TCREUR_Public/070608.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

             Friday, June 8, 2007, Vol. 8, No. 113

                            Headlines


A U S T R I A

BISTELA LLC: Claims Registration Period Ends June 20
HERRENAUSSTATTER KIRCHBAUMER: Claims Registration Ends June 18
HOLEX LLC: Vienna Court Orders Business Shutdown
KIRMIZI & SEN: Claims Registration Period Ends June 15
MAXINCAKOVA KG: Linz Court Orders Business Closure

WEB AND NET: Claims Registration Period Ends June 19


F I N L A N D

SANMINA-SCI CORP: Moody's Rates US$600 Mln Senior Notes at Ba3


F R A N C E

NOVASAUR SAS: Moody's Withdraws Ba2 Corporate Family Rating


G E R M A N Y

BAU-IDEE GMBH: Claims Registration Period Ends June 25
BAUER MASSIV: Claims Registration Period Ends July 5
BENQ CORP: Administrators Start Auctioning Mobile Arm's Assets
ECO-PACK GMBH: Claims Registration Period Ends July 16
EDWARD WUJ: Claims Registration Period Ends July 4

EMS BETEILIGUNGS: Claims Registration Period Ends July 13
GETRANKE OASE: Claims Registration Period Ends June 22
HGB WASSERKLAR: Claims Registration Ends Aug. 13
ILLERTALER BIOMASSE: Claims Registration Ends June 14
IMRAG INTERNATIONAL: Claims Registration Ends July 9

JUREX GMBH: Files for Insolvency at Moenchengladbach Court
KARL THUMM: Creditors Must Register Claims by June 18
KOESTER ELEKTRONIK: Claims Registration Ends June 22
KLIMA-TON BAUSYSTEME: Creditors Must Register Claims by June 22
KOCH STALLBE: Creditors Must Register Claims by June 20

MOEBEL-EXPRESS-COLLECTION: Creditors Must File Claims by June 22
RS ELEKTRONIK: Creditors Must Register Claims by June 25
SANARBAU GMBH: Claims Registration Period Ends July 13
SATELLITE AND TRANSFER: Creditors Must File Claims by June 27
SCHLOESSER BACKBETRIEBE: Claims Registration Ends June 26

SPORT- UND WELLNESSZENTRUM: Creditors' Claims Due June 29
TEXTIL LOGISTIK: Claims Registration Ends July 2
TISCHLEREI PETER: Claims Registration Ends July 11


H U N G A R Y

GUESS? INC: Earns US$35.5 Mln in 1st Quarter Ended May 5, 2007


K A Z A K H S T A N

AIJAN LLP: Proof of Claim Deadline Slated for July 11
D-JAN LLP: Creditors Must File Claims July 6
FIRM FERRUM: Claims Filing Period Ends July 6
JOLDAS-ST LLP: Claims Registration Ends July 11
KOKSU-INVEST LLP: Creditors' Claims Due July 6

ORLEU LLP: Proof of Claim Deadline Slated for July 6
SHAKER &K LLP: Creditors Must File Claims July 6
SLAY LLP: Claims Filing Period Ends July 11
STROYHOLDING LLP: Claims Registration Ends July 13
TEMIRBANK: Fitch Places BB- Rating on New US$1.2-Billion Bonds


N E T H E R L A N D S

GRESHAM CAPITAL: Fitch Assigns BB Rating to EUR9.78 Mln Notes
SKYLINE 2007: Fitch Rates EUR43.5-Million Notes at BB
TEMIR CAPITAL: Fitch Places BB- Rating on US$1.2-Billion Bonds


P O R T U G A L

TAPE BORROWER: Moody's Junks Rating on Sr. Secured Term Loan C


R U S S I A

AGRO-SERVICE OJSC: Creditors Must File Claims by June 19
AGRO-SNAB-SERVICE: Court Names V. Doluda as Insolvency Manager
AMBER CJSC: Creditors Must File Claims by July 19
ANAR CJSC: Moscow Court Names A. Kubasov as Insolvency Manager
BOGATYREVSKOYE CJSC: Asset Sale for June 13

GAGARIN-SEL-KHOZ-KHIMIYA: Creditors Must File Claims by June 19
GORNO-SPETS-STROY: Creditors Must File Claims by July 19
NOVGOROD-KHLEB-PROM: Creditors Must File Claims by June 19
PETROPAVLOVSKIY CREAMERY: Creditors Must File Claims by June 19
PONOMAREVKA-TRANS CJSC: Creditors Must File Claims by July 19

PROM-STROY-DETAIL: Creditors Must File Claims by July 19
SAYANSK-AGRO-PROM-TRANS: Bankruptcy Hearing Slated for Sept. 5
STROY-DETAIL CJSC: Creditors Must File Claims by July 19
TULA-TRANS-SERVICE: Tula Bankruptcy Hearing Slated for Aug. 2
VNESH-TORG-INVEST: Creditors Must File Claims by June 19

YUKOS OIL: Lack of Bids Cues Auctioneer to Cancel June 7 Sale
YUKOS OIL: Unitex Finalizes Purchase of Petrol Station Network


S W I T Z E R L A N D

B + B BERG: Creditors' Liquidation Claims Due June 22
DUSS FREDY: Claims Registration Period Ends June 18
FONTANA LAGERTECHNIK: Claims Registration Period Ends June 21
MARTIN SCHUMACHER: Creditors' Liquidation Claims Due June 21
MODE ATELIER2: Creditors' Liquidation Claims Due June 25

NIGHTHAWK RADIOLOGY: Moody's Assigns Ba3 Corporate Family Rating
ROBERT KALHOFER: Basel Court Starts Bankruptcy Proceedings
ROPA ENTERTAINMENT: Creditors' Liquidation Claims Due June 25
SCREEN JSC: Creditors' Liquidation Claims Due June 22
VENUS TRADE: Creditors' Liquidation Claims Due June 25


U K R A I N E

ASTORIYA CJSC: Claims Filing Deadline Set June 14
LIGO LLC: Claims Filing Deadline Set June 14
L.V.E. LLC: Claims Filing Deadline Set June 14
NIVA LLC: Creditors Must File Claims by June 14
REPAIR-TRANSPORT ENTERPRISE: Claims Filing Deadline Set June 13

SLOVGRES LLC: Claims Filing Deadline Set June 14
TOREZ MACHINEBUILDING: Creditors Must File Claims by June 14
UKRAINIAN ENERGY : Claims Filing Deadline Set June 14


U N I T E D   K I N G D O M

BRITISH AIRWAYS: Doesn't Offer Passenger Value, Survey Says
CREDIT SUISSE INT'L: Fitch Places B- Rating on US$125-Mil. Loan
EMI GROUP: Warner Music Confident on Acquiring Record Labels
FKI PLC: Earns GBP46.6 Million in Year Ended March 31, 2007
FORD MOTOR: Faces Breach of Contract Suit from Navistar Int'l

GUGGENHEIM STRUCTURED: Fitch Affirms BB Rating on Class F Notes
ISOFT GROUP: Computer Sciences Corp. Mulls Cash Offer
METRONET RAIL: Bank Syndicate Refuses Second Loan Waiver
NOVELIS CORP: Moody's Rates US$860 Mil. Gtd. Sr. Notes at Ba2
SCOTTISH RE: Fitch Lifts Issuer Default Rating to BB- from B+

WARNER MUSIC: Believes it Can Acquire EMI's Record Labels
WARNER MUSIC: Fitch Comments on Risk of Potential Bid for EMI
WINCANTON PLC: March 31 Balance Sheet Upside Down by GBP13.7 Mln

                            *********


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


BISTELA LLC: Claims Registration Period Ends June 20
----------------------------------------------------
Creditors owed money by LLC Bistela (FN 1126141i) have until June 20 to
file written proofs of claim to court-appointed estate administrator Felix
Stortecky at:

         Dr. Felix Stortecky
         Dr.-Karl-Lueger-Platz 2
         1010 Vienna
         Austria
         Tel: 01/513 88 37
         Fax: 01/514 35 40
         E-mail: ra-stortecky@aon.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 11:00 a.m. on July 4 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Engelhartstetten, Austria, the Debtor declared bankruptcy
on May 14  (Bankr. Case No. 36 S 71/07v).


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@kucher-moessler.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).


HOLEX LLC: Vienna Court Orders Business Shutdown
------------------------------------------------
The Trade Court of Vienna  entered May 16 an order shutting down the
business of LLC HOLEX (FN 277231v).

Court-appointed estate administrator Elisabeth Stanek-Noverka 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. Elisabeth Stanek-Noverka
          Hernalser Hauptstrasse 116
          1170 Vienna
          Austria
          Tel: 486 02 09
          Fax: 486 02 09 18
          E-mail: ra-noverka@chello.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 4
(Bankr. Case No 4 S 51/07p).


KIRMIZI & SEN: Claims Registration Period Ends June 15
------------------------------------------------------
Creditors owed money by OEG Kirmizi & Sen (FN 273815w) have until June 15
to file written proofs of claim to court-appointed estate administrator
Stefan Aigner at:

         Dr. Stefan Aigner
         Maria-Theresien-Strasse 57
         6020 Innsbruck
         Austria
         Tel: 0512/582483
         Fax: 0512/58248285
         E-mail: dr.aigner@ra-kap.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 11:50 a.m. on June 29 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Room 2
         Meeting Hall
         Second Floor
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Innsbruck, Austria, the Debtor declared bankruptcy on May
15 (Bankr. Case No. 7 S 28/07p).


MAXINCAKOVA KG: Linz Court Orders Business Closure
--------------------------------------------------
The Land Court of Linz entered May 15 an order closing the business of KG
Maxincakova (FN 276071m).

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

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


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

         Mag. Herbert Hoffmann
         Wiener Strasse 18
         3430 Tulln
         Austria
         Tel: 02272/81 9 29
         Fax: 02272/81 9 29-20
         E-mail: mag.hoffmann@aon.at

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

The meeting of creditors will be held at:

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

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


=============
F I N L A N D
=============


SANMINA-SCI CORP: Moody's Rates US$600 Mln Senior Notes at Ba3
--------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Sanmina SCI
Corporation's US$600 million senior floating rate notes due 2010 and 2014.
Concurrently, Moody's affirmed the company's Ba3 corporate family rating
and the B2 ratings on Sanmina's
US$400 million and US$600 million senior subordinated notes, due 2013 and
2016, respectively.

The proceeds from the new notes will refinance the company's US$600
million unsecured term facility due 2008, whose rating will be withdrawn
upon repayment.  The rating outlook is stable.

The Ba3 rating on the new notes reflects both the overall probability of
default of the company to which Moody's assigned a PDR of Ba3, and a loss
given default of LGD 4 for the new notes.  The notes will be fully and
unconditionally guaranteed on a senior unsecured basis by substantially
all of Sanmina's domestic restricted subsidiaries.

Ratings/assessments assigned:

   -- US$600 million senior floating rate notes due 2010 and
      2014 at Ba3 (LGD4, 53%)

Ratings/assessments affirmed:

   -- Corporate family rating at Ba3;

   -- Probability-of-default rating at Ba3;

   -- US$400 million senior subordinated notes due 2013 at B2
      (LGD5, 83%);

   -- US$600 million senior subordinated notes due 2016 at B2
      (LGD5, 83%);

   -- Speculative grade liquidity rating of SGL-2.

Ratings/assessments to be withdrawn upon repayment:

   -- US$600 million senior unsecured term loan due 2008 at Ba3
      (LGD3, 45%);

Sanmina's Ba3 corporate family rating continues to reflect the
overcapacity, volatility and competition in the EMS industry as also the
company's weak financial performance and credit metrics partly due to
weaker operating performance and increased working capital intensity.
Moody's notes the recent stabilization of performance, inventory
management and improved cash flow generation, and expects further
improvement of the company's business and financial profile considering
it's potential exit
from the low margin PC business.

Moody's also notes the improved debt-maturity profile of Sanmina via this
financing which replaces the facility due January 2008 with the earliest
maturity on the notes in 2010.  Other factors supporting Sanmina's Ba3
rating include Sanmina's tier one status in the EMS industry, generally
favorable outsourcing trend by the OEMs, growing diversity in Sanmina's
end markets served, and the company's strength in some of the newer
industries such as medical and defense industries.

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is a
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.  The company operates in Brazil, Mexico, Finland,
Hungary, among others.


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


NOVASAUR SAS: Moody's Withdraws Ba2 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn the corporate family rating of
Novasaur S.A.S. for business reasons.

Moody's has also withdrawn the rating on the EUR265 million senior
subordinated notes issued by FG4 S.A., a finance subsidiary of Novasaur,
following their early redemption.

These ratings were withdrawn:

   -- Corporate Family rating of Ba2;

   -- B1 rating on the EUR265 million 8.375% senior subordinated
      notes due 2015 issued by FG4 S.A.

Novasaur S.A.S., headquartered in Guyancourt, France, is the third largest
provider of water and sanitation services as well as waste management
services in France.  In 2005/06, the group reported revenues of EUR1.4
billion.


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


BAU-IDEE GMBH: Claims Registration Period Ends June 25
------------------------------------------------------
Creditors of Bau-Idee GmbH have until June 25 to register their claims
with court-appointed insolvency manager Karina Schwarz.

Creditors and other interested parties are encouraged to attend the
meeting at 10:50 a.m. on July 25, at which time the insolvency manager
will present her first report on the insolvency proceedings.

Information on the venue of the creditors' meeting can be found at:

         Info-Tafel im Justizzentrum
         Justizzentrum 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:

         Karina Schwarz
         Klausenerstr. 24
         39112 Magdeburg
         Germany
         Tel: 0391/ 6286260
         Fax: 0391/ 6286266
         E-mail: magdeburg@rechtsanwaelte-schwarz.de

The District Court of Magdeburg opened bankruptcy proceedings against
Bau-Idee GmbH on May 25.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Bau-Idee GmbH
         Keplerstr. 7
         39104 Magdeburg
         Germany

         Attn: Brent Lembeck, Manager
         Harsdorfer Str. 37
         39110 Magdeburg
         Germany


BAUER MASSIV: Claims Registration Period Ends July 5
----------------------------------------------------
Creditors of Bauer Massiv Haus GmbH have until July 5 to register their
claims with court-appointed insolvency manager Alexander Bergfeld.

