North Atlantic and in
shorthaul domestic, continues.  Premium demand is expected to continue
driving high seat factors.  Visibility around forward bookings continues
to be limited.

                        Revenue and Costs

The continuing weak U.S. dollar, while not helpful to revenue, is having a
positive impact on costs.

                     Strategic Developments

The airline filed an application with the U.S. DoT for permission to
operate services between any point in the EU and U.S. to enable it to grow
the most profitable part of its business.

Agreement was reached on new working practices for all 6,000 ground staff
involved in the move to Heathrow's Terminal 5.  The final ballot, by
check-in and customer service staff, showed overwhelming support for more
efficient ways of working, ahead of the move to the airline's new home in
Terminal 5.

British Airways and Amadeus signed an agreement for the distribution of
the airline's fares and inventory to Amadeus travel agencies and
corporations.  All four GDSs have now agreed to new contracts.

The company joined TPG Capital, Vista Capital, Inversiones Ibersuizas and
Quercus Equity to investigate a possible consortium bid for Iberia.  No
guarantee was given that a formal bid will be made.  The airline has
previously ruled out further capital investment as part of any consortium
bid and will not make an independent bid for the airline.

British Airways' 13 flights a week to Vancouver moved from London Heathrow
Terminal 4 to Terminal 1 on June 1, 2007, to ease congestion and provide
smoother connections for customers.

Eight new Airbus A320 family aircraft were ordered for delivery in
2008-2010 marking the first step towards establishing a single fleet
across the British Airways' network.  The airline will also upgrade the
Gatwick short haul fleet by replacing the oldest 14 Boeing 737s with
Airbus A319 aircraft.

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Limited and British Airways Travel
Shops Limited.  BA has offices in India and Guatemala.

                            *   *   *

In April 2007, in connection with the implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa, Moody's
Investors Service's confirmed its Ba1 Corporate Family Rating
for British Airways Plc.

Moody's also assigned a Ba1 Probability-of-Default Rating to the
company.

* Issuer: British Airways Plc

                                                      Projected
                           Old      New      LGD      Loss-iven
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   GBP100-million 10.875%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2008                Ba2      Ba2      LGD5     84%

   GBP250-million 7.25%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2016                Ba2      Ba2      LGD5     84%

As reported in the TCR-Europe on March 27, 2007, Standard &
Poor's Ratings Services said that its 'BB+' long-term corporate
credit rating on British Airways PLC remains on CreditWatch,
with positive implications, following a vote on March 22, 2007, by EU
ministers approving a proposed "open skies" aviation treaty with the U.S.


BRITISH AIRWAYS: Bans Bonuses for Senior Executives
---------------------------------------------------
British Airways plc senior executives will not receive bonuses for the
financial year 2007 after the airline fell short of its minimum operating
margin target of 8 percent, The Financial Times reports.

According to FT, the carrier's operating profits fell by 13 percent to
GBP602 million in the year to March 2007, compared with GBP694 million in
2006.  Operating profit margin declined from 8.5 percent to 7.1 percent.

                          Annual Bonus

The amount of annual bonus available for distribution to senior
executives for the financial year 2007 was subject to a maximum
limit of 100 percent of salary.  No bonus was payable unless the
minimum operating margin target threshold was achieved.  If this threshold
was achieved, bonus potential was determined by a mixture of an operating
margin target, a customer recommendation target, a punctuality target
(relating to mainline network punctuality performance) and an assessment
of employee involvement in the mainline business.  In addition, the
Remuneration Committee had to be satisfied that the performance of, and
outlook for, the business was satisfactory.

The Remuneration Committee reviewed the annual bonus plan
during the year and has restructured it to create a common
bonus architecture across the Company’s management group
and to support the increased focus on individual accountability
following the recent management restructuring.

BA also cut the total compensation, including pay and benefits, of Chief
Executive Willie Walsh to GBP625,000 in the year ended March 31, 2007,
from GBP887,000 a year earlier.  In 2006 Mr. Walsh received a cash bonus
of GBP270,000, split evenly between cash and deferred shares, Emmet Oliver
writes for Bloomberg News.