Creditors and other interested parties are encouraged to attend the
meeting at 11:00 a.m. on July 24, 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 Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         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:

         Alexander Bergfeld
         Peuntgasse 3
         90402 Nuremberg
         Germany
         Tel: 0911/27980-0
         Fax: 0911/27980-0

The District Court of Nuremberg opened bankruptcy proceedings against
Bauer Massiv Haus GmbH on May 24.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Bauer Massiv Haus GmbH
         Attn: Helmut Bauer, Manager
         Lechstr. 24
         90451 Nuremberg
         Germany


BENQ CORP: Administrators Start Auctioning Mobile Arm's Assets
--------------------------------------------------------------
Administrators of BenQ Mobile GmbH & Co., the insolvent German-based
wholly owned subsidiary of BenQ Corp., began auctioning the mobile unit's
production equipment online in a move to bring the insolvency to a close,
Mobile Today reports.

"The insolvency auction started [Mon]day.  Smaller devices, measuring
instruments, everything that can be moved is being sold," Sybille Greiser,
spokeswoman for the administrator, was quoted by Mobile Today as saying.

According to the report, the online auction is a foretaste of the major
auctions slated to happen between June 12 and 15 at BenQ's Kamp-Lintfort
plant.  The administrator hopes to
sell the equipment used to produce many of the company's mobile handsets,
along with warehouse and IT equipment, Mobile Today relates.

                       About the Company

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. --
http://www.benq.com/-- is principally engaged in manufacturing
developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, camera phones, and other products.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.

A Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a
buyer for the company by the Dec. 31, 2006 deadline.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's continuing operating losses from its
handset operations and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.


ECO-PACK GMBH: Claims Registration Period Ends July 16
------------------------------------------------------
Creditors of ECO-PACK GmbH have until July 16 to register their claims
with court-appointed insolvency manager Hans-Juergen Paul.

Creditors and other interested parties are encouraged to attend the
meeting at 9:00 a.m. on Aug. 13, 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:

         Hans-Juergen Paul
         Getzelauer Strasse 2
         D 04279 Leipzig
         Germany
         Tel: 0341/336090
         Fax: 0341/3360934

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

The Debtor can be reached at:

         ECO-PACK GmbH
         Beunaer Strasse 1
         06217 Merseburg
         Germany


EDWARD WUJ: Claims Registration Period Ends July 4
--------------------------------------------------
Creditors of Edward Wuj Innenbau GmbH have until July 4 to register their
claims with court-appointed insolvency manager Falk Eppert.

Creditors and other interested parties are encouraged to attend the
meeting at 9:40 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 Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Germany

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

The insolvency manager can be reached at:

         Falk Eppert
         Vietmannsdorfer Strasse 23
         17268 Templin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy proceedings
against Edward Wuj Innenbau GmbH on May 24.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Edward Wuj Innenbau GmbH
         Dammweg 3
         16303 Schwedt (Oder)
         Germany


EMS BETEILIGUNGS: Claims Registration Period Ends July 13
---------------------------------------------------------
Creditors of EMS Beteiligungs GmbH have until July 13 to register their
claims with court-appointed insolvency manager Ulrich Bastian.

Creditors and other interested parties are encouraged to attend the
meeting at 9:10 a.m. on Aug. 14, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         EMS Beteiligungs GmbH
         Attn: Gerburg Patzina, Manager
         Menziner Str. 96
         80997 Munich
         Germany


GETRANKE OASE: Claims Registration Period Ends June 22
------------------------------------------------------
Creditors of Getranke Oase GmbH have until June 22 to register their
claims with court-appointed insolvency manager
Sebastian Henneke.

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 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:

         Dr. Sebastian Henneke
         Adenauerallee 36
         46399 Bocholt
         Germany
         Tel: 028 71/ 235 48 77
         Fax: +4928712354879

The District Court of Muenster opened bankruptcy proceedings against
Getranke Oase GmbH on May 21.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Getranke Oase GmbH
         Schulstrasse 32
         46395 Bocholt
         Germany

         Attn: Klaus Guenzel, Manager
         Salbeiweg 1
         46395 Bocholt
         Germany


HGB WASSERKLAR: Claims Registration Ends Aug. 13
------------------------------------------------
Creditors of HGB Wasserklar Verwaltungs GmbH have until Aug. 13 to
register their claims with court-appointed insolvency manager Hermann
Berding.

Creditors and other interested parties are encouraged to attend the
meeting at 2:00 p.m. on Sept. 3, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Delmenhorst
         Hall 2
         Branch 1
         Cramerstrasse 183
         27749 Delmenhorst
         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:

         Hermann Berding
         Jammertal 1
         D 49661 Cloppenburg
         Germany
         Tel: 04471/91260
         Fax: 04471/82997

The District Court of Delmenhorst opened bankruptcy proceedings against
HGB Wasserklar Verwaltungs GmbH on May 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          HGB Wasserklar Verwaltungs GmbH
          Hauptstr. 8
          27243 Prinzhoefte
          Germany


ILLERTALER BIOMASSE: Claims Registration Ends June 14
-----------------------------------------------------
Creditors of Illertaler Biomasse Betriebsverwaltungs GmbH i.L. have until
June 14 to register their claims with court-appointed insolvency manager
Dr. Dieter Schmid.

Creditors and other interested parties are encouraged to attend the
meeting at 10:15 a.m. on July 5, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kempten
         Residenzplatz 4-6
         87435 Kempten
         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. Dieter Schmid
         Karlstr. 31-33
         89073 Ulm
         Germany
         Tel: 0731/968800
         Fax: 0731/9688050

The District Court of Kempten opened bankruptcy proceedings against
Illertaler Biomasse Betriebsverwaltungs GmbH i.L. on May 23.
Consequently, all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Illertaler Biomasse Betriebsverwaltungs GmbH i.L.
         Wilhelm-Geiger-Strasse 1
         87561 Oberstdorf
         Germany


IMRAG INTERNATIONAL: Claims Registration Ends July 9
----------------------------------------------------
Creditors of IMRAG International Media Research Agency GmbH have until
July 9 to register their claims with court-appointed insolvency manager
Michael C. Frege.

Creditors and other interested parties are encouraged to attend the
meeting at 8:45 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 Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Michael C. Frege
         Augustusplatz 9
         04109 Leipzig
         Germany
         Tel: 0341/2167225
         Fax: 0341/2167232
         E-mail: insolvenz@cms-hs.com

The District Court of Leipzig opened bankruptcy proceedings against IMRAG
International Media Research Agency GmbH on May 25.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         IMRAG International Media Research Agency GmbH
         Altenburger Strasse 11
         04275 Leipzig
         Germany


JUREX GMBH: Files for Insolvency at Moenchengladbach Court
----------------------------------------------------------
Jurex GmbH and 19 of its branches filed for insolvency proceedings at the
District Court of Moenchengladbach on
June 1, 2007.

Michael Bremen, the court-appointed provisional insolvency administrator,
will take over the responsibility for either the sale or restructuring of
the company.

A statement from CEO Norbert Luer to company staff said that unexpected
restrictions imposed on its credit lines had dramatically affected the
company's financial situation over the last week.  It is said that banks
are no longer prepared to offer more scope for promising negotiations with
potential investors and buyers, the Financial Times reports citing
Handelsblatt as its source.

In a report abstracted from Frankfurter Allgemeine Zeitung, Financial
Times relates that Jurex went under pressure when Germany's postal sector
control authority allowed Deutsche Post to reduce its postage rates by to
to 55%.  The company took legal actions against the authority's decision
to approve the postage fee reduction.

Headquartered in Erkelenz, Germany, Jurex Gmbh -- http://www.jurex.org/--
is a privately-owned German letter forwarding company.  It was founded in
2002 and has a workforce of around 1,200 in 53 branches.


KARL THUMM: Creditors Must Register Claims by June 18
-----------------------------------------------------
Creditors of Karl Thumm Gummi- und Kunststoffgesellschaft mbH have until
June 18 to register their claims with court-appointed insolvency manager
Heike Metzger.

Creditors and other interested parties are encouraged to attend the
meeting 10:40 a.m. on July 9, at which time the insolvency manager will
present her first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mannheim
         Hall 232
         Second Floor
         Schloss
         68149 Mannheim
         Germany

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

The insolvency manager can be reached at:

         Heike Metzger
         Hauptstr. 161
         68259 Mannheim
         Germany
         Tel: 0621/43288990

The District Court of Mannheim opened bankruptcy proceedings against Karl
Thumm Gummi- und Kunststoffgesellschaft mbH on
May 23.  Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Karl Thumm Gummi- und Kunststoffgesellschaft mbH
         Kruegerstr. 8-10
         68219 Mannheim
         Germany


KOESTER ELEKTRONIK: Claims Registration Ends June 22
----------------------------------------------------
Creditors of Koester Elektronik GmbH have until June 22 to register their
claims with court-appointed insolvency manager Norbert Kruse.

Creditors and other interested parties are encouraged to attend the
meeting at 10:00 a.m. on July 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 Muenster
         Meeting Hall 13 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Norbert Kruse
         Bonhoefferstr. 10
         48282 Emsdetten
         Germany
         Tel: 02572/875-0
         Fax: +49257287533

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

The Debtor can be reached at:

          Koester Elektronik GmbH
          Hoester Damm 4
          49536 Lienen
          Germany


KLIMA-TON BAUSYSTEME: Creditors Must Register Claims by June 22
---------------------------------------------------------------
Creditors of Klima-TON Bausysteme GmbH have until Klima-TON Bausysteme
GmbH to register their claims with court-appointed insolvency manager
Peter Staufenbiel.

Creditors and other interested parties are encouraged to attend the
meeting at 9:15 a.m. on July 17, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Goettingen
         Hall B8
         Berliner Strasse 8
         37073 Goettingen
         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:

         Peter Staufenbiel
         Dransfelder Strasse 19 A
         37079 Goettingen
         Germany
         Tel: 0551/9000950
         Fax: 0551/9000955
         E-mail: staufenbiel@hauter.com

The District Court of Goettingen opened bankruptcy proceedings against
Klima-TON Bausysteme GmbH on May 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Klima-TON Bausysteme GmbH
         Zum Loh 36
         37079 Goettingen
         Germany


KOCH STALLBE: Creditors Must Register Claims by June 20
-------------------------------------------------------
Creditors of Koch Stallbe- und Entlueftungen GmbH have until June 20 to
register their claims with court-appointed insolvency manager Siegfried
Beck.

Creditors and other interested parties are encouraged to attend the
meeting at 10:20 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 Ansbach
         Meeting Room 3
         Promenade 8
         91522 Ansbach
         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:

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

The District Court of Ansbach opened bankruptcy proceedings against Koch
Stallbe- und Entlueftungen GmbH on May 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Koch Stallbe- und Entlueftungen GmbH
         An der Lehmgrube 7
         91555 Feuchtwangen
         Germany


MOEBEL-EXPRESS-COLLECTION: Creditors Must File Claims by June 22
----------------------------------------------------------------
Creditors of Moebel-Express-Collection GmbH have until June 22 to register
their claims with court-appointed insolvency manager Andrea Julia Wolf.

Creditors and other interested parties are encouraged to attend the
meeting at 9:10 a.m. on July 20, at which time the insolvency manager will
present her first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Saarbruecken
         Area Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         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:

         Andrea Julia Wolf
         Talstrasse 12
         66119 Saarbruecken
         Germany
         Tel: 0681/859 150
         Fax: 0681/859 1515

The District Court of Saarbruecken opened bankruptcy proceedings against
Moebel-Express-Collection GmbH on May 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Moebel-Express-Collection GmbH
         Dresdener Str. 1
         66450 Bexbach
         Germany


RS ELEKTRONIK: Creditors Must Register Claims by June 25
--------------------------------------------------------
Creditors of RS elektronik GmbH have until June 25 to register their
claims with court-appointed insolvency manager Horst Piepenburg.

Creditors and other interested parties are encouraged to attend the
meeting at 10:05 a.m. on July 9, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kleve
         Meeting Hall C 58
         Ground Floor
         Schlossberg 1
         47533 Kleve
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Kleve opened bankruptcy proceedings against RS
elektronik GmbH on May 25.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         RS elektronik GmbH
         Bremer Weg 9
         46446 Emmerich am Rhein
         Germany


SANARBAU GMBH: Claims Registration Period Ends July 13
------------------------------------------------------
Creditors of Sanarbau GmbH have until July 13 to register their claims
with court-appointed insolvency manager Stefan Jakob.

Creditors and other interested parties are encouraged to attend the
meeting at 10:30 a.m. on Aug. 13, 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 28
         Fuerstenstrasse 21
         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 Jakob
         Plantagenstrasse 3
         08371 Glauchau
         Germany
         Tel: (03763) 77870
         Fax: (03763) 778711
         E-mail: info@inso-verwalter.de

The District Court of Chemnitz opened bankruptcy proceedings against
Sanarbau GmbH on May 25.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Sanarbau GmbH
         Attn: Mustafa Kasakolu, Manager
         Roemerstrasse 21
         08056 Zwickau
         Germany


SATELLITE AND TRANSFER: Creditors Must File Claims by June 27
-------------------------------------------------------------
Creditors of Satellite and Transfer GmbH have until June 27 to register
their claims with court-appointed insolvency manager Andre Loeffler.