As previously reported in the TCR-Europe on May 21, 2007, British Airways
recorded GBP304 million in net profit for the
twelve months ended March 31, 2007, compared with GBP467 million
in net profit for the same period in 2006.

At March 31, 2007, the Company's balance sheet showed GBP11.4
billion in total assets, GBP9 billion in total liabilities and
GBP2.4 billion in total equity.

The Company's balance sheet at March 31, 2007, however, showed
strained liquidity with GBP3.4 billion in total current assets
available to pay GBP3.6 billion in total liabilities coming due
within the next 12 months.

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                            *   *   *

In April 2007, in connection with the implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa, Moody's
Investors Service's confirmed its Ba1 Corporate Family Rating
for British Airways Plc.

Moody's also assigned a Ba1 Probability-of-Default Rating to the
company.

* Issuer: British Airways, Plc

                                                      Projected
                           Old      New      LGD      Loss-iven
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   GBP100-million 10.875%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2008                Ba2      Ba2      LGD5     84%

   GBP250-million 7.25%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2016                Ba2      Ba2      LGD5     84%

As reported in the TCR-Europe on March 27, 2007, Standard &
Poor's Ratings Services said that its 'BB+' long-term corporate
credit rating on British Airways PLC remains on CreditWatch,
with positive implications, following a vote on March 22 by EU
ministers approving a proposed "open skies" aviation treaty with
the U.S.


CABLE & WIRELESS: Revises Chairman's Employment Contract
--------------------------------------------------------
Cable and Wireless plc disclosed revisions to the contract of its
Chairman, Richard Lapthorne, and proposed changes for executives
participating in the Cash Long Term Incentive Plan.

The changes to the Chairman's contract will be made Wednesday, June 6,
2007, to secure his contribution and continuing role in the turnaround of
the business, driving Cable & Wireless on to further value creation.  The
changes are:

    * fixed contract to January 2009 to be replaced by
      a standard contract with 12 months' notice on either
      side and annual re-election, with immediate effect;

    * award of up to 5.5 million shares on demanding
      performance criteria, within an existing Cable &
      Wireless share scheme.  Zero shares vest for
      total shareholder return at the mid point of
      the comparator group of companies in the FTSE
      Global Telecoms Index, through to 100% vesting
      for performance in the top ten percent of this
      comparator group, on a straight line scale.  The award
      is based on a three year performance period,
      starting from the date of the award on June 6, 2007.
      The award will be deferred for   one year if
      earlier vesting is triggered by an event such as a sale
      of a business unit or demerger, apart from in
      exceptional circumstances.  The award is conditional
      on the Chairman's re-election at the Cable & Wireless
      Annual General Meeting on July 20, 2007;

    * the Chairman's personal holding of 3.5 million shares
      to be retained for the duration of his appointment; and

    * no change to his current salary or fee arrangements,
      which include a salary of GBP386,000 per annum, but
      no bonus or pension payments.

"The Board considered it a priority to secure Richard's continuing
contribution to the turnaround and transformation of our business beyond
his current fixed term,” Cable & Wireless Senior Non-Executive Director
Clive Butler said.  "He has played a key role to date and will do so in
the future as we develop and execute our strategies and continue to create
long-term value.  These proposed arrangements reflect the reality of the
Chairman's involvement and commitment to Cable & Wireless and are in the
best interests of all shareholders.”

At the same time, Cable & Wireless intends to recommend, at its AGM on
July 20, 2007, the removal of the cap for individuals within the LTIP, as
it is inconsistent with the objective of maximizing shareholder value.
This matter will be the subject of a shareholder vote at the AGM.  The
proposed changes to the LTIP are:

    * removal of the GBP20 million cap on the amount that can
      be received by an individual;

    * Cable & Wireless to have the option to make some or all
      of any reward in excess of GBP20 million in the form
      of Cable and Wireless plc shares, rather than cash;

    * Cable & Wireless to have the option to defer rewards
      over GBP20 million for up to one year in the case of
      an earlier vesting event or at the end of the
      LTIP performance period i.e. until April 2011; and

    * any individual to hold one times their salary in Cable
      and Wireless plc shares (in addition to any
      shareholding at April 1, 2007) once their reward pool
      is GBP15 million or above, if removal of the cap is
      to apply to that individual.  This will
      significantly increase the amount of personal capital
      tied up in Cable & Wireless shares.