Creditors and other interested parties are encouraged to attend the
meeting at 10:15 a.m. on July 17, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 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:

         Andre Loeffler
         Klewitzstr. 15
         39112 Magdeburg
         Germany
         Tel: 0391/7324630 o. 39
         Fax: 0391/7324633
         E-mail: magdeburg@loeffler-insolvenzverwalter.de

The District Court of Magdeburg opened bankruptcy proceedings against
Satellite and Transfer GmbH on May 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Satellite and Transfer GmbH
         Halberstadter Strasse 128
         39112 Magdeburg
         Germany


SCHLOESSER BACKBETRIEBE: Claims Registration Ends June 26
---------------------------------------------------------
Creditors of Schloesser Backbetriebe GmbH have until June 26 to register
their claims with court-appointed insolvency manager Jana Dettmer.

Creditors and other interested parties are encouraged to attend the
meeting at 10:40 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 Cologne
         Meeting Hall 1240
         12th Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Jana Dettmer
         Tel: 0221/92 12 17 - 0
         Fax: +4922192121720

The District Court of Cologne opened bankruptcy proceedings against
Schloesser Backbetriebe GmbH on May 25.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Schloesser Backbetriebe GmbH
         Attn: Peter Schloesser, Manager
         Rosengarten 2
         50827 Koeln
         Germany


SPORT- UND WELLNESSZENTRUM: Creditors' Claims Due June 29
---------------------------------------------------------
Creditors of Sport- und Wellnesszentrum Trappenkamp GmbH have until June
29 to register their claims with court-appointed insolvency manager Marc
Schaumann.

Creditors and other interested parties are encouraged to attend the
meeting at noon on July 19, 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 Norderstedt
         Hall B
         Rathausallee 80
         22846 Norderstedt
         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:

         Marc Schaumann
         Falkenstrasse 22
         23564 Luebeck
         Germany

The District Court of Norderstedt opened bankruptcy proceedings against
Sport- und Wellnesszentrum Trappenkamp GmbH on May 21.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Sport- und Wellnesszentrum Trappenkamp GmbH
         Waldstrasse 3
         24610 Trappenkamp
         Germany


TEXTIL LOGISTIK: Claims Registration Ends July 2
------------------------------------------------
Creditors of Textil Logistik Diamantis GmbH have until July 2 to register
their claims with court-appointed insolvency manager Rolf Weidmann.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Rolf Weidmann
         Alfredstr. 279
         45133 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings against Textil
Logistik Diamantis GmbH on May 23.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Textil Logistik Diamantis GmbH
         Laubenhof 25 - 27
         45236 Essen
         Germany

         Attn: Adamantios Diamantis, Manager
         Ruhrstein 2
         45133 Essen
         Germany


TISCHLEREI PETER: Claims Registration Ends July 11
--------------------------------------------------
Creditors of Tischlerei Peter Hoehn GmbH have until July 11 to register
their claims with court-appointed insolvency manager Torsten Gutmann.

Creditors and other interested parties are encouraged to attend the
meeting at 11:30 a.m. on Aug. 8, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Braunschweig
         E 01
         Martinikirche 8
         38100 Braunschweig
         Germany

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

The insolvency manager can be reached at:

         Torsten Gutmann
         Lueders Partnergesellschaft
         Zum Blauen See 5
         D 31275 Lehrte
         Germany
         Tel: (0 51 32) 82 68 38
         Fax: (0 51 32) 82 68 96

The District Court of Braunschweig opened bankruptcy proceedings against
Tischlerei Peter Hoehn GmbH on May 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Tischlerei Peter Hoehn GmbH
         Attn: Andreas Stache, Manager
         Bortfelder Strasse 23
         38176 Wendeburg
         Germany



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


GUESS? INC: Earns US$35.5 Mln in 1st Quarter Ended May 5, 2007
--------------------------------------------------------------
Guess? Inc. reported financial results for the first quarter of its 2008
fiscal year, which ended May 5, 2007.

For the first quarter of fiscal 2008, the company reported record net
earnings of US$35.5 million, an increase of 71.9% compared to net earnings
of US$20.7 million for the recast quarter ended April 29, 2006.

Paul Marciano, Chief Executive Officer, commented, “The strength of our
brand and the solid execution of our global strategy have driven these
record results, which represented our 15th consecutive quarter of earnings
growth. I am extremely pleased with our team’s outstanding performance.
All of our businesses generated double digit revenue growth, led by strong
execution in our international operations.  In Europe, the addition of
Focus Europe, our contemporary line, and the growth of our existing
businesses drove a 77% sales increase in the segment.  Strong sales
performance in South Korea drove Asian revenues higher and led to a 77%
increase in our wholesale segment revenues."

Mr. Marciano continued, “Our North American retail business performed
extremely well, posting its 17th consecutive quarter of same store sales
growth.  And the strength of our accessory lines drove licensing revenue
growth of 42%.  It is important to note that our footwear licensee’s
business has been expanding rapidly.  Compared to just a year ago, their
business has experienced explosive revenue growth, more than doubling its
volume in the period.  We continue to be very excited about the prospects
of this business both domestically and internationally."

Mr. Marciano concluded, “On a consolidated basis, we increased net
earnings by 71.9%, driven by earnings growth in all of our businesses
around the world.  Our earnings were well balanced and our performance
once again demonstrates the power of our diversified business model."

Total net revenue for the first quarter of fiscal 2008 increased 42.3% to
US$377.9 million from US$265.7 million in the prior-year period.  The
company’s retail stores in the U.S. and Canada generated revenue of
US$179.5 million in the first quarter of fiscal 2008, a 19% increase from
US$150.9 million in the same period a year ago.  Comparable store sales
increased 13.6% for the quarter ended May 5, 2007, compared to the
thirteen weeks ended May 6, 2006.  The company operated 336 retail stores
in the U.S. and Canada at the end of the first quarter of fiscal 2008
versus 316 stores a year earlier.

Net revenue from the company’s wholesale segment, which includes the
Company’s Asian operations, increased 77.4% to US$59.2 million in the
first quarter of fiscal 2008, from US$33.4 million in the prior-year
period.

Net revenue from the company’s European segment increased 77.2% to
US$118.9 million in the first quarter of fiscal 2008, compared to US$67.1
million in the prior-year period.

Licensing segment net revenue increased 41.5% to US$20.3 million in the
first quarter of fiscal 2008, from US$14.3 million in the prior-year
period.

Operating earnings for the first quarter of fiscal 2008 increased 69.0% to
US$57.9 million from US$34.3 million in the prior-year period.  Operating
margin in the first quarter improved 240 basis points to 15.3%, compared
to the prior year’s quarter.  The margin expansion was driven by better
product margins, significant operating margin expansion in the wholesale
segment, and the positive impact in the company’s first quarter business
mix of the higher European business.  The company’s SG&A rate increased 30
basis points quarter over quarter.

Five-Week Transition Period and Recast 2006 Financial Results

The company also disclosed its financial results for the five-week
transition period ended Feb. 3, 2007, and the results for the recast
fourth quarter and year ended Feb. 3, 2007.  The five-week transition
period resulted from the company’s decision to change its fiscal year.

For the five-week transition period, revenues were US$136.0 million, net
earnings were US$8.0 million.

For the recast quarter ended Feb. 3, 2007, revenues were US$396.2 million,
operating earnings were US$71.4 million, operating margin reached 18.0%
and net earnings were US$45.9 million.

Revenues for the recast year ended Feb. 3, 2007, were US$1.25 billion,
operating earnings were US$205.5 million, operating margin reached 16.4%
and net earnings were US$131.2 million.

                             Outlook

The company’s expectations for the second quarter ending
July 7, 2007, are:

    -- Consolidated net revenues are expected to range from
       US$335 million to US$345 million.

    -- Operating margin is expected to be about 14%.

The company’s expectations for the fiscal year ending
Feb. 2, 2008, are:

    -- Consolidated net revenues are expected to range from
       US$1.51 billion to US$1.56 billion.

    -- Operating margin is expected to be about 17.5%.

The fiscal year ending Feb. 2, 2008 will include 52 weeks and a four-week
January, compared to the recast year ended
Feb. 3, 2007, which included 53 weeks and a five-week January.

                           Dividend

The company's Board of Directors has declared a cash dividend of US$0.06
per share on the company’s common stock.  The dividend will be payable on
July 6, 2007, to shareholders of record at the close of business on June
20, 2007.

                        About Guess? Inc.

Guess? Inc. (NYSE: GES) -- http://www.guessinc.com/-- designs, markets,
distributes and licenses a lifestyle collection of contemporary apparel,
accessories and related consumer products.  At May 5, 2007, the company
operated 336 retail stores in the United States and Canada.  The company
also distributes its products through better department and specialty
stores around the world, including the Philippines, Hungary and the
Dominican Republic.

                            *   *   *

Guess? Inc. still carries Standard & Poor's "BB" long-term foreign and
local issuer credit ratings which were placed in December 2006.


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


AIJAN LLP: Proof of Claim Deadline Slated for July 11
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan has
declared LLP Aijan 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


D-JAN LLP: Creditors Must File Claims July 6
--------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan has
declared LLP D-Jan insolvent.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Moldagulov Str. 9/18
         Uralsk
         West Kazakhstan
         Ka zakhstan
         Tel: 8 (3112) 51-77-10


FIRM FERRUM: Claims Filing Period Ends July 6
---------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan has
declared LLP Firm Ferrum insolvent.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Moldagulov Str. 9/18
         Uralsk
         West Kazakhstan
         Ka zakhstan
         Tel: 8 (3112) 51-77-10


JOLDAS-ST LLP: Claims Registration Ends July 11
-----------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan has
declared LLP Joldas-St 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


KOKSU-INVEST LLP: Creditors' Claims Due July 6
----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has declared LLP
Koksu-Invest 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


ORLEU LLP: Proof of Claim Deadline Slated for July 6
----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan has
declared LLP Orleu insolvent.

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

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


SHAKER &K LLP: Creditors Must File Claims July 6
------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan has
declared LLP Shaker &K insolvent.

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

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


SLAY LLP: Claims Filing Period Ends July 11
-------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan has
declared LLP Slay 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


STROYHOLDING LLP: Claims Registration Ends July 13
--------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan has
declared LLP Stroyholding insolvent.

Creditors have until July 13 to submit written proofs of claims to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Ushanov Str. 78-27
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 26-24-41


TEMIRBANK: Fitch Places BB- Rating on New US$1.2-Billion Bonds
--------------------------------------------------------------
Fitch Ratings has assigned Temirbank's and Temir Capital B.V.'s new US$1.2
billion global medium-term note program final ratings of Long-term 'BB-'
(for senior unsecured notes with maturities in excess of one year) and
Short-term 'B' (for senior unsecured notes with maturities of less than
one year).

It has also assigned a final Long-term 'BB-' rating to TCB's recent US$500
million 9.5% issue due May 2014, which is the first draw-down under the
program.

Temir is rated Issuer Default 'BB-'/Stable, Short-term 'B', Individual
'D/E' and Support '3'.  Temir's IDR, Short-term and Support ratings are
based on a moderate probability of support forthcoming from its parent,
Bank TuranAlem (rated IDR 'BB+' with a Positive Outlook), one of the two
largest banks in Kazakhstan.  BTA acquired a 51% stake in Temir in
December 2006.

Temir was one of the 10 largest banks in Kazakhstan, but held a modest 2%
of the system's assets at end-2006.  In 2005, the bank's newly appointed
senior management refocused its strategy towards aggressive growth in
retail lending, in particular mortgages, home equity and car loans.


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


GRESHAM CAPITAL: Fitch Assigns BB Rating to EUR9.78 Mln Notes
-------------------------------------------------------------
Fitch has assigned Gresham Capital CLO IV B.V.'s upcoming issue
of EUR300 million floating-rate notes expected ratings.

  -- EUR75 million Class A1A senior secured floating-rate
     variable funding notes due 2023: 'AAA'

  -- EUR75 million Class A1B senior secured floating-rate notes
     due 2023: 'AAA'

  -- EUR48.8 million Class A2 senior secured floating-rate notes
     due 2023: 'AAA'

  -- EUR24.1 million Class B deferrable secured floating-rate
     notes due 2023: 'AA'

  -- EUR21.9 million Class C deferrable secured floating-rate
     notes due 2023: 'A'

  -- EUR22.02 million Class D deferrable secured floating-rate
     notes due 2023: 'BBB'

  -- EUR9.78 million Class E deferrable secured floating-rate
     notes due 2023: 'BB'

  -- EUR33.8 million Class N subordinated notes due 2023: not
     rated

The transaction is a securitization of leverage loans including primarily
senior secured loans, senior unsecured loans, second lien loans, mezzanine
obligations and CLO securities.

The expected ratings of the Class A notes (Class A1A, A1B and A2) address
the ultimate repayment of principal at maturity and the timely payment of
interest when due, according to the terms of the notes.  For all other
Classes of notes the expected ratings address the ultimate payment of
principal and interest,
including deferred interest, at maturity.  The final ratings are
contingent on the receipt of final documents conforming to information
already received.

The ratings are based on the quality and diversity of the portfolio of
assets, which are selected by the collateral manager, Investec Principal
Finance, part of Investec Bank (U.K.) Ltd., subject to the guidelines
outlined in the collateral management agreement.  The guidelines limit the
collateral  manager's portfolio allocations with respect to obligor,
industry and asset type.  IPF will actively manage the collateral over a
six-year reinvestment period.

The ratings are also based on the credit enhancement provided to the
various Classes of notes in the form of subordination, structural
protection and excess spread.  Credit enhancement, in the form of
subordination, for the Class A1A and A1B will total 50%, of which 16.27%
will be provided by the A2 notes, 8.04% by the B notes, 7.3% by the C
notes, 7.34% by the D notes, 3.59% by the E notes and 7.78% by the unrated
subordinated notes.  Some of the EUR33.8 million proceeds from the
subordinated Class of notes will be used to pay certain initial expenses
of the issuer rather than to purchase collateral and therefore will not be
available for subordination.

Gresham IV CLO B.V. is a limited liability company incorporated under the
laws of Netherlands.  At the closing date, the issuer is expected to have
purchased at least 70% of the target portfolio; the remainder will be
purchased over the following 180 days.