I have been very pleased with our progress which has been driven by the
new organization structure and incentive plans that we put in place in
April 2006 - the creation of over GBP1.5 billion of shareholder value this
financial year, which ranks in the top 10% of FTSE Global Telecoms
companies, is testament to
this.  But, there is the potential to create and deliver a lot more value
and I and my team are personally committed to seeing this through,” Cable
& Wireless Chairman Richard Lapthorne said.

                     About Cable & Wireless

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                            *   *   *

In April 2007, in connection with the implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Telecommunications, Media
and Technology sector, Moody's
Investors Service confirmed its Ba3 Corporate Family Rating for
Cable & Wireless Plc.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

* Issuer: Cable & Wireless Plc
                                             Projected
                           Debt     LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   4% Senior Unsecured
   Conv./Exch.
   Bond/Debenture
   Due 2010                B1       LGD4     60%

   GBP200 million
   8.75% Senior
   Unsecured Regular
   Bond/Debenture
   Due 2012                B1       LGD4     60%


CVO FIRE: Barclays Bank Taps PwC as Receivers
---------------------------------------------
Barclays Bank PLC appointed Stephen Andrew Ellis and Ian David Green of
PricewaterhouseCoopers LLP joint administrative receivers of CVO Fire Ltd.
(Company Number 03827171) on May 22.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/-- provides
auditing services, accounting advice, tax compliance and consulting,
financial consulting and advisory services to clients in a variety of
industries.

The company can be reached at:

         CVO Fire Ltd.
         3 Mercury Road
         Gallowfields Trading Estate
         Richmond
         DL10 4TQ
         England
         Fax: 01748 821 707


DREAM DIRECT: Appoints Joint Administrators from Deloitte
---------------------------------------------------------
Julia Branson and Angus Martin of Deloite & Touche LLP's reorganization
services division were appointed joint administrators of Dream Direct
Group PLC and its subsidiary Dream Direct Ltd on May 31, 2007, following
difficult trading conditions.

Dream Direct Guernsey Ltd is not subject to the administration proceedings.

The administrators have sold certain assets of the group, to Express Gifts
Ltd., on behalf of The Webb Group.  Unfortunately, it is anticipated that
the workforce will be made redundant.

"This is the best outcome that could have been achieved.  The
administrators have made arrangements with Express Gifts Ltd. for all
outstanding orders placed by members of the public to be fulfilled," Angus
Martin said.

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

Headquartered in Witney, England, Dream Direct Group PLC --
http://www.dreamdirectgroup.co.uk/-- is a shopping retailer of nostalgic,
leisure and entertainment based product aimed at the over 50's market.
The company employs 37 staff.  Its turnover at the end of year 2006 was
GBP17.7 million.


DURA AUTO: Court Extends Plan-Filing Period to Sept. 30
-------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware further extended
Dura Automotive Systems Inc. and its debtor-affiliates' exclusive period
to file a chapter 11 plan of reorganization to Sept. 30, 2007.  The Court
also extended the Debtors' exclusive solicitation period to Nov. 30, 2007.

As reported in the Troubled Company Reporter on May 18, 2007, the Debtors
said that the extension will free them through the end of September of the
potentially costly and time-consuming distraction of competing chapter 11
plan proposals.

M. Blake Cleary, Esq., at Young Conaway Stargatt and Taylor LLP,
in Wilmington, Delaware, relates that the Debtors have conveyed
their intent to formally present their five-year business plan to
the Official Committee of Unsecured Creditors on May 31, 2007.

The Debtors provided a summary of their business plan to the
Committee's financial advisors on May 22.  Among other things,
the summary contained projections regarding the Debtors' future
revenue and earnings for the years 2007 through 2012.1

Based on the information contained in the summary, and the
Debtors' agreement to present the business plan on May 31, the
Creditors Committee supports the Debtors' request for an
extension.