SKYLINE 2007: Fitch Rates EUR43.5-Million Notes at BB
-----------------------------------------------------
Fitch has assigned expected ratings to SKYLINE 2007 B.V.'s issue of EUR3m
floating-rate notes:

  -- EUR162.00 million Class B: 'AA'
  -- EUR2539.50 million Class A: 'AAA'
  -- EUR121.50 million Class D: 'BBB'
  -- EUR133.50 million Class C: 'A'
  -- EUR43.50 million Class E: 'BB'
  -- EUR24.00 million Class F: 'NR'

The final ratings are contingent upon the receipt of final documents
conforming to information already received.

This transaction is a EUR3bn cash flow securitization of a pool of small
commercial mortgage loans originated by FGH Bank N.V., a wholly owned
subsidiary of Rabobank Group.

The initial portfolio consists of 625 obligors, which are secured by more
than 4,500 commercial real estate properties in the Netherlands.  The
transaction benefits from structural protection via a principal deficiency
ledger to trap excess margin from the time a loan has experienced a loss.
Additional excess spread will be trapped in the reserve for expected
losses at the time of default.

The expected ratings on the class A to E notes address timely payment of
interest and the repayment of principal by legal final maturity on the
class A to E notes in accordance with the terms and conditions of the
documentation.

The expected ratings are based on the quality of the collateral, available
credit enhancement, the financial structure of the transaction, the
underwriting and servicing of the collateral and the transaction's legal
structure.  CE provided by subordination for the class A notes totals
16.15% and is provided by the class B notes (5.40%), the class C notes
(4.45%), the class D notes (4.05), the class E notes (1.45%) and the
unrated class F notes (0.80%).  The credit enhancement provided by the
subordination for class B, C, D and E notes is 10.75%, 6.30%, 2.25% and
0.80% respectively.

The scheduled maturity of all classes of notes is July 2042 and the legal
maturity is July 2044.


TEMIR CAPITAL: Fitch Places BB- Rating on US$1.2-Billion Bonds
--------------------------------------------------------------
Fitch Ratings has assigned Temirbank's and Temir Capital B.V.'s new US$1.2
billion global medium-term note program final ratings of Long-term 'BB-'
(for senior unsecured notes with maturities in excess of one year) and
Short-term 'B' (for senior unsecured notes with maturities of less than
one year).

It has also assigned a final Long-term 'BB-' rating to TCB's recent US$500
million 9.5% issue due May 2014, which is the first draw-down under the
program.

Temir is rated Issuer Default 'BB-'/Stable, Short-term 'B', Individual
'D/E' and Support '3'.  Temir's IDR, Short-term and Support ratings are
based on a moderate probability of support forthcoming from its parent,
Bank TuranAlem (rated IDR 'BB+' with a Positive Outlook), one of the two
largest banks in Kazakhstan.  BTA acquired a 51% stake in Temir in
December 2006.

Temir was one of the 10 largest banks in Kazakhstan, but held a modest 2%
of the system's assets at end-2006.  In 2005, the bank's newly appointed
senior management refocused its strategy towards aggressive growth in
retail lending, in particular mortgages, home equity and car loans.


===============
P O R T U G A L
===============


TAPE BORROWER: Moody's Junks Rating on Sr. Secured Term Loan C
--------------------------------------------------------------
Moody's Investors Service assigned B2 ratings to Tape Borrower Inc.'s (the
new parent company of Intertape Polymer Group) proposed term loan B and
revolving credit facility.

In a related action, Moody's assigned a Caa2 to Tape Borrower Inc.'s
proposed term loan C.  The former B3 corporate family rating at Intertape
Polymer Group has been withdrawn and reassigned to Tape Borrower Inc.  The
company's outlook was revised to stable from negative and the SGL rating
was  upgraded to SGL-3 from SGL-4.

The rating action reflects Intertape Polymer Group's recent announcement
that Tape Borrower Inc., an indirect wholly owned subsidiary of Littlejohn
Fund III L.P., will acquire all of Intertape Polymer Group's outstanding
common shares at a price of US$4.76 per share in cash.  The total
transaction value is approximately US$510 million, including US$320
million of debt.  The transaction will be subject to the approval of
two-thirds of the votes cast by the company's shareholders at a special
meeting anticipated in late June 2007.

Proceeds from the term loans will be used to repay existing bank debt,
partly finance the acquisition, and pay other fees and expenses.

Assignments:

   * Issuer: Tape Borrower Inc.

     -- Corporate Family Rating, Assigned B3;

     -- Senior Secured Term Loan B, Assigned B2 and a range of
        33-LGD3;

     -- Senior Secured Term Loan C, Assigned Caa2 and a range of
        85-LGD5;

     -- Senior Secured Revolving Credit Facility, Assigned B2
        and a range of 33-LGD3;

     -- Probability of Default Rating, Assigned B3;

     -- Speculative Grade Liquidity Rating, Assigned SGL-3;

     -- Outlook, Assigned Stable.

Despite the roughly US$80 million increase in debt as a result of the
acquisition by Littlejohn, Moody's revised the company's outlook to stable
due to its improved liquidity position and the expectation that its new
private equity owner will have a greater chance of stabilizing or
improving the company's operating performance than prior management.

The B3 corporate family rating reflects the company's weak operating
performance (operating margins of approximately 3%), limited free cash
flow, limited top line growth, a high percentage of commodity products
versus innovative products, the potential for additional near-term
declines in certain product demand, high leverage (adjusted debt to EBITDA
of approximately 5.5x), and exposure to fluctuating raw material costs.
Littlejohn will be inserting an interim CEO to manage the company and has
undertaken a search for the position.

Based on the company's recent operating trends, management will need to
continue executing cost savings initiatives to improve profitability over
the near term.  Moody's believes that the company will need to demonstrate
that the competition across its end markets will not continue to force the
company to lower
prices in order to maintain market share.

Volume and price declines in 2006 have negatively affected Intertape
Polymer Group's gross margins for certain products. Weak end market
demand, primarily in the North American housing construction market, and
declining prices for films products continue to compress gross margins.
In order to mitigate the margin compression, Intertape Polymer Group
announced and executed manufacturing facility closures and other
restructuring actions to generate significant annual savings.

Certain of these savings have already been realized in prior periods as
the company begins to realign its cost structure with product demand.
Even with this progress, Moody's believes that a combination of a slowdown
in the economy and competitive pressures could continue to adversely
impact the company's operating performance and offset much of the planned
cost savings.

Moody's also concluded that a B3 corporate family rating is most
representative of a company with an evolving financial/operating strategy,
a new senior management team in a highly levered environment, and new
private equity sponsorship.  Should margin improvement occur, Moody's
expects that Intertape Polymer Group will consider distributions to its
sponsor as well as modest debt-financed acquisitions to fund external
growth.  Factors that support the ratings include product breadth, the
company's estimated market share for several of its product lines within
the tapes sector, a reasonable track record of passing through higher raw
material costs to customers, and its recent cost saving initiatives.

The speculative grade liquidity rating was upgraded to SGL-3 from SGL-4
because Moody's believes the company's liquidity position, which weakened
in 2006 due to the need to renegotiate financial covenants, will improve
over the near term.  The new credit agreement reduces financial covenants
to a single leverage ratio and should provide adequate headroom over the
next four quarters.  Furthermore, Moody's expects that the
company will most likely continue to utilize its bank revolver to help
support operational needs.

Although the outlook is stable, a sustained deterioration in operating
performance or credit metrics due to additional declines in product
demand, or other operational issues could result in a downgrade of the
ratings.  Conversely, the ratings could be raised if the company
successfully resolves its CEO succession plan, continues to generate
savings from additional cost reduction efforts, and restores operating
margins and
adjusted RCF-Capex/Debt of 5% on a sustainable basis.

The most recent prior rating action occurred on March 26, 2007. Moody's
downgraded the long-term and corporate family ratings of IPG (U.S.) Inc.
as well as the senior subordinated notes of Intertape Polymer U.S. Inc.
The rating action reflected the same key rating drivers mentioned above,
however the outlook was revised to negative.  The negative outlook
reflected the limited room under financial covenants in its secured
facilities and the lack of definitive information with respect to the CEO
succession plan or the outcome of the Board's review process concerning
various strategic and financial alternatives.

Headquartered in Bradenton, Florida, Tape Borrower Inc., the new parent
company of Intertape Polymer Group, is a leading manufacturer and marketer
of adhesive tapes, specialty tapes, plastic films and engineered coated
products.  The company employs about 2450 employees with operations in 18
locations, including 13 manufacturing facilities in North America, one in
Portugal and in Mexico.


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


AGRO-SERVICE OJSC: Creditors Must File Claims by June 19
--------------------------------------------------------
Creditors of OJSC Agro-Service have until June 19 to submit proofs of
claim to:

         A. Kirillov
         Insolvency Manager
         S.-Shedrina Str. 30
         150014 Yaroslavl
         Russia

The Arbitration Court of Yaroslavl will convene at 10:00 a.m. on July 3 to
hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A82-1770/07-3-B/14.

The Debtor can be reached at:

         OJSC Agro-Service
         Yaroslavlskaya Str. 48
         Danilov
         Yaroslavl
         Russia


AGRO-SNAB-SERVICE: Court Names V. Doluda as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Orel appointed V. Doluda as Insolvency Manager
for OJSC Agro-Snab-Service.  He can be reached at:

         V. Doluda
         Office 32
         Gorkogo Str. 45
         302040 Orel
         Russia

The Court commenced bankruptcy proceedings against the company after
finding it insolvent.  The Court will convene at 9:30 a.m. on Sept. 5 to
hear the company's bankruptcy supervision procedure.  The Case is
dockected under Case No. A48-1225/
07-17B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Agro-Snab-Service
         Mashinostroitelnaya Str. 19
         Druzhnyj
         302008 Orel
         Russia


AMBER CJSC: Creditors Must File Claims by July 19
---------------------------------------------------------------
Creditors of CJSC Amber have until July 19 to submit proofs of claim to:

         A. Volchkov
         Insolvency Manager
         3rd Kurskaya Str. 15
         Orel
         Russia

The Arbitration Court of Orel commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
A48-5315/06-206.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Amber
         Oktyabrskaya Str. 27
         Orel
         Russia


ANAR CJSC: Moscow Court Names A. Kubasov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Moscow appointed A. Kubasov as Insolvency Manager
for CJSC Anar.  He can be reached at:

         A. Kubasov
         Post User Box 183
         127018 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No.
A40-42963/06-101-758B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Anar
         Room 107
         Vernadskogo Str. 86
         Moscow
         Russia


BOGATYREVSKOYE CJSC: Asset Sale for June 13
-------------------------------------------
The insolvency manager and bidding organizer for CJSC Bogatyrevskoye, will
open a public auction for the company's properties at 10:00 a.m. on June
13 at:

         The Insolvency Manager and Bidding Organizer
         Conference Hall
         3rd floor
         Frunze Str. 96A
         Tomsk
         Russia

The company has set a RUR3,486,000 as starting price for the auctioned
assets.

Interested participants must deposit an amount equivalent to 20%
(RUR697,200) of the starting price to:

         CJSC Bogatyrevskoye
         Settlement Account 40702810164000000048
         Correspondent Account 30101810300000000711
         BIK 0469202711
         Tomskiy RF
         OJSC Rosselkhozbank
         Tomsk

Bidding documents must be submitted to:

         The Insolvency Manager and Bidding Organizer
         Conference Hall
         3rd floor
         Frunze Str. 96A
         Tomsk
         Russia

The Debtor can be reached at:

         The Insolvency Manager and Bidding Organizer
         Conference Hall
         3rd floor
         Frunze Str. 96A
         Tomsk
         Russia


GAGARIN-SEL-KHOZ-KHIMIYA: Creditors Must File Claims by June 19
---------------------------------------------------------------
Creditors of LLC Gagarin-Sel-Khoz-Khimiya have until June 19 to submit
proofs of claim to:

         D. Kuzmenkov
         Temporary Insolvency Manager
         Office 300
         Lenina Str. 13
         Gagarin
         215010 Smolensk
         Russia

The Arbitration Court of Smolensk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No. 62-82/2007
(1242/N).

The Debtor can be reached at:

         LLC Gagarin-Sel-Khoz-Khimiya
         9th Tupik
         Gagarin
         Smolensk
         Russia


GORNO-SPETS-STROY: Creditors Must File Claims by July 19
--------------------------------------------------------
Creditors of OJSC Gorno-Spets-Stroy have until July 19 to submit proofs of
claim to:

         S. Suvorov
         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. A40-22833/06-103-291 B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Gorno-Spets-Stroy
         Building 1
         Gasheka Str. 2/18
         125047 Moscow
         Russia


NOVGOROD-KHLEB-PROM: Creditors Must File Claims by June 19
----------------------------------------------------------
Creditors of CJSC Company Novgorod-Khleb-Prom (TIN 5321037682) have until
June 19 to submit proofs of claim to:

         A. Tsybin
         Insolvency Manager
         Post User Box 27
         Post Office -1
         173001 Velikij Novgorod
         Russia

The Arbitration Court of Novgorod commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A44-2621/02-S4-K.

The Debtor can be reached at:

         CJSC Company Novgorod-Khleb-Prom
         Rogatitsa Str. 14
         Velikij Novgoro
         Russia


PETROPAVLOVSKIY CREAMERY: Creditors Must File Claims by June 19
---------------------------------------------------------------
Creditors of LLC Petropavlovskiy Creamery have until June 19 to submit
proofs of claim to:

         A. Vampilov
         Insolvency Manager
         Borsoeva Str. 29
         Ulan-Ude
         670000 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A10-974/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Petropavlovskiy Creamery
         Pionerskaya Str. 19
         Petropavlovka
         Dzhidinskiy
         671920 Bashkortostan
         Russia


PONOMAREVKA-TRANS CJSC: Creditors Must File Claims by July 19
-------------------------------------------------------------
Creditors of OJSC Ponomarevka-Trans have until July 19 to submit proofs of
claim to:

         Y. Ustimova
         Insolvency Manager
         Turkestanskaya Str. 10A
         460024 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A47-12672/06-14GK.

The Court is located at:

         The Arbitration Court of Orenburg
         9th January Str. 64
         460046 Orenburg
         Russia

The Debtor can be reached at:

         OJSC Ponomarevka-Trans
         Gagarina Str. 103
         Ponomarevka
         Ponomarevskiy
         Orenburg
         Russia


PROM-STROY-DETAIL: Creditors Must File Claims by July 19
--------------------------------------------------------
Creditors of LLC Prom-Stroy-Detail have until July 19 to submit proofs of
claim to:

         D. Bykovskikh
         Insolvency Manager
         Post User Box 3167
         460001 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A47-2143/07-14GK.

The Court is located at:

         The Arbitration Court of Orenburg
         9th January Str. 64
         460046 Orenburg
         Russia

The Debtor can be reached at:

         LLC Prom-Stroy-Detail
         Pilyugonskoye Shosse 5
         Buguruslan
         Orenburg
         Russia


SAYANSK-AGRO-PROM-TRANS: Bankruptcy Hearing Slated for Sept. 5
--------------------------------------------------------------
The Arbitration Court of Krasnoyarsk will convene at 10:00 a.m. on Sept. 5
to hear the bankruptcy supervision procedure on OJSC Motor Transport
Enterprise Sayansk-Agro-Prom-Trans.  The case is docketed under Case No.
A33-4138/2007.

         V. Gordeev
         Insolvency Manager
         Partizana Zheleznyaka Str. 17
         660133 Krasnoyarsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Motor Transport Enterprise Sayansk-Agro-Prom-Trans
         Komsomolskaya Str. 135
         Aginskoye
         Sayanskiy
         663580 Krasnoyarsk
         Russia


STROY-DETAIL CJSC: Creditors Must File Claims by July 19
--------------------------------------------------------
Creditors of CJSC Stroy-Detail (OGRN 1027101483749) have until July 19 to
submit proofs of claim to:

         A. Klepikov
         Insolvency Manager
         Arsenalnaya Str. 1d
         300002 Tula
         Russia

The Arbitration Court of Tula commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
A68-620/B-06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Stroy-Detail
         Dubovskaya Str. 15
         Uzlovaya
         301650 Tula
         Russia


TULA-TRANS-SERVICE: Tula Bankruptcy Hearing Slated for Aug. 2
-------------------------------------------------------------
The Arbitration Court of Tula commenced bankruptcy supervision procedure
on OJSC Tula-Trans-Service.  The case is docketed under Case No.
A68-658/07-36/B-07.

         The Temporary Insolvency Manager is:
         E. Rusakova
         Arsenalnaya Str. 1d
         300002 Russia
         Tula

The Court is located at:

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

The Debtor can be reached at:

         OJSC Tula-Trans-Service
         Aleksinskoe Shosse 1-A
         Tula
         Russia


VNESH-TORG-INVEST: Creditors Must File Claims by June 19
--------------------------------------------------------
Creditors of LLC Vnesh-Torg-Invest have until June 19 to submit proofs of
claim to:

         O. Zyryanova
         Insolvency Manager
         Post User Box 1
         Biysk-19
         659319 Altay
         Russia

The Arbitration Court of Altay will convene on Sept. 17 to hear the
company's bankruptcy supervision procedure.  The case is docketed under
Case No. A02-168/2007 g.

The Debtor can be reached at:

         LLC Vnesh-Torg-Invest
         Post User Box 1
         Biysk-19
         659319 Altay
         Russia


YUKOS OIL: Lack of Bids Cues Auctioneer to Cancel June 7 Sale
-------------------------------------------------------------
The Russian Federal Property Fund has canceled the June 7 auction of OAO
Yukos Oil Co.'s media and transport assets due to a lack of bids,
published reports say.

"Not a single application was filed during the application acceptance
period from May 7 through June 5," the federal property fund is cited by
RIA Novosti as saying.

The lot carried an RUR8.95 billion (US$346 million) starting price with an
RUR89.49 million bid increment.

                         About Yukos Oil

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was
dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A
few days later, the Russian Government sold its main production
unit Yugansk to a little-known firm Baikalfinansgroup for
$9.35 billion, as payment for $27.5 billion in tax arrears for
2000-2003.  Yugansk eventually was bought by state-owned Rosneft, which is
now claiming more than US$12 billion from Yukos.

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a $1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
06-0775), in an attempt to halt the sale of Yukos' 53.7%
ownership interest in Lithuanian AB Mazeikiu Nafta.

On May 26, 2006, Yukos signed a $1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.


YUKOS OIL: Unitex Finalizes Purchase of Petrol Station Network
--------------------------------------------------------------
OOO Unitex has signed a deal finalizing the purchase of OAO Yukos Oil
Co.'s retail network after it fully paid RUR12.46 billion (US$483.5
million) on May 25, RIA Novosti reports.

In a TCR-Europe report on May 11, 2007, Royal Dutch Shell and TNK-BP
Holding Ltd. lost out to little-known Unitex in a bid to acquire Yukos'
537 petrol stations in Russia at a May 10
auction.

Unitex offered RUR12.4 billion or $484.3 million for the lot, 62% more
than the RUR7.7 billion price tag set by the auctioneer.

RIA Novosti has linked Unitex with Russia's largest independent natural
gas producer Novatex.

                         About Yukos Oil

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was
dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A
few days later, the Russian Government sold its main production
unit Yugansk to a little-known firm Baikalfinansgroup for
$9.35 billion, as payment for $27.5 billion in tax arrears for
2000-2003.  Yugansk eventually was bought by state-owned Rosneft, which is
now claiming more than US$12 billion from Yukos.

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a $1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
06-0775), in an attempt to halt the sale of Yukos' 53.7%
ownership interest in Lithuanian AB Mazeikiu Nafta.

On May 26, 2006, Yukos signed a $1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.


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


B + B BERG: Creditors' Liquidation Claims Due June 22
-----------------------------------------------------
Creditors of JSC B + B Berg & Berg have until June 22 to submit their
claims to:

         Helmut Berg
         Liquidator
         Alte Schulstr. 3
         8608 Bubikon
         Hinwil ZH
         Switzerland

The Debtor can be reached at:

         JSC B + B Berg & Berg
         Bubikon
         Hinwil ZH
         Switzerland


DUSS FREDY: Claims Registration Period Ends June 18
---------------------------------------------------
The Bankruptcy Court of Lucerne commenced bankruptcy proceedings against
JSC Duss Fredy Architektur on May 7.

Creditors have until June 18 to file their written proofs of claim.

The Bankruptcy Service of Lucerne can be reached at:

         Bankruptcy Service of Lucerne
         6011 Kriens LU
         Switzerland

The Debtor can be reached at:

         JSC Duss Fredy Architektur
         Grubenstrasse 7
         6014 Littau LU
         Switzerland


FONTANA LAGERTECHNIK: Claims Registration Period Ends June 21
-------------------------------------------------------------
The Bankruptcy Court of Thurgau commenced bankruptcy proceedings against
JSC Fontana Lagertechnik on April 13.

Creditors have until June 21 to file their written proofs of claim.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         JSC Fontana Lagertechnik
         Wangistrasse 32
         8355 Aadorf
         8510 Frauenfeld TG
         Switzerland


MARTIN SCHUMACHER: Creditors' Liquidation Claims Due June 21
------------------------------------------------------------
Creditors of JSC Martin Schumacher have until June 21 to submit their
claims to:

         Martin Schumacher
         Liquidator
         Speerstrasse 24
         8805 Richterswil
         Horgen ZH
         Switzerland

The Debtor can be reached at:

         JSC Martin Schumacher
         Wadenswil
         Horgen ZH
         Switzerland


MODE ATELIER2: Creditors' Liquidation Claims Due June 25
--------------------------------------------------------
Creditors of JSC Mode Atelier2 have until June 25 to submit their claims to:

         Armin Thaler
         Liquidator
         Grenzstrasse 24
         P.O. box
         9430 St. Margrethen
         Wahlkreis Rheintal SG
         Switzerland

The Debtor can be reached at:

         JSC Mode Atelier2
         Losone
         Locarno TI
         Switzerland


NIGHTHAWK RADIOLOGY: Moody's Assigns Ba3 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service assigned ratings to NightHawk Radiology
Holdings, Inc. in connection with the pending refinancing of NightHawk's
indebtedness related to its recent acquisition of The Radlinx Group.

Moody's assigned a Ba3 Corporate Family Rating, a Ba3 rating to the
proposed US$75 million senior secured term loan, a Ba3 rating to the
proposed US$25 million senior secured delayed draw term loan and a
Speculative Grade Liquidity rating of SGL-2.  The rating outlook for
NightHawk is stable.

On April 9, 2007, NightHawk announced that it had purchased The Radlinx
Group for US$53 million with the objective of expanding its teleradiology
holdings.  Radlinx is the third largest U.S. provider of such services.
The acquisition expands NightHawk's customer basis by 303 hospitals, to
more than 1,300 hospitals, or roughly 24% of the U.S. hospital market.

Moody's assigned these proposed ratings:

   -- US$75 million senior secured term loan due 2014, rated Ba3
      (LGD3, 32%);

   -- US$25 million senior secured delayed draw term loan due
      2014, rated Ba3 (LGD3, 32%);

   -- Corporate Family Rating, rated Ba3;

   -- Probability of Default Rating, rated B1;

   -- Speculative Grade Liquidity Rating, rated SGL-2;

   -- The ratings outlook is stable.

The Corporate Family Rating of Ba3 acknowledges NightHawk's sound
profitability and resulting strong financial metrics. The rating is also
supported by the company's leading market position in the nighttime and
off-hours teleradiology space and generally favorable fundamentals for the
industry in terms of expected growth in organic scan volume over the near
to medium-term as well as the potential for inroads into the day
read overflow market and sub-specialty areas.  Industry dynamics are also
favorable given that NightHawk does not present any direct government
reimbursement risk.  The ratings are constrained by the company's small
size, the lack of a material track-record within the industry space, the
assimilation risk posed by the Radlinx acquisition as well as the lack
of an external liquidity source.

The outlook is stable, reflecting Moody's belief that NightHawk will
continue to grow revenues at a double-digit pace fueled primarily by
anticipated growth in the volume of reads, a factor that reflects the
favorable industry fundamentals enumerated above.  Moody's also assume
that the firm will continue to take a conservative approach to
acquisitions with acquired entities broadening the company's already
leading market share.  In the event that a major acquisition or share
repurchase adds material
debt the expectation is that NightHawk will utilize cash flow to
rapidly de-lever in a disciplined manner.

Moody's has assigned a Speculative Liquidity Rating of SGL-2,
reflecting the company's good liquidity position together with our belief
that over the next 12 months, NightHawk will be able to fund its ordinary
working capital, capital expenditures and other cash requirements through
operating cash flow and cash on its balance sheet.  Moody's acknowledges
that the company lacks an external liquidity source, a situation that is
mitigated by the fact that the company's cash balances are substantial.

The ratings could come under downward pressure if the company
undertakes a major acquisition or share repurchase that results in a
material leveraging of the balance sheet such that adjusted total debt to
EBITDA exceeds 4.5 times.  The ratings could also be downgraded in the
event that revenue growth slows with a concomitant weakening of margins,
resulting in a ratio of EBIT to interest declining to below 1.8 times on a
sustained basis. The ratings could move upward if the company achieves an
EBIT to interest coverage ratio of 4.5 times or better on a sustained
basis or if it maintains FCF to adjusted debt in excess of 15% on a
sustained basis.

Headquartered in Coeur d'Alene, Idaho, NightHawk Radiology Holdings, Inc.
is the leading provider of professional radiology
solutions in the U.S. Encompassing a team of U.S. board certified,
state-licensed and hospital-privileged physicians, NightHawk services
medical groups twenty-four hours a day, seven days a week at over 1,350
hospitals in the U.S. from centralized facilities located in Switzerland,
Australia and the U.S.  The company reported revenues of approximately
US$92 million for the year ended Dec. 31, 2006.


ROBERT KALHOFER: Basel Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Arlesheim in Basel commenced bankruptcy
proceedings against LLC Robert Kalhofer on April 17.

The Bankruptcy Service of Arlesheim can be reached at:

         Bankruptcy Service of Arlesheim
         4144 Arlesheim BL
         Switzerland

The Debtor can be reached at:

         LLC Robert Kalhofer
         Hinterlindenweg 4
         4153 Reinach BL
         Switzerland


ROPA ENTERTAINMENT: Creditors' Liquidation Claims Due June 25
-------------------------------------------------------------
Creditors of LLC ROPA Entertainment have until June 25 to submit their
claims to:

         Eidmattstrasse 46
         8032 Zurich
         Switzerland

The Debtor can be reached at:

         LLC ROPA Entertainment
         Zurich
         Switzerland


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

         Dr. Albrecht Langhart
         Liquidator
         BLUM Rechtsanwalte
         Usteristrasse 14
         8021 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Screen
         Zurich
         Switzerland


VENUS TRADE: Creditors' Liquidation Claims Due June 25
------------------------------------------------------
Creditors of LLC Venus Trade have until June 25 to submit their claims to:

         Anaconda Ltd liab.Co
         Liquidator
         Industriestrasse 47
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC Venus Trade
         Zug
         Switzerland


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


ASTORIYA CJSC: Claims Filing Deadline Set June 14
-------------------------------------------------
Creditors of CJSC Astoriya (code EDRPOU 24527586) 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.
2/89-07-3746.


LIGO LLC: Claims Filing Deadline Set June 14
--------------------------------------------
Creditors of LLC Ligo(code EDRPOU 31732475) 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.
15/882-b.