                     About DURA Automotive

Headquarted in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent designer
and manufacturer of driver control systems, seating control systems, glass
systems, engineered assemblies, structural door modules and exterior trim
systems for the global automotive and recreation & specialty vehicle
industries.  DURA, which operates in 63 locations, sells its products to
every major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive suppliers.  It
currently operates in 63 locations including joint venture companies and
customer service centers in 14 countries.

The company has three locations in Asia, namely in China, Japan and Korea.
It has locations in Europe and Latin-America, particularly in Mexico,
Germany and the United Kingdom.

                            *   *   *

The Troubled Company Reporter - Asia Pacific reported on
November 6, 2006, that Fitch Ratings placed one tranche from one
public collateralized debt obligation and one tranche from
private CDO on Rating Watch Negative following Dura Automotive
Corp.'s filing for protection under Chapter 11.

Standard & Poor's Ratings Services lowered its corporate credit
rating on Dura Automotive Systems Inc. to 'CCC' from 'B-'.  The
rating outlook is negative.

                            *   *   *

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards
Layton & Finger, P.A. Attorneys are the Debtors' co-counsel.  Baker &
McKenzie acts as the Debtors' special counsel.  Togut, Segal & Segal LLP
is the Debtors' conflicts counsel.  Miller Buckfire & Co., LLC is the
Debtors' investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles the notice,
claims and balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of July 2, 2006,
the Debtor had US$1,993,178,000 in total assets and US$1,730,758,000 in
total liabilities.  (Dura Automotive Bankruptcy News, Issue No. 6;
Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).

The Debtors' exclusive plan-filing period expires on May 23,
2007. (Dura Automotive Bankruptcy News, Issue No. 20; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/
or 215/945-7000).


DURA AUTOMOTIVE: Wants Two Remaining Key Leases Assumed
-------------------------------------------------------
Dura Automotive Systems Inc. and its debtor-affiliates seek the U.S.
Bankruptcy Court for the District of Delaware's authority to assume their
Elkhart III and Brownsville non-residential property leases, and pay the
amounts necessary to cure each lease.

As previously reported, the Debtors conducted an analysis and review of
all their outstanding leases and identified six prepetition unexpired
leases.  Four of the leases were determined to be beneficial to their
estates and are subject to a prior request for assumption under Section
365 of the Bankruptcy Code.

The Debtors believe that the two remaining leases are necessary for the
successful operation of their businesses both during and upon exit from
bankruptcy:

  1. Elkhart III: 53061 Ada Drive, Elkhart, Ind.: Expires
     September 2012

        i. Description: This facility is approximately 100,000
           square-foot manufacturing plant where the Debtors
           produce a variety of their glass products, including
           glass for recreational vehicles, mass transit, and
           truck cabs.

       ii. Cure Amount: US$27,301

      iii. Basis for Assumption: Elkhart III is a critical
           production facility in the Debtors' profitable glass
           component division, the Creation Group.  It is
           conveniently located near the Debtors' other Elkhart
           plants and a number of the Debtors' glass products
           customers.  This convenient location reduces
           transport costs and allows the Debtors to meet their
           customers' needs in short order.  The Debtors have
           determined it is in the best interests of their
           estates to assume this lease because of the
           competitive terms, general desirability of the
           location, and the cost benefits associated therewith.

  2. Brownsville: 5845 East 14th Street Brownsville, Texas:
     Expires March 2013

        i. Description: This contract is for a variety of
           logistical and warehouse services, including 20,000
           square feet of warehouse space.  The agreement can be
           terminated by either party with three months' written
           notice to the other party before 2009 and with 120
           days' notice after 2009.

       ii. Cure Amount: US$0

      iii. Basis for Assumption: The Brownsville Agreement
           provides a variety of important logistical services
           and warehousing space supporting the Debtors' Mexican
           interests.  As the Debtors continue to shift
           production to their Mexican facilities pursuant to
           the business plan, it is critical to maintain
           appropriate logistical support and storage space near
           those operations.  Due to its convenience and the
           important nature of the services rendered, the
           Debtors have determined that it is in the estates'
           best interest to assume the Brownsville Agreement.

                     About DURA Automotive

Headquarted in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent designer
and manufacturer of driver control systems, seating control systems, glass
systems, engineered assemblies, structural door modules and exterior trim
systems for the global automotive and recreation & specialty vehicle
industries.  DURA, which operates in 63 locations, sells its products to
every major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive suppliers.  It
currently operates in 63 locations including joint venture companies and
customer service centers in 14 countries.