The Debtor can be reached at:

         LLC Ligo
         Lunacharsky Str. 24
         02002 Kiev
         Ukraine


L.V.E. LLC: Claims Filing Deadline Set June 14
----------------------------------------------
The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
15/797-b.

Creditors of LLC L.V.E. (code EDRPOU 32306915) 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 Debtor can be reached at:

         LLC L.V.E.
         Petr Zaporozhets Str. 14
         02134 Kiev
         Ukraine


NIVA LLC: Creditors Must File Claims by June 14
-----------------------------------------------
Creditors of Agricultural LLC Niva have until June 14 to submit their
proofs of claim to:

         Victor Dengubov
         Liquidator
         Apartment 5
         Kiev Str. 23
         Znamianka
         27400 Kirovograd
         Ukraine

The Economic Court of Kiev commenced bankruptcy supervision procedure on
the company on April 18.  The case is docketed under Case No. 11/29.

The Court is located at:

         The Economic Court of Kirovograd
         Lunacharski Str. 29
         25006 Kirovograd
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Niva
         Makarika
         Znamianka District
         27427 Kirovograd
         Ukraine


REPAIR-TRANSPORT ENTERPRISE: Claims Filing Deadline Set June 13
---------------------------------------------------------------
Creditors of OJSC Repair Transport Enterprise (code EDRPOU 20419103) have
until June 13 to submit their proofs of claim to:

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

The Economic Court of Zhytomir commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. 7/24-b.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Repair Transport Enterprise
         1st Ippodromny Lane 15A
         10000 Zhytomir
         Ukraine


SLOVGRES LLC: Claims Filing Deadline Set June 14
------------------------------------------------
Creditors of LLC Slovgres have until June 14 to submit their proofs of
claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
2/82-07-3447.


TOREZ MACHINEBUILDING: Creditors Must File Claims by June 14
------------------------------------------------------------
Creditors of OJSC Torez Machinebuilding Plant have until June 14 to submit
their proofs of claim to:

         Anatoly Dmitrichenko
         Temporary Insolvency Manager
         Tcheliuskintsev Str. 107/45
         83000 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy supervision procedure
on the company.  The case is docketed under Case No. 42/32B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Torez Machinebuilding Plant
         Torez
         Shyrokaya str.
         86600 Donetsk
         Ukraine


UKRAINIAN ENERGY : Claims Filing Deadline Set June 14
-----------------------------------------------------
Creditors of LLC Project-Building Enterprise Ukrainian Energy Building
have until June 14 to submit their proofs of claim to:

         State Tax Inspection of Dnieprovsky of Kiev
         Liquidator
         Verkhovnaya Rada Str. 24-b
         02094 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
15/51-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Project-Building Enterprise
         Ukrainian Energy Building
         Alisher Navoi Str. 76
         02125 Kiev
         Ukraine


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


BRITISH AIRWAYS: Doesn't Offer Passenger Value, Survey Says
------------------------------------------------------------
British Airways plc confirmed that less than half of its workers think it
offers passenger value for money, BBC News reports.

According to a staff survey, only 49% agreed that travelers got a good
deal for their ticket price.

The survey also revealed that only 31% of employees were satisfied that
they have the tools to do a good job while only 34% of workers were
satisfied with the way their departments were led and managed, a 2% rise
on the last survey in September 2006, BBC News relates.

BA, however, said the findings were mixed, reiterating that it was
committed to improving its service.

"The airline has faced a number of major challenges over the past six
months that have affected our customers' experiences with us, and have
clearly affected our staff's opinions and perceptions," Garry Copeland,
BA's engineering director, was quoted by BBC as saying.

The staff survey was conducted back in March.

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.


CREDIT SUISSE INT'L: Fitch Places B- Rating on US$125-Mil. Loan
---------------------------------------------------------------
Fitch Ratings has assigned Credit Suisse International's upcoming US$125
million 10.125% issue of limited recourse loan participation notes due
June 2010 ratings of Recovery 'RR4' and Long-term 'B-'.

The notes are to be used solely for financing a loan to Ukraine-based
Vseukrainsky Aksionerny Bank, which is rated Issuer Default 'B-',
Short-term 'B', Individual 'D/E', Support '5' and National Long-term
'BBB-(ukr)'.  The Outlooks on the IDR and National Long-term rating are
Stable.  The Support Rating Floor is 'No Floor'.

Credit Suisse International, a UK-domiciled fully authorised bank, will
only pay noteholders principal and interest received from VAB.  It will
charge certain rights and interests under the loan agreement to Deutsche
Trustee Company Limited for the benefit of noteholders under a trust deed.
Its claims under the loan agreement will rank at least equally with the
claims of other senior unsecured creditors of VAB, save those whose claims
are preferred by any bankruptcy, insolvency, liquidation or similar laws
of general application.  Under Ukrainian law, the
claims of retail depositors rank above those of other senior
unsecured creditors.  At end-2006, retail deposits accounted for 28% of
VAB's total liabilities, according to the bank's audited IFRS accounts.

The loan agreement contains covenants restricting mergers and disposals by
VAB, transactions between the bank and its affiliates and certain payments
and distributions by the bank and its subsidiaries.  It also contains a
cross default clause and a 'negative pledge' clause, the latter of which
allows for
up to 25% of gross loans to customers to be securitised by VAB and its
subsidiaries.  Were such transactions to be undertaken, Fitch comments
that the nature and extent of any over-collateralization would be assessed
by the agency for any potential impact on unsecured creditors.  VAB must
ensure full compliance with capital adequacy requirements of the National
Bank of Ukraine and also commits to maintaining a minimum total Basel I
capital adequacy ratio of 12%.

Fitch also notes that the prospectus contains an additional clause
specifying that the notes may be redeemed at the option of the noteholders
at their principal amount, together with accrued interest to the date of
redemption, following the occurrence of a put event.  The latter is deemed
to have occurred if TBIF Financial Services B.V.'s shareholding in
VAB falls below 40% and such an event results in a rating downgrade from
the current level by a rating agency.

VAB is a medium-sized commercial bank with a small 1.3% share of the
banking system's assets.  It has a network of 150+ outlets in Ukraine.
Sergey Maximov, a local entrepreneur, and TBIF, a Dutch investment company
with operations in eastern Europe, hold a 49% stake each in VAB.  VAB's
development plan envisages a significant strategic shift to being a
diversified universal bank serving individual clients and SMEs from its
current corporate banking focus.


EMI GROUP: Warner Music Confident on Acquiring Record Labels
------------------------------------------------------------
Despite EMI Group PLC board's recommendation to accept Terra Firma Capital
Partners Ltd.'s offer, Warner Music Group Corp. still believed it could
get EMI's recorded-music assets, Ethan Smith writes for the Wall Street
Journal.

According to the report, Warner's executives and investors may counter
Terra Firma's bid, though people close to the company think that Warner
will not go much higher than its original GBP2.4 billion offer.  WSJ adds
that even if Warner acquired EMI, antitrust regulations would require the
music firm to sell the publishing house.

Warner Music's alternative route in capturing EMI's record labels, which
include the storied labels Capitol Records in the U.S. and Parlophone in
Britain, is to strike a deal with Terra Firma to buy the record labels
after the buyout firm's transaction closes, Mr. Smith relates.

People close to Warner say that the positive side of waiting and making a
deal with Terra Firma, is that the regulatory scrutiny in Europe on a deal
to buy only EMI's record labels would probably be much less intense than
on a deal to buy the entire company, WSJ relates.

Mr. Smith, citing unnamed sources, said that the third option for Warner
is to do nothing with EMI, on the theory that record labels have been
losing revenue and value rapidly that resources might be best deployed in
other kinds of deals.

Mr. Smith added that the main risk to a wait-and-see approach is the
possibility that a stronger bid than Terra Firma's could emerge, and there
is no guarantee that the bidder would be willing to sell or that Terra
Firma could change its mind or make its own changes at EMI before selling
to Warner.

"If I was Terra Firma, I'm not sure I'd be in a huge rush to sell this to
Warner," Richard Greenfield, an analyst at New York's Pali Research was
quoted by WSJ as saying. "How much more desperate does Warner become to
buy EMI in a year or two?"

As reported in the TCR-Europe on May 22, 2007, EMI's Board of
Directors agreed to a takeover bid by Terra Firma for GBP2.4 billion, or
GBP3.2 billion including debt.

                       Warner Music Bid

Prior to the announcement, Warner Music Group has sweetened its
bid to acquire EMI by offering to pay a break-up fee of between
GBP50 million and GBP100 million in case the European Commission
blocks its planned takeover of the UK music group, Dominic White
writes for The Telegraph.

On March 2, 2007, EMI rejected Warner Music's GBP2.1 billion
non-binding takeover bid, saying that the price of 260 pence per
share in cash for EMI is inadequate.  According to Mr. White of
The Telegraph, EMI also cited concerns that Warner had not
offered to take any of the regulatory risk in relation to the
takeover.

Warner Music, The Telegraph says, indicated to EMI that the
break-up fee would not add to its latest bid but would only be
applied if the deal were blocked.  Warner adds that it is not
ready to make an unconditional offer for EMI as it could
potentially struggle to find a buyer for the latter's recorded
music assets, The Telegraph relates.

Warner Music has begun due diligence after gaining access to
EMI's books last week, Emiko Terazono and Andrew Edgecliffe-
Johnson of The Financial Times report.

Warner Music could naturally be the home for EMI as the combined
companies battle against a shrinking CD market and rampant
online piracy, The Telegraph adds.

Unlike a Warner Music tie-up, a private equity deal could be
completed much more quickly because of the absence of regulatory
risks.

                    About Warner Music Group

Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--
is a music company that operates through numerous international
affiliates and licensees in more than 50 countries.  Warner
Music maintains international operations in Argentina,
Australia, Brazil, Canada, Croatia, Denmark, France, Germany,
Greece, Hong Kong, Hungary, India, Ireland, Malaysia, Mexico,
Philippines, Thailand, and the United Kingdom, among others.

                      About Terra Firma

Terra Firma is a leading European private equity firm, created
in 2002 as the independent successor to the Principal Finance
Group, a division of Nomura that was created in 1994.  Terra
Firma focuses on buyouts of large, asset-rich and complex
businesses in need of operational and/or strategic change.

Since its inception in 1994, Terra Firma has invested over
EUR7 billion of equity and has completed transactions with an
aggregate transaction value of over EUR30 billion.  Terra Firma
has offices in London and Frankfurt.

                          About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

                        *     *     *

In February 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
U.K.-based music group EMI Group PLC to 'BB-' from 'BB'.  The
'B' short-term rating was affirmed.

At the same time, the long-term corporate credit rating and debt
ratings were put on CreditWatch with negative implications.

In January 2007, Moody's Investors Service downgraded EMI Group
plc's Corporate Family and senior debt ratings to Ba3 from Ba2.
All ratings remain under review for possible further downgrade.
Downgrade and review follow the announcement that EMI:

   (i) will incur up to GBP150 million in incremental
       restructuring costs,

  (ii) has performed below its expectations during its financial
       year-to-date,

(iii) has installed Eric Nicoli, hitherto chairman of the group
       as CEO of EMI Group and of EMI Recorded Music and

is reviewing its balance sheet.


FKI PLC: Earns GBP46.6 Million in Year Ended March 31, 2007
-----------------------------------------------------------
FKI plc released unaudited financial results for the year ended March 31,
2007.

FKI reported GBP46.6 million in net profit against GBP1.3 billion in
revenues for the year ended March 31, 2007, compared with GBP94 million in
net profit against GBP1.3 billion in revenues for the year ended March 31,
2006.

At March 31, 2007, the Group's balance sheet showed
GBP1.4 billion in total assets, GBP1.1 billion in total liabilities and
GBP279.9 million in total stockholders' equity.

                          About FKI PLC

Headquartered in Loughborough, England, FKI PLC --
http://www.fki.co.uk/-- is an international engineering group
active in the four specialized business areas: FKI Logistex,
Lifting Products & Services, Hardware and Energy Technology.

                            *   *   *

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 Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors, Moody's Investors Service
rating agency confirmed its Ba2 Corporate Family Rating FKI plc.

Moody's also assigned a Ba2 Probability-of-Default rating to the
company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                                Projected
                              POD      LGD      Loss-Given
   Debt Issue                 Rating   Rating   Default
   ----------                 -------  -------  --------
   EUR600M 6.625%
   Senior Unsecured
   Regular Bond/Debenture
   Due 2010                     Ba2     LGD4      58%


FORD MOTOR: Faces Breach of Contract Suit from Navistar Int'l
-------------------------------------------------------------
Navistar International Corporation has filed a lawsuit against Ford Motor
Company for breach of contract relating to a diesel engine contract
involving the Ford F-150 pickup truck.  The suit, filed in the Circuit
Court of Cook County, Illinois, seeks “at least hundreds of millions of
dollars" worth of damages.

Navistar believes that Ford intends to introduce a new diesel engine that
actually was designed by International Truck and Engine Corporation,
Navistar’s principal operating company.

According to the lawsuit, Ford is developing a 4.4 liter diesel engine for
production in North America by late 2009 or 2010 or possibly earlier and
intends to produce the engine itself for use in the F-150, and possibly
other vehicles.  The lawsuit states that Ford cannot do that without
violating its contract with Navistar.  Reportedly, Ford is considering
producing V8 diesel engines at a Ford facility in Chihuahua, Mexico.

The lawsuit states that International spent millions of dollars and
devoted years of its employees’ time to develop a next generation diesel
engine named “Lion" for use in vehicles including the F-150 pickup trucks
in which Ford had not previously offered diesel engines.  Ford agreed that
International, which has been the exclusive diesel engine supplier for
Ford’s heavy-duty pickup trucks since 1979, would manufacture the new
diesel engines for Ford in North America.

The lawsuit, filed June 4, 2007, is separate from previously reported
litigation between the two companies.  Earlier this year, Ford filed a
lawsuit against Navistar involving 2007 engine pricing and prior period
warranty claims on Power Stroke diesel engines.  Navistar counter-sued,
stating that pricing is consistent with contractual agreements, that the
warranty claims are entirely without merit and that Ford has stopped
honoring the terms of an agreement under which engines were built.
Navistar amended its counter-complaint on May 2, 2007, and asked for in
excess of US$2 billion in damages.