The company has three locations in Asia, namely in China, Japan and Korea.
It has locations in Europe and Latin-America, particularly in Mexico,
Germany and the United Kingdom.

                            *   *   *

The Troubled Company Reporter - Asia Pacific reported on
November 6, 2006, that Fitch Ratings placed one tranche from one
public collateralized debt obligation and one tranche from
private CDO on Rating Watch Negative following Dura Automotive
Corp.'s filing for protection under Chapter 11.

Standard & Poor's Ratings Services lowered its corporate credit
rating on Dura Automotive Systems Inc. to 'CCC' from 'B-'.  The
rating outlook is negative.

                            *   *   *

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards
Layton & Finger, P.A. Attorneys are the Debtors' co-counsel.  Baker &
McKenzie acts as the Debtors' special counsel.  Togut, Segal & Segal LLP
is the Debtors' conflicts counsel.  Miller Buckfire & Co., LLC is the
Debtors' investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles the notice,
claims and balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of July 2, 2006,
the Debtor had US$1,993,178,000 in total assets and US$1,730,758,000 in
total liabilities.  (Dura Automotive Bankruptcy News, Issue No. 6;
Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).

The Debtors' exclusive plan-filing period expires on May 23,
2007. (Dura Automotive Bankruptcy News, Issue No. 20; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/
or 215/945-7000).


ISOFT GROUP: In Further Talks with CSC Over IBA Offer Consent
-------------------------------------------------------------
iSOFT Group plc confirmed that it is in discussions with Computer Sciences
Corporation in relation to the commercial arrangements under which CSC
would take a greater role in the management of iSOFT's work on the
National Program for IT.

iSOFT also continues to seek CSC's consent to the change in control of
iSOFT that would result from the IBA Health Limited offer for iSOFT.

While these discussions are in progress, iSOFT and CSC have agreed
temporarily not to take further steps in Court in relation to proceedings
commenced on June 4, 2007, in relation to CSC withholding its consent.

A further announcement will be made in due course.

As previously reported in the TCR-Europe on May 31, 2007, CSC advised
iSOFT that it will not provide its consent to the change of control in
iSOFT, which would result from the completion of the Recommended All Share
Offer to be effected by a Scheme of Arrangement under which a wholly owned
subsidiary of IBA will acquire the entire issued and to be issued share
capital of iSOFT.

                        Terms of the Offer

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

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

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

                           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.


KWIK SAVE: Completes Closure of 79 Stores to Secure Business
------------------------------------------------------------
Kwik Save Ltd. completed May 30, 2007, the closure of 79 stores across the
United Kingdom in an attempt to secure the business, various reports say.
The chain called in KPMG LLP to save it from bankruptcy.

The chain's remaining 147 stores will continue to operate.

Reports speculate that the chain was facing a cash crisis even after it
obtained a GBP50 million rescue package from a private consortium of
investors led by Paul Niklas in February 2007.

According to Accountancy Age, the company faced a total of 36 of County
Court judgments filed by creditors since Jan. 23, 2007, amounting to
GBP1.2 million.

Since CEO Paul Niklas announced a GBP50 million injection into Kwik Save
in March 2007, the company continued to have CCJs issued against it,
Accountancy Age relates.

"If Kwik Save has had a GBP50 million rescue package recently I can't see
it," Graydon Managing Director Martin Williams told Accountancy Age.

The company's management said it regrets to have to make the move but the
cutbacks are necessary to secure the future of the business.

"Kwik Save would like to thank its staff affected by this regrettable
situation for their commitment to the company over the years," the company
stated.

The union Usdaw, representing the company’s workers, disclosed that
hundreds of workers will be terminated by the move.

"We will be seeking an urgent meeting with the company to clarify what
redundancy package workers can expect as well as discussing the long-term
future of the business," a spokesman for Usdaw told BBC News Ltd.

In a TCR-Europe report on March 21, 2007, the February rescue financing
had prompted the company to withdraw its petition for an administration
order on March 7, 2007.