International’s operating company recently launched a new 6.4L Power
Stroke diesel engine for Ford that meets 2007 emissions standards while
increasing performance, durability and fuel economy.

               About Navistar International Corp.

Based in Warrenville, Illinois, Navistar International Corp. (NYSE:NAV) --
http://www.nav-international.com/-- is the parent company of Navistar
Financial Corp. and International Truck and Engine Corp.  The company
produces International brand commercial trucks, mid-range diesel engines
and IC brand school buses, Workhorse brand chassis for motor homes and
step vans, and is a private label designer and manufacturer of diesel
engines for the pickup truck, van and SUV market.  The company also
provides truck and diesel engine parts and service sold under the
International brand.  A wholly owned subsidiary offers financing services.

                      About Ford Motor Co.

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

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

                            *   *   *

As reported in the Troubled Company Reporter on Dec. 12, 2006, Standard &
Poor's Ratings Services affirmed its 'B' bank loan and '2' recovery
ratings on Ford Motor Co.

As reported in the Troubled Company Reporter on Dec. 7, 2006, Fitch
Ratings downgraded Ford Motor Company's senior unsecured ratings to
'B-/RR5' from 'B/RR4'.

As reported in the Troubled Company Reporter on Dec. 6, 2006, Moody's
Investors Service assigned a Caa1, LGD4, 62% rating to Ford Motor
Company's US$3-billion of senior convertible notes due 2036.


GUGGENHEIM STRUCTURED: Fitch Affirms BB Rating on Class F Notes
---------------------------------------------------------------
Fitch affirms all classes of Guggenheim Structured Real Estate Funding
2005-2, Limited and Guggenheim Structured Real Estate Funding 2005-2, LLC:

  -- US$5,000,000 class S fixed-rate at 'AAA';

  -- US$163,800,000 class A floating-rate at 'AAA';

  -- US$31,300,000 class B floating-rate at 'AA';

  -- US$27,300,000 class C deferrable interest floating-rate at
     'A';

  -- US$22,543,000 class D deferrable interest floating-rate at
     'BBB';

  -- US$10,700,000 class E deferrable interest floating-rate at
     'BBB-';

  -- US$10,000,000 class F fixed-rate at 'BB'.

Guggenheim 2005-2 is a revolving commercial real estate cash flow
collateralized debt obligation that closed on Aug. 25, 2005.  As of the
May 2007 trustee report and based on Fitch categorization, the CDO was
substantially invested as follows:

  -- commercial mortgage whole loans/A-notes (8.2%),

  -- B-notes (34.5%),

  -- commercial real estate mezzanine loans (25.4%),

  -- bank loans to real estate operating companies (REBLs;
     20.1%),and

  -- US$6.0 billion of investments.


  -- commercial mortgage-backed securities (CMBS;11.8%).

The CDO is also permitted to invest in credit tenant lease loans and
commercial real estate CDO securities.

The portfolio is selected and monitored by Guggenheim Structured Real
Estate Advisors, LLC.  Guggenheim 2005-2 has a five-year reinvestment
period during which, if all reinvestment criteria are satisfied, principal
proceeds may be used to invest in substitute collateral.  The reinvestment
period ends in August 2010.

                    Collateral Asset Manager

Guggenheim Structured Real Estate, through its two private equity funds,
is a private investor in commercial real estate debt, specializing in
high-quality income-producing U.S.   properties with experienced
sponsorship.  GSRE funds are managed by GSREA.  Both the funds and GSREA
are affiliated with Guggenheim Partners, LLC, a diversified financial
services firm with more than 525 employees and over USUS$125 billion of
assets under supervision.  The two GSRE equity funds have over US$1.1
billion of private equity and have made approximately
None of the funds' investments have had losses or delinquencies.
Fitch rates GSREA as a 'CAM2' U.S. Commercial Real Estate CDO Asset
Manager.  GSREA has ten experienced real estate and investment
professionals on staff, three of whom have prior commercial real estate
loan workout experience.  GSREA benefits from its affiliation with GP with
respect to real estate markets information flow, CDO administration, and
back office support.  Generally, GSRE investments are serviced by rated
CMBS servicers.

                     Performance Summary

Guggenheim 2005-2 closed and became effective on Aug. 25, 2005. Since
Fitch's last review in August 2006, the as-is poolwide expected loss has
improved slightly to 22.125% from 22.750%.  The CDO has above average
reinvestment flexibility relative to other CRE CDOs with 15.875% of
cushion based on the
modeled stressed PEL of 38.00%.  Although PEL cushion is above average,
the pool's weighted average spread and weighted average coupon are
considered tight with 0.20% and 0.30% cushion, respectively.

The Fitch PEL is a measure of the hypothetical loss inherent in the pool
at the 'AA' stress environment before taking into account the structural
features of the CDO liabilities.  Fitch PEL encompasses all loan,
property, and poolwide characteristics modeled by Fitch.

The improvement in the as-is PEL is primarily due to an increase in
holdings of senior secured real estate banks loans, which now comprise
20.1% of the CDO. Since Fitch's last review, the CDO has added two real
estate bank loans, Intrawest (8.9%) and General Growth Properties (1.2%),
and increased its position in the Toys 'R' Us senior secured credit
facility to 10.0% of the portfolio.  The Trizec Credit Facility (1.7%)
repaid in full in
October 2006.  As of the last review, the securities and bank loans of the
CDO, which have grown to 31.8% from 21.7% of the portfolio, have a better
weighted average rating factor compared to August 2006, and remain in the
'BB-/B+' rating category.

Additionally, the CDO added two commercial real estate loan assets
(10.2%): the junior mezzanine position of the Lord & Taylor portfolio
(5.3%) and the third mezzanine position in the Kyo-Ya/Cerberus portfolio
(4.9%), replacing three assets that have repaid since the last review.
The repaid assets include the Viceroy Hotel, the Marriott Waikiki, and One
Beacon Street.  Most of the weighted average expected losses by property
type remained flat since the last review.

The Fitch modeled expected loss for the office properties, however,
increased as a result of the repayment of One Beacon Street, a high
quality 34-story office tower located in Boston.  The overall weighted
average Fitch expected loss for CREL assets is therefore modestly higher
than the average expected loss at the time of the last review.


ISOFT GROUP: Computer Sciences Corp. Mulls Cash Offer
-----------------------------------------------------
Computer Sciences Corp. issued a statement in response to
requirements of the U.K. Panel on Takeovers and Mergers, which has added
CSC to its Disclosure Table as a potential offeror for iSOFT Group plc.

CSC confirmed that its primary objective remains a successful delivery of
the NHS National Program for IT.

CSC continues to review its options in light of this objective,
including its contractual rights and obligations, and does not exclude the
possibility of making an offer for iSOFT.

There is no certainty that any offer for iSOFT will be made by CSC.
Should such an offer be made, any consideration is likely to be solely in
the form of cash and will not include any CSC publicly listed securities.

ISOFT confirmed that it is now engaged in discussions with CSC in relation
to the commercial arrangements under which CSC would take a greater role
in the management of iSOFT’s work on the National Programme 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.

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.

                         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.


METRONET RAIL: Bank Syndicate Refuses Second Loan Waiver
--------------------------------------------------------
A bank syndicate led by the European Investment Bank, which has put up
GBP600 million of a GBP1.6 billion loan facility, refused to grant a
second waiver to The Metronet Rail Group that would allow it to access
more funding to renew the Tube, Dominic O'Connell writes for The Sunday
Times.

According to the report, the banks are demanding more details of
cost-cutting plans, and fresh equity from Metronet’s five shareholders.

In September 2006 the banks granted a six-month waiver to allow Metronet
to continue to draw funds, The Sunday Times relates.

A spokesman for Metronet said the group is in discussions with its
shareholders and funders.  However, talks remain confidential.

“This is a long process – and it will take time to complete – and a large
recovery of funds is expected from London Underground." the spokesman was
quoted by The Sunday Times as saying.

Meanwhile, Metronet has appointed Deloitte's help with an extraordinary
review over cost overruns, Reuters reports.

As previously reported in the TCR-Europe on May 28, 2007, Metronet may opt
for an extraordinary review to resolve the
issue of massive cost overruns if talks with London Underground
management fail to reach a deal.

A commercial settlement with London Underground management to
cover the extra costs of upgrading the stations seems unlikely, AFX News
reports citing Metronet Chairman Graham Pimlott.

Metronet revealed the financial overrun is higher than the
projected GBP750 million in November 2006.  It is said to have
escalated to around GBP1 billion, The Guardian relates.

The Guardian says Metronet could face insolvency if PPP Arbiter
Chris Bolt orders the company to meet the majority of the
overspend and investors refuse to pay.

However, Metronet reiterated that its shareholders had no
intention of walking away.

                         About Metronet

The Metronet Rail Group -- http://www.metronetrail.com/-- is
responsible for upgrading, replacing and maintaining two-thirds
of London Underground's infrastructure - its trains, stations,
signalling, track, tunnels and bridges - under a 30-year Public
Private Partnership (PPP) contract which came into operation in
April 2003.

The Metronet Rail Group's shareholders are Atkins, Balfour
Beatty, Bombardier Transportation, EDF Energy and Thames Water
who bring together an unrivalled expertise in project management
and planning, railway engineering and asset management supported
by a wide range of technical disciplines.  They formed the
Metronet Rail Group in June 1999 to bid for two of the three
infrastructure companies - these are today known as: Metronet
Rail BCV Limited, Metronet Rail SSL Limited.

Metronet Rail BCV Limited is responsible for the Bakerloo,
Central, Victoria and Waterloo & City lines which are the 'deep
Tube' lines running under the streets of London.

Metronet Rail SSL Limited is responsible for the Metropolitan,
District, Circle, Hammersmith & City and East London lines which
are collectively known as the sub-surface lines.

                          *     *     *

As reported in the TCR-Europe on May 10, 2007, Moody's Investors
Service downgraded to Ba1 from Baa3 the senior secured unguaranteed debt
ratings of both Metronet Rail BCV Finance plc
and of Metronet Rail SSL Finance plc.  Moody's said the ratings
have been placed on review for further downgrade.


NOVELIS CORP: Moody's Rates US$860 Mil. Gtd. Sr. Notes at Ba2
-------------------------------------------------------------
Moody's Investors Service confirmed certain ratings of Novelis Inc. and
its subsidiary, Novelis Corporation, following the completion of the
company's acquisition by Hindalco Industries Ltd., one of India's largest
non-ferrous metals companies, and the introduction of Novelis's new debt
structure.  This
concludes the review of Novelis's ratings that Moody's initiated on Feb.
12, 2007.

In a related rating action, Moody's assigned a Ba2 rating to Novelis's new
proposed US$860 million 7-year Gtd. senior secured
term loan facility.  This facility will be available to Novelis Inc. and
to Novelis Corporation.  If the company's proposed financing concludes as
planned, Moody's will withdraw the ratings on Novelis's existing Gtd.
Senior Secured Term Loan B, its Gtd. Senior Secured Revolving Credit
Facility and the ratings on Novelis Corporation's existing Gtd. Senior
Secured Term Loan B.  The outlook is stable.

Moody's confirmed Novelis's B1 corporate family rating, the B1
probability of default rating, the Ba2 rating on its Gtd. Senior Secured
Revolving Credit Facility, the Ba2 rating on its Gtd. Senior Secured Term
Loan B, and the Ba2 rating on Novelis Corporation's Gtd. Senior Secured
Term Loan B.  However, Moody's downgraded to B3 from B2 the rating on
Novelis's US$1.4 billion 7.25% guaranteed senior unsecured notes
reflecting their relative standing in the waterfall under Moody's loss
given
default methodology after considering Novelis's new upsized senior secured
revolver and the reduced proportion of the unsecured notes in the capital
structure.  At the same time, Moody's affirmed Novelis's SGL-2 speculative
grade liquidity rating.

Novelis's proposed financing package includes:

   (1) replacing its existing revolving credit facility with a
       new US$900 5-year guaranteed senior secured ABL revolving
       credit facility, which will not be rated, and

   (2) refinancing its amended Gtd. Senior Secured Term Loan B
       with a new US$860 million 7-year guaranteed senior
       secured term loan.

The ABL will be secured by a first priority interest in most of the
company's current assets and related intangibles and by a second priority
interest in the collateral securing the term loan.  The term loan will
have a first priority interest in most of the company's fixed and
intangible assets, including subsidiary capital stock, and a second
position in the collateral securing the revolver.  The revolver and the
term loan share the same upstream subsidiary guarantees.  The new ABL
revolver is expected to be around US$160 million drawn upon closing,
although Moody's recognizes that this amount could be higher depending on
the timing of Novelis's intra-month working capital requirements.

Novelis's ratings were placed under review for possible downgrade
following the company's announcement that it had entered into a definitive
agreement with Hindalco to be acquired in an all-cash transaction which
valued Novelis at approximately US$6.0 billion including debt assumption.
The ratings review was predicated on concerns that the transaction could
be accompanied by an increased level of debt at Novelis in order to
accomplish the acquisition.  Upon closing of the transaction, total pro
forma debt is expected to be US$2.6 billion, a nominal increase in
outstanding debt from the end of the first quarter.

Novelis's B1 corporate family rating continues to reflect its
substantive position in the aluminum rolled products markets, with
dominant market positions in key areas served: can sheet, transportation,
construction and industrial, and foil products, the company's global
operating footprint, free cash flow generating capability, and debt
reduction performance since its spin-off from Alcan.

However, Novelis's ratings also recognize the ongoing performance
difficulties resulting from its remaining, although declining, exposure to
certain can contracts with price ceilings (which are below the current
aluminum prices), the company's relatively high leverage, the sensitivity
of its earnings to volume levels given the level of fixed costs in
business, and the more negative than expected impact from the differential
between used beverage can prices and primary aluminum prices (which
impacts the company's expected
internal hedge position).