Grant Thornton confirmed at that time that the firm had been on standby in
case the company needed to push through with the administration
proceedings.

Grant Thornton U.K. LLP will be called in as administrators for Kwik Save
Ltd. if KPMG LLP failed to rescue the business, Accountancy Age reports
citing The Sunday Times as its source.

Kwik Save was seeking capital injection after suffering from a sharp
decline in sales and mounting losses.  The company reportedly had
conflicts with its major suppliers due to payment delays, resulting to
limited stocks on basic products.

Headquartered in Huddersfield, England, Kwik Save Ltd.
-- http://www.kwiksave.co.uk/-- is a discount supermarket chain in the
United Kingdom, which is owned and operated by Kwik Save Group Ltd. (fka
BTTF Ltd.).


MERLIN PACKAGING: Deloitte Sells Company's Four Businesses
----------------------------------------------------------
Dominic Wong, David Langton and Andrew Peters, joint administrators of
Merlin Packaging Ltd. ((Gateshead, Glasgow and Stoke divisions),
Elderglade Packaging Ltd. (trading as Custompak) and John Baldwin
Packaging Services Ltd. (trading as Jayfour), confirmed the sale of the
business and assets of four of the five businesses.  The sale of the fifth
business is expected to be completed imminently.

The administrators confirmed that on May 31, 2007:

    -- the Glaslow division of Merlin Packaging Ltd was sold to
       The Boxshop Ltd. for an undisclosed amount;

    -- Elderglade Packaging Ltd. (trading as Custompak) was sold
       to Barry Hayward (trading as Custompak) for an
       undisclosed amount; and

    -- John Baldwin Packaging Services Ltd. (trading as Jayfour)
       was sold to Corrugated Box Supplies Ltd. for an
       undisclosed amount.

The Gateshead division of Merlin Packaging Ltd was sold to Rosewood
Packaging Ltd for an undisclosed amount on
June 1, 2007.

The joint administrators were appointed on April 19, 2007.  Since the
appointment the reorganization services team of Deloitte have continued to
trade the businesses while negotiations for sales were conducted.

"We are delighted to announce that following support from customers,
suppliers and employees, four businesses have been sold as a going
concern.  Together the companies employ 120 members of staff and these
sales will safeguard the jobs of the employees.  A sale of the Stoke
division of Merlin Packaging Limited is expected to be concluded
imminently," Dominic Wong disclosed.

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

Headquartered in Stoke-on-Trent, England, Merlin Packaging --
http://www.merlinpackaging.co.uk/-- is one of the U.K.'s
largest groups of independent sheet plants, providing not only
cost effective corrugated and packaging supplies nationwide, but
also a keen emphasis on design.


SECUNDA INT'L: Moody's Places Low-B Ratings Under Review
--------------------------------------------------------
Moody's placed Secunda International Ltd.'s B2 corporate family rating, B2
senior secured rating (LGD 3; 48%), B2 probability of default rating, and
B3 Long Term Issuer Rating under review direction uncertain following the
announcement that J. Ray McDermott would be acquiring substantially all of
the assets of Secunda including 14 harsh-weather, multi-functional vessels
for approximately US$260 million.

In addition, most of the employees and senior management team of Secunda
will be joining J. Ray McDermott.

As a result of the divestiture of substantially all assets, Secunda will
redeem the existing US$125 million of senior secured notes.  The review
reflects the need to allow for regulatory approvals to be given in order
for the transaction to close and the notes to be redeemed.  The
transaction is expected to close early in the third quarter.

Upon closing of the transaction and redemption of the notes, Secunda's
ratings will be withdrawn. However, in the event that the divestiture and
subsequent debt redemption does not take place, Moody's could re-evaluate
Secunda's ratings and outlook for possible negative action to reflect the
high unsustainable leverage despite very solid sector fundamentals.

Headquartered in Nova Scotia, Canada, Secunda International Ltd.
-- http://www.secunda.com/-- is a wholly owned Canadian vessel
owner/operator with locations in the U.K. and Barbados.  Secunda
is the leading supplier of marine support services to oil and
gas companies in one of the world's harshest marine environments
-- off the East Coast of Canada.


                           *********

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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