The rating also reflects Moody's concerns that Novelis's cash flows could
be negatively impacted should its ultimate parent, Hindalco, elect to
withdraw cash via upstream dividends to service its own debt burden.
However, Moody's notes that the documentation for Novelis's unsecured
notes contains restricted payments language which impairs Hindalco's
ability to withdraw substantive cash levels from the company.

Moody's affirmation of Novelis's SGL-2 speculative grade liquidity rating
reflects the company's good liquidity position, characterized by
expectations for positive free cash flow generation over the next year,
manageable expenditures, and sufficient availability under its new
proposed US$900 million ABL revolving credit facility (estimated at around
US$500 million at closing).  Moody's also expects Novelis to benefit from
lower exposure to can sheet contract price ceilings relative to 2006,
which should translate into improved earnings and cash flow performance.

Downgrades:

   * Issuer: Novelis Inc.

     -- Senior Unsecured Regular Bond/Debenture, Downgraded to
        B3, LGD5, 76% from B2 LGD 5, 74%.

Assignments:

   * Issuer: Novelis Inc.

     -- Senior Secured Bank Credit Facility, Assigned a Ba2, LGD
        2, 24%.

Confirmations:

   * Issuer: Novelis Corporation

     -- Senior Secured Bank Credit Facility, Confirmed at Ba2,
        LGD 2, 24%.

   * Issuer: Novelis Inc.

     -- Corporate Family Rating, Confirmed at B1;
     -- Probability of Default Rating, Confirmed at B1;
     -- Senior Secured Bank Credit Facility, Confirmed at Ba2,
        LGD 2, 24%.

Outlook Actions:

   * Issuer: Novelis Corporation

     -- Outlook, Changed To Stable From Rating Under Review

   * Issuer: Novelis Inc.

     -- Outlook, Changed To Stable From Rating Under Review

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.


SCOTTISH RE: Fitch Lifts Issuer Default Rating to BB- from B+
-------------------------------------------------------------
Fitch Ratings has upgraded Scottish Re Group Ltd.'s (NYSE: SCT) Issuer
Default Rating to 'BB-' from 'B+' and the Insurer Financial Strength
ratings of its primary operating subsidiaries to 'BBB-' from 'BB+'.  The
ratings have been removed from Rating Watch Positive; the Rating Outlook
is Stable.

The upgrade and removal from Rating Watch (where it was placed on May 8,
2007) reflect the very strong capital position and much improved liquidity
following the completion of the US$560 million (net of expenses)
investment transaction with MassMutual Capital Partners LLC, and Cerberus
Capital Management, L.P. Fitch estimates SCT's pro forma combined
risk-based capital was 376% with securitizations and 345% excluding
securitizations at March 31, 2007, which exceeds Fitch's rating
expectations.

The company's liquidity position is much improved.
Approximately US$275 million of the proceeds of the investment were used
to repay the Stingray Pass-Through Trust thus freeing up this US$325
million facility for standby liquidity.  SCT expects to finalize a
financing facility of US$555 million that
will cover its Regulation XXX collateral financing needs for new business
written in 2005 and 2006.  Excess funds from the financing are expected to
provide adequate liquidity over the 2007-2009 planning period.

As first-quarter earnings performance and 2007 guidance reflect, SCT
continues to face uncertainties with regard to its business and operating
profile, following the liquidity crisis that led to the MMC/Cerberus
investment.  Further, the company is actively recruiting to fill a number
a senior management positions vacated since the close of the transaction.

Both prior to and as a result of the transaction, SCT has instituted
actions related to strengthening of processes for in-force management and
financial planning, governance and risk management, operation efficiency
and management oversight.  Still, the impact of these actions can only be
substantiated over time through successful execution under its financial
and operating plans.

The Stable Outlook reflects the implementation of solid balance sheet and
liquidity initiatives countered by the expectations of continued after-tax
operating losses over the next 12-18 months.  In order to move to a
positive Outlook and higher ratings, SCT will need to demonstrate its
effectiveness in restoring its operating profile and business franchise.
Fitch believes that the effect of positive ratings momentum could be
greater on the holding company, where notching was widened during the 2006
crisis, and will depend on positive earnings and restoring GAAP EBIT
coverage levels.

Fitch has upgraded and removed these ratings from Rating Watch Positive:

Scottish Re Group Ltd.

  -- Issuer Default Rating to 'BB-' from 'B+';

  -- 7.25% non-cumulative perpetual preferred stock to 'B/RR6'
     from 'B-/RR6'.

Scottish Annuity & Life Insurance Company (Cayman) Ltd.

  -- IFS rating to 'BBB-' from 'BB+'.

  -- Scottish Re (U.S.) Inc.

  -- IFS rating to 'BBB-' from 'BB+'.

Scottish Re Limited

  -- IFS rating to 'BBB-' from 'BB+'.

Stingray Pass Through Trust

  -- US$325 million 5.902% collateral facility securities
     due Jan. 12, 2015 to 'BBB-' from 'BB+'.

Fitch's Recovery Ratings are a relative indicator of creditor recovery
prospects on a given obligation within an issuers' capital structure in
the event of a default.

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (U.S.), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.


WARNER MUSIC: Believes it Can Acquire EMI's Record Labels
---------------------------------------------------------
Despite EMI Group PLC board's recommendation to accept Terra Firma Capital
Partners Ltd.'s offer, Warner Music Group Corp. still believed it could
get EMI's recorded-music assets, Ethan Smith writes for the Wall Street
Journal.

According to the report, Warner's executives and investors may counter
Terra Firma's bid, though people close to the company think that Warner
will not go much higher than its original GBP2.4 billion offer.  WSJ adds
that even if Warner acquired EMI, antitrust regulations would require the
music firm to sell the publishing house.

Warner Music's alternative route in capturing EMI's record labels, which
include the storied labels Capitol Records in the U.S. and Parlophone in
Britain, is to strike a deal with Terra Firma to buy the record labels
after the buyout firm's transaction closes, Mr. Smith relates.

People close to Warner say that the positive side of waiting and making a
deal with Terra Firma, is that the regulatory scrutiny in Europe on a deal
to buy only EMI's record labels would probably be much less intense than
on a deal to buy the entire company, WSJ relates.

Mr. Smith, citing unnamed sources, said that the third option for Warner
is to do nothing with EMI, on the theory that record labels have been
losing revenue and value rapidly that resources might be best deployed in
other kinds of deals.

Mr. Smith added that the main risk to a wait-and-see approach is the
possibility that a stronger bid than Terra Firma's could emerge, and there
is no guarantee that the bidder would be willing to sell or that Terra
Firma could change its mind or make its own changes at EMI before selling
to Warner.

"If I was Terra Firma, I'm not sure I'd be in a huge rush to sell this to
Warner," Richard Greenfield, an analyst at New York's Pali Research was
quoted by WSJ as saying. "How much more desperate does Warner become to
buy EMI in a year or two?"

As reported in the TCR-Europe on May 22, 2007, EMI's Board of
Directors agreed to a takeover bid by Terra Firma for GBP2.4 billion, or
GBP3.2 billion including debt.

                       Warner Music Bid

Prior to the announcement, Warner Music Group has sweetened its
bid to acquire EMI by offering to pay a break-up fee of between
GBP50 million and GBP100 million in case the European Commission
blocks its planned takeover of the UK music group, Dominic White
writes for The Telegraph.

On March 2, 2007, EMI rejected Warner Music's GBP2.1 billion
non-binding takeover bid, saying that the price of 260 pence per
share in cash for EMI is inadequate.  According to Mr. White of
The Telegraph, EMI also cited concerns that Warner had not
offered to take any of the regulatory risk in relation to the
takeover.

Warner Music, The Telegraph says, indicated to EMI that the
break-up fee would not add to its latest bid but would only be
applied if the deal were blocked.  Warner adds that it is not
ready to make an unconditional offer for EMI as it could
potentially struggle to find a buyer for the latter's recorded
music assets, The Telegraph relates.

Warner Music has begun due diligence after gaining access to
EMI's books last week, Emiko Terazono and Andrew Edgecliffe-
Johnson of The Financial Times report.

Warner Music could naturally be the home for EMI as the combined
companies battle against a shrinking CD market and rampant
online piracy, The Telegraph adds.

Unlike a Warner Music tie-up, a private equity deal could be
completed much more quickly because of the absence of regulatory
risks.

                      About Terra Firma

Terra Firma is a leading European private equity firm, created
in 2002 as the independent successor to the Principal Finance
Group, a division of Nomura that was created in 1994.  Terra
Firma focuses on buyouts of large, asset-rich and complex
businesses in need of operational and/or strategic change.

Since its inception in 1994, Terra Firma has invested over
EUR7 billion of equity and has completed transactions with an
aggregate transaction value of over EUR30 billion.  Terra Firma
has offices in London and Frankfurt.

                          About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

                    About Warner Music Group

Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--
is a music company that operates through numerous international
affiliates and licensees in more than 50 countries.  Warner
Music maintains international operations in Argentina,
Australia, Brazil, Canada, Croatia, Denmark, France, Germany,
Greece, Hong Kong, Hungary, India, Ireland, Malaysia, Mexico,
Philippines, Thailand, and the United Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on  While it is
currently uncertain whether Warner Music Group Corp. (Warner; IDR rated
'BB-' with a Stable Outlook by Fitch) will make a competing bid for EMI
Group Plc (EMI), any theoretical bid for EMI would likely result in a
Rating Watch Negative for Warner's ratings and its subsidiaries, according
to Fitch Ratings.

In a TCR-Europe report on May 25, 2007, Standard & Poor's Ratings Services
said that its ratings on New York City-based Warner Music Group Corp.,
including its 'BB-'
corporate credit rating, remain on CreditWatch with
negative implications, where they were initially placed on
Feb. 22, 2007, following the company's statement that it was
exploring a possible merger agreement with EMI Group PLC
(B+/Watch Neg/B).


WARNER MUSIC: Fitch Comments on Risk of Potential Bid for EMI
-------------------------------------------------------------
While it is currently uncertain whether Warner Music Group Corp. will make
a competing bid for EMI Group Plc, any theoretical bid for EMI would
likely result in a Rating Watch Negative for Warner's ratings and its
subsidiaries, according to Fitch Ratings.

EMI recently accepted an offer of approximately US$6.4 billion from
private equity firm Terra Firma (including the assumption of approximately
US$1.6 billion of net debt).  The risks and mitigating factors of Warner
making an offer have always been factored into Fitch's ratings of Warner
and its subsidiaries.

While the ratings on the individual debt securities would also likely be
placed on Rating Watch Negative under such a scenario, Fitch points out
several mitigating factors for lenders of all debt security classes within
Warner.  These include uncertainty regarding regulatory approval,
potential cost-saving synergies, potential asset sale proceeds, and,
importantly, covenant packages in existing debt documents that could make
a significantly debt-financed acquisition difficult without redeeming
existing debt or getting concessions from such holders.

Fitch believes this last point should provide some level of protection for
existing Warner and subsidiary lenders.  Warner's operating subsidiary,
WMG Acquisition Corp., has a secured bank facility that contains several
financial covenants that would be out of compliance should Warner incur
material amounts of additional debt.

For example, the facility contains a maximum leverage ratio of 4.85 times,
which Fitch estimates Acquisition currently has less than US$500 million
additional debt capacity.  Further, indentures governing Notes issued by
Acquisition and its parent company, WMG Holdings Corp., contain fixed
charge coverage covenants that would likely be tripped under a
significantly debt-financed acquisition.

While these covenants give Warner more room than the Acquisition bank
facility covenants, Fitch estimates the company generally has debt
capacity of less than US$1.5 billion under these covenants.  The
Acquisition indenture also has Restricted Payment covenants that would
make it difficult for Warner to complete the transaction by raising the
debt at Holdings since it must be serviced through dividends by
Acquisition.

By Fitch's estimates, proforma for EMI cash flows and existing debt do not
improve debt capacity under any of these covenants.  It should be noted
that Fitch has become generally more skeptical related to covenant
compliance under transformational deals, as several companies across the
corporate space have subverted such protections over the last few years.
However, those subversions typically related to Limitation on Secured Debt
language, not financial covenants.  From an operating standpoint,
notwithstanding expected one-time restructuring
costs, Fitch expects recent weakness in Warner's year-to-date results to
be partially offset with third and fourth quarter
releases.  Warner has occupied several spots on the Billboard 200 top 10
over the last month, including Linkin Park's “Minutes to Midnight," which
sold more first week copies than any other album released this year.

Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--  is a music
company that operates through numerous international
affiliates and licensees in more than 50 countries.  Warner
Music maintains international operations in Argentina,
Australia, Brazil, Canada, Croatia, Denmark, France, Germany,
Greece, Hong Kong, Hungary, India, Ireland, Malaysia, Mexico,
Thailand, Philippines and the United Kingdom, among others.


WINCANTON PLC: March 31 Balance Sheet Upside Down by GBP13.7 Mln
----------------------------------------------------------------
Wincanton plc released its financial results for the year ended March 31,
2007.

Wincanton reported GBP23 million in net profit against GBP1.9 billion in
revenues for the year ended March 31, 2007, compared with GBP22.9 million
in net profit against GBP1.8 billion in revenues for for the year ended
March 31, 2006.

At March 31, 2007, the Group's balance sheet showed GBP737.2 million in
total assets, GBP750.9 million in total liabilities and GBP13.7 in total
stockholders' deficit.

The Group's balance sheet at March 31, 2007, also showed strained
liquidity with GBP400.2 million in current assets available to pay
GBP477.9 million in total liabilities coming due within the next 12
months.

Headquartered in Chippenham, England, Wincanton plc --
http://www.wincanton.co.uk/-- is a contract logistics services
business, which designs, implements and operates a range of
supply chain management solutions.

                           *********

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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